Core Viewpoint - Great Wall Motors has unveiled the official images of the Haval Menglong PLUS, which features both five-seat and seven-seat versions, and incorporates a plug-in hybrid power system with significant upgrades in size and technology [1][8]. Group 1: Design and Features - The exterior design retains the popular "boxy" shape of the Menglong series while introducing innovative details, including a new grille style that enhances its technological appeal and decorative side window trims for improved visual recognition [4][11]. - The vehicle dimensions are 4912mm in length, 1950mm in width, and 1905mm in height, with a wheelbase of 2850mm. It is equipped with laser radar and an upgraded intelligent driving assistance system to enhance safety and smart features [6][13]. Group 2: Powertrain and Performance - The Menglong PLUS offers options for lithium iron phosphate or ternary lithium battery packs, with three different battery capacities of 23.7kWh, 33.7kWh, and 44.7kWh. The WLTC range can reach up to 191km, providing users with a worry-free long-range experience [8][15]. - It continues to feature a 1.5T engine combined with Hi4 technology, delivering a maximum power output of 115 kW and a top speed of 190 km/h, suitable for both daily commuting and off-road adventures [8][15].

Core Viewpoint - Great Wall Motors has systematically opened its advanced testing laboratory cluster, showcasing its research and development capabilities aimed at transforming traditional subjective metrics like "experience" and "safety" into measurable engineering parameters to build differentiated capabilities in market competition [1] Group 1: Extreme Environment Validation - Great Wall Motors has invested significant resources in building testing capabilities to simulate extreme environments, including a high-altitude laboratory that can replicate conditions from 0 to 5000 meters and temperatures from -30°C to 45°C [3] - The environmental wind tunnel testing facility simulates high temperature, humidity, and strong solar radiation, conducting durability tests on battery thermal management and air conditioning systems, and can also simulate rain and snow [3] Group 2: Electromagnetic Compatibility and User Experience - The ten-meter EMC laboratory simulates extreme electromagnetic interference to validate the reliability of intelligent driving perception systems under such conditions, aiming to eliminate risks from signal disruption [5] - Great Wall Motors has invested over 12 million yuan in its intelligent interaction experience laboratory, which quantifies user experience through VR simulations and physiological data collection, providing data for optimizing interaction logic and interface design [5] Group 3: Air Quality Control and Strategic Logic - The VOC laboratory monitors in-car air quality with high-precision instruments capable of detecting at ppt levels, simulating various temperatures and driving scenarios [7] - Great Wall Motors has a strategic focus on transitioning from verification to definition in its testing systems, with a research and development team of approximately 23,000 and annual R&D investments exceeding 10 billion yuan for three consecutive years [7] Group 4: Development Strategy - By integrating heavy asset testing facilities with its R&D system, Great Wall Motors aims to establish a long-term technological "moat" by converting core values like safety and experience into a sustainable engineering system amid the electric and intelligent vehicle competition [9]

Group 1 - Spot gold reached $5050 per ounce, with a daily increase of 0.54% [1] - Spot silver saw a daily increase of 1%, reaching $81.54 per ounce [1] - The gains for both gold and silver narrowed later in the day [1] Group 2 - MSCI announced its quarterly index adjustments effective after the market close on February 27, 2026 [1] - Notable additions to the MSCI China Index include 37 stocks such as Liou Co., Silver Holdings, Anji Technology, and Pony.ai [1] - The index will remove 16 stocks, including Fosun International, Great Wall Motors, and Vanke Enterprises [1]

