Core Viewpoint - The company reported that in February, it sold 12,744 new energy vehicles, contributing to a total of 30,773 units sold in the first two months of the year [1] Group 1 - In February, the sales of new energy vehicles reached 12,744 units [1] - Cumulative sales for January and February amounted to 30,773 units [1]

Group 1 - The automotive industry in China is experiencing a mix of competition and growth, with significant challenges arising from internal and external pressures [5] - Bosch, the world's largest automotive parts supplier, has adjusted its profit margin target to 2027 due to increased global tariffs and competition, indicating a tough year ahead for the automotive sector [8] - The CEO of Bosch warned that every profit margin will be fiercely contested, leading to plans for layoffs of 13,000 employees to maintain profitability [8] Group 2 - The founder of Leap Motor addressed employee dissatisfaction regarding a company event, acknowledging organizational shortcomings and emphasizing the need for improvement [10] - The CEO of Deep Blue Automotive highlighted a misunderstanding regarding their vehicle being mistaken for a Tesla, showcasing the growing recognition of Chinese electric vehicles on the global stage [13] - The CEO of IM Motors publicly apologized for previous comments that negatively impacted Tesla, following the clarification of a serious accident involving a Tesla vehicle [15] Group 3 - The CEO of Great Wall Motors expressed the need for the Chinese automotive industry to learn from established global players, acknowledging significant gaps in capabilities [21] - Ford's CEO announced a strategic shift towards developing low-cost, high-volume electric vehicles after facing substantial losses in their electric vehicle division [25] - Rivian's CEO predicted that by 2030, having an autonomous driving feature in vehicles will be a standard expectation among consumers [27] Group 4 - Tesla's CEO expressed appreciation for the seriousness with which China approaches his predictions regarding future technological advancements [30] - The CEO of BMW emphasized the necessity for German automakers to engage with the Chinese market to remain competitive globally, highlighting the importance of collaboration and innovation [33]

Group 1 - The first meeting of the 2025 Employee Stock Ownership Plan (ESOP) was held on February 27, 2026, with 38 participants representing 67,750,000 shares, accounting for 94.76% of the total plan shares [2] - The meeting approved the establishment of a management committee for the 2025 ESOP to ensure smooth operation and protect the rights of shareholders, with 99.41% voting in favor [3] - The committee consists of five members, including the chairperson, and will manage the ESOP throughout its duration [4] Group 2 - The meeting also elected committee members and authorized the committee to handle various matters related to the ESOP, with 99.41% voting in favor [4][6] - The authorized responsibilities include convening meetings, supervising daily management, handling share allocation, and representing shareholders in exercising rights [5] - The ESOP is funded by an incentive fund and employee compensation, with a total amount not exceeding 80 million yuan [8] Group 3 - As of the announcement date, the ESOP has not yet begun purchasing shares from the secondary market, holding 418,643 shares, which is 0.005% of the total share capital [9] - The shares were transferred to the ESOP account at a price of 21.83 yuan per share on January 23, 2026 [8]

Investment Rating - The report maintains a recommendation for the six-seat SUV industry, highlighting both blue ocean opportunities and red ocean competition [2] Core Insights - The six-seat SUV market is expected to see the launch of five new models priced around 200,000 yuan in 2026, with top models potentially achieving monthly sales of 10,000 to 20,000 units [2][22] - The high-end six-seat SUV market is experiencing intense competition, with a significant increase in supply expected in 2026, outpacing market expansion [2][6] - The 200,000 yuan segment remains a potential blue ocean market, as current models often fail to meet consumer demands due to size and pricing issues [6][24] Summary by Sections Total Market Overview - The six-seat SUV market is projected to grow, with an estimated total of 150,000 units sold in 2025, reflecting a year-on-year increase of 21,000 units [13] - The market is expected to continue expanding with the introduction of new models, particularly in the 200,000 yuan segment [6][10] Blue Ocean Opportunities - The 200,000 yuan segment for six-seat SUVs is identified as a significant market opportunity, with current models not meeting consumer expectations in terms of size and pricing [6][22] - The report notes that the proportion of six-seat SUVs priced below 250,000 yuan is only 4.9%, compared to 28% for those above this price point, indicating room for growth [24] Red Ocean Competition - The high-end six-seat SUV market is set to intensify with 22 new models expected to launch in 2026, leading to fierce competition [2][6] - The report highlights a shift in product strategy from size combinations to price combinations, indicating evolving consumer preferences [2][10] Investment Recommendations - The report suggests focusing on companies like Leap Motor and Great Wall Motors, with specific models expected to drive significant sales growth [7][10] - Geely is also recommended due to its ongoing product cycle contributing to sales and profit increases [7][10]

