本文源自：金融界AI电报 据港交所公告，贝莱德在长城汽车(02333.HK)H股的多头持仓于2月17日从7.68%增至8.22%。 ...

格隆汇2月23日｜据港交所公告，贝莱德在长城汽车(2333.HK)H股的多头持仓于2月17日从7.68%增至 8.22%。 ...

2月22日， 业内人士分析指出，将"态度短片"与"招聘启事"并置，长城汽车的意图颇为清晰：在理解年轻人选择困 境的基础上，为他们的选择提供实际的支撑。这种"先共情、后行动"的逻辑，折射出企业人才观的变 化。 长城汽车发布《人生去留》短片，聚焦青年发展话题。长城汽车供图 在汽车行业加速变革的当下，人才的竞争已从单纯的薪酬福利比拼，延伸到对企业价值观、成长空间与 人文关怀的综合考量。对于正在经历电动化、智能化转型的各大车企而言，如何吸引、留住并激发年轻 人才的创造力，直接关系到企业的创新能力和长期竞争力。 在这样的背景下，长城汽车试图在品牌与用户、企业与员工之间建立更深层的情感连接。这种"长期主 义"的沟通方式，或将向外界传递出更有温度的企业形象。 来源：中国青年报客户端 中国青年报客户端讯（中青报·中青网记者 张真齐）2月22日，长城汽车发布了一则题为《人生去留》的 短片。与多数车企在营销节点主打产品、技术或品牌形象不同，这部短片将镜头对准了一个看似与汽车 无关的话题——年轻人在去"远方"与留"家乡"之间的抉择。 记者注意到，短片以第一人称独白展开，呈现如今不少年轻人在人生路口的两难处境：是去远方闯荡未 知的天 ...

Investment Rating - The report maintains a "Buy" rating for Great Wall Motors [2][5] Core Views - Great Wall Motors reported a revenue of 69.2 billion yuan in Q4 2025, with a net profit attributable to shareholders of 1.3 billion yuan. The company is entering a new vehicle cycle and has a clear global strategy, justifying the "Buy" rating [2][11] - The company launched the world's first native AI all-powertrain vehicle platform, "Guiyuan," which aims to enhance efficiency and competitiveness in the market [11] - The "Ecological Overseas" strategy is progressing effectively, with the completion of a factory in Brazil, expected to produce 50,000 vehicles annually [11] Financial Summary - Total revenue for 2025 is projected at 222.79 billion yuan, a year-on-year increase of 10% [11] - Net profit attributable to shareholders for 2025 is estimated at 9.918 billion yuan, a decrease of 21.9% year-on-year [11] - The earnings per share (EPS) for 2025 is forecasted to be 1.16 yuan, with a target price of 24.64 yuan based on a 14x PE ratio for 2026 [11] - The company achieved a total sales volume of 400,000 vehicles in Q4 2025, a 5% increase year-on-year [11] - The overseas sales volume reached 172,000 vehicles in Q4 2025, marking a 33% increase year-on-year [11] Market Data - The current market capitalization of Great Wall Motors is 176.891 billion yuan, with a total share capital of 8.558 billion shares [6] - The stock price has fluctuated between 20.44 yuan and 27.52 yuan over the past 52 weeks [6] Financial Ratios - The return on equity (ROE) is projected to be 11.3% in 2025, with a price-to-earnings (P/E) ratio of 17.84 [4][12] - The net asset value per share is estimated at 10.10 yuan, with a price-to-book (P/B) ratio of 2.0 [7][12]

Core Viewpoint - The strategic cooperation between Great Wall Motors and Faraday Future (FF) is entering a deep implementation phase, with the FX Super One project progressing as planned, opening new avenues for Chinese automotive exports and expansion into the North American market [1][2]. Group 1: Strategic Cooperation - Great Wall Motors' Chairman Wei Jianjun confirmed that the collaboration with FF is advancing smoothly, indicating a strong commitment to the partnership [1]. - The recent strategic upgrade agreement between FF and Hebei Huanzhou Automotive Sales Co., Ltd. focuses on compliance certification, mass production, and delivery of the FX Super One in the U.S. market, as well as the joint development of three new models including the FX 4 [1][2]. - Hebei Huanzhou serves as a crucial intermediary linking FF and Great Wall Motors, facilitating resource integration and project implementation [2]. Group 2: Market Impact - The upcoming mass production and delivery of the FX Super One, along with the launch of the FX 4 and other new projects, will enhance the strategic synergy between Great Wall and FF [3]. - The collaboration is expected to leverage FF's established brand presence and compliance systems in North America, combined with Great Wall's strengths in vehicle development and supply chain management, to create a new model for cost-effective and efficient overseas market entry for Chinese automakers [2][3]. - The partnership is seen as a validation of FF's EAI bridge strategy, potentially serving as a model for future collaborations between Chinese and American automotive industries, and showcasing the global reach of Chinese high-end manufacturing [3].

