Core Viewpoint - The rise of "big brand alternatives" in the Chinese automotive market, exemplified by models like Xiaomi's SU7 and YU7, raises concerns about the potential regression of the industry towards imitation rather than innovation [1][5]. Group 1: Market Trends - Xiaomi's SU7 has become a phenomenon, securing the top sales position in the mid-to-large sedan category within a year, while the YU7 has surpassed it with over 240,000 orders in just 18 hours [1]. - The trend of creating "luxury car alternatives" is becoming a significant strategy for automakers in a highly competitive market, where original design requires substantial investment [1][2]. - The Zeekr 9X SUV received significant attention at the Shanghai Auto Show, with 10,000 pre-orders in just 2 hours, indicating strong market interest in domestic alternatives [2]. Group 2: Legal and Ethical Considerations - Historical cases of design infringement in the automotive industry show that legal definitions of imitation are often ambiguous, with several high-profile cases resulting in no penalties for alleged infringers [3]. - The protection period for design patents in China is 15 years, which can impact the longevity of claims against design similarities [3]. Group 3: Industry Evolution - The Chinese automotive industry has made significant strides in moving away from a reliance on imitation, with domestic brands capturing nearly 70% of the market share and China being the largest automobile exporter for two consecutive years [5]. - The resurgence of "copycat" incidents poses risks to the long-term development of the industry and could hinder the global competitiveness of Chinese automakers [5].

7月10日，中国汽车工业协会发布产销数据。上半年，国内汽车产销量均超过1500万辆，同比均实现 10%以上较高增长。其中，新能源汽车新车销量达到汽车新车总销量的44.3%。 从主要车企销售数据看，比亚迪（002594）、上汽集团（600104）、吉利汽车、长安汽车（000625）、 奇瑞集团销量均突破百万辆，其中比亚迪、上汽集团两家车企销售突破200万辆，长城汽车（601633） 销量仅为56.98万辆，排名垫底。 从增速看，吉利汽车增速最高，同比增长47%，而长城汽车仅增长1.81%，增速显著低于全国平均水 平。 长城汽车欧拉品牌上半年销量腰斩，坦克品牌销量为10.37万台，同比下降10.67%，相较于去年同期 99%的同比增速大幅下滑。 坦克是长城的主力品牌，整体定价高，盈利能力强，是长城的冲击高端的主要品牌之一。 作为定位越野的品牌，近年来竞争激烈，之前有北汽旗下的越野品牌，之后又有方程豹系列。比亚迪旗 下方程豹品牌依托DMO超级混动越野平台，推出豹5、豹8等车型，凭借性价比优势快速抢占市场。从 销量来看，方程豹上半年累计销售60746台，同比增长2.0%，显然抢走了长城的越野市场。 虽然销量增长乏力， ...

每经记者｜段思瑶 每经实习编辑｜余婷婷 7月11日，有消息称，刘艳钊已升任长城汽车副总裁，主管公司传播中台，为长城汽车公关体系一号位，同时不再担任魏牌、坦克 品牌总经理。对此，《每日经济新闻》记者向长城汽车方面进行采访求证，但截至发稿时未获得对方回复。不过，记者从长城汽车 一位内部人士处获悉，刘艳钊确实已升任主管传播中台的副总裁，且已有一段时间。 据了解，刘艳钊主管长城汽车传播中台后，冯复之、常尧已分别低调接任魏牌、坦克总经理。其中，冯复之曾在小鹏和理想汽车有 过任职经历，尤其在担任理想汽车零售总监期间，曾带领团队在6个月内完成了在13座主要城市布局理想零售中心的任务。进入长 城汽车后，冯复之主管直联用户的"长城智选"直营渠道建设和打造。常尧则"出身"长城汽车用户运营部门，曾先后担任长城汽车用 户中心高级总监、用户运营中台负责人、坦克品牌负责人等职位。 随着此次高层调整的完成，长城汽车旗下哈弗、欧拉、魏牌、坦克四大乘用车品牌的"一把手"均已到位，改变了之前由哈弗品牌总 经理赵永坡兼任欧拉品牌总经理，坦克品牌总经理刘艳钊兼任魏牌总经理的现象。 近两年，长城汽车的人事换防多是以低调的方式进行，但仍能看出其更侧重营 ...

