Core Viewpoint - The domestic narrow passenger car market in China experienced a retail sales decline in November 2025, with a total of 2.225 million units sold, representing a year-on-year decrease of 8.1% and a month-on-month decrease of 1.1%. However, the cumulative sales from January to November reached 21.483 million units, showing a year-on-year growth of 6.1% [2][3]. Sales Performance - In November 2025, the sales breakdown by vehicle type showed that sedans sold 1.007 million units (down 10.0% year-on-year), MPVs sold 86,000 units (down 16.8%), SUVs sold 1.132 million units (up 5.6%), and NEVs sold 1.321 million units (up 4.2%) [3][4]. - The cumulative sales for the year until November were 9.831 million sedans (up 5.3%), 953,000 MPVs (up 0.1%), 10.699 million SUVs (up 7.3%), and 11.472 million NEVs (up 19.6%) [3][4]. Market Trends - The penetration rate of new energy vehicles (NEVs) in the domestic market reached 59.4% in November, with a penetration rate of 79.6% among domestic brands and 38.8% in the luxury segment [4]. - The analysis indicates that the retail growth rate for the year has followed a "low in the beginning, high in the middle, and flat at the end" trend, with new policies stabilizing the market and controlling price competition [2][4]. Manufacturer Rankings - In November 2025, BYD led the sales with 474,921 units (down 5.8% year-on-year), followed by Geely with 310,428 units (up 24.1%), and Chery with 262,475 units (down 3.6%) [7][9]. - For the cumulative sales from January to November, BYD also ranked first with 4.131 million units (up 10.4%), followed by Geely with 2.788 million units (up 41.8%) [8][10]. NEV Manufacturer Performance - In November 2025, BYD again led the NEV wholesale sales with 474,921 units (down 5.8% year-on-year), while Geely and Chery followed with 187,798 units (up 53.4%) and 111,577 units (up 54.0%) respectively [11][13]. - Cumulatively, BYD maintained its lead in NEV sales with 4.131 million units (up 10.4%) from January to November, while Geely's NEV sales surged by 97.4% to 1.534 million units [13][15].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任 何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任 。 長 城 汽 車 股 份 有 限 公 司 GREAT WALL MOTOR COMPANY LIMITED* （於中華人民共和國註冊成立的股份有限公司） 股份代號：2333（港幣櫃檯）及82333（人民幣櫃檯） 」。 承董事會命 長城汽車股份有限公司 公司秘書 李紅栓 ，2025 12 9 於本公告日期，董事會成員如下： 執行董事：魏建軍先生、趙國慶先生及李紅栓女士。 職工董事：盧彩娟女士。 非執行董事：何平先生。 此海外監管公告是根據香港聯合交易所有限公司證券上市規則第13.10B條發出。以下為長城 汽車股份有限公司於上海證券交易所網站（www.sse.com.cn）所刊發之「長城汽車股份有限 公司關於公司2021年股票期權激勵計劃首次授予及預留授予部分股票期權註銷完成的公 獨立非執行董事：樂英女士、范輝先生及鄒兆麟先生。 * 僅供識別 海外監管公告 | 证券代码：601633 | 证券简称：长城汽车 ...

Investment Rating - The report assigns a "Buy" rating to several companies in the automotive sector, including Xpeng Motors, Geely Automobile, Great Wall Motors, BYD, GAC Group, and others, with target prices ranging from 2.5 to 125 [3][4]. Core Insights - The Chinese automotive industry is expected to achieve record-high retail and wholesale sales in 2025, with a more complex landscape anticipated in 2026 due to the phasing out of subsidies and tax incentives [2][4]. - The report expresses a more optimistic view on the resilience of the automotive sector compared to market expectations, predicting a slight decline in retail sales by 0.1% to 2,415 million units in 2026, while wholesale sales are expected to grow by 2.9% to 3,125 million units [4][22]. - The competition in the automotive sector is expected to intensify, with a record number of new models anticipated in 2026, leading to a potential increase in market share for domestic brands [4][24]. Summary by Sections Sales Forecast - Retail sales of passenger vehicles in China are projected to reach 2,418 million units in 2025, a 3.2% increase year-on-year, while wholesale sales are expected to exceed 3,000 million units for the first time [44][52]. - The report anticipates that the retail sales will remain stable in 2026, supported by the importance of automotive consumption to the Chinese economy and the introduction of new models [22][44]. Market Dynamics - The report highlights that the competition among automakers will become more fierce, with a record 173 new models expected to be launched in 2026 [23][24]. - The demand for electric vehicle batteries is expected to rise, potentially leading to increased battery prices, which could impact automaker profit margins [23][24]. Investment Strategy - The report recommends Geely Automobile as a top pick due to its solid fundamentals and attractive valuation, alongside the battery manufacturer Zhengli New Energy, which is expected to benefit from rising battery prices and a growing customer base [28][29]. - The report suggests that the valuation gap between traditional automakers and new entrants is likely to narrow as both groups adapt to market changes [25][26]. Export Potential - The report forecasts that China's passenger vehicle exports will increase by 16% in 2026, driven primarily by the growth in electric vehicle exports, which are expected to rise by 40% [61][62]. - The potential market for Chinese brands overseas is estimated at 7.8 million units, indicating significant growth opportunities in various regions [61][62].

