小米YU7重塑格局，高端市场强者恒强

Investment Rating - Industry investment rating is "Outperform the Market" (expected to outperform the market index by more than 5% in the next 6 months) [3] Core Viewpoints - The launch of Xiaomi YU7 has exceeded expectations with strong order performance, featuring three configurations priced at 253,500, 279,900, and 329,900 yuan, respectively. The YU7 offers a high value proposition with a starting price lower than Tesla Model Y by 10,000 yuan [1][3] - The trend of vehicle replacement is driving a shift towards high-end and new energy vehicles, with approximately 70% of private car buyers expected to be replacing old vehicles by May 2025, reducing the proportion of first-time buyers to around 30% [1] - The high-end market is becoming increasingly competitive, with companies adopting different strategies to maintain their market positions. Xiaomi YU7 is anticipated to become a popular model, further activating the potential of the high-end pure electric market [1] Summary by Sections Product Launch - Xiaomi YU7 has launched three configurations with significant enhancements, including a 96.3 kWh battery pack providing a CLTC range of 835 km, and high-end features such as an 800V silicon carbide high-voltage platform and advanced driver assistance systems [1] Market Trends - The automotive consumption landscape is shifting towards high-end and new energy vehicles, driven by the increasing rate of vehicle replacement among consumers [1] Competitive Landscape - The competition in the high-end market is diversifying, with companies needing to leverage brand strength, distribution channels, and supply chain advantages to succeed [1] Investment Recommendations - The report recommends companies with strong brand characteristics and high profit potential in the high-end market, including Xiaomi Group, Li Auto, Seres, and Great Wall Motors. It also suggests investing in suppliers benefiting from the proliferation of intelligent driving technologies [1]