真场景测试验证真安全 日前，全新坦克500在中汽中心高邮试验场，进行了一场国内汽车行业从未有过的测试。测试以"风沙雨 夜真实场景挑战"为主题，为常规的智能辅助驾驶上难度，模拟用户日常驾驶中可能遭遇的"雨后眩 光""黄沙漫天""暗夜弯道"等高危场景展开严苛测试。全新坦克500凭借长城第三代智能辅助驾驶系统 Coffee Pilot Ultra的加持，规避行车风险，成功通过三项测试。 相比当下那些让用户眼花缭乱的各种汽车"测试秀"，全新坦克500敢于直面真实的极限场景，可谓真正 站在用户这边，体现了对用户安全的前瞻性考量。 "夏季雨水多发，雨后夜晚加之对向车道的强烈眩光晃得驾驶员睁不开眼，这个时候前方道路出现行人 怎么办？""跑长途遭遇沙尘看不清路，前面突现一辆趴窝的事故车，驾驶员来得及打方向吗？""暗夜无 灯转弯，突然发现前方道路施工，一批锥桶侵入主路，这个时候又该怎么办？" 这些令经验丰富的老司机也倍感压力的危险场景，全新坦克500应对起来却显得十分从容。测试中，不 论是人为驾驶还是激活智能辅助驾驶，全新坦克500都做出准确的避让、刹停动作，成功化解风险。 其实，相比吹嘘算力如何强大、算法如何先进，远不如一场 ...

从指数持仓来看，沪深300汽车与零部件指数十大权重分别为：比亚迪（34.57%）、赛力斯 （12.82%）、福耀玻璃（10.86%）、上汽集团（9.9%）、长安汽车（7.81%）、拓普集团（5.09%）、 赛轮轮胎（4.26%）、德赛西威（3.59%）、华域汽车（3.46%）、长城汽车（3.44%）。 从沪深300汽车与零部件指数持仓的市场板块来看，上海证券交易所占比54.03%、深圳证券交易所占比 45.97%。 从沪深300汽车与零部件指数持仓样本的行业来看，乘用车占比70.59%、汽车内饰与外饰占比16.47%、 汽车系统部件占比5.09%、轮胎占比4.26%、汽车电子占比3.59%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。遇临时调整时，当沪深300指数调整样本时，沪深300行业指数样本 随之进行相应调整。在样本公司有特殊事件发生，导致其行业归属发生变更时，将对沪深300行业指数 样本进行相应调整。当样本退市时，将其从指数样本 ...

Group 1 - Great Wall Motors Co., Ltd. has applied for a patent titled "Three-Section Wing Deployment Control Method, Device, Electronic Equipment, and Storage Medium" with publication number CN120422953A, filed on February 2024 [1] - The patent provides a method for controlling the deployment of a three-section wing, which predicts the vehicle's trajectory when the wing is in manual deployment mode and the current speed is less than or equal to a preset threshold [1] - The method assesses the presence of obstacles alongside the vehicle's trajectory using external environmental data, determining the distance between the obstacles and the trajectory to control the wing's deployment or retraction accordingly [1] Group 2 - Great Wall Motors was established in 2001 and is primarily engaged in the automotive manufacturing industry, located in Baoding City [2] - The company has a registered capital of approximately 8.49 billion RMB and has invested in 75 enterprises, participated in 2,548 bidding projects, and holds 5,000 trademark and patent records [2] - Additionally, Great Wall Motors possesses 639 administrative licenses, indicating a robust operational framework and extensive engagement in various business activities [2]

Core Insights - The automotive industry is returning to rationality after a period of "involution," with average price reductions for new energy vehicles and fuel vehicles at 17,000 yuan and 13,000 yuan respectively, representing decreases of 11.1% and 10.4% [1] - Sales data for July indicates a mixed performance among major manufacturers, with several experiencing year-on-year declines in sales [1] - The total retail market for narrow passenger vehicles in July is estimated at around 1.85 million units, showing a year-on-year increase of 7.6% but a month-on-month decrease of 11.2% [1] Group 1: Major Players in the Market - BYD remains the leader in sales among the "self-owned five strong," with over 340,000 units sold in July, maintaining a stable monthly sales figure of around 380,000 units for five consecutive months [2][4] - Geely and Chery follow closely, with Geely's sales at 237,700 units, supported by a 120% year-on-year increase in its new energy segment [4] - Chery's sales reached 224,400 units, bolstered by strong export performance, while SAIC's sales were 214,000 units, with a balanced contribution from new energy and overseas markets [4] Group 2: New Energy Vehicle Segment - Leap Motor leads the new energy vehicle segment with over 50,000 units sold in July, marking a year-on-year increase of over 126% [5] - Xiaopeng and Xiaomi also performed well, with Xiaopeng delivering 36,700 units (up 229% year-on-year) and Xiaomi exceeding 30,000 units for the first time since its launch [7] - Ideal and NIO showed fluctuations in sales, with Ideal delivering 30,700 units and NIO 21,000 units [7] Group 3: Joint Venture Brands - Joint venture brands are experiencing a resurgence, with FAW-Volkswagen selling 113,000 units in July, and both Toyota brands achieving sales of 60,000 units each [9] - SAIC-GM saw significant growth, with sales increasing by 181.68% year-on-year to 42,300 units, driven by strong performance from the Buick brand [9] - Several joint venture new energy models are gaining traction, with GAC Toyota's pure electric SUV and Dongfeng Nissan's N7 showing promising sales figures [9] Group 4: Market Outlook - Despite seasonal challenges, the overall automotive market is expected to maintain steady growth, particularly in the new energy vehicle sector, which is injecting new vitality into the market [10]

