Core Insights - The 28th Chengdu International Auto Show, themed "Leading the Trend, Moving Forward," showcases nearly 120 automotive brands and over 1,600 vehicles, with a total exhibition area of 220,000 square meters, highlighting key industry trends such as electric vehicles and humanoid robots [1] - The exhibition area for new energy brands has expanded by 40% compared to last year, marking a historical high, with significant participation from companies like Xiaomi, BYD, and Changan [1] Industry Trends - Domestic brands have emerged as the main attraction at the Chengdu Auto Show, with a notable increase in retail sales of passenger vehicles in July 2025, reaching 1.826 million units, a year-on-year growth of 6.3% [2] - The cumulative retail sales of new energy passenger vehicles from January to July 2025 reached 6.455 million units, reflecting a 29.5% year-on-year increase and a penetration rate of 50.7% [2] Company Highlights - Various brands, including Hongmeng Zhixing and NIO, have expanded their exhibition spaces, with Hongmeng Zhixing showcasing its full range of products in a 3,000 square meter area [2] - New models from brands like BAIC Group, SAIC, and Great Wall Motors were highlighted, with BAIC showcasing popular models and SAIC introducing the new MG4, marking a shift towards electric vehicles [3] - New entrants like Lantu and Avita are also making their presence felt, with Lantu's new model featuring Huawei's latest driving technology [3] Product Launches - The show featured numerous global and China premieres, emphasizing the trends of electrification and smart technology, with brands like XPeng showcasing new models and AI advancements [4] - Foreign and joint venture brands are focusing on "electrification" and "localization," with Volvo and Mercedes-Benz unveiling new models that cater to the Chinese market [6] Market Outlook - The Chengdu Auto Show is seen as a critical platform for stimulating consumer demand in the automotive market, especially ahead of the peak sales months of September and October [6][7] - Industry experts predict a 6% growth in domestic passenger vehicle retail sales and a 27% increase in new energy vehicle wholesale in 2025, indicating a positive outlook for the automotive sector [7]

证券之星价投圈财报分析工具显示： 业务评价：公司去年的ROIC为12.43%，资本回报率强。去年的净利率为6.28%，算上全部成本后，公 司产品或服务的附加值一般。从历史年报数据统计来看，公司近10年来中位数ROIC为8.31%，中位投资 回报一般，其中最惨年份2020年的ROIC为6.06%，投资回报一般。公司历史上的财报相对一般。 财报体检工具显示： 建议关注公司现金流状况（货币资金/流动负债仅为58.26%） 分析师工具显示：证券研究员普遍预期2025年业绩在141.18亿元，每股收益均值在1.65元。 据证券之星公开数据整理，近期长城汽车（601633）发布2025年中报。根据财报显示，长城汽车增收不 增利。截至本报告期末，公司营业总收入923.35亿元，同比上升0.99%，归母净利润63.37亿元，同比下 降10.21%。按单季度数据看，第二季度营业总收入523.16亿元，同比上升7.72%，第二季度归母净利润 45.86亿元，同比上升19.47%。 本次财报公布的各项数据指标表现一般。其中，毛利率18.38%，同比减7.83%，净利率6.86%，同比减 11.1%，销售费用、管理费用、财务费用总计 ...

8月29日，长城汽车(601633.SH)公告称，2025年上半年实现营业收入923.35亿元，同比增长0.99%；实 现归属于上市公司股东的净利润63.37亿元，同比下降10.21%。 ...

二季度，营收创纪录，利润大翻倍，销量强劲增长，长城汽车赢了。 刚刚交出的2025年半年度财报，长城汽车二季度写下一张漂亮的答卷：营收523.16亿元、净利润45.86亿 元，累计销量31.20万辆，创下历史最佳第二季度业绩表现。 在当下中国车市，价格战已然成为下意识操作，谁把起售价拉到10万出头，谁就能博得一波眼球。但长 城汽车却在干另一件事：不降价，不降配，反而卖得更好，销量还稳步增长。 谁是带头大哥？全新高山。 上市不过三个月，魏牌高山便在中大型MPV市场打出声量。它不靠喊口号，不搞"媲美埃尔法"的虚高 定位，它靠的是产品价值的"组合拳"：Hi4性能版+全场景NOA智能辅助驾驶+Coffee OS 3智慧座舱，一 上来就把"电混MPV的天花板"抬了个新高度 。 要知道，MPV市场是品牌信任力的试金石。能在家用MPV这一类老少通吃的场景里站住脚，说明不仅 靠堆料，更靠体系力，而高山正是把智能、性能、续航、安全一次打包。 在宏观市场风云变幻、价格战愈演愈烈的大背景下，长城汽车不仅顶住了压力，二季度还将利润环比拉 升了161.87%，这不是运气爆发，而是体系在发力。 要知道，在整个行业还在为"量上不去、利下不来 ...

