Company Overview - The company held a launch event for the Li Auto i6 on September 26, achieving immediate delivery upon release [1] - The i6 is positioned as a five-seat mid-large SUV, priced at 249,800 yuan, aligning with the starting price of the extended-range L6 [1] - The i6 features a 5C lithium iron phosphate battery with a maximum range of 720 km and supports 500 kW ultra-fast charging, addressing user range anxiety [1] Product Strategy - The i6 returns to a single product strategy, with solid initial sales incentives including a cash discount of 10,000 yuan and standard air suspension, further lowering the effective price [1] - The i6 is equipped with advanced technology, including laser radar and the Thor chip, enhancing high-level intelligent driving experiences [1] - The interior design emphasizes family-oriented features, such as the "queen seat" and "small living room," to attract family users [1] Technological Advancements - The company has made significant progress in self-developed chips, with the M100 chip entering the critical stage before mass production and undergoing road testing [2] - The intelligent driving base model employs an end-to-end + VLA architecture, focusing on self-research to enhance computing power and user experience in intelligent driving [2] - The company is optimistic about its forward-looking AI layout and capabilities in the broader AI field [2] Channel Development - The company is actively adjusting its channel strategy, optimizing store combinations in first to third-tier cities, and migrating inefficient stores [2] - Plans include a lightweight "Star Store" model to expand into fourth and fifth-tier cities, reducing store opening cycles and investment [2] - Management aims to enhance product SKU and configuration strategies to extend product life cycles and increase iteration frequency [2] Financial Outlook - The company maintains an outperform rating, with target prices of 108 HKD and 28 USD for Hong Kong and US stocks, respectively, indicating an 8% upside potential [2] - Profit forecasts for 2025 and 2026 are upheld, with corresponding P/E ratios of 38/28x for 2025 and 18/15x for 2026 [2]

与同级别竞品相比具备优势，打开20-30 万元家用纯电空间。此前i8 上市后出现了调整价格、配置的情 况，此次i6 价格、配置一次性到位，性价比较高。而与同级别的小米YU7、特斯拉Model Y 相比，i6 的 售价、底盘（搭载空气悬架）、娱乐性配置（支持后排娱乐屏选装）等均具备一定优势。此外i6 与小 米YU7、特斯拉Model Y 相比，更加强调家用以及内部空间，有望开辟该价格段内新的增长空间。 期待明年L 系列改款升级。公司的销量主力L 系列目前略有承压，亟待改款升级提升产品力。结合i8、 i6 两款车型的产品策略，我们认为L 系列明年改款的方向可能集中在以下几个方面：1）后续L 系列或 将全系搭载ADMax 版本，不再拥有AD Pro 版本；2）搭载大电池、超快充功能；3）SKU减少，舒适性 配置"应配尽配"，但同时保留部分选装配置；4）目前L 系列全系双电机，改款后可能推出单电机版 本；5）外观、内饰调整。 盈利预测与投资建议：i6 的成功上市打开了公司在纯电市场的新空间，但L 系列在2025 年所面临的竞 争形势依然严峻，期待后续改款升级提升竞争力，我们维持公司2025~2027 净利润预测为50 ...

Group 1 - The Nasdaq China Golden Dragon Index increased by 2% on Monday, indicating a positive trend in the market for Chinese stocks listed in the U.S. [1] - Popular Chinese concept stocks saw significant gains, with PONY.US and EDU.US rising nearly 9%, TIGR.US increasing over 5%, and BABA.US climbing nearly 4% [1] - Other notable performers included LI.US, which rose by 3%, and BIDU.US, which increased by over 2% [1]

大摩维持对理想的"增持"评级，目标价36美元，看好其订单表现及市场反应，相信有助于缓解投资者对 理想汽车今年第三次发布纯电动车产品的忧虑，关注接下来十一黄金周及第四季旺季期间生产、交付及 市场推广的情况。 摩根士丹利发表研究报告指，虽然未能掌握实际订单数据，但见到理想i6在发布后首几日订单量超过5 万辆，认为符合预期，加上近期i8销量回升，令该行对理想i系列今年贡献5万辆以上的预测或存在上调 空间。 ...

