Core Insights - Xiaomi has launched its first SUV model, the Xiaomi YU7, showcasing significant technological capabilities in various dimensions, with a starting price of 253,500 yuan [1] Group 1: Performance and Specifications - The vehicle is equipped with the V6s plus super motor, achieving a maximum speed of 22,000 RPM, peak torque of 528 Nm, and peak power of 288 kW, translating to a maximum horsepower of 690 [1] - The Xiaomi YU7 can accelerate from 0 to 100 km/h in just 2.98 seconds, with a top speed of 253 km/h [1] - The standard version has a CLTC range of 835 km, while the four-wheel-drive version offers a range of 770 km [1] - The charging technology utilizes an 800V silicon carbide high-voltage platform, allowing for a 620 km range increase in just 15 minutes, with 99% compatibility for charging facilities [1] Group 2: Intelligent Features and User Experience - The smart cockpit features a 4nm process chip and NVIDIA's latest Orin chip, with a central display system made up of three projection devices, providing a display width of 1.1 meters [1] - The system supports five types of information card displays and features multi-zone voice recognition for simultaneous voice command processing [1] - Xiaomi has collaborated with medical institutions to develop a motion sickness relief mode, reducing the likelihood and duration of car sickness [1] - The vehicle includes zero-gravity seats and a 12-layer structure for the driver's seat, enhancing comfort [1] Group 3: Ecosystem Compatibility and Accessories - The new model is specifically adapted for Apple device users, supporting UWB near-field control, desktop widgets for remote operation, and dynamic island status display [2] - The vehicle's system is compatible with Apple Music and allows independent control via Apple Watch, with rear seat screens compatible with iPads [2] - Advanced driver assistance features include NVIDIA's latest chip, lidar, and 4D millimeter-wave radar, with scene data volume tripled compared to previous models [2] - The vehicle offers a range of wheel and tire options, including custom Michelin products designed for low rolling resistance and grip performance [2] - Xiaomi has introduced various in-car accessory products, enhancing the vehicle's functionality, and is collaborating with companies like BYD, GAC, and Toyota for ecosystem partnerships [2]

Core Insights - July marks the beginning of the second half of the automotive market, with numerous automakers launching significant new models to capture market share [1] Group 1: BYD - The BYD Sea Lion 06 is a mid-size SUV featuring both plug-in hybrid (DM-i) and pure electric (EV) versions, priced between 160,000 to 200,000 yuan [2] - The design incorporates ocean aesthetics with a closed grille and dual-layer headlights, and it is the first model in the ocean network to use split headlights [4] - The DM-i version has a 1.5L engine with a maximum power of 74kW and an electric motor with a maximum power of 160kW, offering pure electric ranges of 93km and 130km depending on the battery [4] Group 2: Leap Motor - The Leap Motor B01 is the second model in the B series, targeting the 150,000 yuan level for smart pure electric sedans, featuring a low drag coefficient of 0.197Cd [5] - The dimensions are 4770×1880×1490mm with a wheelbase of 2735mm, providing ample interior space [7] - The B01 offers multiple motor options with maximum powers of 100kW, 132kW, and 160kW, with a long-range version achieving a CLTC pure electric range of 650km [7] Group 3: Li Auto - The Li Auto i8 is the brand's first pure electric SUV, positioned as a mid-large six-seat SUV targeting the high-end family market [8] - It features a unique "bullet" front design and offers two battery capacities of 90.1kWh and 97.8kWh, with corresponding ranges of 670km and 720km [10] - The i8 includes a low energy consumption of 13.4kWh/100km and can achieve a 500km range with just 10 minutes of charging [10] Group 4: Lantu - The Lantu FREE+ is a mid-large SUV that features Huawei's ADS 4 driving assistance system and is priced starting at 229,900 yuan [11] - The design emphasizes both family practicality and individual expression, with a soft-touch interior covering 95% of the cabin [13] - It boasts a total power of 350kW from dual motors, achieving 0-100 km/h in just 4.9 seconds, and offers a pure electric range of over 300km [13] Group 5: XPeng - The XPeng G7 is a new mid-size SUV that has begun pre-sales, starting at 235,800 yuan, focusing on intelligence and spaciousness [14] - It features a unique interior design with a large trunk capacity of 819L and expandable space up to 2277L [16] - The G7 is equipped with an AR-HUD for enhanced navigation experience and offers both single motor rear-wheel and dual motor all-wheel drive options [16] Group 6: FAW Audi - The FAW Audi A5L is the first B+ class sedan on the new PPC luxury fuel intelligent platform, showcasing a dynamic design [17] - The interior integrates German luxury with digital technology, featuring multiple screens and AI voice control for smart interaction [19] - It is powered by the fifth-generation EA888 engine, ensuring smooth and efficient power output [19]

