Core Insights - In November 2025, Great Wall Motors reported a total sales volume of 133,216 units, representing a year-on-year increase of 4.57%, while cumulative sales for January to November reached 1,199,652 units, up 9.26% compared to the previous year [2][3] Sales Performance - The Haval brand sold 75,383 units in November, down 3.83% year-on-year, but cumulative sales for the year reached 692,101 units, an increase of 11.13% [3][4] - WEY brand showed remarkable growth with November sales of 12,763 units, up 81.14% year-on-year, and cumulative sales of 89,055 units, a significant increase of 93.94% [4][5] - The Great Wall Pickup recorded sales of 16,011 units in November, a slight increase of 1.00% year-on-year, with cumulative sales of 166,322 units, up 3.40% [4][5] - The Ora brand experienced a decline, with November sales of 4,821 units, down 16.97% year-on-year, and cumulative sales of 40,155 units, a decrease of 31.40% [4][5] - Tank brand sales increased to 24,135 units in November, up 19.55% year-on-year, with cumulative sales of 211,584 units, a modest increase of 1.18% [5] Production Data - In November, total production was 134,201 units, nearly unchanged from 134,207 units in the same month last year, while cumulative production for January to November reached 1,194,517 units, up 8.51% year-on-year [2][3] - Haval brand's production in November was 77,489 units, down 7.80% year-on-year, with cumulative production of 675,266 units, an increase of 5.62% [3][4] - WEY brand's production surged to 12,214 units in November, up 94.65% year-on-year, with cumulative production of 91,760 units, a growth of 99.28% [4] - The Great Wall Pickup's November production was 15,079 units, down 7.91% year-on-year, with cumulative production of 167,535 units, up 7.35% [4][5] - Ora brand's production fell significantly to 3,018 units in November, down 50.62% year-on-year, with cumulative production of 39,256 units, a decrease of 28.01% [4][5] - Tank brand's production increased to 26,277 units in November, up 24.07% year-on-year, with cumulative production of 220,011 units, a growth of 7.66% [5] New Energy and Overseas Sales - New energy vehicles sold 40,113 units in November, with cumulative sales for January to November reaching 364,731 units, indicating a steady expansion of the new energy segment [6] - Overseas sales amounted to 57,309 units in November, with cumulative sales of 448,648 units for the year, reflecting a steady increase in market penetration [6]

Core Viewpoint - The A-share market experienced its first significant adjustment after a slow bull run in November, with various brokerages providing research reports that serve as important guides for understanding company values and predicting future trends [2][9]. Group 1: Key Insights from Citic Securities - Citic Securities believes the market adjustment may present a good opportunity for building positions, with a focus on structural selection amid macroeconomic challenges [2][3]. - In November, Citic Securities covered 186 listed companies, with the highest target price increase for Great Wall Motors at 73.52%, indicating significant upside potential [3][5]. Group 2: High Target Price Companies from Huatai Securities - Huatai Securities identified seven major investment themes for 2026, with 27 companies having target price increases exceeding 50%, including SAIC Motor and China State Construction [7][8]. - Notably, Huatai Securities adjusted the target price for SMIC from 238 yuan to 196 yuan, still reflecting a 72.54% upside potential [7]. Group 3: Insights from Guotai Junan - Guotai Junan sees a favorable window for policy and liquidity in late 2025 to early 2026, with 23 companies having target price increases over 50%, led by Beijing Human Resources with a target price of 35.6 yuan [9][10]. - The company has seen a decline of 5.68% this year despite the bullish outlook [9]. Group 4: Focus on Baijiu Stocks from Huachuang Securities - Huachuang Securities maintains an optimistic long-term outlook, particularly for liquor stocks, with 10 companies having target price increases over 50%, including Kweichow Moutai with a target price of 2600 yuan [11][13]. - Kweichow Moutai has repurchased over 6 billion yuan worth of shares this year, indicating strong confidence in its future performance [11]. Group 5: Insights from Guotou Securities - Guotou Securities highlighted a structural shift in the A-share market, with 2 companies having target price increases over 50%, including Yunda Co. with a target price of 27.94 yuan [15][16]. - The firm anticipates significant profit recovery in wind turbine manufacturing due to rising prices [15]. Group 6: Insights from Dongfang Securities - Dongfang Securities covered 74 companies in November, with 3 having target price increases over 50%, including Aikodi with a target price of 30.5 yuan [17][21]. - The company is expected to expand its robot parts product matrix, projecting significant profit growth in the coming years [17].

12月2日消息，长城汽车CTO吴会肖发微博表示，对于场景的理解我们坚持360度审视，对功能的设计以 安全为第一准则。不做行业跟风者，只做安全守护人，让每一次出行，成为值得信赖的旅程。 对此，长城汽车董事长魏建军转发微博表示认同：做得对，有所为有所不为，技术要为用户提供价值， 不能为了炫技。 责任编辑：李思阳 12月2日消息，长城汽车CTO吴会肖发微博表示，对于场景的理解我们坚持360度审视，对功能的设计以 安全为第一准则。不做行业跟风者，只做安全守护人，让每一次出行，成为值得信赖的旅程。 责任编辑：李思阳 对此，长城汽车董事长魏建军转发微博表示认同：做得对，有所为有所不为，技术要为用户提供价值， 不能为了炫技。 ...

