里昂发表研报指，长城汽车公布2025年初步业绩，收入按年增长10%，但净利润按年下降22%。年终奖 金拨备或影响第四季净利润约30亿元，若剔除延迟的俄罗斯报废车税退税影响，该行估计第四季单车利 润可按季上升约2,000元至10,500元。展望2026年，该行预计长城国内销售将受内需减弱影响，而俄罗斯 市场的影响可能持续，因此下调长城汽车2026年及2027年净利润预测分别为19%及3%，并下调目标市 盈率倍数，将H股目标价由21港元下调至15港元，A股目标价则由36元下调至24元，维持"跑赢大市"评 级，因预期长城在行业波动中仍将保持韧性。 ...

平安证券研报指出， 长城汽车 2025年销量创新高，渠道搭建影响盈利潜力释放。2025年公司实现归母 净利润99.1亿元，同比下滑22%，2025年四季度实现归母净利润12.8亿元，同环比分别下降 43.6%/44.4%。2025年公司销量达到132.4万台，同比增长7.3%，年度销量创历史新高，其中 新能源车 型销量达到40.4万台，同比增长25.4%，海外销量达到50.6万台，同比增长11.7%，新能源及海外销量刷 新纪录。受直营渠道建设等多种因素影响，公司2025年盈利潜力并未充分释放，结合公司2025年业绩快 报以及公司最新情况，调整公司2026~2027年净利润预测为133亿/165亿元（此前预测值为152亿/195亿 元）。直营渠道的建设是公司做大做强魏品牌的必要投入，公司归元平台已发布，新产品周期即将开 启，前期投入或将逐步兑现，此外公司在越野、皮卡等领域具备较强领先优势，依然维持公司"推荐"评 级。 ...

花旗发布研报称，将长汽目标价(02333)由23.7港元下调至18.9港元，维持"买入"评级。长城汽车 （601633）日前发布业绩快报，预料去年度纯利达99.12亿元人民币，同比下跌21.7%，逊于投资者预 期，主要由于期内毛利率同比下降1个百分点至18.5%;与直销模式及新产品推广相关的费用增加;约10亿 元人民币的俄罗斯废旧车辆税项退税延迟入账;以及年终奖金增加的影响。 长汽预期去年全年收入将同比增长10.2%至2,227.9亿元人民币，符合预期，产品整体平均售价为16.83万 元人民币。管理层将今年销售目标定为180万辆，其中海外销售目标为60万辆，相信增长将来自中南美 洲、中东、欧洲及右行市场。 ...

Core Insights - The automotive industry in Hubei Province is projected to exceed 1.1 trillion yuan by 2025, with the city of Huangshi achieving a remarkable output value of 31.508 billion yuan in the previous year, marking a year-on-year growth of 79.3% [1] - Huangshi aims to transform its automotive sector by focusing on end-product manufacturing, leveraging its existing component production capabilities, and integrating with major players like Great Wall Motors [1][2] Group 1 - Huangshi has 53 automotive industry chain enterprises, with 38 being large-scale companies, and a localization rate of 43% for components [2] - The city is establishing a comprehensive testing area for intelligent connected vehicles and hydrogen vehicles within a 22 square kilometer ecological zone, which will include various autonomous vehicles [2] - A total of 20 related industrial projects have been signed, with a planned total investment exceeding 35 billion yuan [2] Group 2 - Huangshi's strategy includes promoting the synergy of the new energy and intelligent connected vehicle industry to form a robust industrial cluster worth hundreds of billions [2]

智通财经APP获悉，花旗发布研报称，将长汽目标价(02333)由23.7港元下调至18.9港元，维持"买入"评 级。长城汽车日前发布业绩快报，预料去年度纯利达99.12亿元人民币，同比下跌21.7%，逊于投资者预 期，主要由于期内毛利率同比下降1个百分点至18.5%; 与直销模式及新产品推广相关的费用增加; 约10 亿元人民币的俄罗斯废旧车辆税项退税延迟入账; 以及年终奖金增加的影响。 长汽预期去年全年收入将同比增长10.2%至2,227.9亿元人民币，符合预期，产品整体平均售价为16.83万 元人民币。管理层将今年销售目标定为180万辆，其中海外销售目标为60万辆，相信增长将来自中南美 洲、中东、欧洲及右行市场。 ...

