Workflow
GWMOTOR(601633)
icon
Search documents
用“非遗”逻辑打造全动力兼容架构,长城归元平台亮相
Guan Cha Zhe Wang· 2026-01-21 07:21
Core Insights - The Chinese automotive industry is projected to achieve record production and sales figures by 2025, with production reaching 34.53 million vehicles and sales at 34.40 million vehicles, marking year-on-year growth of 10.4% and 9.4% respectively [1] - The new energy vehicle (NEV) sector is expected to surpass 16 million units in annual production and sales by 2025, highlighting the industry's resilience and internal momentum [1] - The shift towards electrification and intelligence in the automotive sector is no longer a future trend but a current competitive battleground, with globalization becoming a strategic necessity for survival [1] Industry Trends - The future of the automotive industry will focus on user needs, emphasizing safety, reliability, convenience, and enjoyable travel experiences rather than just technical specifications [1] - Long-term trends indicate that the Chinese automotive market is transitioning from incremental competition to stock competition, with increasing importance on overseas business for Chinese automakers [13] Company Developments - Great Wall Motors has unveiled its new "Guiyuan" platform, which is compatible with five powertrain types: gasoline, diesel, pure electric, hybrid (HEV/PHEV), and hydrogen fuel [3][5] - The "Guiyuan" platform aims to simplify vehicle design and manufacturing by adopting a modular approach, allowing for flexible combinations to meet diverse consumer needs [5][10] - The platform is designed to meet the highest global safety standards, ensuring that all vehicle designs prioritize safety regardless of the powertrain used [10] Global Strategy - Great Wall Motors plans to launch over 50 global models across various categories, including sedans, SUVs, and MPVs, leveraging the "Guiyuan" platform to enhance global production efficiency and meet regional demands [11] - The company is experiencing rapid growth in overseas markets, with a projected total sales volume of 45.41 million vehicles in 2024, accounting for nearly 37% of total sales, and an export increase of 44.61% compared to 2023 [13] - By 2030, it is anticipated that the overseas sales of Chinese brand vehicles will approach 10 million units, reflecting the increasing competitiveness of Chinese automakers in the global market [13][14]
重磅利好,中国电车能领德国补贴了,两国为新能源出海开政策绿灯
3 6 Ke· 2026-01-21 01:39
Core Viewpoint - Recent policy changes in Germany and Canada are creating favorable conditions for Chinese electric vehicle manufacturers to expand internationally, particularly in the European and North American markets [1][2][5]. Group 1: Germany's Policy Changes - The German government has announced a €3 billion (approximately ¥24.5 billion) subsidy plan for electric vehicles, providing up to €6,000 (approximately ¥49,000) for households purchasing new electric cars, which is open to all manufacturers, including Chinese brands [1][2]. - This subsidy aims to boost electric vehicle sales and support the automotive industry after a significant drop in demand following the end of previous subsidy programs [5]. - The German Federal Environment Minister emphasized the need to embrace competition rather than impose restrictions, indicating a welcoming stance towards Chinese automotive manufacturers [5]. Group 2: Canada's Policy Adjustments - Canadian Prime Minister Justin Trudeau announced the cancellation of a 100% tariff on Chinese electric vehicles and introduced an annual quota of 49,000 vehicles that will benefit from a 6.1% most-favored-nation tariff rate [1][8]. - This quota corresponds to the export volume from China to Canada before the imposition of additional tariffs, with expectations for gradual increases over the years [10]. - Trudeau highlighted China's undeniable advantages in the electric vehicle sector, aiming to learn from innovative partners to enhance Canada's competitive automotive industry [10]. Group 3: Export Growth of Chinese Automakers - In 2025, China's total automobile exports are projected to reach 8.32 million units, marking a 30% year-on-year increase, continuing a five-year growth trend [11]. - The export value is expected to grow from $34.5 billion (approximately ¥240.1 billion) in 2021 to $142.4 billion (approximately ¥991 billion) in 2025, reflecting a 21% increase [11]. - Notably, the export volume of new energy vehicles is anticipated to double, reaching 2.615 million units in 2025, with significant contributions from major automakers like BYD and Chery [11][16]. Group 4: Performance of Major Chinese Automakers - Chery is expected to lead in export volume in 2025, with 1.34 million units, while BYD's exports are projected to reach 1.05 million units, a 144% increase from the previous year [16][18]. - SAIC Group is also set to export 950,000 units, leveraging its joint ventures and brand portfolio [18]. - New entrants like Leap Motor and Xpeng are showing remarkable growth, with exports increasing by 600% and 150%, respectively, indicating a strong competitive presence in the international market [19][20]. Group 5: Industry Implications - The evolving international landscape for Chinese automakers signifies a historic shift from "bringing in" to "going out," enhancing the global influence of Chinese automotive brands [21]. - The advancements in technology, such as smart cabins and battery innovations, are contributing to the transformation of the global automotive industry [21]. - The current complex international environment and restructuring of the global automotive landscape suggest that Chinese automotive exports are likely to maintain a robust trajectory, becoming a key driving force in global mobility transformation [21].
