我说，这样完美的i7就是i8，理想i8。 欢迎大家在发布后去试驾理想i8。 理想第一产品线产品营销负责人硬哥25年7月11日微博： 有次跟好几位汽车媒体吃饭，他们一致认为，底盘表现在运动和舒适之间达到完美均衡的 车，是宝马i7，很多人也都买了这车，但开一段时间之后，虽然底盘非常好，但智能化一般，太遗憾 了，要是i7有新势力那么好的车机和辅助驾驶就好了。 7月18日，城市巡展启动，展车陆续进店； 7月29日，上市发布会。 加微信，进群深度交流理想长期基本面。不是车友群。 7月17日，预订正式开启； ...

过去几年，理想汽车各园区的几块"草坪"，见证了理想ONE、L9、L8、L7、L6的发布。我们觉 得，把最新的产品和思考，在最熟悉的"家"里讲给大家听，特别亲切，当然，最主要是省钱+提效。 很多人都调侃我们是"抠厂"，从我角度来看，这在某些方面是一个褒义词，当家才知道柴米贵。 那么接下来，7月29日的理想i8发布会，有几个选择： 李想25年7月10日微博： 2019年4月10日，理想ONE发布会，地址：理想汽车常州制造基地 2022年6月21日，理想L9发布会，地址：理想汽车北京研发总部 2022年9月30日，理想L8发布会，地址：理想汽车北京研发总部 2023年2月8日，理想L7发布会，地址：理想汽车北京研发总部 2024年3月1日，理想MEGA发布会，地址：上海世博中心 2024年4月18日，理想L6发布会，地址：理想汽车北京研发总部 是像往常一样，产品讲透就收（大概1小时？），还是多聊会，试试把时间放长点？小米每次三 个小时的发布会，大家也都津津有味； 理想汽车十周年了，除了 "理想i8究竟好在哪"以外，你们是不是也想听听在做这些事时，我们到 底是怎么思考的？ 想听听大家意见！ TOP2倾向认为，时长地点 ...

3. 与BBA等豪华品牌用户的"增换购"有关联。过往，购买35-40万价位理想汽车的车主，很大比 例（BBA用户比例经常超过50%）都来源于此。 4. 与大家对理想i8的"SUV的通过性、MPV的空间舒适性、轿车的驾驶感"认可度有关。 李想25年7月11日微博： 7月17日，理想i8将开启预订；7月18日，理想i8各城市巡展启动，展车进店。简单聊几句我们对 该市场的分析： 1. 与中国二胎生育率有关联。有两个孩子的家庭，三排六座基本是刚需，而在智能纯电SUV这个 领域，可选择的车型并不多。 2. 与"三代同堂"出行率有关联。如果选择与长辈、孩子同车出行，三排六座很刚需。 理想ONE和理想L8，结合增程技术，将"三排六座"大空间SUV带入千家万户。理想i8，是代表了 我们在纯电SUV领域对"三排六座"大空间的最新思考，期待大家品鉴。 加微信，进群深度交流理想长期基本面。不是车友群。 ...

证券研究报告 | 2025年07月11日 汽车行业 2025 年 7 月投资策略 优于大市 新品密集上市有望提振板块景气度，建议关注财报行情 销量跟踪：根据乘联会，2025 年 6 月全国乘用车市场零售 208.4 万辆，同比 增长 18.1%，环比增长 7.6%，1-6 月累计零售 1090.1 万辆，同比增长 10.8%； 6 月新能源乘用车市场零售 111.1 万辆，同比增长 29.7%，环比增长 8.2%； 1-6 月累计零售 546.8 万辆，增长 33.3%；上险数据看，6 月（6.2-6.29）国 内乘用车累计上牌 195.79 万辆，同比+18.4%；其中新能源乘用车累计上牌 103.71 万辆，同比+30.7%。 本月行情：6 月 CS 汽车板块下跌 0.13%，其中 CS 乘用车下跌 2.34%，CS 商用车下跌 0.25%，CS 汽车零部件上涨 0.92%，CS 汽车销售与服务上涨 1.42%，CS 摩托车及其它上涨 6.72%，同期沪深 300 指数上涨 2.5%，上 证综合指数上涨 2.9%，CS 汽车板块跑输沪深 300 指数 2.63pct，跑输上 证综合指数 3.03pct；汽 ...

