Core Viewpoint - Great Wall Motors (601633) is showcasing its advancements in cold weather driving technology and user service through the Ice and Snow Joy Week event in Harbin, emphasizing its commitment to regional culture and practical applications in extreme conditions [1] Group 1: Event Highlights - The Ice and Snow Joy Week event features deep interactions between Chairman Wei Jianjun and car owners from various regions, including live connections with owners in Altay, Hulunbuir, and Jilin City to discuss vehicle performance in extreme cold scenarios [1] - The Hi4 technology system of Great Wall Motors has successfully completed practical verification in cold environments, providing safety support for various ice and snow travel scenarios through intelligent four-wheel drive, torque distribution, and power diversion designs [1] Group 2: Community Engagement - Chairman Wei Jianjun announced the establishment of a rescue fund to provide support for car owners in need during emergencies [1] - Before the Spring Festival, Great Wall Motors plans to set up highway service stations in over 20 major transportation hub cities across the country, offering warm drinks and emergency tools to all brand car owners [1]

Investment Rating - The report maintains a positive outlook on the automotive sector, highlighting the potential for growth driven by technological advancements and market dynamics [2]. Core Insights - The report emphasizes the importance of new vehicle announcements and the upcoming Q1-Q2 product cycles, particularly for companies like Li Auto, Xpeng, BYD, Great Wall Motors, and others, driven by enhanced product capabilities due to new technologies [2]. - Tesla's AI transformation is noted as a significant market expectation, with a focus on the valuation flexibility within the robotics supply chain [2]. - The report identifies smart technology as a key growth area for the year, with expectations for Full Self-Driving (FSD) technology to gain traction in China, benefiting companies like Desay SV, Jingwei Hirain, and others [2]. - Domestic cost pressures are acknowledged, leading to a cautious stance on annual profit forecasts, while overseas export opportunities for companies like BYD and Geely are viewed positively [2]. Industry Updates - According to the China Passenger Car Association, the average daily retail sales of passenger cars in the first week of January were 50,000 units, representing a 22% year-on-year decline and a 31% month-on-month decline [2]. - Recent weeks have seen a decrease in traditional and new energy raw material price indices, with traditional vehicle raw material prices down by 2.8% week-on-week and 1.0% month-on-month, and new energy vehicle raw material prices down by 6.7% week-on-week and 2.7% month-on-month [2]. - The total transaction value in the automotive sector for the week was 530.697 billion yuan, a 22.58% decrease from the previous week, while the automotive industry index rose by 0.32% [2][11]. Market Situation - The automotive industry index closed at 8023.01 points, outperforming the Shanghai Composite Index, which fell by 1.33% [11]. - A total of 141 automotive stocks rose, while 127 fell, with the largest gainers being Kailong High-Tech, Xingmin Zhitong, and Yinlun, which saw increases of 72.8%, 21.3%, and 17.1% respectively [16]. - Key events included the release of the 404th batch of new vehicle approvals by the Ministry of Industry and Information Technology, which included several notable models from various manufacturers [3][4]. Investment Analysis - The report suggests focusing on companies that are leveraging AI and smart technology, particularly new entrants like Xpeng and NIO, as well as established players with overseas business support like BYD and Geely [2]. - It highlights the potential for significant changes driven by state-owned enterprise reforms, with attention on SAIC and Dongfeng [2]. - In the components sector, companies involved in robotics and data center cooling are expected to transition from thematic investments to industry trends, with a focus on firms with strong performance and valuation potential [2].

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% over the next six months [35]. Core Insights - The report highlights a recovery in the passenger vehicle sector, driven by the implementation of subsidy policies and a shift in consumer demand. It emphasizes the importance of focusing on high-end electric vehicle manufacturers that are less sensitive to policy fluctuations, such as Jianghuai Automobile and Geely [25][26]. - In the heavy truck segment, the report anticipates a positive outlook for 2026, projecting domestic sales to reach 800,000 to 850,000 units, a year-on-year increase of 3% [30][28]. - The bus market is expected to see growth in 2026, with a conservative estimate of 40,000 units sold, reflecting a 40% year-on-year increase, supported by the continuation of subsidy policies [30][29]. - The motorcycle sector is projected to achieve total sales of 19.38 million units in 2026, a 14% increase year-on-year, with a significant focus on the large-displacement motorcycle market [26]. Summary by Sections Passenger Vehicles - Short-term recovery is anticipated in the passenger vehicle sector due to established subsidy policies, with a focus on high-end electric vehicles and companies less affected by policy changes [25][26]. - Key companies to watch include Jianghuai Automobile, Geely, Great Wall Motors, and BYD, among others [25]. Heavy Trucks - In 2025, wholesale heavy truck sales reached 1.144 million units, a 26.8% increase year-on-year, with domestic sales of 799,000 units, up 32.8% [30]. - The report recommends leading heavy truck manufacturers such as China National Heavy Duty Truck Group, Weichai Power, and FAW Jiefang [30][28]. Buses - The bus market saw a slight decline in 2025, with sales of 29,000 units, down 6% year-on-year. However, a rebound is expected in 2026, with a projected 40% increase in sales [30][29]. - Recommended companies include Yutong Bus and King Long [30]. Motorcycles - The motorcycle industry is forecasted to grow, with total sales expected to reach 19.38 million units in 2026, a 14% increase year-on-year, driven by large-displacement models [26]. - Recommended companies include Chunfeng Power and Longxin General [26].

