Investment Rating - The industry investment rating is "Buy" [6] Core Viewpoints - The report highlights the implementation of a large-scale equipment update and consumer goods replacement policy for 2026, which includes subsidies for scrapping and replacing vehicles. The policy is expected to significantly boost the sales of mid-to-high-end passenger cars [6][9][18]. - The report maintains a judgment of "price increase and stable volume" for domestic passenger car demand in 2026, indicating a positive outlook for the industry despite potential market fluctuations [18]. Summary by Sections 1. 2026 Vehicle Replacement Policy - The policy supports scrapping and replacing personal vehicles with subsidies of 12% (up to 20,000 CNY) for new energy vehicles and 10% (up to 15,000 CNY) for fuel vehicles with an engine size of 2.0 liters or less [9][10]. - It also includes support for scrapping old commercial vehicles and promoting the electrification of city buses [9][10]. 2. Market Share Tracking in PHEV Segment - The report focuses on the performance of PHEV market shares, particularly for BYD and Geely, as they adjust their market strategies and configurations [11]. - The analysis indicates significant variance in market shares due to increased supply and competitive strategies [11]. 3. Recent Report Insights - The continuation of the vehicle replacement policy aligns with expectations, and the report anticipates a rise in the proportion of mid-to-high-end passenger car sales due to the subsidy structure [18]. - The report reflects on the previous year's strategy of "emerging from deflation," which has proven to be correct, and emphasizes the importance of regulatory changes and strategic adjustments by leading companies [18]. 4. Investment Recommendations - The report suggests a "shelf-style" investment approach, recommending various companies across the passenger vehicle chain, including Geely, BYD, and others for potential growth [19]. - Specific companies are categorized into "right-side" and "left-side" targets based on their operational performance and market positioning [19].

Core Insights - The 2025 Chinese automotive market showcased a "stronger getting stronger, increasing differentiation" trend amid deepening new energy transitions and intense industry competition [1] Group 1: Performance of Leading Companies - BYD achieved sales of 4.6024 million vehicles in 2025, with overseas sales surpassing 1 million for the first time, marking a 145% year-on-year increase in passenger and pickup truck sales [2] - BYD's pure electric vehicle sales reached 2.2567 million units, a nearly 28% increase, surpassing Tesla's 1.636 million units, making BYD the global leader in annual electric vehicle sales [2] - Geely also exceeded its annual sales target, achieving 3.0246 million units sold, a 39% year-on-year increase, with new energy vehicle sales reaching 1.6878 million units, up 90% [2] Group 2: Performance of Other Companies - Dongfeng Motor achieved its dual target of over 1 million new energy vehicles and 1.5 million total vehicle sales, with new energy vehicle sales reaching 1.04 million, a 21% increase [3] - Changan Automobile reported sales of 2.913 million vehicles, a growth of 8.5%, with new energy vehicle sales of 1.109 million, up 51% [5] - Chery Group sold 2.8064 million vehicles, a 7.8% increase, with new energy vehicle sales reaching 903,800 units, a 54.9% increase [5] Group 3: Underperformance of Certain Companies - China FAW achieved a total vehicle sales of 3.302 million, a 3.2% increase, but fell short of its target of 3.45 million [4] - Great Wall Motors reported sales of 1.3237 million vehicles, a 7.33% increase, but only achieved 33.09% of its 4 million target [5][6] - New energy vehicle sales for Great Wall reached 403,700 units, a 25.44% increase, but the overall performance was below expectations [5][6] Group 4: New Forces in the Market - Among new forces, Leap Motor, Xiaomi, and Xpeng all exceeded their annual sales targets, with Leap Motor achieving 596,600 units sold, marking a 119.3% target completion rate [7] - Xiaomi's vehicle deliveries surpassed 50,000 in December 2025, exceeding its annual target of 350,000 [7] - NIO and Li Auto, however, did not meet their targets, with NIO selling 326,000 units and Li Auto selling 406,300 units, both falling short of their respective goals [8][9]

