Group 1 - BlackRock reduced its stake in Li Auto-W (02015) by 8.196 million shares on December 23, with an average price of HKD 65.4387 per share, totaling approximately HKD 536 million [1] - After the reduction, BlackRock's remaining shareholding is approximately 87.1786 million shares, representing a holding percentage of 4.88% [1]

Core Viewpoint - BlackRock has reduced its stake in Li Auto-W (02015) by selling 8.196 million shares at an average price of HKD 65.4387 per share, totaling approximately HKD 536 million, resulting in a new holding of about 87.1786 million shares, representing 4.88% ownership [1] Summary by Category - **Share Reduction**: BlackRock sold 8.196 million shares of Li Auto-W on December 23 [1] - **Average Selling Price**: The average price per share during the sale was HKD 65.4387 [1] - **Total Amount**: The total proceeds from the sale amounted to approximately HKD 536 million [1] - **Post-Sale Holdings**: After the sale, BlackRock's remaining shares in Li Auto-W are approximately 87.1786 million [1] - **Ownership Percentage**: BlackRock's ownership in Li Auto-W is now 4.88% [1]

Core Insights - The article discusses the evolution of Li Auto's identity, emphasizing its transition from an automotive company to an AI and embodied intelligence company, with a focus on integrating AI with physical interactions [2][3]. Group 1: Company Identity and Evolution - Li Auto has redefined itself multiple times, currently identifying as an AI company, with terms like physical AI and embodied intelligence being central to its branding [2][3]. - The company aims to become a leader in the embodied intelligence field within the next 3 to 5 years, as stated by Li Xiang during a conference call [2]. Group 2: Technological Developments - The MaP-AVR system developed by Li Auto integrates visual language models with retrieval-augmented generation (RAG) for intelligent action planning in complex tasks, focusing on the robot's inherent capabilities [2]. - The planning results are abstracted into a set of meta-actions, which include components like movement, rotation, and environmental interaction, ensuring seamless alignment with the robot's capabilities [2]. Group 3: Future Vision - Li Auto envisions a future where vehicles are not just autonomous but also incorporate spatial intelligence and self-control, moving beyond traditional vehicle cockpit designs [3]. - The company's approach reflects a shift towards a more integrated AI experience, emphasizing interaction between users, the vehicle, and the physical environment [3].

Core Viewpoint - The collaboration between Li Auto and JD.com marks a significant shift in the automotive and e-commerce industries, indicating a growing recognition of e-commerce platforms by car manufacturers [3][22]. Group 1: Collaboration Details - Li Auto has officially entered into an exclusive partnership with JD.com, launching an official flagship store on the platform [3]. - This partnership is not merely about online presence; it represents a strategic move in the context of ongoing channel transformations in the automotive industry [6][15]. Group 2: Market Context - JD.com has established a strong foothold in the automotive sector, with major car manufacturers like BYD, GAC, and Xpeng already collaborating with the platform since 2025 [6]. - In 2025, JD.com reported a staggering 120% year-on-year growth in the sales of new energy vehicles on its platform, supported by over 2 billion car owner users [6][22]. Group 3: Service Capabilities - JD.com offers a comprehensive one-stop service covering the entire lifecycle of a vehicle, from online selection and ordering to offline test drives, delivery, maintenance, and emergency services [9][10]. - The platform has established a robust offline presence with over 40,000 partner stores and 1,500 high-standard maintenance outlets, alongside a 24-hour rescue service covering 97% of cities in China [12][13]. Group 4: Industry Challenges - The transition to e-commerce in car sales is not without challenges, as evidenced by the mixed reception of the "National Good Car" initiative launched by JD.com, GAC, and CATL, which faced issues with customer expectations versus actual experience [18][20]. - The core of successful e-commerce car sales lies in enhancing user experience rather than merely focusing on traffic monetization [21]. Group 5: Future Outlook - The Chinese automotive market represents a massive opportunity, with both new car and aftermarket segments each valued at 4 trillion yuan, suggesting that collaboration between e-commerce platforms and car manufacturers is a mutually beneficial strategy [23]. - The evolution from traditional 4S stores to e-commerce platforms requires patience and commitment from companies to genuinely address consumer pain points [24].

