针对这一现状，哈弗Hi4技术通过三方面创新实现了突破：首先，在成本方面，通过前驱模块的集成化 设计降低了生产成本，并结合长城汽车自有供应链的优势，最终使四驱车型也能以亲民的价格推向市 场；其次，在功能层面，Hi4具备全地形适应能力，覆盖从日常城市道路到轻度越野的多种场景，显著 拓展了四驱的实际应用范围；此外，随着家庭用户对行车安全性和道路通过性需求的不断提高，哈弗凭 借四驱技术有效回应了消费者"一车多用"的期待。 "以Hi4四驱技术为核心，哈弗覆盖家用、越野等多场景需求，彻底告别'两驱够用'的传统思维；瞄准15 万元级中型SUV市场，以高性价比打破四驱车型的高价壁垒，实现'两驱价格，四驱体验'。"哈弗品牌 总经理赵永坡此前在接受记者采访时呼吁，行业应共同推动新能源四驱技术的普惠化，让四驱从"高端 专属"走向"全民可享"。 哈弗大狗PLUS定位家庭泛越野中型SUV，在六个方面进行了产品的升级。在外观上，承袭铠甲力量美 学，塑造刚健挺拔的视觉气场。在性能上，哈弗大狗PLUS推出燃油和PHEV两种动力选择。其中PHEV 版采用第二代Hi4智能四驱电混技术，这一技术打破了传统四驱"高成本、高门槛"的技术壁垒；燃油版 ...

Core Viewpoint - The Great Wall Motors has officially launched the pre-sale of its new "V6 Cannon" pickup truck at the Chengdu Auto Show, with a starting price of 229,800 yuan, along with exclusive pre-sale benefits [1] Group 1: Product Features - The V6 Cannon is built on the intelligent professional off-road tank platform, featuring three unique advantages: short wheelbase, lightweight design, and powerful engine [3] - It is equipped with a 3.0T V6 engine that delivers a maximum net power of 260 kW and peak torque of 500 N·m, achieving 0-100 km/h acceleration in approximately 6 seconds [5] - The vehicle has a short wheelbase of 2745 mm and a total weight of only 2285 kg, enhancing its off-road capabilities [7] Group 2: Performance and Technology - The V6 Cannon features an upgraded BorgWarner high-performance four-wheel drive system, with a torque capacity increased to 3300 N·m and a low gear ratio improved from 2.48 to 2.64, enhancing its off-road performance [9] - It includes a self-developed 9AT transmission with over 97% efficiency and a maximum torque capacity of 750 N·m, providing smoother gear shifts and greater torque handling [5] - The vehicle is equipped with various off-road driving modes, including a mode for expert off-road driving that allows for the deactivation of electronic aids, catering to enthusiasts seeking a pure mechanical driving experience [9] Group 3: Customization and Market Positioning - The V6 Cannon supports factory customization, ensuring compliance and ease of registration, inspection, and after-sales service [11] - It is positioned as a new option in the hardcore off-road market, allowing more ordinary consumers to pursue off-road adventures [11]

Core Viewpoint - Wei brand is establishing itself as a high-end new energy brand by creating value for users through a direct-to-consumer (DTC) model, achieving significant delivery milestones and expanding its retail presence across China [1][3][10]. Group 1: DTC Model and User Engagement - The DTC model is designed to listen to users' genuine feedback, ensuring a professional, efficient, and convenient service experience [3]. - Wei brand has invested heavily in building digital channels, increasing its retail centers from 0 to over 460 in just over a year, with plans to expand to 700 centers covering over 200 cities by the end of the year [3]. Group 2: Sales Performance and Product Launches - In the first seven months of the year, Wei brand's cumulative sales exceeded 40,000 units, re-establishing its position in the high-end new energy market [5]. - The newly launched Gao Shan model has delivered nearly 20,000 units since its release in May, marking a new era for MPV families [5]. - The upcoming Gao Shan 7 model is positioned as a family-oriented vehicle, emphasizing spaciousness and comfort, with a price point under 300,000 [6]. Group 3: Product Features and Market Position - The Lan Shan model has excelled in media tests for advanced driving assistance and extreme range, achieving over 100,000 units delivered, making it the third six-seat new energy SUV to reach this milestone [8]. - The popularity of Gao Shan and Lan Shan in the 300,000 market segment indicates that Wei brand has found its "value high ground" in the exploration of high-end new energy brands [10]. Group 4: Future Developments - Wei brand announced the upcoming launch of a next-generation all-power intelligent super platform, which is the only platform globally compatible with five power forms, featuring advanced technologies such as a dual 4-second 2.0 hybrid system and an 800V hybrid architecture [10].

