Core Viewpoint - Li Auto's stock price increased by over 4%, reaching HKD 104.4, with a trading volume of HKD 2.401 billion, following the announcement of the launch date for the Li Auto i6 electric SUV on September 26 [1] Group 1: Product Launch and Pricing Strategy - The Li Auto i6 is set to be the company's second pure electric SUV, with a significant emphasis on its upcoming launch [1] - Morgan Stanley suggests a more aggressive pricing strategy for the i6, recommending a price range of RMB 200,000 to RMB 250,000, down from the previously estimated RMB 250,000 to RMB 300,000 [1] - Analysts believe that Li Auto must choose between maintaining a 20% gross margin and achieving a monthly sales target of 20,000 units [1] Group 2: Future Product Line and Market Potential - Changjiang Securities indicates that Li Auto has a clear plan for future models and is expanding its direct sales channels, suggesting significant sales potential ahead [1] - The company is expected to accelerate the launch of high-pressure pure electric products in the second half of the year, with the Li Auto i8 already launched in July and the i6 set to launch in September [1] - Li Auto's product lineup will include four range-extended electric SUVs, one flagship MPV, and two high-pressure pure electric SUVs, indicating a strong new vehicle cycle that will enhance the company's sales capacity [1]

Core Viewpoint - The Swiss National Bank (SNB) has become a significant player in the tech stock market, with a U.S. equity portfolio valued at $167 billion, nearly one-fifth of Switzerland's GDP, covering over 2,300 listed companies [1] Group 1: Investment Strategy - The SNB's investment in major tech companies, including Apple, Microsoft, Amazon, Meta, Nvidia, Alphabet, and Tesla, accounts for $51.6 billion of its portfolio, with Nvidia alone exceeding $11 billion [1] - The SNB's balance sheet has expanded to $855 billion, positioning it alongside sovereign wealth funds from countries like Singapore and Qatar [1] - The SNB employs a unique strategy of regularly selling Swiss francs and buying foreign currencies to manage the appreciation of the Swiss franc, which is often seen as a safe-haven currency [2][4] Group 2: Market Position and Flexibility - Approximately 87% of the SNB's assets are in foreign currencies, including two-thirds in government bonds, 10% in corporate bonds, and 25% in stocks [6] - The SNB has shown flexibility in its investment approach, having established a position of over $2 billion in Berkshire Hathaway by 2025, despite not holding any shares in 2023 [6] - The SNB significantly increased its holdings in Nvidia, with the number of shares growing over sixfold in two years, leading to a 175% increase in value from March 2023 to March 2025 [8] Group 3: Risks and Challenges - The SNB has faced substantial losses due to asset price corrections and currency fluctuations, with a reported loss of 15.3 billion Swiss francs (approximately $19.5 billion) in the first half of the year due to a weakening dollar [9] - Discussions have arisen regarding the potential outsourcing of some assets to professional management for higher returns, although many economists believe the current system remains advantageous [9] - The SNB's ability to quickly mobilize foreign currency assets to manage inflation pressures post-COVID-19 highlights the importance of maintaining liquidity and flexibility in its investment strategy [9]

平安观点： 公司具备覆盖全场景的混合动力解决方案。公司的Hi4 混动技术体系包含智能四驱电混架构Hi4、越野 超级混动架构Hi4-T、泛越野超级混动架构Hi4-Z、智能混动重卡Hi4-G 四大技术分支，涵盖乘用车及长 途干线物流商用车、覆盖从城市到越野等各类用车场景。 高阶智能辅助驾驶迈入端到端2.0 时代。公司是较早入局AI 智能辅助驾驶的车企，基于无图城区领航辅 助驾驶的持续迭代，VLA(视觉-语言-动作)模型即将搭载，当前定位于高端家用的魏牌全系标配高阶辅 助驾驶功能，定位于高端越野的坦克品牌也将在高阶智能辅助驾驶的赋能下持续扩圈。 坦克品牌快速扩圈，面向更广用户群体。坦克品牌所处细分赛道用户粘性强、主销车型保值率高，长城 汽车坦克品牌的成功筑牢了公司在越野领域的护城河。通过Hi4-Z 技术及智能化技术加持，坦克品牌有 望从小众走向大众，应用场景的多元化将带来更广阔的想象空间。 魏牌旗舰SUV 即将上市，直营体系护航。魏牌成立以来经历了多轮产品周期，2025 年6 月销量重回万 台。基于Hi4 性能版混动系统及高阶智能辅助驾驶，公司将继续扩展家用高端SUV 的产品矩阵，基于下 一代全动力智能超级平台的旗 ...

