Core Insights - The phenomenon of executives becoming internet celebrities at auto shows is declining, with a shift towards professional athletes and entertainers promoting products, indicating a return to the essence of business in the Chinese automotive industry [1][2][3] Group 1: Changes in Marketing Strategies - The previous trend of executives as marketing figures has cooled down, with fewer high-profile appearances at the 2025 Guangzhou Auto Show compared to previous years [2][3] - Companies are now focusing on the value of their products rather than just marketing gimmicks, emphasizing the importance of product quality and safety [6][8] - The presence of professional athletes as brand ambassadors is becoming more prominent, aligning their positive public image with the values of automotive brands [3][5] Group 2: Consumer Behavior and Market Dynamics - Consumers are becoming more rational and informed, moving away from impulsive buying based on brand names or celebrity endorsements [9] - The automotive industry is facing a "profitless growth" dilemma, prompting a reevaluation of competitive strategies and a focus on quality over quantity [8] - Regulatory changes and industry self-discipline are influencing a more cautious approach to marketing and product claims [7][8]

Group 1 - The core viewpoint of the news is that Great Wall Motors has clarified that there are currently no specific plans for building a factory in Europe, despite earlier comments suggesting a potential expansion into the European market [2] - Great Wall Motors aims to achieve an annual production target of 300,000 vehicles in Europe by 2029 and is actively searching for potential factory locations, including Spain and Hungary [2] - The company is facing multiple complex factors in its decision-making process, including labor and logistics costs, EU industrial policies, investment environment, and tariff changes, all of which will influence the final site selection [2] Group 2 - In terms of production and sales, Great Wall Motors has shown steady growth, with a total production of 140,500 units in October, representing a year-on-year increase of 22.01% compared to 115,153 units in the same month last year [3] - For the period from January to October 2025, the cumulative production reached 1,060,316 units, a 9.7% increase from 966,579 units in the same period last year [3] - The total sales in October were 143,078 units, reflecting a year-on-year growth of 22.5% compared to 116,799 units in October of the previous year [3] - Cumulatively, sales from January to October 2025 reached 1,066,436 units, marking a 9.87% increase from 970,612 units in the same period last year [3]

Core Viewpoint - Great Wall Motors has denied rumors regarding the establishment of a manufacturing plant in Europe, stating that there are currently no plans for such an investment [1][3]. Group 1: European Expansion Plans - Great Wall Motors' international president, Shi Qingke, clarified that the company is evaluating investment opportunities in Europe but has not conducted any site assessments in the region [1]. - The company has established Great Wall Motors Europe Technology Center in Germany, focusing on research and design of vehicles and automotive parts [1]. - Previous reports about Great Wall Motors exploring multiple European countries for potential factory sites are based on information prior to 2025 [1]. Group 2: Financial Performance - In the third quarter of 2025, Great Wall Motors reported a revenue of 612.47 billion yuan, a year-on-year increase of 20.51%, but the net profit attributable to shareholders decreased by 31.23% to 22.98 billion yuan [2]. - For the first three quarters of 2025, the company achieved a revenue of 1,535.82 billion yuan, up 7.96% year-on-year, while the net profit fell by 16.97% to 86.35 billion yuan [2]. - The decline in profit is attributed to increased investments in new user channels, new model launches, and brand promotion efforts [2]. Group 3: Stock Performance - As of the market close, Great Wall Motors' A-shares were priced at 21.90 yuan per share, reflecting a 0.64% increase, with a total market capitalization of 1,874 billion yuan [4]. - The company's stock has experienced a decline of over 15% year-to-date [4].