Investment Rating - The investment ratings for specific companies in the automotive sector include "Buy" for Asia-Pacific Co., "Hold" for Chang'an Automobile, and "Increase" for several others such as Great Wall Motors and Foton Motor [1][2][3]. Core Insights - The automotive sector experienced a decline of 2.56% from June 16 to June 20, underperforming the CSI 300 index by 2.1 percentage points. The passenger vehicle segment fell by 2.08%, while commercial vehicles and parts also saw declines [10][20]. - A strategic cooperation agreement was signed between Jiangqi Group and Huawei, focusing on smart automotive solutions and digital transformation, aiming to enhance electric, intelligent, and connected vehicle development [3][6][32]. Summary by Sections Market Overview - The automotive sector's performance from June 16 to June 20 showed a decline across various segments, with the overall automotive parts sector down by 2.59% and automotive services down by 4.98% [10][20]. - The retail sales of passenger vehicles in the first half of June increased by 20% year-on-year, but saw a month-on-month decline of 9% [7][37]. Valuation Levels - As of June 20, the automotive industry's PE-TTM was 25.18, down by 0.63 from the previous week. The valuations for passenger vehicles, commercial vehicles, and parts were 25.35, 35.5, and 23.37 respectively [2][11][36]. Key Developments - The strategic partnership between Jiangqi Group and Huawei aims to leverage AI and communication technologies for smart vehicle applications and enhance the group's operational efficiency [3][6][32]. - New energy vehicle retail sales reached 40.2 million units in the first half of June, marking a 38% year-on-year increase, with a penetration rate of 57% [7][37]. Recent Listings - A total of 24 new and updated vehicle models were launched during the week of June 16 to June 20, including models from major manufacturers like Volkswagen and Changan [33][34].

Core Viewpoint - The China Securities Index for Global Smart Vehicle Theme has shown a mixed performance, with a slight increase over the past month and three months, but a decline year-to-date [1]. Group 1: Index Performance - The index reported a value of 5858.40 points, with a 1.45% increase over the past month, a 3.55% increase over the past three months, and a 4.71% decline year-to-date [1]. Group 2: Index Composition - The index comprises 50 listed companies from Hong Kong and the US, focusing on sectors such as perception positioning, decision planning, control execution, smart cockpit, and vehicle networking [1]. - The top ten holdings of the index include Tesla Motors Inc (11.34%), Marvell Technology Group Ltd (10.28%), NVIDIA Corp (10.15%), Li Auto-W (7.48%), and Xpeng Motors-W (6.57%) [2]. Group 3: Market Distribution - The index's market distribution shows that 66.19% of the holdings are from the Nasdaq Global Select Market, 22.70% from the Hong Kong Stock Exchange, 5.86% from the Nasdaq Capital Market, 4.49% from the New York Stock Exchange, and 0.76% from the Nasdaq Stock Market [2]. Group 4: Industry Breakdown - The industry breakdown of the index holdings indicates that passenger vehicles account for 17.21%, digital media for 2.91%, optical optoelectronics for 2.32%, and automotive parts and tires for 0.54% [3]. - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3].

