Core Viewpoint - Great Wall Motors has evolved from a small factory to a major automotive enterprise with over 82,000 employees and annual sales exceeding one million vehicles, playing a crucial role in China's automotive industry upgrade and global market expansion [1][3] Group 1: Company Growth and Global Presence - Great Wall Motors is celebrating its 35th anniversary in 2025, having developed a brand matrix that includes Haval, Wey, Tank, Ora, Great Wall Pickup, and Great Wall Soul Motorcycle, with products exported to over 170 countries and regions [1][3] - The company has established a global sales network covering more than 170 countries, with over 1,400 overseas sales channels and cumulative overseas sales surpassing 2 million vehicles [3][8] - In 2024, Great Wall Motors aims for overseas sales to reach 450,000 units, with a global user base exceeding 15 million [3][8] Group 2: Technological Innovation and R&D - Great Wall Motors emphasizes the importance of "technological discourse power" in global automotive competition, focusing on mastering core technologies through sustained independent innovation [4][5] - The company has invested over 10 billion yuan in R&D for three consecutive years, with a global R&D network spanning seven countries and a team of 23,000 engineers [4][5] - Great Wall Motors has developed a comprehensive self-research system covering traditional power, new energy, intelligent networking, and chassis architecture [4][5] Group 3: Local Adaptation and Market Strategy - The company has implemented a localized operation strategy, adapting its products and services to meet local market needs, such as optimizing power systems for European emission standards and adjusting vehicle durability for Southeast Asia's climate [5][10] - Great Wall Motors has established three full-process manufacturing bases overseas, including a new plant in Brazil with a planned capacity of 50,000 units, enhancing its production network [7][8] - The company’s "ecological going global" model integrates both vehicle and supply chain collaboration, allowing it to lower logistics and tariff costs while enhancing its competitiveness in the global supply chain [8][10] Group 4: Brand Development and Market Positioning - Great Wall Motors believes that true internationalization involves brand export rather than mere product export, focusing on building a strong global brand presence [10][11] - The company has unified its brand image under GWM while developing differentiated strategies for its various brands, such as Wey's focus on high-end markets and Tank's appeal in off-road segments [10][11] - The establishment of a three-tier service system overseas ensures efficient vehicle maintenance and aligns product offerings with local policies and consumer demands [11]

Domestic News - In Jiangsu Province, fixed asset investment from January to July decreased by 6.1% year-on-year, with infrastructure investment growing by 4.8% and manufacturing investment declining by 2.2% [2] - In Liaoning Province, the industrial added value above designated size increased by 3.9% year-on-year, with high-tech manufacturing growing by 7.8% [3] - In Henan Province, the production of new energy vehicles surged nearly fourfold in July, with a year-on-year increase of 389.53% [4] - Geely launched the industry's first AI cockpit, integrating a unified user ID across all its brands [5][6] - Great Wall Motors is preparing to establish a super luxury car brand and is seeking suppliers with experience in high-end brand services [7] - Skyworth Automotive has become a first-tier supplier for Hongqi, focusing on smart cockpit information and entertainment displays [8] - The L4-level Robotaxi service by Zhiji Automotive has officially launched in Shanghai, connecting the international tourism resort with the airport [9] - Tai Lan New Energy has established a solid-state battery production base in Wuhan, focusing on safety and performance improvements [10] International News - California is working on new automotive emission standards and may introduce new electric vehicle tax credits [11] - Honda has established a new company in India to provide sales financing services for its vehicles [12] - Tata Motors has returned to the South African market after a six-year absence, launching several SUV models [13] - Japan's automobile exports to the U.S. fell by 28.4% in July, amounting to 422 billion yen (approximately 2.86 billion USD) [14] Commercial Vehicles - JAC Motors has entered the Indonesian market, launching three electric commercial vehicles [16] - The UK government has extended subsidies for electric vans and trucks until 2027, with specific subsidy amounts yet to be determined [17] - Chongqing is focusing on safety inspections for light trucks under 4.5 tons as part of a broader traffic safety initiative [18] - Ram has announced the upcoming release of a mid-size pickup truck to compete in the South American market [19]

从资金流向上来看，当日乘用车板块主力资金净流出11.16亿元，游资资金净流入3.34亿元，散户资金净 流入7.82亿元。乘用车板块个股资金流向见下表： 证券之星消息，8月21日乘用车板块较上一交易日下跌0.09%，北汽蓝谷领跌。当日上证指数报收于 3771.1，上涨0.13%。深证成指报收于11919.76，下跌0.06%。乘用车板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601633 | 长城汽车 | 25.84 | 2.78% | 50.28万 | 12.92 Z | | 000572 | 海马汽车 | 4.61 | 0.88% | 71.93万 | 3.30 Z | | 601127 | 赛力斯 | 132.00 | 0.15% | 30.02万 | 39.93 Z | | 600104 | ┣汽集团 | 19.80 | 0.00% | 141.43万 | 28.06亿 | | 601238 | 广汽集团 | 7.83 | -0.51% | 32.33万 | 2. ...

