Going beyond the narrative of "technology clustering", capital markets require diverse pricing.

On the first trading day of the second half of the year, A shares ushered in a "dramatic change in style" opening rally. Over 4300 stocks in the market rose, with previously soaring "newcomer" technology stocks seeing profit-taking, while long-dormant "old-timers" assets across the board surged, indicating a trend towards valuation recovery. "Newcomers," "newcomer," "old-timers"... These are all high-frequency words in the emerging A-share market this year, reflecting the uneven and highly differentiated market ecology in the first half of the year: on one hand, there is the active AI industry chain, on the other hand, there is the silence of most industries and individual stocks; the index may seem strong, but investors' perceptions vary greatly. However, the "silicon-based" economy is clearly not the entirety of the Chinese economy. For a country with over 1.4 billion people, a complete industrial system, and a huge domestic demand market, the investments worth considering are not just in computing power, chips, and optical modules. Whether "newcomers" or "old-timers," from an industrial perspective, they should thrive together and coexist in the capital market. For rational and pragmatic investors, as long as they exceed expectations, they are all considered "good investments." It requires the collective efforts of the capital market to allow companies of different types, development stages, and risk levels to receive pricing that matches their fundamentals, and for investors with different preferences to find assets that suit them, constructing a more diverse pricing system and a more inclusive "aesthetic" perspective.