Core Viewpoint - The Ora brand of Great Wall Motors has undergone a significant brand repositioning, now defined as a "multi-power global fashion boutique car brand," expanding beyond a single pure electric vehicle focus to seek broader market growth [2][5] Group 1: Brand Repositioning - The launch of the Ora 5 marks the first mass-produced model under the new brand strategy, offering five pure electric versions with a price range from 99,800 to 133,800 yuan, and a limited-time trade-in price starting at 91,800 yuan [2] - The Ora 5 features advanced technologies such as the Coffee Pilot Ultra driver assistance system, Coffee OS 3 smart space system, and a second-generation short-blade battery with double the national standard pressure resistance, enhancing its competitiveness in the A-class pure electric SUV market [2] Group 2: Strategic Shift - Great Wall Motors is implementing a new global platform that emphasizes "one car, multiple powers, multiple categories, and multiple postures," aiming to adapt to global market demands [3][6] - The shift to a multi-power strategy is a response to the increasing competition in the new energy vehicle sector, allowing for a broader user base and better alignment with global market needs [5][6] Group 3: Long-term Vision - Great Wall Motors emphasizes a long-term perspective on industry changes, focusing on sustainable operations rather than short-term trends, advocating for healthy competition in the industry [6] - The multi-power approach is expected to enhance research and production efficiency through high commonality and integration, ultimately providing consumers with better value and pricing [6] Group 4: Market Expansion - Ora has already entered over 50 countries and regions, with a user base of 600,000 globally, indicating potential for increased market share following the brand's repositioning [6] - Future plans include launching SUVs, sedans, and personalized multi-category products to better fit global lifestyles [6]

Core Viewpoint - Great Wall Motors is actively embracing the global market by participating in CES 2026 to showcase its core competencies and technological advancements in the fields of new energy and smart mobility [1][2]. Group 1: Participation in CES - Great Wall Motors will present its all-scenario intelligent travel solutions and global strategic models at CES 2026, highlighting breakthroughs in new energy and smart technology [1]. - The company aims to demonstrate its advanced intelligent driving assistance systems and diversified power solutions tailored for different global markets [1]. Group 2: Global Market Strategy - The trend of "going global" is crucial for Chinese automotive companies to overcome development bottlenecks, with projections indicating that China's automotive exports could reach 8 million units by 2026 [1]. - CES serves as a key platform for Chinese automotive brands to transition from "product export" to "ecosystem export," enhancing their international brand influence [1]. Group 3: Competitive Advantage - Experts suggest that Great Wall Motors' participation in CES is a strategic move to differentiate itself from competitors and focus on technology innovation and global expansion [2]. - The company has made significant progress in its globalization efforts, establishing over 1,400 overseas sales channels and achieving cumulative overseas sales of over 2 million units [3]. Group 4: Future Outlook - Great Wall Motors plans to leverage CES to deepen its integration into global market competition, emphasizing technological innovation and localized operations as key drivers for its "ecosystem export" strategy [3]. - The company aims to enhance its global supply chain and industry layout, promoting high-quality Chinese automotive products and services worldwide [3].

Core Insights - The domestic commercial vehicle market is experiencing a strong growth trend, particularly in the new energy commercial vehicle segment, driven by policy support and increasing demand for vehicle upgrades [1][2][10]. Commercial Vehicle Market Analysis - In November 2025, domestic commercial vehicle sales reached 260,000 units, a year-on-year increase of 4% and a month-on-month increase of 4% [5]. - From January to November 2025, total commercial vehicle sales amounted to 2.81 million units, representing a 9% year-on-year growth [5]. - The new energy commercial vehicle sales for the same period reached 770,000 units, showing a significant year-on-year increase of 54% [8]. New Energy Commercial Vehicle Performance - The penetration rate of new energy commercial vehicles has risen sharply, reaching 27% from January to November 2025, up 7 percentage points year-on-year [12]. - By November 2025, the penetration rate for new energy commercial vehicles reached 36%, an increase of 11 percentage points compared to the same month last year [12][10]. Market Trends and Dynamics - The market for new energy commercial vehicles is characterized by a strong upward trend from March to November 2025, with November sales peaking at 92,000 units, a 45% year-on-year increase [10][8]. - The overall commercial vehicle market has shown a recovery from previous lows, with 2025 marking a significant improvement compared to the previous years [5][4]. Competitive Landscape - Major players in the commercial vehicle sector include Beiqi Foton, SAIC-GM-Wuling, Dongfeng Motor, and China National Heavy Duty Truck Group, with Foton and Wuling leading in light truck and bus markets respectively [14]. - The new energy segment is seeing increased competition, particularly among companies like Geely and Chery, which are gaining traction in the new energy light truck market [20].

