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Group 1 - The core theme of the event was "standing the flag," symbolizing the establishment of a benchmark for the brand, inspired by the flagpole in front of the Governor's Office [1] - The chairman of Great Wall Motors, Wei Jianjun, highlighted key milestones in his entrepreneurial journey, including naming the brand after his surname and integrating traditional Chinese cultural elements into the design [1] - The V9X model is built on Great Wall Motors' self-developed "Guiyuan S platform," incorporating various proprietary technologies such as a 2.0T engine and a Hi4 hybrid architecture [1] Group 2 - Great Wall Motors has invested over 500 million yuan in automotive safety collision laboratories and has established over 100 specialized laboratories [1] - The company plans to launch a second aerodynamic acoustic wind tunnel laboratory and a comprehensive vehicle testing ground that integrates traditional performance with intelligent networking by the end of July [1] - The launch of the V9X aims to challenge the industry's bias against "luxury car origins," showcasing the intent of Chinese automotive brands to compete in the global luxury car market through cultural integration and self-research [2]

Investment Rating - The investment rating for Great Wall Motors is "Buy" and is maintained [5]. Core Views - In February 2026, Great Wall Motors sold 73,000 vehicles, a year-on-year decrease of 6.8% and a month-on-month decrease of 19.6%. Export sales accounted for 58.8% of total sales, with 43,000 vehicles exported. New energy vehicle sales reached 13,000 units, representing 21.0% of total sales [1][9]. - The company is accelerating its global expansion and is committed to transitioning to new energy vehicles. The ongoing new vehicle cycle is expected to drive improvements in sales and performance. Long-term strategies are anticipated to open up growth opportunities, while the shift towards smart technology is expected to enhance profitability across the entire industry chain [1][9]. Summary by Sections Sales Performance - In January and February 2026, total sales reached 163,000 vehicles, a slight year-on-year increase of 2.6%. New energy vehicle sales totaled 31,000 units, a year-on-year decrease of 17.7% [9]. - In February, the breakdown of sales by brand included Haval at 94,173 units (+2.5% YoY), Tank at 24,541 units (-0.3% YoY), WEY at 13,488 units (+55.9% YoY), Ora at 3,320 units (-18.8% YoY), and Great Wall pickups at 27,361 units (-7.5% YoY) [9]. Global Expansion - In February, Great Wall achieved overseas sales of 42,675 units, a year-on-year increase of 37.4% and a month-on-month increase of 6.0%. The overseas sales accounted for 58.8% of total sales, marking an increase of 18.9 percentage points year-on-year [9]. - The company has implemented the "ONE GWM" strategy to accelerate its international presence, covering over 170 countries and regions with more than 1,400 overseas sales channels [9]. Strategic Initiatives - Great Wall is focusing on product, channel, and supply chain adjustments domestically, emphasizing the new energy transition and launching multiple new models across its brands [9]. - The company is investing in smart technology, enhancing its capabilities in data, algorithms, and computing power, which are expected to strengthen its competitive position in the smart vehicle market [9]. Financial Projections - The projected net profits for Great Wall Motors from 2025 to 2027 are 9.91 billion, 14.20 billion, and 17.40 billion yuan, respectively. The corresponding A-share price-to-earnings ratios are expected to be 17.4X, 12.2X, and 9.9X [9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - In February 2026, the company sold 73,000 vehicles, a year-on-year decrease of 6.8% and a month-on-month decrease of 19.6%. Among these, export sales reached 43,000 vehicles, accounting for 58.8% of total sales. New energy vehicle sales were 13,000 units, representing 21.0% of total sales [2][10] - The company is accelerating its global expansion and is committed to transitioning to new energy vehicles. The ongoing new vehicle cycle is expected to drive improvements in sales and performance. Long-term strategies are set to open up growth opportunities for sales, while the shift towards smart technology is expected to enhance profitability across the entire industry chain [2][10] Summary by Relevant Sections Sales Performance - In January and February 2026, total sales reached 163,000 vehicles, showing a slight year-on-year increase. In February alone, total sales were 73,000 vehicles, with new energy vehicle sales at 13,000 units, down 15.7% year-on-year [10] - The company’s brands showed varied performance: Haval brand sold 94,173 vehicles (+2.5% YoY), Tank brand 24,541 vehicles (-0.3% YoY), WEY brand 13,488 vehicles (+55.9% YoY), Ora brand 3,320 vehicles (-18.8% YoY), and pickup trucks 27,361 vehicles (-7.5% YoY) [10] Global Expansion - In February, the company achieved overseas sales of 42,675 vehicles, a year-on-year increase of 37.4% and a month-on-month increase of 6.0%, with overseas sales accounting for 58.8% of total sales [10] - The company’s "ONE GWM" strategy is accelerating its international presence, covering over 170 countries and regions, with more than 1,400 overseas sales channels established [10] Future Outlook - The company is focusing on product, channel, and supply chain adjustments domestically, with a strong emphasis on new energy vehicle development. The introduction of multiple new models across various brands is expected to contribute significantly to future sales growth [10] - The company is enhancing its technological capabilities in the smart vehicle sector, focusing on data, algorithms, and computing power to strengthen its competitive edge [10] - Profit forecasts for the company indicate net profits of 99.1 billion, 142.0 billion, and 174.0 billion yuan for 2025, 2026, and 2027 respectively, with corresponding A-share P/E ratios of 17.4X, 12.2X, and 9.9X [10]

