June 18, 2025 08:49 AM GMT Li Auto Inc. | Asia Pacific Thoughts on share price weakness Li Auto ADR/H shares were both down 4% (vs. HSI -1%). The underperformance was attributable to slower MTD sales, tracking behind the company's 2Q volume guidance of 123-128k or 48-53k in June (34-38% hit rate in the 1H of June). Meanwhile, investors were also concerned about the holdings reduction (by 0.3%) of major shareholder Meituan's Wang Xing during June 10-13. As the autos sector tends to experience high beta moves ...

理想汽车 20250622 摘要 理想汽车 I6 定位五座中大型纯电 SUV，采用 800V 架构和 5C 磷酸铁锂 电池，充电 10 分钟续航 500 公里，提供后驱和四驱版本，在空间、动 力和充电效率方面具有竞争力，或将影响消费者对纯电 SUV 的偏好。 截至 2025 年 6 月，理想汽车自建超充站超过 2,500 座，计划年底达到 4,000 座，显著提升了纯电产品竞争力，解决了早期电动车充电不便的 痛点，巩固了市场地位，并可能推动纯电车型销量增长。 理想汽车新品发布节奏加快，I8 定档及 I6 信息公布预示着新一轮造势周 期，有望增强消费者信心，提高市场关注度，从被动等待转向主动宣发， 有助于提升品牌影响力和市场表现，或将刺激股票市场。 理想汽车的投资逻辑基于两阶段机会：销量预期上调改变市场判断，以 及规模效应提升单车盈利。目前处于第一阶段初期，新车型和技术创新 可能带来销量预期上调，使其在下半年整车厂中最具投资潜力，值得关 注。 市场对高端纯电动汽车的观望态度正在转变，随着电车置换购需求释放， 以及理想 I 系列产品在 30-40 万价格区间内竞争优势明显，预计高端纯 电动汽车需求将大幅增长，或将 ...

以下文章来源于侃见财经 ，作者侃见财经 侃见财经 . 看见不一样的财经！ 本文转载自侃见财经 值班编辑 | 宝珠 视觉 | 诺言 新能源汽车行业，竞争格局已经基本形成。 问界、理想、蔚来等车企几乎占据了高端新能源汽车赛道大多数份额，目前新能源汽车中低端的赛道竞 争依旧激烈，但比亚迪以及特斯拉等车企的领先优势，几乎难以撼动。 因此，尽管新能源汽车赛道未来空间很大，部分车企的护城河也很深，但新能源汽车行业已经成熟，市 场对其要求也已经越来越高。 根据香港联交所权益披露资料显示，6月10日至6月13日，王兴累计减持了573.7万股理想汽车，套现金额 共超6亿港元，持股比例从20.94%下降到20.61%。 需要注意的是，此次减持并非王兴年内首次减持理想汽车。资料显示，3月18日至3月21日，王兴在4个 交易日减持理想汽车650万股，套现约7亿港元。王兴持股比例由21.3%下降至20.94%。 作为理想汽车的重要股东，近两年以来，王兴曾多次减持理想汽车。早在去年减持时，理想汽车曾向市 场回应过王兴的减持行为。当时理想汽车称，交易股票为个人行为，交易占王兴总持股比例很小一部 分，不涉及美团持股部分。 从王兴的交易频次与 ...

Investment Rating - The report maintains a positive outlook on the automotive sector, suggesting stock selection to emphasize alpha over beta, with a focus on distinct individual stock characteristics [2]. Core Insights - The automotive sector experienced a slight decline in investment sentiment, with expectations for a rebound in demand towards the end of June due to increased marketing efforts. The industry is anticipated to enter a seasonal lull in July and August, followed by a surge in new product launches and seasonal sales towards the end of the year [2]. - The report highlights the importance of monitoring the impact of policies such as trade-in programs and changes in new energy vehicle purchase taxes on the industry [2]. Data Tracking - In April, wholesale passenger car sales reached 2.22 million units, a year-on-year increase of 11% but a month-on-month decrease of 10%. Retail sales for the same month were 1.59 million units, up 6% year-on-year but down 14% month-on-month [4]. - New energy vehicle deliveries from leading companies showed significant growth in May, with BYD delivering 380,000 units (up 15% year-on-year), and Li Auto and Xpeng also reporting substantial increases [4][19]. - The average discount rate in early June rose to 10.6%, reflecting a 0.4 percentage point increase from the previous period and a 2.9 percentage point increase year-on-year [4]. Market Performance - The automotive sector index fell by 2.57% this week, ranking 23rd out of 29 sectors. The overall market indices also showed declines, with the Shanghai Composite Index down 0.51% [7][28]. - The report notes that the automotive sector's price-to-earnings (PE) ratio stands at 31, indicating a relatively high valuation compared to historical averages [28][34].

