AI Inspiration Hub

Regarding this problem/issue from Futu, I will state the conclusion first.

Futu Securities currently defaults to displaying cost-averaging, which is not what many people understand as simply calculating an average based only on buys and ignoring sells. Extending this concept further, Hong Kong brokers do not have a unified default methodology. If it is a holdings page aimed at Chinese retail investors, common display methods include cost-averaging, average cost, and breakeven price (or principal protection price). However, if the broker is an international firm like IBKR that places more emphasis on tax lots and statement consistency, FIFO (First-In, First-Out) is generally the default method.

When discussing domestic brokerage firms, if we refer to the most common field in A-share trading clients—the “Cost Price/Holding Cost Price”—it is more commonly focused on the diluted cost basis or break-even price, rather than simply the average purchase price. This is just because different brokerages do not have standardized naming conventions; some call it “holding cost,” others call it “diluted cost,” and some provide a separate figure for the “average purchase price.”

The most unusual aspect of this current AI market cycle is not that Nvidia has risen sharply, but that the increase in value has been transmitted throughout the entire industrial chain: first GPUs, then servers, switches, ASICs, HBM, and finally to NAND, hard drives, power, and data centers.

If it were just a concept, the market trend shouldn’t last this long. But saying that it has already formed a complete profit cycle might be premature.

I prefer to view it as a “bull market driven by certain expenditures”: cloud vendors and model companies are genuinely spending money, and upstream companies are indeed collecting revenue, which is why stocks rose first; however, terminal applications have not yet proven that these investments can reliably generate enough profit, meaning the risk of a bubble also exists.

When I used to see phones with capacities like 512GB or 1TB, I always felt it was a bit excessive/wasteful.

The storage capacity here rivals that of a standard laptop. What exactly do phones even store that requires this much space? My previous understanding was very simple: just photos, videos, and WeChat data. You regularly transfer them to your computer, and you’re done cleaning up the phone.

I later realized that this judgment was actually heavily influenced by my own personal biases/habits.

The movie box office during this year’s May Day holiday was disappointing; it’s no longer simply a matter of “which film failed to be a massive hit.”

If we only discuss the economic downturn, it can certainly explain some things. People are not as financially comfortable as they used to be, so spending money is more cautious—that is a reality. However, I feel that blaming all the problems on the economy is absolving the industry of its fault. It’s not that audiences suddenly stopped liking movies; rather, their patience has been depleted by round after round combination of high promotion/marketing efforts, strong screening slots, and weak content.

I recently revisited this issue, and the conclusion is quite straightforward: It’s not that Huawei “cannot use TSMC”; rather, it is that U.S. regulations have severely constrained its compliant pathways. Xiaomi is able to access TSMC simply because it was never included in the same export control list as Huawei.

After May 1st, when regular people buy a drone, it feels like they are getting more than just a flying camera.

It is more like a flying terminal equipped with identity tracking, trajectory monitoring, and approval mechanisms. The impact of this change on DJI is not simply selling fewer machines; rather, the entire product definition of consumer drones has been rewritten. What DJI can actually do is limited. At least in heavily regulated areas like Beijing, it can only reclaim its distribution channels and then integrate compliance capabilities into both its products and service workflows.

Wuliangye’s performance fluctuation this time was not merely an ordinary dip; it directly disrupted the long-held unspoken norms within the baijiu industry. According to its 2025 annual report, the company reported full-year revenue of 40.529 billion yuan and net profit attributable to owners of 8.954 billion yuan. What is even more striking is that the company also conducted prior accounting error corrections for the first quarter, half year, and third quarter of 2025. Simply put, many figures from 2025 that initially looked impressive were later recalculated.

My judgment on this matter is straightforward: It’s not simply an “earnings crash,” but rather Wuliangye telling the market that their past approach of relying on channel pressure and reporting through future reserves can no longer be sustained.

The most interesting thing about AI short dramas is not that they can immediately replace live-action short dramas, but that they turn genres that were previously considered “too risky to bet on” into viable subjects for experimentation.

Zombies, armies, spirit beasts, fantasy—these elements are incredibly difficult to execute in traditional live-action short dramas. It’s not a failure of screenwriting; it’s that every single step requires funding: extras, costumes and makeup, sets, special effects, staging/choreography, safety measures, and post-production. Furthermore, the commercial logic of short dramas demands speed, low cost, and high-frequency uploads. The greater the imaginative scope of a theme, the easier it is for costs to spiral out of control.

AI first revised this budget sheet. It doesn’t guarantee that every shot will be high-end, but it manages to constrain elements that previously required building sets, hiring massive crews, or doing elaborate special effects, down to a feasible/experimental scope. Zombies no longer need to organize 100 extras; mythical creatures don’t automatically drain a cinematic-level VFX budget; and army scenes don’t necessarily have to start with costumes and locations.