Core Viewpoint - The article emphasizes that the Li Auto vehicle's infotainment system is currently the best in quality among domestic electric vehicles, surpassing even Apple's capabilities in certain aspects [2][6][14]. Group 1: Hardware and UI Design - The Li Auto infotainment system features two 15.7-inch 3K screens, which outperform the latest iPad Air's 2K display [2][7]. - The UI design adopts a flat, minimalist style reminiscent of Apple, enhancing user experience with smooth operation and familiar navigation [6][7]. Group 2: AI Capabilities - The system includes a true AI Agent that can execute cross-application tasks, such as placing food orders directly through voice commands, which Apple has not achieved [3][9]. - It can manage various media applications, allowing users to control playback and settings seamlessly [3][9]. Group 3: Innovative Features - The vehicle can automatically scan QR codes for parking payments using its cameras, addressing a common pain point for drivers [4][10]. - The system has the capability to generate code in real-time, allowing users to create custom applications through voice commands, showcasing advanced software customization [4][12][13]. Group 4: AI Glasses - Li Auto has introduced AI glasses priced at 1699 yuan, which support voice control and multimodal interaction, extending the functionality of the Li Auto assistant beyond the vehicle [5][14]. Group 5: Overall Impression - The article concludes that Li Auto's innovations challenge the perception of traditional automotive technology, positioning the company as a competitor to tech giants like Apple in the automotive space [12][14].

文字版： Q: 想哥，车身钢材是强度越高越好吗？ Q: 我们车内没有异味就是好的吗？ 李想: 分两方面，危害最强的气体是没有味道的，比如甲醛。还是得相信专业的仪器。但在专业仪器 以外，也会漏掉一些东西。比如去看很多的德国车，它用了可回收的木纹材料，其实在测环保指标的 时候没什么问题，但是会闻到一种酸味。这种酸味虽然对身体没什么伤害，但是用户体验很差。所以 拿仪器来收底，拿体感更敏感的人来拉高上限。 确实，今年有很多车坐进去就是呛的。尤其是很多便宜的车，或者原来卖得很贵、后来卖得很便宜的 车，它很明显在用料方面产生了巨大的降本。但这并不代表便宜的车环保就不好。如果价格很便宜， 你以不用真皮，可以用人造革的方式，可以用更多的布艺材料，但是不要装成豪华的。可以不用皮 子，但不要用劣质的皮子；可以少一些隔音棉，但不要用劣质的隔音棉。 这是这里边的差别。 Q: 如何区分一辆车用料的好坏？ 李想: 我觉得大家肯定是希望强度又强、韧性又好。但现实中我们看到，包括供应商能够提供的材 料，它其实是一个相互冲突的。当强度足够强的时候，韧性会变差；当想让韧性变好的时候，强度会 变差。所以这也是我们自己自研这些材料背后的一些核心原因 ...

Core Insights - Li Auto is undergoing significant changes due to operational challenges, including a projected delivery of 406,300 vehicles in 2025, which represents an 18.81% year-on-year decline from its target of 640,000 vehicles [2] - The company reported a 39% year-on-year drop in deliveries and a net loss of 624 million yuan in Q3 2025, influenced by the recall costs of the Li Auto MEGA [2] - Li Auto is shifting back to an entrepreneurial management model from a professional manager system to enhance agility in responding to market changes [4] Management Strategy - The entrepreneurial management model emphasizes innovation, agility, and rapid iteration, contrasting with the professional manager model that focuses on stability and control [3] - Li Auto's CEO, Li Xiang, believes that the professional manager model has led to slower decision-making and product iteration, making the company less responsive to competition [4] - The company aims to foster a culture of open dialogue and quick decision-making, moving away from hierarchical reporting structures [5] Product Line Adjustments - In early 2026, Li Auto will restructure its product lines from three to two, focusing on efficiency and market coverage [5] - The L series will return to a simplified SKU model to enhance product experience and supply chain efficiency, addressing previous customer complaints about product complexity [6] - The L series has faced declining sales due to internal competition and external market pressures, necessitating a revitalization strategy [7][8] Competitive Landscape - The L series is experiencing significant competition from both internal models and external brands, which has impacted its sales performance [8] - Analysts suggest that revitalizing the L series is crucial for Li Auto to overcome current market challenges and improve sales in 2026 [8]

