文｜新能源观 众所周知，车企盈利的左右手是"以量取胜"和"以质见长"，前者如比亚迪，后者如赛力斯。 2025年，比亚迪总共销售了460万辆，同比增长7.73%，销量基本盘海洋网和王朝网合计贡献了407.5万辆，占总销量的88%。赛力斯问界汽车2025年新车交 付总计突破42万辆，同比增长9.25%。 图/2025年比亚 迪销量 而从两家车企公布的最新一期财报来看，比亚迪2025年前三季度全球累计销量326万辆，同比增长18.64%；营收达5662.7亿元，同比增长13%；净利润为 233.33亿元，同比下降7.55%。 | 产品名称 | | | 产量 | | | | --- | --- | --- | --- | --- | --- | | | 本月 | 本月同比 | 本年累计 | 累计同比 | 本月 | | 新能源汽车 | 45, 453 | 21. 48% | 310, 084 | -3. 49% | 44, 678 | | 其中:赛力斯汽车 | 42, 459 | 16. 88% | 281, 822 | -5.44% | 41.249 | | 其他车型 | 3, 794 | -40. 29% | 35 ...

Core Viewpoint - The founder and chairman of Great Wall Motors, Wei Jianjun, emphasizes that China lacks true high-end automotive brands, including his own, and that high-end does not equate to high price or flashy technology [2][3]. Group 1: High-End Brand Definition - Wei Jianjun argues that many Chinese automotive brands claiming to be high-end are merely high-end products, lacking the essential brand value and integrity [3][4]. - He believes that a true high-end brand must establish a clear value proposition in the minds of consumers, built on "correct value propositions" and "unwavering integrity" [4]. Group 2: Safety and Luxury - The emphasis on "safety is the greatest luxury" reflects Wei's fundamental defense of luxury, addressing the frequent software issues in modern vehicles and advocating for accountability [4]. - This approach contrasts with other manufacturers that engage in public relations games during crises, positioning Great Wall's brand value as rooted in honesty and reliability [4]. Group 3: Profit Model Reconstruction - Great Wall Motors is adopting a core strategy of "one vehicle, multiple powertrains, multiple categories, and multiple forms," aiming to reconstruct the profit model through a platform-based approach [5]. - The company has a comprehensive range of engine options, which allows for cost reduction in development, manufacturing, and logistics, ultimately enhancing market competitiveness [5][6]. Group 4: Global Market Adaptation - The strategy includes adapting to different global energy structures and driving habits, allowing for greater flexibility in international markets [6]. - Wei Jianjun notes that Great Wall has the highest average selling price among Chinese automakers, but clarifies that this is due to product value rather than brand value [6]. Group 5: Leadership Challenges - The frequent changes in CEO positions at Great Wall Motors are attributed to the immense pressure associated with the role, which requires a comprehensive skill set [7][8]. - Wei Jianjun acknowledges the challenges faced by leaders in the highly competitive Chinese automotive market, where traditional experiences may not apply [7]. Group 6: Brand Evolution and Communication - The frequent leadership changes reflect ongoing trials and adjustments in Great Wall's journey toward high-end branding, indicating a shift towards direct consumer engagement [8]. - Wei Jianjun's self-reflection on his leadership capabilities highlights the need for adaptability in the evolving automotive landscape [8]. Group 7: Long-Term Vision for High-End Branding - The nine-year journey of Great Wall Motors is characterized by a pursuit of confidence and a commitment to establishing a foothold in the international market [9]. - The launch of the new Blue Mountain Intelligent Advanced Edition signifies a step towards achieving true high-end brand status, emphasizing the importance of cost control and quality in building brand reputation [9].