Summary of Conference Call Records Industry Overview - The records focus on the autonomous driving chip landscape in the Chinese automotive industry, highlighting various companies' strategies and developments in self-driving technology and chip utilization. Key Points by Company NIO - NIO's self-driving solution utilizes fully self-developed technology, primarily promoting a world model, but currently lags in effectiveness. The main task for next year is to improve the connectivity rate of the parking-to-parking function and handle complex cases. The Lido and Firefly series are expected to continue using NVIDIA solutions [1][3]. Xpeng Motors - Xpeng's mid-to-high-end models will feature the self-developed Turing chip with a computing power exceeding 1,000 TOPS. The focus is on the iteration of VLA and world models, deeply integrating the BL module. The Turing chip will also be used in the Robotic business line to optimize Robot Taxi efficiency and safety [1][5]. Li Auto - Li Auto's self-developed M100 Schumacher chip is expected to enter mass production in Q2 2026, debuting in high-end models. The AD Max system will feature a mix of M100 and Horizon solutions, while the AD Pro system will continue with Horizon but may upgrade to the G6H version. The algorithm will firmly follow the VOL route [1][5]. Xiaomi - Xiaomi plans to use NVIDIA's 42 series chips in high-end models, while the self-developed Xuanjie O2 chip will be temporarily shelved due to regulatory challenges. The algorithm will be upgraded to address key issues, adopting a structure similar to Tesla's, focusing on world models and language models to solve parking and urban commuting challenges [1][6]. BYD - BYD will upgrade its high-end solutions to NVIDIA's Orin solution, debuting in the Yangwang U8 model. The terminal solution, Tianyi Cloud B1, will have two versions, one continuing with the Orin 3OX low-cost solution and another possibly using Horizon's G6P. BYD plans to significantly adopt the Orin solution and phase out Horizon [1][7]. Chery - Chery's 2026 autonomous driving plan includes multiple tiers. The Falcon 500 series will primarily use Horizon and Qualcomm platforms, while the Falcon 700 series will adopt a dual Orin X platform. The Falcon 900 series will utilize the Sora Ultra platform [1][4][9]. Geely - Geely's autonomous driving layout spans low, mid, and high-end models. Low-end models will mix Black Sesame 1,000 and Horizon Orin chips, while mid-range models will use single and dual Orin X chips. High-end models will feature Soar and dual Soar chips, debuting in flagship models like Zeekr 001 [1][10]. Great Wall Motors - Great Wall's autonomous driving solutions are categorized into low, mid, and high computing power platforms. The low computing power platform will use TI TDA 4VH and Horizon GLM chips, while the mid computing power platform will collaborate with Momenta. The high computing power platform will include dual Orin X and Soar, with Soar expected to replace dual Orin X in 2026 [1][11]. Market Trends - By 2026, companies like BYD, Chery, Geely, and Great Wall, along with joint ventures like Toyota and Volkswagen, are expected to become significant third-party chip purchasers. Volkswagen plans to accelerate its smart vehicle process, heavily adopting Horizon's G6P and G6M solutions [1][12]. Cost Trends - The cost of mid-range platforms, such as BYD's Tianlian B1, is projected to decrease by about 10% in 2026, dropping to around 7,000 yuan. Low-end solutions like Horizon GO6M will see annual hardware cost reductions of 5%-7%. High-end solutions like Orin and Sol are expected to have limited cost reductions, primarily relying on software supplier price drops and increased shipment volumes [1][14][16]. Chip Development - The records indicate a growing trend towards self-developed chips in high-end vehicles to enhance profit margins and optimize resource allocation. In contrast, low-end vehicles will continue to utilize third-party solutions for cost efficiency and quality assurance [1][26]. Conclusion - The autonomous driving sector in China is rapidly evolving, with various companies adopting different strategies for chip development and algorithm integration. The competition is intensifying, particularly in the high-end market, where self-developed solutions are becoming more prevalent.

