蔚来、小米、理想等众多车企深受其扰，纷纷开设法务部账号，忙于在社交媒体上澄清辟谣，还有车企 不惜悬赏打黑。 从应对的角度说，"舆论战"比价格战更可怕，它给车企带来的伤害会被几何级放大。而车企遭受的损失 通常不可挽回，即便能够追究到的赔偿，与给企业造成的损失相比，几乎是杯水车薪。 从行业的角度看，三人成虎的舆论中，好的产品很容易被埋没。车企不可能再通过技术进步、规模提 升、产品进一步强大而赢得市场，反倒会改变这种行业本身的规律和游戏规则，将汽车的竞争转向另一 个非核心赛场。 用流量思维左右消费者的心智，通过蓄意发动的舆论引导，让更多不明所以和真相的网友随波逐流，最 终以诋毁的形式，让一个品牌身陷囹圄。 整治汽车行业非理性竞争正在加码。近日，工信部等六部门联合发布开展汽车行业网络乱象专项整治行 动的通知，集中整治非法牟利、夸大和虚假宣传、恶意诋毁攻击等乱象。 在过去很长一段时间里，车企困于无休止的价格战之中。然而，从价格战蔓延开来，车圈商战早就不限 于单纯的价格战，舆论战成为更加凶险的存在。 网络黑灰产渗透，水军横行，"拉踩"严重，这些乱象由来已久，甚至有变本加厉的趋势。 不少车企，尤其越是头部，越容易陷入巨大的 ...

Core Viewpoint - The article emphasizes that Li Auto has set a benchmark in the automotive cockpit intelligence sector, showcasing advanced features and innovations that distinguish it from competitors [2][3]. Group 1: Li Auto's Innovations - Li Auto's OTA 8.0 update introduces significant advancements in cockpit intelligence, including the MindGPT-40 audio model and Duplex full-duplex technology, enhancing user interaction and experience [2][3]. - The "Little Classmate" feature is highlighted as more than just a simple chat tool, capable of sophisticated interactions and task management [2][3]. - The "Task Master" function allows users to create and execute tasks in a conversational manner, demonstrating a high level of integration with the vehicle's hardware and software [3]. Group 2: Competitive Landscape - The competitive analysis indicates that Li Auto is primarily compared with Xiaomi in the cockpit interaction space, while previously, comparisons were made with XPeng and NIO [4]. - Industry insiders express skepticism about other companies' commitment to surpassing Li Auto, often questioning whether they have the necessary resources and decision-making capabilities [4][5]. Group 3: Challenges and Future Outlook - The article notes that while Li Auto's AI investments are substantial, the immediate financial returns may be limited, as consumers often prioritize tangible features over invisible technological advancements [5][6]. - The complexity of integrating AI features into vehicles is acknowledged, with a specific example of the difficulty in executing simple voice commands compared to Li Auto's streamlined approach [6][7]. - The article concludes that maintaining profitability while expanding into both range-extended and pure electric vehicles presents a significant challenge for Li Auto [6][7].

Group 1 - The company is seeking a senior AI product manager with a competitive salary and a collaborative team environment focused on product innovation [2] - The role involves managing AI applications across multiple platforms, including LLM and AIGC, with a focus on user interaction and comprehensive solution planning [3] - The company emphasizes a real and open team atmosphere that encourages valuable ideas and rapid market feedback [2] Group 2 - Candidates should have over 3 years of experience in AI product applications or strategy, particularly in scenarios with over 10,000 daily active users [4] - Strong project management skills are required to lead complex projects to successful completion [5] - The ideal candidate should possess excellent data analysis and logical thinking abilities, with a deep understanding of user needs [6] Group 3 - The company values proactive learning and the ability to adapt to industry changes and emerging applications [7] - Candidates should demonstrate clear logic and the ability to think systematically to solve problems and coordinate complex business operations [8]

