New Car Launches - The new Zeekr 7X has been launched with a price range of 229,800 to 269,800 CNY, featuring three models and significant upgrades in design and technology [2][3][11] - The new Avita 12 Four Laser Edition is priced between 269,900 and 429,900 CNY, offering both range-extended and pure electric versions with advanced driving assistance systems [14][20][22] - Smart's new model, the Smart 5 EHD, is priced from 189,900 to 239,900 CNY, featuring a hybrid system and a luxurious interior [23][30] - The new Denza N8L is launched at a price of 299,800 to 329,800 CNY, showcasing a modern design and advanced technology features [4][38] - Beijing Hyundai's EO model is available for pre-sale at 119,800 to 149,800 CNY, targeting the compact SUV market with competitive features [5][47] - Chery's new model, the Wind Cloud T11, is priced between 189,900 and 249,900 CNY, boasting high-end configurations and a spacious interior [6][54] - The Galaxy Star 6 has been launched with a price range of 74,800 to 105,800 CNY, featuring a new design and advanced technology [7][58] - The Deep Blue L06 has opened for pre-sale with a price range of 139,900 to 161,900 CNY, featuring a sporty design and advanced driving assistance [8][67] Company Dynamics - Horizon Robotics has partnered with ZF to develop a city navigation assistance system, set to be mass-produced by 2026 [70][75] - Xiaopeng Motors is establishing the first low-altitude flying car "6S" store in Guangzhou, aiming to integrate various flying services [76][79] - 4D Map has rebranded to SEEWAY.AI, focusing on AI strategies and expanding into autonomous driving technologies [81][84] - SAIC Group reported a growth in both sales and revenue in Q3, driven by strong performance in the electric vehicle segment [87][90] - BYD's Q3 revenue decreased by 3.05% to 194.99 billion CNY, with net profit down 32.6% due to competitive pressures [91][92] - Seres reported a 15.75% increase in revenue to 48.13 billion CNY, while net profit slightly declined [94][95] Sales Performance - BYD's October passenger car sales reached 436,856 units, maintaining a leading position in the electric vehicle market [100][104] - SAIC Group sold 207,000 new energy vehicles in October, leading the industry in total sales [106] - Geely's October new energy vehicle sales were 177,882 units, with significant contributions from its Galaxy brand [107][110] - Chery's new energy vehicle sales reached 110,346 units in October, marking a significant milestone [111][112] - Chang'an's new energy vehicle sales were 119,000 units, with strong performance from its Deep Blue brand [119] - Great Wall Motors sold 46,155 new energy vehicles in October, reflecting its ongoing transition to electric vehicles [120][121] - Leap Motor delivered 70,289 units in October, showcasing its strong market presence [122] - Hongmeng Zhixing delivered 68,216 units in October, benefiting from increased production capacity [125][127] - Xiaopeng Motors delivered 42,013 units in October, with new models contributing to sales growth [128][130] - NIO delivered 40,397 units in October, reflecting a successful year for the brand [131][133] - Xiaomi's vehicle deliveries exceeded 40,000 units in October, supported by favorable market conditions [134][136] - FAW delivered 38,900 new energy vehicles in October, marking a significant achievement [137][138] - Li Auto delivered 31,767 units in October, facing competitive pressures in the market [143][144] - Dongfeng Yipai Technology delivered 31,107 units in October, showing steady growth [146][148] - BAIC New Energy sold 30,542 units in October, driven by new model launches [149][152] - Lantu delivered 17,218 units in October, continuing its upward trajectory [153][155] - Jishi delivered 1,426 units in October, with plans for future expansion [156][159]

Investment Rating - The report maintains a positive investment rating for the automotive and automotive parts industry, highlighting strong performance in the sector [5]. Core Insights - The automotive sector has shown resilience, with the A-share automotive sector rising by 2.2% from October 27 to October 31, outperforming the Shanghai and Shenzhen 300 index, which increased by 0.8% [29]. - Key companies to focus on include Geely Automobile, Xiaopeng Motors, Li Auto, BYD, Xiaomi Group, Berteli, Top Group, New Spring Co., Hu Guang Co., and Chunjun Power [9][12]. Summary by Sections Weekly Market Performance - The automotive sector outperformed the market, with various segments such as commercial passenger vehicles and automotive parts seeing significant increases in stock prices [29]. Weekly Insights - The report emphasizes the upcoming IPOs of Wenyan and Xiaoma, indicating a rapid development in smart driving technology [3][11]. - The report suggests a focus on the T-chain core line, with optimism surrounding the release of the Optimus robot in Q1 2026 [10]. Passenger Vehicles - The report highlights the positive impact of the "old-for-new" policy, which is expected to stimulate demand for passenger vehicles, particularly for high-quality domestic brands [12]. Smart Electric Vehicles - The report notes the ongoing growth in the smart electric vehicle segment, with a focus on the increasing market share of domestic brands and the potential for significant growth in the automotive parts sector [13]. Robotics - The report discusses the entry of leading companies into the robotics sector, indicating a new era of embodied intelligence and the potential for significant advancements in this field [15][17]. Motorcycles - The report highlights the rapid expansion of the large-displacement motorcycle market, with significant year-on-year sales growth [21][22]. Heavy Trucks - The report indicates a recovery in the heavy truck market, driven by expanded subsidies for replacing old vehicles, which is expected to boost demand [23][24]. Tires - The report emphasizes the ongoing globalization of the tire industry, with a focus on leading companies that are well-positioned for growth [25][27].