汽车行业分城市零售跟踪 2Q25 低线城市占比同比持续提升 证 券 研 究 报 告 中国汽车终端零售量近年在波动中增长，并在一二三四线城市中出现分化，我 们持续跟踪季度分车系分城市零售数据，以便投资者更好理解销量状态。 2Q25 零售情况： 同比角度： 绝对增量上看，自主品牌同比贡献最多，其中自主豪华增长主要来自新一线、 二线城市，自主普通在所有线级城市均有所增长，其中四线增长最多；合资豪 华在各级城市均有所下降。 环比角度： 绝对增量上看，自主和合资普通环比贡献最多，其中自主普通增长主要来自新 一线、二线城市，合资普通增长主要来自新一线、二线城市。 市占率角度： 环比变动：合资豪华≈合资普通-0.5PP<特斯拉-0.4PP<自主+0.5PP<自主 豪华+0.9PP。 自主不断蚕食合资市场，受季节性影响低线城市占比有所下滑。 详细内容可参考正文图表。 行业研究 汽车 2025 年 08 月 07 日 推荐（维持） 华创证券研究所 证券分析师：李昊岚 邮箱：lihaolan@hcyjs.com 执业编号：S0360524010003 联系人：张睿希 邮箱：zhangruixi@hcyjs.com 行业基本数据 ...

Core Viewpoint - Great Wall Motors reported a cumulative sales figure of 674,000 vehicles from January to July this year, reflecting a year-on-year growth of 3.6%, but its overseas sales decreased by 17.5% compared to the same period last year [1] Group 1: Sales Performance - In July, Great Wall Motors' total monthly sales reached 104,000 vehicles, a month-on-month decrease of 5.7% [1] - The sales breakdown for July shows Haval at 56,000 units (down 9.9%), Wey at 10,000 units (down 1.5%), pickups at 14,000 units (up 4.2%), Ora at 4,000 units (up 31.0%), and Tank at 20,000 units (down 7.2%) [1] - The company’s sales growth significantly lagged behind the overall industry, which saw a 11.4% year-on-year increase in domestic vehicle sales for the first half of the year, totaling 15.653 million units [1] Group 2: Financial Performance - For the first half of 2025, Great Wall Motors reported an operating income of 92.367 billion yuan, a year-on-year increase of 1.03%, while net profit decreased by 10.22% to 6.337 billion yuan [1] Group 3: Electric Vehicle Transition - In 2024, Great Wall Motors' sales growth began to slow down, with new car sales reaching 1.235 million units, a mere 0.4% increase from 2023 [2] - The penetration rate of new energy vehicles for Great Wall Motors was only 28.9% as of July, indicating a slower transition to electric vehicles compared to the industry average [2] - The company's pure electric brand, Ora, sold only 18,000 units from January to July, a significant decrease of 50.2% year-on-year [2] Group 4: International Collaboration - Great Wall Motors has been actively pursuing overseas markets, but recent sales data has been disappointing [2] - The company was reported to be collaborating with Faraday Future, which has faced allegations of design similarities with Great Wall's products [3] - Faraday Future's global president denied any claims of plagiarism, stating that the vehicle was developed in partnership with Chinese industry collaborators [3]

