长城直营渠道调整迎来新进展。 21世纪经济报道记者从多位接近魏牌的渠道人士处获悉，10月底，魏牌将完全采用直营模式运营，原有 的经销商模式将陆续终止，同时原"长城智选"门店正陆续更换招牌为"魏牌新能源"。 有魏牌渠道人士告诉21世纪经济报道记者，未来长城的直营门店将逐步统一门店标识为魏牌新能源，以 展示品牌2.0的新面貌。这意味着，魏牌将成为长城汽车体系内，最接近造车新势力直营业态的品牌。 广州、北京及上海魏牌销售人士告诉21世纪经济报道记者，坦克700已全部转交经销商网络销售，坦克 品牌正式撤出魏牌渠道。"我们店里以后只卖魏牌，这样我们的培训和讲解都能更专注。"一位上海门店 负责人表示。 这并非临时起意。早在今年5月，魏牌总经理冯复之就已向媒体透露，坦克品牌将退出长城"智选"体 系。长城汽车决心将长城智选改造为魏牌的专属渠道。 就上述核心信息，21世纪经济报道记者与长城方面已进行官方确认。 All in直营，告别"双销"内耗 去年4月开始，长城决定拥抱"直营模式"，推出直营品牌"长城智选"，即在保留传统经销商模式的基础 上，长城智选直营模式将成为长城产品的重要销售渠道，同步打造双销模式。 一位长城汽车经销商 ...

近日，有媒体报道称，坦克退出长城智选直营店，魏牌与坦克在经销商渠道仍协同运营，长城智选门店 将逐步变更为"魏牌新能源直营店"。车圈能见度注意到，"长城智选"公众号也在9月改名为"魏牌新能源 直营"。 同时，也有消息称，10月底，魏牌将完全采用直营模式运营，原有的经销商模式将陆续终止。 资料显示，2024年4月，长城汽车推出直营服务品牌"长城智选"，主营魏牌与坦克品牌，由冯复之担任 负责人。彼时，长城汽车表示，长城智选采用直营模式的主要目的在于塑造品牌形象。 从销量来看，2025年前9个月，魏牌销量6.36万辆，同比增长96.35%，是长城汽车旗下增速最高的品 牌；坦克品牌销量16.51万辆，同比减少2.75%。 显然，在直销渠道下，魏牌获得了更高的增长。在"独享"直销渠道后，魏牌能否成为长城汽车旗下的新 能源担当呢？ 坦克退出直营 在2024年5月举行的股东大会上，长城汽车创始人、董事长魏建军曾表示，长城汽车的产品力不差，而 是渠道存在不足。他认为当前汽车经销商普遍面临关店、转型的巨大压力，而长城经销商又主要聚集在 低线城市和高线城市的非核心区域，缺乏经营30万元以上高端车型的信心，直营将解决长城与高端用户 ...

北京商报讯(记者陶凤王天逸)10月20日，优必选宣布，前长城汽车（601633）AI Lab负责人、人工智能 与自动驾驶领域资深专家杨继峰近日正式加入优必选智慧物流子公司UQI优奇，出任技术合伙人兼联席 CEO。 据称，杨继峰拥有多年深耕Robotaxi、大模型研发与跨国技术合作的实战经验，将领导UQI优奇工业人 形机器人、L4级无人物流车等产品的核心研发，并主导海外业务开拓，帮助UQI优奇打造"基于具身智 能的端到端无人化物流体系"。 ...

| 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600104 上汽集团 | | 1877.56万 | 4.10% | -2206.70万 | -4.82% | 329.14万 | 0.72% | | 601633 长城汽车 | | 1505.08万 | 5.14% | -803.42万 | -2.75% | -701.66万 | -2.40% | | 601238 广汽集团 | | 1107.38万 | 4.33% | 54.35万 | 4 0.21% | -1161.73万 | -4.54% | | 600733 北汽蓝谷 | | -1418.81万 | -2.65% | 1843.19万 | 3.45% | -424.38万 | -0.79% | | 601127 赛力斯 | | -6351.61万 | -2.39% | 1672.43万 | 0.63% | 4679.18万 | 1.76% | | 0005 ...

