#数字资产市场观察 Why do the top 10 companies by market capitalization in the East and West have completely different styles? On one side, banks and energy dominate, while on the other side, technology companies rule the landscape?

This hides two completely different survival rules behind it —

**Eastern Model: Holding onto the homeland is the way to go**
What does economic growth rely on? The infrastructure madman model! High-speed rail networks, urban expansion, real estate development, these super projects cannot do without the banks' blood transfusion. Banks earn interest margins while lying down, and oil insurance belongs to the essential needs monopolistic track, which doesn't need to burn money for any innovation; the domestic demand market of 1.4 billion people is enough to support a trillion market capitalization. Stability outweighs everything, and what is earned is certain money.

**Western Gameplay: Technological Barriers Harvesting the World**
Tech giants can completely be another species! Half of their revenue comes from overseas markets - Nvidia's AI chips, Microsoft's cloud services, Google's advertising system, which one is not a global technology monopoly? But the cost is also hardcore: in the fiscal year 2025, Microsoft spent $32.5 billion (, approximately 230 billion RMB ) on R&D, accounting for 11.5% of total revenue. Stop investing? Then the technological moat will be instantly flattened by competitors.

In simple terms —
The former is the "low-risk + internal circulation"稳健派, benefiting from the volume dividend;
The latter is an extremist faction of "high investment + global warfare," competing on technological gaps.

Two types of logic, each has its own way of living, but both have played their own game rules to the extreme.