Core Viewpoint - Li Auto has appointed Yi Yangqianxi as its first brand ambassador, marking a significant shift from its previous strategy of relying solely on founder Li Xiang for brand representation. This move aims to present a new narrative for the brand, targeting a younger audience and expanding its market reach beyond traditional family users [2][8][19]. Brand Strategy - The automotive industry has seen a trend of founders and executives becoming brand IPs to engage directly with users, which has been effective for startups in building brand recognition and trust [4][5]. - However, as companies scale, the limitations of relying on a single founder's image become apparent, particularly in resonating with younger consumers from different generational backgrounds [5][7]. Brand Narrative Shift - Li Auto has transitioned its brand narrative from "Family" to "Home," reflecting a broader and more personalized emotional concept that appeals to a wider audience, especially the younger generation [8][11]. - This shift indicates a strategic expansion of Li Auto's target market from family users to individuals seeking quality lifestyles, where vehicles are seen as integral to personal expression and living experiences [8][15]. Product Development - The newly launched Li Auto i6 is designed to cater to young consumers by providing a "personal space" that extends beyond mere transportation, featuring innovative design and comfort elements [12][14]. - The i6 incorporates advanced technology, including AD Max advanced driver assistance and a smart assistant, enhancing the driving experience and aligning with the lifestyle aspirations of younger users [16][18]. Market Response - The market has responded positively to the i6, with over 10,000 orders placed within five minutes of its launch, indicating a successful entry into the electric vehicle segment and a positive reception of the brand's new narrative [18][19].

Market Performance - The Hong Kong stock market experienced a significant rise, with the Hang Seng Index closing up 1.89% at 26,622.88 points and a total trading volume of HKD 309.1 billion [1] - The Hang Seng Tech Index increased by 2.08%, closing at 6,324.25 points, while the Hang Seng China Enterprises Index rose by 1.62% to 9,454.12 points [1] Blue-Chip Stocks - Alibaba (09988) saw a notable increase of 4.14%, closing at HKD 173.4, contributing 104.49 points to the Hang Seng Index [2] - Morgan Stanley raised its forecast for Alibaba's capital expenditure for FY2026-2028 from RMB 100-108 billion to RMB 130-135 billion, citing growth in Alibaba Cloud [2] - Other blue-chip stocks like New Oriental (09901) and Zijin Mining (02899) also performed well, with increases of 7.86% and 5.86% respectively [2] Sector Performance - Large technology stocks generally rose, with Kuaishou and Alibaba both up over 4%, while Xiaomi saw a decline of 2.01% [3] - The financial sector showed strong performance, with Huatai Securities (06886) up 12.55% and other major brokerages also experiencing significant gains [3] - The metals sector performed well, with stocks like Zhaojin Mining (01818) and Ganfeng Lithium (01772) rising by 6.68% and 6.55% respectively [4][5] Policy and Economic Outlook - The central bank emphasized the need for a moderately loose monetary policy to boost credit and investment in the financial sector [4] - The A-share margin trading balance reached a historical high, indicating increased trading activity and potential for growth in brokerage earnings [4] Emerging Trends - The demand for energy storage is strong, with leading battery companies operating at full capacity and orders extending into next year [7] - The new energy storage installation target for 2027 is set at 180 million kilowatts, which is expected to drive an investment of approximately RMB 250 billion [7] - The gaming and tourism sectors are anticipated to benefit from the upcoming National Day holiday, with hotel occupancy rates nearing 90% [8] Notable Stock Movements - Ubiquitous Robotics (09880) reported a significant contract worth RMB 30 million for its humanoid robots, indicating strong demand in the robotics sector [6] - Lai Kai Pharmaceutical (02105) saw an increase of 11.16% after positive results from its obesity treatment trials [10] - Xiaomi (01810) faced a decline of 2.01% due to a downward revision in expected shipments for its 17 series smartphones [11]

| LI 理想汽车 | | | --- | --- | | 24.360 4 -1.450 -5.62% | 收盘价 09/26 16:00 美东 | | 25.230 + 0.870 +3.57% | 盘前价 09/29 04:07 美东 | | 二 5 24 4 5 8 8 日 0 | ● 快捷交易 | | 最高价 27.100 开盘价 27.095 | 成交量 1560.51万 | | 最低价 24.310 昨收价 25.810 | 成交额 3.93亿 | | 平均价 25.175 市福率 M 22.81 | 总市值 245.87亿 (…) | | 振 幅 10.81% 市盈率(静) 22.92 | 总股本 10.09亿 | | 换手率 2.87% 市净率 2.398 | 流通值 132.59亿 | | 52周最高 33.120 委 比 -33.33% | 流通股 5.44亿 | | 52周最低 19.104 量 比 3.83 | 每 手 1股 | | 历史最高 47.700 股息ITM -- | 换股比率 2.00 | | 历史最低 12.519 股息室 TM -- 14 | | 理想汽车(LI.US ...

