Guojin Securities: Transition from traditional fuel to new energy, focusing on two main themes of brand premium and design premium.

Guojin Securities pointed out that in the analysis of luxury fuel vehicles, the market has the attributes of pursuing premium, including brand premium, design premium, and technology premium. In the competition of luxury vehicles in the new energy era, the change is reflected in the weakening of technological attributes, with some brands still in the phase of establishing themselves, and the core factor still being brand and design. The domestic replacement in the high-end market is not easily influenced by market price wars. The competition pattern is destined to be excellent due to the requirement for brand power. Currently, the coexistence of incremental demand and domestic replacement is seen in the high-end market of the new energy era, where the main focus is on brand premium and design premium.