Core Viewpoint - The leadership transition at Great Wall Motors involves the appointment of Feng Fuzhi and Chang Yao as CEOs of the Wei brand and Tank brand, respectively, reflecting the company's strategic shift towards a direct-to-consumer (DTC) model to enhance brand positioning and sales performance [1][3][5]. Group 1: Leadership Changes - Liu Yanzhao has been promoted to Vice President of Great Wall Motors, overseeing the company's communication platform, and will no longer serve as CEO of the Wei and Tank brands [2]. - Feng Fuzhi joined Great Wall Motors at the end of 2023 as Vice President and has a background in retail management from Xpeng Motors and Li Auto [4]. - Chang Yao, who has been with Great Wall Motors since 2005, has held various roles and was appointed CEO of the Tank brand in May 2025 [5]. Group 2: Strategic Initiatives - Great Wall Motors is implementing a direct sales model, having opened over 400 direct sales stores with plans to expand to 600 by the end of 2025, aiming to enhance sales and brand premiumization [5]. - The direct sales model is expected to unify brand image, strengthen user operations, and improve service experience compared to traditional dealership models [5]. Group 3: Market Performance - In the first half of 2025, Wei brand sales reached 34,500 units, a year-on-year increase of 73.62%, while Tank brand sales were 104,000 units, reflecting a decline of 10.67% [6]. - The differing impacts of the direct sales strategy on the Wei and Tank brands highlight variations in brand positioning, user demographics, and product structures [6].

Group 1 - The Chinese automotive market in 2025 is experiencing intense competition, with domestic brands capturing 65% market share in 2024, and monthly market share nearing 70% [2] - The automotive industry is facing a historical low profit margin of 4.5%, significantly below the average of 6.1% for downstream industrial enterprises [2] - New entrants like Jin Yu Automobile and Chu Neng New Energy are struggling with insufficient initial investments, which are below 5 billion yuan, in a sector where R&D investments often exceed 10 billion yuan [3] Group 2 - The automotive industry is undergoing unprecedented consolidation, with major players like Geely and BYD dominating the market, as the top 15 companies hold 82% of the market share [3] - The average capacity utilization rate in the new energy vehicle sector is only 65%, indicating a significant overcapacity issue [4] - The competition has evolved from merely electrification to a dual challenge of "electrification + intelligence," raising the technical barriers for new entrants [7] Group 3 - There are theoretical opportunities for new players who can innovate and have sufficient resources, particularly in niche markets where targeted strategies can yield growth [9] - Technological breakthroughs in areas like solid-state batteries and autonomous driving chips could disrupt the current competitive landscape [9] - Expansion into overseas markets is seen as a potential growth area, with a projected 10% increase in Chinese passenger car exports in 2025 [10] Group 4 - The automotive industry has entered a phase characterized by high barriers to entry, high investment, and high risk, moving from a fragmented market to a more concentrated one [11] - The future of the Chinese automotive market will focus on technological innovation and the evolution of business models rather than merely increasing the number of companies [12]

台湾民众对于台军的演习，并不会深入探究所谓的战术、战 法，他们更感兴趣的，是台军是否在演习期间"秀"一把，让民 众大饱眼福、大饱耳福。台湾军方显然了解民众的这个心理需 求，每一年的演习都会安排"专场演出"。今年的专场演出，是 M1A2T主战坦克的实弹射击，进行现场直播。 作者： 王义伟 封图：本报资料室 台湾地区领导人赖清德于6月22日开启了一个所谓"团结国家十讲"的演讲（笔者将其定义为"台独 十讲"），原本定于7月5日在高雄进行第五讲，连宣传广告语都拟好了，叫做"雄狮有约"，赖清德 借机将自己比喻为雄狮。 然后，赖清德方面突然宣布，因为所谓应对台风的原因，演讲取消，后续演讲是否继续，视情况再 定。 一时之间，众说纷纭。 台湾知名时政评论员邱毅爆料，是美国人叫停了赖清德的演讲。邱毅在社交媒体发文称："听说是 美国AIT（在台协会）在审他的讲稿时，发现赖清德吹牛皮，吹得过头了。""川普一向讨厌赖清 德，认为他的水平差蔡英文太多，还是个麻烦制造者。连520周年演讲，都不准他谈到两岸关系， 以免他的毛燥，破坏了中美谈判。现在赖清德为大罢免，亲自登场鼓动反中民粹，周末在高雄'台 独'大本营，一定会忘形地吹嘘'倚美拒统 ...