Core Viewpoint - Klépierre, a leading European shopping mall operator, has reported its total number of shares and voting rights as of December 31, 2025, highlighting its significant market presence and commitment to sustainable development [2][4]. Group 1: Company Overview - Klépierre is the European leader in shopping malls, focusing exclusively on continental Europe [4]. - The company's portfolio is valued at €20.6 billion as of June 30, 2025, comprising large shopping centers across more than 10 countries in continental Europe [4]. - Klépierre attracts over 700 million visitors annually to its shopping centers [4]. - The company is a French REIT (SIIC) listed on Euronext Paris and is included in the CAC Next 20 and EPRA Euro Zone Indexes [4]. - Klépierre is recognized in various ethical indexes, including CAC SBT 1.5, MSCI Europe ESG Leaders, and FTSE4Good, reflecting its commitment to sustainable development and climate change initiatives [4]. Group 2: Voting Rights and Shares - As of December 31, 2025, Klépierre has a total of 286,861,172 shares [2]. - The theoretical voting rights correspond to the total number of voting rights attached to all shares, which is also 286,861,172 [6]. - The number of exercisable voting rights is 286,360,353, accounting for shares deprived of voting rights [6].

Core Viewpoint - Li Auto reported a net loss of RMB 625 million (approximately USD 89.286 million) in Q3 2025, marking the end of 11 consecutive profitable quarters, primarily due to a recall of 11,400 vehicles [1] Financial Performance - Vehicle sales revenue in Q3 2025 was RMB 25.9 billion (approximately USD 3.7 billion), a decline of 37.4% from RMB 41.3 billion (approximately USD 5.9 billion) in Q3 2024; total deliveries were 93,211 units, down 39.0% YoY [2] - Total revenue for Q3 2025 was RMB 27.4 billion (approximately USD 3.914 billion), down 36.2% from RMB 42.9 billion (approximately USD 6.129 billion) in Q3 2024, and down 9.5% QoQ from RMB 30.2 billion (approximately USD 4.314 billion) in Q2 2025 [3] - The projected vehicle deliveries for Q4 2025 are between 100,000 to 110,000 units, representing a YoY decrease of 37.0% to 30.7% [5] Competitive Landscape - Li Auto faces intensified competition in the new energy vehicle market, particularly from brands like AITO and Deepal in the EREV segment, and Tesla and NIO in the BEV segment, which have established significant advantages [6][7] - The company must accelerate its transition to BEVs and enhance its production capacity to remain competitive [8] Production Challenges - Despite strong market response to newly launched BEV models i6 and i8, supply chain challenges have limited their deliveries to only 18% of total deliveries in Q3 [9] - Li Auto is attempting to increase production capacity through a dual-supplier system but faces urgent supply chain stability issues [9] Strategic Expansion - Li Auto has begun diversifying into new business lines, launching divisions for "Space Robotics" and "Wearable Robotics," and introduced AI smart glasses priced at RMB 1,999 (approximately USD 285.57), though market response has been lukewarm [10][11] Consumer Engagement - Despite declining deliveries, Li Auto maintains high app user engagement, indicating a strong core consumer base that could support future recovery [12] Future Outlook - For Q4 2025, revenue is forecasted at RMB 26.5 billion (approximately USD 3.786 billion), reflecting a 40% YoY decline, with ongoing challenges expected in the near term [13][14]

Core Insights - The overall retail sales of passenger cars in December 2025 reached 2.261 million units, a year-on-year decrease of 14.0% but a month-on-month increase of 1.6% [1] - Cumulative retail sales for the year amounted to 23.744 million units, reflecting a year-on-year growth of 3.8% [1] - The wholesale growth rate for passenger cars in 2025 is projected at 8.8%, with new energy vehicles (NEVs) expected to grow at 25.2%, meeting the growth expectations set for the "14th Five-Year Plan" [1] Market Performance - December's passenger car retail sales showed a significant decline in fuel vehicles, down 30% year-on-year, while pure electric vehicle sales increased by 2.5% [2] - The penetration rate of new energy vehicles in December reached 59.1%, indicating a shift towards a "new energy-dominated" market [2][11] - The retail share of domestic brands in December was 64.3%, a year-on-year increase of 2.2 percentage points [3] Production and Wholesale - Passenger car production in December was 2.791 million units, a year-on-year decrease of 4.6% [4] - December's wholesale volume for passenger cars was 2.789 million units, down 9.0% year-on-year [5] - The production of new energy vehicles in December reached 1.560 million units, a year-on-year increase of 7.6% [7] Export Trends - In December, the export of passenger cars (including complete vehicles and CKD) was 588,000 units, a year-on-year increase of 46.2% [4] - New energy vehicles accounted for 46.4% of total exports in December, up 15.6 percentage points from the previous year [4][13] - Cumulative exports of new energy vehicles for the year reached 2.422 million units, a growth of 86.2% [7] Inventory and Market Dynamics - The overall inventory in December decreased by 60,000 units, indicating proactive inventory reduction by manufacturers [6] - The market is experiencing a significant adjustment in consumer sentiment due to changes in trade-in policies and the expiration of tax exemptions for new energy vehicles [1][2] - The competitive landscape is shifting, with traditional manufacturers like Geely, Changan, and Great Wall showing improved market shares [3] Future Outlook - The January 2026 market is expected to benefit from a favorable production and sales environment, with a focus on the upcoming Spring Festival driving consumer demand [18] - The implementation of new policies aimed at promoting vehicle upgrades and trade-ins is anticipated to support market stability and growth in early 2026 [20] - The overall passenger car market is projected to maintain a stable trajectory, with a forecasted wholesale growth of 1% for 2026 [20]

