$GEELY AUTO(00175.HK)If we're talking about which auto stock is currently undervalued, Geely should be at the forefront, but can it still fly after the tailwind has passed? Many automakers rode the tailwinds of 21-25 🛫, but looking at the present and future, the competition in mid- and large-size SUVs is intensifying. The launch of Galaxy M9 was immediately followed by Chery Fengyun. Another point is the halving of the purchase tax subsidy—the logic behind it isn’t that they don’t want to encourage spending, but that demand is already weak and stimulus is no longer effective. Moreover, weak domestic consumption is still ongoing, and export risks remain, not to mention potential geopolitical factors. Finally, one question: with the rise of smart driving, AI, and religious products in the future, what exactly is Geely’s moat?