文艺复兴先驱但丁在《神曲》中写道："你要坚定自己的信念如一座高塔，不因暴风雨而倾斜才对。"这与当前长城汽车董事长魏建军的想法有异曲同 工之妙。 2025年，中国汽车市场正处于"繁荣与迷思"的交织点，上半年乘用车销量同比增长8%，但行业利润率却降至5.1%的近五年低点，过度营销、同质化 竞争等问题正加速显现。此背景下，央视财经《对话》走进长城汽车股份有限公司（以下简称"长城汽车"），主持人陈伟鸿与魏建军深度对谈。 这场访谈不仅揭开了长城汽车穿越周期的破局密码，更以"价值竞争替代无序内卷"的实践，为中国汽车产业高质量发展提供了可借鉴的范本。 "内外双驱"打造长城硬核竞争力 当下，中国汽车市场竞争剧烈，各大车企抢占市占率，提高渗透率的同时，行业利润率正大打折扣，价格战带来的短期效应正在透支未来，魏建军深 知唯有坚守长期主义才能破局。 如何破局？魏建军将其根本逻辑总结为"诚信良心造车"，这一理念成为其抵御行业浮躁的"定盘星"。 何为诚信良心造车？如何做到诚信良心造车？这并非纸上谈兵。 如何将价值观转化为竞争力，魏建军给出"两个发展理念"的答案：对内夯实内功坚持创新投入，对外开拓市场站位全球，形成破局的"双驱动力"。这 ...

Core Viewpoint - The establishment of Great Wall Motors' factory in Brazil marks a significant step in the company's "ecological going global" strategy, emphasizing deep localization and integration into local markets rather than merely exporting vehicles [2][3][4]. Group 1: Factory Establishment and Strategic Importance - Great Wall Motors' factory in Brazil has officially commenced production, with an annual capacity of 50,000 vehicles, serving as a strategic hub for the Latin American market [2]. - The factory represents a shift from previous export-oriented strategies to a more complex and challenging approach focused on local integration and cultural adaptation [2][4]. Group 2: Ecological Going Global Strategy - The "ecological going global" strategy involves a comprehensive approach that includes R&D, production, supply chain, distribution, and service, aiming to create a complete value chain [4][5]. - This strategy seeks to address cultural and consumer behavior differences in various markets, moving beyond simple trade to establish brand recognition and local relevance [4][5]. Group 3: Market Opportunities and Challenges - The global automotive market is characterized by mature markets (North America, Europe, Japan, South Korea) that are difficult to penetrate, leading Great Wall Motors to focus on emerging markets like Latin America, the Middle East, and Southeast Asia [7][8]. - In Brazil, the automotive market presents a strong demand due to insufficient public transportation, making it a critical area for growth despite potential challenges such as policy uncertainty and infrastructure issues [8]. Group 4: Long-term Strategy and Development Philosophy - Great Wall Motors emphasizes a long-term approach to development, prioritizing trust and sustained relationships with customers over short-term gains [13][14]. - The company aims to balance domestic and international sales, targeting a near 1:1 ratio in the next three years, reflecting a commitment to both markets [14]. Group 5: Technological Adaptation and Product Strategy - The company adopts a multi-powertrain strategy, allowing for flexibility in different markets based on local energy policies and infrastructure [10][12]. - This modular approach to technology enables Great Wall Motors to quickly adapt to varying market demands and regulatory environments, positioning itself for long-term success [12].