Market Overview - Asian equities advanced as the U.S. dollar weakened, indicating a positive market sentiment [2] - The Hong Kong High Court allowed Evergrande's liquidators access to founder Xu Jiayin's $7.7 billion in assets amid ongoing restitution efforts from offshore bondholders [8] Chinese Policy Measures - Following President Xi's article on a "unified national market," the Ministry of Commerce and nine agencies introduced "Several Measures for Expanding Service Consumption" to boost domestic demand [3] - The measures include support for tourism, cultural activities, sporting events, and childcare subsidies, aiming to encourage consumers to "purchase in China" [4] Company Performance - Trip.com Group Limited (TCOM) rose by 4.09% and Meituan gained 3.03%, benefiting from the new consumption policies [4] - Alibaba Group Holding Limited (BABA) was the most heavily traded stock in Hong Kong, declining by 0.71% after announcing a $60 million investment in AI video generation startup Aishi Technology [5] - Tencent Holdings Limited (0700 HK) saw a slight increase of 0.23%, attributed to the success of its AI initiatives, with significant growth in daily average users of its AI assistant [6] Electric Vehicle Sector - Electric vehicle stocks performed well, with BYD Company Limited rising by 1.67%, Li Auto Inc. climbing by 2.61%, and CATL increasing by 2.58% [7] Market Dynamics - The rally in Chinese stocks may pose challenges for active managers who are underweight in this sector as quarter-end reporting approaches [9]

Core Insights - The automotive industry is undergoing a brutal reshuffle, with predictions that only five companies will survive in the future [1] - Traditional automakers are focused on survival, while new entrants are emerging despite the challenges [1] - The entry barrier for new automotive brands is estimated to require at least 30 billion yuan [1] Group 1: R&D and Manufacturing Costs - The first step in car manufacturing is R&D, with costs varying significantly based on company positioning; for instance, NIO spent 1.465 billion yuan in its first full fiscal year [2] - New brands often lack production qualifications and typically choose to outsource manufacturing; NIO invested over 220 million yuan in 2018 for its production line [2] - Component costs are a major expense, with raw material costs consistently accounting for over 90% of total costs for companies like Leap Motor [4] Group 2: Sales and Marketing Expenses - Sales channels can be direct, dealer-based, or mixed, with direct sales being the most expensive, costing 4-5 million yuan annually per store [4] - Marketing expenses for launching a new vehicle can range from 50 million to 200 million yuan, with total sales and management costs averaging around 3 billion yuan for the first vehicle [5] - New brands must continuously invest in R&D, marketing, and sales to survive, with cumulative financing often exceeding 10 billion yuan before reaching IPO [5][8] Group 3: Financial Viability and Challenges - New brands face significant financial challenges, with companies like Neta Motors reporting cumulative losses of 18.3 billion yuan from 2021 to 2023 [7] - Achieving profitability is a long journey, with companies like Li Auto and Leap Motor taking two years to reach breakeven [7] - The total investment required for a new automotive brand to reach profitability is estimated at around 30 billion yuan, considering R&D, manufacturing, and operational costs [8] Group 4: Market Dynamics and New Entrants - The influx of new automotive brands is notable, but only those with substantial financial backing, like Xiaomi with 100 billion yuan, are likely to succeed [9] - Some new entrants are opting for niche markets such as supercars and logistics vehicles to avoid direct competition [9] - Historical examples, such as Saleen Automotive, illustrate the risks of entering the automotive market without adequate financial planning [9]

