Core Viewpoint - Great Wall Motors has become one of the first companies in China to comply with the new national standard GB38031-2025 for electric vehicle battery safety, demonstrating its technological leadership and high compliance standards in the electric vehicle sector [1] Group 1 - Great Wall Motors announced that it passed the China Automotive Research Institute's testing in May, ahead of the new national standard implementation [1] - The new standard, which focuses on safety requirements for electric vehicle power batteries, will be mandatory for new models starting from July 1, 2026, and does not affect the normal use of already sold vehicles [1] - The company’s upgrade in battery safety reflects its commitment to leading technology in the electric vehicle safety domain [1]

Investment Rating - The report maintains an "Overweight" rating for the automotive industry, indicating a positive outlook compared to the overall market performance [10]. Core Insights - The 2026 new energy vehicle (NEV) purchase tax subsidy policy has shifted from a flat-rate model to a tiered proportional subsidy, resulting in a slight decrease in per-vehicle subsidy amounts. Companies with a higher proportion of low-end models, such as Geely and BYD, will experience a more significant subsidy reduction, while high-end brands will be less affected [2][3]. - The adjustment in subsidy policy is expected to reshape the sales structure of NEVs in 2026, with a decline in demand for low-end models and a relative advantage for mid-to-high-end models [2]. Summary by Relevant Sections Subsidy Policy Analysis - The new subsidy policy will lead to a 19% reduction for Geely and a 14% reduction for BYD, while companies like Xiaopeng, Great Wall, and Leap Motor will see a smaller impact of around 10% due to their higher proportion of mid-to-high-end models [2]. - The demand for A0 and A00 level low-end models, which previously relied heavily on subsidies, is expected to decrease significantly [2]. Sales Analysis of Key Companies - Xiaopeng Motors delivered nearly 430,000 vehicles in 2025, a 126% year-on-year increase. However, the average selling price (ASP) dropped from approximately 190,000 yuan in 2024 to 160,000 yuan in the first half of 2025 due to changes in product mix [3]. - Leap Motor achieved a delivery volume of 597,000 vehicles in 2025, doubling from 290,000 in 2024. The company plans to launch two high-end models in 2026 and aims for a sales target of 1 million vehicles [4]. - Great Wall Motors sold 1.32 million vehicles in 2025, with a 7% year-on-year growth. The company has set a sales target of 1.8 million vehicles for 2026, reflecting a 40% increase [5]. Investment Recommendations - The report suggests focusing on new energy vehicle companies with advantages in AI and robotics, such as Xiaopeng, NIO, and Li Auto, as well as component manufacturers like Yinchuan, Fuda, and Shuanghuan, which are expected to benefit from the new subsidy policies [6].

Core Viewpoint - The 2026 International Consumer Electronics Show (CES 2026) will take place from January 6 to 9 in Las Vegas, showcasing numerous A-share listed companies with their latest products in popular sectors such as robotics, smart hardware, and new energy vehicles [6]. Robotics - Ninebot will unveil a new multi-scenario lawn mowing robot, enhancing its product matrix [2]. - Stone Technology is expected to debut its "embodied intelligence black technology" as a representative of smart cleaning robots [7]. - Lingyi Technology will present a comprehensive robotics technology matrix, showcasing core components and application solutions [8]. - Zhaowei Electromechanical will showcase a new generation of dexterous hands with 20 degrees of freedom [9]. - Orbbec will release multiple 3D camera products suitable for humanoid robots, enhancing visual solutions for precise operations [9]. - Ecovacs will introduce a pool cleaning robot and the latest developments in embodied intelligence [9]. - Lens Technology will debut a highly dexterous bionic hand and head assembly, integrating self-developed reducers for improved performance [10]. - Megvii will collaborate with Yimai Intelligent to launch two new micro AI robot products [11]. Smart Glasses - Tianjian Co. will present its latest AI and AR glasses at CES 2026, focusing on AI glasses, AI headphones, and smart speakers [12]. - XGIMI Technology will globally launch its new AI glasses brand "MemoMind" [13]. - GoerTek will showcase multiple innovative MR/AR/smart glasses, enhancing the "AI + smart interaction" experience [13]. - Guangfeng Technology will present three LCoS AR optical products: Wax Girl G1, Dragonfly G1 mini, and Rainbow C1 [14]. Storage Solutions - Baiwei Storage will highlight consumer-grade storage solutions, including a Mini SSD that rivals flagship PCIe Gen4 SSDs, supporting Meta's AI/AR glasses [15]. - Jiangbolong will enhance its consumer market brand with a collaboration featuring a special edition storage product linked to the Argentina national football team [15]. - Rockchip will showcase audio and machine vision products, with its RK3588 chip being widely applied in various robotic forms [15]. Automotive Innovations - Great Wall Motors will return to CES with its full product line and core technology matrix, focusing on new energy and AI vehicles [17]. Display Technologies - TCL Technology will unveil its "machine king" series of televisions and the world's first printed OLED vehicle display solution [5]. - Hisense will launch a new generation of RGB-Mini LED display technology [5]. - BOE will showcase over 60 cutting-edge display technologies and IoT solutions, including the global debut of the "HERO 2.0 smart cockpit" [19].

