Investment Rating - The report maintains an "Overweight" rating for the automotive industry [4][18]. Core Insights - The continuation of the vehicle trade-in policy is expected to bolster demand resilience in 2026, although the marginal stimulus from subsidies is diminishing, leading to increased competition among domestic automakers [15][18]. - The report emphasizes the importance of structural opportunities within the industry, particularly for companies that can differentiate their products [15][18]. Summary by Sections 1. Industry Weekly Market Review - The automotive index remained flat over the past week, with the new energy vehicle index down by 1% [2][8]. - Year-to-date, the automotive index has increased by 19%, while the new energy vehicle index has only risen by 1% [9][10]. 2. Vehicle Trade-in Policy Continuation - The central economic work conference highlighted the need to boost consumption and investment efficiency, extending the "two new" policies, which include large-scale equipment updates and trade-in programs [15]. - From January to November 2025, the trade-in policy facilitated over 11.2 million vehicle exchanges [15]. 3. Investment Strategy and Recommendations - The report suggests focusing on companies with high cost-performance ratios and emerging technologies, recommending leading firms such as Dechang Motor Holdings and Haoneng Co [18]. - It highlights the competitive pressure in the passenger vehicle market and recommends companies like Great Wall Motors and SAIC Motor for their differentiated product strategies [18]. - The report also identifies opportunities in the data center power supply sector, recommending Weichai Power and Yuchai International [18]. 4. Key Company Performance Predictions - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for several companies, all rated as "Overweight" [19]. - Notable recommendations include BYD, which has a projected EPS of 3.80 for 2025, and Great Wall Motors, with an EPS of 1.53 for the same year [19].

Core Viewpoint - Great Wall Motors actively responds to the "Guidelines for Compliance in Automotive Industry Pricing Behavior," committing to high-quality industry development and reinforcing internal pricing compliance management [1] Group 1: Compliance Commitment - Great Wall Motors promises to strictly adhere to compliance standards and integrate compliance requirements into all business processes, including product pricing, sales promotion, and channel management [1] - The company emphasizes the importance of transparent pricing and the prohibition of illegal activities such as below-cost dumping, price fraud, and false advertising to protect consumer rights [1]

Core Insights - Great Wall Motors is leading the development of China's off-road culture towards a scientific, standardized, and collaborative direction through its innovative "three-in-one" off-road grading system [1][2] - The company aims to provide a clear and safe guiding framework for off-road users, addressing the lack of unified and quantifiable standards in evaluating off-road vehicle performance [1] Group 1: Off-Road Vehicle Grading System - The off-road vehicle grading system, set to be released in October 2024, evaluates vehicles based on four major aspects: passability, power, safety configuration, and actual driving verification, encompassing a total of 20 performance metrics and over 70 indicators [1] - Vehicles are categorized into four levels: "Urban SUV, General Off-Road, Strong Off-Road, and Super Strong Off-Road," providing essential reference for users in selecting vehicles [1] Group 2: Off-Road Scene Grading - In January 2025, Great Wall Motors will introduce an "Off-Road Scene Grading" system to help off-road enthusiasts make informed decisions about challenging high-risk routes [2] - This system employs both qualitative and quantitative methods to assess key indicators such as average slope, maximum tilt angle, surface adhesion changes, and obstacle types, categorizing common off-road scenarios into four main types: snow, mud, sand, and mountain, with each type further divided into 7 to 10 levels [2] Group 3: Off-Road Skills Grading - In June 2025, the company will launch an "Off-Road Skills Grading" system that establishes progressive assessment standards, categorizing drivers into four levels: "Beginner, Intermediate, Advanced, and Professional" [2] - This skills grading is closely linked to the training courses offered by Great Wall Motors' "Off-Road Academy," providing users with a clear and scientific growth path [2] Group 4: Future Outlook - Following the release of the "Human-Vehicle-Road" three-in-one off-road grading system, Great Wall Motors has received widespread recognition from industry professionals and users [2] - The company plans to continue enhancing its off-road product technology while actively participating in the discussion and formulation of national off-road standards, contributing to the upward development of off-road culture and offering more professional and safer off-road products and lifestyle services to global users [2]