Core Insights - The automotive market is experiencing a surge in new car launches, with at least 30 new models expected in September alone, marking the beginning of a competitive sales season in the fourth quarter [1] - The new car releases span various price ranges from 50,000 to 500,000 yuan, intensifying competition across the entire passenger vehicle market [2] - Promotional strategies, including price cuts and financing offers, are being implemented by multiple automakers to stimulate demand during this peak sales period [3] Group 1: Market Dynamics - The "Golden September and Silver October" period is traditionally a peak time for car purchases, with the National Day holiday seen as a critical window for boosting sales [4] - The upcoming changes in tax policies for electric vehicles are prompting consumers to accelerate their purchasing decisions, as the exemption on vehicle purchase tax will be reduced starting January 2026 [4] - Regional auto shows during the National Day holiday are expected to further energize market activity, with over ten cities hosting events that could stimulate local consumption [5] Group 2: Competitive Landscape - New models targeting entry-level and economic segments are being launched to attract young consumers, while the competition in the 200,000 to 300,000 yuan range is particularly fierce, exemplified by the pre-sale success of the new Aion M7 [2] - Luxury brands are also adapting to local consumer preferences, with new energy products being introduced to challenge traditional luxury offerings [2] - The automotive industry is entering a phase of high-intensity competition, where product strength, user experience, and differentiation will be crucial for brands to stand out amidst the influx of new vehicles [5]

Core Viewpoint - The launch of the Li Auto i6, a new five-seat pure electric SUV, is positioned as a unique offering in the market, targeting younger consumers with its distinctive design and innovative features [1] Group 1: Product Details - The Li Auto i6 is set to be launched on September 26, featuring a length of 4.95 meters and an interior longitudinal space exceeding 3.3 meters [1] - The vehicle will come with a new generation 5C lithium iron phosphate battery and an 800V high-voltage pure electric architecture, capable of charging 500 kilometers in just 10 minutes [1] - The i6 will offer options for intelligent rear-wheel single motor and intelligent four-wheel dual motor versions, with power outputs of 250 kW for the rear-wheel version and 150 kW + 250 kW for the four-wheel version [1] Group 2: Market Strategy and Goals - Li Auto's CEO, Li Xiang, indicated that 2025 will mark the company's official entry into the pure electric SUV market, with the i8 model targeting a stable monthly sales volume of 6,000 units [1] - The i6 aims for a stable monthly sales target of 9,000 to 10,000 units, contributing to an overall target of 18,000 to 20,000 units per month for Li Auto's pure electric models, including the Li MEGA [1]

Core Viewpoint - Li Auto officially announced that the Li Xiang i6 will be launched on September 26, positioning it as a "new form five-seat SUV" with a length of 4.95 meters and an interior longitudinal space exceeding 3.3 meters [1] Group 1: Vehicle Specifications - The Li Xiang i6 features a native pure electric architecture with a wheelbase of 3 meters, overall dimensions of 4.95 meters in length, 1.93 meters in width, and 1.65 meters in height [1] - The vehicle is equipped with a new generation 5C lithium iron phosphate battery and an 800V high-voltage pure electric architecture, claiming a charging capability of 500 kilometers in just 10 minutes [1] Group 2: Market Strategy - Li Auto plans to establish 4,000 supercharging stations by the end of 2025 to support the new model [1] - The i6 will offer options for intelligent rear-wheel single motor and intelligent four-wheel dual motor versions, with the rear-wheel version having a power output of 250 kW and the four-wheel version having a combined power output of 400 kW (150 kW + 250 kW) [1]

