天眼查商业履历信息显示，长城汽车股份有限公司，成立于2001年，位于保定市，是一家以从事汽车制 造业为主的企业。企业注册资本848655.9123万人民币，实缴资本848655.9123万人民币。公司法定代表 人为魏建军。 通过天眼查大数据分析，长城汽车股份有限公司共对外投资了75家企业，参与招投标项目2584次，知识 产权方面有商标信息5000条，专利信息5000条，此外企业还拥有行政许可639个。 8月18日，沪深两融数据显示，长城汽车上周累计获融资净买入额5650.67万元，居两市第186位，上周 融资买入额2.67亿元，偿还额2.10亿元。 长城汽车所属概念板块包括：汽车整车、河北板块、标准普尔、富时罗素、MSCI中国、证金持股、沪 股通、上证180_、融资融券、股权激励、机构重仓、转债标的、HS300_、AH股、固态电池、氢能源、 华为概念、百度概念、雄安新区、车联网(车路云)、新能源车、无人驾驶、人工智能、燃料电池。 资金流方面，长城汽车近5日主力资金流入3062.74万元，区间涨幅0.96%；近10日主力资金流入4199.24 万元，区间涨幅0.86%。 ...

长城汽车巴西工厂前身为戴姆勒集团工厂，经过改造升级，已成为智能化生产基地。作为长城汽车在海 外的第三大全工艺整车制造中心，该工厂将辐射拉美市场，成为该公司连接欧亚、东南亚与拉美市场的 枢纽；其竣工投产，标志着长城汽车全球化战略在拉美的深入推进，也展示了中国汽车产业高质量"出 海"的新面貌，体现了中巴汽车产业链融合发展的创新实践。 卢拉亲自在首款下线车型哈弗H6GT的前机盖上签名，寓意该车完成最后一道工序，即将进入市场。仪 式结束后，他还与工厂工人合影留念。 卢拉在致辞中说，吸引外资和促进本国投资的关键在于提供政治稳定，从而带来经济、社会和财政的可 预测性。中国已成为巴西最重要的贸易伙伴，长城汽车巴西工厂落成，对巴西工业发展具有重要意 义。"这意味着巴西将具备尖端技术生产能力，能够制造与全球竞争的汽车；也意味着为巴西人创造就 业机会、增加收入和提升专业知识水平。" 当地时间15日，长城汽车巴西工厂竣工投产暨首台哈弗H6GT下线仪式在圣保罗州伊拉塞马波利斯市举 行。 巴西总统卢拉、副总统阿尔克明、中国驻巴西大使祝青桥、劳工部部长路易斯·马里尼奥和长城汽车总 裁穆峰、长城国际总裁史青科等共同出席仪式。 中国驻巴西大 ...

巴西总统卢拉上周五在中国汽车制造商长城汽圣保罗州工厂的开业典礼上表示，欢迎外国公司来巴西开 展业务。"巴西政府是可靠的。谁想走，就走吧。谁想来，我们张开双臂欢迎，"卢拉在仪式上说。卢拉 在演讲中批评了美国总统特朗普对巴西商品征收50%关税的做法，并表示巴西正面临着 "不必要的动 荡"。 ...