Core Viewpoint - The resignation of WEY brand CEO Feng Fuzhi appears to be a foregone conclusion, with his authority over approval processes being revoked, and his successor, Haval General Manager Zhao Yongpo, already appointed. This leadership change reflects deeper structural contradictions within WEY, a high-end brand closely tied to founder Wei Jianjun's vision, marked by frequent CEO turnover and strategic instability [1][4][15]. Group 1: Leadership Changes - Feng Fuzhi's tenure as CEO of WEY has been characterized by significant growth, with cumulative sales reaching 89,055 units in the first 11 months of 2025, a year-on-year increase of 93.94%, and the brand's average transaction price rising from approximately 150,000 yuan in 2021 to 293,700 yuan [3][4]. - The brand has seen ten different CEOs in nine years, indicating not a lack of talent but rather ongoing strategic ambiguity and concentrated power dynamics [1][2]. - Zhao Yongpo's appointment is seen as a strategic shift, as he is a long-time insider with over 20 years of technical and management experience, expected to better align with the founder's vision and stabilize the brand's direction [14][15]. Group 2: Challenges Faced by Feng Fuzhi - Feng Fuzhi's approach, influenced by his background in consumer electronics, struggled to align with the traditional automotive industry's hierarchical and process-oriented nature, leading to a mismatch in expectations and outcomes [10][12]. - Despite achieving initial sales growth, the high-pressure environment and unrealistic expectations set by the founder created a challenging atmosphere for Feng, who had previously expressed a desire to leave the position [9][10]. - The transition from a focus on channel development to a need for a comprehensive understanding of technology, product, and brand identity highlights the evolving demands of the role, which Feng was unable to fulfill [12][14]. Group 3: Strategic Implications - The leadership change is not a rejection of Feng Fuzhi's contributions but rather a recalibration of strategy, emphasizing the need for a balance between founder influence and market realities [15]. - The automotive industry is shifting towards a focus on technology credibility, product consistency, and brand value, rather than solely on sales channels, indicating a need for a more holistic approach to leadership [12][15]. - The future success of WEY will depend on finding a sustainable path that reconciles the founder's vision with market dynamics, rather than relying on frequent changes in leadership [15].

Core Viewpoint - The article discusses the recent developments at Great Wall Motors' WEY brand, focusing on the leadership changes and the brand's performance in the competitive automotive market, particularly in the context of the electric vehicle (EV) transition and organizational restructuring [5][10]. Leadership Changes - Feng Fuzhi, the CEO of WEY, has been absent from the company and is reportedly on leave, with indications that he is no longer involved in business approvals [5]. - Zhao Yongpo, the general manager of Haval, is expected to take over Feng's position [5]. - The article outlines the history of leadership at WEY, noting that Feng Fuzhi is the eighth CEO since the brand's inception, highlighting the instability in management [7][11]. Performance and Strategy - Since its establishment in 2016, WEY has experienced fluctuating performance, with a peak sales figure of over 200,000 units in 2017 and 2018, but a significant drop to 36,400 units in 2022 [10]. - In 2023, WEY's sales have rebounded, with a total of 89,000 vehicles sold in the first 11 months, representing a 93% year-on-year increase [10]. - The introduction of new models, such as the high-end Gao Shan family, has contributed to this resurgence, particularly in the 300,000 to 400,000 yuan market segment [10]. Organizational Adjustments - Following Feng's appointment, there have been significant organizational changes within WEY, including a shift in focus towards direct sales channels and a restructuring of the brand's internal organization [9]. - The company aims to establish 1,000 direct sales outlets within a year, although this target has been met with skepticism regarding its feasibility [8][9]. - The strategic goal for WEY is to enhance brand positioning and market share while adapting to the rapid changes in the EV landscape [9][11].

Core Viewpoint - The passenger car sector experienced a rise of 0.85% on December 12, with Great Wall Motors leading the gains, while the overall market indices also showed positive movement [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3889.35, up 0.41% [1] - The Shenzhen Component Index closed at 13258.33, up 0.84% [1] - Great Wall Motors saw a closing price of 22.69, with a gain of 2.95% [1] Group 2: Individual Stock Performance - SAIC Motor Corporation closed at 15.72, up 1.55%, with a trading volume of 1.51 million shares and a turnover of 2.353 billion [1] - BYD Company Limited closed at 97.00, up 0.80%, with a trading volume of 554,600 shares and a turnover of 5.390 billion [1] - BAIC BluePark closed at 7.57, up 0.40%, with a trading volume of 789,800 shares and a turnover of 600 million [1] - Changan Automobile closed at 11.64, up 0.34%, with a trading volume of 530,800 shares and a turnover of 615 million [1] - GAC Group closed at 8.38, down 0.83%, with a trading volume of 464,200 shares and a turnover of 39.067 million [1] - Haima Automobile closed at 9.16, down 3.88%, with a trading volume of 2.5507 million shares and a turnover of 2.373 billion [1] Group 3: Capital Flow - The passenger car sector saw a net inflow of 711 million from main funds, while retail investors experienced a net outflow of 161 million [1] - The main funds' net inflow for BYD was 828 million, accounting for 15.36% of its trading volume [2] - SAIC Motor had a main fund net inflow of 335 million, representing 14.24% of its trading volume [2] - Great Wall Motors had a main fund net inflow of 71.98 million, which is 7.26% of its trading volume [2]