Core Insights - The semiconductor industry is experiencing a shift from "small and scattered" financing to a "head concentration and high-end focus" model, driven by the urgent need for a self-controllable automotive supply chain and policy support [1][2] - The domestic automotive industry's push for chip localization is accelerating, with significant financing rounds for companies like NIO's chip subsidiary and others in the automotive chip sector [2][5] - The capital is increasingly directed towards advanced processes (14nm and below), AI computing chips, high-end storage chips, and semiconductor manufacturing, marking a transition from "quantity accumulation" to "quality leap" in automotive chip localization [1][5] Financing Trends - NIO's chip subsidiary, Anhui Shenji Technology, completed a financing round of 2.257 billion yuan, with a post-investment valuation nearing 10 billion yuan, focusing on high-end intelligent driving chips [2] - Other notable financing events include nearly 700 million yuan for Yanwei Semiconductor and over 300 million yuan for Yuan Vision, indicating a trend of significant investments in the automotive chip sector [2][5] - State-owned enterprises and industrial funds are playing a crucial role in these financing rounds, aiming to build a self-controllable chip supply chain [2][6] Industry Developments - Major Chinese automakers, including SAIC, Changan, and BYD, are preparing to launch models equipped with 100% self-manufactured chips by 2026, highlighting the industry's commitment to establishing proprietary chip systems [3] - The automotive chip ecosystem is gradually improving, with the establishment of a national-level automotive chip standard verification platform, which will reduce reliance on external testing and shorten verification cycles [7] - The capital landscape in the semiconductor sector is shifting towards high-end and core areas, with significant investments in advanced processes and AI computing chips, indicating a focus on technology barriers and high added value [5][6] Future Outlook - The next 3 to 5 years are critical for the localization of automotive chips, with high-end intelligent driving chips and power chips expected to expand their market presence, enhancing the competitiveness of the Chinese automotive industry [7] - The Chinese semiconductor industry is entering a more mature and confident development phase, supported by strategic investments from national funds [6]

根据《长城汽车股份有限公司长期激励基金管理办法》（以下简称"《长期激励基金 管理办法》"）规定，2025年12月29日，公司召开第八届董事会第四十五次会议审议通过 了《关于计提2025年度长期激励基金的议案》，同意公司计提2025年度长期激励基金， 其中部分长期激励基金将根据《长城汽车股份有限公司2025年员工持股计划》用于购买 回购专用证券账户中的公司A股股票及二级市场的公司A股股票。详见公司于2025年12月 29日在指定信息披露媒体发布的相关公告。 | 证券代码：601633 | 证券简称：长城汽车 | 公告编号：2026-015 | | --- | --- | --- | | 转债代码：113049 | 转债简称：长汽转债 | | 长城汽车股份有限公司 关于 2025 年员工持股计划实施进展的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 长城汽车股份有限公司（以下简称"公司"）分别于2025年12月3日、2025年12月23 日召开第八届董事会第四十四次会议和2025年第五次临时股东会，审议通过了《关于< 长城 ...

| 证券代码：601633 | 证券简称：长城汽车 | 公告编号：2026-014 | | --- | --- | --- | | 转债代码：113049 | 转债简称：长汽转债 | | 长城汽车股份有限公司 关于 2025 年员工持股计划第一次持有人会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、持有人会议召开情况 长城汽车股份有限公司（以下简称"公司"）2025年员工持股计划（以下简称"公 司2025年员工持股计划"或"本员工持股计划"）第一次持有人会议于2026年2月27日以 现场与通讯相结合的方式召开。本次会议由公司董事长授权董事会秘书李红栓女士主持 召开，参加本次会议的持有人共计38人，代表公司2025年员工持股计划份额67,750,000 份，占公司2025年员工持股计划总份额的94.76%。本次会议的召集、召开和表决程序符 合相关法律法规、规范性文件及公司2025年员工持股计划的有关规定，会议合法有效。 二、持有人会议审议情况 经与会持有人逐项审议，通过以下议案： 3、审议通过《关于授权公司20 ...

