It’s very difficult for industries dominated domestically. First, domestic companies are extremely competitive—they want to profit from every part of the supply chain. During boom periods, they rush to build factories and expand production, and labor costs remain low. Second, foreign investors often don’t support industries guided by domestic policy, and capital tends to avoid them. For example, industries like graphics cards, chips, and memory are dominated overseas—and as a result, they’ve performed strongly in capital markets. But industries like photovoltaics, new energy vehicles, and humanoid robots are largely dominated domestically—and overall, their performance has been mixed at best.