Core Insights - The Great Wall Motor's "Return to Origin" platform was launched on January 16, featuring core characteristics of "one vehicle with multiple powertrains, one vehicle with multiple categories, and one vehicle with multiple forms" [2] - The new flagship SUV from the Wey brand is expected to be named "Hujue," with an estimated length of nearly 5.3 meters and a 2+2+2 six-seat layout, incorporating ASL intelligent body and VLA large model technology [2] - The vehicle is anticipated to be equipped with an air suspension system, enhancing the technological feel and ride quality as a flagship model [2] - The powertrain is expected to include a plug-in hybrid system with a 2.0T engine, achieving a 0-100 km/h acceleration time of 4.4 seconds in full electric mode and 4.7 seconds in hybrid mode [2]

Core Insights - The rise of China's automotive industry brings both speed and hidden risks, with Great Wall Motors launching the Guiyuan platform to redefine the relationship between technological innovation and user value [1][4] - The Guiyuan platform innovates by breaking traditional mechanical thinking, creating the world's first native AI all-power platform, which allows for a modular approach to vehicle design [2][4] Technological Innovation - The Guiyuan platform features over 300 reusable functional units, akin to movable type in printing, enabling seamless collaboration across different vehicle models and scenarios [2][4] - The platform's architecture allows for a "disassemble, configure, and evolve" approach, emphasizing user experience and cultural relevance in automotive design [4][12] User Experience Enhancements - The platform addresses evolving consumer expectations by offering comprehensive adaptability across various driving scenarios, moving beyond the traditional utility of vehicles [5][6] - It supports five powertrain types: plug-in hybrid, intelligent hybrid, pure electric, efficient fuel, and hydrogen fuel, showcasing industry-leading capabilities [6][8] Performance and Efficiency - The platform includes advanced components such as an 800V high-voltage electrical architecture and a 2.0T efficient hybrid engine, achieving a WLTC comprehensive range of 1393 kilometers, the highest in its class globally [8][9] - The platform's design allows for rapid charging capabilities, alleviating range anxiety for users [8][9] Safety and Intelligence - The platform incorporates a Coffee EEA 4.0 electronic architecture, enhancing the vehicle's ability to predict risks and understand user emotions, thus improving safety [9][12] - It shifts safety strategies from passive to proactive, creating a comprehensive safety chain through innovative structural and battery safety measures [9][12] Commitment to User Value - The Guiyuan platform is designed to meet user expectations for reliability and cost-effectiveness, ensuring that users can trust their vehicle investments [12][13] - The platform's architecture reduces maintenance costs and enhances the resale value of vehicles, addressing user concerns about ownership expenses [12][13] Strategic Vision - The development of the Guiyuan platform is a result of Great Wall Motors' long-term commitment to self-research and a comprehensive industry chain approach, positioning the company as a leader in the transition from a manufacturing powerhouse to a manufacturing stronghold [13][15] - The platform represents a significant shift in the development philosophy of the Chinese automotive industry, reflecting a blend of cultural heritage and modern technological capabilities [15]

平台的核心技术能力围绕三大维度展开。在动力维度，归元平台实现了"一车多动力"，成为可全面兼容插电混动（PHEV）、混合动力（HEV）、纯电 动（BEV）、高效燃油（ICE）及氢燃料电池（FCEV）五种动力形式的整车平台。这种全动力兼容性，旨在尊重全球不同市场的能源结构、基础设施和用 户偏好，为长城汽车的全球化战略提供坚实的技术底座。 近日，长城汽车发布了全新的全球化智能整车平台——归元平台，并系统阐述了其核心价值与技术理念。该平台不仅标志着长城在整车架构领域的重大 突破，也体现了其从中国传统文化中汲取智慧，以系统性创新应对全球化与电动化挑战的发展思路。 归元平台的命名与核心理念，源自对中国古代四大发明之一"活字印刷术"的深刻理解。长城汽车董事长魏建军亲赴浙江瑞安探访木活字印刷技艺，他认 为，活字印刷通过将复杂的雕版解构为标准化的字模，再根据需求灵活组合，实现了效率与个性化的统一。这一"解构与重构"、"标准化与灵活组合"的东方 智慧，正是归元平台的设计哲学。平台旨在将汽车研发从传统的"雕版"式固定思维，转变为"活字"式的模块化、柔性化体系，构建"可拆、可配、可进化"的 底层架构，以更高效的方式响应全球市场的多元 ...