Core Viewpoint - Li Auto has appointed Yi Yangqianxi as its first brand ambassador, marking a significant shift from its previous strategy of relying solely on founder Li Xiang for brand representation. This move aims to present a new narrative for the brand, targeting a younger audience and expanding its market reach beyond traditional family users [2][8][19]. Brand Strategy - The automotive industry has seen a trend of founders and executives becoming brand IPs to engage directly with users, which has been effective for startups in building brand recognition and trust [4][5]. - However, as companies scale, the limitations of relying on a single founder's image become apparent, particularly in resonating with younger consumers from different generational backgrounds [5][7]. Brand Narrative Shift - Li Auto has transitioned its brand narrative from "Family" to "Home," reflecting a broader and more personalized emotional concept that appeals to a wider audience, especially the younger generation [8][11]. - This shift indicates a strategic expansion of Li Auto's target market from family users to individuals seeking quality lifestyles, where vehicles are seen as integral to personal expression and living experiences [8][15]. Product Development - The newly launched Li Auto i6 is designed to cater to young consumers by providing a "personal space" that extends beyond mere transportation, featuring innovative design and comfort elements [12][14]. - The i6 incorporates advanced technology, including AD Max advanced driver assistance and a smart assistant, enhancing the driving experience and aligning with the lifestyle aspirations of younger users [16][18]. Market Response - The market has responded positively to the i6, with over 10,000 orders placed within five minutes of its launch, indicating a successful entry into the electric vehicle segment and a positive reception of the brand's new narrative [18][19].

Group 1 - China aims to achieve a total installed capacity of wind and solar power reaching 3.6 billion kilowatts by 2035, which is over six times the capacity in 2020 [3] - The new national contributions include a target for non-fossil energy consumption to account for over 30% of total energy consumption [3] - The forest stock volume is targeted to exceed 24 billion cubic meters by 2035 [3] Group 2 - Four departments in China have issued guidelines to promote the development of a high-quality energy equipment system, aiming for significant advancements in the energy equipment industry by 2030 [4] - The guidelines emphasize the need for long-life, wide-temperature, low-degradation lithium batteries, sodium batteries, and solid-state batteries [4] - The focus is also on developing low-cost, long-duration flow battery systems and enhancing the safety performance of energy storage batteries [4] Group 3 - The steel industry is set to achieve an average annual growth of around 4% in value added from 2025 to 2026, with a focus on optimizing industrial structure and enhancing green and digital development [5] - The plan includes ten specific measures across five areas, such as precise control of production capacity and promoting quality upgrades of bulk products [5] Group 4 - The petrochemical industry aims for an average annual growth of over 5% in value added from 2025 to 2026, with a focus on enhancing technological innovation and achieving collaborative benefits in pollution reduction and carbon reduction [6] - The plan emphasizes the transition of chemical parks from standard construction to high-quality development [6] Group 5 - Li Auto and battery giant Xinwanda plan to establish a joint venture for the production and sale of lithium-ion batteries for electric vehicles, with each holding a 50% stake [7] - This follows a strategic cooperation agreement with CATL to collaborate on battery safety and ultra-fast charging technology [7] Group 6 - Four exchanges in the Guangdong-Hong Kong-Macao Greater Bay Area have signed a memorandum to promote the development of the carbon market and green finance ecosystem [8] - The collaboration aims to enhance professional capabilities in carbon market operations and green finance [8] Group 7 - Trina Solar's energy storage division has undergone management changes, with a new president appointed to focus on energy storage while the previous president shifts focus to the solar module sector [9] - Trina Solar aims for energy storage shipments to exceed 8 GWh by 2025, with a target of maintaining over 50% year-on-year growth in 2026 [9] Group 8 - China's first green energy supply railway project has been launched, integrating renewable energy and storage into the railway power supply system [10] - The project is expected to provide an average of 7.39 million kilowatt-hours of green electricity annually, saving 2,218.3 tons of standard coal and reducing carbon dioxide emissions by 5,804.53 tons [10]

| LI 理想汽车 | | | --- | --- | | 24.360 4 -1.450 -5.62% | 收盘价 09/26 16:00 美东 | | 25.230 + 0.870 +3.57% | 盘前价 09/29 04:07 美东 | | 二 5 24 4 5 8 8 日 0 | ● 快捷交易 | | 最高价 27.100 开盘价 27.095 | 成交量 1560.51万 | | 最低价 24.310 昨收价 25.810 | 成交额 3.93亿 | | 平均价 25.175 市福率 M 22.81 | 总市值 245.87亿 (…) | | 振 幅 10.81% 市盈率(静) 22.92 | 总股本 10.09亿 | | 换手率 2.87% 市净率 2.398 | 流通值 132.59亿 | | 52周最高 33.120 委 比 -33.33% | 流通股 5.44亿 | | 52周最低 19.104 量 比 3.83 | 每 手 1股 | | 历史最高 47.700 股息ITM -- | 换股比率 2.00 | | 历史最低 12.519 股息室 TM -- 14 | | 理想汽车(LI.US ...

