图片来源：长城汽车官微 面向2026年及未来，长城汽车也已官宣新平台的最终命名为"归元"，该平台原生兼容汽油、柴油、BEV、HEV、PHEV、氢能等多动力解决方案，覆盖 SUV、MPV等多品类产品，适配全球不同地区、不同能源条件的市场和用户。 同时，长城汽车已发布了下一代全动力智能超级平台，兼容多种动力形式，并着重展示了其在智能座舱（Coffee OS）和智能驾驶（Coffee Pilot）领域的 核心自研成果，加速向智能科技公司转型。 哈弗品牌作为长城汽车的销量主力，2025年实现销量75.86万辆，同比增长7.41%。走量车型主要为哈弗大狗、哈弗猛龙和哈弗H6。尤其是哈弗大狗品 类，2025年累计销量为18.23万辆，同比增长18%。 同期，坦克品牌和长城皮卡销量也实现增长。其中，坦克品牌实现销量23.27万辆，同比微增0.74%；长城皮卡实现销量18.2万辆，同比增长2.57%。相比 之下，欧拉品牌实现销量4.83万辆，同比下跌23.68%。不过，在2025年12月，欧拉品牌借助欧拉5已实现销量回暖，当月销量8134辆，同比增长71.6%。 有消息称，长城汽车计划在2026年实现较高的销量涨幅，其销量目 ...

行 业 及 产 业 行 业 研 究 / 行 业 点 评 相关研究 《关注中升控股；福达股份、恒勃股份更 新——一周一刻钟，大事快评（W138）》 2025/12/30 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 联系人 邵翼 A0230524120001 shaoyi@swsresearch.com 2026 年 01 月 07 日 补贴政策受益分析；小鹏、零跑、 长城销量解读 证 券 研 究 报 告 汽车 ⚫ 补贴政策受益分析：2026 年新能源汽车购置税补贴政策从"一刀切"模式调整为分档 等比例补贴，导致单车补贴金额出现小幅下降。以 2025 年 Q4 销量结构为基准的测算显 示，政策影响呈现显结构性差异：中低端车型占比越高的企业，补贴退坡幅度越大。其 中吉利、比亚迪补贴退坡幅度较大，而小鹏、长城、零跑受影响相对较小，15-20 万以 上的高端品牌基本不受本次政策调整影响。我们认为本次补贴政策调整将显著重塑2026 年新能源汽车销量结构。此前依赖补贴支撑的 A0 级及 A00 级低端车型需求预计将显著 降低，中高端新能源车型及整体 ASP 较高的企业将在 ...

Core Insights - Great Wall Motors has achieved cumulative global sales exceeding 16 million vehicles and has made significant breakthroughs in high-end vehicle offerings, with models like the new WEY brand and Tank series leading in their segments, indicating a robust growth potential [2][4] - The year 2025 is designated as the cultural year for Great Wall Motors, integrating traditional Chinese culture into technology development, product design, and corporate philosophy, which is seen as a "cultural engine" driving the company's growth [2][4] Group 1: Cultural Integration and Philosophy - Chairman Wei Jianjun emphasizes the importance of integrating traditional Chinese culture into the automotive industry, viewing it as a source of strength and innovation for high-quality development [4][5] - The company aims to create a unique automotive culture rooted in Chinese traditions, distinguishing itself from overseas automotive cultures [5][8] - Great Wall Motors plans to leverage the wisdom of ancient Chinese engineering, such as the Dujiangyan irrigation system, to inspire modern technological advancements in their vehicles [8][9] Group 2: Product Development and Market Strategy - Great Wall Motors is committed to enhancing its product matrix with new models, including the 2026 Haval Dog and Tank series, to increase market influence [9][11] - The company has established a comprehensive "ecological export" model, with over 1,400 overseas sales channels and cumulative overseas sales exceeding 2 million vehicles [11][12] - Great Wall Motors is focusing on high-value models for international markets, successfully exporting the Tank SUV to over 30 countries and establishing a strong presence in regions like Australia and the Middle East [11][12] Group 3: Brand Recognition and Global Presence - The company is actively working to enhance the recognition and reputation of Chinese automotive brands globally, integrating Chinese culture into its brand identity [11][12] - Great Wall Motors has built a solid sales and service network in key markets such as Saudi Arabia and the UAE, with models like the Tank 300 and Tank 500 becoming market stars [12]