Core Viewpoint - Great Wall Motors has achieved a total computing power of 5 EFLOPS at the Jiuzhou Supercomputing Center, with hardware expansion exceeding 10,000 units, and is continuously upgrading to support larger model training in the future [1] Group 1: Computing Power and Infrastructure - The Jiuzhou Supercomputing Center's advantages include not only scale but also efficiency, utilizing high-speed RDMA networks and high-performance storage systems to provide significant linear acceleration for large-scale model training [1] - The infrastructure is designed to avoid computational waste caused by data transmission and storage delays, significantly shortening the training cycle for complex AI models [1] Group 2: Future Strategy - Great Wall Motors plans to adhere to a "forest ecosystem" system, focusing on precise investment in research and development to maintain technological leadership and competitiveness amid industry transformation [1]

Core Viewpoint - Great Wall Motors has denied rumors regarding plans to build a factory in Europe, stating that there are currently no such plans in place [1] Group 1 - Great Wall Motors' International President, Shi Qingke, clarified in a media interview on November 26 that the company is evaluating investment and site selection for a factory in Europe, but no plans have been finalized [1] - The rumors about Great Wall Motors conducting assessments in multiple European countries are based on information prior to 2025, and the company has not conducted any related assessments in any European countries [1]

Core Viewpoint - The Chinese off-road market is undergoing a significant transformation, evolving from a niche hobby for enthusiasts to a mainstream choice for millions of families, with total sales of off-road vehicles expected to exceed 1.1 million units in 2024, representing a 63% year-on-year growth [1][2]. Group 1: Market Dynamics - The demand for off-road vehicles is driven by multiple social needs, including the upgrading of automotive consumption, the introduction of intelligent technologies that lower the entry barrier for new drivers, and a post-pandemic desire for adventure and exploration [2][3]. - The industry faces challenges due to a lack of standardized performance evaluation, leading to consumer confusion between different vehicle types and their capabilities, particularly in extreme conditions [3][4]. Group 2: Safety Concerns - There is a significant gap in drivers' understanding of their driving abilities, vehicle performance limits, and terrain assessment, contributing to safety risks in off-road driving [3][4]. - The absence of graded and managed off-road environments has resulted in dangerous situations, as seen in recent accidents where inexperienced drivers ventured into high-risk areas without proper guidance [3][4]. Group 3: Industry Standards and Initiatives - Great Wall Motors is attempting to establish a systematic understanding of off-road driving through three grading standards: off-road skills, off-road scenarios, and off-road products, but this alone is insufficient to change market perceptions [4][5]. - The launch of the "Off-Road Travel Compass" brand by Xiangyang Daan Automotive Testing Center aims to provide a structured evaluation system for vehicles, terrains, and driver skills, addressing key industry pain points and promoting safety [4][5]. Group 4: Cultural Shift - The standardization efforts are not meant to restrict freedom but to ensure safety and respect for life, emphasizing that true off-road enthusiasts prioritize preparation and safety over recklessness [5]. - The industry is at a critical juncture, transitioning from a focus on speed to quality, with the "Off-Road Travel Compass" representing a collective industry consensus on the importance of balancing adventure with safety [5].

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 财经频道更多独家策划、专家专栏，免费查阅>> 国家知识产权局信息显示，长城汽车股份有限公司申请一项名为"控制方法、车辆和计算机可读存储介 质"的专利，公开号CN121019282A，申请日期为2025年9月。专利摘要显示，本申请提供了一种控制方 法、车辆和计算机可读存储介质，涉及车载供电技术领域。该方法包括：在车辆处于第一供电模式的情 况下，判断是否存在控制车辆从第一供电模式切换至第二供电模式的供电切换指令；在确定存在供电切 换指令的情况下，控制加热器进入低功率加热模式；在加热器进入低功率加热模式之后，调节电机的高 压电参数至目标电压；在高压电参数等于目标电压之后，控制预充继电器和主负继电器闭合，以控制车 辆从第一供电模式切换至第二供电模式。该方法在接收到供电切换指令后，先控制加热器进入低功率加 热模式，再对电机的状态进行调整，可以有效避免电机内部电压失控飙升的问题，以实现电压的快速泄 放，从而达到国标规定的泄放要求。 天眼查资料显示，长城汽车股份有限公司，成立于2001年，位于保定市，是一家以从事汽车制造业为主 的企 ...

