Core Viewpoint - Morgan Stanley reports that Li Auto's market share declined in June, but anticipates a recovery in sales driven by the launch of the i8 in August [1] Market Share Analysis - Li Auto's market share decreased by 1.4 percentage points month-on-month in June, reaching 3.2% [1] - The market share for the second quarter fell by 0.1 percentage points quarter-on-quarter, settling at 3.9% [1] Factors Influencing Market Share - The decline in market share is attributed to organizational restructuring and price competition following the upgrade of the L series [1] - The report suggests that the launch of the i8 is expected to significantly boost sales in August [1]

Group 1 - The top 50 Chinese technology and internet companies by market capitalization as of July 21, 2025, are listed, with TSMC leading at $124.684 billion [3][4]. - Tencent Holdings ranks second with a market cap of $60.3704 billion, followed by Alibaba at $28.679 billion [3][4]. - Xiaomi Group and Pinduoduo hold the fourth and fifth positions, with market caps of $18.9457 billion and $15.4741 billion, respectively [3][4]. Group 2 - Meituan and NetEase are ranked sixth and seventh, with market caps of $10.3371 billion and $8.6191 billion [4]. - JD.com, SMIC, and Kuaishou follow, with market caps of $4.8896 billion, $4.8429 billion, and $3.948 billion, respectively [4][5]. - Li Auto and Tencent Music are also in the top 15, with market caps of $3.404 billion and $3.3193 billion [5]. Group 3 - Baidu, Beike, and Tonghuashun are ranked 13th, 14th, and 15th, with market caps of $3.0187 billion, $2.2374 billion, and $2.0827 billion, respectively [5][6]. - The list includes various companies from different sectors, indicating a diverse representation within the technology and internet industry [6]. - The market capitalization figures are calculated based on the current exchange rate of USD to HKD [6].

Group 1 - The core viewpoint of the report by AlixPartners is that by 2030, only 15 out of the current 129 electric vehicle brands in China will remain financially viable, indicating a significant market consolidation [1][2] - The report highlights that nearly 90% of the current electric vehicle brands in China face the risk of exiting the market, with many brands having sales below 1,000 units, effectively not competing [2][3] - The profitability of electric vehicle companies is crucial for survival, as only BYD, Li Auto, and Seres have achieved annual profitability among listed Chinese electric vehicle manufacturers [2][3] Group 2 - The report anticipates that Chinese automakers will accelerate their expansion into overseas markets, particularly Europe, with an expected annual production increase of 800,000 vehicles and a market share doubling to 10% by 2030 [4][8] - Chinese electric vehicle products are generally priced lower than their European counterparts due to the advantages of a mature supply chain in China, which contributes to lower production costs [6][7] - The sales of Chinese automotive brands in Europe have seen significant growth, with a year-on-year increase of 85% in May, reaching over 60,215 vehicles and achieving a market share of 5.4% [8][9]

Core Insights - Korean investors show a strong preference for overseas markets, with China ranking as the second most favored market after the United States as of July 17, 2025 [1][14] - The total trading volume of Chinese stocks by Korean investors reached approximately $5.514 billion, second only to the U.S. market's $32.244 billion [14] Group 1: Investment Trends - Korean investors are particularly enthusiastic about Hong Kong stocks, with Xiaomi Group-W being the most held stock as of July 18, 2025 [2][3] - The total amount available for stock purchases by Korean investors reached 66.7 trillion KRW, indicating potential for further investment [2][18] Group 2: Net Buying Rankings - Over the past year, the top ten net bought Hong Kong stocks by Korean investors included Xiaomi Group-W ($160 million), BYD Company ($62.44 million), and CATL ($60.85 million) [3][4] - In the past month, the leading net bought stocks were Old Peking Gold ($2.94 million), followed by Sanhua Intelligent Controls ($2.09 million) and Xiaomi Group-W ($1.99 million) [4][5] Group 3: Recent Weekly Trends - From July 11 to July 18, 2025, Alibaba-W topped the net buying list among Korean investors with a net purchase of $13.38 million [7][8] Group 4: Market Capitalization - As of July 18, 2025, the top ten stocks held by Korean investors by market value included Xiaomi Group-W ($251 million), Tencent Holdings ($217 million), and Alibaba-W ($176 million) [9][10] Group 5: Market Sentiment and Leverage - The KOSPI index has increased by 32.89% this year, driven by improved corporate governance and optimistic market sentiment [18] - The amount of margin loans outstanding reached 21.6 trillion KRW, indicating a high level of leverage among retail investors [18]

