Core Insights - In September 2025, Li Auto delivered 33,951 new vehicles [1] - In the third quarter of 2025, Li Auto's total vehicle deliveries reached 93,211 [1] - As of September 30, 2025, Li Auto has established 542 retail centers across 157 cities in China [1] - The company has deployed 3,420 Li Supercharging stations, with a total of 18,897 charging piles in operation [1]

Company Performance - Li Auto delivered 33,951 vehicles in September 2025, totaling 93,211 deliveries for the third quarter [1] - Cumulative deliveries reached 1,431,021 as of September 30, 2025 [1] Market Position - Li Auto maintains its leading position in the RMB200,000 and above SUV market in China, ranking first in cumulative sales from January to August 2025 [2] Product Launch - The Company officially launched the Li i6, a five-seat battery electric SUV, on September 26, 2025, with deliveries commencing the following day [2] Infrastructure Development - As of September 30, 2025, Li Auto operated 542 retail stores in 157 cities and 546 servicing centers across 225 cities [3] - The Company has 3,420 supercharging stations with 18,897 charging stalls in operation in China [3] Company Overview - Li Auto is a leader in China's new energy vehicle market, focusing on premium smart electric vehicles and extended-range electric vehicles [4] - The Company aims to create safe, convenient, and comfortable products and services through innovation in technology and business models [4] - Li Auto's current model lineup includes a high-tech flagship family MPV, four Li L series extended-range electric SUVs, and two Li i series battery electric SUVs [4]

Group 1 - The core viewpoint of the article highlights the positive market response for Chinese electric vehicle manufacturers, with NIO, Li Auto, and Xpeng experiencing significant stock price increases [1] - The National Development and Reform Commission (NDRC) has allocated 69 billion yuan in special long-term bonds to support the consumption of new vehicles through trade-in programs, completing the annual allocation of 300 billion yuan in central funds [1] - The traditional peak sales season in September, combined with the full rollout of national subsidies and local purchase incentives, has led to increased consumer enthusiasm for vehicle purchases [1] Group 2 - Data from the China Passenger Car Association indicates that retail sales of passenger vehicles reached 1.776 million units from September 1 to 27, showing no year-on-year growth but a 12% increase compared to the previous month [1]

每经AI快讯，9月30日，港股汽车股今日普涨，截至发稿，吉利汽车(00175.HK)涨4.03%，报19.38港 元；小鹏汽车-W(09868.HK)涨3.56%，报93.1港元；蔚来-SW(09866.HK)涨2.6%，报57.15港元；理想汽 车-W(02015.HK)涨2.59%，报101.1港元。 ...

消息面上，9月28日，江苏省宣布暂停汽车置换更新补贴，同步对报废更新补贴实行"先领资格再申 报"的限额管理。其余政策延续省市均改为"先领先得、领完即止"模式。同时，补贴退坡背景下，除汽 车置换补贴外，新能源汽车车辆购置税政策的调整成为行业关注焦点。 中信建投指出，随着市场高低切换，下半年国补落地、行业反内卷和新能源购置税退坡预期背景下，行 业有望迎来"金九银十"行情。该行指出，当前汽车行业反内卷利好强产品周期头部主机厂，自主高端品 牌仍是蓝海市场，2026年将是30万元以上赛道加速自主渗透率提升的一年，新车产品力及品牌成为胜负 手。 智通财经APP获悉，汽车股今日普涨，截至发稿，吉利汽车(00175)涨4.03%，报19.38港元；小鹏汽车- W(09868)涨3.56%，报93.1港元；蔚来-SW(09866)涨2.6%，报57.15港元；理想汽车-W(02015)涨2.59%， 报101.1港元。 ...

消息面上，9月28日，江苏省宣布暂停汽车置换更新补贴，同步对报废更新补贴实行"先领资格再申 报"的限额管理。其余政策延续省市均改为"先领先得、领完即止"模式。同时，补贴退坡背景下，除汽 车置换补贴外，新能源汽车车辆购置税政策的调整成为行业关注焦点。 中信建投（601066）指出，随着市场高低切换，下半年国补落地、行业反内卷和新能源购置税退坡预期 背景下，行业有望迎来"金九银十"行情。该行指出，当前汽车行业反内卷利好强产品周期头部主机厂， 自主高端品牌仍是蓝海市场，2026年将是30万元以上赛道加速自主渗透率提升的一年，新车产品力及品 牌成为胜负手。 汽车股今日普涨，截至发稿，吉利汽车(00175)涨4.03%，报19.38港元；小鹏汽车-W(09868)涨3.56%， 报93.1港元；蔚来-SW(09866)涨2.6%，报57.15港元；理想汽车-W(02015)涨2.59%，报101.1港元。 ...