中金指，公司于1月发布全球首个原生AI全动力汽车平台归元平台，可兼容不同动力和车型，核心部件 和系统能力再提升，降本持续推进，认为有望支持2026年公司加速新能源全新车型推出。此外，WEY 品牌高端化成效显著，其中高山自去年10月起连续3个月交付破万辆，接棒构建高端化第二增长曲线。 公司在海外市场积淀深厚，中金认为公司仍可受益于多区域拓展机遇。 考虑到报废税返还节奏、年终奖计提等影响，中金下调公司2025、2026盈利预测32%、20%至99亿、 140亿元，首次引入2027年盈利预测170亿元。 中金发布研报称，维持长城汽车（601633）(02333)"跑赢行业"评级，当前股价分别对应长汽 (601633.SH)A股2026年12.6倍、H股7.3倍市盈率；下调A股目标价20%至24.8元，下调H股目标价20%至 18港元，分别对应2026财年15倍、10倍市盈率，较当前股价有20%、36%上行空间。 长城汽车公布业绩快报，去年收入2,227.9亿元人民币(下同)，同比增10.2%；归母净利99.1亿元，同比跌 21.9%。去年末季收入692.1亿元，同比增15.5%、按季增13%；归母净利12.8亿元， ...

中金指，公司于1月发布全球首个原生AI全动力汽车平台归元平台，可兼容不同动力和车型，核心部件 和系统能力再提升，降本持续推进，认为有望支持2026年公司加速新能源全新车型推出。此外，WEY 品牌高端化成效显著，其中高山自去年10月起连续3个月交付破万辆，接棒构建高端化第二增长曲线。 公司在海外市场积淀深厚，中金认为公司仍可受益于多区域拓展机遇。 考虑到报废税返还节奏、年终奖计提等影响，中金下调公司2025、2026盈利预测32%、20%至99亿、 140亿元，首次引入2027年盈利预测170亿元。 智通财经APP获悉，中金发布研报称，维持长城汽车(02333)"跑赢行业"评级，当前股价分别对应长汽 (601633.SH)A股2026年12.6倍、H股7.3倍市盈率；下调A股目标价20%至24.8元，下调H股目标价20%至 18港元，分别对应2026财年15倍、10倍市盈率，较当前股价有20%、36%上行空间。 长城汽车公布业绩快报，去年收入2,227.9亿元人民币(下同)，同比增10.2%；归母净利99.1亿元，同比跌 21.9%。去年末季收入692.1亿元，同比增15.5%、按季增13%；归母净利12.8亿 ...

Core Insights - Great Wall Motors reported a total sales volume of 90,312 vehicles in January 2026, representing an 11.59% increase compared to January 2025 [1] Brand Performance - Haval brand sold 50,513 vehicles, showing a year-on-year growth of 4.03%. The Haval Dog model ranked first in sales among boxy and off-road vehicles in China for 2025 [1] - Wey brand achieved sales of 7,873 vehicles, marking a significant year-on-year increase of 57.24%. The AI luxury six-seat flagship model, Wey V9X, is set to be officially launched soon [1] - Tank brand recorded sales of 14,505 vehicles, with a year-on-year growth of 12.92%. The Tank 300 has maintained its position as the best-selling off-road SUV for five consecutive years [1] - Ora brand sold 2,057 vehicles, with a historical cumulative sales figure reaching 559,800 units [1] - Great Wall Pickup sales totaled 15,350 vehicles, reflecting a year-on-year increase of 24.58% [1]

Core Insights - The influx of Chinese goods in Latin America, particularly in Mexico and Argentina, is significantly impacting local businesses and industries, leading to store closures and job losses [1][3][6] Group 1: Market Trends - The number of shops selling Chinese-made goods in Mexico City has more than tripled, affecting long-established local stores [1] - Temu and Shein, leading Chinese e-commerce platforms, have seen substantial growth in Latin America, with Temu averaging 114 million monthly active users in the first half of 2025, a 165% increase year-on-year [2][3] - E-commerce imports in Argentina surged by 237% in October 2025 compared to the same month the previous year, primarily driven by Chinese products [6] Group 2: Economic Impact - The rise of Chinese imports is causing significant job losses in Argentina, where local factories are shutting down and laying off workers [6][7] - Mexico has become the largest destination for Chinese auto exports, importing 625,187 vehicles in 2024, surpassing Russia [9][10] - Brazil's auto industry is also under pressure from low-priced Chinese cars, with over 80% of the 61,615 electric vehicles sold in Brazil in 2024 being Chinese brands [9][11] Group 3: Trade Relations - China's trade relationship with Latin America is characterized by a growing trade deficit for many countries, with Mexico's deficit reaching $120 billion in 2024 [13] - Argentina's trade deficit with China rose to nearly $8.2 billion in 2025, driven by increased imports of manufactured goods [14] - Brazil recorded a trade surplus of about $29 billion with China in the previous year, largely due to soybean exports [15] Group 4: Government Responses - Countries like Mexico and Brazil are implementing protective measures, including tariffs of up to 50% on various imports from China [18][19] - Argentina is facing challenges as local industries push back against the influx of Chinese goods, with calls for increased tariffs and regulations [19][20] - The balance between protecting local industries and maintaining trade relations with China is a significant concern for Latin American governments [20]

每经AI快讯，长城汽车(02333.HK)跌超4%，截至发稿，跌4.23%，报12.7港元，成交3.45亿港元。 ...