CIXTAPI@EC2701A

$XTALPI(02228.HK) On the plane, reading some materials on Moderna, I suddenly feel that maybe Crownpeak's decision to abandon its own pipeline and focus solely on being a platform could be a mistake. This might be a potential concern and point of reflection for the market in its pricing. After all, the business model of a platform approach always lacks certainty. However, interestingly, Crownpeak's role in driving pipeline progress within the ecosystem is positive.

It really puts me in a dilemma.

$XTALPI(02228.HK) It's only when you actually try to sell that you realize the expected liquidity was decent, but in reality, it's quite poor. From this perspective, there may be fewer than 20 stocks in the Hong Kong market that are truly suitable for heavy concentration.

$XTALPI(02228.HK) sold about 500k shares, and from last night, bought back 3,000 shares of $Rocket Lab(RKLB.US) and 600 shares of $Tesla(TSLA.US). Sigh, nothing much to say.

$Rocket Lab(RKLB.US) One question I've been pondering: is it easier for Little Rocket to double, or for XtalPi? $XTALPI(02228.HK)

$XTALPI(02228.HK)

Based on the aforementioned in-depth research, we present a clear core conclusion:

The current timing calls for [maintaining positions] (and adding to positions at dips during volatile pullbacks / optimizing portfolio structure), rather than systematically reducing exposure.

The Hong Kong innovative medicine sector has completed industrial clearing and undergone a fundamental qualitative shift, entering a golden window period of advancing from historically extremely low valuations to an earnings-driven upward cycle. The core supporting logic for this judgment is as follows:

1. Valuation is at an absolute bottom; downside risk is locked in (high payoff ratio)

The valuation discount for Hong Kong biopharma assets has reached extreme historical levels. Currently, the price-to-sales ratio (PS-TTM) for Hang Seng Tech and related biotech assets is approximately 2.3x, and the P/E ratio (PE-TTM) is around 20x, both sitting in the bottom 10% of their five-year historical percentiles. Current secondary market prices have already priced in extreme pessimism regarding geopolitical frictions and macro liquidity disturbances. The risk of further significant compression in valuations is very limited, providing a solid margin of safety.

2. Industry fundamentals have crossed the break-even line; endogenous cash-generating capability is established (high certainty)

In contrast to the past phase of relying on external financing to "burn cash and paint pie charts," leading Chinese innovative drug companies have fully entered a "period of earnings realization" supported by actual sales revenue and cash flow:

Alright, AI has found me reasons to hold. I'll close my eyes and ignore XtalPi, shifting my attention back to the great crypto circle $iShares Bitcoin Trust ETF(IBIT.US) $IShares Ethereum Trust ETF(ETHA.US)

$XTALPI(02228.HK) Honestly, I'm running out of patience. What should I do? Feeling a bit frustrated...

$XTALPI(02228.HK) This trend today is just bullying! It's blatantly bullying! The helplessness of retail investors!

$Rocket Lab(RKLB.US)@周树人的交易员 is swapping XtalPi for 'Little Rocket'. Is now a good time? What's your gut feeling?

$XTALPI(02228.HK) Every lot is 10,000 shares. Just playing around, at 7709 today I didn't do it. tnnd

$XTALPI(02228.HK)

Grid buy paused as price broke below the lower bound of 6.80; waiting for stabilization to reassess the range. The Bollinger Band lower track at 6.34 serves as extreme support; a break below would trigger a stop-loss.

The grid upper bound is 8.60. Keep the core position (the core portion of your 6,000 shares) untouched, and only trade the grid positions with high sell-low buy. Step size: 0.3.