The investment logic of Chinese and American companies has completely diverged.

If you look at the top companies by market value in China and the US together, you'll find a very harsh reality:
They are no longer on the same growth trajectory.
🇨🇳 China: Scale-driven, stock-based, cash flow logic
Leading Chinese companies still mainly focus on:
Banks
Energy
Telecommunications
Traditional finance and infrastructure
The only common feature is:
Massive revenue, but very low growth.
Except for China Mobile, which can still maintain around 7% growth,
the rest are growing at less than 3%, with some even experiencing negative growth.
What does this indicate?
👉 China's economy still heavily relies on stock operation and scale expansion
👉 The growth model has not yet fully shifted to “technology + innovation”
👉 #银行体系 Heavily dependent on interest margins, with limited room for transformation
Therefore, the valuation logic in China's capital market for these companies is very clear:
Focus on cash flow, dividends, stability, rather than how fast you can grow.
Growth premium?
Almost non-existent.
🇺🇸 United States: Technology-driven, growth-oriented, future valuation logic
Now, look at the US.
Top market value companies are almost all:
AI
Cloud computing
Data centers
Platform-based tech companies
And their growth data is very “counterintuitive”:
Double-digit growth is the norm
NVIDIA experienced a explosive 126% growth
They are not selling “products,” but the capabilities at the top of the global industrial chain:
Computing power
Ecosystem
Technical standards
Platform control
This is also why a seemingly “outrageous” phenomenon occurs:
‍#英伟达 In 2024, revenue is $60.9 billion,
Market value reaches as high as $4.6 trillion.
Price-to-earnings ratios are extremely high, but the market is still willing to pay.
Because the valuation is not based on current profits, but on:
How much industry value you can control in the future.
⚖️ The real difference: not valuation, but “faith model”
Many people say:
“US stocks are overvalued, a bubble.”
But from a capital perspective, this is not irrational.
🇨🇳 Chinese assets:
Cash flow + dividends + stability-based valuation
🇺🇸 US assets:
Technological monopoly + growth potential + future control valuation
These two sets of logic are now very hard to reconcile.
In one sentence:
China's capital market is pricing “today,”
While the US capital market is betting on “the next ten years.”
Understand this,
and you'll know why money always flows in one direction.