2025年，中国商用车行业在复杂环境中持续承压，市场需求结构性分化加剧。但东风商用车却顶住压力，交出了一份"量质齐升"的答卷。12月 11日，东风商用车2026年度合作伙伴大会在重庆举行，会议以"定赛道 聚合力 携手跃新程"为主题，全面回顾2025年发展成就，展望"十五五"战略布 局，系统阐述了东风商用车在新赛道、新生态、新合作模式下的发展路径。 01 逆势增长、跑赢大盘 "今天的大会，既是对2025年携手奋进的成果检阅，更是对2026年战略合作的郑重宣誓。站在行业变革的关键节点，面对能源革命、技术革命与市场变 革的三重洗礼，我们唯有精准锚定赛道方向，深度凝聚合作合力，才能在时代浪潮中勇立潮头，在合作共赢中跃上新程。"大会现场，东风商用车有限公司 总经理刘利成开门见山点明了主题。 在新能源布局方面，东风商用车围绕纯电、氢燃料、混动三大技术路线，推出覆盖24个客户场景的70余款车型。氢燃料车型已在雄安、汉宜高速开展示 范运营，并面向欧洲市场开发高端车型；混动车型在环卫、工程等多场景实现小批量交付。 最终，东风商用车在激烈的市场竞争中杀出重围：一是份额跑赢大市；二是新能源销量过万辆，同比增长98%；三是运营节奏保 ...

Core Insights - The rapid development of artificial intelligence (AI) technology is profoundly reshaping the economic, social, and international relations landscape, becoming a key area of strategic competition between the US and China [1][3] - The emergence of young tech talents who embrace technological long-termism and possess both humanistic perspectives and engineering capabilities is a significant phenomenon with far-reaching implications [1][4] Group 1: AI Development and Application - AI technology has transitioned from laboratory experiments to widespread applications, yet it remains in its early stages, requiring time to realize its potential and disruptive impacts [1] - The development and application of AI face multiple real-world constraints and challenges, indicating that this transformation will span a considerable historical period [1] Group 2: Importance of Technological Long-termism - Advocating for "technological long-termism" is crucial, as highlighted during the "Six Little Dragons Wuzhen Dialogue" at the 2025 World Internet Conference, where young tech elites discussed the future of the internet and the true essence of AI [2] - These young elites emphasize a deep understanding of technology, rational grasp of innovation rhythms, and a conscious commitment to ethics and social responsibility, which are essential for the sustainable development of AI [2] Group 3: Sino-US Competition in AI - The competition between the US and China in the AI sector is not only a contest of technological strength but also a comprehensive battle involving innovation systems, talent policies, and cultural soft power [3] - The US maintains a lead in upstream areas like original algorithms and chip design due to its traditional advantages in basic research and top talent, while China rapidly advances AI industrialization through rich application scenarios and vast data resources [3] Group 4: Characteristics of Young Tech Elites - Young tech elites in China are forming a "global vision, local innovation" model, drawing inspiration from both global technological developments and local cultural traditions [3][4] - They exhibit a commitment to preserving humanistic values in technology, seeking balance between efficiency and fairness, innovation and regulation, as well as globalization and localization [3] Group 5: Future of Technology and Society - The growth of these young elites is influenced by multiple factors, including education, industry, policy, and culture, reflecting a dedication to long-term technological value amidst a culture of instant gratification [4] - Their approach signifies a continuation and innovation of China's internet development, blending the entrepreneurial spirit of previous generations with new characteristics such as openness, social responsibility, and balanced development [4][5]

Core Viewpoint - The declaration by Great Wall Motors' president, Mu Feng, to "never engage in range-extended technology" signifies a commitment to long-term strategies over short-term gains in the automotive industry [1][4]. Group 1: Company Strategy - Great Wall Motors is choosing to focus on hybrid technology, which is more complex but aligns with long-term industry trends and consumer needs, rather than opting for the simpler, more popular range-extended technology [1][2]. - The company’s decision reflects a deep understanding of technological pathways, market demands, and policy directions, showcasing a balance between innovation and consumer expectations [1][4]. Group 2: Industry Context - Many automotive companies are currently adopting range-extended technology due to its lower technical barriers and higher market acceptance, driven by the success of brands like Li Auto and AITO [1][2]. - The industry is experiencing a trend of companies quickly following profitable technologies without a long-term vision, leading to homogenization and a lack of true innovation [3][4]. - Great Wall Motors' approach serves as a model for the industry, emphasizing the importance of strategic determination and technological confidence in navigating the evolving automotive landscape [3][4]. Group 3: Technological Insights - Hybrid technology, while more expensive and complex, offers superior user experience and aligns with energy-saving policies, making it a forward-looking choice for manufacturers [2][4]. - Great Wall Motors has invested significantly in core technologies such as traditional fuel engines, transmissions, and new energy batteries, which provides the foundation for rejecting shortcuts like range-extended technology [2][3].

Core Viewpoint - The article highlights Gree Electric's financial performance in 2024, showcasing a shift from scale-driven growth to value creation, emphasizing the importance of sustainable development and technological innovation in a competitive market [1][3][8]. Financial Performance - Gree Electric reported a total revenue of 1900.38 billion yuan in 2024, a decrease of 148.16 billion yuan from 2039.79 billion yuan in 2023, while net profit increased by 31.67 billion yuan to 321.85 billion yuan, reflecting a year-on-year growth of 10.91% [1][3]. - The company announced a cash dividend of 20 yuan for every 10 shares, demonstrating its commitment to returning value to shareholders [1]. Market Strategy - Gree Electric's strategy focuses on maintaining profitability despite a declining revenue trend, with a gross margin of 34.91% in its consumer electronics segment, which remains among the highest in the industry [4]. - The company has transformed its marketing approach by controlling costs through channel reforms and investing in technology to achieve brand premium [4][6]. Technological Innovation - Gree Electric emphasizes long-term technological accumulation over short-term market share battles, with 48 research achievements recognized as "internationally leading" and over 130,000 patents filed [6][7]. - The company leads the global market in split air conditioning retail volume and has maintained its position in the central air conditioning market for 13 consecutive years [6]. Industry Positioning - Gree Electric's approach serves as a model for the industry, advocating for a shift from price competition to technology-driven differentiation, which is essential for the health of the market ecosystem [5][8]. - The company is expanding into high-value sectors such as industrial products and green energy, which accounted for 9.12% of its revenue in 2024, showing a 0.8% year-on-year growth [7]. Global Expansion - Gree Electric is actively pursuing international markets, with a 13.25% increase in overseas revenue in 2024, exporting to over 190 countries and regions, and achieving a 70% share of its export revenue from its own brands [7].