图 片来源：长城汽车官网 如果一家公司，一年之内完成了近十次关键人事调整，甚至有一个品牌在九年里换了九位掌门人，那么 这究竟是是解决问题的答案，还是问题本身？ 2025年，长城汽车进行了一系列密集的高层人事调整。从年初超豪车BG的高调组建，到年中核心品牌 负责人的"内外交替"，再到年末五大品牌掌门人全部回归"本土派"，这场贯穿全年的人事"车轮战"，外 部精英全面让位于拥有10-20年司龄的"本土派"， 同时结束了多个品牌由一人统管的局面。 2025年，长城汽车的高层人事变动，始于年初那项代号"001"的顶级任命。1月，长城汽车宣布成立全新 的"超豪车业务单元"，董事长魏建军亲自挂帅董事长，技术副总裁宋东先转任CEO，张小波出任CTO。 这步棋的目标明确：放弃主流市场的规模肉搏，专注于高品质、小批量的顶级车型研发。 随着行业竞争在上半年持续白热化，调整迅速传导至核心业务板块。6月，技术研发背景深厚的吕文斌 接掌欧拉品牌，肩负起为这一女性新能源品牌强化产品力的重任。 更为关键的变动发生在7月。长期统管魏牌与坦克的"老将"刘艳钊升任集团副总裁，转而负责新整合的 集团传播中台；与此同时，拥有新势力履历的冯复之空降，接 ...

开张9年、卖车约60万辆，"消耗"CEO 7名—— 魏建军以姓名冠之的高端魏牌，在高管"效费比"上不断创造纪录，友商望尘莫及： 没错，魏牌又换CEO了，第8任刚刚走马上任。 从新势力请来的前任CEO冯复之，首次亮相到无预警下课，竟只有短短半年时间。 走人的冯复之，如何重启魏牌 今年5月底，是冯复之首次以魏牌CEO身份公开亮相： 当时是魏牌蓝山焕新版上市，在整个长城所有品牌产品中，首次全系标配车位到车位高阶智能辅助驾驶，是长城智能化第一枪，技术、体验一夜间追赶上 第一梯队。 不仅是技术，整个魏牌也从这一次蓝山焕新开始，呈现出完全不一样的模式：新理念、新车、新渠道，这就是冯复之CEO的主要工作。 第一个改变，是魏牌首次明确一切以用户为中心。 不是嘴上说说，而是知行合一，比如官方曾提到「9小时提车」的例子。简单来说，一位北京客户着急提车，最终快速调动资源，在9小时内完成车辆运 送、到店、上牌的一系列工作，最后将车辆交到客户手中。 "车位到车位，贯通全场景"。这是城区NOA在「全国都能开」后的进一步升级，当前智能辅助驾驶最领先体验。 第二个改变——加码直营。 "让用户看得见、找得到、靠得住"，魏建军认为这要求长周期、 ...

【#魏牌CEO半年下课##魏牌重启本土派高管#】开张9年、卖车约60万辆，"消耗"CEO 7名—— 职业生涯超过25年，是典型的从技术研发岗成长起来的高管。长期扎根技术一线，2005年起，担任长城 汽车技术研究院副院长，负责底盘设计与开发。后续赵永坡又负责新能源汽车的电控系统开发、变速器 研发，主持开发的7DCT变速器曾获"世界十佳变速器"称号。2018年，开始担任长城汽车技术中心副总 经理，负责整车技术规划与研发，从基础技术负责人上升到整个集团车型平台、技术体系的一号位。 2020年，赵永坡调任商品战略和产品策划中心，负责产品规划，角色从技术研发向产品与市场战略拓 展。 2023年初正式出任哈弗品牌总经理，全面负责品牌运营、产品规划与市场销售——此时正是哈弗在比亚 迪冲击之下丢掉SUV销冠宝座、"憋大招"的初代枭龙MAX"一炮没红"，整个长城新能源出师不利的"谷 底"。赵永坡在哈弗，主要就做了两件事，一是燃油车H6迅速更新换代，尽量稳住基本盘；二是打造新 能源爆款，弥补逐渐流失的燃油车销量，比如大卖的新款猛龙、大狗。2024年哈弗销量706,234万辆， 同比小幅下滑1.5%左右，算是扭转颓势，止跌回稳的第 ...