Key Points - The article discusses various recent developments in the tech and automotive industries, highlighting significant company announcements and performance metrics [2][3][4][5][6][7][8][9][10][11][12][14][15][16][17][18][19][20][21][22][24][25][26][27][29][30][31][32][33][34][35][36][37][39][40][41][43][44][45][47][48][49][51][52][53] Group 1: AI Developments - Gemini 3 outperformed other AI models in answering a simple question about washing a car, showcasing the varying capabilities of AI in understanding context [4][5] - Baidu's Wenxin Assistant saw a fourfold increase in monthly active users, with AI-generated image and video functionalities experiencing significant growth [14][15] - The launch of Seedream 5.0 by ByteDance introduced advanced image generation capabilities, enhancing user experience in various applications [17][18] Group 2: Company Announcements - MiHoYo terminated its partnership with Shanghai Huiye Law Firm due to conflicts of interest, impacting its legal strategy [6][7] - Long-term bonuses at a major northern factory are expected to exceed 4 billion yuan, indicating strong financial performance [8][9] - NIO aims for annual profitability by 2026, with significant sales growth reported in 2025 [19][20] Group 3: Automotive Industry Insights - Toyota reported a profit of 17,000 yuan per vehicle sold, despite facing challenges in North America and Asia [44][45] - Xiaomi announced the end of production for the first-generation SU7, with nearly 370,000 units produced, while preparing for the next generation [21][22] - The automotive brand AITO, under Huawei, aims to integrate AI capabilities into its vehicles, achieving significant sales growth [36][37] Group 4: Semiconductor and Technology Partnerships - MediaTek's Dimensity series will be manufactured by Intel, marking a significant collaboration in the semiconductor industry [51][52] - The launch of the TileLang-MUSA project by Moore Threads aims to lower development barriers for domestic GPU performance [24][25] Group 5: E-commerce and Training Initiatives - New Oriental plans to establish an e-commerce training school to enhance the skills of online sellers and streamers [39] - Various e-commerce platforms announced adjustments to delivery fees during the Spring Festival, reflecting operational challenges [34][35]

Core Viewpoint - Great Wall Motors (601633) emphasizes its commitment to providing high-quality products and services globally, adhering to a long-term development philosophy and focusing on precise and efficient research and development, continuous technological innovation, and brand enhancement [1] Group 1: Product Strategy - The company will not abandon the sedan category and plans to target specific market segments with product offerings [1] - Great Wall Motors aims to create standout products within the sedan category, prioritizing segments with larger market capacity and significant growth potential in the luxury market for new energy products [1] Group 2: Innovation and Supply Chain - The company is focused on building a comprehensive intelligent product system that covers all scenarios, power types, and categories, alongside a mutually beneficial supply chain system [1]

证券日报网讯2月10日，长城汽车（601633）在互动平台回答投资者提问时表示，长城汽车非常重视投 资者的利益，致力于通过科学、稳健的市值管理策略与可持续的股东回报机制，支持汽车产业健康、良 性发展。同时，长城汽车更致力于坚守品质红线，打造高品质产品，持续提升核心竞争力，力求为股东 创造更大价值。长城汽车秉承公开、平正、公正透明的企业文化理念，面向全球用户，坚守造车初心， 让良心造车回归本质，让诚信造车回归本质，让核心技术引领造车回归本质，让科技实现平权。在市值 管理方面，公司通过业绩说明会、股东大会、路演等多种形式，将公司的技术突破、全球化布局与生态 合作等内容，清晰转化为资本市场的价值语言，持续引导长期投资预期。同时，公司通过精细化投资者 关系管理、规划股权激励与股东回报等政策，有效优化股东结构、绑定核心人才并强化股东信任。此 外，公司通过专业化的舆情监测与市值分析，及时应对市场波动，致力于维护公司价值的合理与稳定。 针对短期股价波动，公司希望投资者客观、理性看待。 ...

Core Insights - The automotive testing landscape is evolving from traditional performance validation to a comprehensive quality assurance and innovation catalyst throughout the entire lifecycle of vehicle development [1][7] - A competitive "arms race" among Chinese automakers is emerging, focusing on automotive testing facilities as the industry transitions from "mechanical manufacturing" to "intelligent mobility" [1][7] Group 1: Intelligent Interaction Testing Laboratory - Great Wall Motors has opened a new intelligent interaction testing laboratory, which is a highlight of its testing system, with total investment exceeding 12 million yuan [1][4] - The laboratory features capabilities for VR interaction experiences, HMI prototype testing, real vehicle simulation driving, and human factors evaluation, allowing for high-fidelity testing of smart cockpit and multi-modal interaction functionalities before actual vehicle production [4][5] - The testing lab aims to reduce trial-and-error costs during the vehicle production phase by utilizing virtual simulation technology [4][5] Group 2: Environmental Wind Tunnel Testing Laboratory - Great Wall Motors has also invested 300 million yuan in an environmental wind tunnel testing laboratory, which has been opened for external visits [5][6] - This facility can adjust temperatures between -40℃ and 60℃ and humidity levels from 5% to 95%, covering various global climate conditions, and features a variable area nozzle design capable of achieving wind speeds up to 250 km/h [5][6] - The wind tunnel includes solar radiation simulation equipment, enabling extreme environment testing for battery thermal management, air conditioning cooling, and engine heat dissipation systems, thus enhancing automotive development efficiency [5][6][7]