Market Overview - The Hong Kong stock market opened slightly higher on September 16, with the Hang Seng Index at 26,536 points, up 0.34%, and the Hang Seng Tech Index at 6,070 points, up 0.45% [1] Focus Companies - **Yaojie Ankang-B (02617.HK)**: The stock saw a maximum increase of over 60% in early trading, reaching a new high of 679.5 HKD. There was a net inflow of 143 million HKD from southbound funds yesterday. However, some analysts suggest that the stock may be overvalued and highly concentrated, advising ordinary investors to refrain from participation [3] - **Longpan Technology (02465.HK)**: Announced a procurement cooperation agreement with CATL for the sale of 157,500 tons of lithium iron phosphate cathode materials from Q2 2026 to 2031, with a total sales value exceeding 6 billion HKD. The stock opened over 14% higher [5] - **Ningde Times (03750.HK)**: Opened 2.8% higher at 478 HKD, reaching a new high since its listing [5] - **Yunfeng Financial (00376.HK)**: Announced a placement of 19.1 million new shares at 6.1 HKD per share, raising approximately 1.17 billion HKD. The stock fell over 10% in early trading [7] - **Hesai (02525.HK)**: Listed on the Hong Kong Stock Exchange today, opening with a rise of over 7% and later increasing to a 10% gain [9] Sector Performance - The technology sector showed mixed results, with Bilibili-W (09626.HK) up over 2% and JD Group-SW (09618.HK) down over 0.5%. Gold stocks generally rose, with Shandong Gold (01787.HK) increasing over 3%. The automotive sector was active, with Li Auto-W (02015.HK) up over 3%, and lithium battery stocks continued their upward trend, with Ningde Times rising over 2% [8] Market Outlook - According to China Merchants Securities, the Hong Kong market is primarily driven by liquidity, with expectations for a new round of increases due to improved liquidity conditions. Factors such as the Federal Reserve's interest rate cuts, easing of tight liquidity in the Hong Kong market, continuous inflow of southbound funds, and resolution of mid-term profit concerns are contributing to this outlook [8]

Core Viewpoint - The China Automotive Industry Association released the "Supplier Payment Norms Initiative" on September 15, urging automakers to comply with the "Regulations on Payment to Small and Medium-sized Enterprises" and to avoid exploiting their dominant positions to harm suppliers' interests, aiming to build a collaborative and win-win ecosystem in the automotive industry for high-quality development [1]. Group 1: Industry Response - A total of 17 automakers, including FAW, Dongfeng, Changan, SAIC, GAC, BAIC, Chery, Jiangqi, BYD, Geely, Great Wall, Seres, NIO, Li Auto, Xpeng, Leap Motor, and Xiaomi, have publicly committed to the payment initiative [1]. - The initiative provides clear guidance for building a collaborative ecosystem between complete vehicles and components, promoting high-quality development in the automotive industry [5][8]. Group 2: Specific Company Actions - FAW has unified the payment term for suppliers to within 60 days and optimized internal procurement and financial settlement processes to maintain a healthy market economy [3]. - Dongfeng will implement the initiative's requirements in key areas such as order confirmation, delivery, acceptance, payment, and settlement to protect supplier rights and enhance supply chain resilience [5]. - Changan has also committed to a 60-day payment term and has implemented an innovative payment process to ensure efficient cash flow for suppliers [7]. - SAIC has announced a unified 60-day payment term and will avoid using commercial acceptance bills that increase supplier financial pressure [8]. - GAC has adhered to a payment principle of not exceeding 60 days for 28 years and has established a comprehensive management system for the payment process [10]. - BAIC emphasizes equal, voluntary, fair, and honest principles in supplier relationships and opposes unreasonable payment practices [12]. - Chery has implemented measures to shorten the average payment period for suppliers and alleviate financial pressure on small and medium-sized enterprises [14]. - Jiangqi is enhancing payment efficiency and transparency while ensuring all suppliers receive fair and efficient payment experiences [15]. - BYD is focusing on key areas such as order confirmation and payment to build a collaborative ecosystem with suppliers [17]. - Geely has committed to a 60-day payment term and will not use practices that increase supplier financial pressure [18]. - Great Wall is committed to timely payments and optimizing payment processes to maintain a healthy supplier relationship [21]. - Seres calls for industry self-discipline to enhance supply chain resilience and competitiveness [23]. - NIO aims to establish long-term, mutually beneficial relationships with partners to ensure product quality and user experience [26]. - Li Auto and Xpeng both reaffirm their commitment to a 60-day payment term and efficient payment processes to support their partners [28][30]. - Leap Motor is dedicated to implementing the initiative and ensuring supply chain stability [32]. - Xiaomi emphasizes the importance of timely payments as a fundamental respect for partners and aims to enhance supply chain resilience [35].