Core Viewpoint - Great Wall Motors has officially launched its factory in São Paulo, Brazil, marking a new phase in its globalization strategy, supported by over 100 billion yuan in R&D investment over three consecutive years and nearly 50,000 patents [1][2]. R&D Investment - Great Wall Motors has maintained high R&D investment, with 2024 spending projected to reach 10.4 billion yuan, continuing a trend of exceeding 10 billion yuan for three years [2]. - Nearly 40% of the R&D budget is allocated to key areas of new energy and intelligence, resulting in significant technological achievements, including 2,962 new authorized patents in the first half of 2025, with 37.8% related to new energy [2]. Vertical Integration and Quality Control - The company has achieved over 70% self-sufficiency in core components through strategic vertical integration, with subsidiaries like Honeycomb Energy and Precision Auto entering the global top 100 parts suppliers list for 2024 [3]. - Great Wall Motors has invested 510 million yuan in a multi-angle safety collision laboratory, the largest in Asia, to enhance quality control, capable of simulating 9,000 complex road conditions [3]. Globalization Strategy - The São Paulo factory represents a milestone in Great Wall Motors' globalization strategy, transitioning from product export to a localized ecosystem approach, including R&D, supply chain management, and sales services [4]. - The company has developed an "ethanol plug-in hybrid system" tailored for Brazil's ethanol fuel market, showcasing its intelligent manufacturing capabilities [4]. Financial Performance - In the first half of 2025, Great Wall Motors sold 15,700 vehicles in Brazil, a year-on-year increase of 19.8%, significantly outpacing the local industry average [4]. - The company's overseas business is projected to contribute over 45.3 billion yuan in revenue in 2024, with overseas gross margins exceeding domestic levels [5]. - For 2024, Great Wall Motors expects total revenue of 202.2 billion yuan, with net profit increasing by 80.73% to 12.7 billion yuan, and operating cash flow rising by 56.49% to 27.783 billion yuan [5]. Future Outlook - Great Wall Motors anticipates that its technology reserves in new energy and intelligence will enter a harvest period, with its hydrogen-powered heavy trucks achieving over 15 million kilometers of safe operational mileage [5]. - The São Paulo factory's capacity ramp-up is expected to drive significant revenue growth in the Latin American market, potentially becoming a key engine for the next 10 billion yuan in revenue [5].

Core Viewpoint - The official launch of the Haval H6 GT at the new factory in São Paulo marks a new phase in Great Wall Motors' globalization strategy, supported by significant R&D investments and a robust patent portfolio [1][2]. R&D Investment - Great Wall Motors has maintained high R&D investments, with 2024 spending projected to reach 10.4 billion yuan, continuing a trend of over 10 billion yuan for three consecutive years [2]. - Nearly 40% of the R&D budget is allocated to key areas such as new energy and intelligent technology, resulting in substantial technological achievements, including nearly 50,000 patent applications [2]. Technological Advancements - The company has achieved breakthroughs in core technologies, with a mature technology route encompassing hybrid, pure electric, and hydrogen energy systems [3]. - The Hi4 electric hybrid four-wheel drive system meets diverse needs, and the Hi4-G heavy-duty hybrid technology has undergone rigorous testing over 5 million kilometers [3]. - Strategic vertical integration has led to over 70% self-sufficiency in core components, enhancing cost advantages [3]. Quality Control - Great Wall Motors emphasizes quality control throughout the R&D ecosystem, with advanced facilities such as a 5.1 billion yuan multi-angle safety collision laboratory [3][4]. - The company’s manufacturing processes, including a fully enclosed stamping line and high automation rates, ensure superior product quality [4]. Globalization Strategy - The São Paulo factory represents a milestone in the company's globalization strategy, transitioning from product export to a comprehensive local ecosystem [4]. - The company has developed an ethanol plug-in hybrid system tailored to Brazil's unique market, showcasing its intelligent manufacturing capabilities [4]. Financial Performance - In the first half of 2025, Great Wall Motors sold 15,700 vehicles in Brazil, a year-on-year increase of 19.8%, significantly outpacing the local industry average [4]. - The company’s international strategy has led to over 20 million vehicles exported and projected overseas revenue exceeding 45.3 billion yuan in 2024, with higher gross margins than domestic operations [5]. Future Outlook - Great Wall Motors anticipates that its technological reserves in new energy and intelligent sectors will enter a harvest phase, with the Brazilian factory expected to drive significant revenue growth [5][6]. - The company’s approach exemplifies the successful transformation of China's manufacturing industry through substantial R&D investments and localized value creation [6].