证券研究报告 | 2025年07月11日 汽车行业 2025 年 7 月投资策略 优于大市 新品密集上市有望提振板块景气度，建议关注财报行情 销量跟踪：根据乘联会，2025 年 6 月全国乘用车市场零售 208.4 万辆，同比 增长 18.1%，环比增长 7.6%，1-6 月累计零售 1090.1 万辆，同比增长 10.8%； 6 月新能源乘用车市场零售 111.1 万辆，同比增长 29.7%，环比增长 8.2%； 1-6 月累计零售 546.8 万辆，增长 33.3%；上险数据看，6 月（6.2-6.29）国 内乘用车累计上牌 195.79 万辆，同比+18.4%；其中新能源乘用车累计上牌 103.71 万辆，同比+30.7%。 本月行情：6 月 CS 汽车板块下跌 0.13%，其中 CS 乘用车下跌 2.34%，CS 商用车下跌 0.25%，CS 汽车零部件上涨 0.92%，CS 汽车销售与服务上涨 1.42%，CS 摩托车及其它上涨 6.72%，同期沪深 300 指数上涨 2.5%，上 证综合指数上涨 2.9%，CS 汽车板块跑输沪深 300 指数 2.63pct，跑输上 证综合指数 3.03pct；汽 ...

1. 包钢股份、北方稀土双双宣布进一步上调稀土精矿关联交易价格。 今日导读 2. 《北京市深化改革提振消费专项行动方案》（下称《行动方案》）7月10日正式发布。 《行动方案》提出，力争到2030年，北京市场总消费额年均增长5%左右，打造2至3个 千亿级文商旅体融合消费新地标，在全球消费市场的辐射带动能力、资源配置能力和创新 引领能力进一步提升，国际消费中心城市建设取得新突破。 3. 记者从开普勒获悉，近日，公司完成A+轮融资，投资人为福然德和涛涛车业。这已是 公司近半年来，第三次披露融资进展。据了解，公司目前已经累计引入福然德、涛涛车 业、兆丰股份、 汉威科技 、乔锋智能、柯力传感和伟创电气7家上市公司股东。 宏观消息 1、自然资源部于10日发布消息，今年上半年，我国新发现矿产地38处，同比增长31%，其中大中型25 处。今年上半年，我国非油气矿产勘查投入资金66.93亿元，同比增长了23.9%，保持快速增长势头。 2、 金融监管总局发布关于防范虚假宣传诱导网络贷款的风险提示。近期，一些不法机构或平台通过 混淆概念、不实承诺、隐瞒风险等虚假宣传手段，诱导消费者办理网络贷款，不仅给消费者带来沉重 的经济负担，还 ...

Group 1: Automotive Industry Performance - In the first half of 2023, China's automotive production and sales exceeded 15 million units, with year-on-year growth of 12.5% and 11.4% respectively [1] - In June, automotive production reached 2.794 million units and sales reached 2.904 million units, showing year-on-year increases of 11.4% and 13.8% [1] - The growth trend is observed in both passenger and commercial vehicle markets, with a significant portion of new energy vehicle sales concentrated in the price range of 150,000 to 200,000 yuan [1] Group 2: New Energy Vehicle Subsidy Adjustments - The Ministry of Industry and Information Technology announced a reduction of approximately 860 million yuan in new energy vehicle promotion subsidies over five years, affecting multiple car manufacturers [2] - The discrepancies between the subsidy applications and actual amounts received are attributed to non-compliance in application materials rather than fraudulent claims [2] - The adjustment in subsidy policies is expected to shift companies from being policy-driven to market-driven, enhancing their competitiveness [2] Group 3: New Product Launches - Li Auto announced the official release of the Li Xiang i8, a six-seat pure electric SUV, scheduled for July 29, 2023 [3] - The i8 aims to redefine the pure electric SUV market, building on the foundation of Tesla's Model X while maximizing space [3] - This launch indicates Li Auto's strategy to expand in the family market, enhancing brand appeal and addressing diverse consumer needs [3] Group 4: Technological Advancements by BYD - BYD achieved a significant breakthrough in intelligent parking technology, comparable to Level 4 automation [4] - The company guarantees safety and loss coverage for users of its "Tian Shen Zhi Yan" vehicles in intelligent parking scenarios, ensuring no impact on insurance rates for the following year [4] - BYD's advancements in intelligent driving technology are expected to attract consumer interest and enhance brand value, positively influencing the overall confidence in the new energy vehicle sector [4]

