汽车：理想汽车：从端到端领先到VLA

Investment Rating - The industry investment rating is "Positive" [1][12] Core Viewpoints - The report highlights that Li Auto has advanced its autonomous driving technology from end-to-end to VLA, with a new architecture that integrates AI for autonomous driving [1] - Li Auto's intelligent driving technology has undergone three iterations, achieving significant user engagement and order growth, with over 99% penetration rate among users by the end of August [1] - The total mileage of Li Auto's intelligent driving has surpassed 2.76 billion kilometers, indicating strong adoption and usage [1] - The company has established a robust charging infrastructure with 1,548 supercharging stations and 8,042 charging piles, supporting its pure electric strategy for the upcoming year [1] Summary by Sections Industry Overview - The report emphasizes the overall positive outlook for the automotive industry, particularly in the context of autonomous driving advancements [1][12] Company Analysis - Li Auto's new dual-system intelligent driving solution based on E2E and VLM models enhances its competitive edge, showcasing improved capabilities in decision-making and adaptability [1] - The company's computing power for intelligent driving training has reached 5.39 EFLOPS, with expectations to increase to 8 EFLOPS by year-end, further solidifying its technological leadership [1] - The report notes the commercial success of Li Auto's five-seat and six-seat SUVs, which have gained significant market traction [1]