Investment Rating - The report maintains a positive outlook on the automotive industry, particularly focusing on the mid-to-high-end and used car markets, as well as the impact of new subsidies [2]. Core Insights - The upcoming subsidies are expected to alleviate previous concerns regarding the total market volume for 2026, with a focus on companies like BYD and Geely, which cater primarily to mid-to-low-end demand [2]. - The report highlights the potential for significant performance improvement in parts manufacturers in the first half of 2026 due to subsidy support, recommending companies with strong fundamentals and low valuations [2]. - The report identifies new energy vehicle companies such as XPeng, NIO, and Li Auto, which have advantages in AI and robotics, as potential investment opportunities [2]. - The report notes a positive trend in the used car market and overall dealer profitability, recommending companies like Uxin [2]. - The report emphasizes the importance of state-owned enterprise reforms, particularly for SAIC and Dongfeng, as a key area to watch [2]. Industry Update - According to the China Passenger Car Association, the average daily retail sales of passenger cars in the third week of December reached 77,000 units, a year-on-year decrease of 11% but a month-on-month increase of 9% [2]. - The automotive industry recorded a total transaction value of 582.81 billion yuan for the week, with an industry index increase of 2.74%, outperforming the Shanghai Composite Index [6]. - The report indicates that 172 automotive stocks rose while 94 fell, with the largest gainers being Chaojie Co., Longi Machinery, and Zhejiang Sebao [11]. Market Conditions - The report notes that traditional and new energy raw material price indices have risen recently, with traditional vehicle raw materials increasing by 1.3% week-on-week and 1.0% month-on-month, while new energy vehicle raw materials rose by 5.6% week-on-week and 6.8% month-on-month [62]. - The automotive industry’s price-to-earnings ratio stands at 29.17, ranking 19th among all sectors, indicating a moderate valuation compared to the Shanghai Composite Index's 14.15 [8][10]. Key Events - The report highlights the optimization of toll road policies and the improvement of autonomous driving regulations as significant developments that will enhance the operational efficiency of the transportation system [3][4]. - The report mentions the launch of the first L3 autonomous driving license plate in China, awarded to Changan Automobile, marking a milestone in the industry [24][44].

Core Insights - The SUV market is thriving in 2025, with Tesla's Model Y maintaining its position as the top-selling SUV from January to November, while Xiaomi's YU7 set a record by surpassing 200,000 pre-orders within three minutes of its launch [1][2]. SUV Market Performance - From January to November, SUV sales exceeded 10.699 million units, leading among sedans, SUVs, and MPVs, with a year-on-year growth rate of 7.3% [2]. - The market share of six-seat SUVs has increased from 3% in 2021 to 6.5% in the first half of this year, while seven-seat SUVs have maintained a stable share of around 5% [2]. New Model Launches - Numerous new three-row SUV models have been launched this year, including the Aito M8, Lido L90, and NIO ES8, with significant price adjustments and configurations to attract consumers [2][3][7]. - The Aito M8 and M9 have achieved sales of over 100,000 units each from January to November, ranking first and second in large SUV sales [9]. Market Trends and Consumer Demand - The demand for three-row SUVs is driven by the increasing number of multi-child families in China, which is expected to peak by 2035, indicating a long-term growth potential for this segment [4][15]. - The shift in family structure from "one-child" to "multi-child" is pushing consumer preferences from functional vehicles to those offering greater comfort and flexibility [4]. Pricing Strategies - The pricing landscape for three-row SUVs is becoming more competitive, with models like the Lido L90 and Galaxy M9 entering the market at significantly lower price points, making them more accessible [7][9]. - The introduction of aggressive pricing strategies, such as the Lido L90 starting at 26.58 million yuan and the Galaxy M9 at 19.38 million yuan, reflects the intense competition in this segment [8][9]. Future Outlook - Analysts predict that the three-row SUV market will continue to grow, with a focus on electric and hybrid models, as consumer preferences evolve towards more sustainable options [11][12]. - The future of three-row SUVs is expected to be shaped by family demand upgrades, product breakthroughs, and the acceleration of new energy trends, ensuring their position as optimal solutions for family travel [15].

Core Viewpoint - The debate surrounding "integrated die-casting" technology in the automotive industry highlights a divide between traditional automakers focusing on lifecycle costs and new players emphasizing manufacturing efficiency and product performance [3][10]. Group 1: Integrated Die-Casting Technology - Integrated die-casting technology was popularized by Tesla's CEO Elon Musk in September 2020, announcing its use in the Model Y to replace over 370 traditional stamped and welded parts with 2-3 large castings, reducing manufacturing costs by approximately 40% [3][4]. - The technology significantly reduces the number of parts, leading to lower production line requirements and costs, while also simplifying the manufacturing process to just a few minutes [4][6]. - The lightweight nature of aluminum castings allows for a weight reduction of over 10% in the Model Y, directly enhancing electric vehicle range and improving vehicle rigidity and safety [4][6]. Group 2: Industry Response and Adoption - Following Tesla's lead, several Chinese automakers, including Li Auto and Xiaomi, have adopted integrated die-casting, emphasizing its benefits in production efficiency and vehicle performance [6][10]. - Traditional automakers are divided in their approach, with some, like Great Wall Motors, expressing skepticism about the technology's high repair costs and economic viability, while others, including Volvo and Volkswagen, are embracing it for future electric vehicle models [10][11]. Group 3: Challenges and Considerations - The high repair costs associated with aluminum components, which are difficult to repair after significant damage, pose a challenge for consumer acceptance and insurance costs [7][10]. - The initial investment in integrated die-casting technology is substantial, with equipment costs exceeding 50 million to 100 million yuan, making it a significant barrier for automakers with lower production volumes [8][10]. - The debate reflects a broader industry discussion on the balance between technological advancement and market acceptance, with integrated die-casting emerging as a key technology for high-end electric vehicles while other diverse manufacturing approaches remain relevant [11][13].

