Tianfeng Securities released a research report stating that the bank believes the extreme sentiment regarding concerns over domestic consumer spending at the trading level has been digested in Q3. In fact, automotive consumption showed a slight recovery trend in July, driven by the vehicle replacement policy. Thereafter, it is indeed difficult to determine the continuity of market demand, but the fundamentals of Li Auto-W (02015) are expected to gradually trend upwards in Q3 and Q4. The bank also predicts that the development of asia vets technology is likely to drive the increase in unit value/gross margin. With the completion of L6 ramp-up and the gradual recovery of the 789 orders, gross margins are expected to be further released, thus determining that Li Auto is likely to release elasticity from gross profit and net income in the second half of the year. The bank forecasts the company's adjusted net income for 2024/25 to be 11.6/14.8 billion yuan.