Opportunities often come from those 'assets disliked by the market'.

Taking the chip sector as an example, from the key policy moves mid-last year to the recent clear stance from regulators, the chip industry has completed a full round of market re-pricing — from being an overlooked niche to becoming a strategic core asset. In this process, the gradual correction of pessimistic expectations is precisely where profit opportunities lie.

My understanding is: the holding cycle is approximately 4 months, and the time window from policy expectations being implemented to the market's full response is enough to complete a significant price re-evaluation.

The simple lesson I’ve learned is: only when prices are cheap enough to be ridiculously low can you confidently hold long-term. Cheapness itself is the best risk buffer.