Investment Rating - The report maintains a positive investment rating for the automotive and automotive parts industry, highlighting potential growth opportunities in the sector [6]. Core Insights - The automotive industry is experiencing a sequential increase in sales and favorable cost conditions, with a notable rise in both total and new energy vehicle sales in Q3 2025 [2][3]. - The report emphasizes the importance of intelligent and globalized breakthroughs in the automotive sector, recommending key players such as Geely, Xpeng, Li Auto, BYD, and Xiaomi Group [4][5]. Summary by Sections 0.1 Passenger Vehicles - Total passenger vehicle sales in Q3 2025 reached 7.686 million units, representing a year-on-year increase of 14.7% and a quarter-on-quarter increase of 8.1% [11][24]. - New energy passenger vehicle sales were particularly strong, with 4.024 million units sold, up 24.2% year-on-year and 10.9% quarter-on-quarter, achieving a penetration rate of 52.4% [11][24]. - The report notes a stable pricing environment, with discounts remaining consistent compared to previous months [25]. 0.2 Auto Parts - The auto parts sector is benefiting from a decrease in raw material costs and shipping fees, which is expected to alleviate cost pressures for companies [3][45]. - Key raw materials such as polypropylene and hot-rolled coil prices have seen significant declines, contributing to improved margins for auto parts manufacturers [45]. 0.3 Heavy Trucks - The heavy truck market is experiencing a boost due to the implementation of trade-in subsidy policies, with wholesale sales reaching 282,000 units in Q3 2025, a year-on-year increase of 58.1% [3]. - New energy heavy truck sales surged by 181.5% year-on-year, indicating strong demand in this segment [3]. 0.4 Motorcycles - The report forecasts a total of 258,000 units for mid-to-large displacement motorcycles in Q3 2025, reflecting an 18.9% year-on-year increase [4]. - Export sales for motorcycles are also strong, with a 50.5% year-on-year increase, driven by growth in the 500-800cc segment [4]. 1.1 Weekly Insights - The automotive sector's performance has been weaker than the overall market, with a 6.1% decline in the A-share automotive sector during the week of October 13-17, 2025 [2]. - The report suggests focusing on key companies such as Geely, Xpeng, and BYD for potential investment opportunities [2][4]. 1.2 Intelligent Electric Vehicles - The report highlights the accelerating growth of intelligent electric vehicles, recommending companies involved in smart driving and smart cockpit technologies [4]. 1.3 Robotics - The report notes the entry of leading companies into the robotics sector, indicating a new era of embodied intelligence [4]. 1.4 Liquid Cooling - The demand for AI is driving the need for higher power density in liquid cooling solutions, positioning it as a necessary choice for high-density applications [4]. 1.5 Motorcycles - The report identifies a trend towards consumer upgrades in the motorcycle segment, recommending leading companies in the mid-to-large displacement category [4]. 1.6 Heavy Trucks - The expansion of trade-in subsidy policies is expected to stimulate demand for medium and heavy trucks, contributing to market recovery [4]. 1.7 Tires - The report emphasizes the ongoing acceleration of globalization in the tire industry, recommending leading and high-growth companies [4].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The penetration rate of China's new energy vehicle market exceeded 30% in 2023 and 50% in 2024. In 2025, high - competitiveness new models continue to be launched, and price wars are gradually ending. - Overseas markets face risks from trade protectionism in Europe and the US, so new growth points such as the Belt and Road countries and the Middle East should be focused on. - In the competitive landscape, the market share of domestic brands continues to expand. Attention should be paid to companies with strong product strength, smooth overseas expansion, and stable supply [5][121]. 3. Summary According to the Directory 3.1 Financial Market Tracking - The weekly price changes of relevant sectors and listed companies are presented. Among listed companies, some vehicle manufacturers like BYD, Great Wall Motor, and SAIC Motor had price drops, while GAC Group and Chang'an Automobile had price increases. In the battery and materials sector, companies such as Contemporary Amperex Technology Co., Limited (CATL) and EVE Energy Co., Ltd. had price drops, and Do - fluoride New Materials Co., Ltd. had a price increase [13][16]. 3.2产业链数据跟踪 3.2.1 China New Energy Vehicle Market Tracking - **Sales and Exports in the Chinese Market**: In September, China's new energy vehicle sales were 1.604 million, a year - on - year increase of 24.6%. From January to September, cumulative sales were 11.228 million, a year - on - year increase of 34.9%. In September, exports were 222,000, a year - on - year doubling, and from January to September, cumulative exports were 1.758 million, a year - on - year increase of 89.4%. From October 1 - 12, new energy vehicle retail sales decreased by 1% year - on - year, and cumulative retail sales this year increased by 23% year - on - year [3][110][111][112][113]. - **Inventory Changes in the Chinese Market**: Relevant data on new energy vehicle inventory changes are presented, including channel inventory and manufacturer inventory [26]. - **Delivery Volume of Chinese New Energy Vehicle Manufacturers**: Data on the monthly delivery volumes of various new energy vehicle manufacturers such as Leapmotor, Li Auto, XPeng, and NIO are presented [29]. 