Core Viewpoint - The rise of China's automotive industry brings both speed and hidden risks, with Great Wall Motors launching the "Guiyuan" platform that aims to redefine the relationship between technological innovation and user value, embodying the company's commitment to "technology is inherently good" [1][12]. Group 1: Innovation and Technology - The Guiyuan platform innovates by breaking traditional mechanical thinking of "power + chassis + body," creating the world's first native AI all-power platform, likened to the "movable type printing" in the automotive industry [3][5]. - The platform decomposes the vehicle into over 300 reusable functional units, allowing for cross-model and cross-scenario collaboration through a standardized service contract system, enhancing user experience [3][5]. - The architecture of the Guiyuan platform is designed to be "removable, configurable, and evolvable," representing a unique "living car manufacturing technique" that transcends the single concept of a platform [5][13]. Group 2: User Experience and Value - The Guiyuan platform addresses evolving consumer expectations by offering comprehensive power coverage, including plug-in hybrid, intelligent hybrid, pure electric, efficient fuel, and hydrogen power, thus moving beyond the limitations of traditional vehicle power strategies [7][9]. - The platform features significant upgrades, such as the "Super Hi4" system, which includes an 800V high-voltage electrical architecture and a 2.0T efficient hybrid engine, achieving a WLTC comprehensive range of 1393 kilometers, the highest in its class globally [9][10]. - The platform's intelligent and safety upgrades utilize advanced electronic architectures and AI to enhance user interaction and safety, shifting from passive to proactive safety measures [10][12]. Group 3: Cost Efficiency and Sustainability - The Guiyuan platform is designed to meet user demands for cost-effective ownership, with a focus on reducing maintenance costs and increasing the resale value of vehicles through high reliability and low operational costs [12][15]. - The platform's development is rooted in a long-term strategy of self-research and full industry chain collaboration, positioning Great Wall Motors as a strong player in the transition from a manufacturing power to a manufacturing stronghold in the automotive sector [13][15]. Group 4: Cultural and Industry Impact - The launch of the Guiyuan platform signifies a profound innovation in the development philosophy of the Chinese automotive industry, reflecting the deep cultural heritage and manufacturing strength of China [15]. - The platform not only aims to enhance user experience but also serves as a new paradigm for innovation in the automotive industry, encouraging a shift away from blind imitation of Western technologies [5][15].

Core Insights - The new SUV from Great Wall Motors, potentially named "Hujue," is the first model on the new "Guiyuan" platform, featuring a 2.0T plug-in hybrid system and a 6-seat (2+2+2) layout [1][17]. Design and Features - The new model is expected to have a large SUV size with a distinctive design, including a closed grille and a large lower intake grille, along with a roof-mounted lidar for advanced driving assistance [4][15]. - The side profile emphasizes a sleek and rounded design, similar to the Li Auto L9, with a length of 5.3 meters and 21-inch multi-spoke wheels [7][15]. - The rear design includes a high stance with a spoiler and a continuous taillight design, aiming for a premium feel [6][17]. Performance Specifications - The vehicle is anticipated to achieve 0-100 km/h in 4.4 seconds when fully charged and 4.7 seconds in a depleted state, with an electric range exceeding 400 km and a rapid charging capability of 200 km in just 5 minutes [6][17]. Platform Overview - The "Guiyuan" platform aims to introduce five powertrain types, seven vehicle categories, and over 50 global models, covering a wide range from non-bearing to bearing body structures and various vehicle classes [6][19]. - It features a highly modular architecture with 49 core modules and 329 shared components, allowing for flexible vehicle assembly and unique software functionalities [11][21]. - The platform boasts an 80% parts commonality and a 30% reduction in development time, enhancing supply stability and cost-effectiveness [13][21].

