$XIAOMI-W(01810.HK)Thoughts after watching Lei Jun's speech:

1. Technological DNA: It reminded me of the book "Fire in the Valley." Lei Jun is a suit-wearing rebel—outwardly refined but with the bravery, imagination, and even madness of a Silicon Valley geek at heart. Tackling foundational technologies, making cars and chips—this fiery spirit is reminiscent of the early computer geeks. Only this kind of fire can attract such people and create such things, mutually elevating each other.

2. Corporate Culture: Many are familiar with the book "Built to Last." When Lei Jun talked about how he realized that having an extra 50 billion in the bank in ten years wouldn't be worth losing the chance to make chips, he chose the latter. This is a vivid example of how great companies don't just chase short-term profits.

3. Product Power: The part about high-end customized car services truly shows vision. One car can be for racing, another for family camping, and another for personalized skins. The pinnacle of a great product might be when users don't have to adapt to the product—instead, the product seamlessly integrates into their lives, making them feel like they're buying the life experience they've always wanted.

So, the logic for investing in Xiaomi is simple: not because of hype or being a fan, but because, compared to other major tech companies in the East, Xiaomi stands out in technological DNA, corporate culture, and product power. While these traits aren't directly tied to specific products, they form the foundation for predicting many outcomes.

On a side note, let's talk metaphysics. Lei Jun mentioned that succeeding in both cars and chips was a stroke of luck. But was it really? Why do some air-conditioner makers fail at making phones, while Xiaomi succeeds in phones, air conditioners, cars, and even chips? It feels like what seems like a series of coincidences might actually have some inevitability. Perhaps the era rewards companies that align with the future, often through seemingly random forces.