$XPeng(XPEV.US)

First, the conclusion: I am bullish in the long term, holding firmly, and adding positions on dips.

1. Core competitiveness lies in intelligent driving: The key value of XPeng is the implementation and leading experience of intelligent driving software such as "Map-Free City NOA," which has surpassed Huawei in professional evaluations.

2. Software brings premium value: Intelligent driving software has low marginal costs but can form sustained premiums, which is the soul of driving overall customer value.

3. Lifecycle advantage: Compared to Nio, which is still on the edge of profitability struggles, XPeng has already crossed the "survival phase," and the next stage is corporate profitability.

4. Hardware is just the icing on the cake: While hardware can boost short-term profits, what truly supports the long-term moat is the value of intelligent driving software. (Theoretically, among the top automakers, the premium capabilities of supply chain components are largely aligned, so hardware gross margins cannot be a competitive advantage.)