国海证券研报指出，长城汽车2025年销量创新高，看好硬派越野扩容。2025年12月实现销量12.4万辆， 同比-8.3%。2025年公司销量为132.4万辆，同比+7.3%，创集团全年销量新高。坦克+WEY牌推动高端 化升级，欧拉焕新重塑经济型新能源布局。公司海外竞争优势稳固，盈利确定性较高，随未来产品推 出，公司销量整体趋势向上，预计公司未来收入等业绩指标持续向好，看好公司未来发展，维持"增 持"评级。 ...

Group 1 - Sichuan has set a maximum price of 6,583 yuan per session for brain-computer interface medical services, effective from April 30 this year, which is expected to promote industry standardization and prevent speculation [2] - WeChat has clarified that normal social behaviors will not be restricted under the new rules, ensuring users' accounts will not be penalized for typical usage patterns [3] - Aima Technology has denied rumors of a workforce reduction exceeding 50%, stating that personnel optimization is a normal adjustment for business development [4] Group 2 - Ant Group and Meituan Longzhu have invested in Shenzhen Guangzhi Shikong Technology Co., a developer of AI interactive devices, increasing its registered capital from approximately 1.6435 million yuan to about 2.1062 million yuan [5] - The film "The Legend of the Condor Heroes" has surpassed 200 million yuan in box office revenue within 9 days of its release [6][7] - IKEA announced the closure of 7 stores, including one in Shanghai, as part of its strategy to optimize business operations and focus on consumer-centric channels [8][13] Group 3 - Bawang Tea has responded to rumors of a potential IPO in Hong Kong, stating that there are currently no plans for such an initiative [9] - Lin Yunfeng, head of NetEase's DreamWorks division, has left the company, with the DreamWorks mobile game team being integrated into the Sea God division [10] - Chinese automotive brands are performing well in Ecuador, with BYD's sales expected to grow by 243.1% in 2025, and overall new car sales projected to increase by 15% [11] Group 4 - JD.com has established a "Chameleon Business Unit" to focus on the development and commercialization of core AI products [12] - JD.com is reportedly considering the issuance of dim sum bonds to raise approximately 10 billion yuan, although the company has stated there are no current plans for such an issuance [14]

Group 1: Fixed Income Analysis - The report analyzes the recent increase in borrowing of local government bonds and provides insights into the reasons behind this trend and future market outlook [3][4] - As of January 6, the net borrowing volume of local government bonds has increased, with the top five being Henan, Jiangxi, Shandong, Hunan, and Hebei, all with a 30-year maturity [5] - Institutions are primarily borrowing local bonds to take long positions on the spread between local government bonds and national bonds, with the spread reaching a relative low of 14.8 basis points on December 29, 2025 [5][6] Group 2: Great Wall Motors Analysis - Great Wall Motors reported a total sales volume of 1.324 million vehicles in 2025, marking a year-on-year increase of 7.3%, achieving a record high for the company [7][8] - The WEY brand saw significant growth, with a year-on-year increase of 86.3%, while the Haval brand maintained a steady performance with a 7.4% increase [8][9] - The company aims to continue its high-end upgrade strategy with the launch of new models and expects to maintain strong sales momentum in 2026 [9][10] Group 3: Leap Motor Analysis - Leap Motor achieved a total delivery of 597,000 vehicles in 2025, a year-on-year increase of 103.1%, and aims for a target of 1 million vehicles in 2026 [11][12] - The B and C series products have been well-received, contributing to the company's upward structural upgrade, with new models expected to enhance the product lineup [12] - The company has expanded its overseas presence, achieving over 60,000 deliveries in international markets, and plans to accelerate local production in 2026 [12][13] Group 4: Leshushih Analysis - Leshushih has established itself as a leading player in the African hygiene products market, focusing on local manufacturing and a strong distribution network [14][15] - The African market for baby diapers and sanitary products is projected to grow from $3.8 billion in 2024 to $5.6 billion by 2029, driven by increasing penetration and a young population [15][16] - The company has built a robust local supply chain and brand recognition, holding significant market shares in key product categories [16][17] Group 5: AI and Manufacturing Policy - The report discusses the recent policy initiative aimed at integrating AI into manufacturing, with goals to develop industrial intelligence and enhance software capabilities by 2027 [18][19] - The initiative aims to create 1,000 industrial intelligent entities and promote the application of AI across various manufacturing processes, potentially increasing efficiency and reducing costs [19][20] - The industrial software market in China is expected to exceed 500 billion yuan by 2029, driven by the ongoing digital transformation and policy support [21][22]

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。 ...