Core Viewpoint - The article provides an overview of new vehicle launches scheduled for December 2025, detailing specifications, pricing, and market segments for various manufacturers [2][4]. Group 1: Manufacturer Summaries - **SAIC-GM Buick**: Launching the "Buick Zhijing Shijia" on December 5, 2025, as a C MPV with a price range of 43.99 to 46.99 million yuan. It features a 1.5T plug-in hybrid engine and a 2DHT transmission [8]. - **BAIC Manufacturing**: The "Ruisen M8" will also debut on December 5, 2025, in the C MPV segment, priced between 15.98 and 22.98 million yuan. It offers both range-extended and pure electric versions with varying battery capacities [16]. - **Chery Automobile**: The "Jetour X90 PRO" is set for release on December 10, 2025, as a B SUV, with prices from 13.59 to 16.79 million yuan, featuring a 1.6T engine and DCT7 transmission [24]. - **Geely Automobile**: The "Lynk & Co 10 EM-P" will launch on December 10, 2025, in the C NB segment, priced between 17.58 and 18.98 million yuan, equipped with a 1.5T plug-in hybrid engine [32]. - **Dongfeng Motor**: The "Lantu Zhuiguang L" will be available on December 10, 2025, as a C NB with a price range of 27.99 to 30.99 million yuan, featuring a 1.5T plug-in hybrid engine [40]. - **Chery Automobile**: The "Ariya 8 Pro" is scheduled for December 10, 2025, in the A NB segment, priced at 14.79 million yuan, equipped with a 2.0T engine [48]. - **Changan Automobile**: The "Deep Blue S07" will launch on December 11, 2025, as a B SUV, with prices from 16.49 to 17.49 million yuan, featuring a pure electric powertrain [56]. - **Great Wall Motors**: The "Haval H9" will be released on December 11, 2025, as a C SUV, priced at 25.79 million yuan, featuring a 2.4T diesel engine [64]. - **Great Wall Motors**: The "Tank 300" will also launch on December 11, 2025, as an A SUV, with a price range of 22.68 to 24.48 million yuan, offering both gasoline and diesel engine options [72]. Group 2: Technical Specifications - **Buick Zhijing Shijia**: Dimensions are 5,260 mm in length, 2,023 mm in width, and 1,820 mm in height, with a wheelbase of 3,160 mm. The engine delivers 132 kW and 255 Nm of torque, while the electric motor provides 330 kW and 520 Nm [8]. - **Ruisen M8**: Measures 5,317 mm in length, 1,870 mm in width, and 1,955 mm in height, with a wheelbase of 3,200 mm. The range-extended engine produces 112 kW and 210 Nm, while the electric motor offers 170 kW and 310 Nm [16]. - **Jetour X90 PRO**: Dimensions are 4,858 mm in length, 1,925 mm in width, and 1,780 mm in height, with a wheelbase of 2,850 mm. The 1.6T engine produces 145 kW and 290 Nm [24]. - **Lynk & Co 10 EM-P**: Measures 5,050 mm in length, 1,966 mm in width, and 1,487 mm in height, with a wheelbase of 3,005 mm. The engine delivers 120 kW and 255 Nm [32]. - **Lantu Zhuiguang L**: Dimensions are 5,125 mm in length, 1,985 mm in width, and 1,522 mm in height, with a wheelbase of 3,010 mm. The engine produces 110 kW and 220 Nm [40]. - **Ariya 8 Pro**: Measures 4,812 mm in length, 1,843 mm in width, and 1,469 mm in height, with a wheelbase of 2,790 mm. The engine delivers 192 kW and 400 Nm [48]. - **Deep Blue S07**: Dimensions are 4,750 mm in length, 1,930 mm in width, and 1,625 mm in height, with a wheelbase of 2,900 mm. The electric motor produces 190 kW and 290 Nm [56]. - **Haval H9**: Measures 5,070 mm in length, 1,976 mm in width, and 1,960 mm in height, with a wheelbase of 2,850 mm. The diesel engine produces 137 kW and 490 Nm [64]. - **Tank 300**: Dimensions are 4,750 mm in length, 1,930 mm in width, and 1,903 mm in height, with a wheelbase of 2,750 mm. The gasoline engine delivers 167 kW and 387 Nm [72].