2025年，恰逢"十四五"规划收官之年。经过5年的迅猛发展，中国汽车工业已经实现从"跟跑"到"领跑"的华丽转身，"以市场换技术"的旧时代， 以产品创新、技术创新向全球市场发起有力冲击。 作为央国企主力军，东风汽车旗下高端智慧新能源品牌岚图汽车无疑最为耀眼。跨越"十四五"，它已成为中国品牌高端化的一面旗帜：2025年，岚图全 年累计交付150169辆，同比增长87%，实现连年跃升，巩固了"央国企高端新能源第一品牌"形象。 连年跃升，深耕高端市场 2025年，中国汽车产业加速从"规模发展"迈向"价值创造"，从"跟随发展"转向"引领创新"，高端化成为实现"价值跃迁"的必答题。岚图汽车以创新为核 心引擎，以连年跃升之势加速引领中国汽车向上跃迁。 如今，岚图汽车已形成2026款岚图梦想家、岚图泰山、岚图追光L"三旗舰"和岚图FREE+、全新岚图知音"SUV双子星"矩阵，成为中国首个实现SUV、 MPV、轿车全品类车型量产的高端新能源品牌。此外，岚图汽车还成为首个达成30万辆规模的央国企高端新能源品牌。 其中，岚图梦想家连续多月蝉联高端MPV销量冠军，单车均价突破40万元，实现"每卖出3台高端MPV，就有1台是岚图梦想家 ...

Investment Rating - The report maintains a positive outlook on the automotive industry, particularly focusing on globalization, intelligence, and high-end market opportunities [5]. Core Insights - The automotive industry is experiencing intensified competition in the domestic market while witnessing significant growth in new energy vehicle (NEV) exports [2][3]. - The overall vehicle sales are projected to remain stable in 2026, with a notable increase in NEV sales driven by favorable policies and consumer demand [4][5]. - The report emphasizes the importance of high-end vehicles and intelligent driving technologies as key growth areas for automotive companies [5][14]. Summary by Sections 1. 2025 Review: Intensified Domestic Competition, High Growth in NEV Exports - Total vehicle sales in China for January to November 2025 reached 20.45 million units, a year-on-year increase of 2.0% in retail and 11.2% in wholesale [2]. - Domestic sales showed slight growth, heavily influenced by policy changes, while exports surged, particularly in the NEV segment, which saw a 19% increase year-on-year [2][19]. - The NEV penetration rate reached 40.8% in exports, with significant contributions from plug-in hybrid vehicles [19]. 2. 2026 Outlook: Stability Expected, Acceleration in Globalization and Intelligence - Retail sales of passenger vehicles are expected to reach 22.03 million units in 2026, with NEVs projected to grow by 12% year-on-year [3][4]. - The high-end vehicle segment is anticipated to perform better due to a shift in consumer preferences and the increasing market share of domestic brands [4]. - NEV exports are expected to reach 6.73 million units, with a 34% increase in NEV exports alone, driven by improved product quality and market maturity [4]. 3. Investment Strategy: Favorable Opportunities in Globalization, Intelligence, and High-End Markets - The report highlights the potential for automotive companies that excel in international markets, high-end product offerings, and advanced intelligent driving technologies [5][13]. - Companies like BYD, Geely, and Li Auto are identified as key players likely to benefit from these trends due to their strong export capabilities and innovative products [5][13]. - The report also emphasizes the importance of the AI driving sector, predicting that leading companies will leverage their technological advancements to gain competitive advantages [14][15].

魏牌迎来第八年第十次换帅。长城汽车董事长魏建军清楚，他和他数次更换的团队，都曾陷入一种"高 估能力的幻觉"。 "的的确确做一个品牌，这件事很难讲清楚。"他在一次交流中对《21汽车·一见Auto》坦言。自2016年 诞生以来，这个承载着长城乃至中国品牌最早高端化梦想的品牌，始终在摸索属于自己的长久路径。 构建体系的第一步，往往是找到驾驭体系的人。8天前，长城汽车内部完成了一项关键人事调整：哈弗 品牌总经理赵永坡通过微博宣布，正式兼任魏牌CEO。自2016年诞生以来，魏牌在八年内迎来了第十任 品牌负责人，其更迭频率在业内罕见，其前任包括冯复之、刘艳钊、陈思英、李瑞峰等。 "实际上每一个公司都有高端化的梦想。"魏建军说，但运营一个成功的汽车品牌需要涉及全链条的复杂 体系，而中国品牌在这条路上至今没有真正跑通的先例。 魏牌曾是长城乃至中国品牌冲击高端的先驱，其首款产品VV7在2017年月销一度破万。但随后因技术路 线、产品定义与市场节奏等问题陷入长期低迷。 魏建军说，魏牌的高端化定位没有变化。为了专注做高端，魏牌一改过往策略，将资源全力押注于 "大 六座SUV" 品类，推出全新蓝山与高山车型，并启动大规模的直营渠道建 ...

