Core Viewpoint - Recently, Li Auto faced controversy for using images of military aircraft such as "J-20, J-10, and KJ-500" in promotional materials for the 2025 Changchun Airshow without authorization from Aviation Industry Corporation of China (AVIC) [1][3] Group 1: Incident Overview - AVIC's cultural center sent a letter to Li Auto demanding an immediate halt to all infringing content and a formal apology [3][4] - The letter indicated that Li Auto's use of military aircraft images misled consumers and constituted serious false advertising and intellectual property infringement [3][4] Group 2: Company Response - A representative from Li Auto stated that the company took the matter seriously and suspended the related promotional activities immediately upon receiving the letter [4] - Li Auto has initiated communication with AVIC's brand management and cultural centers to verify the situation [4] Group 3: AVIC Background - AVIC is a state-owned enterprise established in November 2008, formed by the restructuring of the former China Aviation Industry First and Second Groups [4] - The company oversees various sectors including military aircraft, helicopters, aviation research, and has over 100 subsidiaries and 26 listed companies [4]

Group 1 - Ideal Auto announced that actor Yi Yangqianxi has become the brand ambassador, marking a shift in its marketing strategy from product-driven to a dual approach of "product + brand" [2][3] - The Ideal i6 is positioned as a mid-large 5-seat SUV with a price range of 250,000 to 300,000 yuan, targeting young families and new middle-class consumers [3][4] - The i6 features an 800V high-voltage platform, offering a maximum CLTC electric range of 720 km and supports 5C fast charging, allowing for 500 km of range increase in just 10 minutes of charging [4] Group 2 - In August 2023, Ideal Auto delivered approximately 28,500 new vehicles, bringing the total cumulative delivery to about 1.3971 million vehicles as of August 31, 2025 [4] - As of the end of August, Ideal Auto operates 543 retail centers and 536 service and authorized repair centers across the country [4] - The company has established 3,190 Ideal Supercharging stations and approximately 17,600 charging piles nationwide [4]

Group 1: Hang Seng Index (HSI) - Investors believe that the strong support level is at 26,400, holding bull certificates with a redemption price of 25,900. Bearish investors expect a drop to 26,050, holding bear certificates with a redemption price of 27,078 [1] - Technical signals indicate a "sell" recommendation, with support levels at 25,800 and 25,400, while resistance is at 26,900. There are numerous bull certificates near the redemption price of 25,400, with leverage exceeding 21 times [1] - Investors are advised to compare product terms carefully, as some products with higher redemption prices may offer lower leverage and higher premiums, making them less attractive [1] Group 2: Pop Mart (09992.HK) - Investors are inquiring about the possibility of bull certificates dropping to 250 HKD, while others are optimistic about a rise to 268 HKD, holding bull certificates with a redemption price of 240 HKD [8] - The stock price rose to 261.8 HKD, with support identified at 247 HKD. The technical signal is a "buy," with resistance at 283 HKD [8] - Investors are cautioned against short-term products expiring between October and December due to significant time value decay, while longer-term products may offer better leverage [8] Group 3: Zijin Mining (02899.HK) - The stock price has been rising, reaching a high of 31.62 HKD, approaching the upper limit of the Bollinger Bands. Resistance levels are at 32.9 HKD and 33.8 HKD, with a short-term signal indicating a "sell" [15] Group 4: Contemporary Amperex Technology (03750.HK) - The stock price closed at 532 HKD, with a high of 535.5 HKD, nearing the upper limit of the Bollinger Bands. The first resistance level is at 558 HKD, with a potential second resistance at 604 HKD [21] - Investors are advised to consider products with exercise prices between 560-590 HKD, which have lower premiums and higher probabilities of moving from out-of-the-money to in-the-money [21] Group 5: Li Auto (02015.HK) - The stock price has surpassed 100 HKD, closing at 102 HKD, with technical signals indicating a "buy." Resistance levels are at 106 HKD and 110 HKD, with a target of 120 HKD [26] Group 6: AAC Technologies (02018.HK) - The stock has been declining, and the short-term trend is a "sell." Investors looking for entry points should exercise patience, with support levels at 44.2 HKD and 41.1 HKD [31]

Core Viewpoint - The establishment of a joint venture between Xinwanda Power Technology Co., Ltd. and Li Auto marks a significant step in Li Auto's strategy to enhance its supply chain through self-research and manufacturing, particularly in the context of rising battery costs impacting overall vehicle expenses [1][7]. Group 1: Joint Venture Details - The joint venture, Shandong Li Auto Battery Co., Ltd., will focus on the production, manufacturing, and sales of lithium-ion power batteries for electric vehicles, with both companies holding a 50% stake [1]. - This collaboration builds on an 8-year history of partnership between Xinwanda and Li Auto, which has included deep cooperation in R&D, quality, manufacturing, delivery, and customer service [3]. Group 2: Financial Context - Li Auto's Q2 2025 financial report indicated a revenue of RMB 30.246 billion, a year-on-year decline of 4.5%, with net profit remaining nearly unchanged at RMB 10.97 billion [8]. - The company has experienced a continuous decline in vehicle sales for three consecutive months, prompting the need for supply chain optimization to support operations [7][10]. Group 3: Industry Trends - The trend of automakers forming joint ventures with battery manufacturers is becoming more common, as seen with other companies like Dongfeng Group and CATL, to ensure supply chain security and improve profit structures [4][5]. - The battery segment has increasingly concentrated industry profits, with significant profit margins available as the electric vehicle market expands [6]. Group 4: Future Outlook - Li Auto's third-quarter guidance suggests a projected vehicle delivery of 90,000 to 95,000 units, representing a year-on-year decrease of 37.8% to 41.1%, with expected revenue between RMB 24.8 billion and RMB 26.2 billion, down 38.8% to 42.1% [10]. - Despite recent sales challenges, Li Auto maintains a strong gross margin, with expectations to sustain a vehicle gross margin around 19% in the upcoming quarter [10][11].