Core Viewpoint - Li Auto delivered 31,767 vehicles in October 2025, bringing the total cumulative deliveries to 1,462,788 vehicles as of October 31, 2025 [1] Group 1: Vehicle Deliveries and Orders - The cumulative orders for the Li Auto i6 have surpassed 70,000 units, indicating strong demand for the model [1] - The company is actively working to accelerate delivery progress [1] Group 2: International Expansion - Li Auto has opened its first overseas authorized retail center in Uzbekistan, selling models L9, L7, and L6 [1] - Two more authorized retail centers in Kazakhstan are set to open in November [1] - The company aims to prioritize expansion in Central Asia, the Middle East, Europe, and the Asia-Pacific region as part of its global strategy [1] Group 3: Domestic Infrastructure - As of October 31, 2025, Li Auto has established 551 retail centers across 157 cities in China [1] - The company operates 554 after-sales service and authorized repair centers, covering 225 cities [1] - Li Auto has deployed 3,508 supercharging stations and has a total of 19,417 charging piles in operation [1]

Core Viewpoint - Li Auto has accelerated its delivery and expansion efforts, achieving significant milestones in vehicle deliveries and international market penetration [1] Group 1: Delivery and Sales Performance - In October 2025, Li Auto delivered 31,767 new vehicles, bringing the total cumulative delivery to 1,462,788 vehicles as of October 31, 2025 [1] - The Li Auto i6 has surpassed 70,000 cumulative orders since its launch, indicating strong market demand [1] Group 2: International Expansion - Li Auto has opened its first overseas authorized retail center in Uzbekistan, selling models L9, L7, and L6 [1] - Two additional authorized retail centers are set to open in Kazakhstan in November, as part of the company's strategy to prioritize expansion in Central Asia, the Middle East, Europe, and the Asia-Pacific region [1] Group 3: Retail and Service Network - As of October 31, 2025, Li Auto has established 551 retail centers across 157 cities in China [1] - The company operates 554 after-sales service and authorized repair centers, covering 225 cities [1] - Li Auto has deployed 3,508 supercharging stations and has a total of 19,417 charging piles in operation nationwide [1]

Core Viewpoint - Li Auto delivered 31,767 vehicles in October 2025, bringing the total cumulative deliveries to 1,462,788 vehicles as of October 31, 2025 [1] Group 1: Vehicle Deliveries and Orders - The cumulative orders for the Li Auto i6 have surpassed 70,000 units, indicating strong demand for the model [1] - The company is actively working to accelerate the delivery process [1] Group 2: International Expansion - Li Auto has opened its first overseas authorized retail center in Uzbekistan, selling models L9, L7, and L6 [1] - Two more authorized retail centers are set to open in Kazakhstan in November [1] - The company aims to prioritize expansion in Central Asia, the Middle East, Europe, and the Asia-Pacific region as part of its global strategy [1] Group 3: Retail and Service Network - As of October 31, 2025, Li Auto has established 551 retail centers across 157 cities [1] - The company operates 554 after-sales service and authorized repair centers, covering 225 cities [1] - Li Auto has deployed 3,508 supercharging stations with a total of 19,417 charging piles nationwide [1]