Core Viewpoint - The design of the Li Auto i8, which resembles an MPV, has sparked internal debate, but the focus remains on user value rather than appearance. The priority is to enhance passenger comfort and safety while optimizing aerodynamics and range [1]. Group 1: SUV Evolution - SUVs have evolved from off-road vehicles to urban-centric models, prioritizing comfort, space, and fuel efficiency over traditional off-road capabilities [6][7]. - The original purpose of SUVs was to cater to the needs of urban driving, leading to a shift in design that often sacrifices true sport utility for aesthetic appeal [6][7]. - The term "Sport Utility Vehicle" has become somewhat misleading, as many modern SUVs lack genuine sport characteristics, focusing instead on utility [7]. Group 2: Electric Vehicle Impact - In the era of electric vehicles, the design and performance of SUVs have improved, with lower centers of gravity enhancing handling and acceleration [9]. - The introduction of models like the Tesla Model X and Model Y has redefined SUV design, making them more practical and sporty compared to traditional SUVs [10][11]. - The i8 is positioned to follow this trend, emphasizing a blend of sportiness and utility that aligns with consumer expectations in the electric vehicle market [12]. Group 3: Consumer Perspective - Consumers should focus on their needs rather than the classification of the vehicle as an SUV or MPV, emphasizing the importance of practicality, aesthetics, and technology in their purchasing decisions [12]. - The automotive industry is experiencing a shift in design and functionality due to the transition to electric vehicles, which may initially seem unfamiliar but can become appealing over time [12][13]. - Future consumers are likely to appreciate the innovative designs of vehicles like the i8, recognizing their timelessness and relevance in the evolving market [14].