Core Viewpoint - The Chinese automotive industry is shifting from "incremental competition" to "stock game," with a focus on technology, user experience, and value in the context of increasing penetration of electric vehicles [1] Industry Trends - The competition in the electric vehicle sector has evolved beyond price wars to include comprehensive assessments of technology, user operations, and brand strategies, particularly in the niche of "ice and snow travel" [1] - The implementation of a mandatory electric vehicle energy consumption limit standard starting January 1, 2026, will compel companies to upgrade their technologies and shift from a crude battery-stacking approach to refined cold-weather technology development [2] Company Initiatives - Great Wall Motors launched an "Ice and Snow Happy Week" in Harbin, addressing electric vehicle owners' concerns about winter driving through user engagement and the establishment of a rescue fund and warm service stations [1][3] - The company emphasizes a user-centered approach, with feedback from real-world experiences being crucial for product development and improvement [2][3] Technical Developments - The performance of electric vehicles in cold environments is a significant concern, with issues such as reduced battery activity and challenges in traction and stability on icy roads being highlighted [1] - Great Wall Motors is focusing on developing technologies tailored for cold weather, with its Hi4 technology system designed to enhance stability and safety on icy surfaces [3][4] Strategic Importance - The significance of the ice and snow travel sector has risen to a strategic level within the industry, driven by the vast market potential in northern regions and the technological advancements that can enhance the overall electric vehicle ecosystem [4] - Great Wall Motors has integrated its approach to ice and snow travel across research, production, and service, establishing a comprehensive framework for safety and performance standards [4]

Core Viewpoint - The event "Ice and Snow Carnival Week" organized by Great Wall Motors in Harbin emphasizes the integration of technology, culture, and user experience, showcasing the brand's commitment to safety and innovation in extreme winter conditions [1][11]. Group 1: Event Overview - The Ice and Snow Carnival Week was held in Harbin, featuring the theme "Enjoy Ice and Snow with Lao Wei, Safe Travel with Great Wall" [1]. - The event served as a platform for Great Wall Motors to connect with car enthusiasts nationwide, highlighting the brand's philosophy of "technology for good and user-centric" [1][11]. Group 2: Safety and Performance - The event showcased the safety features of Great Wall vehicles on the icy surface of the Songhua River, with a display of vehicles forming the "Guiyuan" formation, symbolizing industrial aesthetics [3]. - Chairman Wei Jianjun emphasized the importance of safe driving practices and professional support in winter conditions, reflecting the company's commitment to user safety [3][5]. Group 3: Technological Innovation - Great Wall Motors demonstrated its Hi4 technology system, which adapts well to extreme cold, ensuring safe travel across various winter terrains [8]. - The Hi4 system includes features for intelligent four-wheel drive and torque distribution, enhancing stability and performance in snowy conditions [8][10]. Group 4: Cultural Engagement - The event included interactions with artisans of intangible cultural heritage, fostering a dialogue about craftsmanship and dedication across different industries [8]. - Wei Jianjun highlighted the shared values of patience and respect in both automotive manufacturing and traditional crafts, reinforcing the brand's commitment to quality [8]. Group 5: Community and Social Responsibility - Great Wall Motors announced the establishment of a rescue fund to support car owners engaged in community service, enhancing the brand's social responsibility [10]. - The company also introduced warm service initiatives at over 20 transportation hubs, providing free supplies to enhance user comfort during winter travel [10]. Group 6: Future Commitment - The Ice and Snow Carnival Week exemplified Great Wall Motors' dedication to blending technology with cultural values and social responsibility, aiming to create a safer and more enriching travel experience for users [11]. - The company plans to continue refining its products and services while exploring new avenues in technology and social responsibility [11].

36氪获悉，近日，长城汽车研发中心开放新一轮对外参观活动。其中，智能交互实验室、环境风洞试验 室、整车环境风洞试验室、十米法EMC试验室等多个核心设施首次开放。可模拟高原低压、高温高 湿、强日照辐射等全球典型气候，对电池热管理、空调制冷、发动机散热等系统进行极限耐久测试。 ...