华创证券:中国电动汽车出口有望迎来更安全、更稳定的发展机遇
Core Insights - A new agreement on electric vehicle imports was reached between China and Europe, while Canada announced the restoration of the most-favored-nation tax rate for Chinese electric vehicles within quotas, indicating a more secure and stable development opportunity for China's electric vehicle exports [1] Industry Summary - China's automobile export market shows significant potential with rapid growth and high return on equity (ROE), serving as crucial support for the valuation and growth of the automotive sector [1] Company Recommendations - Companies recommended for investment include BYD (002594), Geely Automobile, and Great Wall Motors (601633) [1] - Additional companies to watch include Leap Motor, Changan Automobile, SAIC Motor (600104), and Chery Automobile [1]
汽车与零部件行业周报:中汽协预计2026年中国汽车总销量同比+1%,长城汽车发布归元平台-20260120
Shanghai Securities· 2026-01-20 15:03
Investment Rating - The industry investment rating is "Hold" [2] Core Views - In 2025, the automotive production and sales reached 34.53 million and 34.40 million units respectively, marking a historical high and maintaining the position as the world's largest market for 17 consecutive years. Domestic sales were 27.30 million units, a year-on-year increase of 6.7%, while traditional fuel vehicle sales decreased by 4% to 13.43 million units. Exports exceeded 7 million units, reaching 7.10 million, with a year-on-year growth of 21.1%, and new energy vehicle exports doubled to 2.62 million units [6] - The China Association of Automobile Manufacturers (CAAM) forecasts total automotive sales in China for 2026 to be 34.75 million units, a year-on-year increase of 1%, with new energy vehicle sales expected to reach 19 million units, growing by 15.2% [6] Summary by Sections Market Summary - The automotive sector saw a weekly increase of 0.39%, with the best-performing sub-sector being automotive services, which rose by 4.51%. The overall A-share market increased by 0.38%, placing the automotive sector 11th among 31 primary industries [4] Company Performance - The top five companies in terms of weekly performance were Aikelan (+40.53%), Jiaoyun Shares (+39.32%), Kuntai Shares (+18.45%), Xinquan Shares (+16.24%), and Zhejiang Huayuan (+15.99%). Conversely, the bottom five were Taotao Automotive (-10.99%), Aerospace Science and Technology (-12.92%), Yueling Shares (-15.40%), Czhixin (-18.81%), and Tianpu Shares (-25.33%) [5] Investment Recommendations - The report suggests focusing on companies related to intelligent vehicle technology, those with potential in overseas sales, and component manufacturers benefiting from domestic substitution effects. Specific recommendations include Baic Blue Valley for complete vehicles and Bertley, Yinlun Shares, Longsheng Technology, and others for components [8][10]
【整车主线周报】12月零售符合预期,看好26年景气度向上
Investment Highlights - The passenger car sector is expected to see a recovery in Q1 2026 due to the implementation of subsidy policies, with a focus on high-end electric vehicles that are less sensitive to policy changes, such as Jianghuai Automobile, Geely, Great Wall Motors, BAIC Blue Valley, Seres, and Li Auto [2][7] - For exports, priority should be given to leading companies with established overseas systems and proven execution capabilities, including BYD, Great Wall Motors, Chery, Leap Motor, Xpeng, SAIC Motor, and Changan Automobile [2][7] Heavy Truck Sector - In 2025, wholesale heavy truck sales reached 1.144 million units, up 26.8% year-on-year, with domestic sales of 799,000 units, up 32.8%, and exports of 341,000 units, up 17.2% [3][37] - The expected domestic sales for heavy trucks in 2026 is optimistic, projected at 800,000 to 850,000 units, a 3% increase year-on-year [3][37] - Recommended leading heavy truck companies include China National Heavy Duty