在演讲过程中，雷军多次表达了对友商的认可。当提到小米YU7与特斯拉Model Y的对比，雷军表示， 今年年初，内部买了三台特斯拉Model Y拆解，确实是一辆好车。 他建议顾客，如果不选择小米YU7，可以考虑Model Y；理想i6即将发布，大家也可以考虑购买i6。 雷军感谢用户，强调正是所有用户的支持推动了整个新能源汽车行业的发展。（旺旺） 来源：环球网 ...

【#李想回应理想官宣首位品牌代言人##李想欢迎理想汽车首位品牌代言人#】@李想 发文称：欢迎理 想汽车的第一位品牌代言人——易烊千玺！今天下午3点的理想i6发布会，也将是理想汽车第一场有品 牌代言人TVC的发布会，欢迎大家关注。 ...

Group 1 - The majority of popular Chinese concept stocks rose on Thursday, with the Nasdaq Golden Dragon China Index increasing by 0.4% [1] - JD.com saw an increase of nearly 1%, while Baidu and Li Auto rose over 1% [1] - Xpeng and NIO experienced gains of over 4%, whereas Trip.com fell by more than 1% [1]

雷军：那个时间点就是理想L9发布，这个'彩电冰箱大沙发'的设计获得了现象级的成功，不少车厂就摸 着理想过河，也干得不错啊。哎，大家笑什么？我们该怎么干呢？是走自己的路，还是和大家一样抄作 业？这可能是小米汽车创办以来最激烈的争论实在吵不下去了，冷静一天以后再接着吵。吵着吵着大家 的观点就清楚了，就是理想这类大空间的SUV啊，很快就会有几十款车上市，如果我们也做一款同样的 车的话，肯定没前途。所以最后呢我们有了一个大胆的想法：是为驾驶者设计、做一辆好看好开、兼顾 家庭的日常使用的SUV。我们在当时推导出来，就是做一款运动型的SUV，一般只有豪车敢干啊，非常 非常的冒险。 （文章来源：21世纪经济报道） ...

雷军表示，YU7作为小米汽车的最后的底牌，是走自己的路还是和大家一样抄作业，这可能是小米汽车 创办以来最激烈的争论。"理想之类大空间的SUV，各家车厂一哄而上，很快就会有几十款车上市，市 场竞争会非常的激烈，而且多孩的家庭也没那么多，市场需求的总量是有限的，如果我们也做一款同样 的车的话，肯定没前途，而且我们和大量的用户交流以后发现，哪怕是买了一辆SUV，在大多数时候仍 然是一个人开，所以最后我们有了一个大胆的想法，我们决定走一条不同的路。"(每日经济新闻记者可 杨) 9月25日晚，小米集团创始人、董事长兼CEO雷军在其年度公开演讲中表示，理想L9发布彩电、冰箱、 大沙发的设计获得了现象级的成功，理想开创了大空间增程SUV的新赛道，"这点他们(理想)真的很了 不起，不少车厂就摸着理想过河也干得不错。" ...

Core Insights - Li Auto has shifted its marketing strategy by signing a brand ambassador, Yi Yangqianxi, for the first time, indicating a strategic adjustment in response to intense market competition [2][5][9] - The launch of the Li Auto i6, a new electric SUV, is positioned to attract younger consumers, marking a significant shift from the brand's previous focus on middle-aged families [5][6] Group 1: Marketing Strategy - The announcement of Yi Yangqianxi as a brand ambassador coincided with the i6's launch, generating significant online buzz and reaching nearly 40 million views on Weibo [2][5] - Li Auto's CEO, Li Xiang, previously stated a policy of not hiring brand ambassadors, making this decision noteworthy in the context of the company's evolving marketing approach [2][5] - The collaboration with Yi Yangqianxi aligns with the brand's goal to appeal to a younger demographic, leveraging his influence across various age groups [5][9] Group 2: Product and Sales Goals - The Li Auto i6 is priced between 250,000 to 300,000 yuan and features advanced technology such as an 800V high-voltage platform and fast charging capabilities [6] - Li Xiang has set ambitious sales targets for the i6, aiming for monthly sales of 9,000 to 10,000 units, contributing to an overall target of 18,000 to 20,000 units for all electric models [6][10] - The i6's success is critical as it faces competition from established models like the AITO M7 and Tesla Model Y, testing Li Auto's ability to transition from a high-end to a more mainstream market [10] Group 3: Market Position and Future Outlook - Li Auto aims to capture a 10% share of the pure electric vehicle market, with the i6 being pivotal in this strategy [9] - Analysts suggest that a more aggressive pricing strategy could enhance the i6's market competitiveness, potentially lowering the price range to 200,000 to 250,000 yuan [9] - Despite recent sales declines, there is optimism regarding Li Auto's future, particularly with the acceleration of high-voltage electric products in the latter half of the year [9][10]