Group 1 - The core viewpoint of the article highlights the growth in the number of automotive manufacturing enterprises in China, which reached 20,572 in 2025, an increase of 803 enterprises compared to the previous year, representing a year-on-year growth of 4.06% [1] - The automotive manufacturing sector accounts for 3.91% of the total industrial enterprises in China [1] - The data referenced is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, indicating the reliability of the statistics presented [2] Group 2 - The report titled "2026-2032 China Automotive Manufacturing Industry Market Panorama Survey and Investment Prospects Analysis" by Zhiyan Consulting provides insights into the automotive industry [1] - The threshold for scale industrial enterprises has been raised from an annual main business income of 5 million to 20 million yuan since 2011, which reflects a significant change in the criteria for enterprise classification [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in deep industry research and providing comprehensive industry solutions [2]

动力方面，猛龙PLUS搭载Hi4技术，具体为1.5T发动机，最大功率为115千瓦，配备3种不同容量动力电池，为23.7kWh、33.7kWh和44.7kWh，WLTC续 航最高达191km。 2月8日，长城汽车旗下哈弗猛龙PLUS亮相。作为猛龙系列新成员的车型，猛龙PLUS采用插混式动力系统，提供5座/7座车型，配备激光雷达。 外观沿用"方盒子"造型，前脸采用全新格栅设计，侧窗新增的饰板进一步提升质感，更有辨识度。车顶配备激光雷达。尺寸为 4912mm×1950mm×1905mm，轴距为2850mm。 ...

Core Insights - The era of domestic "boxy" SUVs in China has arrived, with significant market shifts favoring local brands over foreign luxury brands [1][12][19] - By 2025, the total sales of boxy SUVs in China are projected to exceed 1 million units, with domestic brands capturing over 90% of the market share [1][19] - Key players in this market include Great Wall, BYD, and Chery, which together account for 75% of the domestic boxy SUV sales [1][3] Market Dynamics - The shift in the boxy SUV market is attributed to changing consumer preferences towards outdoor activities and versatile vehicle performance, moving beyond traditional family use [4][12] - Great Wall has maintained its leading position with a projected sales volume of 452,000 units in 2025, representing over 30% of the domestic market [5][7] - BYD has emerged as a strong competitor, achieving sales of 235,000 units, leveraging its expertise in new energy technology [8][9] Competitive Landscape - Great Wall's strategy includes a diverse product range across various price segments (100,000 to 350,000 RMB) and multiple powertrain options, appealing to a broad consumer base [7][16] - BYD's success is driven by its "new energy + rugged" approach, with the Fangchengbao series, particularly the Titanium 7 model, achieving significant sales [9][19] - Chery focuses on high cost-performance vehicles, with sales of 397,000 units in 2025, targeting the mainstream consumer market [10][11] Emerging Players - Other brands like Beijing Off-road and Baojun are also making strides in the boxy SUV market, contributing to a vibrant competitive environment [11][19] - The overall market is characterized by a "three-legged" structure with multiple brands competing, providing consumers with a wider range of choices [11][19] Historical Context - The dominance of foreign brands in the boxy SUV segment has been challenged, as domestic brands have successfully integrated advanced technologies and consumer insights into their offerings [12][13][19] - The transition from foreign brand dominance to domestic leadership marks a significant evolution in the Chinese automotive industry, showcasing the capabilities of local manufacturers [19]

Core Viewpoint - The Chinese automotive industry is facing a slowdown in sales growth due to policy adjustments and the holiday season, aligning with predictions of a market shift in 2026 [1][2]. Industry Overview - According to Morgan Stanley, Chinese passenger car sales are expected to grow by 9% year-on-year in 2025, reaching a historical high, before declining by 5% in 2026 [2]. - Despite continued growth in new energy vehicle (NEV) sales and exports, a potential decline of around 30% in the first quarter is anticipated due to changes in subsidies and purchase tax policies, which may further impact annual sales [4]. - The industry consensus indicates that the Chinese automotive sector is entering a decisive phase, with pessimistic views suggesting that only 5-7 NEV companies may survive in the coming years, while optimistic estimates suggest a maximum of 10 [5]. Competitive Landscape - As competition intensifies, new models are set to launch, with over 20 different NEV models preparing to enter the market post-Spring Festival, indicating a fierce battle for market share in the upcoming months [6][7]. - The focus of new vehicle launches is on high-end features, with three key themes identified: high-end, high-end, and high-end [8]. New Model Highlights - The new Li Auto L9 features a larger size and advanced technology, including a 72.7 kWh battery and various high-tech components, positioning it as a critical product for Li Auto's success this year [11]. - The Xiaomi YU7 GT, with enhanced performance specifications, aims to compete directly with high-end models like the Porsche Cayenne Turbo GT [15]. - The AITO M6, a new model from AITO, is designed to target the market segment dominated by Model Y and Li L6, offering both pure electric and range-extended versions [19]. - XPeng's GX model aims to leverage L4-level autonomous driving technology, featuring advanced specifications and a focus on high-end market penetration [26]. - The Wey V9X, as a new model from Great Wall Motors, is positioned to compete with other large SUVs in the market, although pricing details are yet to be announced [31]. - The Volvo ES90, a pure electric sedan, is part of Volvo's accelerated electrification strategy, sharing technology with the EX90 and focusing on safety, range, and intelligence [44]. - The Zeekr 8X performance version emphasizes extreme performance and rapid charging capabilities, set to compete with the Xiaomi YU7 GT [49].