1月16日，长城汽车发布归元平台。归——回归；元——本源，归元平台是长城汽车以"第一性原理"， 坚定地选择"技术求真"，回归产业本源。新平台以"一车多动力、一车多品类、一车多姿态、一车多市 场"，抓住本质，化繁为简，让复杂的技术回归简单，让创新的价值直达用户。 全动力兼容能力，是归元平台最核心的技术突破。作为兼容PHEV、HEV、BEV、FCEV、ICE五大动力 形式的平台，它以"一套架构，全域适配"的实力，满足全球不同市场的能源结构与用户需求。 据介绍，归元平台的灵感来自于中华民族四大发明之一的"活字印刷术"，把印刷过程解构和重构，用可 重复使用的单字组合，实现了模块化、可组合、高效、高技艺的生产方式，实现了大幅度降低成本和时 间，同时为大规模的文化传播奠定了基础。归元则以用户的用车旅程阶段进行场景细化，打破了传统机 械思维，开辟全新路径，将硬件功能原子化、软件体验标签化、AI调度原生化，实现了从"雕版印刷"进 化为"活字印刷"。 硬件部分以结构树分解方式，划分为发动机、变速器、空气弹簧、电池等49个核心模块、329个共用组 件，合理拆分模块总成、规范模块间接口，实现平台的高度扩展性；这与古老的"活字印刷术 ...

Investment Rating - The report maintains a positive outlook for the automotive industry, expecting a rebound in vehicle sales in Q1 and focusing on investments in intelligent driving, robotics, and liquid cooling technologies [3]. Core Insights - The automotive sector is experiencing significant dynamics, including sales, pricing, exports, and robotics developments [2]. - The report highlights that January's early sales data shows a substantial year-on-year decline, primarily due to subsidy reductions and rising vehicle prices, leading to consumer hesitation [5]. - The report anticipates that the pressure on vehicle prices will be managed through strict enforcement of anti-competitive practices, aiming to stabilize prices and profit margins [5]. - The export market is expected to grow rapidly, supported by agreements that lower trade barriers for electric vehicles, enhancing profitability for manufacturers and dealers [5]. - The robotics sector is gaining traction, with the Optimus V3 generating market excitement and expectations for product launches [5]. Data Tracking - In early January, the average discount rate remained stable, with a 9.6% increase year-on-year, and the average discount amount reached 22,259 yuan, up by 2,192 yuan year-on-year [4]. - December's wholesale vehicle sales were reported at 2.85 million units, reflecting a year-on-year decline of 8.7% and a month-on-month decline of 6.3% [4]. - Notable sales performance in December included significant year-on-year growth for new energy vehicle manufacturers like NIO and Li Auto, while traditional automakers like SAIC and Changan showed mixed results [6]. Industry News - The report discusses various industry developments, including the price commitments for electric vehicles between China and Europe, which aim to facilitate trade [27]. - The Ministry of Industry and Information Technology is focusing on enhancing the competitiveness of the new energy vehicle sector and regulating market practices to prevent price wars [27]. - Recent data indicates a significant drop in retail sales of passenger vehicles in early January, with a 32% year-on-year decline [27]. Market Performance - The automotive sector saw a weekly increase of 0.71%, ranking 8th out of 29 sectors, while the overall market indices showed mixed results [10].

