12月2日消息，长城汽车CTO吴会肖发微博表示，对于场景的理解我们坚持360度审视，对功能的设计以 安全为第一准则。不做行业跟风者，只做安全守护人，让每一次出行，成为值得信赖的旅程。 对此，长城汽车董事长魏建军转发微博表示认同：做得对，有所为有所不为，技术要为用户提供价值， 不能为了炫技。 责任编辑：李思阳 12月2日消息，长城汽车CTO吴会肖发微博表示，对于场景的理解我们坚持360度审视，对功能的设计以 安全为第一准则。不做行业跟风者，只做安全守护人，让每一次出行，成为值得信赖的旅程。 责任编辑：李思阳 对此，长城汽车董事长魏建军转发微博表示认同：做得对，有所为有所不为，技术要为用户提供价值， 不能为了炫技。 ...

Core Insights - The Chinese automotive industry is experiencing a significant shift towards overseas markets, with exports growing faster than domestic sales, indicating a transition from incremental competition to stock competition [1][4][12] - By 2030, it is projected that Chinese automotive brands will achieve nearly 10 million units in overseas sales, highlighting the increasing importance of international markets for growth [1][13] Export Growth - In October, China exported 666,000 vehicles, a month-on-month increase of 2.1% and a year-on-year increase of 22.9%. From January to October, total exports reached 5.616 million units, up 15.7% year-on-year [1] - Chery's overseas sales reached 1.06 million units from January to October, accounting for 46% of its total sales, maintaining a steady growth trend [1] - BYD's exports for the same period were 780,000 units, a significant increase of 130%, with overseas sales making up 21% of total sales [2] - Geely's overseas sales approached 300,000 units, with a remarkable 214% increase in exports of new energy vehicles [3] Financial Performance - Chery's revenue for the first three quarters of 2025 was 214.83 billion yuan, a 17.9% increase year-on-year, with overseas sales contributing significantly to this growth [6] - BYD's overseas revenue share rose from 28% in 2024 to 36.5% in the third quarter of 2025, with a net profit margin of 4.2% surpassing domestic margins [7] - Great Wall Motors reported overseas revenue of 80.3 billion yuan in 2024, accounting for 39.69% of total revenue, indicating the growing importance of international markets [8] Market Share and Competitive Position - By 2025, China's automotive global market share is expected to exceed 38%, with significant growth in Europe, where Chinese brands achieved a record 7.4% market share in September 2025 [10] - In Southeast Asia, particularly Thailand, Chinese brands captured 34.3% of the market share in the first three quarters of 2025, leading the segment [11] - Chinese brands are also making significant inroads in Brazil, with market share increasing from 6.8% in 2024 to 9.1% in 2025, particularly in the new energy vehicle segment [11] Strategic Initiatives - Chinese automotive companies are increasingly establishing local production facilities overseas, allowing them to better meet local market demands and navigate trade barriers [5][9] - The shift from product export to a comprehensive ecosystem approach is evident, with companies focusing on local production, service, and supply chain integration [9][14] - The emphasis on localization and understanding local consumer preferences is crucial for success in international markets, as highlighted by the need for tailored products and services [12][15]

Core Insights - Great Wall Motors achieved a total vehicle sales of 133,216 units in November, marking a year-on-year increase of 4.57% [2] - The company focused on smart new energy vehicles, selling 40,113 units in November, which is an 11.43% increase year-on-year [2] - Sales of models priced above 200,000 yuan reached 41,155 units, reflecting a significant year-on-year growth of 31.56% [2] - Overseas sales reached 57,309 units, a remarkable increase of 32.70%, setting a new record [2] - Cumulative sales from January to November 2025 reached 1,199,652 units, representing a 9.26% year-on-year growth, achieving the best historical performance for this period [2] Sales Performance - Haval brand sold 75,383 units in November, with a cumulative global sales of 10.11 million units [6] - The new Haval H6L was launched at a promotional price starting from 103,900 yuan, featuring advanced technology and spacious design [6] - The WEY brand saw a significant increase in sales, with 12,763 units sold in November, up 81.14% year-on-year [6] - Tank SUV sales reached 24,135 units, showing a year-on-year growth of 19.55% [7] - ORA brand sold 4,821 units in November, with a cumulative global sales of 549,600 units [7] - Great Wall Pickup sold 16,011 units in November, with a month-on-month increase of 13.65% [7] Global Expansion and Innovation - Great Wall Motors is accelerating its global presence, having delivered 100 new energy vehicles for the COP30 conference and showcasing a mobile hydrogen power generation unit [9] - The company is expanding its product offerings in international markets, including the launch of the WEY brand in Thailand and the Mountain Sea Cannon in Chile [9] - The company aims to enhance its market competitiveness and brand value by focusing on high-quality vehicle production and smart new energy technology [5]

