Core Viewpoint - The export of Chinese automobiles to the Russian market is facing significant challenges, with a notable decline in sales and increasing operational costs due to new taxes and changing consumer sentiment [1][4][11]. Group 1: Export Trends - In the first nine months of 2025, China's automobile exports to Russia fell to 357,700 units, a decrease of 58% year-on-year, marking a significant shift in export dynamics [4]. - Russia has dropped from being the largest export destination for Chinese automobiles to the third position, with Mexico and the UAE now leading [4][11]. - The overall export volume of Chinese automobiles reached 5.71 million units in the first nine months of the year, reflecting a 21% increase, but the focus has shifted away from Russia [1][4]. Group 2: Market Challenges - The introduction of new taxes, including a 70% to 85% increase in the scrappage tax for imported vehicles, has severely impacted the profitability of exporting to Russia [9][11]. - The economic situation in Russia, characterized by high inflation (10%) and a fluctuating ruble, has led to decreased purchasing power and rising costs for consumers [11]. - The interest in foreign brands returning to the Russian market has caused potential buyers to adopt a wait-and-see approach, further dampening demand for Chinese vehicles [15] . Group 3: Industry Response - Chinese automobile manufacturers are shifting strategies from quick profits to establishing a long-term presence in the Russian market, focusing on local production and service [20][21]. - Companies like Great Wall Motors are already implementing localized production strategies, achieving a localization rate of over 65% to mitigate import tax impacts [20]. - Industry leaders emphasize the need for improved after-sales service and brand perception to counteract negative stereotypes about quality [21].

