Suppose time rewinds five years, and you hold 1 million. Which track would you choose to invest in?

This question is worth pondering. Because choosing the wrong direction could lead to vastly different outcomes.

Let's first look at the performance report of digital assets. Early investors in Bitcoin now have approximately 12 to 15 million—more than ten times the initial investment. Ethereum's performance is even more impressive; the same 1 million principal is now worth around 18 to 22 million. The returns of these two leading cryptocurrencies are enough to make investors envious.

Comparing to the star stocks of the US stock market over the past few years. Beneficiaries of the NVIDIA AI wave, 1 million now worth 6 to 8 million, a 5 to 8 times increase. What about tech giant Apple? The returns are more moderate, now around 3.5 to 4.5 million. Tesla's performance over the past five years has been tumultuous, but the final figures are between 2.5 to 3.5 million. Investors who bought at some peaks might now feel a bit regretful. The Nasdaq 100 index, as a whole, has yielded between 2.8 to 3.2 million over five years.

The domestic A-share market presents a different picture. Companies in emerging industries like chips, communications, and new energy have performed remarkably well. Upstream enterprises like Cambrian, Zhongji Xuchuang, and New Easy Shine have doubled or even tenfold their investments—completely achievable. The core players in the lithium battery sector, Tianqi Lithium and Ganfeng Lithium, now see their 1 million investments grow to around 4.5 to 5.5 million. Industrial automation stocks like Inovance Technology have also delivered solid returns.

But if you had chosen the "big white horses" from the last cycle—招商银行 (China Merchants Bank), 贵州茅台 (Kweichow Moutai), 海康威视 (Hikvision)—you might be crying now. The 1 million investment could have shrunk to just over 200,000 or up to 900,000. Especially some consumer giants, which have experienced shocking declines over the past five years.

On the Hong Kong stock market, Tencent Holdings' 1 million is now worth 900,000 to 1.2 million, while Alibaba has shrunk to 600,000 to 800,000 during the same period. Unicorns like Meituan and Pop Mart show highly varied returns, with some even at a loss.

After reviewing this data, isn't it time to reflect—where should your 1 million be invested over the next five years?