每经记者｜刘明涛 每经编辑｜肖芮冬 随着年末时点临近，部分资金开始延缓配置步伐，A股延续震荡特征。上周，每经品牌100指数维持高位震荡，周跌0.49%。 视觉中国 目前，重要会议已为2026年政策定调，"跨年行情"关键窗口逐步打开。 A股本次调整或近尾声 上周，A股市场震荡调整，交投活跃度仍保持高位，每日量能均超1.7万亿元。截至12月12日收盘，上证指数下跌0.34%，深证成指上涨 0.84%，创业板指上涨2.74%，科创50指数上涨1.72%，每经品牌100指数则陷入调整，周跌0.49%，以1172.04点报收。 从上周每经品牌100指数成分股表现来看，除海底捞周涨幅超过5%以外，还有多只成分股涨幅突破3%。其中，百度集团-SW、长城汽 车、中集集团的周涨幅均超过3.5%。 市值增长方面，腾讯控股上周市值增长达到549亿元，市值增长较大；中国平安、美团-W、宁德时代、百度集团-SW、浦发银行、紫 金矿业的周市值增长均在100亿元以上。 从海外环境来看，美联储12月议息会议如期降息25个基点至3.50%~3.75%，为年内第三次降息。此次议息会议的基调中性偏鸽，但会 后点阵图显示，2026年预计仅有一次降息 ...

Core Viewpoint - The A-share market continues to exhibit volatility as year-end approaches, with the "cross-year market" key window gradually approaching, supported by positive policy signals for 2026 [1][7]. Market Performance - The main board market experienced fluctuations, with trading activity remaining high, exceeding 1.7 trillion yuan. As of December 12, the Shanghai Composite Index fell by 0.34%, while the Shenzhen Component Index rose by 0.84%, and the ChiNext Index increased by 2.74%. The Every Day Brand 100 Index fell by 0.49%, closing at 1172.04 points [2]. Component Stocks - Notable performers included Haidilao, which saw a weekly increase of 5.56%. Additionally, Baidu Group-SW and 11 other component stocks had weekly gains exceeding 2%. Tencent Holdings experienced a market value increase of 54.9 billion yuan, while China Ping An, Meituan-W, CATL, Baidu Group-SW, Shanghai Pudong Development Bank, and Zijin Mining all saw market value increases exceeding 10 billion yuan [4][5]. Economic Environment - The Federal Reserve lowered interest rates by 25 basis points to a range of 3.50% to 3.75%, marking the third rate cut of the year. The meeting's tone was neutral to dovish, with projections indicating only one rate cut in 2026. Domestically, November exports remained resilient, and CPI growth continued to recover. Upcoming important meetings in December will focus on expanding domestic demand and fostering new growth drivers [6]. Future Market Outlook - Prior to the initiation of the "cross-year market," the market is expected to undergo adjustments. However, with the accumulation of new positive factors, the adjustments may be nearing an end, and a short-term upward trend in the market is anticipated [7]. Company Focus: Great Wall Motors - Great Wall Motors reported a November sales volume of 133,200 vehicles, a year-on-year increase of 4.57%. The company sold 40,113 new energy vehicles in November. The Haval brand's wholesale sales in November were 75,000 units, a decrease of 3.8% year-on-year, while the Tank brand saw a 19.6% year-on-year increase in wholesale sales [8][9]. - Great Wall Motors is enhancing its global business layout, having established nine R&D bases and five software R&D centers worldwide. The company has exported to over 170 countries and regions, with more than 1,400 overseas sales channels [9]. - The company is also advancing its high-end platform, with a new luxury SUV expected to launch in the first half of 2026. Analysts predict continued growth for Great Wall Motors' overseas operations, driven by new product launches and the establishment of direct sales channels [9].

Core Viewpoint - The company reported a steady increase in sales and production, with a notable rise in overseas sales, indicating a successful global expansion strategy [2][4]. Sales Performance - In November 2025, the company achieved wholesale sales of 133,000 vehicles, a year-on-year increase of 4.6% but a month-on-month decrease of 6.9%. Cumulatively, from January to November, total wholesale reached 1.2 million vehicles, up 9.3% year-on-year [2]. - Specific brand performances included: - Haval: 75,000 units sold in November, down 3.8% year-on-year and down 14.6% month-on-month; cumulative sales of 692,000 units, up 11.1% year-on-year [2]. - Wey: 13,000 units sold, up 81.1% year-on-year and up 0.5% month-on-month; cumulative sales of 89,000 units, up 93.9% year-on-year [2]. - Pickup trucks: 16,000 units sold, up 1.0% year-on-year and up 13.6% month-on-month; cumulative sales of 166,000 units, up 3.4% year-on-year [2]. - Ora: 5,000 units sold, down 17.0% year-on-year and down 14.6% month-on-month; cumulative sales of 40,000 units, down 31.4% year-on-year [2]. - Tank: 24,000 units sold, up 19.6% year-on-year and up 9.5% month-on-month; cumulative sales of 212,000 units, up 1.2% year-on-year [2]. Product Launches - The Tank brand saw a significant increase in sales, with the new Tank 400 launched on November 6, featuring advanced technology and luxury amenities, aimed at enhancing the brand's high-end image [2]. - Haval introduced the H6L model, designed by former Mercedes and BMW designers, featuring a 14.6-inch central control screen and a new high-power engine, expected to strengthen its market position [3]. International Expansion - The company reported overseas wholesale sales of 57,000 vehicles in November, a year-on-year increase of 32.7% and a month-on-month increase of 0.3%. Cumulatively, from January to November, overseas sales reached 449,000 units, up 8.9% year-on-year [4]. - The company is actively expanding into international markets, including Thailand and Chile, and has established a factory in Uzbekistan, enhancing its global footprint [4]. Financial Projections - Revenue projections for 2025-2027 are as follows: - 2025: 226.78 billion yuan - 2026: 289.8 billion yuan - 2027: 318.78 billion yuan - Net profit attributable to shareholders is projected to be: - 2025: 12.67 billion yuan - 2026: 17.52 billion yuan - 2027: 19.4 billion yuan - The company maintains a price-to-earnings ratio (PE) of 15 for 2025, decreasing to 10 by 2027 [5].

