$NIO(NIO.US) As a layman, I'll just throw out some random thoughts. As a naive investor who can't understand the data, I can only talk about some vague ideas based on my personal understanding.

I'm bullish on Nio because of its structure. I've always felt their cars aren't the long-term solution - they don't have strong moats. The real focus is the energy business behind it, similar to how Zhenro Group and Forte Group's real estate operations were industry leaders, but compared to their main businesses, they were insignificant. When they mentioned the scale effect of charging stations appearing, I think if they dare to say it, the reality must exceed expectations. Waiting for Q3 results now.

XPeng also has its own dreams, but autonomous driving is hard to prove you're good at, especially with Elon Musk leading the way. Unlike Nio which can just focus on its own path.

Remember over a decade ago, smartphones were cheap, big, had colorful ringtones, all kinds of games, flashy fonts, and everyone played music out loud in public. Domestic brands made a fortune. Ten years later, those legendary domestic phones are all gone, leaving only the distinctive Huawei and Xiaomi, plus the eternal Apple.