Truck Group, Weichai Power, Foton Motor, FAW Jiefang, and CIMC Vehicles [3][37] Bus Sector - The implementation of the vehicle replacement policy in 2026 is slightly better than expected, with bus sales in 2025 projected at 38,000 units, a 25% increase year-on-year [3][37] - For 2026, bus sales are expected to grow to 40,000 units, a 5% increase year-on-year, supported by the number of buses over eight years old that need replacement [3][37] - Recommended leading bus companies include Yutong Bus, King Long Motor, and Zhongtong Bus [3][37] Motorcycle Sector - The motorcycle industry is projected to achieve total sales of 19.38 million units in 2026, a 14% increase year-on-year, with large-displacement motorcycles expected to reach 1.26 million units, a 31% increase [4][34] - Domestic sales of large-displacement motorcycles are expected to grow slightly to 430,000 units in 2026, a 5% increase year-on-year, while exports are projected to reach 830,000 units, a 50% increase [4][34] - Recommended leading motorcycle companies include Chunfeng Power and Longxin General [4][34]
魏建军对效率下狠手
Hua Er Jie Jian Wen· 2026-01-20 13:30
Core Viewpoint - The launch of the "Guiyuan Platform" by Great Wall Motors marks a significant transformation in automotive production paradigms, aiming to unify its technology stack and enhance competitiveness in a challenging market environment [1][2]. Group 1: Platform Features - The Guiyuan Platform is described as the world's first native AI all-power vehicle platform, set to produce 51 models across five power types and seven categories, including brands like Ora, Wey, Tank, and Great Wall Pickup [1]. - The platform achieves an 80% commonality rate for vehicle components and reduces the R&D cycle by approximately 30%, leading to significant cost reductions in vehicle development and ownership [1][2]. - It decomposes vehicles into 49 core modules and 329 shared components, allowing for a modular approach to vehicle design, akin to assembling with Lego blocks [2]. Group 2: Strategic Shift - Great Wall Motors has adjusted its sales target for 2026 from 2.49 million units to 1.8 million units while maintaining a net profit target of 10 billion yuan, indicating a shift from scale dependency to seeking higher profit margins with a limited market share [3]. - The company plans to launch high-end products priced between 200,000 to 400,000 yuan, with the average domestic product price already at 200,000 yuan compared to competitors at 130,000 yuan [4]. Group 3: Competitive Landscape - The automotive industry is expected to transition from a price war to a competition based on product quality, features, and innovation, with Great Wall focusing on providing better products rather than the lowest prices [5]. - The Guiyuan Platform's design aims to enhance vehicle resale value and reduce maintenance costs by 15%, while improving repair efficiency by 40% [4]. Group 4: Technological Focus - Great Wall has chosen not to pursue range-extended electric vehicles, focusing instead on its Hi4-PHEV system, which features an 800V architecture and a dedicated four-speed hybrid transmission, achieving a pure electric range of 363 kilometers and a total range of nearly 1,400 kilometers [6]. - This strategic decision aims to establish a technological barrier against low-cost competitors and maintain its influence in the high-end and multi-purpose vehicle markets [6]. Group 5: Future Outlook - The Guiyuan Platform represents a shift towards a resilient manufacturing system that prioritizes efficiency and adaptability, moving away from the previous decade's focus on singular explosive growth [7]. - The platform's versatility is intended to address market fragmentation and ensure production efficiency, positioning Great Wall Motors for sustainable growth in a competitive landscape [8].
