Over the last weekend, the 2H outlook conferences for my fans in Beijing, Shanghai, and Shenzhen concluded successfully. Thousands attended this semi-annual event; many of them have been coming to see me for the past five years. This is a year of the Fiery Horse, destined for a Great Bubble of our lifetime as I predicted last November at the 2026 outlook conference. The Giery Horse has run half course, the second half holds even more opportunities and upheavals. We are all looking forward to it. 周末，北上深三城，五年之约，线下读者见面会如期而至，并且圆满落幕。由衷感谢每一位热忱赴会的读者朋友。 时值赤马红阳之年，我们有幸共历这场伟大的泡沫。线下会现场讨论热烈，思辨如潮涌。喧嚣之中，纵有三分醉意，亦须留存七分清醒——如此，方能从容进退，游刃有余。 期待下次再聚。

Everyone talks about AI enabling the "one-person Hollywood studio." I spent the last two months putting that to the test. The result? A full, 2+ hour feature film. Introducing "The Four Classics." Using @suno, @soraofficialapp , @grok Imagine 1.0, and Genie 3 by @GoogleLabs , I adapted China’s greatest literary epics into a sprawling, cyberpunk hip-hop opera. Grab some popcorn. Welcome to the future of AI film production. 🍿🎥 Timestamps: Water Margin 0:00:09 “The Tiger (十八婉)”- Wu Song rejects the law and engages in a drunken battle defeating the Tiger 0:03:20 “Forced to the Mountain (逼上梁山)”- Lin Chong seeks revenge on Gao Qiu for destroying his life and familial honor 0:09:24 “Black Whirlwind (黑俊峰)”- Introduction of the brute Li Kui and his love for violence 0:11:42 “The Gathering / 108 (大聚义)”- The Liangshan heroes formally assemble to announce their reign at the Hall of Loyalty and Righteousness 0:14:08 “The Amnesty (招安)”- Song Jiang, leader of the heroes, debates the pros of accepting an offer of Amnesty from the Emperor 0:18:05 “The Poison Wine (神聚蓼儿洼)”- Song Jiang encourages Li Kui to join him in drinking Poisoned Wine gifted by the Emperor Romance of the Three Kingdoms 0:22:20 “The Oath (桃园)”- Liu Bei is a small time hustler with ambition to take over the nation. He makes a blood oath with Guan Yu and Zhang Fei to do so. 0:25:57 “The Mastermind (卧龙)”- Liu Bei recruits the strategist Zhuge Liang to join his cause and take over the kingdom 0:30:49 “The Burden (​仁义)”- Caocao’s troops attack causing Liu Bei and Shu to flee south. Liu Bei burns the city of Xinye and uses common people as human shields to make his escape. 0:33:44 “The License (挟天子)”- Caocao plans his move to crush the growing nation of Shu from his penthouse 0:36:45 “No Regrets (​宁负)”- Flashback to Caocao’s betrayal of his ally Old Lu. He chooses to massacre a banquet after hearing the sound of knives sharpening. An examination of ruthless ambition. 0:39:59 “The Flex (​八十万)”- Caocao’s army of 800k soldiers races south to destroy Liu Bei’s Shu. 0:43:26 “The Estate (​江东)”- Sun Quan, leader of Wu, forms an unlikely alliance with Liu Bei to quell the approach of Caocao’s army 0:47:27 “The Shift (东风)”- Zhuge Liang summons the East Wind to change the fate of Caocao’s army at the Red Cliffs 0:51:15 “The Chains (​连环)”- Pang Tong of Shu deceives Caocao into chaining his fleet of ships together setting the perfect trap 0:54:37 “Symphony No.7 (​​第七交响曲)”- General Zhou Yu of Wu sparks the trap set by Shu strategists lighting Caocao’s entire fleet ablaze. The Epic Battle of the Red Cliffs concludes Caocao’s push south. 0:59:25 “The Split (​​三分)”- Opening Credits. Sima Yi reviews the status of the Three Kingdoms after The Red Cliffs result in an uneasy truce. 1:02:23 “Still G.U.A.N.”