No trading activity within the venue; we’re currently awaiting next month’s financial reports. Taking a half-day break this afternoon – nothing particularly noteworthy, just wanting to rest and recharge.

Years Have Passed

It’s been a long time since I last watched League of Legends (LOL) matches live, and suddenly it feels like four or five years have passed.

As I’ve mentioned in my previous articles related to games, I always had a complex feeling towards LPL teams (the domestic league). The frequent low-level mistakes made by many players in major tournaments felt lacking in professional demeanor, which significantly reduced the viewing experience – this is why I gradually drifted away.

This afternoon, on a whim, I took a half day off to tidy up my room, and the summer clothes were still unorganized. While doing so, I decided to watch some matches. The quarterfinals were still T1, that formidable mountain standing in front of LPL teams, seemingly impossible to overcome. Looking back, LPL hadn’t won any Bo5 (best-of-five) crucial matchups against them in the World Championship series; every team they faced felt immense pressure.

As I wrote these words, the match had entered its “classic” fifth game – the LPL team was leading 2-1 and in a great position to win, but their opponent tied it up, and both teams were about to enter a brutal final deciding game.

Update before publishing: The operation wasn’t too bad, but their build strategy was completely crushed. The Queen composition led to Ashe dominating early on, preventing Miss Fortune from grouping and initiating fights; it was incredibly difficult.

Review

Meituan: Performance was stable with minimal fluctuation, punctuated by a brief rally. Xiaomi: This decline was largely driven by a confluence of negative factors.

1. Macro Drag: The overall pullback in the Hong Kong tech sector (such as NetEase, Alibaba, and Tencent) performed poorly.
2. Automotive Expectations: The new energy vehicle sector experienced intensified “internal competition” (“intense competition”), with market expectations for growth in companies like BYD already peaking, and Xiaomi’s automotive future space also under pressure. Industry Observations:

• UBS’s pre-earnings report highlighted the rising prices of solid-state drives and memory. The extent to which this cost increase will erode the profit margins of mobile business remains to be revealed in the earnings report.
• However, one thing is certain: In a market as intensely “competitive” as this, the Android smartphone ecosystem no longer has the luxury of raising prices arbitrarily. Reputation Backlash:
• Finally, returning to Xiaomi itself, its automotive business is facing reputation issues. The project’s early promotional volume was immense, with almost no negative feedback. Now, it seems to be experiencing a wave of public “backlash” following excessive exposure.