Core Viewpoint - The article emphasizes the significant growth and transformation of the mobile internet landscape in China by 2025, driven by advancements in AI technology and changing user demographics, leading to new competitive dynamics among major internet companies. Group 1: Mobile Internet Growth - By December 2025, the monthly active user (MAU) count for mobile internet reached 1.276 billion, with average daily usage time increasing to 7.96 hours, reflecting a year-on-year growth of 6% [4][18] - The user engagement metrics, including daily usage frequency of 112.9 times, also saw a year-on-year increase of 2.1% [4][18] - The growth is attributed to improved user quality, with 73.3% of users coming from tier-three cities and above, and significant increases in specific sectors like AIGC and audiobooks, which saw usage time growth of 176.7% and 64.4% respectively [4][5] Group 2: User Demographics and Spending Power - The user base is segmented into three age groups: 21.2% under 24 years, 51% between 25 to 50 years, and 27.8% over 51 years, indicating a strong consumer potential among the 25 to 50 age group [5] - The proportion of users with a spending capacity of over 1,000 yuan reached 72.4%, while those in the mid-to-high price segment (over 2,000 yuan) accounted for 70.2% [5] - The aging population trend is leading to an increase in the "silver economy," with older users becoming a significant consumer group [5] Group 3: Competitive Landscape - The competition among major internet companies has intensified, with Tencent, Douyin, and Alibaba leading the user base, each exceeding 1.2 billion MAUs [7][27] - Tencent remains the largest player with 1.275 billion users, while Douyin and Alibaba are rapidly closing the gap with growth rates of 11.9% and 3.7% respectively [7] - The competition has shifted from merely acquiring users to leveraging AI technologies for deeper user engagement and ecosystem development [27][30] Group 4: AI Integration and Application - By December 2025, the overall scale of AI on mobile platforms reached 722 million, with AI-native apps showing a significant increase in user engagement, averaging 143.2 minutes per user [6][30] - AI applications are increasingly replacing traditional apps, with user time on AI-native apps growing by 22.3% from January to December 2025 [6] - Major companies are investing heavily in AI-native applications, with the top 50 AI apps dominated by Alibaba, Baidu, Douyin, and Tencent, which collectively account for 64% of the user base [6][30] Group 5: Marketing and Advertising Trends - The internet advertising market in China reached 793.08 billion yuan in 2025, growing by 4.6% year-on-year, driven by AI marketing and emotional marketing strategies [50] - The advertising strategies are evolving, with a focus on emotional and experiential marketing, particularly in sectors like tourism and lifestyle [50][61] - The integration of online and offline marketing channels is becoming increasingly important, with brands leveraging local consumption scenarios to enhance engagement [75][79]