Core Viewpoint - The article emphasizes the importance of exploring overseas markets for the chip industry, particularly in Europe, as a strategy for industry upgrade and sustained growth amidst intense domestic competition and technological innovation [3]. Group 1: Overview of the European Market Exploration - The chip industry is increasingly focusing on overseas markets, with "going abroad" seen as a new option for growth [3]. - A business investigation trip to Germany is planned from September 4 to September 14, focusing on key cities and major exhibitions like IFA and IAA [3][4]. - The IFA exhibition, one of the largest in the world, attracted over 1,800 exhibitors and more than 210,000 visitors from 138 countries in its last edition [4]. - The IAA exhibition, a key event in the global automotive industry, had 750 exhibitors from 38 countries and over 500,000 visitors [4]. Group 2: Activities and Engagements - The trip will include deep-dive salons and visits to renowned companies and universities, facilitating connections with local resources [6][7]. - Previous trips to Germany in 2018 and 2023 have built a strong resource network and experience in organizing industry-specific itineraries [10]. - The itinerary includes visits to significant cities like Berlin, Leipzig, Dresden, Stuttgart, and Munich, each representing key industrial characteristics [7]. Group 3: Exhibition Insights - IFA covers various aspects of consumer electronics, providing insights into market demands in Germany and globally [5]. - IAA encompasses the entire automotive supply chain, featuring major manufacturers and component suppliers, allowing for efficient identification of potential partners and projects [5]. Group 4: Company Visits and Learning Opportunities - The itinerary includes visits to notable companies such as GlobalFoundries and Mercedes-Benz, which are pivotal in the semiconductor and automotive sectors [19][20]. - Nexperia, a leading semiconductor company, and Fraunhofer, a model for integrating scientific research with industrial development, will also be explored [22][23].

Core Viewpoint - The article discusses the monthly OTA (Over-The-Air) monitoring report, highlighting the trends and updates in the automotive industry regarding OTA upgrades, particularly focusing on the performance of various brands and their functionalities [1][4]. Industry Overview: OTA Data Summary - In May 2025, the industry updated a total of 495 features, an increase from 394 in the previous month, indicating a recovery in the pace of OTA upgrades despite ongoing regulatory impacts on "assisted driving" features [4]. - New force brands accounted for 200 updates, up from 129, shifting focus from aggressive smart driving competition to smart cockpit functionalities, emphasizing practical applications like "scenario intelligence" and "voice features" [7]. - Domestic brands updated 289 features, with significant contributions from brands like Lantu, Lynk & Co, and Geely Galaxy, focusing on enhancing user experience through system settings and interaction logic [9]. - Joint and luxury brands only updated 6 features, with Volvo being the only luxury brand to push a minor update, indicating a slower pace in OTA frequency compared to domestic brands [11]. OTA Iteration Speed - The overall speed of OTA iterations is gradually increasing, with various brands adapting to new regulations and enhancing their systems to integrate more intelligent features into daily user scenarios [13]. Upcoming OTA Updates - Several brands have scheduled significant OTA updates for the upcoming quarters, including Huawei ADS 4.0 for multiple models from AITO and Li Auto, and various enhancements for BYD and other brands focusing on intelligent driving capabilities [20]. User Feedback: NIO - User feedback indicates a positive reception towards the optimization of urban NOA (Navigation on Autopilot) capabilities, with enhancements in decision-making and obstacle navigation [22][32]. - Users expressed satisfaction with the new features, such as the congestion speed reduction function and improved low-speed obstacle avoidance capabilities, which enhance the overall driving experience [32][42]. User Feedback: Li Auto - Feedback from Li Auto users highlighted minor improvements in the latest OTA updates, with new features like the "Li Auto Classmate Memo" and "Alipay Car Assistant" being perceived as less impactful compared to other brands' offerings [29][43]. - Users showed interest in the emotional value of the voice assistant but felt that many new features were not essential for their driving experience [43].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 27.75 CNY, based on a current price of 17.02 CNY [7]. Core Insights - The company is a leading provider of automotive electronic and safety solutions, with a strong position in smart cockpit, intelligent driving, and new energy management [1][15]. - The automotive safety business has seen significant growth, with new project orders reaching a historical high of approximately 574 billion CNY for 2024 [2][37]. - The company is expanding its ecosystem by securing intelligent driving orders and collaborating with technology partners to enhance its competitive solutions [3][51]. - The company is leveraging its automotive technology to enter the robotics sector, positioning itself as a Tier 1 supplier for intelligent robots [4][66]. - Revenue projections for 2025-2027 are estimated at 645.12 billion CNY, 716.32 billion CNY, and 788.18 billion CNY, with net profits of 15.65 billion CNY, 18.77 billion CNY, and 22.99 billion CNY respectively [4]. Summary by Sections Company Overview - The company has established itself as a global leader in automotive electronics and safety solutions since its listing in 2011, with a focus on innovation through acquisitions and research institutes [1][15]. - It has a diversified product matrix covering multiple automotive domains, including smart driving and cockpit systems [21]. Safety Business Growth - The global automotive safety standards are evolving, driving demand for enhanced safety features, which the company is well-positioned to capitalize on [30][31]. - The company ranks second globally in the passive safety market, with a market share of 23.1% [36]. Intelligent Driving and Cockpit Integration - The intelligent cockpit market is projected to grow significantly, with the company holding a 10.3% market share globally [47]. - Collaborations with major chip manufacturers are enhancing the company's capabilities in intelligent driving solutions [52]. Robotics Expansion - The global humanoid robot market is expected to reach 32.4 billion USD by 2029, with the company aiming to leverage its automotive technology to penetrate this market [60][64]. - Strategic partnerships in the robotics sector are expected to yield additional orders and enhance the company's product offerings [68].