本篇报告重点分析理想在高端市场中的品牌护城河如何形成，以及高端市场的竞争格局，结合公司纯电 产品和智能化能力，看好公司通过品牌壁垒维持高端市场份额，并迎来销量利润的再次向上。 高端市场地位稳固，品牌力为第一层护城河。2024 年25 万元以上市场空间380.7 万辆，同比-5.9%；公 司在25 万元以上价格带中份额为自主品牌第一，约为10%；核心原因为：1）公司已经建立以品牌为核 心的护城河，并非可通过模仿产品轻易超越；2）当前公司依靠销量和智能化技术能力奠定品牌基础， 并通过高端家庭形象塑造品牌社会属性。因此，公司在高端市场中的品牌护城河逐步加深，避免落入单 纯的价格博弈，在中长期时间内有望持续强化在高端市场中的地位。远期来看，高端市场品牌为核心竞 争要素，且难以突破。油车时代，BBA长期占据25 万元以上市场超过60%的份额；新能源时代，头部 集中度有望高于电车，我们认为公司远期有望获得超过25%的份额，对应约为100 万辆销量。 基础建设配套能力+纯电产品定义形成公司第二层护城河。当前限制纯电产品发展的两大主要痛点为里 程焦虑和补能焦虑。公司纯电产品在现有技术条件下提供行业领先的解决方案：1）通过超低 ...

Core Viewpoint - The article discusses the ongoing evolution of automotive intelligence, focusing on data flow from acquisition to application, and highlights key developments in the industry, including Tesla's upcoming Robotaxi trial and advancements in AI technology by various automakers [1][2][3]. Industry News - Tesla will launch Robotaxi trial operations in Texas on June 22, 2025, with an initial fleet of 10 Model Y vehicles [14]. - Xiaopeng G7 is now available for pre-order at a price of 235,800 yuan, featuring the Turing AI chip and AR-HUD technology [17]. - GAC Aion's autonomous vehicles equipped with the seventh-generation autonomous driving system are undergoing public road tests in Guangzhou and Shenzhen [5]. - WeRide collaborates with Uber and Dubai's Road Traffic Authority to deploy commercial Robotaxi services in Dubai [26]. - Black Sesame Intelligence showcases its advanced chip technology at the 2025 Hong Kong Auto Show, emphasizing its role in the evolution of new automotive technologies [21]. High-Frequency Core Data Updates - The penetration rate of 800万 pixel cameras in passenger vehicles reached 32.9% in April 2025, up 18.2% year-on-year [6]. - NVIDIA's driving chip penetration in passenger vehicles increased to 24% in April 2025, with Horizon, Tesla FSD, and Huawei chips holding 13%, 7%, and 9% market shares respectively [6]. - The penetration rate of L2 and above autonomous driving functions in passenger vehicles was 24.3% in April 2025, reflecting an 11% year-on-year increase [8]. Smart Driving - The penetration rate of L2 and above functions in passenger vehicles increased by 4.3% year-on-year in April 2025 [7]. - The penetration rates for front-view cameras, forward millimeter-wave radars, and laser radars were 65.8%, 55.8%, and 8.2% respectively in April 2025 [8]. Smart Cockpit - The penetration rates for 10-inch and above central control screens, 10-inch and above LCD instruments, HUDs, and cockpit domain controllers were 85.6%, 51.4%, 18.2%, and 32.2% respectively in April 2025 [8]. Smart Connectivity - The penetration rates for OTA and T-BOX in passenger vehicles were 76.3% and 62.7% respectively in April 2025 [10].

Group 1: Automotive Market Overview - As of the end of May 2025, the national passenger car inventory in China stood at 3.45 million units, a decrease of 50,000 units from the previous month but an increase of 160,000 units compared to May 2024, indicating a sustained high inventory level [1] - The current inventory supports a sales duration of 54 days, which is slightly higher than 54 days in May 2023 and 51 days in May 2024, suggesting increased overall inventory pressure [1] Group 2: New Product Launches - Li Auto's first pure electric SUV, the Li i8, is set to be launched in late July 2023, with preparations for production, training, and delivery nearing completion [2] - Jianghuai Automobile Group is accelerating the development of the second and third products under the ZunJie brand, following the mass production of the ZunJie S800 [3] Group 3: Corporate Responses and Strategies - NIO has responded to speculation regarding bringing in strategic investors for its chip business, stating that such information is speculative [2] - Changan Automobile has initiated an investigation into organized smear campaigns against its brand, confirming the validity of reports regarding malicious activities on social media [3] - Audi has issued a statement affirming its commitment to electric mobility and the need for a flexible product portfolio that includes BEVs, PHEVs, and ICE vehicles, acknowledging market differences globally [4][5] Group 4: Joint Ventures and Collaborations - Toyota Tsusho and LG Energy Solution have announced plans to establish a joint venture for automotive battery recycling in North Carolina, aiming to create a supply chain for recycling materials like nickel, cobalt, and lithium for new battery production, with operations expected to start in 2026 [5]

