Last year's data is still there, and most retail investors indeed didn't make money. But the rhythm at the beginning of this year is completely different.

Commercial spaceflight surges with any touch, brain-machine interfaces, AI application concepts, and other sectors that jump high at the start and keep climbing when combined with stories. In comparison, retail investors this time don't need to master the tools that institutions use to harvest profits—such as industry cognition, production scheduling data, valuation models. When market liquidity truly picks up, concept speculation often proves more effective than fundamentals. In this environment, it actually provides opportunities for retail investors.

But this won't last forever. No investment paradigm can dominate indefinitely. Ultimately, chips will flow to the least resistant places—that's the market's automatic adjustment. So, don't be envious when others make money—tomorrow's winners might be the ones who are being cut today.

Regarding commercial spaceflight, I recently estimated the future market space. Honestly, its ceiling is limited by the total number of low Earth orbit satellites. Even with the most optimistic assumptions, only about 20% of the good positions can be occupied. This has a significant impact on my investment decisions—if the long-term space has an upper limit, my participation logic needs to change.

This actually reflects a core understanding I have about sector investing: in the secondary market, a sector is usually not defeated by its own improvements but replaced by a larger-scale new sector. Just like now, the imagination space of AI and embodied robots (trillions of dollars level) is replacing the once trillion-dollar narrative of new energy. That’s what truly determines long-term returns.