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2014.05.12
Western Philosophy and Life creates a whole new universe for readers to immerse themselves in the minds of 24 philosophers in the west. Candid and plain words make the complicated ideas of these great thinkers in history easier to understand. This book is designed to harness the most vibrant and essential philosophical ideas of history and allow readers to meet the leading figures of philosophers. It functions as an ideal introduction to western philosophy, as well as a charming way to open up a brand-new world for readers to seek for life goals.
Ye Fu shares his understanding on homesickness in this book. He has asked people so many times where their hometowns were. Most of them could not give a firm answer. Because once they were fully grown, they normally left their hometowns and abandoned them like a trash. If they did not, they could never set free. But Ye Fu, living in the world like an orphan, always immersed himself in the past. When he was drunk and was in high spirits, he could not help to get homesick. In this book, many sador legendary experiences show people’s persistence and interpersonal warmth in the changes of era.
Love in the 1980s depicts a love story at the end of 1980s. Ye Fu, looking back to his life at that time, utilized the most romantic and candid words to record a pure and romantic love story happened during the time when China was undergoing profound changes. Chinese people were proud that Chinese was becoming stronger. This book also reflects the evolution of Chinese society.
Civilization has been the center of human conversations. This book opens a new way to explore the meaning of civilization. Centered on civilization, Creating Peace Forever offers new thinking on relationship on economics and history, free trade of Britain, Chinese influence on the modern economics, Chinese branch of economics, the relationship between the Great Wall and Coase Theorem, institutional economics and the spirits of economics. Sheng Hong, as an outstanding economist, brings to readers illuminating ideas on economics that benefit all.
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