8月19日，长城汽车旗下哈弗猛龙2026款PHEV正式上市，新车售价为17.38万元-20.88万元，限时优惠换新价为15.38万元-18.88万元。据官方公众号昨晚披露，哈弗猛龙2026款上市24小 申万宏源指出，长城汽车二季度以来基本面逻辑未变，仍然聚焦魏牌与坦克两大高盈利品牌的放量。蓝山升级与高山7上市后，魏牌月销有望冲击2万台，若后续新平台车型持续导入，销量天花板 责任编辑：卢昱君 长城汽车（02333）早盘股价上涨5.50%，现报17.83港元，成交额5.00亿港元。 ...

Investment Rating - The report maintains a positive outlook on companies with global capabilities, including BYD, Geely, Great Wall, SAIC, and Changan, as well as companies like Li Auto, Xpeng, and NIO that have strong product definition capabilities in smart electric vehicles [4][5][6]. Core Insights - Since 2020, China's automobile export volume has rapidly increased, reaching 6.41 million units in 2024, making it the world's largest exporter, with a year-on-year growth of 22.7%. In the first half of 2025, exports continued to grow by 10.4%, totaling 3.08 million units [5][10][13]. - Chinese automakers are accelerating overseas localization to avoid tariffs and reduce costs, with brands like BYD, Changan, and Geely establishing factories abroad and localizing operations [5][15]. - Chinese automakers benefit from high research and investment efficiency, leading to significant cost advantages. In 2024, the average R&D amortization per vehicle for Chinese companies was 7,660 yuan, significantly lower than foreign companies [3][35]. Summary by Sections 1. Export Growth and Globalization - The export of complete vehicles has seen rapid growth, with a monthly export volume increasing from 70,000 units in early 2020 to 550,000 units by May 2025, a nearly sevenfold increase. In 2024, exports surpassed Japan, marking a significant milestone [10][13]. - Major markets for Chinese automobile exports include Russia (1.158 million units), Mexico (445,000 units), and emerging markets like the UAE and Brazil, which saw over 100% growth [13][15]. 2. Profitability Analysis - The report highlights that Chinese automakers achieve significant excess profits due to their R&D and investment efficiency. For instance, the net profit per vehicle for Chinese companies is 11,217 yuan, compared to 4,349 yuan for foreign companies [3][5]. - The report anticipates that by 2030, overseas sales of Chinese automobiles could exceed 10 million units, with local production becoming the mainstream approach [3][5]. 3. R&D and Investment Efficiency - Chinese automakers have a shorter new model development cycle of about 18 months, which is half that of foreign companies. This efficiency allows for quicker market responses and reduced R&D costs [35][43]. - The average depreciation and amortization per vehicle for Chinese companies in 2024 was 8,901 yuan, significantly lower than that of foreign brands, which often exceed 14,000 yuan [47][50]. 4. Localization and Supply Chain Trends - The trend towards localization is driven by the need to mitigate tariff impacts and optimize supply chains. Chinese parts manufacturers are increasingly establishing production facilities in key regions like Mexico and Southeast Asia [24][27]. - The report emphasizes that local production can eliminate high import tariffs, making it a more sustainable profit engine compared to exporting [30][32].

Core Viewpoint - Great Wall Motors (02333) has seen a stock price increase of over 5%, currently at HKD 17.77, with a trading volume of HKD 410 million, following the launch of its new PHEV model and strong pre-sale performance of its new vehicles [1] Group 1: Product Launch and Sales Performance - The Haval Dragon 2026 PHEV was officially launched on August 19, with prices ranging from CNY 173,800 to CNY 208,800, and a limited-time trade-in price of CNY 153,800 to CNY 188,800. Within 24 hours of its launch, orders exceeded 21,856 units [1] - The new Tank 500 Intelligent Version began pre-sales on August 11, with two versions priced at CNY 388,800 and CNY 360,000 respectively. The pre-sale saw over 11,000 orders within the first 24 hours and 1,932 orders over the first weekend [1] Group 2: Market Analysis and Recommendations - According to Shenwan Hongyuan, the fundamental logic for Great Wall Motors has remained unchanged since Q2, focusing on the volume growth of its high-profit brands, Wey and Tank. The sales of Wey are expected to reach 20,000 units per month, with further increases possible as new platform models are introduced, enhancing profit elasticity [1] - The pre-sale performance of the Tank 500 has been impressive, and the company's current Hong Kong stock PE is considered low, indicating high cost-effectiveness. The company is recommended for continued attention in the short to medium term [1]

经观汽车 8月21日，据官方消息，长城控股招标中心发布"长城汽车超豪车BG品牌用户活动项目"，长城表示，现 面向全球公关招募具备超豪品牌服务经验与卓越社交媒体运营能力的供应商，服务长城汽车超豪车 BG，协助用户活动的规划和执行。其中，投标主体要求包括需要有独立的设计团队，设计团队负责人 需要有服务过Apple，可口可乐，LVMH，保时捷，劳斯莱斯，阿斯顿马丁，奔驰或同等级别的品牌的 经验。 免责声明：本文观点仅代表作者本人，供参考、交流，不构成任何建议。 ...

