长城汽车是最早官宣参加CES2026的国产品牌之一，在此之前，长城汽车董事长魏建军就在社交平台表示：「坦率地说，目前我们在全球的品牌知名度和 认知度，还有很大的提升空间，所以一定要真诚地沟通和学习。」 截图：微博@魏建军 可以预见，长城汽车将在CES2026期间集中展示其最新产品与技术，并以开放姿态向全球观众全面分享，借此深化与国际市场的交流与合作。 值得关注的是，在CES2026正式开幕前（北京时间1月5日），长城汽车便已提前公布了参展阵容，涵盖了魏牌全新蓝山、魏牌高山9、全新坦克500、灵魂 摩托巡航版等多款核心产品，以及Hi4技术、V8发动机、氢燃料动力和ASL 2.0等多项前沿技术。 雷科技AI硬件组 | 编辑：小鹰同学 | 监制：罗超 魏牌全新蓝山的优势，在于搭载了行业领先的VLA视觉语言行为大模型。电车通之前便体验过魏牌全新蓝山的VLA技术，不仅能够做到防御性驾驶和盲 区风险预判，还能语音指令控车，甚至在雨雾、昏暗等低能见度场景下，也能通过多个传感器精准识别路况，快速制定避让或减速方案。 如果说蓝山代表了魏牌在智能驾驶领域的突破，那么高山系列则以全球首个新能源高端MPV专属平台，重新定义了高端出行 ...

中华文明五千年绵延不绝的密码，不仅藏在宏大的历史叙事中，更凝结于具象的文明符号：汉长城的 砖石铭刻着"守正"的责任，以坚韧的防御体系守护文明火种；都江堰的流水蕴含着"创新"的灵感， 通过动态调适持续滋养生机。 这些共同揭示了一个核心逻辑，文明的延续性，源于对根基的守护与对变革拥抱的辩证统一。 长城汽车的"长期主义"恰似一场当代企业的"文明实践"。它以 "文化答卷"回应产业期待，并非简单 复刻传统，而是将文化基因转化为技术研发的耐性、品牌建设的定力。 01 业绩答卷彰显"变厚"实力 在当前汽车行业普遍陷入 焦虑 的背景下，长城汽车却走出了一条独特的"变厚"路径 ， 这不是简单 的规模扩张，而是一场深刻的价值重构。 2025年 长 城 汽车 交出了一份亮眼的成绩单： 累计 销售1,323,672辆，同比增长7.33%。 其 "变厚式"跃升，则是对"创新性传承"的践行，如同都江堰般持续调适、积蓄动能，以文明的韧性 铸就穿越产业周期的企业生命力。 这份亮眼增长的背后，是长城 汽车" 长期主义 " 下 ， 真金白银的硬核坚守 。 在技术研发领域 ， 长城汽车已经 投资近百亿，构建 起 全球领先的试验体系，打造自主品牌车 ...

当中国汽车产销量连续多年稳居全球第一，"大"的光环之下，"强"的追问始终如影随形。"中国汽车是谁？去向何方？"这声行业之问，藏着中国制造 业从规模扩张到价值升级的焦虑，也映照着中国汽车在全球化浪潮中的身份迷茫。 这份文化觉醒，让长城汽车成为最直接的受益者。当别的品牌还在模仿西方设计语言时，长城已经开始从中华文脉里汲取灵感，将中国文化的意境， 织进汽车设计——比如魏牌全新高山的高山流水之美。汽车不再是冰冷的工业产物，而是流动的文化载体：它可以是驰骋草原的豪情，也可以是漫步江南 的雅致；可以是守护家庭的温暖，也可以是探索世界的勇气。这种深植于血脉的文化共鸣，让长城汽车在全球化的浪潮中，撕开了一条属于中国品牌的赛 道，带着东方美学与中国智慧的价值符号，在世界舞台上，拥有了无可替代的话语权。 在众多探索者中，长城汽车董事长魏建军给出属于自己，同时也是属于中国汽车工业发展的"长城方案"——2025年12月29日，魏建军在《人民日报》 发表署名文章《用"文化引擎"驱动汽车产业发展》，跳出单纯的技术迭代与产能竞赛，以"文化引擎"为密钥，为中国汽车找到了根植本土的"根"与面向世 界的"魂"。 这是中国汽车人首次以 "文化引擎 ...

