On Tuesday, Apple Inc.'s stock soared by 7%, breaking through to a new historical high in share price. The reason was that on June 10th local time, Apple's highly anticipated Worldwide Developers Conference kicked off. At the conference, Apple launched the Apple Intelligent System. With the support of Apple Intelligence, Siri will have richer language comprehension abilities, providing more natural, contextually relevant, and personalized responses.

The surge in Apple's stock price indicates that the market highly recognizes the artificial intelligence innovation of Apple's mobile phones, believing that this will lead to an increase in the company's performance. I have already expressed skepticism about the ultimate outcome of the combination of Apple's mobile phones and artificial intelligence in my previous articles. Now, my viewpoint remains unchanged.

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Affected by the surge in Apple's stock, Apple-related concept stocks in the A-share market also surged today. People believe that Apple's mobile phone sales will increase significantly in the future, and companies that have business dealings with Apple will also see a significant increase in their performance. Therefore, the market has started to speculate on stocks that have product cooperation with Apple.

I believe that even if the combination of mobile phones and artificial intelligence will stimulate mobile phone sales, it is by no means an important factor for Apple to take the lead in the industry. Because other mobile phone companies can also do this, and may even do it better. The combination of mobile phones and AI cannot be considered a technological innovation. It is similar to the combination of mobile phones and fingerprint recognition in the past, and in the end, almost all mobile phones have this feature.

The future of Apple's mobile phones is still a long way to go. With Apple's current price-to-earnings ratio of more than 30 times, I would definitely not buy it. At least it is not cheap now, and there is a risk of falling from a historical high. I think buying Apple at a price-to-earnings ratio of more than ten times is a good choice.

China's macroeconomy continues to improve. The Ministry of Commerce's big data shows that during the holiday, the sales of key retail and catering enterprises nationwide increased by 9.8% compared to the same period last year. Sales of home appliances, furniture, and communication equipment increased by 11.7%, 17.7%, and 35.5% year-on-year, respectively, and the online retail sales of physical goods nationwide increased by more than 30% year-on-year.

Media reports that Societe Generale has adjusted its rating of Chinese stocks from neutral to overweight, indicating that more and more foreign institutions are optimistic about the A-share market. With so many foreign capital optimistic about the A-share market, local investors in our A-share market should of course be more optimistic about their own stock market.

I am ready to continue to increase my position in the liquor index fund next week, to express my bullish stance on the A-share market and my optimism about China's economy through practical actions. It is regrettable that the speculative atmosphere in the A-share market is still very serious. The Shenzhen Stock Exchange disclosed that *ST Ba'an has risen by 102% from June 5th to 11th, of which, small and medium investors have bought a total of 203 million yuan, accounting for 88.68%. Institutional investors have bought a total of 797,900 yuan, accounting for 0.35%.

It can be seen how crazy the speculative mentality of small and medium investors is! Such a garbage, potentially delisted stock is actually nearly 90% of the transactions are from small investors' participation. Following the trend of speculation, not paying attention to the basic information of the listed company, and chasing the rise and killing the fall are many bad habits of small investors. If this bad habit is not changed, it will inevitably become the leek that is harvested by the market.The right path of the world is full of vicissitudes—being honest in stock investment and not participating in concept speculation is not an easy thing. Many people have been struggling in the stock market for thirty years without understanding this truth. Some fans and friends asked: "You always say that the right path of the world is full of vicissitudes, what exactly does 'right path vicissitudes' mean in your article?"

Today, I will explain it uniformly here. The phrase "the right path of the world is full of vicissitudes" in my article means that stock investment, like our life, has no shortcuts. Do not have a heart for taking shortcuts, do not hope to get rich overnight. Earning money in the stock market must pay a hard price, and you must have the determination and will to sharpen a sword for ten years, which is the right path of stock investment.