交银国际发布研报称，长城汽车（601633）(02333)去年营收2,227.9亿元人民币(下同)，同比增长 10.2%，纯利跌21.7%至99.12亿元，主要受直营渠道建设及新品/品牌投放前置拖累。公司去年第四季营 收692.1亿元创新高，但纯利仅12.77亿元，按季跌44%，主因一次性计提年终奖(预提46亿元)叠加直营与 广告投入、新店爬坡。展望2026年，该行料长汽盈利弹性取决于提效，海外挑战60万辆与直营提效带动 利润修复。该行维持对长汽的"买入"评级，目标价22.5港元。 ...

智通财经APP获悉，交银国际发布研报称，长城汽车(02333)去年营收2,227.9亿元人民币(下同)，同比增 长10.2%，纯利跌21.7%至99.12亿元，主要受直营渠道建设及新品/品牌投放前置拖累。公司去年第四季 营收692.1亿元创新高，但纯利仅12.77亿元，按季跌44%，主因一次性计提年终奖(预提46亿元)叠加直营 与广告投入、新店爬坡。展望2026年，该行料长汽盈利弹性取决于提效，海外挑战60万辆与直营提效带 动利润修复。该行维持对长汽的"买入"评级，目标价22.5港元。 ...

Core Viewpoint - The article discusses innovative marketing strategies adopted by automotive companies during the winter sales season in January 2026, highlighting how they engage consumers through unique experiences and cross-industry collaborations [3][4]. Group 1: Winter Marketing Strategies - January is a critical month for car companies, often referred to as the winter testing season, where numerous companies gather in regions like Inner Mongolia for vehicle testing [5]. - Traditional testing methods are becoming less effective in attracting attention, leading companies to create engaging winter experiences, such as Great Wall Motors' collaboration with Harbin Tourism Bureau for the "Harbin Ice and Snow Happy Week" [8][10]. - The "Long Spring First Ice Pot," a giant ice structure in Changchun, has become a popular destination, attracting over 1,000 vehicles for ice drifting experiences since its opening on January 10, 2026 [10][12]. Group 2: Cross-Industry Collaborations - Cross-industry marketing remains a popular strategy, with companies like Wangwang and Dong Mingzhu engaging in partnerships to attract consumer attention [15][20]. - Notable interactions include a humorous exchange between GAC Group's chairman and Gree Electric's chairman, which, despite being misinterpreted, enhanced the collaboration's visibility [22]. - BMW's playful marketing campaign during the New Year featured various humorous themes, effectively combining cultural elements with brand promotion [23][25]. Group 3: Community Engagement Initiatives - Xiaopeng Motors launched a "1000 Mobile Charging Stations" initiative, providing charging cables to 1,000 car owners, addressing the real needs of consumers during the Spring Festival [29][30]. - This initiative not only alleviates charging anxiety but also fosters a sense of community among car owners, enhancing brand warmth and consumer pride [33]. Group 4: Cultural and Brand Positioning - Volvo's innovative marketing approach involved a real-life simulation of a racing game, effectively engaging consumers by mimicking gaming experiences [34][37]. - GAC Aion capitalized on local cultural phenomena by creating a music video related to a trending song, thereby connecting emotionally with the audience [38][41]. - NIO's collaboration with the talk show "Thirteen Invitations" reflects a commitment to deeper values and long-term engagement rather than superficial marketing [42][45]. Group 5: Year-End Reflections and Celebrations - The automotive industry has seen a surge in year-end celebrations, with companies like Chasing and Mercedes-Benz using these events to enhance brand image and consumer engagement [49][51]. - The collective celebration of Mercedes-Benz's 140th anniversary showcased the industry's youthful spirit and creativity, with various brands participating in playful marketing campaigns [51].

