9月15日，中汽协发布数据，2025年8月份皮卡市场销售4.0万辆，同比下降0.3%，环比下降3.0%，仍属 处于近5年的中高位水平。2025年1-8月份皮卡市场销售38.7万辆，同比增长12.7%。长城汽车持续保持 强势皮卡领军地位，国内外表现均较平稳。受出口持续同比增长的促进，长城汽车、上汽大通、郑州日 产、长安汽车、江淮汽车表现较强。 ...

Group 1: Market Overview - In August 2025, the pickup market sold 40,000 units, a year-on-year decrease of 0.3% and a month-on-month decrease of 3.0%, remaining at a mid-high level compared to the past five years [1] - From January to August 2025, the pickup market sold 387,000 units, showing a year-on-year growth of 12.7% [1] - The main demand for pickups is concentrated in the Southwest and Northwest regions, accounting for 45% of total demand in August 2025 [1] Group 2: Company Performance - Great Wall Motors continues to lead the pickup market, with stable performance both domestically and internationally [1] - In the August 2025 pickup sales ranking, Great Wall Motors sold 13,322 units, a decrease of 2.9% year-on-year, while Changan and Zhengzhou Nissan saw significant increases of 53.5% and 56.3% respectively [4] - From January to August 2025, Great Wall Motors sold 123,322 units, a year-on-year increase of 4.8% [5] Group 3: Export and New Energy Pickup Trends - In 2024, China exported a total of 244,000 pickups, with an impressive growth rate of 85% [2] - In August 2025, the pickup export volume was 21,000 units, a year-on-year increase of 3% [2] - The sales of new energy pickups reached 2,120 units in 2024, a year-on-year increase of 170%, with a cumulative sales of 49,000 units from January to August 2025, reflecting a growth of 536% [2] Group 4: Competitive Landscape - In the new energy pickup segment for August 2025, Geely Radar sold 1,221 units, BYD sold 861 units, and Changan sold 710 units, indicating a growing market for new energy pickups [3] - The competitive landscape shows that the "one strong, three weak" pattern in the domestic pickup market continues, with Great Wall Motors, Jiangling Motors, and Zhengzhou Nissan performing well [1]

9月15日，中汽协发布数据，2025年8月份皮卡市场销售4.0万辆，同比下降0.3%，环比下降3.0%，仍属 处于近5年的中高位水平。2025年1-8月份皮卡市场销售38.7万辆，同比增长12.7%。长城汽车持续保持 强势皮卡领军地位，国内外表现均较平稳。受出口持续同比增长的促进，长城汽车、上汽大通、郑州日 产、长安汽车、江淮汽车表现较强。 ...

Core Viewpoint - The article discusses the current state and trends in the pickup truck market in China, highlighting sales performance, export growth, and the rise of electric pickups. Pickup Sales - In August 2025, the pickup market sold 40,000 units, a year-on-year decrease of 0.3% and a month-on-month decrease of 3.0%, maintaining a mid-to-high level compared to the past five years [2] - From January to August 2025, total pickup sales reached 387,000 units, showing a year-on-year growth of 12.7% [2] - Great Wall Motors continues to lead the pickup market, with strong performance both domestically and internationally, supported by consistent export growth [2] - The main demand for pickups is concentrated in the Southwest and Northwest regions, accounting for 45% of total demand in August 2025 [2] Pickup Exports - In 2024, China exported a total of 244,000 pickups, marking an 85% increase [3] - In August 2025, 21,000 pickups were exported, reflecting a year-on-year increase of 3% but a month-on-month decrease of 9% [3] - The export share of pickups reached 53% in August 2025, up from 45% in 2024, indicating a rapid increase in China's self-owned pickup exports [3] New Energy Pickups - In 2024, sales of new energy pickups reached 21,200 units, a significant year-on-year increase of 170% [3] - In August 2025, new energy pickup sales were 3,000 units, showing a year-on-year increase of 68% but a month-on-month decrease of 20% [3] - From January to August 2025, cumulative sales of new energy pickups reached 49,000 units, a remarkable year-on-year growth of 536% [3] - Major contributors to new energy pickup sales in August included Geely Radar with 1,221 units, BYD with 861 units, and Changan with 710 units [3]