Core Insights - The launch of the Li Auto i6 has successfully redefined the value proposition in the five-seat SUV market, attracting a younger demographic and families without children [1][2][11] - The i6's pricing strategy, with a base price of 23.98 million yuan after discounts, positions it competitively against rivals like Tesla and Xiaomi, enhancing its appeal [4][10] Market Response - Following the i6's launch, Li Auto's stores experienced a surge in customer interest, with sales staff reporting multiple locked orders and extended delivery times of 9-11 weeks [3][4] - The customer base for the i6 has shifted significantly towards younger individuals and families without children, indicating a successful market penetration strategy [3][10] Competitive Landscape - The i6's pricing and features, such as air suspension and a refrigerator, provide a strong competitive edge over models like the Tesla Model Y and Xiaomi YU7, which are priced higher for similar features [4][9] - The competitive environment for five-seat SUVs is intensifying, with established players like Tesla and emerging brands like Xiaomi vying for market share [9][12] Brand Strategy - Li Auto's decision to engage a young celebrity, Yi Yang Qianxi, as a brand ambassador reflects its strategy to appeal to a younger audience and shift away from its previous image as a "family car" brand [1][11] - The company aims to leverage its existing brand reputation and the i6's value proposition to establish a foothold in the younger consumer segment [10][12]

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][8]. Core Views - The launch of the Li i6 at a price of 249,800 yuan, with promotional benefits during the initial sales period, is expected to enhance the company's position in the home electric vehicle market [4][7]. - The i6's pricing and features are competitive compared to similar models like Xiaomi YU7 and Tesla Model Y, potentially opening new growth opportunities in the 200,000 to 300,000 yuan segment [7][9]. - Anticipation for the upcoming upgrades to the L series, which is currently under pressure, is noted, with expectations for improved product competitiveness [7][8]. - The company is projected to achieve net profits of 5 billion, 9.5 billion, and 13.4 billion yuan for the years 2025 to 2027, respectively [7]. Financial Summary - Revenue projections for the company are as follows: 123.85 billion yuan in 2023, 144.46 billion yuan in 2024, 127.79 billion yuan in 2025, 175.77 billion yuan in 2026, and 212.56 billion yuan in 2027, with a year-over-year growth rate of 173.5% in 2023 and a decline of 11.5% in 2025 [6][11]. - Net profit estimates are 11.7 billion yuan for 2023, 8.03 billion yuan for 2024, 4.99 billion yuan for 2025, 9.5 billion yuan for 2026, and 13.37 billion yuan for 2027, reflecting a significant increase in 2023 but a decline in the following years [6][11]. - The company's gross margin is projected to remain stable around 20% to 22% over the forecast period [6][12]. - The return on equity (ROE) is expected to decline to 6.6% in 2025 before recovering to 13.5% by 2027 [6][12].

齐鲁晚报·齐鲁壹点 张雪 2025年9月26日，理想i6正式发布，一场关于未来出行、年轻理想与时代精神的对话，在万众瞩目中拉开帷幕。这一天，理想汽车迎来历史性时刻——首次 官宣品牌代言人：易烊千玺。这位以实力、沉淀与突破著称的青年演员、音乐人、时代偶像，正式成为理想汽车品牌代言人，与理想汽车共同开启"理想， 不止于想"的新篇章。 十年不请代言人，只为等一个"顶峰相见" 自创立以来，理想汽车始终坚持"产品即代言"的理念，十年间，凭借增程电动技术的深耕、智能空间的创新、用户价值的坚守，累计为近150万家庭交付了 他们心中的"理想之车"。这近150万次交付，是信任的积累，是口碑的沉淀，更是对"把车做好"这一朴素信念的极致践行。 而这一次，理想汽车打破十年惯例，选择在i6发布之际，首次启用品牌代言人——易烊千玺。这不是一次简单的商业合作，而是一场价值观的深度共鸣，是 两个"顶流"在各自领域攀登至顶峰后的彼此看见与双向奔赴。 理想i6：为更广阔的理想生活而来 理想汽车，是新势力中的"技术理想主义"代表；易烊千玺，是新生代中"低调深耕、厚积薄发"的典范。他们都有一个共同的底色：不靠喧嚣博关注，而是用 时间、专业与坚持，赢 ...

理想i6正式上市，重回大单品策略 中金发布研报称，维持理想汽车-W(02015)跑赢行业评级。港美股分别对应36/26x25E和17/14x26E P/E， 维持2025/26年盈利预测，维持港美股目标价108港币/28美元，分别对应38/28x25E和18/15x26E P/E，存 在8%/8%上行空间。9月26日，公司召开理想i6发布会，并实现发布即交付。 中金主要观点如下： 持续拓展渠道建设，26年领先优势清晰 公司近期在渠道端积极调整，包括优化一二三线城市门店组合，迁移低效门店，平衡商场店(高获客)与 中心店(高转化)的比例，也规划通过"繁星店"的轻量化模式来拓展四五线城市，缩短开店周期，降低投 资。此外，针对如何延长产品周期的问题，公司管理层于2Q25业绩会中表示将持续优化产品SKU和配 置策略，提升迭代频率，确保出牌频率更快，公司对2026年整车产品力和人工智能体系化能力上超过 2022年理想L9时代在行业的领先程度充满信心。 i6重回大单品策略，仅推出一款车型定价24.98万元，实现与增程L6起售同价。i6首销权益扎实，包括一 万元现金优惠及标配空悬，实际定价进一步下探。i6定位为五座中大型SU ...

