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2013.12.25
By Qin Hui
Common Minimal Responsibility analyzes doctrines, cultures and institutions and illustrates the meanings of putting a line in the sand regarding to the existing social problems. A bottom line is not a compromise. I can be up for liberalism and social democracy. If the conflict between liberalism and social democracy becomes acute, I will find a middle way and abide by my principles.
By Han Meimei
The fate of every person is touching. Readers can call it a biography or a love diary. Every page of this book is immersed in the sadness, loneliness and fragility of these famous figures in human history. Anyone who reads their stories will love, hate and sigh with them. Their works are pitiful and breathtaking.
By Charles D. Ellis
The go-to guide for investors seeking long-term success, Winning the Loser’s Game expounded the all-important lessons learned on investment horizon, opportunities, variety, costs and the abilities required for investment manager and investors. The book underlines that the best way to become a winner in the market is to stop trying to fight against the market. This book originates from Ellis’ an award-winning essay. He added more details and turned it into a candid, pithy, easy to read book on how to succeed as an investor.
By Kelly McGonigal
Informed by the latest research and combining cutting-edge insights from psychology, economics, neuroscience, and medicine, The Willpower Instinct explains exactly what Willpower is, how it works, and why it matters. It is also the first book to expound the science of self-control and how it can be harnessed to improve our health, happiness and productivity. Each chapter can stand on its own as something helpful, but taken as a whole, this book can be downright life-altering.
By National Geographic
National Geographic selects the world’s most fabulous journeys for readers. From cultures to history, this book can offer the answers people are looking for when travelling. Journeys of a Lifetime also features 22 fun Top 10 lists in all sorts of categories, including the world's top 10 elevator rides, ancient highways, bridges to walk across, trolley rides, or steam trains. It provides guidance and suggestions on the appropriate looks for travels and worthy souvenirs, and tips for unexpected occasions. Readers can enjoy the beautiful sceneries in world from the words of this book.
Rewritten by: Luo Xinying, Edited by: Du Zhixin, Wei Yiyi
Over the past year, the bull market returned, with technology leading the way.
As I said back in October 2024, the rally that began on September 24 was not merely a rebound, but a reversal. Since then, China's capital markets have undergone a broad revaluation, moving from undervaluation toward fair value.
The Shanghai Composite Index reached its highest level in a decade. The "Yi-Zhong-Tian" trio—Eoptolink, Zhongji Innolight and TFC Communication, three prominent Chinese optical communications stocks—saw their share prices multiply severalfold in a single year. Cambricon's market capitalization briefly exceeded RMB 600 billion. Elsewhere in the technology sector, triple-digit price-to-earnings ratios and valuations exceeding RMB 10 billion became commonplace.
Some investors were greedy; others, fearful. Still others asked me: Are technology stocks in a valuation bubble?
My answer is that what we are witnessing is the hunger and anxiety of an era, reflected in the capital markets. Once you understand this, the current fervor for technology investing is no longer difficult to explain.
Investment has nothing to do with macroeconomics, but everything to do with geopolitics.
China-US relations will shape the investment landscape for decades to come. Geopolitics has played a major role in shaping the hunger and anxiety of our times, fundamentally reshaping the way we invest.
What, then, lies at the heart of China's hunger and anxiety?
The Fourth Industrial Revolution is already underway, yet China has not fully overcome the technological shortcomings left by the Third. There is no time to lose.
This is why some people wonder: Why do Chinese computing chip companies command such high valuations when their technologies still lag so far behind NVIDIA's? Why does NVIDIA trade at just 50 times earnings, while a company hailed as "China's answer to NVIDIA" commands a multiple of 300?
To me, this gets the logic exactly backward.
It is precisely because these companies cannot catch up with NVIDIA in the near term that they command a higher strategic premium. The wider the technological gap, the greater the strategic value.
The further something lies beyond our reach, the stronger our hunger. The harder it is to catch up, the deeper our anxiety. If China were to achieve a complete breakthrough in computing chips one day, valuations might actually come down.
Where can one find China's most spectacular natural landscapes?
Much of the answer, I believe, lies in and around the Hengduan Mountains: the Meili Snow Mountains, Jade Dragon Snow Mountain, Mount Gongga, Mount Siguniang, Jiuzhaigou, and many others. Vast differences in elevation and deep fault lines have given rise to landscapes of extraordinary grandeur.
Hard-tech investing follows a similar logic.
Technological gaps, discontinuities in capabilities, and missing links in industrial systems: a leap in difficulty brings a leap in valuation, and a successful breakthrough can, in turn, bring a leap in returns.
This logic extends well beyond computing chips. It is equally evident in memory semiconductors, commercial spaceflight, and other sectors where China still faces substantial technological gaps with other countries.
It was precisely this conviction that led CoStone Capital, starting in 2016, to decisively focus its investments on three areas: hard tech, emerging industries, and life sciences and healthcare. In this context, "hard tech" refers specifically to important industries in which China faces a technological gap with the United States.
Thanks to this forward-looking strategy, CoStone Capital established an early presence across the full value chains of key sectors, including semiconductors, artificial intelligence, and robotics.
Looking ahead, the frontiers of technological progress and industrial upgrading are boundless. Nor can the gaps in hard technology be closed overnight. The twin windows of opportunity presented by technological innovation and the development of homegrown alternatives to foreign technologies have only just begun to open.
The road ahead is long, but the future holds immense promise.
As an investment firm, CoStone Capital will continue to invest where the hunger and anxiety of each era run deepest, move forward with the tensions that shape our times, and extend our reach toward the most challenging—and most important—frontiers.
Spring 2026