新浪科技讯 12月29日上午消息，在零跑十周年发布会后，零跑科技创始人、董事长、CEO朱江明等高 管团队与媒体对话。 谈及高端化的话题，零跑科技高级副总裁曹力表示，D系列不是要冲豪华车的价格，依旧会坚持成本定 价，强化价值感，虽然是25-30万元的价格，品质感和价值感会对标百万车型。 零跑科技高级副总裁、COO徐军表示，零跑会回归用户体验，对豪华的定义是豪华的体验，这对渠道 会有新的要求，只有达到标准的经销商和渠道才会给用户提供D系列的服务，会分级、分梯队对经销商 认定。 新浪科技讯 12月29日上午消息，在零跑十周年发布会后，零跑科技创始人、董事长、CEO朱江明等高 管团队与媒体对话。 谈及高端化的话题，零跑科技高级副总裁曹力表示，D系列不是要冲豪华车的价格，依旧会坚持成本定 价，强化价值感，虽然是25-30万元的价格，品质感和价值感会对标百万车型。 零跑科技高级副总裁、COO徐军表示，零跑会回归用户体验，对豪华的定义是豪华的体验，这对渠道 会有新的要求，只有达到标准的经销商和渠道才会给用户提供D系列的服务，会分级、分梯队对经销商 认定。 ...

Core Insights - The report maintains a "Recommended" rating for the automotive industry, emphasizing that there are opportunities despite potential challenges in 2026 [1][2] - The automotive sector showed a 20% increase over the past 12 months, outperforming the Shanghai and Shenzhen 300 index, which increased by 16.8% [3] Group 1: Industry Overview - The automotive industry is expected to experience a strong performance in commercial vehicles while passenger vehicles may face challenges in 2026 [4] - The report highlights that the passenger vehicle market in 2025 was supported by trade-in policies, leading to stable performance, but anticipates pressure on total volume in 2026 [4] - The heavy truck segment is projected to see positive growth in 2026, driven by domestic demand recovery and increased exports [4] Group 2: Opportunities in Passenger Vehicles - The report identifies a significant opportunity in the high-end passenger vehicle market, particularly for models priced above 300,000 yuan, which is expected to continue to grow [4][5] - Domestic brands are anticipated to make substantial advancements in the high-end market with new models launching in 2026 [5] Group 3: Heavy Truck Market Insights - The heavy truck market is expected to benefit from a recovery in domestic demand and a favorable export environment, with wholesale volumes projected to grow positively in 2026 [4][5] - The report notes that the penetration rate of electric heavy trucks may stabilize in 2026 after significant increases in 2025, which could positively impact profitability [5] Group 4: Smart Driving and Technology - The report discusses the acceleration of high-level autonomous driving technology penetrating lower-priced models, which is expected to drive volume growth in 2026 [5] - The introduction of new AI-driven cockpit technologies is anticipated to enhance the value of smart cabins, creating additional investment opportunities in related components [5] Group 5: Robotics Sector - The report indicates that the humanoid robotics sector is entering a new phase, with significant growth potential for leading manufacturers and their supply chains [5] - The collaboration between domestic and international manufacturers is expected to enhance production capabilities and technological advancements in humanoid robots [5] Group 6: Investment Recommendations - The report recommends several companies for investment, including Jianghuai Automobile, Top Group, and BYD, highlighting their potential in the evolving automotive landscape [6][9] - Specific recommendations for heavy truck manufacturers include China National Heavy Duty Truck Group and Weichai Power, which are expected to benefit from industry growth [6][9]