每日晨报│2025 年 9 月 17 日 | | | 主要市场指数表现 | | 收市价 | 上个交易日升 | YTD 升跌 | | --- | --- | --- | --- | | 恒生指数 | 26,438 | -0.03% | +31.80% | | 恒生科技指数 | 6,077 | +0.56% | +36.02% | | 国企指数 | 9,386 | +0.02% | +28.76% | | 沪深 300 | 4,523 | -0.21% | +14.95% | | 上证综合指数 | 3,861 | +0.04% | +15.22% | | 深证成份指数 | 13,063 | +0.45% | +25.44% | | 中小板指 | 7,963 | +0.30% | +24.78% | | 道琼斯指数 | 45,757 | -0.27% | +7.55% | | 标普 500 指数 | 6,606 | -0.13% | +12.33% | | 纳斯达克指数 | 22,333 | -0.07% | +15.66% | | 伦敦富时指数 | 9,195 | -0.88% | +12.51% | | CAC ...

企查查APP显示，近日，奇瑞新能源汽车股份有限公司申请的"一种汽车用自动浮水系统、方法及汽 车"专利公布。企查查专利摘要显示，本发明属于汽车安全领域，公开了一种汽车用自动浮水系统、方 法及汽车，包括水位传感装置、控制器、进气开关和浮力气囊，其中水位传感装置实时监测车辆水位， 控制器根据水位信号判断浸水状态并触发进气信号，进气开关释放轮胎胎压，释放的气体通过连接通路 充入预埋于轮毂镂空处的浮力气囊内提供浮力。本系统通过再利用轮胎气体充填气囊，显著延长了浮水 时间，为人员脱险和救援争取充足安全窗口，同时系统直接集成于轮毂结构，无需特殊车身设计或昂贵 材料，大幅降低生产成本和改装复杂性，从而提升了在普通民用车辆中的适用性和推广性，有效克服现 有技术浮水时间有限、成本高、推广难的局限性。 （原标题：奇瑞公布汽车用自动浮水专利，可延长浮水时间） ...

Group 1 - The EU is considering sanctions against Chinese and Indian companies under the pretext of "Russia-related" activities, influenced by the Trump administration's pressure [4][5] - The European Chamber of Commerce in China reported that strict controls on rare earth exports from China are causing significant supply bottlenecks for European companies, leading to increased operational disruptions [1][3] - The approval rate for export licenses from China for European companies is less than 25%, exacerbating the supply chain issues faced by these businesses [1] Group 2 - The EU relies almost entirely on China for rare earth imports, with nearly 100% of its rare earth needs sourced from China, highlighting the dependency on Chinese supply for critical metals [4] - The Chinese government has stated that its export control measures are in line with international practices and are not discriminatory against specific countries [4] - The ongoing trade tensions have led to complaints from European manufacturers about potential production halts due to delays in obtaining necessary materials from China [3][4]

在云南兰坪，一名农人背着满篓的松茸，需要徒步跋涉5小时走出大山，而经过中间商层层转手后，到 手的收益却不足市场终端售价的30%。这不仅是兰坪的困境，也是中国众多乡村振兴重点区域优质农产 品面临的共同难题——"运输'最后一公里'"与"数字销售第一公里"的双重阻滞。 而如今，以上汽大通为代表的国企，正在以自身的使命感与对行业的深度洞察，为这一问题提供一份源 自汽车产业的创新答案。今年8月7日，上汽大通在"星际皮卡之夜"新品发布会上，同步发布了为期一年 的"星际计划"，以1500万创富基金、全链路助农体系和政企协同的新模式，为中国车企参与乡村振兴提 供了全新范本。 不忘初心，实现国家战略与国企使命的同频共振 党的二十大报告明确提出"全面推进乡村振兴，坚持农业农村优先发展"，为"三农"工作锚定了战略方 向。早在2022年中央一号文件首次部署"数商兴农"工程时，就公开号召龙头企业依托直播电商、冷链物 流等现代化手段，助力农产品上行流通。这些国家战略，正好与上汽大通此前的调研结论及助农构想高 度契合。 与此同时，沪滇协作已走过28个春秋。自1996年党中央明确上海市对口帮扶云南省以来，两地不断续 写"中央要求、云南所需、 ...