Group 1 - The China Securities Regulatory Commission (CSRC) emphasized the importance of multi-tiered capital markets in promoting the integration of technological and industrial innovation, particularly through the Sci-Tech Innovation Board (STAR Market) [1] - The introduction of the "1+6" policy measures aims to enhance the STAR Market's role as a testing ground for reforms, including the establishment of a growth tier for innovative companies and the resumption of listing standards for unprofitable enterprises [1] - The Shanghai Stock Exchange highlighted that the new growth tier will help stabilize market expectations, provide a controlled environment for incremental reforms, and facilitate better risk management for investors in unprofitable tech firms [1] Group 2 - As of June 18, the Sci-Tech Innovation Index has reached 569 sample stocks, covering 97% of the market capitalization of the STAR Market, including over 200 stocks not previously included in the scale index [2] - The Huaxia Sci-Tech Innovation Index ETF and its linked funds are actively tracking the Sci-Tech Innovation Index, currently ranking among the top in terms of scale and trading volume, with the highest average daily trading volume in the past week [2]

Group 1 - The core viewpoint is that Chinese automotive brands are increasingly competitive, with improved aesthetics, lower prices, and better quality, challenging foreign car manufacturers [1][10] - The market is underestimating the potential of new Chinese car manufacturers, with the transition to electric vehicles and smart driving technology being inevitable trends [1][3] - The author expresses a stronger preference for domestic tire stocks over automotive stocks, citing the easier global expansion potential for tire manufacturers compared to car manufacturers [1][2] Group 2 - Tire stocks have recently experienced significant declines, while automotive stocks have seen notable increases [2] - Tire stocks are characterized by low valuations and high dividends, whereas automotive stocks have high valuations and low dividends [2] - The competitive landscape for tire stocks is clearer compared to the still-evolving competition in the automotive sector [2]

Core Insights - Zhejiang Leapmotor Technology Co., Ltd. officially launched the 2026 Leapmotor C16, positioning it as a "super comfortable intelligent long-range SUV" with over 70 upgrades and a value increase of more than 25,000 yuan, enhancing the travel experience for family users [1][3] Group 1: Product Launch and Features - The 2026 Leapmotor C16 is available in two versions: "Champion 6-seater" and "New 5-seater," catering to diverse family needs [1][3] - The new 5-seater version features "full configuration luxury, versatile space," including unique configurations such as an electric one-button bed mode and a 1,663L adaptable trunk [3][4] - The 6-seater version has undergone comprehensive upgrades in comfort, range, and intelligent experience, with a global first MPSUV design concept that combines MPV space advantages with SUV aesthetics [4][6] Group 2: Performance and Technology - The 2026 Leapmotor C16's pure electric version is equipped with an 81.9 kWh battery, achieving a CLTC range of 630 km, with fast charging capabilities allowing 30% to 80% charge in just 18 minutes [4][5] - The intelligent experience is enhanced with the Qualcomm Snapdragon SA8295P smart cockpit chip and the upgraded Leapmotor OS 4.0 Plus, featuring advanced AI voice interaction capabilities [5][6] - Safety features include a "fortress-level" protective design with a high-strength safety structure and advanced battery integration technology, achieving top scores in safety tests [6]