Group 1 - The core point of the article is that Great Wall Motors Co., Ltd. has obtained a patent for a battery pack housing, which allows for the production of different specifications and configurations of battery packs to meet the needs of various vehicle models, thereby reducing development costs and improving production efficiency [1] Group 2 - Great Wall Motors Co., Ltd. was established in 2001 and is located in Baoding City, primarily engaged in the automotive manufacturing industry [2] - The company has a registered capital of approximately 855.89 million RMB [2] - Great Wall Motors has invested in 75 enterprises and participated in 2,793 bidding projects, with 5,000 trademark and patent information entries, as well as 640 administrative licenses [2]

Core Viewpoint - The decline of Haomo Zhixing, a prominent player in the intelligent driving sector, highlights the harsh realities of market competition and the consequences of insufficient technological capabilities [4][31][34] Company Overview - Haomo Zhixing, once valued over $1 billion and backed by Great Wall Motors, has faced significant operational challenges, culminating in a company-wide shutdown [4][6][31] - The company has seen a drastic reduction in workforce, from over 600 employees at its peak to fewer than 300, alongside unpaid year-end bonuses [8][10] Operational Challenges - A recent notice indicated that all employees were to stop working, with no clear timeline for resumption, reflecting the company's dire situation [4][6] - The company has struggled with product performance and failed to keep pace with competitors in the intelligent driving market, leading to its current state of inactivity [6][10][31] Market Position and Competition - The intelligent driving industry is characterized by fierce competition, with many companies rapidly advancing their technologies, leaving Haomo Zhixing behind [6][14][34] - Haomo Zhixing's reliance on high-precision mapping has hindered its ability to adapt to the industry's shift towards lighter mapping and perception-based technologies [17][34] Financial Backing and Investment - The company has undergone several funding rounds, raising nearly 2 billion RMB, but these efforts have not been sufficient to reverse its declining fortunes [19][34] - Despite securing investments, the lack of a diverse customer base, primarily relying on Great Wall Motors, has limited its growth potential [21][24] Future Outlook - The company's inability to innovate and respond to market demands has led to its downfall, serving as a cautionary tale for other intelligent driving suppliers [31][34] - The intelligent driving sector is expected to continue evolving, with many companies moving towards self-developed systems, further marginalizing third-party suppliers like Haomo Zhixing [32][34]

Overall Market - The overall market for passenger vehicles in China includes ICE, BEV, and PHEV, with a total production of 2,949,257 units and retail sales of 2,250,157 units in the first ten months of 2025 [4][6][7]. - The market share of new energy vehicles (NEV) has increased significantly, with NEV accounting for 41.0% of the total market in terms of production and 43.2% in retail sales [7][8]. New Energy Market - The new energy vehicle market has shown robust growth, with a production of 1,652,312 units and retail sales of 1,282,267 units in the first ten months of 2025, reflecting a year-on-year increase of 19.5% in production [4][6][9]. - The penetration rate of NEVs in the overall market reached 52.7% in 2025, indicating a strong trend towards electrification [9][11]. Export Market - The export of new energy vehicles has also seen growth, with a total of 1,865,675 units exported in the first ten months of 2025, marking a 70.5% increase compared to the previous year [14][20]. - The share of NEVs in the export market reached 35.8% in 2025, showcasing the increasing global demand for Chinese electric vehicles [14][16]. Manufacturer Performance - BYD remains the leading manufacturer in the new energy vehicle segment, with wholesale sales of 436,856 units in October 2025, despite a year-on-year decline of 12.7% [20][21]. - Other notable manufacturers include Geely and SAIC-GM-Wuling, with significant increases in their respective sales figures, indicating a competitive landscape in the NEV market [20][21]. Segment Analysis - In the first ten months of 2025, the retail sales of NEVs were dominated by SUVs, followed by sedans and MPVs, reflecting consumer preferences in the market [24][25]. - The overall market for fuel vehicles has seen a decline, with a 9.2% decrease in retail sales, contrasting with the growth in the NEV segment [24][25].