Group 1 - The Tank brand showcased multiple models at the 2025 Guangzhou Auto Show, with the Tank 300 Polar Edition officially open for pre-orders, limited to 300 units [2] - The Tank 300 has been designated as a "selected product for China's South and North Pole expeditions," supporting scientific research missions [2] - The Tank 300 Polar Edition features a 2.4T diesel high-performance engine and a 2.0T gasoline high-power engine, equipped with specialized off-road gear [2] Group 2 - The newly launched Tank 400 in Dunhuang Purple color achieved nearly 5,000 units in sales within two weeks of its release [2] - The Tank 500, also recently launched in Dunhuang Green, boasts a Hi4-Z power distribution architecture, achieving 201 km of pure electric range and 0-100 km/h acceleration in 4.3 seconds [2] - As of October, the Tank 500 recorded sales of 7,609 units [2] Group 3 - The Tank brand is approaching a cumulative user base of 800,000, holding over half of the market share in China's off-road vehicle sector [3]

Core Insights - The Guangzhou Auto Show marks the end of 2025 and the beginning of a new year for the automotive market, showcasing a diverse range of domestic automakers with innovative strategies and products [1] Group 1: Electric Vehicle Developments - Seres, the first new energy vehicle company listed on both A-shares and Hong Kong stocks, announced over 900,000 deliveries and introduced the Seres Magic Cube Technology Platform 2.0, which includes upgrades in smart energy and intelligent chassis [2] - BYD remains a leading player in the Chinese automotive industry, showcasing luxury models like the U9 Xtreme supercar and plans to promote the "Yangwang" brand globally starting in early 2026 [2] - In October, new energy vehicle sales surpassed 50% of total new car sales for the first time, reaching 51.6%, indicating a significant shift towards electric vehicles [2] Group 2: Hybrid and Traditional Vehicles - The "Energy-saving and New Energy Vehicle Technology Roadmap 3.0" emphasizes that internal combustion engines will remain a key power source, with a projected one-third of new passenger car sales still involving internal combustion engines by 2040 [3] - The strategy of "oil-electric synergy" is gaining traction, with a focus on enhancing user experience through intelligent upgrades in traditional vehicles [3] Group 3: Traditional Automaker Strategies - Great Wall Motors is implementing a multi-brand strategy centered on "oil-electric synergy," featuring models like the Tank 500 with impressive performance metrics [4] - The Haval brand has developed a comprehensive product matrix based on hybrid technology, while the 2026 Great Wall Cannon series includes smart cockpit features [4] Group 4: New Energy Vehicle Startups - New energy vehicle startups like Huawei's Aito, Xiaomi, and others are increasingly prominent, with Aito achieving over 1 million cumulative deliveries and launching new models at the auto show [5] - Leap Motor introduced the A10 model, completing its product matrix and aiming for mainstream market coverage by mid-2026 [5] - Xiaopeng Motors is set to launch multiple super-range models in early 2026, while Li Auto plans to enhance its models with advanced features [6]

Group 1: Overall Market Performance - The automotive sector is at a crossroads, with electric vehicle (EV) benefits waning and smart vehicle technology in its early stages[2] - The overall performance of the passenger vehicle sector in Q3 2025 was below expectations, primarily due to a slowdown in industry growth and intensified competition[3] - The passenger vehicle industry saw a year-on-year growth of only 3% in retail sales, while exports grew by 23%[27] Group 2: Segment-Specific Insights - Heavy-duty trucks experienced a significant year-on-year sales increase of 58.1%, with domestic sales up 64.5% and exports up 22.9% in Q3 2025[5] - The bus segment saw strong performance, with leading companies like Yutong exceeding expectations due to rapid sales growth and improved profit margins[6] - Motorcycle exports showed robust growth, with large-displacement motorcycle exports reaching 146,000 units, a year-on-year increase of 57.4%[7] Group 3: Financial Metrics - The average selling price (ASP) for vehicles remained stable in Q3 2025, with some companies like BYD implementing price increases[3] - The overall net profit margin for the heavy-duty truck sector improved, with major players like China National Heavy Duty Truck Group reporting a 21% increase in net profit[8] - The motorcycle industry saw a year-on-year profit increase of 21%, despite a 10% decline in revenue quarter-on-quarter[7] Group 4: Risks and Challenges - Risks include potential escalations in trade wars, slower-than-expected global economic recovery, and geopolitical uncertainties[2] - The automotive industry faces challenges from regulatory pressures and a lack of significant price reductions among manufacturers[3]