Group 1: Great Wall Motors - Great Wall Motors' factory in Brazil has officially completed construction and will initially produce models such as the 2.4T Great Wall Cannon, Haval H6 series, and Haval H9 [1] - The factory's operation marks a significant step in the globalization strategy of Chinese automotive companies, enhancing local supply capabilities in the Latin American market and reducing trade barriers [1] - The shift from simple exports to comprehensive output of technology, capacity, and standards by Chinese automotive companies is expected to reshape the emerging market landscape [1] Group 2: Shenzhen's Green Vehicle Initiative - Shenzhen has launched the "Green Vehicle Charging Green Electricity" incentive program, allowing electric vehicle owners to claim personal "Green Certificates" for every 1,000 kWh charged at designated stations [2] - The initiative aims to enhance the activity in the green electricity trading market and provides a competitive edge for new energy vehicle companies through a personal certificate incentive mechanism [2] - This dual-driven model of consumption and policy may serve as a replicable template for carbon-inclusive mechanisms in other cities [2] Group 3: WeRide and Grab Investment - WeRide has announced a multi-million dollar equity investment from Southeast Asian ride-hailing platform Grab, aimed at accelerating the deployment of L4-level Robotaxis in Southeast Asia [3] - This strategic investment signifies a breakthrough for Chinese autonomous driving technology in international markets and opens new growth opportunities for WeRide [3] - The collaboration validates the technological strength and international competitiveness of Chinese autonomous driving companies, enhancing investor confidence in the long-term value of the smart driving sector [3] Group 4: Xiaomi's Electric Vehicle Charging Response - Xiaomi's VP addressed concerns regarding the compatibility of electric vehicle charging while traveling abroad, stating that the majority of charging stations in Central Asia, Russia, and Ukraine are compatible with domestic standards [4] - The response alleviates market concerns about the overseas applicability of Chinese electric vehicles and highlights the penetration of Chinese charging standards in certain international markets [4] - This information is expected to improve investor valuation expectations for new energy vehicle companies with overseas strategic plans and open new avenues for cross-border service for charging station operators [4]

Group 1: Great Wall Motors - Great Wall Motors' factory in Brazil has officially completed construction and commenced production, initially focusing on models such as the 2.4T Great Wall Cannon, Haval H6 series, and Haval H9 [1] - The completion of the factory marks a significant step in the globalization strategy of Chinese automotive companies, enhancing local supply capabilities in the Latin American market and reducing trade barriers [1] - The shift from simple exports to comprehensive output of technology, capacity, and standards by Chinese automotive companies is expected to reshape the emerging market landscape [1] Group 2: Shenzhen's Green Vehicle Initiative - Shenzhen has launched the "Green Vehicle Charging Green Electricity" incentive program, allowing electric vehicle owners to earn personal "Green Certificates" for charging at designated stations [2] - The initiative aims to enhance the activity in the green electricity trading market and provides a competitive edge for new energy vehicle companies through a consumer incentive mechanism [2] - This dual-driven model of consumer and policy engagement serves as a replicable template for other cities' carbon-inclusive mechanisms [2] Group 3: WeRide and Grab Investment - WeRide, an autonomous driving technology company, has secured a multi-million dollar investment from Southeast Asian ride-hailing platform Grab to accelerate the deployment of L4 Robotaxis in the region [3] - This strategic investment signifies a breakthrough for Chinese autonomous driving technology in international markets and opens new growth opportunities for WeRide [3] - The collaboration validates the technological strength and international competitiveness of Chinese autonomous driving firms, enhancing investor confidence in the long-term value of the smart driving sector [3] Group 4: Xiaomi's Electric Vehicle Charging Response - Xiaomi's Vice President addressed concerns regarding the compatibility of electric vehicle charging while traveling abroad, highlighting the prevalence of national standard charging stations in regions like Central Asia and Russia [4] - The response alleviates market concerns about the overseas applicability of Chinese electric vehicles, indicating significant penetration of Chinese charging standards in certain international markets [4] - This information is expected to improve investor valuation expectations for new energy vehicle companies with overseas strategic plans and open new avenues for cross-border service for charging station operators [4]