尖子生就要比学赶超！ 编辑：梅梅 回顾2025年，自主五强销量均有增长。 比亚迪460万辆，吉利302万辆，长安超290万辆，奇瑞280万辆，长城132万辆——哪家的增长最有含金量？ 比亚迪继续稳坐NO.1宝座，拿下三冠王：中国汽车市场车企销量冠军、中国汽车市场品牌销量冠军、全球新能源车市场销量冠军。值得关注的是，比亚 迪2025年海外出口已超百万台，同比增长145%，直追"出口一哥"奇瑞。2025年，奇瑞出口销量为134.4万辆。 超额完成2025全年任务后，吉利已放出2026年目标：全年销量冲击345万辆，新能源目标为222万辆。过去两年，吉利集团都在年中宣布上调销量目标—— 有理由相信，345万辆只是吉利2026的保底？ 作为自主五强中的唯一央企，长安汽车2025销量创九年新高，总销量超290万辆，同比增长8.5%，连续6年实现同比正增长。长城汽车整体销量虽不及前 面四强，但132万辆仍创下历史新高。 头部的较量，犹如尖子生的"比学赶超"，没一个孬的！ 2026年，你觉得自主五强中，哪家更有后劲呢？ 尖子生就要比学赶超！ 编辑：梅梅 回顾2025年，自主五强销量均有增长。 比亚迪460万辆，吉利302万 ...

格隆汇1月4日丨长城汽车(601633.SH)公布2025年12月产销快报，12月销量总计124,020台，本年累计销 量1,323,672台，同比增长7.33%。12月海外销售57,418台，1-12月累计销售506,066台。12月新能源车销 售38,922台，1-12月累计销售403,653台。 ...

Core Insights - In December 2025, Great Wall Motors reported total sales of 124,020 units, a decrease of 8.33% compared to 135,286 units in the same month last year [2] - The total production for December was 116,812 units, down 16.38% from 139,697 units year-on-year [2] - For the entire year of 2025, total sales reached 1,323,672 units, reflecting a year-on-year growth of 7.33% from 1,233,292 units [2] - Total production for the year was 1,311,329 units, an increase of 5.71% compared to 1,240,483 units in the previous year [2] Monthly Performance by Brand - **Haval Brand**: December sales were 66,453 units, down 20.34% from 83,425 units last year; annual sales totaled 758,554 units, up 7.41% from 706,234 units [4] - **WEY Brand**: December sales increased by 46.45% to 12,899 units from 8,808 units; annual sales surged 86.29% to 101,954 units from 54,728 units [4] - **Great Wall Pickup**: December sales were 15,338 units, down 5.56% from 16,241 units; annual sales increased by 2.57% to 181,660 units from 177,100 units [5] - **Ora Brand**: December sales rose 71.60% to 8,134 units from 4,740 units; however, annual sales decreased by 23.68% to 48,289 units from 63,272 units [5] - **Tank Brand**: December sales were 21,129 units, down 3.43% from 21,879 units; annual sales increased by 0.74% to 232,713 units from 231,001 units [5] - **Others**: December sales were 67 units, down 65.28% from 193 units; annual sales decreased by 47.54% to 502 units from 957 units [6] Production Performance by Brand - **Haval Brand**: December production was 56,623 units, down 36.51% from 89,180 units; annual production totaled 731,889 units, a slight increase of 0.46% from 728,539 units [4] - **WEY Brand**: December production increased by 68.10% to 13,507 units from 8,035 units; annual production surged 94.65% to 105,267 units from 54,080 units [4] - **Great Wall Pickup**: December production was 16,332 units, up 16.29% from 14,044 units; annual production increased by 8.09% to 183,867 units from 170,113 units [5] - **Ora Brand**: December production rose 77.11% to 9,479 units from 5,352 units; annual production decreased by 18.61% to 48,735 units from 59,880 units [5] - **Tank Brand**: December production was 20,557 units, down 10.26% from 22,907 units; annual production increased by 5.85% to 240,568 units from 227,269 units [5] - **Others**: December production was 314 units, up 75.42% from 179 units; annual production increased by 66.61% to 1,003 units from 602 units [6] Additional Sales Information - In December 2025, Great Wall Motors sold 57,418 units overseas, with total overseas sales for the year reaching 506,066 units [6] - December sales of new energy vehicles were 38,922 units, with total sales for the year amounting to 403,653 units [6]

