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。 ...

格隆汇2月2日｜花旗发表研报指，长城汽车日前发布业绩快报，预计去年度纯利达99.12亿元，按年下 跌21.7%，逊于投资者预期，主要由于期内毛利率按年下降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 期去年全年收入将按年增长10.2%至2227.9亿元，符合预期，产品整体平均售价为16.83万元。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 軚市场。花旗相应将长汽目标价由23.7港元下调至18.9港元，维持"买入"评级。 ...

消息面上，1月30日，长城汽车发布2025年年度业绩快报，于2025年1月1日至2025年12月31日，营业总 收入2227.9亿元，同比增长10.19%；归属于公司股东的净利润99.12亿元，同比减少21.71%；基本每股 收益1.16元。本报告期公司实现销量和营业收入的同比增长，同时加速构建直连用户的新渠道模式，以 及加大新车型、新技术的上市宣传及品牌提升，投入增加导致净利润下降。 花旗认为，长城汽车2025年度盈利逊于投资者预期，主要由于期内毛利率按年下降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。该行续指，公司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、欧洲及右舵车市场。 长城汽车（601633）(02333)跌超4%，截至发稿，跌4.23%，报12.7港元，成交3.45亿港元。 ...

花旗认为，长城汽车2025年度盈利逊于投资者预期，主要由于期内毛利率按年下降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。该行续指，公司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、欧洲及右舵车市场。 消息面上，1月30日，长城汽车发布2025年年度业绩快报，于2025年1月1日至2025年12月31日，营业总 收入2227.9亿元，同比增长10.19%；归属于公司股东的净利润99.12亿元，同比减少21.71%；基本每股 收益1.16元。本报告期公司实现销量和营业收入的同比增长，同时加速构建直连用户的新渠道模式，以 及加大新车型、新技术的上市宣传及品牌提升，投入增加导致净利润下降。 智通财经APP获悉，长城汽车(02333)跌超4%，截至发稿，跌4.23%，报12.7港元，成交3.45亿港元。 ...

Domestic Market Overview - The domestic market showed a mixed performance with the Shanghai Composite Index closing at 4117.95 points, down 0.96%, and the Shenzhen Component Index at 14205.89 points, down 0.66%. The STAR 50 Index rose by 0.12%, while the ChiNext Index increased by 1.27%. The total trading volume of the A-share market reached 286.24 billion yuan, an increase from the previous day [1][5][7] - Among the 30 sectors tracked by CITIC, 6 sectors saw gains, with telecommunications, agriculture, forestry, animal husbandry, and fishery, as well as electronics leading the increases. Conversely, non-ferrous metals, steel, and food and beverage sectors experienced significant declines [1][5][7] Overseas Market Overview - The three major U.S. stock indices experienced slight declines, with the Dow Jones Industrial Average falling by 0.36%, the S&P 500 down by 0.43%, and the Nasdaq Composite decreasing by 0.94%. The index tracking the seven major U.S. tech companies also dropped by 0.32% [2][5] Key News Highlights - The Central Political Bureau of the Communist Party of China conducted a collective study on forward-looking layouts and the development of future industries, with President Xi Jinping delivering an important speech emphasizing the significance of nurturing future industries for national development [9][10] - An important article by Xi Jinping titled "Walking the Path of Financial Development with Chinese Characteristics and Building a Financial Power" will be published in the upcoming issue of "Qiushi" magazine, outlining the principles for developing a robust financial system [13][14] - The personal income tax threshold for individual taxpayers has been raised to 1000 yuan per transaction, effective this year [17][18] - British Prime Minister Keir Starmer's visit to China resulted in 12 cooperation agreements, marking a significant step in UK-China relations [19] Driving Factors - The upcoming publication of Xi Jinping's article is expected to influence market sentiment, as it outlines the strategic direction for China's financial development and emphasizes the importance of a strong financial system [8][14] - The A-share market saw 2453 stocks rise, 2896 decline, and 113 remain unchanged, indicating a volatile trading environment influenced by international market fluctuations [8]

根据2026年2月1-2日各大车企发布的最新数据，2026年1月中国汽车市场销量排行如下： 车企集团销量排行（TOP 5） | 排名 | 车企集团 | 1月销量 | 同比变化 | 主要亮点 | | --- | --- | --- | --- | --- | | 1 | 吉利汽车集团 | 270,167辆 | +1% | 海外出口60,506辆，同比翻倍；新能源124,252辆 | | 2 | 比亚迪 | 210,051辆 | -30.11% | 出口100,482辆，同比+51.47%，蝉联新能源冠军 | | 3 | 奇瑞集团 | 200,269辆 | -10.72% | 出口11.96万辆，同比+48.1%，出口占比近60% | | 4 | 广汽集团 | 116,622辆 | +18.47% | 自主品牌超4.9万辆，同比+87.58% | | 5 | 长城汽车 | 90,312辆 | +11.59% | 海外销量40,278辆，同比+43.77% | | | 🚀 造车新势力销量排行（TOP 10） | | | | 排名 品牌 1月销量 同比变化 备注 1 问界（AITO） 40,016辆 +83% 鸿蒙智 ...

长城汽车 20260130 摘要 长安汽车 2025 年销量达 132.4 万辆，新能源渗透率 51.5%，营收 2,227.9 亿元，同比增长 10.2%，单车收入 16.83 万元，含税指导价 20 万元以上车型销售 53.4 万台，品牌向上战略成效显著。 国内市场销量 81.8 万辆，同比增长 4.8%；海外市场销量 50.6 万辆， 同比增长 11.7%，占比超 38%，12 月海外销量超 5.7 万台，目标 2026 年挑战 60 万台，全球化战略稳步推进。 2025 年第四季度营收 692.08 亿元，同比增 15.46%，单车收入 17.29 万元，创单季度营收新高；净利润 12.77 亿元，环比下降 44.4%，主要因年终奖计提影响。 公司确立混动、纯电、性能三轨并行技术路线，布局电池、电驱等核心 零部件，第四季度新能源车型销量 12.52 万台，同比增 13%，环比增 6%，技术创新驱动增长。 推进"万级大量"品牌战略，全球用户超 1,600 万，海外渠道超 1,500 家，总销量超 200 万台，深耕澳洲、中东等市场，并通过巴西工厂拓展 南美市场，全球化布局深化。 Q&A 长安汽车 202 ...