Group 1 - The core viewpoint of the report highlights the positive momentum in the automotive industry, supported by government policies aimed at stabilizing growth from 2025 to 2026 [1][2] - The report notes that the A-share automotive sector outperformed the broader market, with the Shanghai and Shenzhen 300 Index rising by 1.38% and the automotive sector increasing by 1.74% [1][2] - Key developments in the industry include the release of the "Automotive Industry Stabilization Growth Work Plan (2025-2026)" by the Ministry of Industry and Information Technology and other departments, as well as significant advancements in electric vehicle sales and technology [2][3] Group 2 - The report suggests focusing on various companies within the automotive sector, including BYD, Great Wall Motors, and Li Auto, among others, indicating a diverse range of investment opportunities [3] - In the commercial vehicle segment, companies such as China National Heavy Duty Truck Group and FAW Jiefang are highlighted as potential investment targets [3] - The automotive parts sector is also emphasized, with recommendations for companies like Midea Group and Fuyao Glass, showcasing a broad spectrum of investment prospects across the industry [3]

Group 1 - The Wei brand's Gaoshan 7 model is expected to become a bestseller, potentially diverting sales from the Gaoshan 8, with total sales for the Gaoshan series projected to exceed 10,000 units by the end of the year [1] - The Tank 500 Hi4-Z version accounts for over 65% of sales, indicating a successful shift in customer demographics, with monthly sales expected to reach between 4,500 and 6,000 units; future models Tank 400 and 700 will also adopt the Hi4-Z version, while Tank 300 may focus on exports [2] - Haval is set to launch new models, with domestic sales expected to reach 38,000 units in September [3] Group 2 - The main engine manufacturers are focusing on battery cell procurement, balancing performance and cost [8] - CATL is experiencing growth in the energy storage market that surpasses that of the power market [12]

"'十五五'期间必将是中国汽车品牌成为世界品牌的关键时期，全球化不再是单一的产品出口，而 是技术、品牌、制造、供应链与文化价值的生态出海。"长城汽车CTO吴会肖，在9月13日举办的2025泰 达汽车论坛上表示，这就要求我们要应对市场、法规，理解环境不同的偏好，实现研发、生产、供应链 和品牌建设的全面布局。 回顾"十四五"，中国汽车产业凭借前瞻政策和市场创新活力，完成了从政策驱动向市场驱动的转 身，实现从跟跑到并跑到部分领跑的历史性跨越，新能源汽车渗透率突破了50%，智能网联汽车从几年 前的前沿概念走向了规模化量产，中国汽车也正在从汽车大国稳步迈向汽车强国。 "但是我们也应该看到，在这样一个高速增长的背后存在资源错配、内卷加剧的问题，这对于中国 汽车产业公信力是有负面影响的。"吴会肖直言不讳地表示，未来五年，期待行业进入稳步精进阶段， 这里的稳不是慢，而是回归造车本质，谋求长期主义下的系统能力跃升。 吴会肖解释道，这就要求我们更加精准地洞察用户需求，更高效地整合技术资源，更加扎实地构建 整个体系的韧性，在每个细分领域、技术细节上深耕细作，实现从量的积累到质的突破。 过去五年，中国汽车产业的技术创新，多是以三电、 ...