Investment Rating - The industry rating is "Outperform the Market" [8] Core Insights - The third-quarter financial reports of A-share listed automotive companies show a divergence in performance, with SAIC Motor, Changan Automobile, and Chery Automobile achieving both revenue and net profit growth, while BYD, Great Wall Motors, and Seres experienced profit declines. GAC Group, JAC Motors, and BAIC BluePark continue to report losses [2][13] - SAIC Motor reported total revenue of CNY 169.403 billion for Q3, a year-on-year increase of 16.19%, and a net profit of CNY 2.083 billion, up 644.88% [3][13] - Changan Automobile achieved Q3 revenue of CNY 42.236 billion, a 23.36% year-on-year increase, with a net profit of CNY 764 million, up 2.13% [3][13] - BYD's Q3 revenue was CNY 194.985 billion, a decrease of 3.05% year-on-year, with a net profit of CNY 7.823 billion, down 32.60% [3][14] - Great Wall Motors reported Q3 revenue of CNY 61.247 billion, a 20.51% year-on-year increase, but net profit fell by approximately 30% to CNY 2.298 billion [3][14] - JAC Motors reported Q3 revenue of CNY 11.513 billion, a 5.54% year-on-year increase, but a net loss of CNY 661 million, widening by 303.95% year-on-year [3][14] - BAIC BluePark's Q3 revenue was CNY 5.867 billion, down 3.45% year-on-year, with a net loss of CNY 1.118 billion, which is a reduction in loss compared to the previous year [3][14] - Li Auto announced a proactive recall of 11,411 units of the MEGA 2024 model due to safety concerns following a self-ignition incident [4][15] Market Performance - From October 27 to October 31, the automotive sector rose by 0.9%, outperforming the CSI 300 index, which fell by 0.4%, resulting in a 1.3 percentage point advantage [19] - Year-to-date, the automotive sector has increased by 23.8%, ranking 11th among 31 sectors [19] Sales Data - From October 1 to 26, retail sales of passenger vehicles reached 1.613 million units, a year-on-year decrease of 7% [37] - New energy passenger vehicle retail sales during the same period were 901,000 units, showing no growth year-on-year [37] - Passenger vehicle wholesale sales were 1.871 million units, down 1% year-on-year [38] Key Industry Data - The automotive industry is currently experiencing high valuation levels, with the overall PE-TTM at 30.41, placing it in the 82.06% historical percentile [32] - The PB ratio stands at 2.72, also in the 95.29% historical percentile [32]

Li Auto Inc. 理想汽車 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：2015） 自願公告 2025年10月交付更新資料 於2025年11月1日，中國新能源汽車市場的領導者理想汽車（「理想汽車」或「本公 司」）（納斯達克：LI；香港交易所：2015）宣佈，2025年10月，理想汽車交付新車 31,767輛。截至2025年10月31日，理想汽車歷史累計交付量為1,462,788輛。 理想i6上市後累計訂單突破七萬台，本公司正全力推進交付進度。理想汽車出海 進程加速，10月，本公司在烏茲別克斯坦開設了海外首家授權零售中心，面向當 地市場銷售理想L9、理想L7和理想L6；11月，哈薩克斯坦的兩家授權零售中心 也將陸續開業。本公司將優先拓展中亞、中東、歐洲以及亞太市場，穩步推進全 球化佈局。 截至2025年10月31日，理想汽車在全國已有551家零售中心，覆蓋157個城市；售 後維修中心及授權鈑噴中心554家，覆蓋225個城市。理想汽車在全國已投入使用 3,508座理想超充站，擁有19,417個充電樁。 關於理想汽車 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 ...

Research Background and Challenges - The safety and reliability of autonomous driving systems heavily depend on 4D dynamic scene reconstruction, which includes real-time, high-fidelity environmental perception in 3D space plus the time dimension. The industry faces two core contradictions: the limitations of static feedforward solutions, which assume "no dynamics in the scene," leading to severe artifacts when encountering moving targets like vehicles and pedestrians, making them unsuitable for real driving scenarios [1]. Core Innovations - Harbin Institute of Technology, in collaboration with Li Auto and other research teams, has achieved three key design breakthroughs to unify "real-time performance, high fidelity, and multi-task output" [2]. Related Work Overview - Static driving scene reconstruction methods include DrivingForward, pixelSplat, MVSplat, and DepthSplat, which have shown limitations in adapting to dynamic environments [3]. Key Technical Solutions - A two-stage training paradigm is proposed, where a robust static scene prior is learned from large-scale data before training the dynamic module, addressing the instability of end-to-end training and reducing the complexity of dynamic modeling [4]. - A hybrid shared architecture with a residual flow network is designed, featuring a shared depth encoder and a single-camera decoder to predict only the non-rigid motion residuals of dynamic objects, ensuring cross-view scale consistency and computational efficiency [4]. - A pure visual online feedforward framework is introduced, which inputs two consecutive panoramic images to output 3D Gaussian point clouds, depth maps, and scene flows in real-time, meeting the online perception needs of autonomous driving without offline optimization or multi-modal sensors [4]. Experimental Validation and Results Analysis - The method significantly outperforms existing feedforward baselines in quantitative results, achieving a PSNR of 28.76, which is 2.66 dB higher than Driv3R and 2.7 dB higher than DrivingForward, and an SSIM of 0.895, indicating superior rendering fidelity [28]. - The efficiency analysis shows that the proposed method has a faster inference time of 0.21 seconds per frame, which is 38% faster than DrivingForward and 70% faster than Driv3R, with a training cost of approximately 5 days and VRAM usage of 27.3 GB, significantly lower than Driv3R [30]. - Ablation studies confirm the necessity of the residual flow network, two-stage training, and flow distortion loss, highlighting their critical roles in dynamic modeling and rendering quality [32][34].