Group 1 - The core viewpoint of the article highlights a rebound in Hong Kong's new energy vehicle stocks, with notable increases in share prices for companies like Geely Automobile, NIO, Xpeng Motors, Li Auto, and BYD [1] Group 2 - Geely Automobile's stock rose by over 3% during the afternoon trading session [1] - Other new energy vehicle stocks, including NIO, Xpeng Motors, Li Auto, and BYD, also experienced upward movement in their share prices [1]

Core Viewpoint - Li Auto has traditionally focused on practical solutions for family users, but with the launch of the Li Auto i6 and the appointment of Yi Yangqianxi as its first brand ambassador, the company is signaling a shift towards appealing to younger consumers and expanding its market reach [1][12][15] Group 1: Brand Strategy - The appointment of Yi Yangqianxi, a prominent cultural symbol among the younger generation, represents a strategic move for Li Auto to connect with Gen Z and redefine its brand image [1][5][12] - This partnership reflects a transition of luxury brand representation from traditional luxury automakers to new Chinese brands like Li Auto, indicating a shift in the automotive industry's luxury narrative [5][13][15] Group 2: Product Development - The Li Auto i6 is positioned as a new five-seat SUV that departs from the company's previous family-oriented models, aiming to attract a more diverse user base, particularly younger individuals seeking vehicles that express personal identity [7][8][10] - The i6 features advanced technology, including the world's first driver assistance system based on a VLA driver model, enhancing the driving experience by making it more intuitive and human-like [10][11] Group 3: Market Positioning - Li Auto has successfully garnered nearly 1.5 million users by addressing family travel needs, but as the user base grows, the company recognizes the necessity to diversify its narrative beyond just family-oriented solutions [2][8] - The i6 aims to serve not only as a practical commuting vehicle but also as a lifestyle statement, appealing to consumers who wish to showcase their individuality through their choice of car [8][10]

Core Viewpoint - The company is likely to release the i6 battle report, but there is a significant chance it may not, with a slightly higher probability leaning towards the release based on recent developments in the industry [1][3]. Group 1: Company Strategy and Market Position - The company is focused on attracting readers who appreciate the analytical value of its insights rather than those seeking non-public information [4]. - The actual operational strategy of the company is driven by the principle of challenging growth limits, which may lead to changes in its product definitions and market approach over time [4]. - The definition of "family car" is broadening, moving away from the previous narrow focus on vehicles suitable for transporting children under 12 years old [4]. Group 2: Product Expectations and Market Dynamics - The i6 is expected to perform significantly better than the L6 in terms of data, but direct comparisons may not be appropriate due to differing market conditions and expectations [5]. - The company is inclined not to release order or large order reports, primarily due to its direct sales model and high level of honesty, which limits the potential for presenting inflated data [4]. - If the data from the i6 proves to be exceptionally strong, there is a possibility that the company will release it to capitalize on the positive market response [4].

丨证券研究报告丨 港股研究丨公司点评丨理想汽车-W（2015.HK） [Table_Title] 理想汽车：i6 正式上市，年轻化转型明显，上市 即交付 报告要点 [Table_Summary] 理想 i6 正式上市，定价 24.98 万元，首销权益 3.5 万元，上市即交付。理想汽车产品优势和品 牌设计深入人心，后续车型规划清晰，直营渠道结构持续优化，"双能战略"有望进一步扩大理 想汽车的优势，未来销量空间广阔。 分析师及联系人 [Table_Author] 高伊楠 王子豪 SAC：S0490517060001 SAC：S0490524070004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 理想汽车-W（2015.HK） cjzqdt11111 [Table_Title 理想汽车：2] i6 正式上市，年轻化转型明显，上市 即交付 1、全球经济复苏弱于预期； 2、行业竞争加剧削弱企业盈利。 请阅读最后评级说明和重要声明 丨证券研究报告丨 2025-09-30 港股研究丨公司点评 [Table_Rank]投资评级 买入丨维持 [Tab ...