Stubbornness Should Not Be Mistaken for Long-Termism
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Decision to Leave
Tang Wei hasn’t produced many films. Since “Lust, Caution,” she hasn’t made many movies. This time, “Decision to Leave” is a relatively anticipated one. Just like watching “Lust, Caution,” I downloaded the pirated version as soon as possible to watch it.
This is an Apple-sponsored movie. iPhone, Watch, Siri, Music… the whole Apple family is on board. What’s awkward is that because Apple devices record too much privacy—audio, call logs, step counts—the police officer who was deeply caught in the vortex of love finally found evidence of the Chinese woman’s crime with the help of Apple devices.
In the film, the heroine illegally deprived others of their lives 3 times, instigated others to kill once, and committed suicide once. The male protagonist only solved 3 of these cases.
Jana Gana Mana (The Enemy)
“Jana Gana Mana” is an Indian movie released this year. The first half of the story is cliché and slightly monotonous, but the court session suddenly pushed the story to a climax. Human nature, power, truth, and family affection were all revealed at that moment. After the trial, the whole plot calmed down again. In terms of film narrative structure, there is nothing outstanding. In terms of the depth of the script content, it is indeed a masterpiece recently.
Recently, the domestic film market has been wailing. Producers, film and television companies, cinemas, and directors have come out to complain that the domestic film and television production environment is too poor. The target of public criticism is the film censorship department. There is also an article circulating on the Internet called “In recent years, these movies have disappeared,” attributing the root cause of movies not being released to the censorship mechanism. The censorship mechanism indeed has a “Big Brother” style, but can filmmakers ask themselves: with those bad movies you made, would there be box office if they passed censorship? At least in the past 10 years, I think the only mainland movie worth mentioning is “Let the Bullets Fly,” and the rest are rubbish.
Enterprise Service Alliance
Government and enterprise customers have complex needs and long internal decision-making cycles. A large amount of feasibility studies and project planning needs to be done in the early stage. The implementation process requires qualified suppliers, integrators, and supervision units to complete the project implementation together. During use, regular maintenance, updates, and responses to emergencies are also required.
The emergence of division of labor is for everyone to do what they are most professional at and improve professionalism, but professional division of labor also leads to a greatly discounted customer experience. As the design planning, project implementation, and operation and maintenance parties in the government and enterprise customer service chain, it is often difficult to act alone. If upstream and downstream enterprises in the industrial chain can be combined into a service alliance, forming an alliance can not only provide unified services externally in the form of a professional alliance but also ensure customer experience throughout the project life cycle. The design and planning party invites the project implementation and operation and maintenance parties to participate in the project implementation, which can ensure that design details and ideas are provided from a more professional perspective. The project implementation party and the operation and maintenance party can also learn the details of the project implementation in advance and make sufficient preparations. Since the project designer provides sales leads for the construction party and the operation and maintenance party, the designer can naturally get a share of the profits from the subsequent construction and operation and maintenance of the project.
Forming an enterprise alliance should not blindly seek size. Enterprises in the alliance must have consistent concepts and comparable strength, and must be formed strictly in accordance with the correlation between the upstream and downstream of the industrial chain. Each key node can only have one enterprise, otherwise conflicts of interest will form, leading to alliance failure. Enterprises in the alliance must all have certain market expansion capabilities to ensure that the alliance has enough business support. At the beginning of the alliance formation, a profit distribution mechanism must also be clarified. It is best to frame a rough profit distribution range, and then define a precise distribution ratio according to specific projects.
Market
Xinchuang, or Information Technology Application Innovation Industry, is the foundation of data security and network security, and is also an important part of new infrastructure. Xinchuang puts some previous industries together and gives them a new name: Information Technology Application Innovation Industry, referred to as “Xinchuang”.
The industries involved in Xinchuang include IT infrastructure: chips, storage, complete machines, databases, middleware, big data, cloud services, operating systems, information security, network equipment, office software, and firmware peripherals, etc.
In 2022, the scale of the domestic Xinchuang industry is about 1 trillion yuan. According to iResearch forecasts, in 2027, the domestic Xinchuang industry will reach 3.7 trillion yuan. Previously, foreign manufacturers conquered the domestic market with quality and service, and domestic customers’ recognition of well-known foreign companies was also higher than that of domestic companies, resulting in domestic companies having neither market nor R&D funds, and their development was severely hindered. After the US suppression and domestic awakening, the government began to take the lead in using domestic products, which not only played a demonstrative leading role but also provided market opportunities and sources of R&D funds for enterprises. Through this catalyst effect, the entire Xinchuang industry began to show a positive cycle. Coupled with the capital market’s policy inclination towards Xinchuang companies, excellent companies in the Xinchuang industry will always be born.
When BAT was in the limelight, media often came out to reflect on why we only have application-type enterprises like BAT, but no core technology enterprises like Apple and Intel. Under various public opinion pressures, BAT made great efforts to make chips, but to no avail. Looking at the recently listed Xinchuang companies, which one hasn’t undergone more than ten years of hardships? Xinchuang cannot be rushed. The technical threshold for Xinchuang is high, and it cannot be solved just by having money. Apple wanted to replace Intel with self-developed chips ten years ago, but it wasn’t until two years ago that it developed the M1 chip.
Countries agree that the Xinchuang industry is the main growth point of the future economy. The United States recently passed the $52 billion CHIPS Act, and China continues to support Xinchuang enterprises in the form of the National Big Fund.
Stubbornness Should Not Be Mistaken for Long-Termism
Profitability is the only standard for testing investment success. When we talk about value investment, we often say that value investment requires adherence to long-termism, but no one specifically explains what long-termism is and how long a target should be held.
The market is unpredictable, and the entrepreneurial team behind the investment target is also difficult to predict how the future will be. COVID-19 is something we cannot predict, the Russia-Ukraine war is something we cannot predict, and even customer confidence is something we cannot predict. Therefore, the “long term” in adhering to long-termism must be constantly adjusted according to the situation. Stubbornness should not be mistaken for long-termism. Stubbornness should not be mistaken for persistence, nor should it be seen as a chance to turn things around.
Published at: Aug 20, 2022 · Modified at: Dec 11, 2025
