$XIAOMI-W(01810.HK) Southbound capital still flowed in 1.5 billion today, but the contradictory point is that major institutions are bearish on Xiaomi, successively lowering their target prices to around 30. Whether it's the memory price hike and fierce competition in the auto sector, or major shareholder 减持 and earnings falling short of expectations, these have actually been reflected in Xiaomi's stock price. The first major drop was caused by the reduction in new energy vehicle subsidies, leading to a break below the 50 support level, and then earnings came out below expectations, dropping to around 36. After a rebound, Lu Weibing's earnings call revealed the crazy surge in memory prices, causing the stock to continue falling. Actually, Xiaomi's stock price decline is mainly due to two factors: the reduction in new energy subsidies plus intense domestic competition in the new energy sector, and the cost increase from the memory price surge in the smartphone business. Secondary factors are public sentiment, major shareholder 减持， and rising lithium battery material prices. But at this current price level, keep at most a 40% position for averaging down. Don't jump in just because you see a little rebound, and don't try to bottom-fish just because you see a little drop. Xiaomi's latest short interest is 1.2 billion, and with this week's short interest, it's estimated to reach 1.3 billion, even breaking through the 1.4 billion mark. But this is still not a signal for a reversal, because historically, short sellers retreating from Xiaomi has never been a matter of one or two weeks, but a very long tug-of-war. Currently, short positions in Xiaomi still have strong momentum. A reversal cannot be expected solely on the strong sales of Xiaomi's SU7, or even on future extended-range vehicles, because Xiaomi's smartphone business is still the main part. The storage issue in the smartphone business remains a big problem. Unless Xiaomi can find domestic storage alternatives, but domestic storage fabs are still expanding, and capacity remains an issue. For Xiaomi and its shareholders, only when the storage problem is solved can Xiaomi's good days arrive. Moreover, currently, US institutional holdings in the Hang Seng sector are too heavy. Donald Trump is continuing to isolate the Hang Seng, possibly to gain leverage for the upcoming talks. Also, Asian sectors are surging, and the capital being drawn away is partly for this reason.