Investment Rating - The report maintains a "Buy" rating for Great Wall Motors [2][5]. Core Views - Great Wall Motors reported a revenue of 69.2 billion yuan in Q4 2025, with a net profit attributable to shareholders of 1.3 billion yuan. The company is entering a new vehicle cycle and has a clear global strategy [2][11]. - The report highlights the launch of the "Guiyuan" platform, which is the world's first native AI all-powertrain automotive platform, aiming to enhance product efficiency and competitiveness [11]. - The company's overseas expansion strategy is progressing effectively, with the completion of a factory in Brazil, which will initially produce key models [11]. Financial Summary - Total revenue for 2025 is projected at 222.79 billion yuan, reflecting a year-on-year increase of 10%. The net profit attributable to shareholders is expected to be 9.91 billion yuan, a decrease of 21.9% [4][11]. - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are adjusted to 1.16 yuan, 1.76 yuan, and 2.01 yuan, respectively [11]. - The company’s net profit margin is projected to be 4.5% in 2025, with a return on equity (ROE) of 11.3% [4][11]. Sales Performance - In Q4 2025, Great Wall Motors achieved a sales volume of 400,000 vehicles, a year-on-year increase of 5% and a quarter-on-quarter increase of 13% [11]. - The overseas sales reached 172,000 vehicles in Q4, marking a 33% increase year-on-year [11]. Strategic Developments - The "Guiyuan" platform is designed to support multiple powertrains and vehicle types, with plans to launch over 50 models [11]. - The company is enhancing its brand through increased investment in new models and technology, which has impacted short-term profitability [11].

长城汽车表示，全力支持《汽车行业价格行为合规指南》，始终坚持长期主义，坚守合法合规，坚持诚 信经营，积极维护国内市场秩序。 长城汽车表示，全力支持《汽车行业价格行为合规指南》，始终坚持长期主义，坚守合法合规，坚持诚 信经营，积极维护国内市场秩序。 ...

长城汽车称，全力支持《汽车行业价格行为合规指南》，始终坚持长期主义，坚守合法合规，坚持诚信 经营，积极维护国内市场秩序。反对无底线价格战、价格欺诈、虚假促销等严重损害消费者权益和产业 发展的行为。在《指南》的指引下，长城汽车将继续在整车及零部件生产、定价、销售等各环节坚守合 法合规，坚持诚信经营。 ...

判断一家车企经营质量好不好，销量数字是基础，但更关键的是数字背后的含金量。2025年长城卖了132.37万辆新车，这个数字不算行业最高，但每一辆都 来得踏踏实实，全是市场实打实的需求。更难得的是，长城的营收增速跑赢了销量增速，全年营收2227.90亿元，同比涨了10.19%，单车收入冲到16.83万 元，比去年多了4500块。要知道在价格战的大环境下，很多车企单车利润都快跌没了，长城却能实现"量价齐升"，核心就是不做"速成车"，每款产品背后都 有实打实的技术基因撑着。 长城的技术基因，从来不是喊口号，而是融在产品骨子里的硬实力。别家车企跟风做单一动力路线的时候，长城偏要做"全场景动力解决方案"，燃油、混 动、纯电、氢能全布局，就像给不同需求的用户准备了全套"武功秘籍"。就拿爆款的Hi4混动技术来说，喊出"四驱的性能，两驱的能耗"不是吹牛，这套技 术拿下了中国汽车工程学会科学技术奖特等奖，装在哈弗猛龙、魏牌蓝山等车型上，让家用车也能有越野的底气，让越野车也能省着开。还有坦克品牌的越 野技术，坦克300连续五年霸榜越野SUV销量冠军，还成了首款登陆南极的中国品牌越野车，在环塔拉力赛、敦煌耐力赛上拿奖拿到手软，甚至 ...

长城汽车近日首次向外界系统性开放硬核试验室集群，展示其从极端环境模拟到智能交互验证的研发体 系。据介绍，长城汽车的试验室体系旨在将"体验""安全"等传统主观指标，转化为可测量、可优化的工 程参数，在市场竞争中构建差异化的体系能力。 极限环境验证：模拟全球路况与气候 据介绍，长城汽车将大量资源投入到模拟极端环境的试验能力建设上。 其自建的高海拔模拟实验室，可模拟海拔0至5000米、温度-30℃至45℃的环境。实验室通过模拟高原低 压、低氧和低温条件，对发动机与三电系统进行精准标定，以解决车辆在高原地区的性能衰减问题。 环境风洞试验室则用于模拟高温高湿、强日照辐射等全球典型气候，并对电池热管理、空调制冷等系统 进行极限耐久测试。该风洞还具备降雨、降雪模拟功能，可与实车道路测试结合，验证整车及三电系统 在复合极端环境下的可靠性与电气安全。 据悉，其智能交互体验实验室累计投入超1200万元，具备VR虚拟交互体验、HMI原型台架测试及实车 模拟驾驶等能力。通过整合Tobii眼动仪、脑电仪等设备，实验室可以采集驾驶员的注意力分布、生理 反应等客观数据，为优化交互逻辑与界面设计提供依据。 NVH（噪声、振动与声振粗糙度）实 ...