Core Insights - Tesla remains the top seller in the smart electric vehicle (AIEV) market but faces its largest sales decline in history, with a 8.6% drop in 2025, resulting in total sales of 1.636 million units [2][39] - In 2025, seven leading Chinese smart electric vehicle companies collectively achieved sales that are double that of Tesla, indicating a significant competitive challenge [2][40] - Despite the sales decline, Tesla's market capitalization remains robust at over 1 trillion RMB, significantly higher than the combined market value of its Chinese competitors [4][40] Tesla - In 2025, Tesla delivered approximately 1.636 million electric vehicles globally, with the Shanghai Gigafactory contributing 851,000 units, accounting for over 52% of total deliveries [10][46] - The company faces increasing pressure from rapidly rising Chinese competitors in the electric vehicle market, which is impacting its market share [10][47] - Tesla's innovation pace in key areas like autonomous driving and battery technology has slowed compared to previous years, while local competitors are catching up [10][47] Chinese Competitors - Leap Motor achieved sales of 597,000 units in 2025, surpassing its target of 500,000 units, marking a significant milestone in its growth trajectory [3][50] - Hongmeng Zhixing delivered 589,000 units, establishing a strong presence in both mainstream and high-end markets, with a notable average transaction price of 390,000 RMB [16][52] - Xpeng Motors reported a 126% year-on-year increase, delivering 429,000 units, exceeding its target of 380,000 units, although some new models underperformed [21][57] - Xiaomi Motors delivered over 410,000 units, significantly exceeding its target of 350,000 units, despite facing brand challenges [23][59] - Li Auto's sales fell to 406,000 units, down 18.8% from its target of 640,000 units, reflecting competitive pressures [26][62] - NIO delivered 326,000 units, achieving a 46.9% year-on-year growth, although it did not meet its target of 440,000 units [34][69] Market Dynamics - The combined sales of the seven leading Chinese smart electric vehicle companies indicate a growing competitive landscape that is beginning to challenge Tesla's dominance [2][40] - The market capitalization of Tesla remains a significant barrier for Chinese competitors, who have substantial growth potential but currently lack comparable valuations [4][42] - The ongoing strategic adjustments by Tesla and its competitors highlight the dynamic nature of the electric vehicle market, with companies striving to innovate and capture market share [8][44]

Core Viewpoint - The article discusses the evolution of China's new car-making forces over the past decade, highlighting the contrasting fates of companies like Leap Motor and Neta Auto, and the emergence of new players like Xiaomi and Huawei's Hongmeng Zhixing [2][4]. Group 1: Market Dynamics - By 2025, Leap Motor is projected to achieve nearly 600,000 annual sales, becoming the sales champion among new car-making forces, while Neta Auto faces auctioning due to its decline [2]. - The number of new car-making enterprises has drastically reduced from over 60 in 2015 to only a few that still report sales [2]. - The new rankings for 2025 among new car-making enterprises include Leap Motor, Hongmeng Zhixing, Xiaopeng, Li Auto, Xiaomi, and NIO [2]. Group 2: Rise of New Players - Leap Motor's sales reached 597,000 units in 2025, a 103% increase year-on-year, marking its first time at the top of the sales chart [4]. - Hongmeng Zhixing, although not a traditional new car-making force, has seen rapid growth with its AITO brand, achieving 445,000 units in 2024 and 589,000 units in 2025, a 32% increase [5]. - Xiaomi, entering the market later, achieved 120,000 units in its first year of delivery and 412,000 units in 2025, surpassing NIO, which has been in the market for ten years [5]. Group 3: Challenges for Established Players - NIO, once a leader, saw its sales drop to 326,000 units in 2025, despite launching new brands and models to regain market share [8]. - Xiaopeng Motors sold 429,000 units in 2025, a 126% increase, but faced challenges with product positioning and market competition [9]. - Li Auto's sales fell to 405,900 units in 2025, a 19.6% decline, as it struggled to meet its annual target of 640,000 units [10]. Group 4: Industry Consolidation - Many once-prominent new car-making enterprises have disappeared, categorized into three groups: those that failed before mass production, those that made strategic errors, and those that faced funding issues [12][13][14]. - The industry has undergone a brutal elimination process, with only a few companies remaining competitive as they face increasing pressure from new entrants and established brands [14]. - The next decade is expected to be even more complex, testing the operational efficiency and competitive capabilities of the remaining players [15].

