1月16日，长城汽车发布归元平台。归——回归；元——本源，归元平台是长城汽车以"第一性原理"， 坚定地选择"技术求真"，回归产业本源。新平台以"一车多动力、一车多品类、一车多姿态、一车多市 场"，抓住本质，化繁为简，让复杂的技术回归简单，让创新的价值直达用户。 全动力兼容能力，是归元平台最核心的技术突破。作为兼容PHEV、HEV、BEV、FCEV、ICE五大动力 形式的平台，它以"一套架构，全域适配"的实力，满足全球不同市场的能源结构与用户需求。 据介绍，归元平台的灵感来自于中华民族四大发明之一的"活字印刷术"，把印刷过程解构和重构，用可 重复使用的单字组合，实现了模块化、可组合、高效、高技艺的生产方式，实现了大幅度降低成本和时 间，同时为大规模的文化传播奠定了基础。归元则以用户的用车旅程阶段进行场景细化，打破了传统机 械思维，开辟全新路径，将硬件功能原子化、软件体验标签化、AI调度原生化，实现了从"雕版印刷"进 化为"活字印刷"。 硬件部分以结构树分解方式，划分为发动机、变速器、空气弹簧、电池等49个核心模块、329个共用组 件，合理拆分模块总成、规范模块间接口，实现平台的高度扩展性；这与古老的"活字印刷术 ...

Investment Rating - The report maintains a positive outlook for the automotive industry, expecting a rebound in vehicle sales in Q1 and focusing on investments in intelligent driving, robotics, and liquid cooling technologies [3]. Core Insights - The automotive sector is experiencing significant dynamics, including sales, pricing, exports, and robotics developments [2]. - The report highlights that January's early sales data shows a substantial year-on-year decline, primarily due to subsidy reductions and rising vehicle prices, leading to consumer hesitation [5]. - The report anticipates that the pressure on vehicle prices will be managed through strict enforcement of anti-competitive practices, aiming to stabilize prices and profit margins [5]. - The export market is expected to grow rapidly, supported by agreements that lower trade barriers for electric vehicles, enhancing profitability for manufacturers and dealers [5]. - The robotics sector is gaining traction, with the Optimus V3 generating market excitement and expectations for product launches [5]. Data Tracking - In early January, the average discount rate remained stable, with a 9.6% increase year-on-year, and the average discount amount reached 22,259 yuan, up by 2,192 yuan year-on-year [4]. - December's wholesale vehicle sales were reported at 2.85 million units, reflecting a year-on-year decline of 8.7% and a month-on-month decline of 6.3% [4]. - Notable sales performance in December included significant year-on-year growth for new energy vehicle manufacturers like NIO and Li Auto, while traditional automakers like SAIC and Changan showed mixed results [6]. Industry News - The report discusses various industry developments, including the price commitments for electric vehicles between China and Europe, which aim to facilitate trade [27]. - The Ministry of Industry and Information Technology is focusing on enhancing the competitiveness of the new energy vehicle sector and regulating market practices to prevent price wars [27]. - Recent data indicates a significant drop in retail sales of passenger vehicles in early January, with a 32% year-on-year decline [27]. Market Performance - The automotive sector saw a weekly increase of 0.71%, ranking 8th out of 29 sectors, while the overall market indices showed mixed results [10].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The Chinese heavy truck market's total sales for 2025 reached 1.145 million units, marking a 27% increase from the previous year [5][13] - The China Automobile Association forecasts total automobile sales in 2026 to be 34.75 million units, a 1% year-on-year growth [15] - The demand for high-end luxury passenger cars in China is exceeding expectations, with a favorable competitive landscape [7] Industry News - Tesla will stop selling Full Self-Driving (FSD) after February 14, transitioning to a monthly subscription model [14] - Shanghai aims to achieve large-scale application of high-level autonomous driving scenarios by 2027 [16] - Great Wall Motors launched the world's first native AI all-power platform "Guiyuan," supporting multiple power systems [17] - Canada has reduced tariffs on Chinese electric vehicles to 6.1%, eliminating the previous 100% additional tax [18] Market Performance - The A-share automotive sector outperformed the market with a weekly increase of 0.71%, ranking 8th among A-share primary industries [25] - The passenger vehicle index decreased by 1.87%, while the commercial vehicle index increased by 5.53% [6] - The automotive parts index rose by 1.26%, with notable gains in the electric control systems and lightweight components [6][35] Investment Recommendations - For passenger vehicles, recommended stocks include JAC Motors and Seres, with beneficiaries being Geely Automobile [7] - In the parts sector, recommended stocks include Desay SV Automotive, Zhejiang Xiantong, and Meili Technology, with beneficiaries being Weichai Power and others [7]