Core Viewpoint - The Chinese automotive sector is experiencing a significant rally, with major stocks showing substantial gains, driven by favorable monetary policy and strong sales growth in the industry [2][3][8]. Group 1: Market Performance - On August 18, Hong Kong automotive stocks rose sharply, with Great Wall Motors up nearly 13%, NIO up nearly 8%, and Geely up nearly 5% [2]. - The A-share index rose over 1%, reaching a nearly 10-year high, with automotive companies continuing their upward trend from the previous week [2][3]. - Over 70% of the 101 Chinese automotive stocks tracked saw price increases, with an average gain of 3.6%, second only to the Shenzhen Composite Index [3]. Group 2: Monetary Policy Impact - The People's Bank of China (PBOC) has played a crucial role in supporting the stock market through liquidity injections, releasing a total of 1.2 trillion yuan in the past two weeks [2][8]. - The PBOC's emphasis on maintaining a moderately loose monetary policy for the second half of the year has provided reassurance to the market [8]. Group 3: Sales Growth - Data from the China Automotive Industry Association indicates that vehicle sales in the first seven months of the year reached 18.269 million units, a year-on-year increase of 12% [6]. - The automotive sales growth has exceeded the expected levels of 2% to 3%, contributing to the positive market sentiment [3][6]. Group 4: Stock Performance Highlights - Harmony Auto led the weekly gains with a 76% increase, followed by Ganfeng Lithium with a 21.05% rise [7][10]. - Other notable performers include Baideli Holdings, Hesai, Great Wall Motors, and Tianqi Lithium, all of which saw gains exceeding 10% [7]. - The dealer/retail sector outperformed with a remarkable 9.64% increase, attributed to the high growth in automotive sales this year [3]. Group 5: Individual Company Developments - Harmony Auto's surge is linked to BYD's strong overseas sales and its aggressive global expansion strategy, having opened 100 BYD stores in two years [9]. - Ganfeng Lithium received a significant investment from JPMorgan Chase, increasing its holdings and benefiting from the strong performance of lithium stocks due to supply disruptions [10]. - Hesai reported a 53.9% year-on-year revenue growth in Q2 and secured a partnership with Toyota for laser radar production [10][12]. - Great Wall Motors has commenced production at its factory in Brazil, with an annual capacity exceeding 30,000 vehicles [12].

Core Viewpoint - Great Wall Motors has officially launched its manufacturing plant in Brazil, marking a significant step in its strategy to penetrate the Latin American market and enhance local production capabilities [1][4][10]. Group 1: Company Developments - The inauguration of the Great Wall Motors plant coincided with the 51st anniversary of China-Brazil diplomatic relations, with Brazilian President Lula and the Chinese ambassador in attendance [4][6]. - The plant, located in Iracemapolis, São Paulo, is a modern facility built on the site of a former Mercedes factory, covering an area of 1.2 million square meters and featuring a production capacity of 50,000 vehicles per year [10][12]. - The first model produced at the plant is the Haval H6 GT, which is set to enter the Brazilian market [4][10]. Group 2: Economic Impact - President Lula emphasized that the plant's opening signifies Brazil's capability to produce competitive vehicles and will create over 2,000 jobs [6][10]. - The factory will serve as a regional hub for Great Wall Motors, targeting markets in Mexico, Argentina, and Chile, thereby shortening delivery times and improving local service capabilities [8][12]. Group 3: Market Position - Brazil is the eighth-largest automotive market globally, with a low penetration rate of electric vehicles below 10%, making it an attractive target for Chinese automakers [14]. - Great Wall Motors has established a strong presence in Brazil, achieving a sales volume of 29,000 vehicles over three years, with a 19.8% year-on-year increase in the first half of 2025 [14]. - The company has over 1,400 overseas sales channels and has sold more than 2 million vehicles globally, indicating its robust international footprint [14]. Group 4: Industry Trends - The increasing visibility of Chinese automotive brands in Brazil is evident, with multiple companies like BYD and Chery also investing locally [17]. - The shift towards electric and smart vehicles globally is enhancing the competitiveness of Chinese automakers, with Great Wall Motors positioned to leverage its technological advantages in the Latin American market [18].