卢放说，现在是中国汽车品牌崛起的千载难逢的良机。但如果 回到2019年岚图汽车刚开始打造时，面对一张白纸的新品 牌，谁也不知道能不能够做成。回忆起当时的感受，卢放坦承 那是自己职业生涯里的又一次豪赌。"万事开头难，再难也要 做，因为你不做永远没有机会，只要做了就在赢的路上。" 作者：王帅国 封图：企业供图 编者按：2025年，经济观察报以"我们的四分之一世纪"为年终特刊主题，旨在通过数十位时代亲 历者的故事，共绘一幅属于这段岁月的集体记忆图谱。 12月10日晚，岚图汽车董事长、党委书记卢放在北京钻石球场为品牌旗下的新车岚图追光L举办 了上市发布会，第二天早上刚过8点，他就赶到了我们和他提前约定的访谈地点——经济观察报 社。在做完此次访谈后，他又要马上飞回武汉。 这是卢放的日常。他的行程被安排的满满当当。他说，现在的中国汽车市场竞争环境复杂，每个身 处其中的人都不得不"卷"起来。 打造高端三脚的营销。 脚对于计中国文化 近来卢放一直在思考一件事：如何把中国文化、中国故事融入中国汽车品牌，打造一个在全世界范 围内能够叫得响的中国品牌。这听起来是一个宏大且难度很大的课题，但岚图已经开始这么做了。 2025年下半年， ...

文 | 《次世代车研所》栏目 张俊 "未来3年投入不设上限，昊铂必将成为中国头部高端品牌。" 今年上半年，广汽集团高管放出豪言，给昊铂车主们吃了个"定心丸"。但仅仅数月后，广汽又让昊铂与 埃安合并到同一个BU之中，这也意味着昊铂冲高之路戛然而止。 作为从广汽埃安独立出来的高端子品牌，昊铂确实有些不争气。第三方数据显示，其2024年的累计销量 仅为1.73万辆，5万辆的销量目标完成度仅34%。今年以来，其月销量也仅在千余辆左右徘徊。 从具体车型来看，希望树立超高端品牌形象的百万超跑昊铂SSR，多个垂类网站数据显示，其今年有多 个月份的月销量显示为0。今年10月30日刚刚上市的昊铂GT全新LITE版，不到两个月就有经销商给出了 降价2.5万元的优惠，几乎打了八折。 广汽集团副总经理黄永强今年3月的豪言壮语仍在耳边，但如今的昊铂已经变了模样。 日前，广汽集团宣布组建昊铂埃安BU，将两大品牌纳入同一事业部统筹运营。根据规划，两品牌渠道 融合将分阶段推进，最终在2026年3月31日前，昊铂与埃安品牌将完成渠道全面融合。 昊铂是广汽埃安于2022年发布的高端子品牌，今年1月，昊铂从广汽埃安正式独立，与埃安、传祺并列 为广 ...

" 业内人士直言，昊铂一致承载着广汽的高端梦，如今成了"弃子" ，未来启境 才是广汽的"新欢" 从具体车型来看，希望树立超高端品牌形象的百万超跑昊铂SSR ，多个垂类网站数据显示，其今年有多个月份的月销量显示为0。今年10月30日 刚刚上市的昊铂GT 全新LITE版，不到两个月就有经销商给出了降价2.5万元的优惠，几乎打了八折。 "未来3年投入不设上限，昊铂必将成为中国头部高端品牌。 今年上半年，广汽集团高管放出豪言，给昊铂车主们吃了个"定心丸" 。但仅仅数月后，广汽又让昊铂与埃安合并到同一个BU之中，这也意味着昊 铂冲高之路戛然而止。 作为从广汽埃安独立出来的高端子品牌，昊铂确实有些不争气。第三方数据显示，其2024年的累计销量仅为1.73万辆，5万辆的销量目标完成度仅 34%。今年以来，其月销量也仅在千余辆左右徘徊。 日前，广汽集团宣布组建昊铂埃安BU，将两大品牌纳入同一事业部统筹运营。根据规划，两品牌渠道融合将分阶段推进，最终在2026年3月31日 前，昊铂与埃安品牌将完成渠道全面融合。 昊铂是广汽埃安于2022年发布的高端子品牌，今年1月，昊铂从广汽埃安正式独立，与埃安、传祺并列为广汽三大自主品牌。在 ...