摘要： 长城汽车11月销售新车133,216辆，同比增长4.57%; 强化产品矩阵，市场表现再向上 哈弗11月销售新车75,383辆，全球累计销量达1011.10万辆。11月，二代哈弗枭龙MAX获"五星健康车"奖，哈弗H6L正式上市，限时权益价10.39万元起。哈 弗H6L带来宽适空间，搭载Coffee OS 3智能座舱，并采用长城自研第六代动力系统，更省、更爽、更安心。 魏牌新能源11月销售新车12,763辆，同比增长81.14%。11月，魏牌全新高山继续火热势头。魏牌高山7诠释"一家人的移动大客厅，每个人都有好位置"，是 标配Hi4性能版和激光雷达，在转弯半径、"得房率"、安全性等维度优势明显的中大型插混MPV，成为年轻家庭的品质之选。 聚焦智能新能源，推动品牌向上，长城汽车（601633）11月新能源车型销售40,113辆，同比增长11.43%;20万元以上车型销售41,155辆，同比增长31.56%; 提速"生态出海"，方盒子车型销量再提升，长城汽车11月海外销售57,309辆，同比增长32.70%，再创新高;方盒子车型销售59,034辆，同比增长5.33%。 12月1日，长城汽车股份有限公司(股票代 ...

Core Insights - The article provides a detailed overview of upcoming vehicle models from various manufacturers, including their specifications, market segments, and launch dates. Group 1: Manufacturer and Model Overview - Beijing Benz will launch the Mercedes-Benz C-Class on November 14, 2025, in the B NB segment with a price range of 338,300 to 384,100 CNY [12]. - Geely Auto is set to release the Geely Bin Yue L on November 15, 2025, in the AO SUV segment, priced at 97,800 CNY [20]. - Chery Auto will introduce the Chery Fengyun A9L on November 15, 2025, in the C NB segment, with prices ranging from 181,900 to 236,900 CNY [28]. - GAC Aion will launch the Aion i60 on November 16, 2025, in the A SUV segment, with prices between 109,800 and 135,800 CNY [36]. - NIO will release the NIO ES6 on November 17, 2025, in the B SUV segment, priced at 349,800 CNY [44]. Group 2: Technical Specifications - The Mercedes-Benz C-Class features a 2.0T engine with a power output of 125 kW and torque of 250 Nm [12]. - The Geely Bin Yue L is equipped with a 1.5T engine, producing 133 kW and 290 Nm of torque [20]. - The Chery Fengyun A9L offers a 1.5T plug-in hybrid engine with a total power output of 115 kW from the engine and 160 kW from the electric motor [28]. - The Aion i60 has a 1.5L range extender engine with a power output of 74 kW and an electric motor producing 180 kW [36]. - The NIO ES6 features a pure electric powertrain with a total output of 360 kW and torque of 700 Nm [44]. Group 3: Market Segmentation and Launch Dates - The article categorizes vehicles into various segments such as B NB, AO SUV, C NB, and A SUV, indicating a diverse range of offerings from manufacturers [2][4]. - The launch dates for these models are strategically planned between November 14 and November 21, 2025, showcasing a concentrated effort to capture market interest during this period [2][4][7].

