On July 6, Li Auto-W declined 3.04% in regular trading, trading at HK$45.94/share, with turnover of HK$318 million. The selloff was triggered by a bearish research note from Daiwa Capital Markets, which initiated a top sell rating on the stock with a target price of HK$40, citing domestic market pressure and model transition headwinds.

Daiwa noted that Li Auto's June sales significantly underperformed expectations. The company delivered 30,895 vehicles in June, representing a 14.8% year-over-year decline and a 7.36% sequential decline, making it the only brand among China's new energy vehicle startups to record both YoY and MoM delivery drops. First-half cumulative deliveries reached 193,500 units, down 5.1% year-over-year, trailing peers including Leapmotor, NIO, and Zeekr.

Within the Automobile Manufacturers sector, Li Auto notably underperformed peers. Among sector constituents, BYD Company down 0.06%, Geely Auto up 3.5%, XPeng up 1.64%, Leapmotor up 4.19%, Great Wall Motor up 1.02%.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)