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 ...

证券研究报告 公司研究 / 公司点评 2026 年 01 月 06 日 继续推进高端化+全球化，2026 年目标 180 万辆 ——长城汽车（601633.SH）公司销量点评 报告原因： 投资要点： | | 财务数据及盈利预测 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 联系人 | 报告期 | 2023 | 2024 | 2025E | 2026E | 2027E | | | 营业总收入（百万元） | 173,212 | 202,195 | 220,353 | 250,210 | 295,824 | | 徐姝婧 | 同比增长率（%） | 26.1% | 16.7% | 9.0% | 13.6% | 18.2% | | S0820124090004 | 归母净利润（百万元） | 7,022 | 12,692 | 12,073 | 14,289 | 17,266 | | 021-32229888-25517 | 同比增长（%） | -15.1% | 80.8% | -4.9% | 18.4% | 20.8% | | xushujing@ajz ...

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]

Core Viewpoint - The frequent changes in leadership at the high-end brand WEY under Great Wall Motors reflect the complexities of operating an automotive brand, with the new CEO Zhao Yongpo aiming to leverage his extensive experience to enhance the brand's market position and product offerings [3][5][7]. Leadership Changes - Zhao Yongpo has taken over as CEO of WEY, succeeding Feng Fuzhi, who served for only eight months. This marks the ninth CEO since the brand's establishment in 2016 [3][5]. - Feng Fuzhi's tenure was characterized by efforts to expand the direct sales channel, but he faced significant pressure, leading to his departure [5]. - Zhao Yongpo has over 20 years of experience within Great Wall Motors and has been involved in the development of WEY from its inception [6]. Brand Development and Market Position - WEY has experienced a "high-open, low-walk, and recovery" trajectory since its establishment, with a peak sales figure of 139,000 units in 2018, followed by a decline due to delays in transitioning to electric vehicles [7]. - The brand has recently seen a resurgence, with sales of 89,000 units from January to October 2025, representing a year-on-year increase of 93.94% [7]. - Future product strategies include launching new models based on a new platform by 2026, aiming to cover various powertrain options [7]. Direct Sales Strategy - The establishment of a direct sales model is seen as crucial for enhancing brand perception and user experience, with over 500 direct service points planned across more than 130 cities by November 2025 [8][9]. - The direct sales approach allows for better control over user touchpoints and service standards, which is essential for building a high-end brand image [9][10]. - However, the rapid expansion of direct sales outlets poses challenges, as seen in the case of other companies like Li Auto, which took over six years to reach a similar number of stores [9][10]. Challenges in Expansion - The process of establishing high-quality direct sales outlets is complex and time-consuming, involving multiple stages from site selection to team training [10]. - The competition for prime retail locations in key commercial areas is intense, often requiring brands to wait for suitable opportunities [10]. - Great Wall Motors has invested over 2 billion yuan in its direct sales system, highlighting the commitment to overcoming the challenges of brand management in the automotive sector [10].

从技术路径上看，蓝山所采用的 VLA 方案，已成为当前高阶辅助驾驶领域的重要技术方向之一，理想 汽车、小鹏汽车等车企也在相关方向上持续投入。相比传统端到端方案，VLA 模型规模更大，更强调 对长时序场景的理解与推理能力，试图补足端到端方案在复杂边缘场景中的能力不足。为此，蓝山同步 升级了算力平台，采用英伟达 Thor-U 芯片，算力达到 700TOPS。而魏牌这一轮升级，更多是在为高阶 智能辅助驾驶验证能力上限。 （原标题：哈弗猛龙辅助驾驶"自动挡"，高阶依旧选中元戎启行） 12 月 21 日，原长城哈弗品牌总经理赵永坡在个人微博发文称，"从今天开始，我就是魏牌的 CEO 了"。这是魏牌成立九年来迎来的第九次 CEO 任命。 过去一年，魏牌在长城体系内承担了智能化试水的角色。以蓝山、高山为代表的车型，在引入更高阶智 能辅助驾驶方案后，产品力出现明显变化，销量走势也逐步趋稳。尤其是在蓝山搭载 VLA（视觉—语 言—动作模型）之后，魏牌在复杂场景处理和整体驾驶体验上的差异化开始显现。这一阶段性的表现， 使长城内部对高阶智能辅助驾驶是否具备商业转化能力，形成了更清晰的判断。 当高端品牌完成阶段性验证后，智能化开始向 ...

Core Viewpoint - Momenta has secured contracts with Great Wall Motors for two new models, including the Haval Menglong, which will feature an L2+ level of assisted driving capabilities and is expected to launch in early next year [2]. Group 1: New Model Features - The new models will utilize Momenta's latest end-to-end solution, based on the R6 flywheel large model, similar to that used in the Buick Zhijing L7, and will be developed on the Qualcomm Snapdragon 8620 chip with an effective computing power of 156 TOPS [2]. - The assisted driving capabilities will include features such as highway NOA (Navigation on Autopilot) and parking assistance, but will not support urban NOA initially [2]. Group 2: Future Developments - Momenta plans to shift its mass production solutions entirely to end-to-end models, incorporating large models based on reinforcement learning [5]. - The R6 flywheel large model, which utilizes reinforcement learning, was first mass-produced in the Buick Zhijing L7, providing urban NOA capabilities [5]. Group 3: Collaboration with Great Wall Motors - Momenta has established a dedicated demo testing team for assisted driving at Great Wall's headquarters in Baoding, with CEO Cao Xudong actively overseeing the project and providing technical demonstrations [7]. - Great Wall Motors also collaborates with Yuanrong Qixing for its assisted driving solutions, with plans for the Wuling Blue Mountain model to launch in August 2024 featuring Yuanrong's urban NOA solution [7].

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 ...

与此前任期不足8个月的冯复之这样的外部人才引入属性不同，赵永坡是长城汽车的"自己人"，是内部深耕20年的技术老兵。长城汽车董事长魏建军曾公开 表示，外来高管与长城文化存在冲突，缺乏实战经验和真才实干，远不如内部培养的人才可靠。 【文/财圈社&道哥说车 麻建宇】"从今天开始，我就是魏牌的CEO了"，12月21日，赵永坡在个人微博轻描淡写地证明了此前的传闻，语气平淡得像在说"明 天吃火烧"。但对于魏牌而言，它要迎来发展历史上的第9位CEO了！ 赵永坡这位长城汽车嫡系，入驻长城汽车以及魏建军最宝贵的魏牌，也算是应了魏建军的这一观点。值得关注的是，很多时候，赵永坡与魏建军的行事风格 类似，"吹哨人"的观点张嘴就来，没少对行业乱象开炮。 有些像……魏建军的"得意门生"，甚至魏建军叫过他"坡总"。不过，身为技术型高管，赵永坡从幕后走向台前也确实给哈弗带来了不少改变，甚至直接提升 了哈弗猛龙的销量。这位长城嫡系，是否能终结"铁打的魏牌，流水的CEO"宿命呢？ 需要提到的是，别看魏牌年内销量涨得很快，但无论品牌声量还是销量都不足以自傲，甚至除了高山，也缺乏爆款车型……所以，严格意义上来说，赵永坡 也是来救火的。 很像魏建军 ...