Domestic News - The Ministry of Industry and Information Technology and seven other departments have issued an implementation opinion to accelerate the integration of artificial intelligence in industrial mother machines and industrial robots, focusing on developing new-generation AI numerical control systems and conducting tests for intelligent connected vehicles [7] - Hefei's 14th Five-Year Plan emphasizes the growth of emerging industries, particularly in sectors like "chip, display, automotive, and integration," aiming to enhance the scale and advantages of leading industries, including smart connected new energy vehicles [8] - Geely Auto has obtained an L3-level autonomous driving road test license in Hangzhou, which is the largest in terms of area and mileage in the country, allowing access to over 7,000 traffic data points [9] - Dongfeng Motor plans to start localized production of passenger vehicles in Turkey within the year, targeting a market with an annual sales volume of approximately 1.4 million vehicles [10] - Li Auto has launched a total of 3,900 Li Supercharging stations across 286 cities in China as of January 4, 2026 [11] - BAIC and Horizon Robotics have established a joint venture, Zhiyu Technology, focusing on core technologies for intelligent driving [12] - Baidu's Apollo Go has received the first full unmanned testing license in Dubai, marking a significant milestone in autonomous driving [13] - Intramco has partnered with Leap Motor to apply its charging products in Leap Motor's future European factory for electric vehicles [14] International News - Turkey's automotive market is projected to reach a record high of 1.37 million units in 2025, reflecting a year-on-year growth of 10.5% despite high taxes and tightening financing conditions [16] - Ford plans to launch a new driver assistance system by 2028, which will allow drivers to completely disengage from monitoring while driving [17] - Mercedes-Benz will introduce both fuel and electric versions of the next-generation S-Class, with separate platforms for each, indicating a strategic shift in their electric vehicle lineup [18] - Mobileye intends to acquire the humanoid robot manufacturer Mentee Robotics for $900 million, aiming to enhance its capabilities in autonomous driving and robotics [19] Commercial Vehicles - Henan Province will exempt hydrogen fuel trucks from tolls on expressways until the end of 2027, and electric trucks will receive a 50% toll discount [21] - Foton's Oumark has launched the "Zhi Nuan Core" thermal management system for electric trucks, addressing winter operational challenges with advanced temperature control technologies [22] - The Long-distance company has introduced its 3.0 generation product matrix, focusing on AI integration and high-efficiency solutions for various commercial vehicle segments [23] - Chongqing has released policies to support the development of intelligent connected new energy commercial vehicles from 2025 to 2027, including incentives for R&D and financing [24]

Core Insights - In 2025, China implemented 105 recalls for passenger vehicles, affecting approximately 6.825 million vehicles, with a notable decline in recalls for German brands and an increase for Japanese brands [1][2] Group 1: Recall Statistics - Japanese brands led in recall numbers with a total of 2.207 million vehicles recalled, marking a 27.3% increase year-on-year, accounting for over 30% of total recalls [1] - German brands had 1.28 million vehicles recalled, a significant decrease, while American brands recalled 1.399 million vehicles, experiencing a 60.5% drop [1] - Domestic brands recalled 566,000 vehicles, a 26.7% increase from 2024, with their market share surpassing 70% for the first time [1] Group 2: Major Recalls - Three recalls exceeded 500,000 vehicles: Dongfeng Honda and GAC Honda recalled approximately 1.367 million vehicles due to steering issues, Tesla recalled over 1.2 million vehicles for rearview camera and steering system failures, and Jaguar Land Rover recalled over 630,000 vehicles for engine and software issues [2] - The overall recall numbers for new energy vehicles decreased significantly, with over 2.1 million recalls in 2025, indicating improved quality control in the industry [2] Group 3: Quality Control and Investigations - In 2025, passive recalls reached 21 instances, with 12 involving domestic brands, highlighting the need for improved quality management systems among some manufacturers [4] - More than half of the battery-related recalls were initiated by the market regulatory authority, indicating a proactive approach to safety [4] - Japanese brands conducted all their recalls voluntarily, reflecting a mature corporate responsibility and transparency that can help rebuild consumer trust [4]