Group 1 - The company, Tai Rui Machinery, has established partnerships with multiple clients in the automotive industry, leveraging its technological expertise in molding equipment [1] - Great Wall Motors and Mand Electronics are among the company's clients that have previously purchased injection molding equipment [1] - The company aims to continuously expand its business opportunities in the new energy vehicle sector and related industrial chains [1]

Core Insights - The commercial vehicle market in China is experiencing significant growth, particularly in the new energy vehicle (NEV) segment, driven by policy support and increasing demand for vehicle upgrades [1][2][12] - In November 2025, the domestic sales of commercial vehicles reached 260,000 units, marking a 4% year-on-year and month-on-month increase, while total sales from January to November 2025 reached 2.81 million units, a 9% increase compared to the previous year [1][6] - The penetration rate of new energy commercial vehicles has risen sharply, reaching 36% in November 2025, up 11 percentage points from the same month last year [2][12] Commercial Vehicle Market Analysis - The commercial vehicle market has shown a strong upward trend from February to November 2025, with sales driven by the growth of new energy vehicles [4][10] - The sales data indicates a recovery from previous years' lows, with 2025 expected to see stable performance compared to 2024, which had a total of 2.85 million units sold [5][6] - The market dynamics are shifting, with traditional fuel vehicles requiring effective policy support to compete with the rapidly growing new energy segment [2][12] New Energy Vehicle Performance - The cumulative sales of new energy commercial vehicles from January to November 2025 reached 770,000 units, reflecting a 54% year-on-year increase [1][8] - The penetration rate of new energy vehicles in the commercial sector has increased significantly, from 3% in 2019-2021 to 27% in the first eleven months of 2025 [2][12] - In November 2025, new energy commercial vehicle sales reached 92,000 units, a 45% increase year-on-year and a 15% increase month-on-month [1][8] Market Structure and Competition - The market for commercial vehicles is characterized by stable structures in truck and bus segments, with significant growth in the new energy penetration rates for both [14][21] - Key players in the light truck market include Beiqi Foton, SAIC-GM-Wuling, and China National Heavy Duty Truck Group, with Foton and Wuling leading in sales [15][21] - The heavy-duty truck segment is dominated by companies like FAW Jiefang and China National Heavy Duty Truck Group, which have shown strong performance in the new energy sector [17][18] Regional Market Dynamics - The eastern and southern regions of China, particularly the Huabei and Huadong areas, show strong demand for light and heavy commercial vehicles, with increasing penetration of new energy vehicles [18][22] - The market for light commercial vehicles is particularly robust in economically developed regions, with significant sales growth in the southern and eastern parts of the country [19][23]

| 市场数据： | 2025 | 年 | 12 月 | 18 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | 22.06 | | | 一年内最高/最低（元） | | | | 27.52/20.6 | | | 市净率 | | | | 2.2 | | | 股息率（分红/股价） | | | | 2.80 | | | 流通 A 股市值（百万元） | | | | 136,976 | | | 上证指数/深证成指 | | | | 3,876/13,054 | | | 注："股息率"以最近一年已公布分红计算 | | | | | | 证券研究报告 公司研究 / 首次覆盖 2025 年 12 月 19 日 泛越野+生态出海，新品周期驰而不息 汽车 ——长城汽车(601633.SH)首次覆盖 报告原因： | 基础数据： | | | 日 | 月 | | 2025 | 年 | 09 | 30 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 每股净资 ...

Group 1 - Chongqing Changan Automobile Co., Ltd. and BAIC BluePark Magna Automotive Co., Ltd. have submitted applications for L3 level conditional autonomous driving vehicles to the Ministry of Industry and Information Technology (MIIT) [1] - The MIIT has conditionally approved these applications in the 401st batch of announcements after processing, reviewing, and publicizing the submissions [1] - Desay SV Automotive (002920.SZ) confirmed on the investor interaction platform that it has successfully achieved mass production of multiple auxiliary driving domain controllers [1] Group 2 - Desay SV Automotive provides supporting products for several well-known car manufacturers, including Xiaomi Auto, Li Auto, Great Wall Motors, Xpeng Motors, GAC Toyota, Geely, and GAC Aion [1] - The company has received new project orders from clients such as Great Wall Motors, Changan Automobile, Geely, Chery, and GAC Aion, indicating continued customer recognition and demand [1]