Core Viewpoint - The company reported a mixed performance for 2025, with revenue growth but significant declines in net profit, indicating challenges in profitability despite increased sales [4]. Group 1: Financial Performance - In 2025, the company's operating revenue increased by 10.2% year-on-year to 222.79 billion yuan, while net profit attributable to shareholders decreased by 21.7% to 9.91 billion yuan [4]. - The fourth quarter of 2025 saw a revenue increase of 15.5% year-on-year and 13.0% quarter-on-quarter to 69.21 billion yuan, but net profit dropped by 43.5% year-on-year and 44.4% quarter-on-quarter to 1.28 billion yuan [4]. - The company's non-recurring net profit for 2025 fell by 36.5% year-on-year to 6.16 billion yuan, with a significant decline in per vehicle profitability [4]. Group 2: Strategic Developments - The company achieved a 7.3% year-on-year increase in total vehicle sales to 1.324 million units in 2025, with a notable 25.4% increase in new energy vehicle sales to 404,000 units [5]. - The high-end strategy is showing results, with the average selling price (ASP) per vehicle rising by 2.7% year-on-year to 168,300 yuan [5]. - The company is expanding its brand value through models like the Tank brand and the Wey brand, focusing on a dual flagship strategy to enhance market presence [5]. Group 3: Global Expansion - The company's overseas sales grew by 11.7% year-on-year to 506,000 units, accounting for 38.2% of total sales in 2025 [6]. - The launch of the "Guiyuan" platform, which supports multiple powertrain types, is expected to drive new vehicle cycles and enhance global competitiveness [6]. - The establishment of a factory in Brazil is anticipated to boost sales in Latin American markets, contributing to future growth [6].

行 业 及 产 业 2026 年 02 月 03 日 行 业 研 究 / 行 业 点 评 相关研究 《重点公司 Q4 业绩强兑现，特斯拉再次 强调 AI 转型——2026/1/26-2026/2/1 汽 车周报》 2026/02/02 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 联系人 朱傅哲 A0230524080008 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 再看东南亚；长城汽车业绩快报 看好 ——一周一刻钟，大事快评（W143） 本期投资提示： 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 ⚫ 核心风险：原材料价格波动风险，地缘政治风险，行业复苏不及预期 汽车 zhufz@swsresearch.com ⚫ 再看东南亚：东南亚新能源汽车市场相较之前发生了显著变化。从核心数据来看，新加 坡、马来西亚、泰国三国的中国新能源车品牌销量及渗透率增速超出预期，其中一个重 要原因是 2025 年马来、泰国市场中国新能源品牌降价的推动。2026 年以来，东南亚市 ...

1. 长城汽车全年业绩预期怎么样？ 截至2026年02月03日，根据朝阳永续季度业绩前瞻数据： 预测营业收入2474.84~2898.00亿元；预测净利润124.49~175.20亿元。 关注后续财报数据披露后能否超预期，朝阳永续A股季度业绩前瞻数据将为投资者提供业绩鉴定。 | 机构间 | | | | 预测净利润 | 同比 预测和 | | 同比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 卖方预测区间 | | 2474.84~2898.00 | | 124.49~175.20 | | | - | | 平均数 | | 2722.38 | - | 154.08 | | - | - | | 中位数 | | 2762.39 | -- | 156.00 | - | - | -- | | 光大证券 | 2026-02-02 | 2596.41 | F | 124.49 | -- | -- | -- | | 国联民生证券 | 2026-02-02 | 2898.00 | i | 175.20 | -- | -- | -- | | 平安证券 | 2026-02- ...

据经济观察报-经济观察网 2026年1月，长城汽车销售新车9.03万辆，同比增长11.59%，环比下滑 27.18%。其中，海外销量同比增长43.77%。哈弗品牌销售5.05万辆，同比增长4.03%；魏牌销售7873 辆，同比增长57.24%；坦克品牌销售1.45万辆，同比增长12.92%。上汽集团虽未公布总体销量，但其部 分业务单元已发布数据。上汽乘用车体系中的荣威、MG销量零售超7.8万辆，同比增长9.8%；上汽通用 五菱1月全球销量10.58万辆；上汽通用终端交付5.1万辆，同比增长8.2%。东风汽车旗下，岚图汽车1月 交付1.05万辆，同比增长31%；奕派科技销量2.13万辆，同比增长145%；猛士汽车销售1008辆，同比增 长300%。 ...