花旗发表报告指，长城汽车第二季盈利符合市场预期，管理层重申对下半年出货量较半年增长40%至 50%的乐观指引，受到强劲产品周期支持。该行将长城汽车目标价由18.6港元上调至23.7港元，评级"买 入"；将2026/2027年销量预测上调至167万及178万辆，净利润上调至170亿元及174亿元，预计毛利率稳 定在17.5%。 ...

花旗发表报告指，长城汽车第二季盈利符合市场预期，管理层重申对下半年出货量较半年增长40%至 50%的乐观指引，受到强劲产品周期支持。该行将长城汽车目标价由18.6港元上调至23.7港元，评级"买 入"；将2026/2027年销量预测上调至167万及178万辆，净利润上调至170亿元及174亿元，预计毛利率稳 定在17.5%。 ...

格隆汇9月1日｜浙商证券研报指出，长城汽车产品定位清晰，聚焦哈弗SUV+硬派越野+高端新能源细 分赛道，打造差异化竞争优势。插混技术服务于品牌建设，Hi4/Hi4-T主打高性价比四驱混动系统，助 力突出产品个性化标签定位。依托国内较强产品实力，开拓高毛利海外汽车市场，提升公司整体盈利能 力。2024年全年国内硬派越野车型销量第一为坦克300，共计7.4万辆，占据着该细分市场相当可观的份 额。且随着硬派越野车型的逐渐丰富，该细分市场有望进一步扩大。坦克车型借助Hi4-T、Hi4-Z插混系 统扩大产品竞争优势，打造硬派越野高端品牌。首次覆盖，给予"买入"评级。 ...

Core Viewpoint - The launch of the new high-end electric MPV model, Gaoshan 7, by Great Wall Motors' premium brand Wey, marks a strategic move to strengthen its position in the competitive 300,000 RMB market segment, emphasizing advanced features like laser radar and intelligent driving capabilities [1] Group 1: Product Launch and Features - The Gaoshan 7 is highlighted as the "only MPV under 300,000 RMB equipped with standard laser radar," enabling parking assistance from space to space, directly competing with higher-end models in terms of intelligent driving [1] - The pricing strategy for Gaoshan 7 is set below 300,000 RMB, avoiding direct competition with popular models like the Denza D9, while aiming to solidify Wey's market position with its unique combination of "laser radar + intelligent four-wheel drive" [1] Group 2: Market Performance - Wey has achieved over 10,000 units sold for two consecutive months, with total sales exceeding 40,000 units from January to July this year, indicating a return to the mainstream of the high-end electric vehicle market [1] Group 3: Future Developments - At the auto show, Wey announced the upcoming launch of the next-generation all-power intelligent super platform, which is based on Great Wall Motors' 35 years of technological accumulation and will support five different power forms [1] - The new platform will feature advanced technologies, including a dual 4-second 2.0 hybrid system, 800V hybrid architecture, large hybrid battery packs, and a pure electric range exceeding 400 kilometers [1]

Core Viewpoint - Great Wall Motors' stock price has shown a modest increase this year, with significant gains over the past 20 and 60 days, indicating positive market sentiment towards the company [2]. Financial Performance - For the first half of 2025, Great Wall Motors achieved operating revenue of 92.335 billion yuan, a year-on-year increase of 0.99%, while net profit attributable to shareholders decreased by 10.48% to 6.337 billion yuan [2]. - The company has distributed a total of 34.696 billion yuan in dividends since its A-share listing, with 8.95 billion yuan distributed in the last three years [3]. Stock Market Activity - As of September 1, Great Wall Motors' stock price was 26.38 yuan per share, with a market capitalization of 225.785 billion yuan [1]. - The stock has increased by 1.93% year-to-date, 2.81% over the last five trading days, 18.72% over the last 20 days, and 19.15% over the last 60 days [2]. Shareholder Structure - As of June 30, 2025, the number of shareholders increased to 178,500, reflecting a growth of 18.73% [2]. - Major shareholders include China Securities Finance Corporation and Hong Kong Central Clearing Limited, with notable changes in their holdings [3].