Group 1: Overall Market Performance - The overall performance of the passenger car sector in Q3 2025 was below expectations, primarily due to a slowdown in industry growth and intensified competition across all price segments[3] - The passenger car industry saw a year-on-year growth rate of only 3% in retail sales, 23% in exports, and 13% in wholesale during Q3 2025, indicating a significant deceleration compared to previous quarters[27] - The inventory levels in the industry remain healthy, with a controlled increase in stock despite the overall market pressures[27] Group 2: Segment-Specific Insights - Heavy-duty trucks experienced a strong performance in Q3 2025, with wholesale, domestic, and export sales increasing by 58.1%, 64.5%, and 22.9% year-on-year, respectively[5] - The bus sector also performed well, with leading companies like Yutong achieving significant revenue growth, driven by robust demand from both domestic and international markets[6] - The motorcycle segment saw a 57.4% increase in large-displacement motorcycle exports, while domestic sales faced pressure, declining by 9.3% year-on-year[7] Group 3: Financial Metrics and Adjustments - The average selling price (ASP) for vehicles remained stable in Q3 2025, with some companies like BYD implementing price increases starting in July[3] - The gross profit margins for many companies showed slight recovery, attributed to stable sales and limited discounting in the market[3] - Several companies, including Great Wall Motors and Changan, reported a decline in net profit due to foreign exchange losses and inventory adjustments[4]

Core Viewpoint - The company reported a revenue of 61.2 billion yuan in Q3 2025, with a year-on-year increase of 21% and a quarter-on-quarter increase of 17%. However, the net profit attributable to the parent company was 2.3 billion yuan, reflecting a year-on-year decrease of 31% and a quarter-on-quarter decrease of 50% [2][3]. Revenue Performance - The Q3 revenue was influenced by the confirmation of the scrapping tax refund in the Russian market. The wholesale sales totaled 354,000 vehicles, with year-on-year increases of 20% and quarter-on-quarter increases of 13%. The sales structure improved, with the Wei brand's sales proportion increasing by 1 percentage point due to the popularity of the Gaoshan series [3]. - The company exported 140,000 vehicles in Q3, marking a year-on-year increase of 11% and a quarter-on-quarter increase of 28%, primarily driven by the increase in Haval brand exports [3]. Profitability Analysis - The gross margin for Q3 was 18.4%, down by 2.4 percentage points year-on-year and 0.4 percentage points quarter-on-quarter. The decline was attributed to a decrease in sales of high-margin models and increased dealer rebates for Haval and pickup trucks [3]. - The company reported a net profit of 2.3 billion yuan for Q3, with a net profit per vehicle of 6,000 yuan [3]. New Product Cycle and Technology - The company is advancing its new vehicle cycle with a robust technological foundation. The CoffeeOS 3 intelligent cockpit system is being integrated into multiple strategic models, enhancing the overall intelligent travel ecosystem [4]. - The Coffee Pilot Ultra feature was officially launched in August, providing enhanced driving assistance capabilities in new models [4]. Profit Forecast and Investment Rating - Due to intensified market competition, the company has revised its net profit forecasts for 2025, 2026, and 2027 to 11.9 billion, 17.4 billion, and 22.1 billion yuan, respectively. The corresponding price-to-earnings ratios are projected to be 17, 11, and 9 times [5]. - Despite the challenges, the company maintains a "buy" rating, anticipating a strong new product cycle for the Wei and Ora brands in 2026 [5].