Group 1 - The article predicts that Europe, Latin America, and Southeast Asia will continue to contribute significantly to the growth of new energy vehicle (NEV) penetration rates, with Europe expected to exceed previous forecasts due to the release of affordable models and the reintroduction of some subsidies [2][18] - In Southeast Asia, the NEV penetration rate is projected to reach 19% by 2026, driven by contributions from Chinese automakers and local firms like VinFast, despite tightening import incentives [2][18] - Latin America's NEV penetration is expected to increase to 5% by 2026, but the growth will be limited due to a focus on local industrial protection and tax adjustments rather than direct demand stimulation [3][18] Group 2 - The article outlines that the total market size accessible to Chinese automakers is approximately 27 million vehicles, with an export potential market of about 9.08 million vehicles [5][20] - The export market analysis indicates that the share of NEV exports in total exports is expected to rise to 42% by 2025, with BYD being a major contributor to this growth [5][20] - The methodology for assessing market entry potential includes filtering based on trade barriers, bilateral relations, and external uncertainties, leading to the exclusion of markets like North America, Japan, and India [6][22] Group 3 - The article discusses the competitive landscape for Chinese automakers, highlighting that regions like Oceania, the Middle East, Central Asia, and Africa are more favorable for vehicle exports due to less stringent regulatory environments [8][25] - It emphasizes the importance of local production and supply chain investments in Southeast Asia and Latin America, where local market conditions are evolving [8][25] - The analysis of company strategies reveals that BYD has developed a replicable global operation model, while Chery and Great Wall have adopted different approaches to expand their market presence [9][24][27] Group 4 - The article concludes that companies with a strong overseas presence and proven execution capabilities, such as BYD, Great Wall, and Chery, should be prioritized for investment [12][13] - It highlights the need for companies to adapt to local market conditions and regulatory frameworks to ensure sustainable growth in international markets [12][13] - The overall export volume for Chinese automakers is projected to increase significantly, with NEV exports expected to reach 362,000 units by 2026 [30][37]

Core Viewpoint - Great Wall Motors showcased four models, including the WEY Mocha 9 and Tank 500 Hi4-T Intelligent Edition, at CES 2026, highlighting advancements in smart technology [1] Group 1: Product Showcase - Great Wall Motors presented four vehicle models at CES 2026, emphasizing their commitment to innovation in the automotive sector [1] - The showcased models include the WEY Mocha 9 and Tank 500 Hi4-T Intelligent Edition, indicating a diverse product lineup [1] Group 2: Technological Advancements - The company introduced ASL, a spatial and language intelligent agent that perceives the world from a 3D perspective, enhancing user interaction within and outside the vehicle [1] - In 2026, more models under Great Wall Motors will feature the VLA large model, indicating a push towards integrating advanced AI technologies in their vehicles [1] - The expansion of high-level intelligent driving assistance to more mid-range models reflects the company's strategy to enhance safety and convenience across a broader customer base [1]

Core Insights - The Chinese automotive market is experiencing significant growth in 2025, driven by the rise of new energy vehicles (NEVs), with domestic brands capturing nearly 70% of the passenger car market share [2] - The "Big Five" domestic automakers—BYD, Geely, Chery, Changan, and Great Wall—account for over half of the total passenger car sales, with a combined sales figure of 14.67 million units [2][3] - The competition among these companies has intensified, with each adopting distinct strategies for growth and market positioning [2] Group 1: Sales Performance - BYD remains the global leader in NEV sales, achieving 4.6024 million units in total sales, a year-on-year increase of 7.73%, with pure electric vehicle sales reaching approximately 2.257 million units, marking a 27.9% increase [3] - Geely is noted as the most aggressive player in 2025, with total sales exceeding 3.02 million units, a 39% increase, and NEV sales of 1.6878 million units, reflecting a 90% growth [5] - Changan and Chery have stable growth, with Changan's total sales reaching 2.913 million units, an 8.5% increase, and Chery's sales at 2.8064 million units, a 7.8% increase [4][6] Group 2: Strategic Developments - Geely is undergoing significant internal restructuring, merging with Zeekr Technology to enhance efficiency and resource allocation, aiming to save billions in R&D costs [8] - Chery has restructured its brand architecture to improve operational efficiency, establishing a domestic business group to streamline its operations and enhance competitiveness [8] - Capital markets are playing a crucial role in supporting long-term strategies, with Changan raising 6 billion yuan for new energy vehicle development and Chery successfully listing on the Hong Kong stock exchange to fund global expansion [9] Group 3: Technological Advancements - The competition has shifted from individual technological breakthroughs to a more systemic approach, with companies like BYD launching advanced platforms and intelligent driving systems [10] - Geely has introduced a unified intelligent driving solution and integrated its battery business into a safety system, enhancing its technological synergy [10] - Changan is advancing its "Beidou Tianzhu" plan, showcasing a comprehensive technology layout from solid-state batteries to advanced driving systems [10]