长城汽车发布归元平台 打造原生AI全动力汽车架构
Zhong Zheng Wang· 2026-01-20 11:58
中证报中证网讯(记者 龚梦泽)近日,长城汽车(601633)在浙江瑞安东源村(中国木活字印刷术活 态传承地)及河北保定技术中心同步举行活动,全球首发归元平台。该平台定位为全球首个原生AI全 动力汽车平台,以技术模块化与多场景适配为核心特点,覆盖多元能源形式与车型品类。 归元平台的核心设计理念源于活字印刷术的标准化与灵活性,通过建立底层技术标准,将各项核心技术 转化为可灵活组合的"模块单元",实现"一套架构、多元适配"。动力层面,该平台兼容PHEV(插电式 混合动力)、HEV(混合动力)、BEV(纯电动)、FCEV(氢燃料)、ICE(高效燃油)五大动力形 式,未来还将推出柴油混动版本,其综合油耗可下降9%,市区油耗下降15%,加速能力提升40%,兼顾 越野、拖拽需求与能效优化。 智能技术方面,归元平台基于CoffeeEEA4.0电子电气架构,融合AIOS车载系统与双VLA大模型,构建 全栈智能体。平台采用"硬件原子化、软件标签化"设计,将整车拆解为300余个可复用功能单元,通过 2000余个标签实现AI动态调度,同时搭载全球首创的仿生学运动控制系统,打通底盘、智驾与动力系 统的协同链路。 安全防护上,平台以主被 ...
汽车行业周报:中欧电车价格承诺机制落地,多地开放2026年汽车补贴,长城发布归元平台-20260120
Guohai Securities· 2026-01-20 09:13
Investment Rating - The report maintains a "Recommended" rating for the automotive industry [1] Core Insights - The implementation of the China-Europe electric vehicle price commitment mechanism is expected to stabilize sales expectations for Chinese electric vehicles in Europe and promote the high-end and localized transformation of automakers [5][13] - Multiple provinces have opened applications for the 2026 automotive replacement subsidy, indicating a clear path for local governments to implement the policy [14] - Great Wall Motors has launched the "Guiyuan" platform, which is the world's first native AI all-power platform, designed to support various power forms and enhance development efficiency [6][14] - The report expresses a positive outlook for 2026, highlighting opportunities in the high-end upgrade of domestic brands and the acceleration of smart technology penetration [15][16] Summary by Sections Recent Performance - The automotive sector outperformed the Shanghai Composite Index with a 1-week increase of 0.5% from January 12 to January 16, 2026, while the Shanghai Composite Index decreased by 0.4% [17] - The performance of individual stocks varied, with notable increases in companies like Ideal Auto (+2.4%) and declines in others like Li Auto (-3.5%) [17][23] Key Companies and Earnings Forecast - Key companies recommended include: - Jianghuai Automobile - Leap Motor - Great Wall Motors - BYD - SAIC Motor - China National Heavy Duty Truck [7][8] - Earnings per share (EPS) forecasts for selected companies show growth, with Great Wall Motors expected to reach an EPS of 2.03 in 2026 [8] Industry Indicators - In December 2025, automotive production and sales reached 3.296 million and 3.272 million units, respectively, with a year-on-year decrease of 2.1% and 6.2% [42] - New energy vehicles accounted for approximately 52% of total new vehicle sales, indicating a significant market shift towards electrification [42]
2026 中国新能源汽车与动力电池手册_从自动驾驶到人工智能-2026 China EV & EV Battery Handbook_ From Autonomous Driving to AI
2026-01-20 01:50
Summary of Key Points from the Conference Call Industry Overview: Greater China Auto, EV, and EV Battery Industry Forecasts - **China's Auto Industry**: Expected to face challenges in 2026 with a forecasted decline in auto wholesales by **1.6% YoY** compared to a **10% YoY** increase in 2025. This decline is attributed to front-loaded demand in 2025 [1] - **Domestic EV Sales**: Anticipated to grow only **7% YoY** in 2026 due to a **5% increase in purchase tax** and reduced trade-in subsidies [1] - **Export Sales**: Projected to increase by **12% YoY**, reaching **7.9 million units** in 2026, with EV exports expected to surge by **40% YoY** [1] - **Competition Dynamics**: Shift from price competition to configuration-based competition, necessitating more investment in autonomous driving (AD) and smart cabin technologies [1] Key Automotive/EV Themes for 2026 Theme 1: Export Growth - **Export Growth**: Companies like Chery and BYD are expected to benefit significantly from exports, especially with the EU's minimum EV price replacing tariffs [2] Theme 2: Autonomous Driving Development - **ADAS to AD Transition**: L3 permits issued to Changan and BAIC, with highway/city NOA penetration expected to exceed **40%** in 2026 and **85%** by 2030. L4/L5 penetration is projected to reach **8%** by 2030 [3] Theme 3: Cost Concerns - **Battery and Memory Costs**: Rising costs and supply stability of memory are key concerns for auto OEMs [3] Key Battery Themes for 2026 Theme 1: Energy Storage Systems (ESS) - **ESS