Core Points - Great Wall Motors has officially launched the Haval H6L, a mid-size urban SUV, with a limited-time price range of 103,900 to 127,900 yuan [1] - The Haval H6 series has achieved cumulative sales of over 4 million units since its launch in 2011, with distribution in over 60 countries and regions worldwide [1] Vehicle Specifications - The Haval H6L has dimensions of 4800mm in length, 1895mm in width, and 1730mm in height, with a wheelbase of 2810mm, positioning it as a mid-size SUV [3] - Interior features include ventilated and heated front seats with an 8-point massage function, and adjustable heated rear seatbacks [3] Technology and Performance - The vehicle offers advanced features such as full-speed adaptive cruise control, lane keeping, and automatic parking, with a dual-screen setup consisting of a 12.3-inch digital instrument panel and a 14.6-inch central touchscreen that supports smart voice and mobile connectivity [4] - The high-end model is equipped with a 2.0T engine paired with a 9DCT transmission, achieving a fuel consumption of 7.4 liters per 100 kilometers under WLTC standards [4]

Core Points - Haval H6L has officially launched with a price range of 103,900 to 127,900 yuan, positioning itself as a mid-size five-seat SUV [1] - The H6L offers various features including heated, ventilated, and massaging front seats, rear seat heating, 64-color ambient lighting, W-HUD head-up display, 50W wireless fast charging, and a 5.1-channel audio system [3] - The vehicle is powered by a 2.0T powertrain paired with a 9DCT transmission, achieving a comprehensive transmission efficiency of 96% and a fuel consumption of approximately 0.5 yuan per kilometer [3] - In terms of smart technology, the H6L supports Coffee OS 3 smart cockpit, over 70 voice controls, and more than 200 complex parking space recognition features, with a parking success rate of 98% [3]

Core Insights - Great Wall Motors reported a revenue of 153.58 billion yuan for the first three quarters of 2025, marking a year-on-year growth of 7.96%, while net profit decreased by 16.97% to 8.635 billion yuan, indicating a "revenue growth without profit increase" scenario [1][3][4] - The company is focusing on balancing sales growth with profit levels, as the increase in revenue has not translated into higher profits, raising concerns about cost control and profitability logic [1][4] Financial Performance - In Q1 2025, Great Wall Motors experienced a revenue decline of 6.63% to 40.02 billion yuan, with net profit dropping 45.6% to 1.751 billion yuan [4] - Q2 2025 showed improvement with revenue of 52.32 billion yuan, a year-on-year increase of 7.72%, and net profit rising 19.42% to 4.586 billion yuan [4] - Q3 2025 revenue reached 61.25 billion yuan, up 20.51% year-on-year, but net profit fell 31.23% to 2.298 billion yuan [4][5] Marketing and R&D Investments - Marketing expenses for the first three quarters reached 7.948 billion yuan, significantly up from 5.110 billion yuan in the previous year, contributing to a decline in gross margin to 18.40% [3][5] - R&D investment for the same period was 6.636 billion yuan, still lower than BYD's 43.748 billion yuan [5] Product and Sales Performance - The average selling price of vehicles exceeded 180,000 yuan, with sales of models priced above 200,000 yuan surpassing 100,000 units, reflecting a 40.83% year-on-year increase [5] - New energy vehicle sales reached 278,500 units, a year-on-year growth of 31.67%, but the company's market share in the overall new energy vehicle market was only 2.48% [8][9] Market Strategy and Brand Positioning - Great Wall Motors aims to embrace the younger market, launching the new Tank 400 model, which is positioned as a "trendy off-road SUV" targeting urban and outdoor users [11][14] - The company is shifting focus from sheer sales volume to sustainable growth, as indicated by Chairman Wei Jianjun's comments on prioritizing healthy development over high sales figures [6][7] International Sales Growth - Overseas sales for the first three quarters reached 334,200 units, a year-on-year increase of 3.06%, accounting for 36.19% of total sales [10]

Core Insights - The automotive market is entering a peak period with new vehicle launches from both traditional and emerging players in fuel, hybrid, and electric segments as the year-end approaches [1] New Vehicle Launches - BYD 2026 Model Summer is set to launch on November 4, featuring enhanced range and smart configurations, with a maximum CLTC electric range increased from 180 km to 218 km and a total range exceeding 1100 km [3][5] - The all-new Mercedes-Benz electric CLA will be available from November 5, featuring an 800V architecture and a two-speed transmission, with a pre-sale starting at 259,000 yuan [5][8] - Chery's fifth-generation Tiggo 8 will launch on November 10, offering dual exterior/interior designs and two engine options, with maximum power outputs of 145 kW and 187 kW for the 1.6T and 2.0T engines respectively [7][10] - Geely's fifth-generation Emgrand is launching in November, showcasing improvements in space, intelligence, and power, with dimensions of 4815x1885x1480 mm and two powertrain options [8][10] - Lantu Taisan, a flagship SUV, will launch in November, featuring a design inspired by Eastern aesthetics and equipped with advanced technology, including a hybrid system with a maximum engine power of 110 kW [12][14] - Leap Motor Lafa5, targeting the young market, will also launch in November, featuring a sporty design and two range options of 515 km and 605 km [14][16] - Haval H6L, a mid-size SUV, will be available in November, emphasizing spaciousness and smart comfort features, with a maximum power output of 175 kW from its 2.0T engine [16][18] - Dongfeng Nissan's new Teana with HarmonyOS will launch in November, featuring a luxurious interior and a 2.0T VC-Turbo engine with a maximum power of 243 horsepower [18] Market Trends - The upcoming end-of-year period is expected to see intensified promotions and new vehicle launches, creating a significant purchasing opportunity for consumers with clear buying intentions [1][18]