Core Insights - The automotive industry is returning to rationality after a period of "involution," with average price reductions for new energy vehicles and fuel vehicles at 17,000 yuan and 13,000 yuan respectively, representing decreases of 11.1% and 10.4% [1] - Sales data for July indicates a mixed performance among major manufacturers, with some experiencing year-on-year declines in sales [1][2] - The total retail market for narrow passenger vehicles in July is estimated at around 1.85 million units, showing a year-on-year increase of 7.6% but a month-on-month decrease of 11.2% [1] Group 1: Domestic Brands Performance - BYD remains the leader in sales among domestic brands, achieving over 340,000 units in July, maintaining a stable monthly sales figure of around 380,000 units for five consecutive months [4] - Geely and Chery follow closely, with Geely's sales at 237,700 units, supported by a 120% year-on-year increase in its new energy segment [4] - Chery's sales reached 224,400 units, bolstered by strong export performance, while SAIC's sales were 214,000 units, with a balanced contribution from new energy and overseas markets [4] Group 2: New Energy Vehicle Segment - Leap Motor leads the new energy vehicle segment with over 50,000 units sold in July, marking a year-on-year increase of over 126% [5] - Xiaopeng and Xiaomi also performed well, with Xiaopeng delivering 36,700 units (up 229% year-on-year) and Xiaomi exceeding 30,000 units for the first time [6] - Li Auto and NIO showed fluctuations in sales, with Li Auto delivering 30,700 units and NIO 21,000 units [6] Group 3: Joint Venture Brands - Major joint venture brands are experiencing a resurgence, with FAW-Volkswagen selling 113,000 units in July, reflecting a year-on-year market share increase of 0.5 percentage points [8] - Toyota's joint ventures each sold around 60,000 units, with FAW Toyota achieving a 3% year-on-year growth [8] - SAIC-GM saw a significant increase in sales, with a year-on-year growth of 181.68%, driven by strong performance from the Buick brand [8] Group 4: Market Outlook - Despite seasonal declines and regional disparities, the overall automotive market is expected to maintain steady growth, particularly in the new energy vehicle sector, which is injecting new vitality into the market [9]

证券代码：601633 证券简称：长城汽车 公告编号：2025-105 转债代码：113049 转债简称：长汽转债 长城汽车股份有限公司 关于"长汽转债"可选择回售结果的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 本次回售的转债代码为"113049"，回售价格为 100.20 元人民币/张（含当期 应计利息、含税）。"长汽转债"的回售申报期为 2025 年 7 月 29 日至 2025 年 8 月 4 日，回售申报已于 2025 年 8 月 4 日上海证券交易所收市后结束。 重要内容提示： ? 回售期间：2025 年 7 月 29 日至 2025 年 8 月 4 日 ? 回售有效申报数量：10 张 ? 回售金额：1,002.00 元（含当期应计利息、含税） ? 回售资金发放日：2025 年 8 月 7 日 一、本次可转债回售的公告情况 长城汽车股份有限公司（以下简称"本公司"或"公司"）于 2025 年 7 月 （公 告编号：2025-093），并分别于 2025 年 7 月 23 日、2025 年 7 月 24 日 ...

| 证券代码：601633 | 证券简称：长城汽车 公告编号：2025-105 | | --- | --- | | 转债代码：113049 | 转债简称：长汽转债 | 长城汽车股份有限公司 回售期间：2025 年 7 月 29 日至 2025 年 8 月 4 日 回售有效申报数量：10 张 回售金额：1,002.00 元（含当期应计利息、含税） 回售资金发放日：2025 年 8 月 7 日 月 4 日，回售申报已于 2025 年 8 月 4 日上海证券交易所收市后结束。 二、本次可转债回售结果和本次回售对公司的影响 （一）回售结果 关于"长汽转债"可选择回售结果的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、本次可转债回售的公告情况 长城汽车股份有限公司（以下简称"本公司"或"公司"）于 2025 年 7 月 22 日披露了《长城汽车股份有限公司关于"长汽转债"可选择回售的公告》（公 告编号：2025-093），并分别于 2025 年 7 月 23 日、2025 年 7 月 24 日、2025 年 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責 ，對其準確性或完整性亦不發表 任何聲明 ，並明確表示 ，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔 任 何責任。 長 城 汽 車 股 份 有 限 公 司 GREAT WALL MOTOR COMPANY LIMITED* （ 於中華人民共和國註冊成立的股份有限公司 ） 股份代號 ：02333（港幣櫃台）及82333（人民幣櫃台） 海 外 監 管 公 告 此海外監管公告是根據香港聯合交易所有限公司證券上市規則第13.10B條發出。以下為長 城汽車股份有限公司於上海證券交易所網站（www.sse.com.cn）所刊發之「長城汽車股份 有限公司關於"長汽轉債"可選擇回售結果的公告」。 承董事會命 長城汽車股份有限公司 聯席公司秘書 李紅栓 中國河北省保定市 ，2025年8月6日 於本公告日期 ，董事會成員如下： * 僅供識別 | 证券代码：601633 | 证券简称：长城汽车 | 公告编号：2025-105 | | --- | --- | --- | | 转债代码：113049 | 转债简称：长汽转债 | | ...