理想i6 正式上市，重回大单品策略。i6 重回大单品策略，仅推出一款车型定价24.98 万元，实现与增程 L6 起售同价。i6 首销权益扎实，包括一万元现金优惠及标配空悬，实际定价进一步下探。 i6 定位为五座中大型SUV，搭载5C磷酸铁锂电池，续航最高可达720km，并支持500kW超充，结合 3300+座超充站布局，我们预计其有望有效缓解用户里程焦虑。智能化方面，i6 标配激光雷达与Thor芯 片，配合AD Max和VLA架构，强化高阶智能驾驶体验。车内则突出"皇后座"与"小客厅"等家庭属性， 增强对家庭用户的吸引力。我们认为i6 有望成为公司销量增长的重要驱动力。 自研芯片加速推进，智能化优势逐步显现。智能化方面，公司近期取得诸多积极进展，1）自研的智能 驾驶芯片已正式完成样片回片，进入量产前的关键阶段。目前，M100 芯片已经小批量进行样车道路测 试，目标实现更高的性能与能效平衡。2）公司智能驾驶基座模型采用端到端+VLA架构，坚持自研并 不断提升在智能驾驶领域的计算能力和用户体验。展望未来，我们看好公司前瞻性AI布局，及其在泛 AI领域的能力表现。 机构：中金公司 研究员：邓学/常菁/杨东冀 公司近 ...

理想i6正式上市，重回大单品策略 中金发布研报称，维持理想汽车-W(02015)跑赢行业评级。港美股分别对应36/26x25E和17/14x26E P/E， 维持2025/26年盈利预测，维持港美股目标价108港币/28美元，分别对应38/28x25E和18/15x26E P/E，存 在8%/8%上行空间。9月26日，公司召开理想i6发布会，并实现发布即交付。 中金主要观点如下： 持续拓展渠道建设，26年领先优势清晰 公司近期在渠道端积极调整，包括优化一二三线城市门店组合，迁移低效门店，平衡商场店(高获客)与 中心店(高转化)的比例，也规划通过"繁星店"的轻量化模式来拓展四五线城市，缩短开店周期，降低投 资。此外，针对如何延长产品周期的问题，公司管理层于2Q25业绩会中表示将持续优化产品SKU和配 置策略，提升迭代频率，确保出牌频率更快，公司对2026年整车产品力和人工智能体系化能力上超过 2022年理想L9时代在行业的领先程度充满信心。 i6重回大单品策略，仅推出一款车型定价24.98万元，实现与增程L6起售同价。i6首销权益扎实，包括一 万元现金优惠及标配空悬，实际定价进一步下探。i6定位为五座中大型SU ...

Core Viewpoint - CICC maintains an "outperform" rating for Li Auto-W (02015), with target prices set at HKD 108 and USD 28, indicating an upside potential of 8% for both Hong Kong and US stocks [1] Group 1: Product Launch and Strategy - The Li Auto i6 has officially launched, returning to a single product strategy with a pricing of CNY 249,800, matching the starting price of the extended range L6 [2] - The i6 offers solid sales incentives, including a cash discount of CNY 10,000 and standard air suspension, further lowering the effective price [2] - Positioned as a five-seat mid-large SUV, the i6 features a 5C lithium iron phosphate battery with a maximum range of 720 km and supports 500 kW ultra-fast charging [2] - The i6 is equipped with laser radar and Thor chip, enhancing advanced intelligent driving experiences, and emphasizes family-oriented features like the "queen seat" and "small living room" [2] Group 2: Technological Advancements - The company has made significant progress in its self-developed smart driving chips, with the M100 chip entering the critical stage before mass production and undergoing road tests [3] - The intelligent driving base model employs an end-to-end + VLA architecture, focusing on self-research to enhance computational capabilities and user experience in smart driving [3] - The company is optimistic about its forward-looking AI layout and capabilities in the broader AI field [3] Group 3: Channel Expansion and Market Position - The company is actively adjusting its channel strategy by optimizing store combinations in first to third-tier cities and migrating inefficient stores [4] - Plans include expanding into fourth and fifth-tier cities through a lightweight "Star Store" model to shorten opening cycles and reduce investment [4] - Management expressed confidence in enhancing product SKU and configuration strategies to ensure faster product iteration and maintain a leading position in the industry by 2026 [4]