Core Viewpoint - The automotive sector is experiencing a positive trend driven by new vehicle launches and supportive government policies, particularly in the context of electric vehicles and intelligent driving technologies [4][5][6]. Group 1: Weekly Data - In the second week of July 2025, passenger car sales reached 370,000 units, up 4.0% year-on-year but down 8.7% month-on-month. New energy vehicle sales were 207,000 units, up 11.7% year-on-year and down 4.0% month-on-month, with a penetration rate of 55.8%, an increase of 2.7 percentage points from the previous month [1][37]. Group 2: Market Performance - The A-share automotive sector rose by 3.41% from July 14 to July 18, outperforming the CSI 300 index, which increased by 1.29%. Sub-sectors such as commercial trucks, automotive services, and automotive parts saw significant gains, while commercial passenger vehicles and motorcycles experienced declines [2][30]. Group 3: Investment Recommendations - The company recommends focusing on high-quality domestic brands that are accelerating in intelligence and globalization, specifically highlighting companies like Geely, BYD, Li Auto, Xiaomi, and Xpeng [3][12][6]. Group 4: Upcoming Events - Tesla's Q2 2025 earnings call is scheduled for July 24, and the World Artificial Intelligence Conference will take place on July 26, showcasing over 60 intelligent robots, which are expected to catalyze the sector [4][17]. Group 5: New Vehicle Launches - The Ministry of Industry and Information Technology's recent policies aim to reduce internal competition in the automotive industry, promoting a shift from price wars to value-based competition. Upcoming vehicle launches, including the Li Auto i8 and Geely Galaxy A7, are expected to improve market fundamentals [5][10][9]. Group 6: Robotics and Automation - The robotics sector is poised for growth, with significant developments in Tesla's production capabilities and the introduction of new technologies in the hardware segment, such as dexterous hands and lightweight materials [4][15][16]. Group 7: Motorcycle Market - The motorcycle market is witnessing a surge in demand for mid-to-large displacement motorcycles, with June 2025 sales reaching 102,000 units, a year-on-year increase of 14.3%. Exports also saw significant growth, with a 59.9% increase in June [18][19][20]. Group 8: Heavy-Duty Trucks - The heavy-duty truck market is recovering, with June sales reaching approximately 92,000 units, a 29% increase year-on-year. The expansion of the vehicle replacement subsidy program is expected to further stimulate demand [21][22][23]. Group 9: Tire Industry - The tire industry is experiencing high demand, with domestic PCR operating rates at 75.99% and TBR rates at 65.10%. The cost of production is decreasing, and the global expansion of leading tire companies is accelerating [24][25][46].