Group 1: CES 2026 Overview - The CES 2026 will focus on the automotive sector, showcasing advancements in new energy and intelligent connected technologies, with significant participation from global automakers and supply chain giants [2] - Chinese automakers are expected to collectively impact the global automotive industry's competitive landscape through their innovations and AI technology integration [2] Group 2: Great Wall Motors - Great Wall Motors will present its full product line and core technology matrix under the theme "GO With More Life," aiming to enhance global brand recognition [4] - The company will showcase key technologies including Hi4-Z architecture, semi-solid batteries, and hydrogen fuel cell engines, along with the ASL 2.0 intelligent agent and VLA large model [4] - Challenges include the current lack of hydrogen refueling infrastructure and the cost control of semi-solid battery mass production [4] Group 3: Geely Automotive - Geely will display its comprehensive AI technology achievements, focusing on breakthroughs in its "smart car full-domain AI" technology system, particularly the Raytheon AI hybrid 2.0 [6] - The Raytheon AI hybrid 2.0 improves engine thermal efficiency to 47.26% and achieves a low fuel consumption of 2.67L [6] - The company aims to address market concerns regarding the transition from laboratory efficiency to stable mass production experiences during the exhibition [6] Group 4: Hyundai Motor Group - Hyundai will highlight its "technology crossover" theme, featuring the new generation Atlas humanoid robot and its AI interaction capabilities [8] - This marks Hyundai's shift from a traditional automaker to a "mobility solutions provider," although specific collaboration plans between robots and automotive ecosystems remain unclear [8] Group 5: Faraday Future - Faraday Future will hold a special shareholder meeting at CES 2026 to announce the complete production, sales, delivery, and service plans for the FX Super One [10] - The FX Super One has already received over 13,000 orders, marking a critical transition for the brand [10] - Financial data indicates continued negative net profits from 2020 to 2024, making the announcement of a profitable path crucial for market confidence [10] Group 6: Kosmera - The new Chinese automaker Kosmera will make its global debut at CES 2026, introducing two high-performance models, including a 1903 horsepower electric supercar [11] - The supercar features aerospace-grade composite materials and a 3D-printed chassis, aiming for a 1:1 power-to-weight ratio [11] Group 7: Sony Honda - Sony Honda will present a new concept car, continuing the integration of Sony's technology with Honda's manufacturing capabilities [13] - The previous AFEELA 1 model has established a market presence, and the new concept aims to enhance user experience through advanced audio and AI interaction [13] Group 8: Honda - Honda will preview the Honda 0 series production models at CES 2026, focusing on L3-level autonomous driving features and a new self-developed operating system [15] - The rear-wheel-drive model will have a maximum power of 241Ps, while the all-wheel-drive version will reach 308Ps, with an EPA-rated electric range of approximately 482km [15] Group 9: Automotive Supply Chain Innovations - The competition among automotive suppliers will intensify, with laser radar and intelligent chassis technologies being key highlights at CES 2026 [22] - Hesai Technology will showcase its upgraded ATX laser radar, achieving significant performance improvements and securing over 400,000 orders [17] - ZF will introduce a new active noise cancellation feature for automotive chassis, while LG will present an AI cockpit platform based on Qualcomm's Snapdragon [19][21] Group 10: Industry Trends - The automotive sector at CES 2026 will serve as a showcase for global automotive technology achievements and a clear indicator of future industry directions [22] - The deep integration of AI and new energy is reshaping automotive product logic and the competitive landscape, with Chinese automakers leading the charge [22]