进入2026年1月后，新能源汽车购置税开始减半征收，车企购 置税兜底政策也随之结束。另外，1月各地具体的购车补贴细 则尚未全部出台，导致消费者存在观望情绪，影响了车市终端 销售情况。 作者：王帅国 封图：图虫创意 2月1日，各家车企相继发布了1月销量。从整体上看，汽车行业实现2026年"开门红"，大多数车 企1月销量同比取得正增长，但这一同比增长是由于2025年春节在1月，去年同期的新车销售基数 较低。 环比数据上，大多数车企1月销量下滑明显，主要原因在于2025年12月新能源汽车还享受购置税 全额减免政策，同时车企为年底冲量，在12月出台了许多其他优惠政策。进入2026年1月后，新 能源汽车购置税开始减半征收，车企购置税兜底政策也随之结束。另外，1月各地具体的购车补贴 细则尚未全部出台，导致消费者存在观望情绪，影响了车市终端销售情况。 广汽集团1月销量为11.66万辆，同比增长18.47%，环比下滑37.79%。其中自主品牌销量超4.9 万辆，同比增长87.58%；海外销量同比增长68.59%。分品牌来看，昊铂+埃安销量2.16万辆， 同比大增171.63%；传祺品牌销量2.77万辆，同比增长51.06%； ...

Core Insights - January saw a significant reshuffling in the domestic automotive market, with new energy vehicle (NEV) purchase tax reinstatement and demand being pulled forward due to promotions leading to changes in rankings among new players [1] - New energy vehicle companies showed a clear divergence in January sales, with Zeekr, NIO, and Xiaomi Auto experiencing over 90% year-on-year growth, while Li Auto and Xpeng faced declines [1][2] Sales Performance - Hommage Zhixing delivered 57,900 vehicles in January, with the AITO brand contributing 40,000 units, accounting for 69.1% of total deliveries [2] - Xiaomi Auto delivered over 39,000 vehicles, marking a 95% year-on-year increase, despite a 22% month-on-month decline [2] - Leap Motor's January deliveries reached 32,100 units, with plans to hit a sales target of 1 million vehicles in 2026 [2] - Li Auto's deliveries were 27,700 units, entering a self-adjustment phase due to supply chain issues affecting production [3] - NIO delivered 27,200 vehicles, with a significant year-on-year increase of 163% driven by the new ES8 model [3] - Xpeng delivered approximately 20,000 vehicles, focusing on new product launches for 2026 [4] Traditional Automakers - Geely topped the sales chart in January with 270,200 units sold, a 1.29% year-on-year increase and a 14.08% month-on-month increase, driven by the Zeekr brand [5][6] - BYD's sales fell to 210,100 units, a 30.11% year-on-year decline, primarily due to weak domestic demand [6] - GAC Group reported sales of 116,600 units, an 18.47% year-on-year increase, although it faced a 37.81% month-on-month decline [7][8] - Chery Group's total sales were 190,000 units, down 10.7% year-on-year, with only the Chery brand showing growth [8] - Great Wall Motors sold 90,300 vehicles, an 11.60% year-on-year increase, with a notable 30% growth in NEV sales [9]

Group 1 - The passenger car sector increased by 1.12% on February 3, with Seres leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] - Key stocks in the passenger car sector showed varied performance, with Seres and Haima Auto both rising by 2.82% [1] Group 2 - The net outflow of main funds in the passenger car sector was 117 million yuan, while retail investors saw a net inflow of 314 million yuan [1] - Detailed fund flow data indicated that Seres had a main fund net inflow of 172 million yuan, but retail investors had a net outflow of 85 million yuan [2] - BYD experienced a significant net outflow of 379 million yuan from main funds, despite a retail net inflow of 386 million yuan [2]