"现在倒好，一批10台国产新能源SUV的订单，现在只交付了1台。剩下的车型，客户害怕缴高额报废税，随时可能会放弃。"眼下，谈及对俄罗斯市场的 出口业务，易威新能源科技（成都）有限公司创始人王翔雨有些"焦虑"。 作为俄罗斯汽车出口赛道的开拓者，王翔雨和天津盛泰仁通国际贸易有限公司副总经理刘雷，都见证了中国汽车涌入俄罗斯市场的"狂欢"，也亲历了这场 热潮变得理性。如今，他们手机里的俄罗斯客户群不再讨论"什么时候能提车"，反而满是"报废税会不会再涨""西方车企什么时候回来"的疑问。 数据进一步为他们的感受提供了佐证。乘联分会数据显示，今年前9个月，中国汽车出口571万辆，同比增长21%。其中，墨西哥成为中国汽车出口第一大 目的国，阿联酋次之，俄罗斯则成为中国汽车出口第三目的国。这一变化，反映出中国汽车出口目的地的格局正悄然生变。在过去两年，俄罗斯一直是中 国汽车第一大出口目的国。 进口税、报废税、汽车的售后和维修难题等因素，都影响着中国汽车对俄罗斯市场的出口业务。"俄罗斯的相关政策也是在变动中的。现在，我们想先保 证活下去，不能下'牌桌'。"在王翔雨眼中，专注海外出口的汽车经销商"一旦下了'牌桌'，就没有任何意义了 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The penetration rate of the Chinese new energy vehicle market exceeded 30% in 2023 and 50% since 2024. In 2025, high - competitiveness new car products are continuously launched, and the call for "anti - involution" is growing louder [4][121]. - In the overseas market, severe trade protectionism in Europe and the United States brings volatility risks to exports. Attention should be paid to new growth points such as countries along the Belt and Road and the Middle East [4][121]. - In terms of the competitive landscape, the market share of domestic brands continues to expand. Companies with strong product strength, smooth overseas expansion, and stable supply should be focused on [4][121]. 3. Summary According to Relevant Catalogs 3.1 Financial Market Tracking - The weekly price - to - earnings ratios and price - to - book ratios of related sectors and listed companies are presented in the report, including the closing prices and weekly price changes of companies such as BYD, Seres, and Great Wall Motor [14][17]. 3.2 Industrial Chain Data Tracking 3.2.1 China New Energy Vehicle Market Tracking - **China Market Sales and Exports**: Data on China's new energy vehicle sales, penetration rate, domestic sales, and exports are provided, as well as sales data for electric vehicles (EV) and plug - in hybrid vehicles (PHV) [18][20][26]. - **China Market Inventory Changes**: Information on the monthly new additions to new energy passenger vehicle channel inventory and manufacturer inventory is given [27][28]. - **China New Energy Vehicle Manufacturer Deliveries**: Monthly delivery data for new energy vehicle manufacturers such as Leapmotor, Li Auto, XPeng, and NIO are presented [31][32][35]. 3.2.2 Global and Overseas New Energy Vehicle Market Tracking - **Global Market**: Data on global new energy vehicle sales, penetration rate, and sales of EV and PHV are provided [41][42][44]. - **European Market**: Information on European new energy vehicle sales, penetration rate, and sales of EV and PHV in countries like the UK, Germany, and France are presented [45][46][51]. - **North American Market**: Data on North American new energy vehicle sales, penetration rate, and sales of EV and PHV are provided [58][59][60]. - **Other Regions**: Information on new energy vehicle sales, penetration rate, and sales of EV and PHV in regions such as Japan, South Korea, and Thailand are presented [61][62][65]. 3.2.3 Power Battery Industrial Chain - Data on power battery installation volume (by material), export volume (by material), weekly average price of battery cells, and material costs are provided. Information on the production start - up rates and prices of ternary materials, ternary precursors, lithium iron phosphate, and other materials are also included [78][80][85]. 3.2.4 Other Upstream Raw Materials - Data on the daily prices of rubber, glass, steel, and aluminum are presented [101][102][103]. 3.3 Hot News Summaries 3.3.1 China: Policy Dynamics - The State Council Information Office released the white paper "China's Actions for Carbon Peak and Carbon Neutrality", highlighting China's achievements in green and low - carbon transformation and the promotion of new energy vehicles [108]. 3.3.2 China: Industry Dynamics - According to the Passenger Car Association, from October 1 - 31, new energy vehicle retail sales increased by 17% year - on - year, and cumulative retail sales since the beginning of the year increased by 23%. The estimated wholesale growth rate of new energy vehicles in October was 16% [110][112]. 3.3.3 China: Enterprise Dynamics - Seres was listed on the main board of the Hong Kong Stock Exchange on November 5, becoming the first luxury new energy vehicle company with "A + H shares". The Aian UT Super 1 car jointly built by JD.com, GAC, and CATL was officially launched [113][114]. 3.3.4 Overseas: Policy Dynamics - The EU Council reached an agreement on the 2040 climate target, aiming to reduce net greenhouse gas emissions by 90% compared to 1990 by 2040 [115]. 3.3.5 Overseas: Industry Dynamics - In the UK, passenger car sales in September increased by 13.7%, with pure - electric and plug - in hybrid electric vehicles increasing by 29.1% and 56.4% respectively. In the US, car sales in October decreased by 5.1% year - on - year, and the new energy vehicle market was in trouble due to the expiration of tax credits [117][118]. 3.4 Industry Views - In the domestic market, in October, new energy passenger vehicle retail sales were 1.4 million, a year - on - year increase of 17% and a month - on - month increase of 8%. From January to October, cumulative retail sales were 10.27 million, a year - on - year increase of 23%. In October, new energy passenger vehicle wholesale was 1.614 million, a year - on - year increase of 16% and a month - on - month increase of 8%. From January to October, cumulative wholesale was 12.061 million, a year - on - year increase of 30%. The new energy retail penetration rate in October was 58.7%, and the wholesale penetration rate was 55.2% [2][119]. - Globally, from January to September, new energy vehicle sales increased by 30% year - on - year to 15.42 million. In the European market, cumulative sales were 2.78 million, a year - on - year increase of 28%; in the North American market, cumulative sales were 1.42 million, a year - on - year increase of 10%; in other regions, cumulative sales were 0.77 million, a year - on - year increase of 54%. The UK reached a new high in September, mainly due to the government's electric vehicle subsidy policy [2][119]. - In the US, new energy vehicle sales and penetration rates reached consecutive record highs in August and September, mainly because the federal electric vehicle tax credit ($7,500) expired on September 30. In October, car sales decreased by 5.1% year - on - year, Ford's electric vehicle sales decreased by 24.8% year - on - year, and Tesla's sales decreased by 30.4% year - on - year in October after a growth in September. Tesla launched low - cost versions of Model Y and Model 3 in October, and the market reaction remains to be seen [3][120]. 3.5 Investment Suggestions - Focus on the new energy vehicle industry in China, pay attention to new growth points in overseas markets such as countries along the Belt and Road and the Middle East, and select companies with strong product strength, smooth overseas expansion, and stable supply [4][121].