Core Insights - The latest winter testing results for electric vehicles were released by Auto Home, conducted in Yakeshi, Inner Mongolia, under extreme cold conditions of around -20°C, showcasing unexpected performances from various models [1] Electric Vehicle Performance Rankings - In the "Advanced Family 5-Seater Electric SUVs" category, the 2026 Wanjie M7 Pure Electric Itra Four-Wheel Drive version achieved a 44.4% range completion rate with an actual range of 282 km, ranking first [7] - The 2025 Xiaopeng P7 750 Four-Wheel Drive High-Performance Ultra version led the "Advanced Family Electric Cars" category with a 53.9% range completion rate and an actual range of 366.7 km [10] - The 2025 Nissan N7 625 Max topped the "Mainstream Family Electric Cars" category with a 47.4% range completion rate and an actual range of 296.3 km [16] - In the "Essential Commuter Electric Small Cars" category, the 2025 BYD Seagull Intelligent Driving version achieved a 43.8% range completion rate with an actual range of 177.2 km, ranking first [18] - The 2025 BYD Ti3 501 km Four-Wheel Drive Ultra version led the "Personalized Electric SUVs" category with a 44.9% range completion rate and an actual range of 224.7 km [19] Overall Rankings - The overall testing results indicated that the Xiaopeng P7 had the highest range completion rate among all tested models, while the Ideal i8 2025 Standard version had the lowest at 34.8% with an actual range of 250.3 km [21] - Among joint venture electric vehicles, the Nissan N7 had the highest range completion rate, ranking fifth overall [21]

点击下方 卡片 ，关注" 自动驾驶之心 "公众号 戳我-> 领取 自动驾驶近30个 方向 学习 路线 >>自动驾驶前沿信息获取 → 自动驾驶之心知识星球 据晚点Auto消息，理想汽车第二产品线总裁张骁将于近期离职。 2015年7月理想汽车成立，张晓于16年5月加 入担任整车产品经理，算是很早期的核心员工。在理想期间，张骁深度参与了理想 ONE、L9 等车型的产品定 义，与 CEO 李想合作密切；他也曾在高级副总裁范皓宇团队内负责理想车型产品的型谱规划。 而据一见Auto信息，前两周理想内部刚对供应链相关部门进行了组织架构调整和合并，将原来智能汽车群组下 属的一级部门"零部件集群"并入"制造"，统一由理想汽车副总裁李斌管理，李斌向总裁马东辉汇报，原零部件 部门负责人罗屏已离职。 据悉，张骁离职可能是要创业。作为理想进入纯电 SUV 领域后推出的首款车型，i8 延期一年上市，从去年年 中到今年上半年，张骁带队完成了理想 i8 的造型方案调整与产品设计优化。但把产品得失归于一人，总是不 适合的。 柱哥在十月份的时候试乘过理想i6，产品还是很能打的。可以预见，理想的困境还将持续一段时间。柱哥也和 理想的一些同学沟通过 ...

Core Viewpoint - CATL is striving to regain market share, maintaining production and ensuring rapid product circulation while facing challenges in profit margins and competition from other battery manufacturers [1][2]. Group 1: Market Position and Strategy - CATL's market share in China has decreased from 51% in 2021 to 43% today, indicating a loss of competitive edge [1]. - The company is focusing on long-term partnerships, as evidenced by a recent five-year strategic cooperation agreement with Li Auto, emphasizing the importance of maintaining a significant market share [1]. - CATL has locked in over 10 billion yuan in orders from NIO annually, showcasing its strong position in the supply chain despite NIO's previous attempts to reduce reliance on CATL [2]. Group 2: Production and Supply Chain - CATL is experiencing production capacity constraints, prioritizing clients with deep cooperation for battery supply, which has led to a backlog of 20,000 units of range-extended batteries at its Liuyang factory [1]. - The company is able to offer competitive pricing, quoting 20% lower than Geely's self-produced batteries due to its efficient production processes [3]. - CATL's production speed is three times faster than the industry average, allowing it to respond quickly to market demands [3]. Group 3: Product Development and Collaboration - CATL is developing solutions for models it does not secure low-spec projects for, ensuring readiness to meet urgent demands [3]. - Despite competition, data indicates that the failure rates of self-produced battery packs from various automakers are comparable to those of CATL, suggesting that CATL maintains a strong reputation for reliability [4].