Group 1: Global Market and New Energy Penetration Forecast - The overall global passenger car sales are projected to reach 9,015 million units by 2026, with a growth rate of 1.7% year-on-year [16] - In Europe, the new energy penetration rate is expected to exceed 30% by 2026, driven by the launch of affordable models and the reintroduction of subsidies [2][34] - Southeast Asia is anticipated to see a new energy penetration rate of 19% in 2026, with significant contributions from Chinese automakers and local manufacturers [2][37] Group 2: Chinese Automakers' Global Market Share Forecast - The potential export market for Chinese automakers is estimated at 27 million units, with an export potential of approximately 9.08 million units by 2025 [3][5] - The market share ceiling for Chinese brands in regions prioritizing local brand development is expected to be lower compared to markets that do not emphasize local brand cultivation [5] - By 2025, the export share of new energy vehicles is projected to reach 42%, with BYD being a major contributor to this growth [3] Group 3: Export Predictions for Automakers - BYD is expected to have a high market match across most regions, particularly in Oceania and the UK, where there are minimal structural constraints [9] - Chery's core markets with the highest external environment match include Russia, Central Asia, and the Middle East, while the EU market presents more constraints [9] - Great Wall Motors is well-positioned in markets with stable demand for SUVs and pickups, particularly in the Middle East and Africa [9] Group 4: Investment Recommendations - The report suggests prioritizing investment in automakers with mature overseas systems and proven execution capabilities, specifically recommending BYD, Great Wall Motors, and Chery [11] - The export volume of various automakers is expected to increase significantly, with Chery projected to have an export share of 42% by 2026 [10] - The overall export volume for Chinese automakers is forecasted to reach 745,000 units by 2027, with a year-on-year growth rate of 13% [12]

| 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净点比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600104 | 上汽集团 | 1431.64万 | 2.05% | -3344.51万 | -4.79% | 1912.87万 | 2.74% | | 000625 长安汽车 | | -1789.80万 | -2.78% | -619.69万 | -0.96% | 2409.49万 | 3.74% | | 600733 北汽蓝谷 | | -2206.16万 | -2.07% | -4884.77万 | -4.59% | 7090.93万 | 6.67% | | 601238 广汽集团 | | -3569.60万 | -10.90% | 434.34万 | 1.33% | 3135.27万 | 9.58% | | 000572 海马汽车 | | -3600.32万 | -4.63% | -3160.85万 | -4.07% | 6761.18万 | 8.70% | | ...

曾几何时，中国汽车市场尤其新能源车型的高歌猛进，让不少制造商在制定年度目标时动辄以倍数设定 增长标杆，仿佛上涨曲线永远陡峭，市场容量永无边界。 | | | 汽车公司销量目标及完成情况 | | | | | --- | --- | --- | --- | --- | --- | | 车企 | 2026 | | 2025 | | | | | 目标销量(万辆)目标增幅(%) | | 实际销量(万辆) | 目标销量(万辆) | 完成度(%) | | 吉利 | 345 | 14 | 302. 46 | 300 | 101 | | 东风 | 325 | 30(估) | 250(估) | 300 | 83 | | 奇瑞 | 320 | 14 | 280. 64 | 300 | dat | | 长城 | 180 | 36 | 132. 37 | | | | 零跑 | 100 | 68 | 59. 66 | 50 | llə | | 小米 | 55 | 34 | 41 | 35 | 117 | | 蔚来 | 45.6-48.9 | 40-50 | 32.6 | 44 | 74 | 数据来源：车企公告 超额完成2025全年销量目标 ...