Core Insights - The chairman of Great Wall Motors, Wei Jianjun, is actively engaging with younger consumers through innovative marketing strategies, including live streaming and collaborations with esports players [2][3][4] - The new Tank 400 model is positioned as a trendy and cool vehicle for young people, featuring a unique design and advanced technology aimed at enhancing user experience [3][4][6] - Wei Jianjun's efforts are part of a broader strategy to reshape the Tank brand and the overall image of Great Wall Motors, emphasizing a shift towards a more youthful and dynamic corporate identity [3][4][6] Marketing Strategy - Wei Jianjun's participation in live streaming events and his use of relatable language aim to connect with younger audiences and convey that Great Wall Motors understands their needs [3][4] - The Tank 400's launch event featured a vibrant purple theme, contrasting with traditional off-road vehicle colors, to appeal to a younger demographic [2][3] Product Features - The Tank 400 incorporates original mech aesthetics, advanced driving assistance systems, and comfort features such as Nappa leather seats, catering to the modern consumer's desire for both utility and luxury [3][4] - The vehicle is designed to meet the dual demands of urban commuting and weekend off-roading, reflecting the changing preferences of new-generation consumers [3][4] Brand Positioning - The Tank brand has accumulated around 800,000 users, with over 30% being female, indicating a shift towards a younger and more diverse customer base [2] - Wei Jianjun's personal brand and public persona are seen as key drivers in the effort to modernize the company's image and appeal to younger consumers [3][4][6] Competitive Landscape - The Tank brand is at a critical juncture, facing competition from both traditional off-road vehicles and emerging players like BYD's Fangchengbao, necessitating a strong brand identity and emotional connection with consumers [6]

Group 1 - Chongqing has made significant progress in the large-scale application of Vehicle-to-Grid (V2G) technology, with 209 bidirectional charging and discharging stations established this year, cumulatively discharging 405,200 kWh to the grid [2] - Xiaopeng Motors has the capability to develop range-extended configurations across its entire lineup, with the decision to adopt such systems depending on market demand and vehicle models; the range-extended version of the X9 model has started pre-sales at a starting price of 350,000 yuan [2] - Uxin's second-hand car storage and sales center in Wuhan has officially opened, being the largest single second-hand car market in Central China, capable of showcasing 5,000 vehicles simultaneously [2] Group 2 - Ora's new pure electric SUV, the Ora 5, will begin pre-sales on November 12, featuring a retro design, smart driving assistance, and a maximum power output of 150 kW from its drive motor, along with a lithium iron phosphate battery produced by Honeycomb Energy [2]

Core Insights - Chinese automotive brands are rapidly gaining popularity in South Africa, with increasing market presence and consumer preference, particularly among the youth [1][2][3] Group 1: Market Trends - South African cities are witnessing a surge in the presence of Chinese automotive brands such as Haval, Chery, BYD, and BAIC, with dealerships emerging rapidly [1] - In September, new car sales in South Africa continued to grow, with Chery and Great Wall Motors ranking 4th and 6th respectively in sales [2] - Chinese brands are reshaping consumer perceptions in South Africa, meeting demands for price, design, and technology [2] Group 2: Consumer Preferences - Young South African consumers are increasingly favoring Chinese brands, with Chery being one of the top ten brands financed by young buyers [2] - The Chery Jetour X70 Plus, launched in September last year, is noted for its high cost-performance ratio and reliability, appealing to local drivers [2] Group 3: Economic Impact - Chinese automotive companies are contributing to local employment and industry development by investing in manufacturing plants, such as BAIC's facility in Port Elizabeth, which has created over 3,000 jobs [3] - The unique technological features of Chinese vehicles, even in entry-level models, are highlighted as a significant factor in their growing popularity [3]