Investment Rating - The report maintains a positive investment rating for the automotive industry, particularly highlighting the performance of the robotics supply chain and suggesting a focus on leading companies and new opportunities [3]. Core Insights - The automotive sector's performance is primarily driven by the robotics supply chain, with catalysts expected to persist in the second half of the year. Traditional supply chains remain weak. The Ministry of Industry and Information Technology's "Automotive Industry Stabilization Growth Work Plan (2025-2026)" emphasizes the industrialization of intelligent connected technologies, including the conditional approval for L3 level vehicle production and accelerating breakthroughs in key technologies such as automotive chips, operating systems, artificial intelligence, and solid-state batteries. This indicates a shift in industry support from total volume logic to new technology logic [3][4]. Data Tracking - In August, new energy vehicle deliveries showed significant growth, with XPeng delivering 37,709 units, a year-on-year increase of 168.7%. BYD delivered 373,626 units, up 0.1% year-on-year, while traditional automakers like SAIC and Geely also reported substantial increases in sales [5][23][26]. - The average discount rate in late August was 9.9%, a decrease of 0.2 percentage points from earlier in the month, while the average discount amount was 22,198 yuan, down 344 yuan [5][27][28]. - The report recommends continued focus on electric vehicle manufacturers and traditional automakers with potential recovery, such as Jianghuai Automobile and SAIC [7]. Industry News - The report highlights several key developments, including the listing of Chery Automobile on the Hong Kong Stock Exchange and the launch of new models by various manufacturers, such as the LYNK & CO 10 EM-P and BYD's new SUV, the Titanium 7 [32][33]. - The retail sales of passenger vehicles in August reached 1.995 million units, a year-on-year increase of 4.6%, with new energy vehicles accounting for 110,100 units sold, up 7.5% year-on-year [32]. Market Performance - The automotive sector saw a weekly increase of 1.46%, ranking 17th out of 29 sectors. The overall market indices also showed positive growth, with the Shanghai Composite Index rising by 1.52% [10][36].

Core Insights - The 28th International Conference on Automotive Safety Technology was successfully held in Baoding, Hebei, where Great Wall Motors, led by Chairman Wei Jianjun, introduced a systematic approach to safety standards, establishing a new benchmark in the industry that transcends the traditional view of safety equating to collision tests [1][4] Group 1: Investment in Safety Infrastructure - Great Wall Motors has invested 510 million yuan to build the largest independent safety testing laboratory in Asia, covering an area of 57,000 square meters, which can conduct up to 1,500 tests annually [2] - The laboratory features a unique design with five collision zones and eight micro-traction tracks, enhancing testing efficiency and showcasing multiple internationally leading testing capabilities [2] Group 2: Advanced Testing Equipment - The company imported 34 advanced crash test dummies from the United States, valued at approximately 100 million yuan, including the latest models like THOR and WorldSID, to improve safety testing accuracy [3] - These dummies are equipped with high-precision sensors to collect data on force distribution and injury values across different demographics, aiding in the optimization of vehicle safety performance [3] Group 3: Commitment to Safety Leadership - Wei Jianjun's unwavering commitment to safety is evident in the substantial investments made in both the testing laboratory and the crash test dummies, positioning Great Wall Motors as a leader in automotive safety [4] - The conference not only highlighted the brand's safety capabilities but also provided new references for future safety research in the automotive industry, encouraging other companies to adopt a long-term approach to user safety [4]

Core Viewpoint - The Dunhuang Rally has officially commenced, with Great Wall Motors participating in a unique model of "leading by top car manufacturers + participation of the leader," significantly enhancing the event's online visibility [1] Group 1: Event Overview - The Dunhuang Rally is recognized as a national A-level event certified by the China Automobile and Motorcycle Sports Federation, known for its long distances, high difficulty, and complex terrains, covering areas such as Gobi, canyons, riverbeds, and deserts, often referred to as "China's Dakar" [2] - The total distance of the rally is approximately 1100-1200 kilometers, with special stages accounting for about 1000 kilometers, and the event is divided into four days of competition [2] Group 2: Participant Details - Wei Jianjun, the 61-year-old chairman of Great Wall Motors, is personally driving the Haval H9 diesel version in the T2 production group, alongside navigator Yan Ke, challenging extreme terrains exceeding 1000 kilometers [1][2] - During the 10-kilometer qualifying race, Wei Jianjun described the qualifying as a warm-up to help participants get into the right state, indicating a smooth overall experience [2] Group 3: Vehicle and Group Classification - The rally features various vehicle classifications, including: - T1 modified group (including T1+/T1.1/T1.2/T1.3) for deep modifications aimed at extreme performance and off-road capability - T2 production group (including T2.1/T2.E/T2.3) allowing limited modifications while retaining key original components - T3-T4 UTV group for lightweight modifications to optimize performance under stable structures - T5 truck group (including T5.1/T5.2) for both modified and production trucks, enhancing load capacity and long-distance endurance [3]