$XIAOMI-W(01810.HK)$Alibaba(BABA.US)

When AI stocks collectively rose, I felt no sense of participation at all. For the AI application layer, due to continuously rising hardware costs, the bubble is actually being squeezed out, and at this moment, the sense of participation is full.

The shareholders' mood must be sad or angry. Psychological comfort is useless, so if you are bullish, you can continue to hold; if you are bearish, cut your losses in time.

Everyone is responsible for their own operations and should honestly face their inner feelings. If you are still bullish, then average down or lie flat according to your trading strategy. If you are not bullish, then just operate according to your own trading strategy. Continuous emotional output has no effect. Face your inner self, face the market, and face the company's basic factors. For those who do not hold Chinese concept stocks but tirelessly mock them every day, it's a bit obsessive. You can express your views, but pure emotional output is quite boring.

Personally, I am still bullish on the Xiaomi and Alibaba I hold. The market is unpredictable, and the trading strategy provides a safety net. What I value in Xiaomi is its integrated ecosystem, somewhat comparable to Apple, but its system ecosystem is still relatively poor, and profits are also low. From a shareholder's perspective, it's quite disappointing. From a consumer's perspective, the cost-performance ratio and experience are relatively balanced. In a way, it is indeed a consumer stock. At the same time, the 'traffic holy grail' is indeed backfiring, but this is caused by the current internet's pure traffic-oriented approach. Those repetitive negative comments keep appearing, partly because the company is a Chinese company. The factors are too complex, and I haven't seen a good solution, except for improving the ecosystem and product strength. What I value in Alibaba is its cloud service and AI niche. Cloud service can reduce some costs and thus increase profits through its own chips, but the entire AI application layer is still in an exploratory stage. Ultimately, humans will definitely harness multiple AIs to work together, efficiency will definitely improve, and labor costs will be reduced. Cloud services serve their own niche, serve enterprises, and serve small and medium-sized developers. Large enterprises will definitely build their own AI in the end due to privacy concerns. If they can provide some technical support solutions, they can also make some money. However, from a personal perspective, it's still mainly about serving the AI transformation of small and medium-sized enterprises' applications, and even more so for small and medium-sized developers. Even if the self-build cost is low, it still requires the high availability of the cloud ecosystem. Regarding the e-commerce part, I personally think the subsidy strategy is fine, but the investment is indeed too much, with a sense of unwillingness and pettiness. The increase in e-commerce entry points will definitely erode market share. The low-price strategy is not feasible. The wool comes from the sheep's back. In the end, either the product cost itself is low, or it is passed on to consumers, or it's product quality fraud. Instead of over-investing in subsidies, it's better to improve the shopping experience, enhance the synergy of your own ecosystem, and increase profits through other means. Based on all of the above, I decided to continue holding, with the trading strategy as a safety net.

This is a normal expression of my thoughts and feelings, with no emotional output, and does not constitute investment advice.