Core Viewpoint - Great Wall Motors has launched a new vehicle platform named "Guiyuan," which emphasizes a modular architecture and aims to enhance global competitiveness and reduce manufacturing costs [2][4][5]. Group 1: Platform Overview - The "Guiyuan" platform was named through a public vote, receiving 22,000 votes, and is designed to return to the essence of automotive service [2]. - It features a highly modular architecture inspired by movable type printing, allowing for flexible combinations of 49 core modules and 329 shared components [2][3]. - The platform supports five powertrain types: plug-in hybrid, hybrid, pure electric, fuel, and hydrogen, covering seven vehicle categories [3]. Group 2: Global Market Strategy - The high compatibility of the "Guiyuan" platform will help Great Wall Motors expand into international markets, addressing diverse regional demands for vehicle powertrains [4]. - The company aims to sell over 500,000 vehicles in overseas markets by 2025, with a target of 600,000 units in 2026, representing one-third of total sales [4]. Group 3: Cost Efficiency and Production - The "Guiyuan" platform boasts an 80% parts commonality rate and a 30% reduction in development cycles, leading to more stable and cost-effective supply chains [5]. - The platform's design is expected to enhance vehicle resale value and lower long-term ownership and maintenance costs for consumers [5]. Group 4: Integration with Existing Platforms - The "Guiyuan" platform is part of a broader platform system that includes the Lemon, Tank, and Coffee Intelligent platforms, each serving different vehicle types and technologies [6]. - Great Wall Motors plans to launch over 50 global models based on the "Guiyuan" platform, which will further integrate and adjust existing platforms [6]. Group 5: Sales Performance and Future Goals - In 2025, Great Wall Motors achieved a total sales volume of 1.324 million units, a year-on-year increase of 7.33%, with 403,700 units being new energy vehicles, up 25.44% [6]. - The sales target for 2026 is set at 1.8 million units, with an ambitious growth rate of 36% anticipated as the "Guiyuan" platform models are introduced [6].

Overall Situation of Automobile Exports - In 2025, China's automobile manufacturers are expected to export a total of 7.1 million vehicles, representing a year-on-year growth of 21%, maintaining the position as the world's largest automobile exporter [1] - The export growth is characterized by an increase in both volume and value, with a significant enhancement in product added value [1] Export Growth Drivers - Passenger vehicles have become the core engine of export growth, significantly outpacing the growth of bus exports [2] - The main export destinations remain Europe, ASEAN, and South America, with a notable performance in countries along the "Belt and Road" initiative [2] Structure of Exporting Enterprises - The structure of automobile export enterprises has undergone significant changes, with a trend of increased concentration among leading companies, the rise of private enterprises, and a reduction in the market share of foreign-funded enterprises [4] - Domestic brands have shown remarkable performance, with their export share increasing from 22% in 2024 to 24% in 2025 [4] Performance of Major Automobile Groups - BYD leads the industry with an export volume of 1.05 million new energy vehicles, particularly excelling in high-end markets such as Europe and Japan [5] - SAIC Group exported 950,000 vehicles, leveraging its joint ventures and domestic brands to maintain a leading position in ASEAN and South American markets [5] Export Performance of Different Types of Enterprises - Different types of automobile enterprises show varied export performance, with leading companies demonstrating strong results [7] - New energy vehicle companies like BYD, Leap Motor, and Xpeng have seen significant year-on-year growth in export volumes [8] Challenges and Recommendations - The industry faces challenges such as overseas trade barriers, supply chain risks, and intensified global market competition [1] - Companies are advised to increase investment in core technology research and development, optimize export products, and strengthen localized production and services to enhance global supply chain influence [1]

Core Insights - The article highlights the cultural significance of the "Guiyuan" platform launched by Great Wall Motors, emphasizing the integration of traditional Chinese wisdom with modern automotive technology [1][4][10] Group 1: Cultural Significance - The encounter with wood movable type printing symbolizes a dialogue between ancient wisdom and modern automotive precision, reflecting the "living system" concept that aims to return to user-centric needs [1][3] - The name "Guiyuan," chosen by 96,000 voters with a margin of 22,000 votes, encapsulates users' desires for safety, reliability, and affordability, showcasing Great Wall's commitment to user-centered design [4] Group 2: Technological Innovation - The "Guiyuan" platform embodies the principle of "first principles," breaking away from rigid structures to allow for flexible combinations, akin to how movable type printing revolutionized efficiency and customization [6][8] - The platform features a unique five-power compatibility, allowing for gasoline, diesel, electric, hybrid, and hydrogen power without the need for a complete chassis redesign, demonstrating over 20 years of industry experience [8][11] Group 3: Global Strategy - The platform is designed to adapt to various global energy structures and infrastructure, implementing a "one strategy for each region" approach that reduces costs and enhances user accessibility [11][13] - Great Wall aims to transition from "product output" to "ecosystem export," with plans for 506,100 vehicles to reach over 170 countries by 2025, positioning itself as a reliable global mobility partner [13]

