Core Viewpoint - The launch of the Li Auto i6 has generated significant market interest and sales momentum, providing a much-needed boost to the company's performance amid ongoing market challenges [9][12]. Group 1: Product Launch and Marketing Strategy - The Li Auto i6 was officially launched on September 26, priced at 249,800 yuan, with a promotional strategy that included a "free gift" campaign for early buyers, enhancing customer perception [2][3]. - The company appointed a brand ambassador, Yi Yangqianxi, to attract younger consumers, breaking from its previous practice of not using celebrity endorsements [2][3]. Group 2: Sales Performance - Within 5 minutes of its launch, the i6 received over 10,000 pre-orders, surpassing 20,000 within 4 hours, and reaching nearly 50,000 pre-orders within 48 hours [5][9]. - The conversion rate for pre-orders is strong, with a lock-in rate of 75%-85%, indicating a high willingness among customers to finalize their orders [5][8]. Group 3: Production Capacity and Challenges - The production facility in Changzhou is under increased pressure due to the rising demand for the i6, with employees reporting a significant increase in work intensity [6][8]. - The factory is currently operating under a two-shift system to meet the growing production demands, with plans to further ramp up capacity after the National Day holiday [7][8]. Group 4: Market Context and Company Performance - Li Auto has faced significant market pressure in 2023, with a 40.6% year-on-year decline in August deliveries and a total of 263,000 units delivered in the first eight months, down 8.6% year-on-year [11][12]. - The competitive landscape has intensified, with other manufacturers launching similar range-extended models, contributing to Li Auto's challenges [11][12]. - Despite the overall decline in sales this year, the positive reception of the i6 has reinvigorated the company's internal confidence and market perception, laying a foundation for future growth [12].

图片来源：每经记者 孙磊 摄 记者了解到，为了迎接i6上市，理想汽车做足了"准备工作"，试驾车的到位率、整备度都明显优于此前理想i8的上市节奏。"每个销售都和客户预约好试驾时 间了，最快（上市）第二天交车。"有知情人士告诉记者。 每经记者｜孙磊 每经编辑｜余婷婷 "上周六（9月27日）来看理想i6的人实在太多，门店只能拉起围栏，让大家有序排队。"9月30日，北京市朝阳区理想汽车门店的销售人员向《每日经济新 闻》记者解释为何在门店门口设立了围栏，"现在即便是午饭时间，三三两两来看车的人也没有断过"。 9月26日，理想汽车第二款纯电SUV理想i6上市，仅一款配置，售价为24.98万元。对于该车的价格，理想汽车方面表示："理想i6不走低价路线。" 即便如此，理想i6依然收获了很多消费者的青睐。理想汽车第三产品线总裁李昕旸透露，理想i6上市5分钟大定就突破了1万辆。理想i6的大定是指：消费者 支付定金的7天内，可以修改配置或者申请退款；7天后定金不可退。 "即便如此，理想i6这次也获得了很多订单，我们店里每人（销售人员）都有15、16个锁单顾客了。"上述销售人员在与记者交流的过程中，手机弹出了一条 锁单提醒。 销售员 ...

Group 1 - The majority of Chinese concept stocks in the US market saw an increase in pre-market trading, with Bilibili rising by 4% [1] - Xpeng Motors and Li Auto both experienced a 2% increase [1] - Baidu, NIO, and Alibaba each rose by 1% [1] - JD.com and Beike saw slight declines, with JD.com down by 0.1% and Beike down by 0.9% [1]

【#理想i6推出跨年购置税补贴#：以尾款现金减免形式进行补贴】今日，@理想汽车 公布了理想 i6 跨 年购置税补贴方案。 ·我们将通过尾款现金减免的形式进行补贴，根据购 车配置抵减相应购置税差额,以确保用户无需承担额 外的购置税支出。 有兜底,放心买! 感谢大家对理想i6的热烈关注与支持，订单远超我们的 预期,部分用户可能会担心,因车辆跨年交付而将面 临购置税政策变动的不确定性。 为此，我们在现有价值35,000元首销权益的基础上， 正式推出: 「理想i6跨年购置税补贴方案」 ·凡在2025年10月31日前完成锁单，如因理想汽车的 原因,需在2026年完成开票交付,可享受跨年购置税 补贴方案。 理想汽车称，理想 i6 订单远超预期，部分用户可能会担心，因车辆跨年交付而将面临购置税政策变动 的不确定性。为此，在现有价值 35,000 元首销权益的基础上，正式推出「理想 i6 跨年购置税补贴方 案」：凡在 2025 年 10 月 31 日前完成锁单，如因理想汽车的原因，需在 2026 年完成开票交付，可享受 跨年购置税补贴方案。 理想汽车称，将通过尾款现金减免的形式进行补贴，根据购车配置抵减相应购置税差额，以确保 ...

