汽车行业一周一刻钟，大事快评（W082）：“三个公司的变革”（长城，吉利，上汽）

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market performance [22]. Core Insights - Great Wall Motors implemented a significant organizational change in 2020, adopting a "one car, one brand, one company" structure to enhance brand independence and competitiveness. However, due to intense domestic market competition and entrenched corporate culture, these changes have not fully met expectations [3][9]. - Geely and SAIC Motor's recent transformations focus on refocusing on core businesses and accelerating transitions, but they exhibit significant differences in their approaches. Geely's changes are primarily driven by internal adjustments aimed at improving resource efficiency, while SAIC's changes are more reactive to external pressures, necessitating brand integration and strategic focus [4][10]. - Geely's strategy involves streamlining and integrating operations to enhance efficiency, which is relatively easier compared to SAIC's more complex restructuring process that requires finding new growth points amid brand integration challenges [5][11]. Summary by Sections Organizational Changes - Great Wall Motors' restructuring aims to operate brands independently, enhancing market responsiveness, but has faced challenges in achieving desired outcomes [3][9]. - Geely's transformation is characterized by internal adjustments to eliminate redundancies and improve efficiency, while SAIC's transformation is driven by external market pressures requiring brand consolidation [4][10]. Strategic Focus - Geely emphasizes maintaining brand independence and market competitiveness through strategic initiatives outlined in its "Taizhou Declaration," while SAIC focuses on consolidating efforts to create a stronger market presence [4][10]. - The difficulty of transformation varies, with Geely's approach being less disruptive compared to SAIC's need for significant organizational restructuring [5][11]. Investment Recommendations - The report recommends investing in strong domestic manufacturers like BYD and companies with overseas expansion capabilities such as Great Wall Motors. It also highlights the importance of smart technology trends and suggests focusing on companies like XPeng Motors and Li Auto [5].