Core Viewpoint - Great Wall Motors achieved record-breaking revenue and vehicle sales in Q3 2025, demonstrating strong market competitiveness and a successful product strategy focused on high-end models and technological advancements [1][3][10]. Financial Performance - In Q3 2025, Great Wall Motors reported revenue of 61.247 billion yuan, a year-on-year increase of 20.51% and a quarter-on-quarter increase of 17.07%, marking the best Q3 performance in history [1]. - For the first three quarters of 2025, the company generated revenue of 153.582 billion yuan, reflecting a year-on-year growth of 7.96%, also the highest in the last six years [1]. Sales Performance - Great Wall Motors sold 353,600 vehicles in Q3 2025, representing a year-on-year increase of 20.20% and a quarter-on-quarter increase of 12.97%, achieving the best Q3 sales performance [3]. - In the first three quarters of 2025, the total vehicle sales reached 923,400 units, up 8.15% year-on-year [3]. Product Development - The product lineup has been enhanced with successful launches such as the new Wei brand Gao Shan and Tank 500, which have shown strong market competitiveness [3][8]. - The Wei brand Gao Shan achieved sales of 8,560 units in September, becoming the best-selling MPV in China for that month [3][5]. Technological Advancements - The new Gao Shan model features advanced driver assistance systems and a spacious interior design, addressing common pain points in larger vehicles [6][11]. - The Tank 500 integrates smart driving technology and has received over 10,000 orders in its first month, indicating strong consumer interest [8]. Market Strategy - Great Wall Motors is focusing on high-value market segments, with sales of vehicles priced above 200,000 yuan increasing by 40.83% year-on-year [10]. - The company is implementing a differentiated market strategy to avoid internal competition and enhance overall product market value [13]. Global Expansion - Great Wall Motors is actively pursuing global market opportunities, with over 1,400 overseas sales channels and more than 2 million cumulative overseas sales [13]. - The company aims to reshape public perception of Chinese automotive quality through its global branding efforts [13]. Strategic Vision - The company emphasizes a strategy of pursuing quality market share rather than merely focusing on sales volume, aiming for a balance between sales growth and profitability [15].

Core Insights - The Tank brand has achieved impressive sales figures, with the new Tank 500 selling 7,086 units in a single month, establishing itself as a strong player in the over 300,000 yuan new energy SUV market [1] - The Tank 500 is positioned as an "all-scenario intelligent luxury off-road SUV," successfully balancing rugged off-road capabilities with luxury features, appealing primarily to family users [1] Group 1: Technological Advancements - The Tank 500 features the third-generation Coffee Pilot Ultra driver assistance system, which offers "true no-map full-scenario NOA" capabilities for intelligent navigation across various complex environments [4] - The vehicle is equipped with 27 perception sensors, including LiDAR and an 8-megapixel camera, enabling advanced features such as traffic light recognition and high success rates in complex intersections [6] Group 2: Interior and Design - The Coffee OS 3 intelligent cockpit system has redefined the comfort standards for off-road vehicles, achieving the top rank in the Q3 2025 automotive cockpit system smoothness evaluation [8] - The Tank 500 incorporates elements of Chinese aesthetics in its design, such as the "Dunhuang Green" color and architectural-inspired lighting, appealing to consumers' cultural confidence and quality lifestyle aspirations [9] Group 3: Performance and Versatility - The Tank 500 offers a versatile powertrain layout with options for fuel, hybrid, and electric models, catering to diverse user needs and supporting its sales performance [12] - The Hi4-Z intelligent version boasts a pure electric range of 201 km and a 0-100 km/h acceleration time of around 4 seconds, while the Hi4-T version emphasizes strong off-road capabilities [12] Group 4: Market Positioning - The non-intelligent version of the Tank 500 is competitively priced at 335,000 yuan, enhancing its market appeal with high-end features available at entry-level pricing [14] - The sales figure of 7,086 units reflects market recognition of the "intelligent luxury off-road" category, indicating a shift in Chinese off-road culture towards mainstream acceptance [15]