Choose the market and industry to invest in from top to bottom, and choose an investment framework that combines individual stocks with alpha from bottom to top. By comparing and analyzing the numerators and denominators of A-shares, Hong Kong stocks, and US stocks, we aim to identify markets with excess returns. Based on the industry's prosperity and position in the industry cycle, combined with valuation levels and chip crowding, we select the industry we hope to invest in. Finally, through the concept of value investment, seeking stocks with long-term growth potential mainly involves assessing the company's barriers and pricing power, whether the management is reliable, the position and value of the company's business in the industry chain, and then selecting the stock pool for investment and making investments at the appropriate time.