Group 1 - Chery Group has set a sales target of 3.2 million vehicles for 2026, representing a 14.03% increase compared to 2025. Chery Automobile Co., Ltd. aims for 3 million units, a year-on-year growth of 14.01% [3][14] - Great Wall Motors has unveiled a new platform named "Guiyuan," which received 22,000 votes from 96,000 participants. The platform focuses on user needs and aims to simplify vehicle offerings while enhancing value [5][15] - Huawei's QianKun partnership is projected to achieve over 900,000 units in total sales by 2025, continuing its commitment to integrate intelligence into every vehicle. The sales data includes brands such as Avita, Lantu, and others [7][18] Group 2 - Employees of Changan Automobile have expressed dissatisfaction on social media regarding the cancellation of traditional year-end bonuses due to unmet sales and profit targets. An incentive plan is expected in February, but details are currently unavailable [9][20]

作者 | 周智宇 编辑 | 张晓玲 借着CES的舞台，中国车企正在重新定义未来。 相比往年的CES（国际消费电子展），今年参展的中国车企与供应链企业少了一份初来乍到的喧嚣，多 了一份务实。如果说两年前，中国汽车产业还在试图通过电池成本和供应链效率向全球证明"性价比"； 那么在本届展会上，核心议题已经彻底切换。 从现场释放的信号来看，单纯的硬件堆砌已触及边际效应递减的临界点。 当屏幕数量和百公里加速不再能刺激资本市场的神经，中国车企开始集体向产业链的最顶端——AI大 模型与高阶智驾架构，发起冲锋。此次CES上，吉利发布的"全域AI 2.0"体系、长城汽车带去智能、动 力，加上供应链企业在芯片与传感器上的性能突围，共同构成了本届CES的中国叙事。 这些来自中国的核心玩家，正通过高阶智驾与AI大模型构建新的技术护城河。这也会是汽车产业重构 的过程中，中国玩家从制造输出到标准输出的惊险一跃。 在拉斯维加斯，一场关于汽车产业价值分配权的争夺战已然悄然打响。当硬件同质化成为行业共识，中 国车企开始在"软实力"上进行饱和式投入。这不仅是产品层面的军备竞赛，更是供应链整合能力与全球 化战略的一次深度重构。 技术亮剑 CES上 ...

汽车纵横全媒体 汽车行业在稳中求进、以进促稳导向中走过了不凡的2025年。一揽子积极政策，有效提振消费、挖掘增量潜能、增强内生增长动 力、净化改善竞争环境，让企业拥有获得感；行业上下携手"反内卷"，企业勇于破局，在竞合中有喜有忧。干字当头，生态共建， 汽车行业整体在守正创新、立破有序中实现精进式发展。 鉴往知今，驭势前行。《汽车纵横》重磅推出"封面故事"《精进2025——汽车行业10个十大年度盘点》大型专题报道。这是《汽车 纵横》连续第6年重磅推出汽车行业"10个十大"年度盘点。 本专题报道共10篇，分别为"十大年度热点""十大年度新政""十大年度人事变动""十大年度金句""十大年度品牌热点""十大年度融资 热点""智能网联新能源汽车十大年度事件""汽车供应链十大年度热点""中国汽车出海本地化十大年度事件""全球汽车行业十大年度 事件"。 来自竞争最激烈的前线，却指向超越竞争的共通命题。10位企业领袖，10个犀利洞察，共同组成一篇关于未来、责任与生存的年度 集体对话，铭记一个产业在关键节点上的集体清醒、自省与超越的勇气。 1 "吃掉花卷，摒弃内卷" 2025年6月，在重庆车展期间，时任长安汽车董事长的朱华荣响 ...