Core Viewpoint - Great Wall Motors has launched a new vehicle platform named "Guiyuan," which emphasizes a modular architecture and aims to enhance global competitiveness and reduce manufacturing costs [2][4][5]. Group 1: Platform Overview - The "Guiyuan" platform was named through a public vote, receiving 22,000 votes, and is designed to return to the essence of automotive service [2]. - It features a highly modular architecture inspired by movable type printing, allowing for flexible combinations of 49 core modules and 329 shared components [2][3]. - The platform supports five powertrain types: plug-in hybrid, hybrid, pure electric, fuel, and hydrogen, covering seven vehicle categories [3]. Group 2: Global Market Strategy - The high compatibility of the "Guiyuan" platform will help Great Wall Motors expand into international markets, addressing diverse regional demands for vehicle powertrains [4]. - The company aims to sell over 500,000 vehicles in overseas markets by 2025, with a target of 600,000 units in 2026, representing one-third of total sales [4]. Group 3: Cost Efficiency and Production - The "Guiyuan" platform boasts an 80% parts commonality rate and a 30% reduction in development cycles, leading to more stable and cost-effective supply chains [5]. - The platform's design is expected to enhance vehicle resale value and lower long-term ownership and maintenance costs for consumers [5]. Group 4: Integration with Existing Platforms - The "Guiyuan" platform is part of a broader platform system that includes the Lemon, Tank, and Coffee Intelligent platforms, each serving different vehicle types and technologies [6]. - Great Wall Motors plans to launch over 50 global models based on the "Guiyuan" platform, which will further integrate and adjust existing platforms [6]. Group 5: Sales Performance and Future Goals - In 2025, Great Wall Motors achieved a total sales volume of 1.324 million units, a year-on-year increase of 7.33%, with 403,700 units being new energy vehicles, up 25.44% [6]. - The sales target for 2026 is set at 1.8 million units, with an ambitious growth rate of 36% anticipated as the "Guiyuan" platform models are introduced [6].

Overall Situation of Automobile Exports - In 2025, China's automobile manufacturers are expected to export a total of 7.1 million vehicles, representing a year-on-year growth of 21%, maintaining the position as the world's largest automobile exporter [1] - The export growth is characterized by an increase in both volume and value, with a significant enhancement in product added value [1] Export Growth Drivers - Passenger vehicles have become the core engine of export growth, significantly outpacing the growth of bus exports [2] - The main export destinations remain Europe, ASEAN, and South America, with a notable performance in countries along the "Belt and Road" initiative [2] Structure of Exporting Enterprises - The structure of automobile export enterprises has undergone significant changes, with a trend of increased concentration among leading companies, the rise of private enterprises, and a reduction in the market share of foreign-funded enterprises [4] - Domestic brands have shown remarkable performance, with their export share increasing from 22% in 2024 to 24% in 2025 [4] Performance of Major Automobile Groups - BYD leads the industry with an export volume of 1.05 million new energy vehicles, particularly excelling in high-end markets such as Europe and Japan [5] - SAIC Group exported 950,000 vehicles, leveraging its joint ventures and domestic brands to maintain a leading position in ASEAN and South American markets [5] Export Performance of Different Types of Enterprises - Different types of automobile enterprises show varied export performance, with leading companies demonstrating strong results [7] - New energy vehicle companies like BYD, Leap Motor, and Xpeng have seen significant year-on-year growth in export volumes [8] Challenges and Recommendations - The industry faces challenges such as overseas trade barriers, supply chain risks, and intensified global market competition [1] - Companies are advised to increase investment in core technology research and development, optimize export products, and strengthen localized production and services to enhance global supply chain influence [1]

Core Insights - The article highlights the cultural significance of the "Guiyuan" platform launched by Great Wall Motors, emphasizing the integration of traditional Chinese wisdom with modern automotive technology [1][4][10] Group 1: Cultural Significance - The encounter with wood movable type printing symbolizes a dialogue between ancient wisdom and modern automotive precision, reflecting the "living system" concept that aims to return to user-centric needs [1][3] - The name "Guiyuan," chosen by 96,000 voters with a margin of 22,000 votes, encapsulates users' desires for safety, reliability, and affordability, showcasing Great Wall's commitment to user-centered design [4] Group 2: Technological Innovation - The "Guiyuan" platform embodies the principle of "first principles," breaking away from rigid structures to allow for flexible combinations, akin to how movable type printing revolutionized efficiency and customization [6][8] - The platform features a unique five-power compatibility, allowing for gasoline, diesel, electric, hybrid, and hydrogen power without the need for a complete chassis redesign, demonstrating over 20 years of industry experience [8][11] Group 3: Global Strategy - The platform is designed to adapt to various global energy structures and infrastructure, implementing a "one strategy for each region" approach that reduces costs and enhances user accessibility [11][13] - Great Wall aims to transition from "product output" to "ecosystem export," with plans for 506,100 vehicles to reach over 170 countries by 2025, positioning itself as a reliable global mobility partner [13]