国家网信办昨天（11日）通报了第二批汽车行业网络乱象典型案例，从严整治恶意诋毁攻击、散布不实信息、开展虚假测评等违法违规行为。近年来，汽车 行业成为网络黑嘴的重点"围猎"目标，一批以说车、测评为幌子的自媒体博主，通过编造负面信息、故意造谣诋毁、恶意测评侵害品牌形象等方式，对多家 汽车企业实施精准"围猎"。 遭遇AI低俗视频抹黑 车企报警维护名誉 11月28日下午，距离2025年广州国际车展闭幕仅3天，一段"车模不雅视频"突然在网络上快速扩散。画面中，在小鹏汽车展台的新款车型旁边，一名身着绿 色裙装的女子做出各种低俗不雅动作。 面对恶意诋毁，小鹏汽车工作人员迅速收集证据，并第一时间向属地公安机关报案。11月28日晚，小鹏汽车法务部官方微博发布严正声明，认为该视频 为"AI技术生成"，强调"从未邀请模特及演艺人员"。 12月10日，广州天河警方发布警情通报，经查，李某为炫耀个人技术，利用AI技术生成虚假视频并在社交平台发布，造成不良社会影响。目前，警方已依 法对李某作出行政拘留10日的处罚。 AI恶意攻击的余波未平，汽修行业背景的定向抹黑也浮出水面。2024年9月起，北京某科技公司利用其运营的"龙老师讲电车"等多 ...

Core Viewpoint - The automotive industry is facing a significant challenge from malicious online attacks, particularly from self-media influencers who spread false information and conduct negative evaluations to harm brand reputation. The government is taking steps to address these issues through stricter regulations and legal actions against offenders [1][8]. Group 1: Online Malicious Attacks - Multiple automotive companies, including Xiaopeng Motors and Great Wall Motors, have been targeted by self-media accounts that disseminate false and defamatory content, leading to significant reputational damage [2][4]. - Xiaopeng Motors reported a case where an AI-generated video was used to defame the company, prompting legal action and a police investigation that resulted in the perpetrator's detention [2][3]. - Great Wall Motors experienced a surge of negative information coinciding with a sales peak, with multiple accounts posting identical defamatory content, indicating a coordinated attack [4][5]. Group 2: Legal Actions and Court Rulings - Courts have ruled in favor of automotive companies in cases of defamation, ordering self-media influencers to delete harmful content and pay damages. For instance, a court ordered a self-media account to pay 100,000 yuan for defaming Xiaopeng Motors [3][5]. - In another case, Great Wall Motors successfully sued a self-media influencer for 500,000 yuan due to the spread of defamatory content, highlighting the legal system's role in addressing online defamation [5]. Group 3: Industry Response and Regulatory Actions - The National Internet Information Office has initiated a crackdown on online misinformation in the automotive sector, emphasizing the need for a zero-tolerance approach to malicious attacks that disrupt market fairness [8][9]. - Experts suggest that the automotive industry must establish clear legal responsibilities for both content creators and platforms to mitigate the spread of false information and protect corporate reputations [10]. - The industry is encouraged to adopt rational competition practices and collaborate to reduce the opportunities for misinformation to thrive [10].

Core Viewpoint - The recent developments in the autonomous driving sector highlight the struggles of traditional automakers in establishing self-research capabilities, leading to a shift towards reliance on suppliers for technology solutions [1][11][14]. Group 1: Company Developments - Great Wall Motors launched the VLA intelligent driving model, showcasing its technological advancements in autonomous driving [1]. - Following the launch, its subsidiary, Haomo Zhixing, announced a complete shutdown, indicating the harsh realities of competition in the commercial sector [1]. - Haomo Zhixing's decline was foreshadowed by its failure to adapt to critical technological shifts, resulting in a significant reduction in workforce from 1500 to around 200 employees [1][3]. Group 2: Industry Trends - The trend among traditional automakers is moving away from self-research towards partnerships with suppliers, with companies like Chery and Great Wall Motors prioritizing manufacturing and sales over autonomous technology development [4][11]. - The autonomous driving industry has seen a significant decline in financing, dropping from 932 billion to 200 billion in three years, reflecting a cautious investment climate [17]. - The shift towards supplier solutions is becoming a standard practice, allowing automakers to focus on vehicle performance and brand identity rather than extensive in-house development [19]. Group 3: Competitive Landscape - New entrants like NIO, Xpeng, and Li Auto are positioned differently, focusing on building competitive advantages without the burden of traditional sales pressures [6]. - The failure of companies like Dazhuo Intelligent highlights the challenges faced by traditional automakers in balancing technological innovation with operational realities [10]. - The integration of external suppliers has become essential for traditional automakers to remain competitive in the rapidly evolving autonomous driving market [14][19].