$XIAOMI-W(01810.HK) Recently, the AI narrative has finally been rolled out. It's not easy for corporate narratives to strike a balance between capital and users. In the morning, the upgrade of assisted driving has already attracted bullish funds in the stock market.

But the more closely watched event recently is the December 17 'Human-Vehicle-Home' conference. No matter how well the assisted driving AI performs, it still plays the role of a follower. In contrast, the 'Human-Vehicle-Base' large model system is completely different—it belongs to the leader quadrant in the market. Not only is it unique in its field, but it also hasn't been priced in by the stock market yet, and its moat is obvious. If you want to enter, sorry, but you'll need a billion-scale investment just to get a ticket. Only massive devices and data can lead to qualitative changes. Moreover, with top experts on board, I'm very interested to see if capital can find any reason to be bearish this time.