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].

1 、 《聚焦 固态电池技术路线》摘要 2、 《 AI+军工，寻找中国的Palantir》摘要 ■ 小米汽车通过智能生态和巧妙的营销推出小米SU7，而小鹏则推出了针对年轻市场的MONAM03和 高智能化的P7+。 ■ 2024年，新能源车市场继续走强，预计2025年在电动化的竞争中，对标跟进策略会成为主流，尤 其是像零跑和吉利银河等品牌通过对标成功打造了爆款车。 ■ 随着高阶智驾技术渗透率提升，智能化领域的创新会成为重要竞争点，但对标跟进策略仍将发挥重 要作用。 4 、 《 消费+AI端侧应重视 》摘要 ■ 2025年第二季度，随着库存去化、供给收缩和宏观经济刺激，工业和汽车相关模拟、功率半导体将 从复苏进入繁荣阶段，预计将实现增长。 ■ 模拟、功率车规和高端工规料号的国产化导入将在2025年达到高峰，相关公司预计将迎来显著的 EPS（每股收益）改善。 ■ 代工厂预计将逐季增加资本开支，存储IDM（集成设备制造商）扩产可能加速，半导体设备、零部 件和材料领域可能在2025年下半年取得超额收益。 ■ 高多层PCB 、 交换机PCB 和 泛IOT 领域，AI相关应用的推进将带来重要催化作用，特别是AI眼镜 等新兴 ...

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【 ...