Core Insights - The launch of the Li Auto i6 has successfully redefined the value proposition in the five-seat SUV market, attracting a younger demographic and families without children [1][2][11] - The i6's pricing strategy, with a base price of 23.98 million yuan after discounts, positions it competitively against rivals like Tesla and Xiaomi, enhancing its appeal [4][10] Market Response - Following the i6's launch, Li Auto's stores experienced a surge in customer interest, with sales staff reporting multiple locked orders and extended delivery times of 9-11 weeks [3][4] - The customer base for the i6 has shifted significantly towards younger individuals and families without children, indicating a successful market penetration strategy [3][10] Competitive Landscape - The i6's pricing and features, such as air suspension and a refrigerator, provide a strong competitive edge over models like the Tesla Model Y and Xiaomi YU7, which are priced higher for similar features [4][9] - The competitive environment for five-seat SUVs is intensifying, with established players like Tesla and emerging brands like Xiaomi vying for market share [9][12] Brand Strategy - Li Auto's decision to engage a young celebrity, Yi Yang Qianxi, as a brand ambassador reflects its strategy to appeal to a younger audience and shift away from its previous image as a "family car" brand [1][11] - The company aims to leverage its existing brand reputation and the i6's value proposition to establish a foothold in the younger consumer segment [10][12]

9月26日，作为理想汽车从增程市场迈向纯电市场的重要产品，理想i6以24.98万元的价格正式上市。这款被理想汽车视为纯电战略关键棋子的车型，于9月 27日启动交付。 值得一提的是，小米创始人雷军9月25日在其2025年度演讲中意外地推荐了理想i6车型："国内还有很多值得考虑的好车，比如明天晚上将要发布的理想i6， 也非常值得关注。" 理想汽车是目前少数推出VLA司机大模型的车企之一。区别于端到端架构的模仿学习，VLA大模型的优势是通过强化学习不断进化。此前，理想汽车自动 驾驶研发高级副总裁郎咸朋预测，未来VLA能做到600万公里才出一次事故（当前理想辅助驾驶为350万至400万公里/次事故，人类驾驶约60万公里/次事 故）。 在发布会当日，理想汽车还宣布青年演员、歌手易烊千玺成为理想汽车品牌代言人，谋求争取更多Z世代用户的好感，在20万至30万元五座纯电SUV细分市 场打造更鲜明的产品形象。 对于雷军的赞誉，理想汽车董事长兼CEO李想回应称："衷心感谢雷总对理想i6的推荐。"他还进一步提出了一个全新概念——"67Y"（小米YU7、理想i6和特 斯拉Model Y），并称这三款车型"都是极为优秀的五座纯电SUV ...

Group 1: Li Auto and LeapFrog Technology - Li Auto officially launched the new five-seat SUV, Li Xiang i6, with a length of 4.95 meters and a wheelbase of 3 meters, featuring a new generation 5C lithium iron phosphate battery that allows for 500 kilometers of range with just 10 minutes of charging [1] - LeapFrog Technology introduced the LeapEMU simulation platform, the world's first enterprise-level simulation platform supporting over 128 cores of RISC-V RVA23, aimed at addressing multi-core verification challenges and improving hardware-software collaboration efficiency [2] - LeapEMU supports the complete RVA23 instruction set and offers parallel simulation capabilities with 32/64/128 cores, significantly enhancing performance compared to mainstream open-source simulators [2] Group 2: Chengmu Technology - Chengmu Technology's SyncSmart One smart glasses won the "Best Innovation Gold Award" at the IFA in Berlin, indicating strong market interest and potential for future orders [4] - The SyncSmart One glasses weigh only 48 grams and feature a dual RGB silicon carbide waveguide display technology, providing vibrant and clear AR visual experiences [4] - Chengmu Technology aims to deepen collaboration with upstream supply chains and downstream application enterprises to establish standards and applications for smart glasses in various vertical industries [5] Group 3: International Collaboration and Events - The "Macau International Performance Season" will be held at the Happy Mahua Theater in Hengqin from October 1-5, showcasing a variety of performances and workshops to enhance local artistic creation [8] - Two "outbound co-construction bases" have been established to promote the international market for products like Siberian ginseng and deer antler from Heilongjiang and Jilin provinces, leveraging the "Macau + Hengqin" model for global health market access [9] - The Hengqin Guangdong-Macao Deep Cooperation Zone is launching a funding initiative for key technology projects, offering up to 10 million yuan to support innovation in fields such as integrated circuits and artificial intelligence [9]