Core Insights - The essence of a true high-end brand lies in its spiritual value proposition and the recognition of its values by users, emphasizing trust and responsibility in addressing issues [2][8][21] - The founder of Great Wall Motors, Wei Jianjun, emphasizes the importance of maintaining the original intention of creating a high-end brand, which requires patience and resilience [3][22] - The brand WEY, named after the founder's surname, represents a commitment to integrity and courage, reflecting the responsibility associated with its name [6][20] Brand Development - The WEY brand was established as China's first high-end automotive brand named after its founder, aiming to unify product DNA and create a dedicated high-end SUV brand [6][10] - Despite challenges, the brand's positioning as a high-end entity has not wavered, with a focus on building brand value rather than just high-end products [10][11] - The brand's logo design draws inspiration from historical elements, showcasing a connection to its roots and a sense of pride in its heritage [7] Market Strategy - The company believes that a true high-end brand must prioritize user-centric values, focusing on creating vehicles that are beneficial to users and society rather than merely pursuing luxury [9][12] - The transition to high-end markets is challenging, with many domestic brands still in the entrepreneurial phase, and the company acknowledges the need for a focused approach to high-end product development [10][11][22] - The company has invested over 2 billion yuan in establishing a direct sales system to better support its high-end brand strategy [11] Technological Advancements - The WEY brand has made significant strides in intelligent driving technology, with the latest models featuring advanced systems that enhance user experience [12][13] - The introduction of a multi-power platform aims to adapt to various market needs and energy structures globally, reflecting the company's commitment to innovation [12][14] Organizational Structure - The company has restructured its organization to be more user-centric, allowing for agile responses to market demands while maintaining a focus on long-term strategic goals [16][17] - The new organizational model emphasizes the integration of resources to support brand development and ensure quality consistency across products [17] Long-term Vision - The company maintains a long-term perspective on investment in research and development, focusing on building a solid technological foundation for future growth [19] - The global strategy is pragmatic, aiming to adapt to different markets while ensuring that the brand's core values remain intact [19]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：601633 证券简称：长城汽车 公告编号：2026-004 转债代码：113049 转债简称：长汽转债 长城汽车股份有限公司 关于"长汽转债"预计满足转股价格向下修正条件的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 一、"长汽转债"发行上市概况 经中国证券监督管理委员会《关于核准长城汽车股份有限公司公开发行可转换公司债券的批复》（证监 许可[2021]1353号）核准，长城汽车股份有限公司（以下简称"公司"或"本公司"）于2021年6月10日公开 发行3,500万张可转换公司债券，每张面值100元，发行总额35亿元。 经上海证券交易所自律监管决定书[2021]287号文同意，公司35亿元可转换公司债券于2021年7月8日起 在上海证券交易所挂牌交易，债券简称"长汽转债"，债券代码"113049"。 二、"长汽转债"转股价格向下修正条款与可能触发情况 （一）转股价格向下修正条款 根据《募集说明书》的约定，"长汽转债"的转股价格向下修正条款如下： （1） ...

21财经1月16日电，长城汽车宣布将依托归元平台，计划推出5大动力形式、7大品类的50余款全球车 型，覆盖包括轿车、跑车、皮卡、MPV等产品形态。 ...

| 证券代码：601633 | 证券简称：长城汽车 | 公告编号：2026-004 | | --- | --- | --- | | 转债代码：113049 | 转债简称：长汽转债 | | 长城汽车股份有限公司 关于"长汽转债"预计满足转股价格向下修正条件的提示性公告 在本次发行的可转债存续期间，当公司A股股票在任意连续三十个交易日中至少有 十五个交易日的收盘价低于当期转股价格的85%时，公司董事会有权提出转股价格向下 修正方案并提交公司股东大会审议表决。 上述方案须经出席会议的股东所持表决权的三分之二以上通过方可实施。股东大会 进行表决时，持有本次发行的可转债的股东应当回避。修正后的转股价格应不低于前述 的股东大会召开日前二十个交易日公司股票交易均价和前一个交易日公司股票交易均 价之间的较高者。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、"长汽转债"发行上市概况 经中国证券监督管理委员会《关于核准长城汽车股份有限公司公开发行可转换公司 债券的批复》（证监许可[2021]1353号）核准，长城汽车股份有限公司（以下简称 ...