Group 1 - The China-EU Chamber of Commerce reported that despite an agreement reached in July to expedite rare earth exports to the EU, strict export controls from China are expected to lead to more shutdowns and losses for European companies [1][3] - Jens Eskelund, the chairman of the China-EU Chamber of Commerce, stated that members are still facing significant bottlenecks despite the commitments made during the July 24 summit [3] - China has implemented export controls on certain rare earths and rare earth magnets following the tariffs announced by former U.S. President Trump, causing production delays and large-scale shutdowns for automotive manufacturers in Europe and other regions [3] Group 2 - The majority of the world's rare earths are processed and refined in China, which are widely used in automotive manufacturing and defense industries [3] - Although China agreed to expedite export licenses for critical raw materials during the summit with EU Commission President Ursula von der Leyen, this has not met the EU's demands for extended license periods or the cancellation of export licenses [3] - Since the summit, the approval process for licenses has begun to slow down, leading to an increase in complaints and requests for assistance from members of the China-EU Chamber of Commerce [4]

中证报中证网讯（王珞）9月16日，鸿蒙智行举行享界S9T新品发布会，旗下首款旅行车享界S9T正式上 市。据介绍，续航方面，享界S9T纯电版搭载800V华为巨鲸电池平台，CLTC综合续航最长可达 801km。享界S9T增程版CLTC综合续航最长可达1305km，WLTC百公里油耗为6.15L。价格方面，享界 S9T共推出4个版本：增程版Max售价30.98万元，增程版Ultra售价34.98万元，纯电版Max售价32.98万 元，纯电版Ultra售价36.98万元。鸿蒙智行表示，享界S9T试驾车已陆续进入全国门店，新车将于9月21 日开启交付。 ...

Core Insights - Audi E5 Sportback was launched on September 16, starting at 235,900 yuan, with promotional pricing bringing it down to the 220,000 yuan range, achieving over 10,000 pre-orders in just 30 minutes [2] - This launch represents a significant shift for Audi, marking a departure from traditional luxury pricing strategies in the electric vehicle market, aiming to gain market trust through competitive pricing and local supply chain integration [2][10] - The collaboration between Audi and SAIC is highlighted as a model of "German luxury's speed in China," with comprehensive localization in R&D, production, and supply chain for the E5 Sportback [2][5] Product Features - The E5 Sportback features a new AUDI OS developed by a Chinese team, utilizing the Qualcomm 8295 chip, and includes an advanced voice assistant comparable to Siri, enhancing user interaction [4] - Audi has partnered with Momenta to develop a unique driving assistance system, acknowledging the need for innovation in intelligent driving technology [4][5] - The design of the E5 Sportback is based on extensive user research, combining elements from the RS6 and TT models, and features a unique star diamond light curtain with 942 LED lights [5][6] Performance and Quality - The vehicle is equipped with dual motors, delivering 787 horsepower and 800 Nm of torque, achieving 0-100 km/h in 3.4 seconds, while maintaining Audi's quattro heritage [6][7] - Audi emphasizes that the E5 Sportback will adhere to high safety and quality standards, despite its lower price point, produced in a modern factory with over 70% automation [8][9] - The challenge remains for Audi to balance rapid development with maintaining the quality and safety standards expected of a luxury brand [9] Market Positioning - The E5 Sportback signifies a strategic shift in the competitive landscape among luxury brands in China, with Audi taking a more aggressive approach compared to Mercedes and BMW [10][11] - The pricing strategy and localization efforts may force competitors to reconsider their own strategies in the electric vehicle market [10][11] - The success of the E5 Sportback could redefine the luxury electric vehicle market, challenging existing norms and potentially leading to intensified competition among luxury brands [11]