Core Viewpoint - Suoteng Juchuang (02498) has announced that it will supply Great Wall Motors (601633) (02333) with a new model for mass production, expected to commence delivery in 2026, enhancing vehicle safety and intelligence through advanced lidar technology [1] Group 1 - Suoteng Juchuang will collaborate with Great Wall Motors to upgrade vehicle perception systems [1] - The partnership will utilize RoboSense's high-performance and reliable digital lidar solutions [1] - The initiative aims to create a safer and smarter travel experience for consumers [1]

Core Viewpoint - SUTENG JUCHUANG (02498) has announced a new partnership with Great Wall Motors (02333) to supply pre-installed mass production for a new vehicle model, expected to begin delivery in 2026 [1] Group 1: Company Developments - SUTENG JUCHUANG will utilize RoboSense's high-performance and reliable digital lidar solutions to enhance the perception capabilities of Great Wall Motors [1] - The collaboration aims to create a safer and smarter travel experience for consumers [1] Group 2: Industry Implications - The partnership signifies a trend towards integrating advanced sensing technologies in the automotive industry, particularly in the context of smart vehicle development [1] - This move reflects the growing importance of safety and intelligence in automotive design and manufacturing [1]

Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1] - The US stock market saw declines across major indices, with the Dow Jones falling by 427.09 points or 0.90% [2] - Southbound funds maintained a net inflow of 121.9 billion HKD in November, indicating continued interest in Hong Kong stocks [3] Sector Performance - The materials sector, particularly non-ferrous metals, led the gains in the Hong Kong market, with notable increases in stock prices for companies like Sunny Optical Technology, which rose by 6.2%, and Zijin Mining, which increased by 5.3% [1][5] - In the US market, technology stocks faced profit-taking pressure, particularly in AI-related stocks, contributing to the overall market decline [2] Investment Opportunities - The report emphasizes the importance of technological self-reliance as a core theme for future performance in the Hong Kong market, suggesting that leading companies in AI, semiconductors, and industrial software may present long-term growth opportunities [3] - Specific recommendations include focusing on sectors with lower valuations and higher dividends, as well as companies benefiting from anticipated Federal Reserve interest rate cuts [3] Company Highlights - XPeng Motors reported a 19% year-on-year increase in vehicle deliveries for November, totaling 36,728 units, and a cumulative delivery of 391,937 units for the year, reflecting a 156% increase [9] - Alibaba, ZTE, and Meituan were among the top net purchases by southbound funds, indicating strong investor interest in these companies [9] Stock Performance - The Hang Seng Index and its sub-indices showed varied performance over the past month, with the Hang Seng Technology Index up by 0.8% [16] - Notable stock performances include Tencent Holdings, which saw a 1.3% increase, and Alibaba, which rose by 2.2% [16]

