CAITONG SECURITIES·2025-09-02 10:27Investment Rating - The report maintains an investment rating of "Positive" for the electric vehicle industry [1][7]. Core Insights - The report highlights that major domestic brands such as Leap Motor, Xpeng, and NIO achieved record monthly delivery numbers in August 2025, indicating strong sales performance [3]. - Leap Motor's deliveries reached 57,066 units in August, marking a year-on-year increase of over 88% [3]. - NIO delivered 31,305 vehicles in August, a year-on-year growth of 55.2%, with the launch of new models contributing to this increase [3]. - Li Auto delivered 28,529 vehicles in August, with the new model Li i8 expected to accelerate production and deliveries [3]. - Xpeng achieved a delivery of 37,709 vehicles in August, representing a year-on-year increase of 169% [3]. - Xiaomi's deliveries exceeded 30,000 units in August, reflecting consistent performance in the market [3]. Summary by Relevant Sections Domestic Brand Sales - Leap Motor, Xpeng, and NIO all reported record high deliveries in August, showcasing the growth of domestic brands in the electric vehicle market [3]. - Leap Motor's new model, Lafa5, is set to debut at the Munich Auto Show, enhancing its international strategy [3]. - NIO's new ES8 model is positioned as a flagship SUV, with a starting price of 416,800 yuan [3]. - Li Auto's new model, i6, is expected to launch in September, targeting a price range of 250,000 to 300,000 yuan [3]. - Xpeng's new P7 model was launched in August, with significant pre-orders [3].