Core Viewpoint - The article highlights the growing concern over the safety mechanisms of hidden door handles in vehicles following a recent explosion incident involving a Xiaomi car, prompting a market focus on the safety logic and design variations among different automotive brands [3][4]. Group 1: Vehicle Testing and Design Variations - A random test of over ten mainstream car brands, including Tesla, Xiaopeng, and Wanjie, revealed that hidden door handles are prevalent, but their safety mechanisms and opening methods vary significantly [3][5]. - The tested vehicles feature a mix of electronic and mechanical door handles, with most mechanical handles located inside the car, while hidden handles dominate the exterior design [5][9]. - Different brands employ various methods for unlocking and opening doors, such as pressing down on the handle or using touch sensors, indicating a range of design philosophies [6][7][8]. Group 2: Emergency Unlocking Mechanisms - Emergency unlocking features vary across brands, with some models automatically triggering unlock functions in emergencies, while others retain traditional mechanical handles for emergency access [8][10]. - The placement of mechanical unlocking mechanisms within the vehicle is often not intuitive, making it challenging for drivers or rescuers to locate them quickly in emergencies [10]. Group 3: Design Philosophy and Market Trends - The design choices reflect differing philosophies, with some brands like Great Wall and Volkswagen opting for traditional handle designs to prioritize energy efficiency and user experience [9][10]. - The article suggests that the automotive industry is at a crossroads, balancing innovative designs with practical safety considerations in response to consumer concerns [9].

Core Insights - The recent explosion incident involving the Xiaomi SU7 in Chengdu has heightened market focus on the safety mechanisms of car door handles [1] - A variety of car brands, including Tesla, Xiaopeng, and Wanjie, were tested for their door handle designs, revealing significant differences in safety logic and unlocking methods [1][2] Group 1: Door Handle Mechanisms - Many tested vehicles feature a mix of electronic and mechanical door handles, with hidden door handles being the mainstream design [1] - For instance, the Tesla Model Y and Xiaopeng MONA 03 require a press-and-pull mechanism after unlocking with a remote key [1] - The Wanjie M5 uses a hidden handle with a push design, while the M8 employs a sensing mechanism with a semi-hidden handle [2][3] Group 2: Emergency Unlocking Features - Some models, like the Zeekr 7X, automatically trigger unlocking in emergencies, utilizing a backup power source located at the rear of the vehicle [3] - The Volkswagen ID.6 offers both traditional and emergency pull-up handle options for unlocking doors [3] - The design of mechanical unlocking mechanisms varies, with some being less accessible and hidden within storage compartments [4] Group 3: Design Philosophy and Safety Considerations - Different brands exhibit varying design philosophies, with some, like Great Wall, opting for conservative designs focused on energy efficiency and user experience [4] - The placement of mechanical unlocking mechanisms is often not intuitive, making it challenging for drivers or rescuers to locate them in emergencies [4] - Recent designs, such as those from Tesla, have improved visibility for mechanical unlocking methods, contrasting with traditional designs that may hide these features [4]

Core Viewpoint - The article provides a comprehensive overview of upcoming vehicle models from various manufacturers, detailing their specifications, market segments, and expected launch dates. Group 1: Upcoming Vehicle Models - Chery New Energy's QQ Ice Cream is set to launch on August 23, 2025, in the A00 HB segment with a price range of 36,900 RMB [15] - Toyota's Lexus NX will be available on August 23, 2025, as a B SUV with a price range of 299,800 to 509,800 RMB [23] - Chery's Jetour X70 PLUS is scheduled for release on August 25, 2025, in the B SUV segment, priced between 113,900 and 136,900 RMB [31] - NIO's Firefly will launch on August 25, 2025, as an AO HB with a price of 133,800 RMB [38] - Chery's LUXEED R7 will be available on August 25, 2025, in the C SUV segment, with prices ranging from 249,800 to 309,800 RMB [46] Group 2: Specifications and Features - The QQ Ice Cream features a pure electric engine with a range of 205 km and a battery capacity of 17.4 kWh [15] - The Lexus NX offers multiple engine options, including a 2.5L hybrid with a power output of 139 kW and a torque of 241 Nm [22] - The Jetour X70 PLUS is equipped with a 1.5T engine, providing a power output of 115 kW and a torque of 230 Nm [31] - NIO's Firefly has a pure electric engine with a range of 420 km and a battery capacity of 42.1 kWh [38] - The LUXEED R7 offers both range-extended and pure electric options, with the latter providing a range of up to 802 km [46] Group 3: Market Segments and Engineering Changes - The QQ Ice Cream is categorized as a new model (NM) with no significant engineering changes [15] - The Lexus NX is classified as a mid-cycle enhancement (MCE1), indicating minor updates [23] - The Jetour X70 PLUS also falls under MCE1, suggesting some improvements without a complete redesign [31] - NIO's Firefly is a new model (NM) with no major engineering modifications [38] - The LUXEED R7 is classified as MCE1, indicating updates to features and specifications [46]

