Deep Value Investment under Deterministic Trends: Focusing on Good Business Models and Segmented Races in the Starry Ocean, Seeking Excellent Teams and Reasonable Valuations Invest in Level 2 with a first level industrial mindset: Conduct in-depth research on industry trends and business models, fully investigate the main downstream customers, core suppliers, and major competitors of the target enterprise, and cross verify the true competitiveness from multiple dimensions Reverse investment, seeking opportunities with poor expectations: Through in-depth research on multiple dimensions of enterprises and communication and understanding of various types of trading entities in the market, identify investment opportunities with market mispricing, good risk return ratio, or poor expectations Relative concentration+dynamic adjustment: High quality assets with both operational certainty and high elasticity are inevitably scarce. A concentrated investment strategy can place more eggs in the few baskets with the highest risk return ratio, ultimately improving absolute returns