3.2.2 Global and Overseas New Energy Vehicle Market Tracking - **Global Market**: From January to August, global new energy vehicle sales increased by 30.6% year - on - year to 13.257 million. Europe and other regions had strong growth. Europe's cumulative sales were 2.442 million, with a year - on - year growth rate of 30.8%, and other regions' cumulative sales were 665,000, with a year - on - year growth rate of 50.6%. The North American market's cumulative sales were 1.205 million, with a year - on - year growth rate of 4.8% (from January to September, cumulative sales were 1.399 million, with a year - on - year growth rate of 8.3%). The US had record - high new energy vehicle sales and penetration rates in August and September due to the expiration of the federal electric vehicle tax credit on September 30 [4][119]. - **European Market**: Europe's new energy vehicle market had a relatively strong growth, with cumulative sales of 2.442 million from January to August, a year - on - year growth rate of 30.8% [4][119]. - **North American Market**: The North American market had relatively slow growth in the early stage, with a cumulative sales of 1.205 million from January to August, a year - on - year growth rate of 4.8% (from January to September, cumulative sales were 1.399 million, with a year - on - year growth rate of 8.3%). The US had record - high sales and penetration rates in August and September [4][119]. - **Other Regions**: Other regions had a relatively high growth rate, with cumulative sales of 665,000 from January to August, a year - on - year growth rate of 50.6% [4][119]. 3.2.3 Power Battery Industry Chain - Data on power battery installation volume, export volume, weekly average price of battery cells, material cost, and the operating rates and prices of various battery materials are presented [79]. 3.2.4 Other Upstream Raw Materials - Data on the daily prices of raw materials such as rubber, glass, steel, and aluminum are presented [100]. 3.3 Hot News Summary 3.3.1 China: Policy Dynamics - The National Development and Reform Commission and other departments issued the "Three - Year Doubling Action Plan for the Service Capacity of Electric Vehicle Charging Facilities (2025 - 2027)", aiming to build 28 million charging facilities nationwide by the end of 2027, providing over 300 million kilowatts of public charging capacity to meet the charging needs of over 80 million electric vehicles. - The Ministry of Industry and Information Technology organized the formulation and revision of relevant regulations to improve the access requirements for vehicle production enterprises and products, promote the improvement of product quality and safety, and adapt to the development trend of the automotive industry [108][109]. 3.3.2 China: Industry Dynamics - In September, China's automobile sales were 3.226 million, a year - on - year increase of 14.9%, and new energy vehicle sales were 1.604 million, a year - on - year increase of 24.6%. From January to September, automobile production and sales were 24.333 million and 24.363 million respectively, with year - on - year increases of 13.3% and 12.9%. New energy vehicle production and sales were 11.243 million and 11.228 million respectively, with year - on - year increases of 35.2% and 34.9%. - In September, automobile exports were 652,000, a year - on - year increase of 21%, and new energy vehicle exports were 222,000, a year - on - year doubling. From January to September, automobile exports were 4.95 million, a year - on - year increase of 14.8%, and new energy vehicle exports were 1.758 million, a year - on - year increase of 89.4%. - From October 1 - 12, new energy vehicle retail sales decreased by 1% year - on - year, and cumulative retail sales this year increased by 23% year - on - year. - In September, China's power battery installation volume was 76 GWh, a year - on - year increase of 39.5%. From January to September, the cumulative installation volume was 493.9 GWh, a year - on - year increase of 42.5% [110][111][112][113][114]. 3.3.3 Overseas: Policy Dynamics - Germany extended the electric vehicle tax exemption period from the end of 2030 to the end of 2035 and will launch a new pure - electric vehicle subsidy plan in 2026, with a maximum subsidy of 4,000 euros. This is a resumption of support for electric vehicle purchases since the end of the previous subsidy policy in December 2023 [4][120]. 3.4 Industry Views - In the domestic market, from October 1 - 12, new energy vehicle retail sales decreased by 1% year - on - year, and cumulative retail sales this year increased by 23% year - on - year. In September, new energy vehicle sales were 1.604 million, a year - on - year increase of 24.6%, and cumulative sales were 11.228 million, a year - on - year increase of 34.9%. - Policy - wise, the goal is to build 28 million charging facilities nationwide by the end of 2027. - In the global market, from January to August, new energy vehicle sales increased by 30.6% year - on - year. Europe and other regions had strong growth, while the North American market had relatively slow growth. Germany extended the tax exemption period and will restart the subsidy policy [3][4][118][119][120]. 3.5 Investment Suggestions - China's new energy vehicle market penetration rate has reached a high level. In 2025, high - competitiveness new models are continuously launched, and price wars are ending. - Overseas markets face trade protectionism risks, so attention should be paid to new growth points such as the Belt and Road countries and the Middle East. - In the competitive landscape, domestic brands' market share is expanding, and attention should be paid to companies with strong product strength, smooth overseas expansion, and stable supply [5][121].