Core Viewpoint - The next generation of electric MINI models is expected to significantly improve battery performance and range, moving away from the current limitations of the existing models powered by batteries from Honeycomb Energy, which are associated with Great Wall Motors [1][8]. Group 1: Current Electric MINI Models - The current electric MINI COOPER series and electric MINI ACEMAN have a CLTC range of only over 400 kilometers, leading to range anxiety for consumers without home charging options [1][8]. - The existing models are powered by batteries from Honeycomb Energy, which is backed by Great Wall Motors [1][8]. Group 2: Future Developments - BMW plans to introduce the 4695 cylindrical battery in its next generation of vehicles, which may include the MINI models after the new generation is launched [1][8]. - The 4695 battery features a diameter of 46mm and a height of 95mm, with a 20% increase in energy density and a 30% increase in range compared to previous models [5][12]. - The new battery technology will support fast charging, allowing for 300 kilometers of range to be added in just 10 minutes [5][12]. Group 3: Market Implications - The introduction of the 4695 battery is expected to enhance the electric MINI's appeal, allowing it to move beyond being just a "city commuting" vehicle, enabling longer trips without frequent charging stops [7][14]. - Great Wall Motors has significant financial stakes in the MINI brand, with projected sales of approximately 134 billion yuan in 2024 and 69.5 billion yuan in the first half of 2025 from related products [8][15]. - To retain the MINI partnership before the 4695 battery project is implemented, Great Wall Motors needs to negotiate with BMW promptly [15].

Summary of Key Points Core Viewpoint - The automotive industry in China is nearing the end of 2025, with various companies reporting their sales performance against annual targets, revealing a mix of successes and challenges across the sector. Group 1: Company Performance - China FAW Group achieved a cumulative sales of 2.995 million units from January to November, with a target completion rate of 86.81% against an annual goal of 3.45 million units, showing a year-on-year growth of 4.8% [3][4] - Changan Automobile reported cumulative sales of 2.658 million units, achieving 88.6% of its 3 million unit target, with a notable 54.66% year-on-year growth in its new energy vehicle sales [6] - SAIC Motor Corporation reached 4.108 million units in cumulative sales, completing 91.29% of its 4.5 million target, with a 16.4% year-on-year growth [8] - GAC Group's cumulative sales were 1.534 million units, achieving only 66.7% of its 2.3 million target, reflecting a 10.8% year-on-year decline [10] - BYD's cumulative sales stood at 4.182 million units, completing 90.9% of its revised target of 4.6 million units, with significant contributions from overseas markets [12] - Geely Automobile achieved 2.788 million units in sales, with a completion rate of 92.93%, reflecting a strong 42% year-on-year growth [14] - Chery Group's cumulative sales were 2.561 million units, with a year-on-year growth of 11.1%, aiming to exceed industry growth by 10-20 percentage points [16] - Li Auto reported 362,000 units sold, achieving only 56.56% of its 640,000 target, facing challenges in product cycles and market competition [18] - NIO's cumulative sales were 278,000 units, achieving 62.61% of its 444,000 target, with a year-on-year growth of 45.6% [20] - XPeng Motors exceeded its target with 392,000 units sold, achieving 103.1% of its goal [22][23] - Leap Motor surpassed its target with 536,000 units sold, achieving 107.2% of its goal [25] - Xiaomi's automotive division exceeded its target of 350,000 units, with expectations to surpass 400,000 units [27] - Lantu's cumulative sales were 134,000 units, achieving 67% of its 200,000 target, with a year-on-year growth of 82% [29] - Deep Blue reported a year-on-year growth of 45.7%, with a target of 360,000 units [31][32] - Arcfox aimed for significant growth, achieving 85.38% of its target with 136,600 units sold [34] Group 2: Industry Insights - The performance metrics of these companies reflect their strategic positioning in technology, market strategy, and organizational resilience, indicating a transition in the Chinese automotive industry from quantity accumulation to quality improvement [34]