Demand**: Global battery ESS installations expected to grow by **33% YoY** in 2026, with shipments increasing by **41% YoY** [4] Theme 2: Global Expansion - **Overseas Capacity Expansion**: Chinese battery manufacturers are accelerating their overseas capacity expansion, particularly in Europe and Southeast Asia, in response to rising tariffs and trade tensions [4] Theme 3: VAT Rebate Changes - **Export VAT Rebate Cut**: Anticipated to lead to a rush in battery production and shipment in Q1 2026, potentially increasing raw material prices and exerting cost pressure on battery makers and auto OEMs [5] Theme 4: Technological Innovation - **Sodium-Ion Battery**: Launch of Gen-2 sodium-ion battery expected, with ASSB (all-solid-state battery) small-batch production anticipated to start in 2027 and scale up significantly post-2029 [5] Investment Recommendations - **Top Picks**: - **XPeng**: Launch of Mona SUV and HR in 2H26, with a focus on AI-related businesses [6] - **CATL**: Growth driven by CEV, ESS, and overseas capacity despite short-term cost pressures [6] - **Tuopu**: Major supplier for humanoid robots with overseas expansion [6] - **Minth**: Resilient earnings growth supported by high overseas market exposure [6] - **Hesai**: Increased LiDAR adoption in China alongside L3 ADAS development [6] Additional Insights - **Market Dynamics**: The shift in competition and the focus on technological advancements highlight the evolving landscape of the automotive and EV sectors in China, emphasizing the need for companies to adapt to changing consumer preferences and regulatory environments [1][3][4][5]
长城汽车总裁穆峰:让汽车制造进入灵活组合新阶段
Zheng Quan Ri Bao· 2026-01-19 16:15
Core Viewpoint - The automotive industry is accelerating towards the deep integration of electrification and intelligence, with Great Wall Motors launching the "Guiyuan Platform," a new generation technology architecture centered on "native AI all-power platform," sparking discussions on new energy technology routes, platform strategies, and global competition dynamics [1] Group 1: Guiyuan Platform Features - The Guiyuan Platform is designed to address the lack of unified energy standards in the global market and the highly diversified user demands, offering diverse, efficient, and evolvable solutions [1][2] - The platform supports five power forms: FCEV (hydrogen fuel), BEV (pure electric), PHEV (plug-in hybrid), HEV (hybrid), and ICE (internal combustion engine), explicitly excluding range-extended vehicles due to their lower energy efficiency in high-speed scenarios [2][3] - The modular design of the Guiyuan Platform allows for flexible combinations in automotive manufacturing, moving away from traditional models where one platform corresponds to one power type and one vehicle model [3] Group 2: Global Market Adaptation - The platform aims to cater to different market preferences, regulatory requirements, and usage scenarios, enabling rapid responses to market demands without the need for new platform development [4] - The platform's design is aligned with the strictest global regulations, having collected data from 163 global scenarios, covering various markets including Europe, Southeast Asia, the Middle East, and South America [3] Group 3: Technological Innovations - The Guiyuan Platform incorporates the "native AI" concept, featuring the Coffee EEA4.0 electronic and electrical architecture, which includes over 2,000 standardized software capabilities and introduces dual VLA large models for enhanced vehicle capabilities [4] - The platform emphasizes evolvability, allowing for hardware upgrades through module replacements and continuous software upgrades via OTA to enhance AI capabilities and intelligent driving functions [4][5] Group 4: Future Plans - The first model based on the Guiyuan Platform, a new flagship SUV under the Wey brand, is set to launch in the third quarter of 2026, with plans to cover seven vehicle categories to support Great Wall Motors' production and sales target of 1.8 million units in 2026 [5] - The shift from competing on cost and configuration to competing on technological systems and platform capabilities marks a significant step for Chinese automotive brands in participating in global competition [5]