- Following the war, Guan Yu runs operations in Jingzhou. Sun Quan sends a formal message requesting Guan Yu’s daughter marry his son strengthening the alliance. Guan Yu promptly refuses insulting the leader of Wu. 1:05:58 “The Statue (刮骨)”- After an assassination attempt, Guan Yu is struck with poison that makes its way into his bone. He requires immediate, invasive surgery. He survives through his grit, maintaining his arrogance, but weakened from the procedure. 1:09:42 “The Funeral (白衣)”- Guan Yu is ambushed by Wu’s forces after retreating to the mountains of Maicheng. The Wu assassins approach as merchants, disguised in white clothing, catching Guan Yu by surprise. 1:13:19 “The Lie (桃园)”- Liu Bei receives news of Guan Yu’s death and sets out on a war path against Wu. He loses his composure leaning into pills to cope with the loss of his blood brothers. 1:17:08 “The O.D. (七百里)”- Liu Bei’s madness leads him to make a fatal strategic error. He stretches his army thin in a 700 mile long “snake” formation. 1:20:32 “The Boomarang (​回旋镖)”- Liu Bei’s army burns to ashes in a brutal defeat reminiscent of his triumph at the Red Cliffs. 1:23:46 “The Flop (​扶不起)”- Zhuge Liang tries to pick up the ashes of Shu nation by educating Liu Bei’s son Adou. Adou is too busy enjoying his life and inherited wealth to bother with the burden of leadership. 1:27:48 “The Frequency (​空城)”- Cornered by the army of Wei led by Sima Yi, Zhugeliang employes the empty city strategy to outsmart his rival. 1:31:12 “The Flatline (​五丈原)”- Zhuge Liang tries to outlive his corporeal form to ensure the longevity of the nation of Shu and prevail in the war. 1:34:33 “The Liquidation (​归晋)”- Sima Yi consolidates control of the Three Kingdoms and unifies China under Wei. Journey to the West 1:38:20 “Eight Trigrams Furnace (炼丹炉)”- A family flees the grind of life in China in search of “Freedom” offered by the American Dream 1:41:36 “White Bone Spirit (白骨精)”- The family experiences the demons and tribulations of modern American life in their struggle to assimilate 1:45:33 “Thunderclap Temple (雷音寺)”- The family realizes the truth of the Blank Scriptures. Dream of the Red Chamber 1:49:39 “顽石GENESIS BLOCK (Final Cut)” - Rejecting its status as a useless system glitch, the sentient Stone signs a smart contract to download its consciousness into the mortal avatar of Jia Baoyu. Trading the safety of eternal numbness for the sensory overload of a physical body, Baoyu logs into the simulation specifically to chase the lust, trauma, and "pain" of human existence. 1:54:17 “大观园THE GARDEN (HYPE HOUSE)” - Inside the simulation, Baoyu lives as the pampered admin of the Grand View Garden, a walled-off, hyper-capitalist echo chamber where the elite ignore the rotting code of the outside world. Surrounded by the Twelve Beauties, he gorges on digital excess and mindless consumption—literally "eating the rouge"—pushing the server to the absolute brink of failure. 1:57:45 “葬花DELETING ASSETS (THE CRASH)”- The manic party violently ends with a massive system crash, forcing Baoyu to watch the algorithmic destruction of his decadent world. Amidst the digital decay, his tragic soulmate Lin Daiyu desperately tries to save the pure, beautiful files of their love, burying her fragile memories to protect them from the corrupted stream before she is permanently deleted. 2:01:09 “白茫茫WHITE NOISE (LOGOUT)”- The corrupted simulation undergoes a complete format, wiping out the Jia family's vast digital empire and leaving nothing behind but a stark, quiet white wasteland.