申万宏源指出，长城汽车二季度以来基本面逻辑未变，仍然聚焦魏牌与坦克两大高盈利品牌的放量。蓝 山升级与高山7上市后，魏牌月销有望冲击2万台，若后续新平台车型持续导入，销量天花板将进一步抬 升，将显著增强利润弹性。同时，坦克500预售表现亮眼。当前公司港股PE偏低，性价比高，短中期均 具备持续推荐价值，建议重点关注。 长城汽车(02333)涨超5%，截至发稿，涨5.15%，报17.77港元，成交额4.1亿港元。 消息面上，8月19日，长城汽车旗下哈弗猛龙2026款PHEV正式上市，新车售价为17.38万元-20.88万元， 限时优惠换新价为15.38万元-18.88万元。据官方公众号昨晚披露，哈弗猛龙2026款上市24小时订单突破 21856台。此前8月11日，长城汽车全新坦克500智享版开启预售，此次新款坦克500共推出两个版本，其 中Hi4-Z智享版预售价38.88万元，Hi4-T智享版预售价36.00万元，预售24小时订单突破11000台，预售首 个周末日订单突破1932台。 ...

申万宏源指出，长城汽车二季度以来基本面逻辑未变，仍然聚焦魏牌与坦克两大高盈利品牌的放量。蓝 山升级与高山7上市后，魏牌月销有望冲击2万台，若后续新平台车型持续导入，销量天花板将进一步抬 升，将显著增强利润弹性。同时，坦克500预售表现亮眼。当前公司港股PE偏低，性价比高，短中期均 具备持续推荐价值，建议重点关注。 长城汽车（601633）(02333)涨超5%，截至发稿，涨5.15%，报17.77港元，成交额4.1亿港元。 消息面上，8月19日，长城汽车旗下哈弗猛龙2026款PHEV正式上市，新车售价为17.38万元-20.88万元， 限时优惠换新价为15.38万元-18.88万元。据官方公众号昨晚披露，哈弗猛龙2026款上市24小时订单突破 21856台。此前8月11日，长城汽车全新坦克500智享版开启预售，此次新款坦克500共推出两个版本，其 中Hi4-Z智享版预售价38.88万元，Hi4-T智享版预售价36.00万元，预售24小时订单突破11000台，预售首 个周末日订单突破1932台。 ...

Core Viewpoint - Great Wall Motors is celebrating its 35th anniversary, showcasing its evolution from a small manufacturer to a global automotive leader, emphasizing the transition of China's automotive industry from "technology introduction" to "standard output" [1][22]. Group 1: Technological Advancements - Great Wall Motors has established a comprehensive layout in the energy and intelligence sectors, positioning itself as a key player in the global automotive supply chain, with subsidiaries expected to enter the global top 100 automotive parts suppliers by 2025 [3]. - The company's Xu Shui smart factory demonstrates high efficiency and precision, achieving a 100% welding rate and a 96% acceptance rate for body frame accuracy, which is competitive with world-class manufacturing facilities [4]. - Great Wall Motors has consistently invested over 10 billion yuan in R&D for three consecutive years, with 2024's R&D expenditure projected at 10.4 billion yuan, representing 5.2% of sales, significantly above the industry average of 3.1% [6]. Group 2: Safety and Quality Assurance - The company has invested 500 million yuan in the largest independent automotive safety testing laboratory in Asia, capable of simulating 9,000 real-world road scenarios [7]. - Great Wall Motors has developed a comprehensive quality control system across its entire supply chain, ensuring high standards in safety and performance [10]. Group 3: Global Expansion - Great Wall Motors has transitioned from "product export" to "ecosystem export," establishing three complete vehicle production bases in Thailand and Brazil, with over 1,400 overseas sales channels and cumulative exports exceeding 2 million vehicles [8]. - The new factory in São Paulo, Brazil, is expected to create 1,300 direct jobs and indirectly support over 5,000 jobs in the supply chain [8]. Group 4: Talent Development and Corporate Culture - The company emphasizes talent as its core competitive advantage, with a record bonus distribution of 4 billion yuan to employees in 2024, and a "35+ plan" that facilitates career growth without restrictions on age or background [16]. - Great Wall Motors has established a comprehensive support system for employees, including affordable housing, educational services for children, and healthcare facilities [17]. Group 5: Brand Philosophy and Future Outlook - The company aims to redefine "Chinese manufacturing" to "Chinese leadership," focusing on trust as a fundamental value, and is committed to enhancing the global perception of Chinese automotive products [20][22].