Core Viewpoint - The article highlights significant stock movements in the Hong Kong and US markets, indicating various companies experiencing notable gains due to specific events or developments. Hong Kong Market Highlights - Li Auto (02015) saw a rise of over 3% as the launch of the Li i8 is set for July 29 [1] - Chinese banks experienced gains, with Zhengzhou Bank (06196) up 6.06%, Minsheng Bank (01988) up 4.97%, CITIC Bank (00998) up 3.24%, and Industrial and Commercial Bank of China (01398) up 1.8% [1] - Jiuyuan Gene (02566) increased by over 6% following the approval of its drug by the National Medical Products Administration [1] - Conant Optical (02276) rose over 6% as its net profit is expected to increase by over 30% year-on-year [1] - Puxing Energy (00090) surged over 220% after acquiring equity in HashKey Holdings Limited, entering the digital asset finance sector [1] - Blucube (00325) saw a rise of over 8% as it faced its first share unlock, with an accelerated pace of new product launches [1] - InnoCare Pharma (02577) rose over 5% as TSMC exited the GaN business, prompting cornerstone investors to extend their lock-up period [2] - Jitu Express (01519) increased over 4% due to strong package volume performance in Southeast Asia [2] - Apple-related stocks saw gains, with Cowell (01478) up 5.14%, Sunny Optical (02382) up 4.99%, BYD Electronics (00285) up 4.67%, and AAC Technologies (02018) up 1.89% [2] - From Yuzhi Agriculture (00875) surged over 13% as the company aims to build a comprehensive modern agriculture flagship group [2] - Fenbi (02469) rose over 5% following an upgrade to its AI question-answering system, which is expected to drive performance growth [2] - E-Surfing (02550) increased over 16% after Barclays acquired a 280 million stake and partnered with Huawei Cloud [2] - Cryptocurrency ETF and related stocks rose, with New Fire Technology Holdings (01611) up 10.82%, Xiong'an Technology (01647) up 10.23%, and others [2] - Superstar Legend (06683) surged over 20% as Jay Chou joined Douyin, gaining over 10 million followers [3] - Cornerstone Pharmaceuticals (02616) rose over 4% after its drug production application was approved by NMPA [3] - Longguang Group (03380) opened over 4% higher as its debt restructuring plan was approved by creditors [3] - Saijing Technology (00580) opened over 8% after announcing a projected net profit of approximately 90 million, a 167% year-on-year increase [3] - Derin Holdings (01709) opened nearly 15% higher as it plans to tokenize up to 500 million HKD in assets for distribution to shareholders [3] US Market Highlights - Deutsche Bank (DB.US) rose over 3% as it restructures its wealth management business in Germany to improve profitability [4] - UnitedHealth (UNH.US) fell over 1% amid reports of a US Department of Justice investigation into its medical insurance billing [4] - Futu Holdings (FUTU.US) increased over 9% after Morgan Stanley raised its target price to 160 USD [4] - Boeing (BA.US) rose over 3% as June aircraft deliveries reached an 18-month high [4] - Meta (META.US) increased nearly 2% as it reportedly invested 3.5 billion USD to enhance its AI smart glasses business [4] - Nvidia (NVDA.US) rose nearly 2%, reaching a historic high with a market capitalization of 4 trillion USD [4] - Microsoft (MSFT.US) hit a historic high with a market capitalization of 3.74 trillion USD, following an upgrade from Oppenheimer [4]

Core Viewpoint - Li Auto reported a total of 36,279 vehicle deliveries in June 2025, with a total of 111,074 deliveries in Q2 2025, indicating a short-term fluctuation in sales due to changes in the sales team [1] Group 1: Delivery and Sales Performance - In June 2025, Li Auto delivered 36,279 new vehicles, representing a year-on-year decrease of 24.1% and a month-on-month decrease of 11.2% [1] - The sales fluctuation is attributed to changes in the sales team, while product upgrades in May are expected to enhance product competitiveness [1] Group 2: Product Strategy and Launches - Li Auto is set to accelerate its high-voltage pure electric product offerings in H2 2025, with the launch of the six-seat pure electric SUV Li i8 in July and the five-seat pure electric SUV Li i6 in September [1] - The product lineup will include four range-extended electric SUVs, one flagship MPV, and two high-voltage pure electric SUVs, aiming to optimize the product matrix and improve sales [1] Group 3: AI Development and Capabilities - Li Auto is enhancing its AI capabilities, leveraging its computational power and data scale, with a strategic focus on accelerating AI investment and development [1] - The OTA 7.4 version update introduced a new virtual assistant, enhancing the vehicle's smart capabilities and enabling complex transactions [1] Group 4: Infrastructure and Service Network - As of June 30, 2025, Li Auto has established 530 retail centers across 151 cities and 511 after-sales service centers across 222 cities [1] - The company has deployed 2,851 Li Supercharging stations with 15,655 charging piles nationwide, ensuring a robust service ecosystem to support steady sales growth [1] Group 5: Financial Projections - Li Auto's projected revenues for 2025-2027 are 164.4 billion, 239.6 billion, and 300.8 billion yuan, with year-on-year growth rates of 13.8%, 45.7%, and 25.5% respectively [2] - The expected net profits for the same period are 9.6 billion, 12.81 billion, and 18.35 billion yuan, with growth rates of 19.6%, 33.4%, and 43.2% respectively [2] - Earnings per share (EPS) are projected to be 4.49, 5.98, and 8.57 yuan per share for 2025, 2026, and 2027 respectively [2]