Core Points - Great Wall Motors has been selected as an official partner for the 30th Conference of the Parties (COP30) to the United Nations Framework Convention on Climate Change, sponsoring 100 new energy commuter vehicles and supporting Brazil's first green hydrogen vessel project [2] - This recognition reflects the UN's acknowledgment of Great Wall Motors' efforts in new energy transition, hydrogen technology research, and global environmental practices [2] - The partnership is expected to enhance Great Wall Motors' brand credibility in global markets, particularly in regions with stringent environmental standards [2] Company Initiatives - Great Wall Motors has already implemented green technologies in the Brazilian market, with the "New Long March 1" hydrogen heavy truck entering Brazil in August, marking it as the first hydrogen heavy truck in the region [2] - The company has also delivered China's first mobile hydrogen power generation unit for marine use to Brazilian clients, supporting zero-emission power for climate research in the Amazon rainforest [2] - These initiatives exemplify Great Wall Motors' "ecological going out" strategy and address Brazil's needs for green transportation and energy transition, fostering clean energy cooperation between China and Brazil [2] Strategic Implications - By sponsoring COP30, Great Wall Motors is promoting China's green transportation solutions on the international stage, aligning with national "dual carbon" goals and contributing to global climate governance with "Chinese manufacturing" [2]

Group 1 - The State Intellectual Property Office of China has granted Great Wall Motors Co., Ltd. a patent for a "gearbox disengagement control method, device, terminal equipment, and storage medium," with the authorization announcement number CN 116241653 B, and the application date being January 2023 [1] - Great Wall Motors Co., Ltd. was established in 2001 and is located in Baoding City, primarily engaged in the automotive manufacturing industry [1] - The registered capital of Great Wall Motors Co., Ltd. is approximately 85.59 billion RMB [1] Group 2 - According to data analysis from Tianyancha, Great Wall Motors Co., Ltd. has invested in 74 companies and participated in 2,730 bidding projects [1] - The company holds 5,000 trademark records and 5,000 patent records, in addition to possessing 640 administrative licenses [1]

2025年9月，保定新建商品住宅均价为8729元，环比下跌0.82%，同比下跌1.63%；二手房样本均价为 8669元，环比下降0.62%，同比下跌7.71%。 保定的房价曾经凭借"京津冀一体化"概念有过巅峰时刻，而如今正经历一场深刻的市场调整。 从1968 年省会西迁石家庄的落寞，到 2017 年雄安新区成立的喧嚣，再到如今房价回落的平静，可以 说，保定楼市的每一次涨跌，都镌刻着城市命运的印记。 2014年的京津冀协同发展战略出台，保定可能成为副中心的传闻四起。 壹 从1949年到1958年，再从1966年至1968 年，伴随着北京成为首都及天津升格为直辖市，保定两度成为 河北省会。 这算是保定城市发展史上的高光时刻。 彼时的老城厢里，直隶总督署的外墙与新兴的机关大院相映成趣。 京汉铁路不仅曾汇聚了刘少奇、李富春、蔡和森，以及教员等来自全国各地的精英，而且在建国后，铁 路系统的扩建带来了首批产业工人，国营工厂的兴起也催生了最早的住房需求。 2000年前后，保定主城区的房价维持在千元左右。市场由隆基泰和等本地房企主导，外来者难以分得一 杯羹。这种平稳态势一直延续到 2014 年，成为后来房价暴涨的漫长铺垫。 ...

Core Insights - The launch of the new Tank 400 SUV, themed "Cool Off-Road New Era," emphasizes its unique position as a versatile off-road vehicle catering to the needs of young consumers [1][2] - The Tank 400 features three core advantages: trendy appearance, robust performance, and luxurious intelligence, aiming to set a benchmark in the off-road SUV market [1] - The pricing for the Tank 400 models ranges from 24.98 million to 31.98 million yuan, appealing to a broad audience [1] Group 1 - The Tank 400 was successfully launched with a focus on its all-scenario travel capabilities and trendy design [1] - The event included immersive experiences for attendees, showcasing the vehicle's performance and lifestyle integration [2] - The Tank brand has gained the trust of nearly 800,000 users globally, creating a strong community around off-road culture in China [3] Group 2 - The Tank brand is actively engaging with the younger generation, positioning itself as a lifestyle statement rather than just a vehicle [4]