完整早报音频，请点击标题下方小耳机收听 【传宇树完成 C 轮融资，投前估值超过 100 亿元，相关人士回应：确实完成了】 据媒体报道称，宇 树科技已于近期完成了去年底开启的 C 轮融资，由中国移动旗下基金、腾讯、锦秋、阿里、蚂蚁和 吉利资本共同领投，宇树的大部分老股东跟投。宇树投前估值目前超过 100 亿元。熟知宇树科技融 资事项的人士对记者表示，"融资最近确实完成了"。（新浪科技） 【 LABUBU 黄牛价从 2800 元跌到 650 元】 6 月 18 日晚间， LABUBU3.0 "前方高能"系列首次 开启全球范围线上预售，引发市场震动。大面积发售直接冲击到了二级市场，部分资深玩家表 示："终于不用和黄牛斗智斗勇了！"在一些二手平台，目前， LABUBU3.0 一端（整盒内含 6 个盲 盒）普遍挂价仍在 1500 元以上，有的甚至挂价到 2800 元，但在黄牛群中，随着预售开启， LABUBU3.0 系列价格下探，大家普遍出价在 650 元至 800 元收一端（整盒内含 6 个盲盒），也 有卖家出价 1200 元出自己手中抢来的预售，但无人响应，群内有人接话说："已经崩盘了， 700 元 至 800 元 ...

22款L9是按极致舒适取向调教的，有媒体反馈希望更运动，悬架团队当时认为增强运动性会牺牲舒适性。由于L9大卖，理想方当时认为不用改进。 以下文章来源于硬哥说 ，作者硬哥 硬哥说 . @硬哥 本人，为粉丝答疑解惑，分享产品体验、发布专业评测、传播使用技巧…… 省流版: 23年，L789用户增多，真实车主吐槽空悬太软的声音越来越多，理想决定通过调整CDC算法，让车运动性更强。原计划只提供更运动的3种模式，由于 老用户呼声太强烈。决定舒适魔毯3种模式，运动魔毯3种模式。 理想认为本质是不同用户对颠和晃的接受度不同，由于物理硬件限制，二者很难兼顾。 24款L9上双腔空悬核心思路是让运动魔毯更运动，舒适魔毯收益不高，未解决颠和晃兼顾问题。 硬哥认为双腔空悬原理和调节都不复杂，CDC连续可变阻尼减震器原理不复杂，调控策略非常复杂，尤其是双阀CDC。 25款L9上双阀，让所有底盘模式明显改善，大幅缓解颠晃不可兼得问题。双阀牺牲了极致舒适性后，李想倾向不要双阀，团队经过综合评估，认为对L9 而言上双阀利大于弊，对MEGA弊大于利。 补充说明： 同一车型空簧较 螺簧，一般会导致NVH与舒适性会略好，运动性略差。最大特点是通过充 ...

Core Viewpoint - Li Auto has achieved a significant milestone by reaching 2,500 supercharging stations, surpassing Tesla's charging station count in China, indicating rapid infrastructure development to alleviate range anxiety for electric vehicle users [1][4]. Group 1: Company Developments - Li Auto's CEO, Li Xiang, announced the completion of 2,500 supercharging stations, emphasizing the company's commitment to creating a worry-free driving environment for electric vehicle users [1]. - The upcoming models, Li i8 and Li i6, set to launch in July and September respectively, will utilize the 5C supercharging stations, which offer rapid charging capabilities of 500 kilometers in just 10 minutes [1]. - The company aims to continue expanding its supercharging network, with plans for more stations in urban and highway areas [1]. Group 2: Competitive Landscape - Li Auto's rapid construction of supercharging stations has been noted as the fastest among car manufacturers in recent years, positioning the company as a strong competitor in the electric vehicle market [1][4]. - Comparatively, NIO has established 8,000 charging and battery swap stations across the country, highlighting the competitive nature of the electric vehicle infrastructure landscape in China [5]. - Li Auto's strategy of building its own charging infrastructure contrasts with other companies like Xiaomi, which do not rely on extensive self-built charging networks [6]. Group 3: Historical Context - Li Auto launched its first product, Li ONE, in October 2018, and has since expanded its offerings and retail presence significantly, with 467 retail centers across 140 cities as of December 2023 [6]. - The company went public on NASDAQ in July 2020 and has continued to grow its market presence, with a cumulative delivery of over 1.3 million vehicles by May 2025 [6].