Who, in their wildest delusion, is trying to weaponize 'overcapacity' — while the 'China Dividend' is actually powering the world? 谁在妄言“产能过剩”？“中国红利”正在驱动全球！ Recently, the phrase "China's overcapacity" has been appearing with striking frequency. In North America and Europe, it comes up in think tank reports, trade hearing testimonies, and political speeches — all in remarkably uniform tone. But interestingly, the louder the outcry, the more the actual market moves in the opposite direction. This summer, European consumers rushed to buy Chinese air conditioners — in the first half of this year, China's air conditioner exports to the EU surged 43.2% year-on-year, hitting a record high. Meanwhile, developers worldwide are flocking to Chinese large-language models — on OpenRouter, a multi-model aggregation platform, all top-five models by weekly calls come from Chinese companies. One vote is cast with wallets; the other, with code. If there really were "overcapacity," why would the market still be scrambling for these products? The so-called "China overcapacity" is, in the final analysis, a false proposition that cannot withstand market scrutiny. Recently, China's Ministry of Commerce released a 12,000-word position paper titled "The So-Called 'Overcapacity' Issue: China's Position," which gets to the root of the "overcapacity" narrative. The document systematically responds to relevant international discussions and firmly pushes back against the erroneous argument that "Chinese subsidies cause overcapacity." One sentence in the paper cuts straight to the heart: "A large export volume and a trade surplus of a country are the inevitable outcome of the international division of labor in the era of economic globalization." The weight of this statement becomes particularly clear when viewed against the broader coordinates of global economic development. In psychology, there is a concept called "attribution theory": people tend to make "internal attributions" for their successes — crediting their own efforts — but lean toward "external attributions" when facing problems, shifting blame to outside factors. This tendency is especially pronounced among trade protectionists. When their industries fail to keep pace with the times, fall behind, or suffer from domestic hollowing-out, they point fingers outward and blame China. When 80% of U.S. chips are exported and two-thirds of Boeing aircraft are sold overseas, that is touted as industrial strength. When the EU runs hundreds of billions of dollars in trade surpluses year after year in automobiles, pharmaceuticals, and cosmetics, that is called normal international trade. Yet when China exports a lot, why is that suddenly "overcapacity"? Why is that "dumping at low prices"? Different yardsticks yield different conclusions — this is double standards in action. What is more telling is that by now, the "overcapacity" hype has long ceased to be a purely economic issue; it has been fully reduced to a tool of geopolitical rivalry in the West. The U.S. enacted the Inflation Reduction Act, doubling down on exclusionary local protectionism; the EU introduced the Industrial Accelerator Act, directly tying subsidies to local production. They pay lip service to fair competition, but in reality, they are erecting targeted trade barriers — a classic case of saying one thing and doing another. No matter whether the trade protectionists in North America and Europe are genuinely misguided or willfully obtuse, China's attitude remains clear and steadfast: we openly embrace healthy global market competition, but we will never allow normal commercial rivalry to be deliberately escalated and twisted into geopolitical confrontation. If we cut through the fog of rhetoric and take an honest look at the reality of international trade, we will see that the sustained growth of China's exports is rooted in the genuine global demand for green