Core Viewpoint - The recent launch event for the Lantu FREE+ showcased the company's determination and confidence in the competitive landscape of the new energy vehicle market, with over 10,000 orders placed within 15 minutes of the launch [1] User-Centric Approach - Lantu has positioned itself as a "user-centric technology enterprise" since its inception, emphasizing the importance of listening to user feedback for product iterations [3] - The company invested 500 million to implement over 1,000 improvements to the FREE+ based on user suggestions, including features like "TV, refrigerator, and large sofa" [3] - Direct communication with users has significantly increased store traffic during the pre-sale period, with daily customer visits rising from 5-6 to 25 [3] Technological Advancements - The Lantu FREE+ is a milestone product developed in deep collaboration with Huawei, featuring advanced technologies such as Huawei's ADS 4.0 and HarmonyOS 5, along with 192-line lidar and 29 sensors [7] - The decision-making response speed of the vehicle has improved by 50%, enhancing the overall smart travel experience [7] - Lantu's internal efficiency allows for a streamlined development process, enabling the company to offer enhanced features at competitive prices [7] Market Positioning and Sales Goals - Lantu aims to achieve monthly deliveries of 20,000 units for the FREE+, building on the success of the Lantu Dreamer, which reached 10,000 monthly sales in December [8] - The company has adopted a direct sales model that reduces inventory pressure on partners and ensures consistent service quality, with 70% of ecosystem partners profitable in the first half of the year [9] Value Chain Reconstruction - Lantu's approach to innovation and efficiency is driving a transformation in the regional automotive industry, shifting from traditional fuel vehicle components to electric motor and intelligent driving technology [11] - The new brand proposition "Smart Lantu, Achieving Happiness" aligns with user needs, emphasizing comfort and security [11] - The company has validated its strategy over five years, demonstrating that integrating user demands into product development and enhancing operational efficiency can lead to sustainable competitive advantages [11]

摘要 ► 本 周数据： 2025年4月第3周（4.14-4.20）乘用车销量38.7万辆，同比+9.3%，环比+10.3%；新能源乘用车销量20.4万辆，同比+28.8%，环比+10.3%；新能源渗透率52.8%， 环比持平。 ► 本周行情 ： 汽车板块本周表现强于市场 本周（ 4月21-4月25日）A股汽车板块上涨4.66%，在申万子行业中排名第1位，表现强于沪深300（+0.56%）。细分板块中，商用载客车、汽车零部件、摩托车及其 他、汽车服务、商用载货车、乘用车分别上涨8.04%、6.32%、6.25%、4.44%、2.16%、2.07%。 ► 本周观点： 本月建议关注核心组合【比亚迪、吉利汽车、小鹏汽车、小米集团、伯特利、拓普集团、新泉股份、沪光股份、春风动力】。 ► 机器人产业化进程加速 看好T链机器人+强智能化主机厂 近期机器人运动会、马拉松后，天工 Ultra 、松延动力 N2 等国产人形机器人表现亮眼，国产人形机器人技术端不断突破，市场开始重新认识到软硬件全闭环能力的稀缺性， 我们全年维度看好 T 链产业化进程 + 强智能化能力的汽车主机厂在机器人领域布局： 1 ） T 链： 市场对于关税问题 ...