Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies involved in the launch of the Xiangjie S9T Tourer Core Insights - Huawei and BAIC have launched the Xiangjie S9T, a luxury touring vehicle, marking a significant upgrade in their partnership with a planned investment of RMB 20 billion over three years to establish a dedicated team and supply chain [10][11][18] - The S9T features both pure electric and extended-range versions, with impressive specifications including a 0-100 km/h acceleration in 3.95 seconds and a maximum range of 801 km for the electric version [11][12] - The vehicle is designed for long-distance travel and camping, combining sedan-like handling with SUV-level cargo capacity, and is competitively priced between RMB 300,000 and 370,000 [15][13] Summary by Sections Product and Pricing - The S9T adopts a differentiated strategy by positioning itself as a touring vehicle, emphasizing high specifications from base trims, which enhances its competitive edge in the mid-to-high-end NEV market [15][2] - Compared to the sedan version S9, the S9T offers better space utility and a lower entry price for the electric variant, while still maintaining strong performance metrics [15][2] Technical Path - The vehicle utilizes advanced technology with a focus on hardware redundancy and chassis integration, enhancing stability and control across various driving conditions [16][3] - Key performance metrics include a low drag coefficient of 0.23 and a fast charging capability that allows for significant battery replenishment in a short time [16][3] Business and Manufacturing - The partnership between Huawei and BAIC is characterized by a full-stack integration approach, which aims to streamline operations from product development to after-sales service [18][4] - The strategic investment and exclusive framework are expected to improve operational efficiency and brand consistency, positioning the companies favorably in the premium market [18][4]