Group 1 - Faraday Future's board has approved a five-year business plan to produce and sell 400,000 to 500,000 vehicles, with the first batch of FX Super One vehicles set to roll off the production line on December 21, 2023 [2] - Tesla's new Model 3 high-performance version is expected to have an updated delivery date of February 2026, according to the official website [2] - Great Wall Motors' Wey brand addressed concerns regarding partial cracks in the Blue Mountain model's instrument panel, attributing the issue to improper installation, which does not affect functionality [2] Group 2 - Xpeng's subsidiary, Huitian, has received authorization for a new patent aimed at improving the control efficiency of flying vehicles, involving a method and system that utilizes a range extender and specific signals to enhance performance [2]

Core Insights - The shared economy sector experienced a slight increase of 0.05% on December 8, with Haima Automobile leading the gains [1] - The Shanghai Composite Index closed at 3924.08, up 0.54%, while the Shenzhen Component Index closed at 13329.99, up 1.39% [1] Shared Economy Sector Performance - The following companies in the shared economy sector showed notable performance: - China Publishing Group (000572) closed at 696, up 5.10% with a trading volume of 2.7997 million shares and a transaction value of 2.669 billion [1] - Haikou Group (603069) closed at 25.73, up 3.71% with a trading volume of 100,000 shares and a transaction value of 256 million [1] - Nanwei Software (603636) closed at 14.19, up 3.28% with a trading volume of 552,600 shares and a transaction value of 780 million [1] - Zhejiang Wenhu Internet (600986) closed at 8.97, up 3.10% with a trading volume of 514,000 shares and a transaction value of 459 million [1] - Huati Technology (603679) closed at 15.91, up 2.32% with a trading volume of 63,400 shares and a transaction value of 10.2 million [1] Capital Flow Analysis - The shared economy sector saw a net inflow of 24.7165 million from institutional investors, while retail investors contributed a net inflow of 87.4545 million [2] - The following companies had significant capital flows: - Haima Automobile (000572) had a net inflow of 89.6548 million from institutional investors [3] - Qianli Technology (601777) had a net inflow of 38.1921 million from institutional investors [3] - Nanwei Software (603636) had a net inflow of 32.6605 million from institutional investors [3]

12月7日，长城汽车旗下魏牌发布声明称，关注到有部分蓝山车主反馈车辆仪表装饰板出现局部裂纹问 题，经核查，该问题是由于装饰板安装过程操作不当，产生应力集中，进而导致局部裂纹。此部件为装 饰作用，不影响功能使用。魏牌方面表示，厂家免费更换此部件，提供上门取送车服务，并承诺此部件 终身质保。 ...

IT之家 12 月 7 日消息，长城汽车欧拉 5 将于 12 月 16 日上市（原定于 12 月 9 日），届时欧拉品牌也将正式发布品牌焕新战略及未来产品布局规划。这款纯 电 SUV 于 11 月 12 日正式开启预售，预售价区间 10.98-14.28 万元。 IT之家注意到，这款汽车延续了欧拉"猫"系列车型的设计，前脸外观趋近于已推出的欧拉好猫，应用具有筋线的分层式设计，散热开口位于车身下方，两侧 还拥有纵向布局通风开口设计，应用分体式椭圆形大灯，整体造型较为灵动。尺寸方面，这款汽车的长宽高分别是 4471*1833 (1844)*1641 mm，轴距为 2720 mm。 动力方面，欧拉 5 配备最大功率 150kW 的电机，搭载蜂巢能源磷酸铁锂短刀动力电池，有 45.3kWh 和 58.3kWh 两种容量可选，对应续航里程分别为 480km 和 580km。 此外，这款汽车还搭载有新一代车机系统 Coffee OS3，接入 Deepseek 大模型，可提供各种智能体验，后排拥 有独立空调出风口，可选激光雷达、后摄像头、侧面雷达等配置，支持高阶驾驶辅助功能。 IT之家附该车各版本预售价格如下： 480km ...