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].

Group 1: Hong Kong Stocks - China Metallurgical Group (01618) rose nearly 7%, with institutions stating that the value of this resource-rich construction company needs urgent reassessment [1] - Rongchang Bio (09995) increased over 5%, as its innovative ophthalmic drug RC28 has been submitted for listing, following a partnership with Santen China [1] - Laikang Pharmaceutical-B (02105) surged nearly 6%, with a cumulative increase of 36% over the last three trading days, driven by positive preliminary results from the Phase I clinical MAD study of LAE102 [1] - UBTECH Robotics (09880) rose over 5%, with a report from CMB International recommending UBTECH as the top pick in the humanoid robot sector and raising its target price [1] - Innovent Biologics (09969) increased over 6%, as the company announced the first prescriptions for Tanshitumomab in several provinces [1] - BrainCo-B (06681) surged over 16%, benefiting from policy catalysts in the brain-computer interface industry, with its cognitive impairment digital therapy product having a first-mover advantage [1] - Yaoshi Bang (09885) rose over 10%, with high-margin business accelerating growth and POCT devices expected to see increased deployment in the second half of the year [1] - DCH Holdings (00179) fell over 7%, as Citigroup downgraded its investment rating from "Buy" to "Neutral," citing limited upside potential for the stock [1] - Minmetals Resources (01208) rose over 2%, planning to issue $500 million zero-coupon convertible bonds maturing in 2030 for overseas debt refinancing [1][2] Group 2: US Stocks - Alibaba (BABA.US) rose 4.65%, with Morgan Stanley reiterating an "Overweight" rating and raising the ADR target price from $165 to $200 [3] - Li Auto (LI.US) increased 3.57%, as the Li One officially commenced delivery at the Changzhou smart manufacturing base, with a report indicating that the i6 model's sales performance is expected to outperform the i8 [3] - JD.com (JD.US) rose 0.15%, announcing that the 2025 Double 11 shopping festival will start on October 9 at 8 PM, two days earlier than last year [3] - Xpeng Motors (XPEV.US) increased 1.76%, with the company announcing that the Xpeng MONA M03 has delivered a total of 180,000 units [3] - New Oriental (EDU.US) rose 4.38%, with a report indicating that the overall business development of the group is stabilizing [3] - Merus (MRUS.US) surged 35.97%, following an agreement with Danish biotech company Genmab for a cash acquisition at $97 per share [3] - Novo Nordisk (NVO.US) fell 0.20%, as Morgan Stanley downgraded its rating to "Sell" and reduced the target price from $99 to $47 [4] - MoonLake (MLTX.US) plummeted 89.93%, with trial results for its therapeutic drug falling far below expectations, leading to a significant target price cut by RBC [4] - TSMC (TSM.US) fell 0.05%, reaffirming that it has not engaged in discussions regarding potential investments or collaborations with any companies [4] - Micron Technology (MU.US) rose 4.22%, with Morgan Stanley predicting that the storage industry price increase cycle may continue into next year [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 ...

Group 1: U.S. Film Industry and Tariff Policy - President Trump stated that the U.S. film industry is being "stolen" by other countries and announced a proposal to impose a 100% tariff on films produced outside the U.S. [1] - The announcement led to a decline in stock prices for major companies like Netflix and Warner Bros. [1] Group 2: U.S. Government Funding and Potential Shutdown - The U.S. government is facing a funding deadline, with both parties in Congress showing significant disagreement on budget negotiations [2][5] - If an agreement is not reached by the deadline, the government will run out of funds, leading to potential furloughs for hundreds of thousands of workers and the shutdown of many public services [6] Group 3: Market Reactions and Economic Indicators - U.S. stock markets saw a collective rise, with the Dow Jones increasing by 0.15%, the S&P 500 by 0.26%, and the Nasdaq by 0.48% [8] - The technology sector showed mixed results, with Nvidia rising by 2.07% and Apple falling by 0.4% [10] - The copper and metals sector experienced significant gains, with Hudbay Minerals rising by 7.42% [13] Group 4: International Commodity Prices - International gold prices surged, with COMEX gold futures rising by 1.42% to $3862.9 per ounce, while oil prices fell, with WTI crude oil futures dropping by 3.45% to $63.45 per barrel [16]