2025年的中国汽车市场，在政策延续与市场竞争的双重作用下，交出了一份兼具规模与质量的成绩单。产销连续17年稳居全球第一的背后，是新能源汽车的 强势领跑、自主品牌的持续崛起以及出口市场的稳步扩张。从这一串串销量数据中，不仅能看见市场格局的变换，更能清晰把握中国汽车产业由"规模领 先"迈向"质量取胜"的转型路径。 整体市场：产销再创新高 展现强大发展韧性 2025年，中国汽车产业顶住全球贸易保护、产业链重构及行业竞争加剧等多重压力，实现了超预期增长。中国汽车工业协会数据显示，2025年汽车产销分别 完成3453.1万辆和3440万辆，同比分别增长10.4%和9.4%，产销规模均创下历史新高。这一成绩的取得，离不开政策与市场的同频共振。 2025年初，"两新"政策加力扩围，拓展了消费品类别、设备更新支持范围，有效激活了车辆置换消费需求，尤其是三四线城市及下沉市场，老旧车辆更新换 代成为拉动销量的重要动力。与此同时，新能源汽车购置税的平稳过渡与充电基础设施的持续完善，进一步降低了新能源汽车潜在消费者的购车门槛和用车 顾虑。从市场需求来看，当前的消费结构正在发生明显变化，智能化配置、绿色出行成为消费者购车的重要考量因 ...

交银国际发布研报称，长城汽车（601633）(02333)去年营收2,227.9亿元人民币(下同)，同比增长 10.2%，纯利跌21.7%至99.12亿元，主要受直营渠道建设及新品/品牌投放前置拖累。公司去年第四季营 收692.1亿元创新高，但纯利仅12.77亿元，按季跌44%，主因一次性计提年终奖(预提46亿元)叠加直营与 广告投入、新店爬坡。展望2026年，该行料长汽盈利弹性取决于提效，海外挑战60万辆与直营提效带动 利润修复。该行维持对长汽的"买入"评级，目标价22.5港元。 ...

智通财经APP获悉，交银国际发布研报称，长城汽车(02333)去年营收2,227.9亿元人民币(下同)，同比增 长10.2%，纯利跌21.7%至99.12亿元，主要受直营渠道建设及新品/品牌投放前置拖累。公司去年第四季 营收692.1亿元创新高，但纯利仅12.77亿元，按季跌44%，主因一次性计提年终奖(预提46亿元)叠加直营 与广告投入、新店爬坡。展望2026年，该行料长汽盈利弹性取决于提效，海外挑战60万辆与直营提效带 动利润修复。该行维持对长汽的"买入"评级，目标价22.5港元。 ...

Core Viewpoint - The article discusses innovative marketing strategies adopted by automotive companies during the winter sales season in January 2026, highlighting how they engage consumers through unique experiences and cross-industry collaborations [3][4]. Group 1: Winter Marketing Strategies - January is a critical month for car companies, often referred to as the winter testing season, where numerous companies gather in regions like Inner Mongolia for vehicle testing [5]. - Traditional testing methods are becoming less effective in attracting attention, leading companies to create engaging winter experiences, such as Great Wall Motors' collaboration with Harbin Tourism Bureau for the "Harbin Ice and Snow Happy Week" [8][10]. - The "Long Spring First Ice Pot," a giant ice structure in Changchun, has become a popular destination, attracting over 1,000 vehicles for ice drifting experiences since its opening on January 10, 2026 [10][12]. Group 2: Cross-Industry Collaborations - Cross-industry marketing remains a popular strategy, with companies like Wangwang and Dong Mingzhu engaging in partnerships to attract consumer attention [15][20]. - Notable interactions include a humorous exchange between GAC Group's chairman and Gree Electric's chairman, which, despite being misinterpreted, enhanced the collaboration's visibility [22]. - BMW's playful marketing campaign during the New Year featured various humorous themes, effectively combining cultural elements with brand promotion [23][25]. Group 3: Community Engagement Initiatives - Xiaopeng Motors launched a "1000 Mobile Charging Stations" initiative, providing charging cables to 1,000 car owners, addressing the real needs of consumers during the Spring Festival [29][30]. - This initiative not only alleviates charging anxiety but also fosters a sense of community among car owners, enhancing brand warmth and consumer pride [33]. Group 4: Cultural and Brand Positioning - Volvo's innovative marketing approach involved a real-life simulation of a racing game, effectively engaging consumers by mimicking gaming experiences [34][37]. - GAC Aion capitalized on local cultural phenomena by creating a music video related to a trending song, thereby connecting emotionally with the audience [38][41]. - NIO's collaboration with the talk show "Thirteen Invitations" reflects a commitment to deeper values and long-term engagement rather than superficial marketing [42][45]. Group 5: Year-End Reflections and Celebrations - The automotive industry has seen a surge in year-end celebrations, with companies like Chasing and Mercedes-Benz using these events to enhance brand image and consumer engagement [49][51]. - The collective celebration of Mercedes-Benz's 140th anniversary showcased the industry's youthful spirit and creativity, with various brands participating in playful marketing campaigns [51].