哈弗大狗PLUS以六维升级适配家庭多场景需求。性能方面，PHEV版搭第二代Hi4智能四驱电混技术，燃油版配博格华纳瀚德第六代智能电控四驱系统、9 种驾驶模式及后桥电控机械牙嵌式差速锁，提升非铺装路面通过性；安全层面，采用74.2%高强度钢车身+"四维安全"侧气帘，搭配L2级辅助驾驶与360°全 景影像；新车拥有越级舒享座舱、新一代 Coffee OS智能系统及38处储物空间（二排放倒后后备厢纵深1838mm）。 此外，哈弗猛龙2026款作为硬派新能源泛越野 SUV，展现场设动态体验区，品牌总经理赵永坡与美食博主乌啦啦共同挑战楼梯路段、陡坡等越野科目，其 Hi4 2.智能四驱系统+后桥电控机械牙嵌式差速锁，展现全路况通过性。二代哈弗枭龙 MAX 新增东来紫车色并限时免费选装，全系标第二代 Hi4 电四驱，兼 顾城市通勤与家庭出游，实现 "两驱能耗，四驱享受"。 （作者 周信） 8月29日，第28届成都车展上，哈弗品牌以"Hi4与全家共赴热爱"为主题参展，携哈弗猛龙2026款、二代哈弗枭龙MAX及哈弗大狗PLUS三款新车亮相，补全 Hi4技术家族产品拼图，推动全民四驱平权。 作为本次展会重磅车型，首款聚焦家庭泛越 ...

Core Viewpoint - The automotive intelligence industry is evolving around data flow, focusing on the acquisition, storage, transmission, computation, and application of data to achieve intelligent driving and human interaction through various sensory modalities [4]. Industry News - Waymo has received the first autonomous vehicle testing permit in New York City [17]. - The Shangjie H5 SUV, co-developed by Huawei and SAIC, is set to launch with the HUAWEI ADS 4 driver assistance system [13]. - Horizon's HSD system has been upgraded and will first be featured in the Chery Xingtu E05 model [18]. - Xiaoma Zhixing has officially launched autonomous driving services in Shanghai's Pudong area [21]. - WeRide has introduced a one-stage end-to-end driver assistance solution, expected to be mass-produced by 2025 [20]. - Hesai Technology has secured a laser radar production contract with a Toyota subsidiary, set to begin mass production in 2026 [23]. High-Frequency Core Data Updates - As of June 2025, the penetration rate of 800万像素 cameras in passenger vehicles reached 39.7%, up 22 percentage points year-on-year [5]. - NVIDIA's driving chip penetration in passenger vehicles is 31%, with a year-on-year increase of 25.4% for Horizon and a decrease for others [5]. - The penetration rate of laser radar in passenger vehicles is 10%, with Huawei holding a 47% market share [5]. - The penetration rate of L2 and above functions in passenger vehicles reached 29.7% in June 2025, a year-on-year increase of 13 percentage points [7]. - The penetration rates for various sensors in June 2025 were 67.6% for front-view cameras, 57.4% for forward millimeter-wave radars, and 9.7% for laser radars [7]. - The penetration rate of automatic driving domain controllers in passenger vehicles reached 30.9%, a year-on-year increase of 13.1 percentage points [7]. Smart Connectivity - The penetration rates for OTA and T-BOX in June 2025 were 76.8% and 69.0%, respectively [7]. Investment Suggestions - The automotive intelligence sector is witnessing significant advancements in technology and market penetration, indicating potential investment opportunities [10].

8月29日，长城炮品类创新力作"赛级皮卡"V6火炮于成都车展正式预售，预售价22.98万元，并同步推出三大专属预售权益，包括：15000元置换礼、5000 元老友礼、3次免费保养(首任车主非营运)。价值拉满，诚意十足！ 纯血V6动力澎湃大心脏 V6火炮拥有一颗强大的心脏。纯血V6搭载3.0T大排动力，最大净功率260kW，峰值扭矩500N.m，百公里加速跻身6秒行列；搭配48V电机，实现动力性、 燃油经济性的强大平衡。沙漠穿越过程中，实现人车合一，动力随踩随有！自研9AT变速器，最高传动效率超97%，最大承载扭矩750N.m，9挡位速比分 布更绵密，换挡更顺畅，反应更敏捷，承接的扭力更大。 征途之上，方见真章。V6火炮依托智能专业越野坦克平台打造，具有三大独一无二的绝技——短轴、车轻、大心脏。今年6月，V6火炮勇夺环塔拉力赛 T2.1量产燃油组六冠王，充分彰显了纯血V6的硬核实力，进一步验证了车辆的安全可靠。 新车还配备博格华纳电控硅油风扇，系统散热能力达100kW，大幅提升发动机散热性能，完美满足极限玩沙、高强度赛事、大角度爬坡等硬核越野需求， 同时硅油风扇带来的热血沸腾的轰鸣声，为驾驶者赋予极致情绪价值。 ...