Core Viewpoint - The article provides an overview of upcoming vehicle models set to launch in December 2025, detailing specifications, pricing, and market segments for various manufacturers [2][3]. Group 1: Upcoming Vehicle Models - SAIC Audi will launch the A5L Sportback on December 12, 2025, targeting the B NB segment with a starting MSRP of 334,900 CNY [7]. - FAW Car will introduce the Hongqi HS6 on December 16, 2025, in the C SUV segment, with prices ranging from 178,800 to 228,800 CNY [15]. - Great Wall Motors will release the Ora 5 on December 16, 2025, in the A SUV segment, with an MSRP between 99,800 and 133,800 CNY [23]. - NIO will launch the ELS and ET5T on December 16, 2025, with the ET5T priced at 316,000 CNY and featuring a range of 710 km [39][31]. - Beam Car will introduce the MINI Electric on December 17, 2025, with prices from 209,800 to 239,800 CNY [47]. - JMC Ford will launch the Smart Mustang on December 19, 2025, with a price range of 229,800 to 282,800 CNY [71]. Group 2: Technical Specifications - The A5L Sportback features a 2.0T engine with a power output of 150 kW and torque of 340 N·m, with dimensions of 4,903 mm in length, 1,883 mm in width, and 1,427 mm in height [7]. - The Hongqi HS6 offers a hybrid engine option with a power output of 110 kW and torque of 225 N·m, alongside an electric motor with 168 kW and torque of 340 N·m [15]. - The Ora 5 has a pure electric powertrain with a maximum power of 150 kW and torque of 260 N·m, with dimensions of 4,471 mm in length, 1,833 mm in width, and 1,641 mm in height [23]. - The ET5 features a pure electric engine with a power output of 360 kW and torque of 700 N·m, with a length of 4,790 mm, width of 1,960 mm, and height of 1,499 mm [31]. - The MINI Electric has a power output of 135 kW and torque of 290 N·m, with dimensions of 3,858 mm in length, 1,756 mm in width, and 1,458 mm in height [47]. - The Smart Mustang offers a 1.5T range-extended engine with a power output of 110 kW and torque of 240 N·m, alongside a pure electric option with a power output of 332 kW and torque of 575 N·m [71].

Core Viewpoint - The future direction of the Chinese automotive industry is shifting from "scale leadership" to "quality transition," with Great Wall Motors' chairman proposing a focus on long-term quality development through a bottom-line thinking approach [1] Group 1: High-Quality Development - High-quality development is essential for China to transition from a major automotive nation to a strong one, emphasizing the need for quality enhancement alongside scale [1] - The year 2025 is seen as a pivotal year for Great Wall Motors, focusing on solidifying R&D capabilities and industry ecology while moving away from scale anxiety towards quality upgrades [1][2] Group 2: User-Centric Innovation - High-quality development is defined not by sales numbers but by genuinely meeting user needs, prioritizing user safety and industry health in decision-making [2] - Great Wall Motors advocates for a "three no" principle in technology innovation: no gimmicks, no compromises, and no betrayal of consumer trust [2] Group 3: Globalization Strategy - Globalization is identified as a critical factor for the Chinese automotive industry to evolve from large to strong, with Great Wall Motors developing a multi-power platform to cater to diverse global market demands [2][3] - The new platform aims to provide a systematic capability for "one vehicle, multiple power sources," allowing for adaptability to different market needs and enhancing cost efficiency for consumers [3]

Core Viewpoint - The automotive industry is facing significant trust challenges, with a notable increase in consumer complaints, highlighting the need for improved user experience and brand reliability [1][3]. Group 1: Market Trends and Projections - The Chinese automotive market is transitioning to a high-profit, high-tech model, with a projected slight growth of 2% in 2026, reaching a total of 28.2 million vehicles, including 20 million electric vehicles with a penetration rate of 57% [2]. - The domestic demand for passenger vehicles has entered a phase of slow growth, with independent brands expected to gain market share due to the development of electric and intelligent vehicles [2]. - The overall automotive market is anticipated to maintain a growth trend over the next five years, emphasizing the importance of international expansion for manufacturers [2]. Group 2: Consumer Complaints and Service Satisfaction - In the first eleven months of the year, over 200,000 valid complaints were processed by Chezhinet, marking a 32.3% increase year-on-year, with issues related to model iteration disputes and lack of transparency being prominent [1][3]. - The average complaint response time for 64 automotive brands has been reduced to within 24 hours, indicating a strong commitment to addressing consumer issues [3]. - The 2025 Passenger Car User Complaint Behavior Research Report indicates a decline in the complaint relief index to its lowest in five years, with consumers increasingly seeking emotional support and respect in the complaint resolution process [3]. Group 3: After-Sales Service Insights - The after-sales service sector is showing steady improvement, with new and independent brands standing out through differentiated strategies [4]. - The industry faces challenges in meeting diverse consumer needs, as basic service processes have become standard, necessitating a shift towards proactive user experience management [4]. - Recommendations for brands include integrating service into daily life through seamless connections and customized experiences, moving from reactive to proactive service models [4]. Group 4: Awards and Recognition - The 2025 China Automotive Customer Voice (VOC+) awards recognized outstanding contributions in after-sales service, with notable winners including SAIC Passenger Cars and various independent brands [6][7]. - The event also highlighted individuals who have made significant contributions to after-sales service, emphasizing the importance of user experience and trust-building in the automotive sector [12][13].