$XIAOMI-W(01810.HK) There's a saying, when the wind rises even pigs can fly, meaning it's easy to play in a favorable trend, but a downturn truly requires composure and judgment. Currently, Xiaomi is still under pressure from the intense competition in the automotive sector and the memory cycle, but its recent actions are still reliable:

I. Recent Developments:

- Automotive: Launched more attractive loan plans and car reservation benefits, expected to stabilize sales trends; the new vehicle Xuntian maintains rare patience, currently unannounced and still undergoing road testing, expected to bring incremental growth soon.

- Smartphones: Storage prices are rising, but considering R&D cost allocation, order and rating pressure, a simple production cut isn't feasible yet. Combined with software monetization and the "Human x Car x Home" conversion, Xiaomi adopted a three-tier strategy: the upcoming Note series won't increase price or reduce specs, stabilizing mid-to-low-end sales and user growth; the K90 all-rounder phone stabilizes the mid-to-high-end; the 17 series flagship ensures high gross margin.

- AIoT: Xiaomi Smart Storage was launched during a storage price increase cycle, somewhat "turning the tables." Although the features are somewhat conventional, the price is at an incredible level during this widespread price hike cycle, selling out immediately after crowdfunding. The intention is likely not profit, but to first provide a good user base for product line layout.

- MiMo: No major moves recently, but OpenRouter and other rankings have remained high. Personal experience from continued use: although professional knowledge is still lacking, overall response and execution are good, with high cost-effectiveness. I'm mainly optimistic about the continuous stream of data and scenarios brought by its hardware ecosystem, giving it a training advantage and making it easier to achieve a commercial closed loop. Currently, opinions are divided on this wave of AI production-side "bootstrapping" takeoff. Optimists see it as Jevons paradox, skeptics see it as an arms race. The main issue is the lack of a consumer-side closed loop in business currently. I'll avoid what I don't understand. Xiaomi, on the other hand, is doing well in practical application. AI has real-world application scenarios, and development is steady.

II. Shareholding Experience:

I averaged down two days ago, not because of accurate prediction, but accepting that the major cycle hasn't changed, expecting short-term gloom to continue. The confidence for averaging down then was that the price was already very low; unless there's another black swan, the shorts have no cards to play recently, and this is indeed a cheap price available in the past two years. But if an even lower price appears, I still have bullets in reserve. Bullets are for adjusting costs, not for gambling.

Thinking back to early last year when holding Xiaomi shares, everyone was a stock god, thinking even Buffett was just like that. Now I clearly see that back then, it was mainly due to the tailwind of the rising cycle covering up risks. In fact, many trading strategies were quite risky. A simpler way for ordinary people to make money is to find a good company, wait for a cheap price, and wait for it to rise. But newcomers often lack this patience and composure. One year in the stock market feels like ten years in the human world. Some truths are only understood through experience.