Core Viewpoint - Great Wall Motors (601633) is showcasing its advancements in cold weather driving technology and user service through the Ice and Snow Joy Week event in Harbin, emphasizing its commitment to regional culture and practical applications in extreme conditions [1] Group 1: Event Highlights - The Ice and Snow Joy Week event features deep interactions between Chairman Wei Jianjun and car owners from various regions, including live connections with owners in Altay, Hulunbuir, and Jilin City to discuss vehicle performance in extreme cold scenarios [1] - The Hi4 technology system of Great Wall Motors has successfully completed practical verification in cold environments, providing safety support for various ice and snow travel scenarios through intelligent four-wheel drive, torque distribution, and power diversion designs [1] Group 2: Community Engagement - Chairman Wei Jianjun announced the establishment of a rescue fund to provide support for car owners in need during emergencies [1] - Before the Spring Festival, Great Wall Motors plans to set up highway service stations in over 20 major transportation hub cities across the country, offering warm drinks and emergency tools to all brand car owners [1]

Investment Rating - The report maintains a positive outlook on the automotive sector, highlighting the potential for growth driven by technological advancements and market dynamics [2]. Core Insights - The report emphasizes the importance of new vehicle announcements and the upcoming Q1-Q2 product cycles, particularly for companies like Li Auto, Xpeng, BYD, Great Wall Motors, and others, driven by enhanced product capabilities due to new technologies [2]. - Tesla's AI transformation is noted as a significant market expectation, with a focus on the valuation flexibility within the robotics supply chain [2]. - The report identifies smart technology as a key growth area for the year, with expectations for Full Self-Driving (FSD) technology to gain traction in China, benefiting companies like Desay SV, Jingwei Hirain, and others [2]. - Domestic cost pressures are acknowledged, leading to a cautious stance on annual profit forecasts, while overseas export opportunities for companies like BYD and Geely are viewed positively [2]. Industry Updates - According to the China Passenger Car Association, the average daily retail sales of passenger cars in the first week of January were 50,000 units, representing a 22% year-on-year decline and a 31% month-on-month decline [2]. - Recent weeks have seen a decrease in traditional and new energy raw material price indices, with traditional vehicle raw material prices down by 2.8% week-on-week and 1.0% month-on-month, and new energy vehicle raw material prices down by 6.7% week-on-week and 2.7% month-on-month [2]. - The total transaction value in the automotive sector for the week was 530.697 billion yuan, a 22.58% decrease from the previous week, while the automotive industry index rose by 0.32% [2][11]. Market Situation - The automotive industry index closed at 8023.01 points, outperforming the Shanghai Composite Index, which fell by 1.33% [11]. - A total of 141 automotive stocks rose, while 127 fell, with the largest gainers being Kailong High-Tech, Xingmin Zhitong, and Yinlun, which saw increases of 72.8%, 21.3%, and 17.1% respectively [16]. - Key events included the release of the 404th batch of new vehicle approvals by the Ministry of Industry and Information Technology, which included several notable models from various manufacturers [3][4]. Investment Analysis - The report suggests focusing on companies that are leveraging AI and smart technology, particularly new entrants like Xpeng and NIO, as well as established players with overseas business support like BYD and Geely [2]. - It highlights the potential for significant changes driven by state-owned enterprise reforms, with attention on SAIC and Dongfeng [2]. - In the components sector, companies involved in robotics and data center cooling are expected to transition from thematic investments to industry trends, with a focus on firms with strong performance and valuation potential [2].

Group 1 - The core viewpoint of the news is that the Hong Kong automotive stocks experienced a collective rise, driven by positive signals from the Ministry of Commerce regarding future automotive consumption policies [1] - The Ministry of Commerce held a meeting to discuss automotive circulation and consumption, indicating a commitment to support and reform the automotive sector by 2026 [1] - Analysts interpret the signals from the meeting as a positive indication for automotive consumption support policies, providing a clear expectation for industry stabilization and structural growth direction [1] Group 2 - BYD shares rose approximately 4% to a latest price of 96.950, while Chery Automobile increased by over 2% to 28.620 [2] - Other automotive companies also saw gains, including Li Auto (1.39% increase), Leap Motor (1.41% increase), NIO (1.29% increase), and Geely (1.15% increase) [2] - The overall positive trend in the automotive sector reflects investor confidence in the upcoming policy changes and market support initiatives [1][2]