Core Viewpoint - The forecast for Changcheng Automobile's revenue for 2026 is between 247.48 billion to 289.80 billion yuan, with a net profit forecast of 12.45 billion to 17.52 billion yuan, indicating potential for exceeding expectations in future financial disclosures [1][8]. Revenue and Profit Forecast - The predicted revenue range is 2474.84 to 2898.00 million yuan, with an average forecast of 2722.38 million yuan and a median of 2762.39 million yuan [2][9]. - The predicted net profit range is 124.49 to 175.20 million yuan, with an average of 154.08 million yuan and a median of 156.00 million yuan [2][9]. Sales Performance - Changcheng Automobile achieved a total sales volume of 1.324 million units in 2025, marking a year-on-year increase of 7.3%, setting a historical record [3][10]. - WEY brand sales reached 102,000 units, showing a significant year-on-year growth of 86.3% [4][10]. - Haval brand sales totaled 759,000 units, with a year-on-year increase of 7.4% [3][10]. - Tank brand sales were 233,000 units, reflecting a slight year-on-year increase of 0.7% [5][10]. - Overseas sales reached 506,000 units, representing a year-on-year growth of 11.7% [11]. New Product Developments - The company launched the world's first native AI all-power platform, named "Guiyuan," which supports five types of power configurations and aims to introduce over 50 models across seven categories [12]. - The platform features a pure electric range of up to 363 kilometers and a comprehensive WLTC range of 1393 kilometers, with rapid charging capabilities [12].

据经济观察报-经济观察网 2026年1月，长城汽车销售新车9.03万辆，同比增长11.59%，环比下滑 27.18%。其中，海外销量同比增长43.77%。哈弗品牌销售5.05万辆，同比增长4.03%；魏牌销售7873 辆，同比增长57.24%；坦克品牌销售1.45万辆，同比增长12.92%。上汽集团虽未公布总体销量，但其部 分业务单元已发布数据。上汽乘用车体系中的荣威、MG销量零售超7.8万辆，同比增长9.8%；上汽通用 五菱1月全球销量10.58万辆；上汽通用终端交付5.1万辆，同比增长8.2%。东风汽车旗下，岚图汽车1月 交付1.05万辆，同比增长31%；奕派科技销量2.13万辆，同比增长145%；猛士汽车销售1008辆，同比增 长300%。 ...

进入2026年1月后，新能源汽车购置税开始减半征收，车企购 置税兜底政策也随之结束。另外，1月各地具体的购车补贴细 则尚未全部出台，导致消费者存在观望情绪，影响了车市终端 销售情况。 作者：王帅国 封图：图虫创意 2月1日，各家车企相继发布了1月销量。从整体上看，汽车行业实现2026年"开门红"，大多数车 企1月销量同比取得正增长，但这一同比增长是由于2025年春节在1月，去年同期的新车销售基数 较低。 环比数据上，大多数车企1月销量下滑明显，主要原因在于2025年12月新能源汽车还享受购置税 全额减免政策，同时车企为年底冲量，在12月出台了许多其他优惠政策。进入2026年1月后，新 能源汽车购置税开始减半征收，车企购置税兜底政策也随之结束。另外，1月各地具体的购车补贴 细则尚未全部出台，导致消费者存在观望情绪，影响了车市终端销售情况。 广汽集团1月销量为11.66万辆，同比增长18.47%，环比下滑37.79%。其中自主品牌销量超4.9 万辆，同比增长87.58%；海外销量同比增长68.59%。分品牌来看，昊铂+埃安销量2.16万辆， 同比大增171.63%；传祺品牌销量2.77万辆，同比增长51.06%； ...

