Core Viewpoint - Li Auto's vehicle deliveries have significantly declined, with June deliveries at 36,300 units, down 11% month-over-month and down 24% year-over-year, raising concerns about the company's performance and market position [1][2]. Group 1: Delivery Performance - In June, Li Auto delivered 36,300 vehicles, a decrease of 11% from May's 40,800 units, which had a year-over-year growth of 16.7% [1]. - For Q2, the total vehicle deliveries were 111,000, slightly lower than the 108,600 units delivered in the same period last year, indicating a decline of over 2,000 units [1]. Group 2: Market Competition - The competitive landscape is intensifying, with rivals like Seres and Leap Motor enhancing their range-extended technology, posing a threat to Li Auto's market share [3][4]. - Major competitors are planning significant financing through Hong Kong listings, which could increase pressure on Li Auto's operations and market share [4]. Group 3: Financial Performance - Li Auto's average net profit per vehicle has been declining, dropping from 17,800 yuan in Q1 2023 to below 7,000 yuan by Q1 2025, a cumulative decline of over 60% [4]. - Rising costs of raw materials, such as copper and aluminum, have added pressure on automotive companies, making it difficult to pass these costs onto consumers [4]. Group 4: Executive Actions - CEO Wang Xing has been reducing his stake in Li Auto, selling 5.737 million shares between June 10 and June 13, totaling over 600 million HKD, which has raised concerns among investors [6][7]. - Other executives, including the CFO and co-founder, have also sold shares, which may lead to investor apprehension regarding the company's future performance [7].

Group 1: Solid-State Battery Technology - New policies from eight Chinese departments provide support for the lithium battery industry, potentially boosting the growth of the new energy vehicle and energy storage markets [3] - Pritchard plans to invest in a 2.5GWh cylindrical project in Malaysia, marking a significant move in lithium battery material production and enhancing its global competitiveness [3] - The lithium industry experienced a downturn since early 2022, but is expected to gradually recover starting from Q1 2024, with profitability anticipated to improve by 2025 [3] - Short-term commercialization of semi-solid and solid-state batteries will drive industry innovation, while solid-state batteries hold significant potential for high energy density applications like eVTOL in the long term [3] Group 2: AI and Military Integration - The global AI wave has surged since the release of ChatGPT in 2022, with the integration of AI in military applications becoming a crucial development direction in modern warfare [4] - The close collaboration between the U.S. military and Silicon Valley, particularly with companies like Google and OpenAI, has accelerated AI applications in the military by lifting the "AI military ban" [4] - The Russia-Ukraine conflict is referred to as the "first AI war," where AI significantly enhances decision-making, intelligence analysis, and tactical deployment, improving operational efficiency [4] - Investors should focus on midstream companies with advantages in military data, algorithm applications, and scenario experience [4] - Key resources are primarily led by state-owned units (e.g., China Electronics Technology Group, China Shipbuilding Industry Corporation), but private enterprises have opportunities in AI technology applications [4] Group 3: Automotive Industry Trends - Xiaomi Auto launched the Xiaomi SU7 through smart ecosystem and clever marketing, while XPeng introduced the MONAM03 targeting the youth market and the highly intelligent P7+ [7] - The new energy vehicle market is expected to continue its strength in 2024, with a follow-up strategy becoming mainstream in the electric vehicle competition, particularly brands like Leap Motor and Geely Galaxy successfully creating popular models [7] - As advanced driving technology penetration increases, innovation in the intelligent sector will become a key competitive point, while follow-up strategies will still play a significant role [7] Group 4: Semiconductor and Electronics Market - In Q2 2025, industrial and automotive-related analog and power semiconductors are expected to transition from recovery to prosperity due to inventory destocking, supply contraction, and macroeconomic stimulus [8] - The domestic introduction of analog, power automotive, and high-end industrial materials is projected to peak in 2025, with related companies anticipating significant EPS improvement [8] - Foundries are expected to gradually increase capital expenditures, and storage IDM expansion may accelerate, potentially leading to excess returns in the semiconductor equipment, components, and materials sectors in the second half of 2025 [8] Group 5: AI in Healthcare - The rapid development of AI in healthcare is driven by advancements in information technology and artificial intelligence, particularly deep learning, large models, and generative AI [10] - A robust digital healthcare system is essential for efficiently collecting, storing, and transmitting medical data, ensuring high-quality data support for AI algorithms [10] - Deep learning and large models enable AI to handle more complex data, fostering innovation in medical imaging analysis, disease diagnosis, and surgical assistance [10] - Generative AI can analyze existing data and generate new data, enhancing intelligent interaction and dialogue capabilities, further optimizing the precision and naturalness of healthcare services [10] - AI is widely applied across the entire healthcare process, including health management, pre-diagnosis, diagnosis, post-diagnosis services, imaging analysis, drug development, and surgical robots [10] - AI shows strong growth potential in various subfields such as imaging analysis, pathological diagnosis, and health management, with clear policy support and competitive landscape emerging [10]

在本次发布的三个版本（ 天神之眼A、B、C 分别对应 入门级 、 中阶、高阶三个方案 ） ，天神之 眼A和天神之眼B 均为 带LiDAR的方案， 这无疑 将加快激光雷达的渗透率。 事实上，对于高阶智能驾驶，LiDAR是必备传感器，譬如今年即将换代的比亚迪汉和唐的全新车型 将大比例配置LiDAR。另据比亚迪2025年销量布局，预计年销量将突破500万台，其中高阶(100以 上)产品的占比将从以前的不到5%爬升至80%，今年完成爬坡后，高阶产品在全年车型中占比约为 40%至50%。按500万台计算，高阶产品销量约为200到250万台。 | 速腾聚创的供应占比将达到8成。 | | --- | 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，比亚迪于2月10日发布了全民智驾战略——基于天神之眼技术矩阵，比亚迪全系 车型将搭载高阶智驾技术，真正实现高阶智驾人人可享，引领汽车行业智能化变革。 早在2024年11月，比亚迪董事长兼总裁王传福就已宣布，在智能化下半场，比亚迪将投入1000亿 元用于发展人工智能和汽车相结合的智能化技术，实现整车全面智能化进阶。 加入【 ...