Core Insights - The company reported a significant increase in wholesale sales for October 2025, with a total of 143,000 vehicles sold, representing a year-on-year growth of 22.5% and a month-on-month increase of 7.1% [1] - Cumulative wholesale sales from January to October reached 1.066 million vehicles, showing a year-on-year increase of 9.9% [1] Group 1: Sales Performance - Haval brand sold 88,000 vehicles in October, up 21.4% year-on-year and 7.7% month-on-month, with cumulative sales of 617,000 vehicles from January to October, reflecting a 13.3% year-on-year increase [1] - Wey brand achieved sales of 13,000 vehicles in October, marking a substantial year-on-year growth of 95.8% and a month-on-month increase of 15.2%, with cumulative sales of 76,000 vehicles, up 96.3% year-on-year [1] - Tank series sold 22,000 vehicles in October, up 16.6% year-on-year and 4.0% month-on-month, with cumulative sales of 187,000 vehicles from January to October, showing a slight decline of 0.8% year-on-year [1][2] - The pickup segment recorded sales of 14,000 vehicles in October, up 9.3% year-on-year and 9.2% month-on-month, with cumulative sales of 150,000 vehicles, reflecting a 3.7% year-on-year increase [1] - Ora brand sold 6,000 vehicles in October, a modest year-on-year increase of 1.6% but a decline of 9.7% month-on-month, with cumulative sales of 35,000 vehicles, down 33.0% year-on-year [1] Group 2: New Product Launches - The new Tank 400 model was officially pre-sold on October 21, with pre-sale prices starting at 309,800 yuan, featuring advanced technology and enhanced driving experience [2] - Haval's new models, including the 2026 Big Dog and the Menglong, are driving sales growth through competitive pricing and upgraded features [2] Group 3: International Expansion - The company reported overseas wholesale sales of 57,000 vehicles in October, up 28.7% year-on-year and 13.7% month-on-month, with cumulative overseas sales of 391,000 vehicles from January to October, reflecting a 6.2% year-on-year increase [3] - The Tank 500 Hi4-T model has been launched in Australia, receiving positive feedback for its technology and off-road capabilities, indicating potential for steady growth in international markets [3] Group 4: Financial Projections - The company anticipates revenue growth with projected figures of 226.78 billion yuan, 289.80 billion yuan, and 318.78 billion yuan for the years 2025 to 2027, respectively [3] - Expected net profit for the same period is projected at 12.67 billion yuan, 17.52 billion yuan, and 19.40 billion yuan, with corresponding price-to-earnings ratios of 15, 11, and 10 times based on the closing price of 22.69 yuan per share on November 3, 2025 [3]

Core Insights - Chinese domestic brands, particularly Great Wall Motors, are experiencing a significant transformation from "quantitative change" to "qualitative change" in a highly competitive automotive market [1] - Great Wall Motors achieved record revenue of 61.247 billion yuan in Q3 2025, marking a 20.51% year-on-year increase and a 17.07% quarter-on-quarter increase [1][2] - The company’s revenue for the first three quarters of 2025 reached 153.582 billion yuan, a 7.96% increase year-on-year, indicating a consistent upward trend over the past six years [1][2] Revenue and Sales Performance - In Q3 2025, the average selling price per vehicle exceeded 180,000 yuan, with sales of models priced over 200,000 yuan surpassing 100,000 units, reflecting a 40.83% year-on-year growth [3] - Sales of new energy vehicles reached 118,000 units in Q3, a 49.21% year-on-year increase and a 20.64% quarter-on-quarter increase [3] - Overseas sales totaled 136,500 units in Q3, representing an 11.23% year-on-year increase and a 27.87% quarter-on-quarter increase [3] Product Strategy and Market Position - Great Wall Motors' growth is attributed to its commitment to a "high-quality, high-value manufacturing" strategy, with successful launches in the off-road vehicle segment [4] - The company has established itself as a leader in the off-road market, with new models like the Tank 500 and Tank 400 receiving significant market attention and sales [4] - The Wei brand's new Gao Shan model has redefined the high-end MPV market, achieving sales of 8,560 units in September, making it the best-selling MPV in China for that month [6] Global Expansion and R&D Investment - Great Wall Motors is focusing on global markets, with overseas sales reaching 334,200 units in the first three quarters of 2025, including a record of over 50,000 units sold in September [9][11] - The company invested 6.636 billion yuan in R&D in the first three quarters of 2025, a 6.86% increase year-on-year, emphasizing a sustainable growth model [9] - Great Wall Motors is developing a comprehensive global strategy, including localized production and tailored development plans for different markets [11]