Investment Rating - The report assigns an "Outperform" rating to NIO Inc. with an expected relative return exceeding 10% over the next 12-18 months [19][21]. Core Insights - The ONVO L90 was officially launched on July 31, with a starting price of RMB 265,800 for the Pro version and RMB 299,800 for the top-spec variant. The BaaS model allows for prices between RMB 179,800 and RMB 213,800, which is lower than key competitors [1][7]. - The L90's pricing strategy is designed to create a significant cost advantage over competitors like Li i8 and AITO M8 EV, making it attractive to consumers [2][8]. - The L90 features a large body size and spacious storage capacity, with a total of 670L, and includes advanced interior technology and performance specifications that highlight its differentiation in the market [3][9]. Pricing Strategy - The L90's one-time purchase price is approximately RMB 70,000 lower than its main competitors, and the BaaS plan effectively lowers the entry cost for consumers [2][8]. - The vehicle retains high-performance specifications while offering practical features, supported by NIO's extensive charging and battery-swap infrastructure [2][8]. Product Differentiation - The L90 boasts a large body size of 5145×1998×1766 mm and a wheelbase of 3110 mm, providing advantages over competitors in the large 6-seat electric SUV segment [3][9]. - It includes innovative interior features such as a 17.3-inch 3K ceiling-mounted display and a 35-inch AR-HUD, along with performance metrics that emphasize its technical superiority [3][9]. Delivery and Service Strategy - The L90 adopts an "order now, deliver immediately" approach, addressing previous issues with long delivery times for NIO models. Initial demand is strong, with expected stable monthly sales of 6,000 to 7,000 units [4][10]. - Future models like the L80 could further penetrate the market by lowering the price point, potentially reaching monthly sales of 10,000 units [4][10].

Core Viewpoint - The automotive sector is expected to continue its growth trajectory, driven by three main themes: dividends, smart technology, and robotics [4][5][11]. Weekly Review - In the second week of July, the number of compulsory insurance registrations for vehicles was 362,000, reflecting a week-over-week decrease of 8.9% and a month-over-month decrease of 19.6% [49]. - The performance of sub-sectors showed significant variation, with commercial trucks leading at +9.4%, followed by auto parts at +4.1%, and passenger vehicles at +1.8% [4][11]. Research Outcomes - The team released in-depth reports on the domestic market prospects for range-extended vehicles and the evolution of the automotive lighting industry, highlighting the decline of Japanese brands and the rise of domestic manufacturers [2]. Industry Changes 1. The Li Auto i8 has opened for pre-orders with an expected price range of 350,000 to 400,000 yuan, with a launch event scheduled for July 29 [3]. 2. Great Wall Motors reported a revenue of 92.367 billion yuan for H1 2025, a year-over-year increase of 1.03%, but a net profit decrease of 10.22% to 6.337 billion yuan [3]. 3. Jifeng Co. projected a net profit of 150 to 180 million yuan for H1 2025, marking a significant year-over-year increase of 182.25% to 238.70% [3]. 4. Wencan Co. forecasted a net profit of 1.2 to 1.5 million yuan for H1 2025, a decrease of 81.67% to 85.33% year-over-year, primarily due to geopolitical factors and rising energy prices in Europe [3]. Sector Configuration - The automotive sector is advised to focus on three main lines: dividends and good structure, AI smart technology, and AI robotics. The recommendation is to increase the allocation towards dividend-style investments in the second half of the year compared to the first half [5][11]. - Key stocks in the dividend and good structure line include Yutong Bus, China National Heavy Duty Truck, and Fuyao Glass [6][11]. - For the AI smart technology line, preferred stocks include Xpeng Motors and Li Auto in Hong Kong, and companies like Seres and BYD in A-shares [6][11]. - In the AI robotics line, recommended stocks include Top Group and Precision Forging Technology [7]. Market Performance - The automotive sector in A-shares ranked third this week, while the Hong Kong automotive sector ranked fourth [15][11]. - The overall market saw a rebound across various segments, particularly in commercial trucks and the Hong Kong automotive index [4][11].

Group 1 - Tesla announced the launch of the Model Y L, a new six-seat electric SUV designed specifically for the Chinese market, with dimensions of 4976mm in length, 1920mm in width, and 1668mm in height, and a wheelbase of 3040mm [2][4] - The Model Y L is expected to be priced around 400,000 RMB and aims to meet the diverse needs of the Chinese market, marking Tesla's continued efforts to refine its market strategy in China [2][4] - Following the announcement, Tesla's stock price rose by 3.50%, indicating market optimism regarding the new model [3] Group 2 - In 2024, Tesla is projected to deliver approximately 1.789 million vehicles globally, a slight decline of 1.1% from 2023, while its sales in China are expected to exceed 657,000 units, representing an 8.8% year-on-year increase [3] - Tesla's reliance on the Chinese market is significant, with 34% of its global sales coming from China, and in June 2024, Tesla delivered 61,484 vehicles in China, a record monthly figure [3][4] - Despite strong sales in China, Tesla's market share has decreased from a peak of 15% in 2020 to 7.6% in 2024, highlighting competitive pressures from domestic electric vehicle manufacturers [3][4] Group 3 - The Model Y L enters a competitive segment of the electric vehicle market, specifically targeting the growing demand for six- and seven-seat SUVs in China, which is expected to see over 80% growth by 2025 [6] - Domestic competitors like Li Auto and Aito are launching their own electric SUVs to capture market share, with features that may surpass Tesla's offerings in terms of technology and user experience [6][7] - Industry leaders have acknowledged the arrival of the Model Y L, indicating a competitive landscape where Tesla will face direct challenges from established local brands [7]