Core Insights - The A-shares and Hong Kong stocks experienced a joint rise on August 18, with the Hong Kong automotive ETF (159210) opening significantly higher, surging over 2% as of 10:11 AM, aiming for a second consecutive day of gains [1] Automotive Industry Performance - The top-performing stocks in the automotive sector included: - Xpeng Motors (9868) up by 1.81% with a trading volume of 3.94 billion - BYD Company (1211) up by 0.89% with a trading volume of 687 million - Li Auto (2015) up by 1.48% with a trading volume of 3.86 billion - Great Wall Motors (2333) surged by 9.58% with a trading volume of 518 million [2] - The automotive industry is seeing a significant increase in exports, with July 2025 figures showing a total of 575,000 vehicles exported, a month-on-month decrease of 2.8% but a year-on-year increase of 22.6%. From January to July 2025, exports reached 3.68 million vehicles, up 12.8% year-on-year [4] New Energy Vehicle (NEV) Trends - In July 2025, NEV exports reached 225,000 units, reflecting a month-on-month growth of 10% and a year-on-year increase of 120%. For the first seven months of 2025, NEV exports totaled 1.308 million units, marking an 84.6% year-on-year growth [4] - Analysts predict that domestic automotive companies will intensify their export efforts in the second half of the year, with expectations for passenger vehicle exports (including overseas production) to reach 5.7 million units by 2025, representing a 17% increase year-on-year [5] Company Developments - Great Wall Motors announced the completion and production launch of its factory in Brazil, with the first model, the Haval H6 GT, officially rolling off the production line. The factory aims for an initial production capacity of 30,000 units per year, expected to increase to 50,000 units by 2028 [4] - The automotive sector is anticipated to benefit from the upcoming "trade-in" subsidies, with current incentives for new energy vehicles set at 30,000, which will be halved in 2026-2027 [7] Market Sentiment and Future Outlook - The automotive sector is experiencing a strong upward trend, driven by both industry development and technological advancements. The market is particularly focused on high-end brands and new product cycles, with expectations for significant growth in the coming years [8]

Core Viewpoint - Great Wall Motors (02333) saw a stock increase of over 8%, currently trading at 17.01 HKD with a transaction volume of 363 million HKD, following the announcement of the completion and production launch of its factory in Brazil [1] Group 1: Company Developments - The Great Wall Motors factory in Brazil officially commenced production on August 16, with the first vehicle, the Haval H6 GT, rolling off the assembly line [1] - The initial production model from the factory is the Haval H6 in both gasoline and hybrid versions, with plans to produce the Haval H9 and Poer pickup in the next phase [1] - The factory currently employs 530 staff, with 145 in administrative or office roles, and is expected to increase its workforce to 1,000 by the end of the year, implementing a double shift system [1] Group 2: Production Capacity - The initial production capacity of the factory is set at 30,000 units per year, with expectations to reach 50,000 units by 2028 [1]

Core Viewpoint - Great Wall Motors (02333) shares rose over 8%, currently at 17.01 HKD with a trading volume of 363 million HKD following the announcement of the completion and production launch of its Brazil factory [1] Group 1: Factory Launch and Production - The Brazil factory officially commenced operations on August 16, with the first vehicle, the Haval H6 GT, rolling off the production line [1] - The initial production models include the gasoline and hybrid versions of the Haval H6 SUV, with plans to produce the Haval H9 and Poer pickup in the next phase [1] - The factory spans 1.2 million square meters, with a building area of 94,000 square meters, featuring core workshops for welding, painting (including robotic applications), and assembly [1] Group 2: Employment and Capacity - The factory currently employs 530 staff, with 145 in administrative or office roles, and is expected to increase to 1,000 employees by the end of the year, implementing a double shift system [1] - The initial production capacity is set at 30,000 vehicles per year, projected to reach 50,000 vehicles by 2028 [1]

Group 1 - Xiaomi's Vice President Li Xiaoshuang addressed concerns regarding the SU7 electric vehicle's charging capabilities abroad, stating that compatibility with charging interfaces and distribution of charging stations are key factors. He noted that in regions like Central Asia and Europe, the majority of charging interfaces are compatible with the domestic experience, and charging stations are widely available, with an average of 150-200 kilometers between superchargers in Central Asia and 20-50 kilometers in Europe [2] - The new generation of IM Motors LS6 has been officially announced with eight configuration versions, starting at a pre-sale price of 209,900 yuan. The vehicle features the "Star" super-range technology, a 66 kWh battery, and an 800V high-voltage platform, achieving a pure electric range of 450 kilometers and supporting a quick charge of 310 kilometers in just 15 minutes. The official launch and delivery are expected on September 10 [2] - Great Wall Motors announced the full launch of its production line in Brazil, marking a significant milestone for Chinese automakers in high-quality overseas manufacturing. The first vehicle produced is the Haval H6 GT, with plans to produce additional models such as the Haval H9 and Poer pickup in the next phase [2] Group 2 - The establishment of the Transportation Big Model Innovation and Industry Alliance in Beijing signifies a shift from fragmented exploration to collaborative development in comprehensive transportation modeling. The alliance includes 55 initial members from various sectors, including industry enterprises, AI companies, and academic institutions, covering all aspects of transportation [2]