LI AUTO-W (02015) experienced a notable surge in morning trading, climbing more than 5% at its intraday peak. As of the latest update, the stock was trading up 3.80% at HK$48.14, with turnover reaching HK$327 million. This upward momentum follows the recent launch of the company's new-generation MEGA Home model, priced at a starting point of RMB 509,800.

On September 3rd, Morgan Stanley released a research report highlighting that Li Auto has unveiled its new MEGA model, featuring a single configuration priced at RMB 509,800—a reduction of RMB 50,000 compared to the 2025 version of MEGA Home. The investment bank notes that this iteration focuses primarily on enhancing handling performance and autonomous driving capabilities, rather than making adjustments to interior details.

The new vehicle comes equipped with steer-by-wire technology and rear-wheel steering, which reduces the turning radius of the 5.35-meter-long MEGA from 6.2 meters to a more agile 5.5 meters. Additionally, it boasts an 800V active anti-roll chassis, dual M100 chips, and four LiDAR sensors, providing the necessary hardware foundation for continuous OTA upgrades.

By adopting a single configuration with all-standard equipment, the new MEGA helps lower decision-making costs for consumers while simultaneously streamlining production and delivery processes. Morgan Stanley anticipates that MEGA's monthly sales will gradually recover, with further benefits expected from overseas market expansion. Meanwhile, the upcoming i9 model is positioned as the next focal point to support short-term sales volume and the growth of the pure electric vehicle segment. The bank maintains its "Overweight" rating on Li Auto with a target price of HK$78.5.