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% over the next six months [42]. Core Insights - The report highlights a recovery in passenger vehicle demand due to the implementation of subsidy policies, with a positive outlook for the passenger vehicle sector in Q1 2026. It emphasizes the importance of selecting resilient domestic companies and those with strong export capabilities [32][33]. - For heavy trucks, the report anticipates a sales volume of 800,000 to 850,000 units in 2026, reflecting a year-on-year increase of 3%. It recommends leading companies in the heavy truck sector [35]. - The bus sector is expected to see a growth in sales to 40,000 units in 2026, driven by the continuation of subsidy policies and the need for fleet renewal [36]. - The motorcycle market is projected to grow by 14% in total sales, with a significant increase in large-displacement motorcycles, particularly in export markets [33]. Summary by Sections Passenger Vehicles - The report expects a recovery in passenger vehicle demand in Q1 2026 due to subsidy policies, with a focus on high-end electric vehicle manufacturers such as Jianghuai Automobile, Geely, Great Wall, and others [32][33]. - The report suggests prioritizing companies with proven execution capabilities in overseas markets, recommending BYD, Great Wall, and Chery for export [32]. Heavy Trucks - In 2025, the wholesale volume reached 1.144 million units, a year-on-year increase of 26.8%. The report forecasts a sales volume of 800,000 to 850,000 units for 2026, a 3% increase year-on-year [35]. - Recommended companies include China National Heavy Duty Truck Group, Weichai Power, and others [35]. Buses - The report indicates that the bus subsidy policy has exceeded expectations, with a projected sales increase to 40,000 units in 2026, a 40% year-on-year growth [36]. - Key recommendations include Yutong Bus and King Long [36]. Motorcycles - The motorcycle industry is expected to achieve total sales of 19.38 million units in 2026, a 14% increase, with large-displacement motorcycles projected to grow by 31% [33]. - Recommended companies include Chunfeng Power and Longxin General [33].

Mercedes-Benz is considering sharing its manufacturing plant in South Africa with Great Wall Motor Co., a move that could boost the facility’s viability as US trade tariffs take effect https://t.co/On1DshDDxj ...

| 表格序號 | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 賣出或涉及的股 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件。 | | | --- | --- | --- | --- | --- | --- | --- | | | 份或目 | 泉内 | | | ( 請參閱上述 * 註解) 有投票權股 (日 / 月 / | | | | | | | | 份高分比 | | | and and and any and a commend and a commend and any and on the many of the many of CS20260306E00413 | BlackRock, Inc. | 1201(L) | 4,563,000(L) | HKD 12.7743 | 181.866.718(L) | 7.84(L)03/03/202 | | | | | | | 175,500(S) | 0.01(S) | 格隆汇3月9日丨根据联交所最新权益披露资料显示，2026年3月3日，长城汽车(02333.HK)遭BlackRock, Inc.在场内以每股均价12.774 ...

Core Viewpoint - The chairman of Great Wall Motors, Wei Jianjun, expressed skepticism about the practicality of hidden door handles, labeling them as a "pseudo-technology" due to their reliance on electronic control, which can lead to accessibility issues in case of failure [1] Group 1 - The discussion regarding the use of hidden door handles lasted for seven months during the project initiation of the Wei brand V9X [1] - While hidden door handles can reduce the drag coefficient, the impact is minimal, only a reduction of one thousandth [1] - Great Wall Motors is committed to using mechanical door handles, with the option for electric ones, aligning with national policies that require electric door handles to have a mechanical switch as a backup [1]

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Insights - The automotive sector is experiencing a transformation driven by AI and technological advancements, which are expected to create new investment opportunities and potentially restructure valuations in the sector [5][14] - The report highlights significant sales growth for several automotive companies, particularly in exports, despite a challenging market environment due to the Spring Festival [4][12] - BYD's new generation blade battery technology and fast-charging capabilities are expected to enhance its competitive edge in the market [13][34] Summary by Sections Weekly Dynamics - In February, Geely's sales reached 206,200 units, a slight increase of 1% year-on-year, with exports up 138% to 60,879 units. BYD sold 190,200 units, with overseas sales of 100,115 units, a 41.4% increase year-on-year. Other notable performances include Chery and Great Wall Motors, with significant export growth [4][12][33] Sector Performance and Valuation - The automotive sector underperformed the broader market during the week of February 28 to March 6, with a decline of 2.8%. The sector's PE-TTM (unadjusted) stands at 32.8, with historical valuation percentiles indicating varying levels of valuation across sub-sectors [3][15][21] Important News and Announcements - The report includes announcements from companies like Desay SV, which reported a revenue increase of 17.9% year-on-year, and YINLUNTDI, which received a significant project order expected to generate approximately $13.1 million in annual sales [28][29]