長 城 汽 車 股 份 有 限 公 司 GREAT WALL MOTOR COMPANY LIMITED* （於中華人民共和國註冊成立的股份有限公司） 股份代號：02333（港幣櫃台）及82333（人民幣櫃台） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何 聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 职工董事：盧彩娟女士。 非執行董事：何平先生。 獨立非執行董事： 樂英女士、 輝先生及鄒兆麟先生。 海外監管公告 此海外監管公告是根據香港聯合交易所有限公司證券上市規則第 13.10B 條發出。以下為長城汽 車股份有限公司於上海證券交易所網站（www.sse.com.cn）所刊發之「長城汽車股份有限公司 關於2025年員工持股計劃實施進展的公告」。 承董事會命 長城汽車股份有限公司 公司秘書 李紅栓 李紅栓 公司秘書 中國河北省保定市，2026 年 2 月27日 於本公告日期，董事會成員如下： 執行董事： 魏建軍先生、趙國慶先生及李紅栓女士。 * 僅供識別 | 证券代码：601633 | 证券简称 ...

海外監管公告 此海外監管公告是根據香港聯合交易所有限公司證券上市規則第 13.10B 條發出。以下為長城汽 車股份有限公司於上海證券交易所網站（www.sse.com.cn）所刊發之「長城汽車股份有限公司 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何 聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 長 城 汽 車 股 份 有 限 公 司 GREAT WALL MOTOR COMPANY LIMITED* （於中華人民共和國註冊成立的股份有限公司） 股份代號：02333（港幣櫃台）及82333（人民幣櫃台） 關於2025年員工持股計劃第一次持有人會議決議公告」。 承董事會命 長城汽車股份有限公司 公司秘書 李紅栓 李紅栓 公司秘書 中國河北省保定市，2026 年 2 月27日 於本公告日期，董事會成員如下： 執行董事： 魏建軍先生、趙國慶先生及李紅栓女士。 职工董事：盧彩娟女士。 非執行董事：何平先生。 獨立非執行董事： 樂英女士、 輝先生及鄒兆麟先生。 * 僅供識別 | 证券代码：601633 | ...

Core Viewpoint - Electric vehicles (EVs) are essential for decarbonizing the transportation sector, offering higher energy conversion efficiency, instant torque, lower noise, and zero tailpipe emissions [2] Market Size - The global electric vehicle market is projected to reach $1,269.9 billion by 2032, with a compound annual growth rate (CAGR) of 12.35% over the coming years [3] Market Landscape - Major global electric vehicle manufacturers include BYD, Tesla, BMW, Volkswagen, Li Auto, Seres Group, Geely, Mercedes-Benz, Volvo, SAIC Motor, Hyundai-Kia, Stellantis, Great Wall Motors, Renault, Chery, NIO, Toyota, GAC Group, Xpeng, Leap Motor, Xiaomi, Ford, and BAIC Group [5][6] - The top five manufacturers hold approximately 47% of the market share [6] Industry Development Opportunities - Advancements in battery technology, thermal management systems, 800V high-voltage architecture, and vehicle electronic platforms provide opportunities for performance enhancement and cost reduction, allowing electric vehicles to penetrate a broader price range [11] - The integration of vehicles with energy systems is expanding application boundaries, promoting a shift from one-time vehicle sales to ongoing service models [11] - The acceleration of electrification in light commercial vehicles, logistics, shared mobility, and emerging markets creates new growth paths for companies with scalable manufacturing, cost control, and localized operations [11] Key Obstacles - Uneven progress in charging network construction across regions affects user experience and convenience [10] - Price fluctuations of key battery materials, supply chain geopolitical risks, and an immature recycling system challenge cost control and long-term stability [10] - Consumer expectations regarding range performance, low-temperature operation, maintenance costs, and second-hand value, along with subsidy policy reductions and electricity price volatility, slow market penetration [10]