Investment Rating - The report maintains a positive investment rating for the automotive and automotive parts industry, highlighting key companies such as Geely, BYD, Li Auto, and Xpeng as core investment opportunities [4][8]. Core Insights - The upcoming Tesla earnings call and the World Artificial Intelligence Conference are expected to catalyze advancements in robotics and the automotive sector, with significant developments anticipated from Tesla [2][9]. - The report emphasizes the positive impact of new vehicle launches on the passenger car market, driven by government policies aimed at reducing competition and enhancing quality [3][10]. - The report suggests a shift in competition from price wars to value-based competition, which is expected to improve the overall market structure [3][10]. Summary by Sections Weekly Data - In the second week of July 2025, passenger car sales reached 370,000 units, a year-on-year increase of 4.0% but a month-on-month decrease of 8.7%. New energy vehicle sales were 207,000 units, up 11.7% year-on-year and down 4.0% month-on-month, with a penetration rate of 55.8% [1][36]. Market Performance - The automotive sector outperformed the market, with a 3.41% increase in A-share automotive stocks from July 14 to July 18, ranking third among sub-industries [1][25]. Investment Recommendations - The report recommends focusing on high-quality domestic brands that are accelerating in smart technology and globalization, specifically naming Geely, BYD, Li Auto, Xiaomi, and Xpeng [4][11]. - For automotive parts, it highlights companies involved in smart driving and new energy vehicle supply chains, such as Berteli, Horizon Robotics, and Top Group [4][12]. Passenger Car Market - The report notes that the Ministry of Industry and Information Technology's policies to combat "involution" in the automotive industry will alleviate cash flow pressures on parts suppliers and enhance industry collaboration [3][10]. - Upcoming vehicle launches, including models from Li Auto and Geely, are expected to improve market fundamentals [3][10]. Robotics Sector - The report highlights the acceleration of leading players entering the robotics market, with Tesla's advancements in humanoid robots expected to significantly impact the sector [14][15]. Motorcycle Market - The report indicates a strong performance in the motorcycle segment, particularly in the mid-to-large displacement category, with sales showing significant year-on-year growth [17][18]. Heavy Truck Market - The heavy truck market is projected to recover due to expanded government subsidies for replacing older vehicles, with a notable increase in sales observed in June 2025 [19][20]. Tire Industry - The tire industry is experiencing growth driven by high demand and improved manufacturing capabilities, with leading companies expected to benefit from global expansion [21][22].

Investment Rating - The report maintains a positive outlook on the mid-to-high-end automotive market, suggesting a focus on strong alpha companies such as Li Auto, JAC, Xiaomi, and Seres [3][10]. Core Insights - The Chinese automotive market is transitioning between the third and fourth consumption eras, with a notable increase in demand for mid-to-high-end vehicles driven by supply [3]. - The report highlights the potential for significant sales growth in the mid-to-high-end SUV segment, particularly with the upcoming launches of models like the Li Auto i8 [3][45]. - The report emphasizes the importance of technological advancements and state-owned enterprise reforms as key drivers for investment opportunities in the automotive sector [3]. Industry Update - Retail sales of passenger vehicles reached 362,000 units in the 28th week of 2025, reflecting a month-on-month decrease of 8.8%. Traditional energy vehicles sold approximately 158,000 units, down 14.5%, while new energy vehicles sold 204,000 units, down 3.8%, with a penetration rate of 56.4% [3]. - The automotive industry recorded a total transaction value of 496.18 billion yuan this week, marking a week-on-week increase of 27.98% [3][10]. - The automotive industry index rose to 7145.99 points, with a weekly increase of 3.28%, outperforming the Shanghai Composite Index, which rose by 1.09% [10]. Market Conditions - The report notes that the recent week saw an increase in raw material prices for both traditional and new energy vehicles, with traditional vehicle raw material prices rising by 0.5% week-on-week and 3.1% month-on-month [3]. - The report identifies key events, including the upcoming World Artificial Intelligence Conference and the launch of the Li Auto i8, which are expected to catalyze market activity [3][10]. Investment Recommendations - The report recommends focusing on domestic strong alpha manufacturers such as BYD, Geely, and Xpeng, as well as companies involved in the smart technology trend like JAC and Seres [3]. - It also suggests monitoring state-owned enterprise reforms, particularly with SAIC Motor, and highlights the potential of component manufacturers with strong growth prospects and overseas expansion capabilities [3].