行 业 及 产 业 行 业 研 究 / 行 业 点 评 相关研究 《关注中升控股；福达股份、恒勃股份更 新——一周一刻钟，大事快评（W138）》 2025/12/30 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 联系人 邵翼 A0230524120001 shaoyi@swsresearch.com 2026 年 01 月 07 日 补贴政策受益分析；小鹏、零跑、 长城销量解读 证 券 研 究 报 告 汽车 ⚫ 补贴政策受益分析：2026 年新能源汽车购置税补贴政策从"一刀切"模式调整为分档 等比例补贴，导致单车补贴金额出现小幅下降。以 2025 年 Q4 销量结构为基准的测算显 示，政策影响呈现显结构性差异：中低端车型占比越高的企业，补贴退坡幅度越大。其 中吉利、比亚迪补贴退坡幅度较大，而小鹏、长城、零跑受影响相对较小，15-20 万以 上的高端品牌基本不受本次政策调整影响。我们认为本次补贴政策调整将显著重塑2026 年新能源汽车销量结构。此前依赖补贴支撑的 A0 级及 A00 级低端车型需求预计将显著 降低，中高端新能源车型及整体 ASP 较高的企业将在 ...

Core Viewpoint - The automotive industry is experiencing homogenization, reflected in both products and naming conventions. Great Wall Motors has taken a unique approach by allowing the public to name its new platform, resulting in the name "Guiyuan," which signifies a return to user-centric values and a commitment to technological innovation and strategic ambition [1][3]. Naming Origin: From User Co-Creation to the Essence of "Guiyuan" - The naming process involved over 96,000 participants and more than 110,000 votes, emphasizing user engagement and co-creation, aligning with Great Wall's long-term, user-centered development philosophy [3][6]. - The name "Guiyuan" encapsulates the essence of returning to the fundamentals of automotive design and technology, focusing on genuine user needs and the core logic of industry development [3][4]. Technical Foundation: User-Centric Implementation of the Guiyuan Platform - The Guiyuan platform is designed for the next 10-20 years, emphasizing versatility with capabilities for multiple powertrains and vehicle types, catering to diverse user needs [6][10]. - The platform's compatibility with various energy forms, including gasoline, hybrid, electric, and hydrogen, reflects a strategic approach to global market demands [7][11]. Global Strategy: Guiyuan as a Vehicle for China's Automotive Expansion - Great Wall Motors aims to expand globally, recognizing that understanding local user needs and adapting to diverse market conditions is crucial for success [11][12]. - The Guiyuan platform's ability to adapt to different powertrain requirements enhances efficiency and cost-effectiveness in international markets, addressing the challenges posed by varying energy structures and infrastructure [11][12]. Conclusion - The Guiyuan platform represents Great Wall Motors' commitment to innovation and user-centric design, supported by a robust technical foundation and a strategic vision for global expansion. This approach aims to transform the Chinese automotive industry from mere scale expansion to value enhancement [12][13].

Core Viewpoint - Great Wall Motors has officially named its new "multi-power" platform as "Guiyuan," which will serve as the ecological foundation for intelligent mobility [1] Group 1: Platform Overview - The Guiyuan platform is centered around the core idea of "tracing the origin of the industry and returning to user needs," focusing on the essence of automotive mobility and technological innovation [3] - It supports "one vehicle, multiple power sources; one vehicle, multiple categories; one vehicle, multiple forms," providing comprehensive adaptability for various scenarios [3] Group 2: Technical Compatibility - The Guiyuan platform is inherently compatible with multiple power solutions, including gasoline, diesel, BEV (Battery Electric Vehicle), HEV (Hybrid Electric Vehicle), PHEV (Plug-in Hybrid Electric Vehicle), and hydrogen energy [3] - It covers a range of product categories such as SUVs and MPVs, aiming to provide technology that truly fits the needs of users in different global markets and energy conditions [3] Group 3: Strategic Implications - The platform's foundational, inclusive, and growth-oriented characteristics reflect Great Wall Motors' comprehensive layout from ecological foundation construction to global adaptation strategy [3] - Each keyword associated with the Guiyuan platform corresponds to a response to the actual interests of users, emphasizing the company's commitment to user-centric innovation [3]

爱建证券研报指出，长城汽车继续推进高端化+全球化，2026年目标180万辆。年末价格竞争加剧，公 司或主动控产去库存，12月产量同比降幅大于销量，单月销量承压，新能源车与出口表现占优。2026年 目标销量120万辆（不含出口），高端新能源车为核心增量。2026年出口目标60万辆，强化非俄市场。 随着新平台车型放量、直营渠道效率提升及海外高价值车型占比提升，规模效应与单车盈利改善有望同 步兑现，盈利弹性进入释放阶段。维持"买入"评级。 ...