Core Viewpoint - CICC maintains an "outperform" rating for Li Auto-W (02015), with target prices set at HKD 108 and USD 28, indicating an upside potential of 8% for both Hong Kong and US stocks [1] Group 1: Product Launch and Strategy - The Li Auto i6 has officially launched, returning to a single product strategy with a pricing of CNY 249,800, matching the starting price of the extended range L6 [2] - The i6 offers solid sales incentives, including a cash discount of CNY 10,000 and standard air suspension, further lowering the effective price [2] - Positioned as a five-seat mid-large SUV, the i6 features a 5C lithium iron phosphate battery with a maximum range of 720 km and supports 500 kW ultra-fast charging [2] - The i6 is equipped with laser radar and Thor chip, enhancing advanced intelligent driving experiences, and emphasizes family-oriented features like the "queen seat" and "small living room" [2] Group 2: Technological Advancements - The company has made significant progress in its self-developed smart driving chips, with the M100 chip entering the critical stage before mass production and undergoing road tests [3] - The intelligent driving base model employs an end-to-end + VLA architecture, focusing on self-research to enhance computational capabilities and user experience in smart driving [3] - The company is optimistic about its forward-looking AI layout and capabilities in the broader AI field [3] Group 3: Channel Expansion and Market Position - The company is actively adjusting its channel strategy by optimizing store combinations in first to third-tier cities and migrating inefficient stores [4] - Plans include expanding into fourth and fifth-tier cities through a lightweight "Star Store" model to shorten opening cycles and reduce investment [4] - Management expressed confidence in enhancing product SKU and configuration strategies to ensure faster product iteration and maintain a leading position in the industry by 2026 [4]

Short Selling Ratios - The top three companies with the highest short selling ratios are Sun Hung Kai Properties (80016) and China Resources Beer (80291) at 100.00%, and Li Ning (82331) at 96.79% [1][2] - Other notable companies include Lenovo Group (80992) at 92.85% and Anta Sports (82020) at 87.03% [2] Short Selling Amounts - Alibaba (09988) leads in short selling amount with HKD 4.096 billion, followed by Xiaomi (01810) at HKD 3.491 billion and Tencent (00700) at HKD 2.244 billion [1][2] - Other significant amounts include SMIC (00981) at HKD 1.248 billion and Pop Mart (09992) at HKD 1.064 billion [2] Deviation Values - The highest deviation values are seen in China COSCO Shipping International (00517) at 50.31%, followed by Bank of China Hong Kong (82388) at 42.42% and Grand Hotel (00045) at 39.95% [1][2] - Other companies with notable deviation values include Lenovo Group (80992) at 36.64% and China Resources Beer (80291) at 35.99% [2]

Group 1 - Wei Jianjun, chairman of Great Wall Motors, emphasizes the importance of avoiding exaggerated marketing claims in the automotive industry, stating that over-exaggeration can lead to serious safety concerns for consumers [3][5] - He insists on establishing a correct value system within the company to ensure steady and solid growth, highlighting that automobiles are serious durable goods unlike fast-moving consumer goods [3][5] - Great Wall Motors supports smart technology but stresses the need for solid foundational work and thorough validation before implementation [5] Group 2 - Dalian Wanda Group and its legal representative Wang Jianlin have been restricted from high consumption due to economic disputes, with a total execution amount exceeding 5.3 billion yuan [7][8] - The company has faced multiple execution orders, indicating ongoing financial difficulties and disputes with project companies [7][8] - The Shanghai Wahaha drinking water factory has transitioned to a new brand "Hu Xiaowa" after losing the rights to the "Wahaha" trademark, citing the need to adapt for survival [9] Group 3 - Momenta is reportedly preparing for a new round of financing, with a potential valuation of around $6 billion, and has recently partnered with Mercedes-Benz to apply its technology in new electric models [14][15] - The company is recognized as a key player in the intelligent driving sector, alongside other major firms [15] Group 4 - The sales revenue of Pang Donglai has reached 17.12 billion yuan in the first nine months of 2025, surpassing the total sales of 16.9 billion yuan for the entire year of 2024 [10][11] - The company aims to control sales growth to avoid overburdening employees, maintaining a focus on employee well-being [10][11] Group 5 - Xiaomi's YU7 model has seen significant demand, with some customers waiting over three months for delivery, prompting the company to offer gifts to waiting customers [11] - The CEO of Ideal Auto confirmed that both the i8 and i6 models have independent production lines, ensuring sufficient capacity to meet demand [20]