卢拉在典礼上表示，巴西政府欢迎外国公司来巴西开展业务。他称，在福特等西方公司纷纷撤离巴西的情况下，长城汽车等中国公司却选择进入。"当一家 美国企业撤离巴西时，会发生什么？"卢拉称，一家中国企业会到来。他说："想离开的就离开，想来的我们张开双臂欢迎。" 中国汽车受到巴西市场欢迎 "巴西制造，自豪！"卢拉在社交平台X上发文称，"这意味着巴西将迎来更多的工业、更多的就业和更多的技术！巴西将加速迈向未来！"他还配发一段与工 厂中巴员工一起庆祝的视频。在视频中，卢拉与长城公司负责人牵手并高高举起进行庆祝，他还与中巴员工一一握手、拥抱和拍照留念。 据巴西《环球报》报道，长城汽车是首家获得巴西"绿色出行和创新计划"认证的公司。长城汽车巴西工厂投产后，将每年生产至少3万辆汽车。长城汽车预 计到2026年将在巴西投资40亿雷亚尔（约53.2亿元人民币），2027年至2032年预计将再投资60亿雷亚尔。 巴西副总统阿尔克明在典礼上表示，长城汽车的到来强化了"巴西新工业"计划的目标，推动了包括零部件行业在内的整个巴西汽车产业链的发展。"目前这 里已创造700个就业岗位。到明年年初，预计将增加1300个，并将间接创造1万个就业岗位。 ...

Core Viewpoint - The completion and operation of Great Wall Motors' factory in Brazil marks a significant step in the company's strategy to deepen its presence in the Latin American market, leveraging advanced technology and local production capabilities to enhance competitiveness and meet local demand [1][3][7]. Group 1: Factory Overview - The Great Wall Motors factory in Brazil covers an area of 1.2 million square meters, with a building area of 94,000 square meters, featuring advanced production capabilities including hybrid and diesel vehicle manufacturing [4]. - The initial production capacity of the factory is set at 50,000 vehicles per year [4]. Group 2: Market Strategy - Great Wall Motors aims to establish a strong foothold in Brazil, which is the largest automotive market in South America, by transitioning from simple product exports to a more localized production strategy [3][6]. - The company has achieved a sales volume of 29,000 vehicles over three years since entering the Brazilian market, with a 19.8% year-on-year increase in sales in the first half of 2025, surpassing the industry average growth rate by 17 percentage points [3][6]. Group 3: Product and Technology - The initial models to be produced at the Brazilian factory include the Haval H9, 2.4T Great Wall Cannon, and Haval H6 series, with plans to introduce the WEY brand's flagship SUV [6]. - Great Wall Motors has developed a comprehensive powertrain strategy, including advanced engine technologies such as 3.0T V6, 4.0T V8 gasoline engines, and 2.4T diesel engines, along with self-developed 9AT/9HAT transmissions [6]. Group 4: Global Strategy and Localization - The establishment of the factory is part of Great Wall Motors' "new four modernizations" strategy, focusing on localization of production, business operations, brand cross-cultural integration, and supply chain security [7]. - The company has a global user base of over 15 million and has established more than 1,400 overseas sales channels, with cumulative overseas sales exceeding 2 million vehicles [8]. Group 5: Local Economic Impact - The factory's operation is expected to create over 2,000 jobs in Brazil, contributing positively to the local economy and fostering collaboration with local suppliers [11][12]. - Great Wall Motors plans to increase local procurement to 35% next year, enhancing its integration into the local supply chain [11]. Group 6: Corporate Social Responsibility - The company has been recognized as a best employer brand in Brazil, emphasizing its commitment to creating a positive work environment and promoting cultural exchange [12]. - Great Wall Motors focuses on long-term value creation, balancing short-term market performance with brand building, technological innovation, and social responsibility [12].