Core Viewpoint - The automotive sector underperformed the market this week, with A-share automotive stocks rising only 1.7%, ranking 18th among Shenwan sub-industries, compared to the 4.3% increase in the CSI 300 index [1][2]. Weekly Data - In the week of August 18-24, 2025, passenger car sales reached 478,000 units, up 4.5% year-on-year and 9.3% month-on-month. New energy passenger car sales were 268,000 units, up 11.0% year-on-year and 8.1% month-on-month, with a penetration rate of 56.0%, down 0.6 percentage points [2]. Market Performance - The automotive sector's performance this week was weaker than the market, with specific segments showing varied results: commercial trucks up 4.7%, auto parts up 1.9%, passenger cars up 1.4%, motorcycles and others up 1.2%, and commercial passenger vehicles up 0.9%. However, automotive services declined by 3.2% [1][2]. Company Performance - Notable performances were reported by companies such as SAIC Motor and Great Wall Motors in Q2 2025. SAIC Motor's revenue was 158.73 billion yuan, up 12.1% year-on-year and 12.7% month-on-month, with a net profit of 2.58 billion yuan, up 334.6% year-on-year. Great Wall Motors reported revenue of 52.316 billion yuan, up 7.7% year-on-year and 30.7% month-on-month, with a net profit of 4.59 billion yuan, up 19.4% year-on-year and 161.9% month-on-month [3]. New Model Orders - Several new models have shown strong order performance, with significant pre-sale numbers: Great Wall Tank 500 secured 12,257 orders in 2 hours; AITO M8 electric version received over 7,000 orders in 2 hours; and XPeng P7 surpassed 10,000 orders in 7 minutes. Upcoming models include AITO M7, SAIC's H5, NIO ES8, and Geely's Zeekr 9X, expected to boost sales further [3]. Investment Recommendations - The report suggests focusing on key stocks in the automotive sector, including Geely, XPeng, Li Auto, BYD, Xiaomi Group, Bertley, Top Group, New Spring, Hu Guang, and Chunfeng Power [2]. - For the parts sector, recommendations include intelligent driving companies like Bertley and Horizon Robotics, and new energy vehicle supply chain companies like Xingyu and Hu Guang [5]. - In the motorcycle segment, the report recommends leading companies like Chunfeng Power and Longxin General [6]. - For tires, the recommendation includes Sailun Tire and Senki Lin [7]. - In heavy trucks, the report suggests focusing on China National Heavy Duty Truck [8].

Core Insights - The research report from Guojin Securities highlights a significant rebound in the wind turbine bidding scale for central state-owned enterprises, reaching 10.3 GW in August, marking an 88% month-on-month increase and a 0.4% year-on-year increase [1][2] - Wind turbine average bidding prices have also seen a 5% increase in July and August, reaching 1647 RMB/kW, with an 11% increase compared to the average price for the entire year of 2024 [1][2] Wind Power - The wind power sector has shown a strong recovery in August after a decline in June and July, with a notable increase in bidding scale [2] - The average bidding price for wind turbines has increased significantly, indicating a positive trend in pricing [2] AIDC (Artificial Intelligence Data Center) - The sentiment in the liquid cooling sector has improved following a period of adjustment, with domestic companies reporting progress in liquid cooling products [2] - The HVDC (High Voltage Direct Current) segment continues to gain attention, with updates on industry developments [2] Photovoltaics & Energy Storage - The photovoltaic main chain experienced mixed results in Q2, with some companies expected to show strong improvements in Q3 due to effective measures against internal competition [2] - Companies with the ability and willingness to extend their business into high-growth sectors are recommended for attention [2] Lithium Batteries - Lithium battery production in September exceeded expectations, with a projected increase of 4% to 8% in Q3, indicating a high level of market activity [3] - Price increases for key materials have been observed, and solid-state battery development is accelerating [3] Hydrogen and Fuel Cells - The lack of electricity accessibility in the U.S. grid is a significant constraint for data center operations, with a projected 45 GW power shortfall from 2025 to 2028 [3] - Microgrids are becoming essential for supporting AI project implementations in areas without traditional grid access [3] Power Grid - The third batch of bidding for State Grid's ultra-high voltage equipment is in line with expectations, with an acceleration in the bidding pace anticipated [4] - Companies like Mingyang Electric and Jinpan Technology have reported positive Q2 performance, indicating growth opportunities in the data center sector [4] New Energy Vehicles - The market for new energy vehicles is showing signs of recovery, although the overall growth rate remains under pressure due to high year-on-year comparisons [4] - Financial reports from major manufacturers indicate a clear differentiation in performance, suggesting opportunities for secondary leading companies [4] Important Industry Events - Eight manufacturers have qualified for a 10 GW tender from Datang, with generally rising bid prices [5] - Significant developments in the hydrogen energy sector include the establishment of a liquid hydrogen base and support for SOFC and SOEC technology applications [5]