Investment Rating - The investment rating for Great Wall Motors is "Buy" (maintained) [1] Core Insights - The company reported a strong revenue growth in Q3, achieving a record high for the third quarter, with revenue of 612.47 billion yuan, up 20.5% year-on-year and 17.1% quarter-on-quarter. However, net profit attributable to shareholders decreased by 31.2% quarter-on-quarter and 49.9% year-on-year due to declining gross margins and increased investments in direct sales channels and new model promotions [4][5][6] - The company is in a strong new vehicle cycle, with significant sales increases across its brands, particularly in the overseas market, which is expected to continue driving growth [6][7] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 1,535.82 billion yuan, a year-on-year increase of 8.0%, while net profit was 86.35 billion yuan, down 17.0% year-on-year [4] - Q3 sales reached 353,600 units, a year-on-year increase of 20.2% and a quarter-on-quarter increase of 13.0%. Notably, the sales of new energy vehicles rose by 49.2% year-on-year [5] - The company adjusted its earnings forecasts for 2025-2026 downwards but raised the forecast for 2027, reflecting a long-term positive outlook due to the continuation of new vehicle cycles and overseas market expansion [4][6] Sales and Market Expansion - The company’s Q3 sales included 11.80 million units of new energy vehicles, marking a significant increase, and overseas sales reached 136,500 units, with a notable growth of 11.2% quarter-on-quarter [5] - The company is actively expanding its product matrix and enhancing its global presence, particularly in South America and Europe, with the launch of new models and local production facilities [6][7] Financial Metrics and Valuation - The projected financial metrics for the upcoming years indicate a revenue growth trajectory, with expected revenues of 229.95 billion yuan in 2025 and 271.35 billion yuan in 2026, alongside a gradual recovery in net profit margins [7][9] - The current price-to-earnings (P/E) ratio is projected to be 15.8 for 2025, decreasing to 10.5 by 2027, indicating potential value for investors [7][9]

Core Viewpoint - The article discusses the resurgence of retro aesthetics in consumer preferences for SUV models, particularly focusing on the "boxy" design trend in the automotive market [1][2]. Group 1: Market Trends - There is a noticeable shift in consumer aesthetics back to retro designs, particularly in the SUV segment [1]. - The demand for versatile vehicles that can navigate various terrains is increasing, reflecting a desire to explore the country's landscapes [2]. Group 2: Vehicle Pricing and Sales - The Haval Big Dog models have a strong market presence, with 95% of sales concentrated on gasoline versions, averaging over 15,000 units sold monthly [3]. - The Equation Leopard T3 has achieved stable monthly sales of around 10,000 units, indicating strong market acceptance [6]. - The Haval Tank 300 has seen a decline in sales from approximately 10,000 units to around 7,000 units monthly, yet it remains one of the most successful Chinese off-road vehicles [18]. Group 3: Competitive Analysis - The article highlights several key players in the boxy SUV market, including Haval, Equation Leopard, and Jietu, with a recommendation for consumers to consider these brands in the order mentioned [43]. - The Jietu Traveler and Jietu Mountain Sea T2 models are noted for their competitive pricing and product capabilities, although the latter has limited product strength [10][12]. - The Equation Leopard series, particularly the T3, is positioned as a unique electric option among boxy models, showcasing the brand's commitment to innovation [7].