Two recently listed domestic large models just released their financial reports. Revenue growth seems decent, but the business models are pretty average: aside from OpenAI and Anthropic, which can ensure profit margins with extremely high pricing, others have to follow by heavily investing in computing power and R&D on one hand, and controlling costs with low rates to attract the market on the other. O and A are like the Apple of the smartphone world, leveraging industry-leading innovation and resources to charge high premium fees. The remaining model companies are like Android (Xiaomi, Oppo, Vivo, etc.), forced to engage in price wars. So, I’ve adjusted my core positions, and the updates are in my subscription (X finally enabled subscriptions for me). For domestic models, I’ll wait for trading opportunities—no plans to buy for now.