Group 1 - Xiaomi's Vice President Li Xiaoshuang addressed concerns regarding the SU7 electric vehicle's charging capabilities abroad, stating that compatibility with charging interfaces and distribution of charging stations are key factors. He noted that in regions like Central Asia and Europe, the majority of charging interfaces are compatible with the domestic experience, and charging stations are widely available, with an average of 150-200 kilometers between superchargers in Central Asia and 20-50 kilometers in Europe [2] - The new generation of IM Motors LS6 has been officially announced with eight configuration versions, starting at a pre-sale price of 209,900 yuan. The vehicle features the "Star" super-range technology, a 66 kWh battery, and an 800V high-voltage platform, achieving a pure electric range of 450 kilometers and supporting a quick charge of 310 kilometers in just 15 minutes. The official launch and delivery are expected on September 10 [2] - Great Wall Motors announced the full launch of its production line in Brazil, marking a significant milestone for Chinese automakers in high-quality overseas manufacturing. The first vehicle produced is the Haval H6 GT, with plans to produce additional models such as the Haval H9 and Poer pickup in the next phase [2] Group 2 - The establishment of the Transportation Big Model Innovation and Industry Alliance in Beijing signifies a shift from fragmented exploration to collaborative development in comprehensive transportation modeling. The alliance includes 55 initial members from various sectors, including industry enterprises, AI companies, and academic institutions, covering all aspects of transportation [2]

Core Insights - The inauguration of Great Wall Motors' factory in Brazil marks a strategic leap for the Chinese automotive industry from product export to local ecosystem establishment [2][3] - The factory, located in Iracemapolis, has an initial annual production capacity of 50,000 vehicles and will produce models such as Haval H6 GT and Haval H9 [2] - Great Wall Motors aims to become a leading brand in the Brazilian new energy vehicle market, which currently has a penetration rate of less than 10% [2][3] Company Development - Since entering the Brazilian market in 2021, Great Wall Motors has achieved annual sales of 29,000 units, ranking 14th in the market [3] - In the first half of 2025, sales reached 15,700 units, reflecting a year-on-year growth of 19.8%, surpassing the industry average growth rate of 17% [3] - The company has over 1,400 overseas sales channels and has sold more than 2 million vehicles globally [3] Strategic Initiatives - Great Wall Motors is implementing a "dual-fuel" strategy, focusing on hybrid, pure electric, and hydrogen energy technologies [3] - The company has developed an "ethanol plug-in hybrid system" tailored to Brazil's flexible fuel demand, positioning itself as a rule-maker in local new energy technology standards [3] Brand Positioning - The company emphasizes a "cooperation and win-win" philosophy, avoiding cutthroat competition and enhancing the collective image of Chinese automotive brands abroad [4] - Great Wall Motors engages with local communities through sponsorships and cultural events, fostering emotional resonance with Brazilian consumers [4] - Positive consumer feedback highlights the advantages of Great Wall vehicles over competitors, particularly in terms of configuration and durability [4] Industry Outlook - The establishment of the Brazilian factory provides new prospects for Chinese automotive companies, enhancing their competitiveness in the global market [4] - The transition from product export to deep localization signifies a significant evolution in the strategy of Chinese automotive firms [4]

Investment Rating - The report maintains a "Recommended" investment rating for Great Wall Motors [1] Core Views - The launch of the new Tank 500 Smart Edition has seen strong pre-sale demand, with over 11,000 orders within 24 hours [4] - The Tank brand has established a strong foothold in the off-road vehicle segment, achieving a three-year resale value of 64.57% for the Tank 300, the highest among compact SUVs in China [7] - The introduction of the Hi4-Z architecture caters to urban driving needs while still offering off-road capabilities, expanding the customer base for the Tank brand [7] - The new Tank 500 features advanced intelligent driving systems, enhancing its appeal to a diverse customer demographic [7] Financial Summary - Projected revenue growth from 173.21 billion CNY in 2023 to 359.89 billion CNY by 2027, with a compound annual growth rate (CAGR) of 22.5% [6] - Net profit is expected to increase from 7.02 billion CNY in 2023 to 18.30 billion CNY by 2027, reflecting a significant recovery and growth trajectory [6] - The gross margin is projected to improve from 18.7% in 2023 to 21.0% by 2027, indicating enhanced operational efficiency [6] Profit Forecast and Investment Suggestions - The report adjusts net profit forecasts for 2025 to 2027 to 14.7 billion CNY, 15.9 billion CNY, and 18.3 billion CNY respectively, while maintaining the "Recommended" rating [14]