$XIAOMI-W(01810.HK) In the end, I paid the price for my own perception. The first time I bought Xiaomi, it was over forty dollars. I listened to a colleague's recommendation, who said it had fallen to a point of good value and urged me to buy quickly. Such a big company, how could it not even have a trillion-dollar market cap? My colleague had done deep research on Xiaomi and had made several times his money on it early on. So I opened a position. After buying, it kept falling, and I kept averaging down. I always thought Xiaomi was still okay, without doing a detailed analysis. Several times later, I tried to convince myself to cut losses, but I didn't. The psychology of loss aversion was taken to the extreme. Later, I gradually became less optimistic, but I was losing money and unwilling to leave, wanting to break even before exiting. Today, the stock price has been halved. It's time to go. I missed out on the big winners, Zhipu and Minimax, over the past six months. Wasted time and opportunity cost. So many big players are not optimistic, yet I bought Xiaomi. Ultimately, Xiaomi is a manufacturing company pretending to be an internet company, following whatever is hot. It has no moat, no industry pricing power, and mostly just rides on others' coattails. That's why capital isn't optimistic. Now, both its phones and cars aren't doing well, and demand hasn't picked up. So don't expect much from yu9. This market is pretty much saturated, it's all a stock market. Xiaomi probably has a hard time going back up. Losing so much is just due to my own insufficient understanding. I accept my fate. Goodbye, Xiaomi.