Core Insights - The Chinese automotive industry is experiencing a significant shift towards overseas markets, with exports growing faster than domestic sales, indicating a transition from incremental competition to stock competition [1][4][12] - By 2030, it is projected that Chinese automotive brands will achieve nearly 10 million units in overseas sales, highlighting the increasing importance of international markets for growth [1][13] Export Growth - In October, China exported 666,000 vehicles, a month-on-month increase of 2.1% and a year-on-year increase of 22.9%. From January to October, total exports reached 5.616 million units, up 15.7% year-on-year [1] - Chery's overseas sales reached 1.06 million units from January to October, accounting for 46% of its total sales, maintaining a steady growth trend [1] - BYD's exports for the same period were 780,000 units, a significant increase of 130%, with overseas sales making up 21% of total sales [2] - Geely's overseas sales approached 300,000 units, with a remarkable 214% increase in exports of new energy vehicles [3] Financial Performance - Chery's revenue for the first three quarters of 2025 was 214.83 billion yuan, a 17.9% increase year-on-year, with overseas sales contributing significantly to this growth [6] - BYD's overseas revenue share rose from 28% in 2024 to 36.5% in the third quarter of 2025, with a net profit margin of 4.2% surpassing domestic margins [7] - Great Wall Motors reported overseas revenue of 80.3 billion yuan in 2024, accounting for 39.69% of total revenue, indicating the growing importance of international markets [8] Market Share and Competitive Position - By 2025, China's automotive global market share is expected to exceed 38%, with significant growth in Europe, where Chinese brands achieved a record 7.4% market share in September 2025 [10] - In Southeast Asia, particularly Thailand, Chinese brands captured 34.3% of the market share in the first three quarters of 2025, leading the segment [11] - Chinese brands are also making significant inroads in Brazil, with market share increasing from 6.8% in 2024 to 9.1% in 2025, particularly in the new energy vehicle segment [11] Strategic Initiatives - Chinese automotive companies are increasingly establishing local production facilities overseas, allowing them to better meet local market demands and navigate trade barriers [5][9] - The shift from product export to a comprehensive ecosystem approach is evident, with companies focusing on local production, service, and supply chain integration [9][14] - The emphasis on localization and understanding local consumer preferences is crucial for success in international markets, as highlighted by the need for tailored products and services [12][15]

Core Insights - Great Wall Motors achieved a total vehicle sales of 133,216 units in November, marking a year-on-year increase of 4.57% [2] - The company focused on smart new energy vehicles, selling 40,113 units in November, which is an 11.43% increase year-on-year [2] - Sales of models priced above 200,000 yuan reached 41,155 units, reflecting a significant year-on-year growth of 31.56% [2] - Overseas sales reached 57,309 units, a remarkable increase of 32.70%, setting a new record [2] - Cumulative sales from January to November 2025 reached 1,199,652 units, representing a 9.26% year-on-year growth, achieving the best historical performance for this period [2] Sales Performance - Haval brand sold 75,383 units in November, with a cumulative global sales of 10.11 million units [6] - The new Haval H6L was launched at a promotional price starting from 103,900 yuan, featuring advanced technology and spacious design [6] - The WEY brand saw a significant increase in sales, with 12,763 units sold in November, up 81.14% year-on-year [6] - Tank SUV sales reached 24,135 units, showing a year-on-year growth of 19.55% [7] - ORA brand sold 4,821 units in November, with a cumulative global sales of 549,600 units [7] - Great Wall Pickup sold 16,011 units in November, with a month-on-month increase of 13.65% [7] Global Expansion and Innovation - Great Wall Motors is accelerating its global presence, having delivered 100 new energy vehicles for the COP30 conference and showcasing a mobile hydrogen power generation unit [9] - The company is expanding its product offerings in international markets, including the launch of the WEY brand in Thailand and the Mountain Sea Cannon in Chile [9] - The company aims to enhance its market competitiveness and brand value by focusing on high-quality vehicle production and smart new energy technology [5]

Core Viewpoint - Suoteng Juchuang (02498) has announced that it will supply Great Wall Motors (601633) (02333) with a new model for mass production, expected to commence delivery in 2026, enhancing vehicle safety and intelligence through advanced lidar technology [1] Group 1 - Suoteng Juchuang will collaborate with Great Wall Motors to upgrade vehicle perception systems [1] - The partnership will utilize RoboSense's high-performance and reliable digital lidar solutions [1] - The initiative aims to create a safer and smarter travel experience for consumers [1]