Core Insights - January saw a significant reshuffling in the domestic automotive market, with new energy vehicle (NEV) purchase tax reinstatement and demand being pulled forward due to promotions leading to changes in rankings among new players [1] - New energy vehicle companies showed a clear divergence in January sales, with Zeekr, NIO, and Xiaomi Auto experiencing over 90% year-on-year growth, while Li Auto and Xpeng faced declines [1][2] Sales Performance - Hommage Zhixing delivered 57,900 vehicles in January, with the AITO brand contributing 40,000 units, accounting for 69.1% of total deliveries [2] - Xiaomi Auto delivered over 39,000 vehicles, marking a 95% year-on-year increase, despite a 22% month-on-month decline [2] - Leap Motor's January deliveries reached 32,100 units, with plans to hit a sales target of 1 million vehicles in 2026 [2] - Li Auto's deliveries were 27,700 units, entering a self-adjustment phase due to supply chain issues affecting production [3] - NIO delivered 27,200 vehicles, with a significant year-on-year increase of 163% driven by the new ES8 model [3] - Xpeng delivered approximately 20,000 vehicles, focusing on new product launches for 2026 [4] Traditional Automakers - Geely topped the sales chart in January with 270,200 units sold, a 1.29% year-on-year increase and a 14.08% month-on-month increase, driven by the Zeekr brand [5][6] - BYD's sales fell to 210,100 units, a 30.11% year-on-year decline, primarily due to weak domestic demand [6] - GAC Group reported sales of 116,600 units, an 18.47% year-on-year increase, although it faced a 37.81% month-on-month decline [7][8] - Chery Group's total sales were 190,000 units, down 10.7% year-on-year, with only the Chery brand showing growth [8] - Great Wall Motors sold 90,300 vehicles, an 11.60% year-on-year increase, with a notable 30% growth in NEV sales [9]

交银国际发布研报称，认为长城汽车（601633）(02333)中期仍受益于"高端化+新能源+出海"方向，但 4Q25已体现投入加大对利润的阶段性挤压。暂维持"买入"评级与目标价22.50港元，待年报披露后重点 跟踪费用结构、单车盈利与渠道效率变化并更新预测。 交银国际主要观点如下： 2025年业绩：销量与营收增长，利润受战略投入拖累 4Q25长城营收692.08亿元（同比+15.46%，环比+13%），单车收入17.29万元；销量超40万台（同比 +5.49%，环比+13.22%），其中新能源销量12.52万台、海外销量17.19万辆，均保持较强增长。4Q25净 利润为12.77亿元，环比下滑44.4%，主要为一次性计提全年年终奖所致；管理层披露2025年预提年终奖 约46亿元（同比+8亿元），还原后盈利基本面依旧稳健。同时，直营费用同比增加17亿+、广告投入同 比增长，叠加新店爬坡期（约6个月）导致费用效率尚未完全体现，影响季度利润表现。 2026展望：出海上量+直营提效，有望带来利润修复 长城提出2026年海外销量挑战60万台，且4Q25已在多区域加快渠道签约，为2026年增量获取奠定基 础。直营方面，长 ...

智通财经APP获悉，交银国际发布研报称，认为长城汽车(02333)中期仍受益于"高端化+新能源+出 海"方向，但4Q25已体现投入加大对利润的阶段性挤压。暂维持"买入"评级与目标价22.50港元，待年报 披露后重点跟踪费用结构、单车盈利与渠道效率变化并更新预测。 交银国际主要观点如下： 2026展望：出海上量+直营提效，有望带来利润修复 长城提出2026年海外销量挑战60万台，且4Q25已在多区域加快渠道签约，为2026年增量获取奠定基 础。直营方面，长城预计2026年魏牌将进入"提效+上规模"阶段，并认为规模化后有助将部分渠道利润 回流至企业端；同时管理层亦表示直营费用未来增量不会太大、效率将持续改善。需要关注的风险包括 原材料价格波动及海外政策节奏（如俄罗斯报废税返还确认时点差）。 风险变量方面关注三点 其一，大宗与锂价波动对行业成本的压力仍在，但长城提出2026年直材年化降本目标约5%，并将透过 平台化、规模效应与多维降本对冲原材料上行。其二，俄罗斯"报废税/返还"节奏会带来季度间扰动， 管理层称4Q25收到的是3Q25及以前的综合结算、4Q25当期尚未收到。其三，直营渠道仍处效率爬坡 期，管理层预期2 ...