Investment Rating - The report maintains a positive investment rating on the automotive sector, particularly focusing on robotics as the main investment theme for Q4 [3][4]. Core Insights - The automotive market remains optimistic despite short-term adjustments and concerns over US-China trade tensions. The bullish trend is expected to continue, with robotics being a key investment focus [4]. - The report highlights several catalysts that could drive future growth, including Tesla's product iterations, North American giants' market entry, domestic star companies' expansions, and supportive industrial subsidy policies [4]. Data Tracking - In early October, the discount rate slightly decreased to 9.5%, with a discount amount of 21,384 yuan, reflecting a year-on-year increase of 2,937 yuan [6]. - The report tracks various automotive components and companies, recommending several key players in the automotive parts and robotics sectors, including Minth Group, Top Group, and others [8]. Industry News - In September, the retail sales of passenger cars reached 2.241 million units, a year-on-year increase of 6.3%, with cumulative sales for the year reaching 17.004 million units, up 9% [33]. - The report notes that the production and sales of automobiles in September exceeded 3 million units for the first time in history, with year-on-year growth rates remaining above 10% for five consecutive months [33][34]. - The report also mentions significant developments in the electric vehicle sector, with domestic brands accounting for 59.5% of electric vehicle exports in the first three quarters [33].

Investment Rating - The report suggests a focus on companies with effective supply release capabilities, such as Geely, BYD, Great Wall, Li Auto, and NIO, while also recommending attention to "future industries" driven by technology [2][3]. Core Insights - The fourth quarter is expected to see a surge in market demand due to tightening subsidy limits, with a wave of new model launches anticipated to boost sales [2]. - The report emphasizes the importance of companies with strong performance support and relatively low valuations, particularly in sectors like robotics, AI, and low-altitude economy [2]. - The report highlights the ongoing reforms in state-owned enterprises, particularly in companies like SAIC and Dongfeng, which are expected to bring significant changes [2]. Market Situation Update - In the 40th week of 2025, retail sales of passenger cars totaled 469,000 units, a month-on-month decrease of 27.85% but a year-on-year increase of 16.64% [3]. - Traditional energy vehicle sales were 234,000 units, down 16.43% month-on-month but up 6.70% year-on-year, while new energy vehicle sales were 235,000 units, down 36.49% month-on-month but up 28.49% year-on-year, with a penetration rate of 50.11% [3]. - The automotive industry index fell by 5.99% during the week, underperforming compared to the Shanghai and Shenzhen 300 index, which dropped by 2.22% [14]. Company Performance - The report identifies key companies with strong growth potential, including Kobot, Xingyu, Jifeng, and Songyuan, as well as those with recovering performance and attractive valuations like Minshi and Ningbo Huaxiang [2]. - The report notes that 43 stocks in the automotive sector rose while 228 fell, with the largest gainers being Haima Automobile, Meichen Technology, and Fute Technology, which rose by 19.2%, 16.8%, and 13.0% respectively [19]. Industry Events - The 2025 World Intelligent Connected Vehicle Conference was held in Beijing, focusing on industry opportunities and future directions, highlighting China's advantages in policy support, infrastructure, and autonomous driving technology [11][12]. - The report mentions the launch of new models such as the Leapmotor D19 and the Gao Shan 7, which are positioned to capture market segments with advanced features and competitive pricing [4][8].

10月17日，中国质量协会正式发布2025年中国燃油汽车行业用户满意度指数(CACSI)测评结果 。坦克300凭借卓 越的产品实力与良好的用户口碑，再度斩获"硬派SUV满意度第一名"，连续两年蝉联此项殊荣。CACSI测评作为国内 汽车行业专业调研体系，本年度评比覆盖热销的149个品牌车型，涉及全国35个汽车生产企业、41个汽车品牌。测评 指标体系按总体满意度评价、质量可靠性评价、性能设计评价、售后服务评价和销售服务评价5个维度构建。 坦克 300能够从激烈的评选中脱颖而出，彰显了其坚实的用户口碑根基。 | 汽车厂家 | 车型 | 满意度 | 细分市场 | | --- | --- | --- | --- | | 沃尔沃 | 沃尔沃XC60 | 82 | 豪华中型SUV | | 一汽大众 | 奥迪Q5L | 82 | | | 北京 - 90 | SOLGIC | 81 | | | 长安林肯 | 航海家 | 81 | | | 上汽通用 | 凯迪拉克XT5 | 80 | | | 长咸汽车 | 坦克300 | 82 | 硬滤SUV | | 北汽越野车 | 北京BJ40 | 81 | | | 齊號中国 | 奔驰GLE | ...

Just a few years ago, Chinese-made cars were rare on South African roads, with manufacturers seen only as fringe players. However, this is quickly changing as Chinese carmakers now outsell some established Western, American and Japanese brands. In recent years, South Africans have increasingly been buying Chinese brands like Chery and Haval, a subsidiary of Great Wall Motor (GWM), driven by affordability and feature-rich vehicles. Banking on growing demand, several Chinese car brands are now eyeing manufa ...