Core Viewpoint - SUTENG JUCHUANG (02498) has announced a new partnership with Great Wall Motors (02333) to supply pre-installed mass production for a new vehicle model, expected to begin delivery in 2026 [1] Group 1: Company Developments - SUTENG JUCHUANG will utilize RoboSense's high-performance and reliable digital lidar solutions to enhance the perception capabilities of Great Wall Motors [1] - The collaboration aims to create a safer and smarter travel experience for consumers [1] Group 2: Industry Implications - The partnership signifies a trend towards integrating advanced sensing technologies in the automotive industry, particularly in the context of smart vehicle development [1] - This move reflects the growing importance of safety and intelligence in automotive design and manufacturing [1]

近日，市委常委、统战部部长黄卿带领我市汽车产业企业考察团赴京冀考察学习。 全市新能源汽车产业链18名骨干企业负责人参加考察。 黄卿表示，组织民营企业家走出去对标学习，是服务"两个健康"、优化营商环境的具体行动。通过 实地考察，搭建学习交流平台，能够帮助我市企业家看到自身与行业标杆的差距与努力方向，有效提升 战略眼光和创新意识，同时也为推动郑州与京冀地区产业对接、深化区域合作奠定良好基础。希望各位 企业家将学到的新理念、新思路转化为企业创新发展的实际行动，把握发展趋势、拓展合作空间，争做 郑州新能源汽车产业生态的建设者和贡献者，为郑州国家中心城市现代化建设汇聚更多智慧和力量。 考察团先后走进小米汽车、理想汽车、北汽新能源、长城汽车、三河世原等企业，观摩学习智能制 造、技术创新、品牌建设与市场拓展方面的先进理念与实践成果，深入探讨大数据、人工智能如何赋能 研发、营销和用户体验创新，详细了解新材料、新工艺的应用与产业链协同创新模式。 ...

Sales Performance - In November 2025, the company sold 57,309 vehicles overseas, bringing the total sales from January to November to 448,648 vehicles [3] - The company sold 40,113 new energy vehicles in November 2025, with a cumulative total of 364,731 new energy vehicles sold from January to November [4] Convertible Bond Conversion - From November 1 to November 30, 2025, no convertible bonds were converted into company shares, with a total conversion amount of 0 yuan and 0 shares converted [7] - Since the start of the conversion period on December 17, 2021, a total of 4,944,000 yuan of convertible bonds have been converted into 129,652 shares, representing 0.0014% of the total shares issued before conversion [10] - As of November 30, 2025, the amount of unconverted convertible bonds stands at 3,495,055,000 yuan, accounting for 99.8587% of the total issuance [10] Stock Option Incentive Plan - The first exercise period of the 2023 stock option incentive plan allows for 18,948,783 shares to be exercised, with no shares exercised in November 2025, representing 0% of the total options available for this period [7] - The exercise price for the stock options is set at 26.47 yuan per share [21] - As of November 30, 2025, only 2 out of 1,036 eligible participants exercised their options, resulting in a total of 31 shares registered and 834.07 yuan raised for working capital [23]

Core Insights - The article discusses the current state of the Chinese automotive market, highlighting the challenges faced by traditional and new energy vehicle manufacturers, as well as the impact of major events like the Guangzhou Auto Show on industry dynamics [1][4][5]. Group 1: Market Trends - The Guangzhou Auto Show has lost its previous excitement, with luxury brands like Bentley, Porsche, and Lamborghini absent this year, reflecting a cooling market [5]. - New energy vehicle sales are showing mixed results, with companies like NIO and Li Auto facing significant challenges, while others like Leap Motor are achieving record deliveries [15][17]. - The competition remains fierce, with many companies reducing prices to attract consumers, indicating a price war in the market [10][12]. Group 2: New Energy Vehicle Performance - Leap Motor achieved a record delivery of 70,327 units in November, surpassing its annual sales target ahead of schedule [14]. - Xiaopeng Motors reported a delivery of 36,728 units in November, showing a month-on-month decline of 12.58% but a year-on-year increase of 18.88% [15]. - NIO's deliveries reached 36,275 units, with a year-on-year growth of 76.3%, indicating a strong recovery despite a month-on-month decline [15]. Group 3: Traditional Automakers - Geely's November sales reached 310,400 units, a year-on-year increase of 24%, driven by strong performance in the new energy segment [31]. - BYD's sales decreased by 5.24% in November, with total sales of 480,200 units, although its overseas sales continue to grow significantly [36]. - Changan and other traditional automakers are also experiencing varied performance, with some brands like Great Wall Motors showing growth while others struggle [39][41]. Group 4: Strategic Partnerships - Huawei is expanding its influence in the automotive sector, collaborating with multiple automakers to enhance smart vehicle technologies, with significant deliveries reported for models equipped with Huawei's systems [20][22]. - The partnership between GAC Group and Huawei has led to the launch of new brands, indicating a trend of traditional automakers embracing tech collaborations [22][29]. Group 5: Future Outlook - The article suggests that the automotive market is at a critical juncture, with companies needing to adapt quickly to changing consumer preferences and competitive pressures [10][30]. - The focus on electric vehicles and smart technologies is expected to continue shaping the industry landscape, with companies like NIO and Xiaopeng Motors aiming for profitability in the near future [17][18].