近日，市委常委、统战部部长黄卿带领我市汽车产业企业考察团赴京冀考察学习。 全市新能源汽车产业链18名骨干企业负责人参加考察。 黄卿表示，组织民营企业家走出去对标学习，是服务"两个健康"、优化营商环境的具体行动。通过 实地考察，搭建学习交流平台，能够帮助我市企业家看到自身与行业标杆的差距与努力方向，有效提升 战略眼光和创新意识，同时也为推动郑州与京冀地区产业对接、深化区域合作奠定良好基础。希望各位 企业家将学到的新理念、新思路转化为企业创新发展的实际行动，把握发展趋势、拓展合作空间，争做 郑州新能源汽车产业生态的建设者和贡献者，为郑州国家中心城市现代化建设汇聚更多智慧和力量。 考察团先后走进小米汽车、理想汽车、北汽新能源、长城汽车、三河世原等企业，观摩学习智能制 造、技术创新、品牌建设与市场拓展方面的先进理念与实践成果，深入探讨大数据、人工智能如何赋能 研发、营销和用户体验创新，详细了解新材料、新工艺的应用与产业链协同创新模式。 ...

Sales Performance - In November 2025, the company sold 57,309 vehicles overseas, bringing the total sales from January to November to 448,648 vehicles [3] - The company sold 40,113 new energy vehicles in November 2025, with a cumulative total of 364,731 new energy vehicles sold from January to November [4] Convertible Bond Conversion - From November 1 to November 30, 2025, no convertible bonds were converted into company shares, with a total conversion amount of 0 yuan and 0 shares converted [7] - Since the start of the conversion period on December 17, 2021, a total of 4,944,000 yuan of convertible bonds have been converted into 129,652 shares, representing 0.0014% of the total shares issued before conversion [10] - As of November 30, 2025, the amount of unconverted convertible bonds stands at 3,495,055,000 yuan, accounting for 99.8587% of the total issuance [10] Stock Option Incentive Plan - The first exercise period of the 2023 stock option incentive plan allows for 18,948,783 shares to be exercised, with no shares exercised in November 2025, representing 0% of the total options available for this period [7] - The exercise price for the stock options is set at 26.47 yuan per share [21] - As of November 30, 2025, only 2 out of 1,036 eligible participants exercised their options, resulting in a total of 31 shares registered and 834.07 yuan raised for working capital [23]

Group 1 - The Chinese automotive market remains strong in November, but the impact of subsidy reductions is spreading beyond price-sensitive consumers, leading to a general delay in purchasing decisions [2] - NIO's CEO Li Bin noted a significant drop in new orders across the industry in November, with consumers adopting a wait-and-see approach [2] - BYD's sales in November reached 480,000 units, a year-on-year decline of 5.25%, indicating a shift from rapid growth to a need for structural adjustment [2] Group 2 - Geely's sales in November were 310,000 units, a year-on-year increase of 24%, supported by multiple product lines [3] - SAIC's overall sales reached 316,000 units, with a growth rate of 9.5%, indicating a stable performance across its brands [3] - Great Wall and Chery maintained steady sales, with Great Wall selling 133,200 units (up 4.57%) and Chery selling 255,800 units (down 2%) [3] Group 3 - The new energy vehicle segment is gaining traction among state-owned enterprises, with Dongfeng's Lantu surpassing 20,000 units in November [4][5] - Traditional brands like FAW showed stable performance, with total sales of 306,000 units in November, including a significant increase in new energy vehicle sales [5] Group 4 - Huawei's automotive strategy is evolving, with its smart vehicle delivery reaching 81,864 units in November, reflecting its growing influence in the industry [6] - The competition is shifting from vehicle-to-vehicle to ecosystem-to-ecosystem, highlighting the importance of integrated capabilities [6] Group 5 - New entrants like Leap Motor delivered 70,327 units in November, marking a year-on-year growth of over 75%, positioning themselves as significant competitors [6] - Xiaomi maintained stable delivery levels above 40,000 units, while XPeng and NIO also reported strong growth in November [7] Group 6 - The automotive market is entering a phase that tests companies' capabilities, with consumers becoming more discerning and extending their decision-making processes [8] - The focus of competition is shifting from subsidies to long-term brand value, supply chain stability, and technological advancement [9]

12月1日，长城汽车宣布全球累计销量超1600万辆。2025年11月，长城汽车销售新车13.32万辆，同比增 长4.57%，新能源车型销售4.01万辆，同比增长11.43%，海外销售5.73万辆，同比增长32.70%，再创历 史新高。 ...