LI AUTO-W surged 5.37% during Wednesday's trading session, driven by a combination of aggressive share repurchases and robust delivery momentum for its new models.

The company has maintained a high-frequency buyback cadence, repurchasing approximately 583,800 shares on July 27 for around US$3.66 million. Since the buyback program was authorized on May 29, cumulative repurchases have reached about 62.57 million shares, accounting for 2.92% of issued share capital.

On the product front, the Li i6 has recorded monthly sales exceeding 20,000 units for four consecutive months, with the 160,000th unit rolling off the assembly line on July 21. Meanwhile, first deliveries of the new-generation Li L6 began on July 20 at a unified retail price of RMB 249,800. Morgan Stanley reiterated an Overweight rating with a target price of HK$78.5, citing the L6's compelling value in the five-seat SUV segment.