$NIO(NIO.US)Investment is a kind of cultivation. The torment of a slow decline, the ecstasy of a big rise, the anger of being trapped, the regret of a pullback, etc. It's normal to have all kinds of emotions. They are all part of human nature and growth. It's hard to overcome human nature, and it's not easy to overcome it to some extent. Investment requires a calm mind and patience. Profits and losses are just by-products.

Buying stocks is buying companies. You need to have your own judgment on whether the fundamentals of this company are improving or deteriorating, and whether the industry environment is improving or deteriorating. Don't be overly disturbed by the market and the community.

It's the third year of holding Nio in full position, experiencing 3.6→7.7→3→8→4.5. The source of rise and fall is the same. Every pullback may usher in a new stage high.

In my opinion, Nio's fundamentals are gradually improving. The new models and replacements are very strategic and rhythmic, as if learning from Aito's approach, not competing for volume with each other. Cost reduction and efficiency improvement have begun to show results. Q4 is likely to be profitable, and there is also a chance for full-year profitability in 2026.

In my opinion, the penetration rate of new energy in the automotive industry will continue to grow in 2026, and the proportion of pure electric vehicles in new energy will also continue to grow. Although the purchase tax has changed from full exemption to half collection, only when the tide goes out do you discover who's been swimming naked. Intensified competition and accelerated clearing are not necessarily bad things.

No leverage, no short selling, not affected by short-term rises and falls, focus on the medium and long term. The sun will most likely rise normally tomorrow. Let's look back at the end of the year.

(Personal thoughts, not investment advice)