Core Insights - In 2025, Great Wall Motors achieved a record high in new car sales, totaling 1,323,672 units, representing a year-on-year growth of 7.33%. Sales of new energy vehicles reached 403,653 units, up 25.44%, while overseas sales hit 506,066 units, marking an 11.68% increase [1][3]. Group 1: Sales Performance - Great Wall Motors' new car sales in 2025 reached 1,323,672 units, a 7.33% increase year-on-year [1]. - Sales of new energy vehicles amounted to 403,653 units, reflecting a growth of 25.44% [1]. - Overseas sales reached 506,066 units, showing an 11.68% increase [1]. Group 2: Strategic Focus - The company is focusing on the smart new energy sector, emphasizing three main advantages: technology, off-road capability, and globalization [1]. - Great Wall Motors aims to enhance product high-end, intelligent, and youthful characteristics to improve user experience [1]. Group 3: User Engagement - The company launched a special live broadcast titled "Seeking Advice," where Chairman Wei Jianjun engaged with users, breaking traditional boundaries between the company and its customers [1][3]. - The live event received over 8,400 naming suggestions for the new platform, highlighting user involvement and cultural significance [3]. Group 4: New Platform Development - The new platform will support multiple power sources, including gasoline, diesel, pure electric, hybrid, and hydrogen, catering to diverse global market needs [5]. - Great Wall Motors has shortlisted ten popular names for the new platform, inviting public voting to finalize the name [5].

Core Insights - The Chinese automotive industry is entering a critical transition period in 2025, shifting from policy-driven growth to self-sustained growth, with an expected annual production and sales growth rate of 9% [1] - Great Wall Motors' chairman, Wei Jianjun, emphasizes the importance of integrating traditional Chinese culture into the automotive industry, positioning it as a source of strength for national brands and a driving force for sustainable development [1][2] Group 1: Cultural and Technological Integration - Great Wall Motors adopts a differentiated development strategy by deeply integrating culture and technology, drawing inspiration from various cultural elements such as the wisdom of Dujiangyan and the spirit of Dunhuang [2] - The Hi4-Z architecture utilizes power distribution technology inspired by Dujiangyan's philosophy, balancing mechanical performance with energy efficiency, thus addressing the issue of industry "involution" [2] - The long-term research and development strategy of Great Wall Motors is influenced by Dunhuang culture, with new vehicle colors inspired by the murals of Mogao Caves, leading to successful product launches [2] Group 2: Market Performance and Sales Growth - In 2025, Great Wall Motors achieved new car sales of 1.3237 million units, a year-on-year increase of 7.33%, with new energy vehicle sales reaching 403,700 units, up 25.44% [3] - Overseas sales reached 506,100 units, marking an 11.68% increase and setting new records for both new energy and overseas sales [3] Group 3: Global Expansion and Ecosystem Development - Great Wall Motors is transitioning to a "thicker" growth model, focusing on comprehensive industry chain development and achieving multi-dimensional progress in global markets [7] - The company has established a robust overseas sales network covering over 170 countries and regions, with more than 1,400 channels and a cumulative overseas sales volume exceeding 2 million units [7] - The "ecological export" model promotes resource integration and technological collaboration, enhancing local economic vitality and providing a replicable model for other Chinese automotive brands [7] Group 4: Competitive Positioning and Future Outlook - Great Wall Motors is experiencing significant growth in various regional markets, with Central Asia emerging as a new growth driver and Australia maintaining its position as the top market for Chinese brands [8] - The company's commitment to long-termism and a technology-driven strategy, combined with cultural and technological dual-driven development, positions it favorably in the transition from scale expansion to quality competition [8] - The cultural accumulation, technological advancements, and global layout established in 2025 are expected to create a competitive "moat" for Great Wall Motors, with further value growth potential as new high-end models are produced and overseas markets deepen [8]

Core Viewpoint - Great Wall Motors (601633.SH) reported a total vehicle sales of 1,323,672 units in 2025, reflecting a year-on-year growth of 7.33%. The sales of new energy vehicles reached 403,653 units from January to December [1]. Group 1 - Great Wall Motors achieved a total vehicle sales of 1,323,672 units in 2025 [1] - The year-on-year growth in vehicle sales was 7.33% [1] - New energy vehicle sales for the entire year amounted to 403,653 units [1]

智通财经APP讯，长城汽车(601633.SH)发布产销快报，2025年实现汽车销量1,323,672台，同比增长 7.33%。其中，新能源车1-12月累计销售403,653台。 ...