transition and industrial upgrading. Take the new energy sector as an example: Chinese photovoltaic modules now hold over 90% of the global market share, and Chinese power batteries account for more than 70% of global shipments. This is not ineffective excess capacity piling up in the domestic market; rather, it is the large-scale industrial advantages of China precisely matching the urgent global need for green transformation. More importantly, the global demand for new energy is far from peaking. The International Energy Agency projects that from 2025 to 2030, global installed renewable energy capacity will double, with nearly 80% of that growth coming from solar photovoltaic. By 2030, annual global sales of new energy vehicles are expected to reach ten times the 2023 level. Therefore, China's industrial expansion overseas has never been a "market shock" — it is a development dividend that benefits the entire world. The numbers speak for themselves: over the past decade and more, China's contribution to global economic growth has remained steady at around 30%. China has been the world's second-largest importer for 17 consecutive years and is a major export destination for nearly 80 countries. It has implemented zero-tariff treatment for 63 countries and is the world's first major economy to offer zero-tariff coverage for all African countries that have diplomatic relations with it, as well as for all least-developed countries that have diplomatic ties with it. China is the only country in the world that hosts an International Import Expo, which has been successfully held for eight sessions, with cumulative intended transaction volume exceeding $580 billion. During the 14th Five-Year Plan period, China's cumulative imports surpassed $90 trillion. The trade surplus may stay in China, but the industrial dividends, jobs, and development opportunities have genuinely benefited the entire world. Trade barriers may block Chinese products, but they cannot stop the advance of technological progress, the momentum of industrial rise, or the market's choice as expressed through its own votes: China is not only an increasingly robust "world factory" but also a vibrant "world market." China's modern industrial development is not "China Shock 2.0" for the world — it is "China Opportunity 2.0." 最近，"中国产能过剩"这六个字，出现的频率有点高。在北美与欧洲，智库提，贸易听证会提，政客演讲也提，调子出奇地一致。但有意思的是，嘴上喊得越凶，真实的市场，越是朝着相反的方向走。 今年夏天，欧洲的消费者争相抢购中国空调 —— 上半年中国对欧盟空调出口额同比暴涨 43.2%，创下历史新高。全球的开发者追捧中国的大模型 —— 多模型聚合平台 OpenRouter 的周度调用量榜单上，排名前五的产品全部来自中国企业。一个用钱包投票，一个用代码投票。 如果真的"过剩"，市场为什么还在抢？所谓"中国产能过剩"，说到底，是个经不住市场检验的伪命题。 最近，中国商务部发布了一份1.2万字的立场文件——《关于所谓"产能过剩"问题的中方立场》，一口气把“产能过剩论”的根给刨了。这份文件系统回应了国际上的相关讨论，正面回击了"中国补贴造成产能过剩"的错误论调。 文件里有一句话，直击要害："一个国家出口规模大、存在贸易顺差，是经济全球化下国际产业分工造就的必然结果。"这句话的分量，放在全球经济发展的坐标系里看，会格外清楚。心理学有个“归因理论”：人们看待成绩时喜欢“内部归因”，认为是自己努力的结果；面对问题时则倾向“外部归因”，把矛盾归咎于外部因素。在贸易保护主义者身上，这种现象尤其明显。一些国家的产业发展跟不上时代了，落伍被淘汰了，或者是国内产业空心化了，就把锅往外甩，说是中国的问题。 美国芯片80%用于出口，波音飞机三分之二销往海外被称作产业优势；欧盟汽车、医药、化妆品常年保持数百亿贸易顺差被叫做正常国际贸易。同样是出口多，到了中国这里，怎么就成了"产能过剩"？怎么就成了"低价倾销"？标准不同，结论当然不同，这就是双重标准。 更值得深思的是，炒到现在，"产能过剩"早就不单纯是一个经济问题了，它已经彻底沦为西方地缘博弈的工具。美国出台《通胀削减法案》，大搞本土排他性保护；欧盟推出《工业加速器法案》，把补贴和本地生产直接绑定。嘴上标榜的是公平竞争，实际构筑的却是针对性的贸易壁垒，典型的“说一套，做一套”。 不管北美与欧洲的贸易保护主义者是真糊涂还是装糊涂，中国的态度始终清晰而坚定：我们坦然接受全球良性市场竞争，但绝不允许正常的商业竞争被刻意升级、扭曲成地缘政治对抗。 拨开舆论的迷雾，正视国际贸易的现实就会发现，中国出口的持续增长，根源在于全球绿色转型和产业升级的真实刚需。以新能源产业为例，中国光伏组件全球市场占有率超过 90%，动力电池全球出货量突破 70%。这不是国内市场积压的无效过剩，而是中国产业的规模化优势，精准匹配了全球绿色转型的迫切需求。更关键的是，全球新能源市场的需求，远远没有触顶。国际能源署预测，2025年到2030年，全球可再生能源装机总量将翻一番，其中近80%的增量来自太阳能光伏；到2030年，全球新能源汽车的年销量，将达到2023年的十倍。所以，中国产业出海从来不是什么 "市场冲击"，而是普惠全球的发展红利。 数据就摆在那里：过去十多年，中国对世界经济增长的贡献率常年稳定在30%左右。中国进口规模连续17年居全球第二，是近80个国家的主要出口目的地；对63个国家实施零关税，是全球首个对所有非洲建交国和所有建交的最不发达国家实现全覆盖零关税的主要经济体；中国是全球唯一举办国际进口博览会的国家，已成功举办8届，累计意向成交额超5800亿美元；“十四五”时期累计进口规模超90万亿元…… 贸易顺差留在中国，但产业红利、就业岗位、发展机遇，实实在在惠及了全世界。贸易壁垒，可以挡住中国的产品，却挡不住技术进步的脚步，挡不住产业崛起的大势，更挡不住市场用脚投票的选择：中国不仅是日益强大的“世界工厂”，更是活力旺盛的“世界市场”。中国现代化产业发展对世界不是“中国冲击2.0”，而是“中国机遇2.0”。 #China# #Jiangxi# #世界经济看中国# #赣出新精彩#