Core Viewpoint - The competition in the mid-large electric SUV market in China is intensifying, with new entrants targeting Tesla's Model Y, which has dominated the segment. The emergence of models like Xiaomi's YU7 and XPeng's G7 aims to disrupt Tesla's market share [2][8]. Group 1: Market Dynamics - The mid-large SUV market priced between 200,000 to 300,000 yuan is experiencing significant competition, with several new players launching models aimed directly at Tesla's Model Y [2][8]. - New entrants are collectively launching electric SUVs, which is unusual as car companies typically plan new models two years in advance [2][8]. - Tesla's Model Y has been the sales champion in the 200,000 to 300,000 yuan price range since its introduction in January 2021, priced from 263,500 yuan [10][9]. Group 2: New Model Launches - Xiaomi's YU7 is priced at 253,500 yuan, while XPeng's G7 ranges from 195,800 to 225,800 yuan, both undercutting the Model Y's price [10][6]. - Other new models include NIO's L90, Li Auto's i8, and several others, all set to launch in the latter half of 2025, indicating a strategic push into the large six-seat electric SUV market [16][18]. Group 3: Competitive Features - The new models are emphasizing superior specifications compared to Model Y, such as battery capacity and range. For instance, the YU7 offers a range that exceeds Model Y's by 242 km and has a battery capacity higher by 33.8 kWh [6][10]. - XPeng's G7 claims to have advanced AI capabilities and superior charging times compared to Model Y, showcasing a competitive edge in technology [4][6]. Group 4: Infrastructure and Market Readiness - The development of charging infrastructure in China has improved significantly, alleviating previous concerns about electric vehicle charging times and availability, which had hindered the growth of electric SUVs [23][24]. - Companies like NIO and Li Auto are actively expanding their charging networks, with NIO achieving 8 million battery swaps and establishing numerous charging stations [26][27]. Group 5: Future Outlook - The competition between new entrants and Tesla's Model Y is expected to intensify, with the upcoming Model Y L set to enter the market, potentially complicating the competitive landscape [13][20]. - The ability of new models to maintain sales momentum post-launch remains a critical challenge, as past experiences show initial sales can decline sharply [21][22].

数据显示，该基金近3个月收益率13.98%，近一年收益率52.72%，成立以来收益率为53.53%。其股票持 仓前十分别为：腾讯控股、美团-W、小米集团-W、中芯国际、德康农牧、赤子城科技、理想汽车-W、 阿里巴巴-W、快手-W、网易-S，前十持仓占比合计52.65%。 截至2025年6月30日，中欧基金旗下中欧港股数字经济混合发起(QDII)C（015885）期末净资产1.30亿 元，比上期减少12.45%，该基金经理为FANG SHENSHEN。 简历显示，FANG SHENSHEN女士:澳大利亚国籍,本科、学士。历任高盛私人财富管理部税务分析 师,Cooper Investors助理基金会计师、交易员、新兴市场组研究员,曾任中欧基金管理有限公司研究员、 高级研究员,现任中欧基金管理有限公司的基金经理。2024年05月31日起担任中欧港股数字经济混合型 发起式证券投资基金(QDII)基金经理。2024年7月1日起任中欧中证港股通央企红利指数发起式证券投资 基金(QDII)的基金经理。2025年01月14日起任中欧恒生科技指数发起式证券投资基金(QDII)基金经理。 近期份额规模变动情况： 日期期间申购（亿 ...

Company Performance - Li Auto Inc. Sponsored ADR (LI) experienced a stock increase of 1.4% to $31.80, outperforming the S&P 500's daily loss of 0.01% [1] - Over the last month, the company's shares have risen by 18.7%, significantly exceeding the Auto-Tires-Trucks sector's gain of 3.5% and the S&P 500's gain of 5.37% [1] Earnings Estimates - For the upcoming earnings disclosure, Zacks Consensus Estimates project earnings of $1.29 per share and revenue of $22 billion, reflecting a decrease of 6.52% in earnings and an increase of 9.54% in revenue compared to the previous year [2] Analyst Estimates - Recent modifications to analyst estimates for Li Auto Inc. are crucial as they indicate changing near-term business trends, with positive revisions suggesting analyst optimism about the company's profitability [3] Zacks Rank and Performance - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), currently ranks Li Auto Inc. at 3 (Hold), with the consensus EPS estimate having decreased by 0.31% over the past month [5] - Historically, 1 ranked stocks have delivered an average annual return of +25% since 1988 [5] Valuation Metrics - Li Auto Inc. has a Forward P/E ratio of 24.27, indicating a premium compared to the industry average Forward P/E of 9.75 [6] - The company also has a PEG ratio of 1.27, which is higher than the Automotive - Foreign industry's average PEG ratio of 1.06 [7] Industry Context - The Automotive - Foreign industry, part of the Auto-Tires-Trucks sector, holds a Zacks Industry Rank of 228, placing it in the bottom 8% of over 250 industries [8] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [8]