Group 1 - The Johannesburg Auto Show, the largest automotive industry support event in Africa, opened on August 29, showcasing various Chinese automakers including Great Wall, Chery, BYD, and BAIC, focusing on their new energy vehicles (NEVs) [1][2] - Great Wall Motors presented models such as the Tank 300 modified version, Tank 500 blackened version, and Haval H6 GT PHEV, highlighting their comprehensive NEV product matrix in South Africa [1] - Chery showcased its electric mobility solutions featuring the Chery Super Hybrid (CSH) technology with models like the Tiggo 7 CSH and Tiggo 9 CSH, emphasizing efficiency, performance, and sustainability [1] Group 2 - BAIC pre-released its new SUV models B30 and B30e, which will be locally produced at the BAIC South Africa factory in Port Elizabeth [2] - BYD and GAC introduced pure electric vehicle models tailored for the South African market, promoting Chinese new energy solutions [2] - The Johannesburg Auto Show lasts for three days and is expected to attract over 150 automotive companies, parts manufacturers, and service providers [2]

Core Viewpoint - The Great Wall Motors has officially launched the pre-sale of its innovative "V6 Cannon" pickup truck at the Chengdu Auto Show, with a starting price of 229,800 yuan, offering three exclusive pre-sale benefits [1] Group 1: Product Features - The V6 Cannon is built on the intelligent professional off-road tank platform, featuring unique advantages such as short wheelbase, lightweight design, and powerful engine [3] - It is equipped with a 3.0T V6 engine that delivers a maximum net power of 260 kW and peak torque of 500 N·m, achieving 0-100 km/h acceleration in approximately 6 seconds [5] - The vehicle includes a self-developed 9AT transmission with over 97% maximum transmission efficiency and a maximum torque capacity of 750 N·m, ensuring smooth and responsive gear shifts [5] Group 2: Performance and Capability - The V6 Cannon features a cooling system with a capacity of 100 kW, significantly enhancing engine cooling performance for extreme off-road conditions [7] - With a weight of only 2,285 kg and a wheelbase of 2,745 mm, the vehicle is designed for agility and flexibility in off-road scenarios [9] - The vehicle's geometry includes a 33° approach angle, 22° departure angle, and a minimum ground clearance of 240 mm, providing excellent off-road capability across various terrains [11] Group 3: Off-Road Equipment - The V6 Cannon comes with factory-customized modifications that ensure compliance and ease of registration, as well as upgraded dual-direction adjustable nitrogen shock absorbers for better adaptability to different road conditions [13] - It features a high-performance four-wheel drive system with an increased torque capacity of 3,300 N·m and improved climbing ability, making it suitable for extreme off-road challenges [15] - The vehicle includes multiple driving modes and an off-road expert mode that allows drivers to disable electronic aids for a more authentic off-road experience [15] Group 4: Market Positioning - The V6 Cannon represents a new achievement in Great Wall Motors' "testing vehicles through competition" strategy, enabling more individuals to pursue their off-road dreams [17]

齐鲁晚报·齐鲁壹点 陈颖 8月29日，第二十八届成都国际汽车展览会正式拉开帷幕。本次展会上，哈弗品牌以"Hi4与全家共赴热爱"为主题，携 哈弗猛龙2026款、二代哈弗枭龙MAX、以及哈弗大狗PLUS等全新车型强势亮相，吹响Hi4技术价值普惠的新号角！ 本次成都车展上，哈弗Hi4 产品矩阵迎来了全新成员：哈弗大狗PLUS，补足了家庭泛越野需求场景的空白。这同时也 标志着，哈弗品牌的哈弗猛龙2026款、二代哈弗枭龙MAX，以及哈弗大狗PLUS共同构建出Hi4 技术车型的"全场景拼 图"。这三款新车在产品力方面各有侧重，覆盖了家庭用户用车全场景，无论是喜欢纯粹方盒子有棱角年轻人，还是 聚焦城市出行场景的家庭用户，或是想要与全家来一场说走就走的郊野旅行，都能找到最适合自己的选择。 其中，哈弗猛龙2026款作为一款硬派风格的新能源泛越野SUV，在造型、动力、续航与智能等维度实现全面进阶。展 会现场专设动态体验区，赵永坡总与乌啦啦共同挑战包括楼梯路段、陡坡、滑轮组在内的多项高难度越野科目，充分 展现车辆强悍的全路况通过性。该车配合Hi4 2.0智能四驱系统及后桥电控机械牙嵌式差速锁，面对复杂地形依然从容 稳健，堪称新能源 ...