Core Viewpoints - The article presents eight key viewpoints regarding the performance and evaluation of autonomous driving technologies, particularly focusing on the experiences with Horizon's HSD and Li Auto's VLA systems [2]. Group 1: Performance Evaluation - TOP2 found the Horizon HSD software experience during a 1.5-hour test drive in Hangzhou to be significantly better than the current production version of Li Auto's L7 VLA [2]. - There is a possibility that the production version of Horizon's software may not perform as well as the engineering version experienced during the test [2]. - The evaluation of autonomous driving systems is limited by the number of test experiences, as a few tests cannot generalize performance across different regions [3]. Group 2: Technical Architecture - Horizon employs a VA-style end-to-end system, while Li Auto uses a VLA-style end-to-end system, with the naming being a minor distinction [3][9]. - The current technological landscape suggests that VA-style systems may have advantages in user experience due to existing computational and bandwidth limitations [6]. - Li Auto's decision to adopt a VLA-style system is seen as a courageous move, as it requires significant resources and presents various challenges [14]. Group 3: Market Dynamics - The future landscape of autonomous driving operators is uncertain, with a prevailing belief that only a few companies will survive, particularly those capable of self-developing their technologies [4]. - Companies lacking self-research capabilities in autonomous driving may struggle to adapt to the evolving smart vehicle industry [4]. - The article emphasizes that autonomous driving is not merely a selling point but a differentiating capability that can lead to high market concentration due to low marginal costs [4]. Group 4: User Experience Insights - Feedback from Horizon personnel indicated that the performance of their systems in extreme weather and complex scenarios is generally average, highlighting the need for comprehensive testing [5][6]. - The experiences reported during the test drives varied significantly based on the vehicle models and their respective chip capabilities, indicating that performance can be inconsistent [7]. - The article suggests that the perception of Horizon's HSD performance may be overly positive due to selective testing locations and conditions [8].

Core Viewpoint - The article discusses the recall of approximately 11,000 units of the Li Auto MEGA 2024 model due to a safety hazard related to the coolant, which may corrode critical components and potentially lead to battery thermal runaway and fire incidents [3][4]. Group 1: Recall Details - Li Auto announced a recall of about 11,000 MEGA 2024 models to replace the coolant, battery, and front motor controller due to insufficient corrosion resistance of the coolant [3][4]. - The recall was prompted by concerns that under specific conditions, the coolant could corrode the aluminum cooling plates of the battery and front motor controller, leading to short circuits and fire risks [3][4]. Group 2: Industry Concerns - Industry professionals raised questions about the quality control measures in place, especially given that the vehicles were less than two years old and such corrosion issues are uncommon [4][8]. - The article highlights the importance of quality control awareness among automakers, emphasizing that thorough safety inspections should be conducted at every stage of vehicle production to prevent costly post-sale remedies [4][8]. Group 3: Coolant Specifications - The article explains that electric vehicle coolant is a functional liquid composed of antifreeze and corrosion inhibitors, designed for thermal management of the battery system [6][7]. - The coolant used in electric vehicles is more complex than that in traditional vehicles, requiring higher standards due to its role in cooling multiple components [7][8]. Group 4: Testing and Standards - The article outlines the stringent testing requirements for electric vehicle coolants, including static and cyclic corrosion tests, which must meet specific quality metrics [8][10]. - Despite these rigorous standards, the article questions why the Li Auto MEGA's coolant failed to meet corrosion performance expectations, suggesting a need for further investigation into the testing and quality assurance processes [10][12]. Group 5: Market Dynamics - The article notes that the electric vehicle market is experiencing intensified competition, leading to compressed testing cycles and accelerated product launches, which may compromise safety and quality [12][13]. - Li Auto's rapid product development timeline, from trademark registration to market launch within a year, exemplifies the industry's trend of prioritizing speed over thorough testing [13].