出品：新浪财经上市公司研究院 作者：昊 7月伊始，上市车企陆续披露上半年销售成绩单。今年1-6月，长城汽车累计销售新车56.98万台，同比仅增长1.81%，显著低于国内乘用车同期10.8%的平均 增速。 其中，坦克品牌销量为10.37万台，同比下降10.67%，相较于去年同期99%的同比增速大幅下滑，是拖累长城汽车销量的主要原因。 除了基数较高影响外，竞品的冲击是坦克品牌销量不佳的核心因素。以方程豹豹5为例，在去年8月大幅降价后，月销量迅速反超坦克400新能源，并延续至 今。此后，方程豹又陆续推出豹8和钛3，钛7也即将上市，坦克品牌越来越多的车型将面临压力。 上半年，长城汽车新能源车型销售占比约28.2%，远低于国内乘用车行业50.1%的平均渗透率。然而，今年上海车展，坦克品牌还在力推4.0T V8等大排量发 动机。 更令人担忧的是，在智能化日益普及、竞争对手大规模推进智驾平权的背景下，坦克300仍以燃油车型为主，高阶智驾系统难以下沉，中低端市场被逐步蚕 食，同时，高端车型坦克700销量也一路下滑。 电动化掉队后，长城坦克的智能化前景也令人忧心。 以方程豹豹5为例。豹5是比亚迪旗下方程豹汽车的首款车型，搭载了 ...

Group 1 - Taiwan's leader Lai Ching-te's "Ten Talks on Independence" was abruptly halted, originally scheduled for July 5, due to a claimed response to a typhoon [1][2] - Speculation arose regarding the cancellation, with some suggesting it was influenced by the American Institute in Taiwan (AIT) after reviewing Lai's speech, fearing it could disrupt US-China negotiations [3] - Internal party advice also played a role, as previous speeches had been criticized and could negatively impact upcoming elections, with polls indicating only 3 to 4 out of 24 targeted opposition members might be removed [3][4] Group 2 - Following the speech cancellation, Taiwan's military began its annual "Han Kuang" exercise, which is set to last for 10 days, involving extensive real-time drills [5] - The military's exercises are designed to engage public interest, with this year's highlight being a live demonstration of the M1A2T main battle tank, purchased from the US [8][7] - The M1A2T tanks, costing approximately $1.7 million each, total around $1.87 billion for 108 units, have been criticized for being unsuitable for Taiwan's terrain and infrastructure [10]

策略+军工 如何看待当前时点军工投资机会？20250708 摘要 军工板块受益于内外部需求双重驱动，海外市场利润率提升，地缘政治 紧张及政策支持等多重因素，估值有望提升，是当前值得看多的板块之 一。 中国武器出口潜力巨大，可能放宽限制，从单兵装备到系统化解决方案， 有望实现数量级增长，并显著提升利润率，军贸打开全球局面，重点发 展船舶、坦克、导弹、飞机等领域。 多重催化剂推动军工板块发展，包括地缘政治紧张、各国增加军事预算、 中国顶层设计支持（如低空经济、深海探索、可控核聚变）以及国内反 腐接近尾声带来的需求释放。 今年是十四五规划最后一年，各军兵种正加速完成任务，预计中报业绩 将超预期，部分任务量可能延至明年，若十五五订单超预期，将进一步 支撑业绩增长。 军工行业存在高低切换机会，关注中航西飞、中直股份等低位标的，水 下作战领域结合深海科技是未来重点，关注中国海防，以及无人智能装 备领域，如东兵、一机集团。 Q&A 当前时点如何看待军工板块的投资机会？ 我们坚定看好当前时点的军工板块。首先，从年度和季度的基本面来看，军工 行业业绩预期反转明显，具备较强的成长动量。短期内，军工板块在交易面上 也表现出色，成长 ...

要闻提示 NEWS REMIND 1.长城汽车 招聘 "35岁+"人才！魏建军：35岁不应该是终点 2.谁来买单？理想汽车CEO李想自曝与"蔚小理"大佬约饭：不舒服的建议也会提 3.再砸超百亿元！京东外卖启动"双百计划"，与淘宝、美团打擂台 4.重磅！新长安集团即将成立，预计8月落地 5. 突发！广汽菲克宣告破产 6.曾吐槽小米低价策略不配跟他们相提并论！保时捷上半年中国销量下降28%，买的人锐减 7.字节跳动否认甲骨文等财团将 收购TikTok美国业务 8.上海交大校友、苹果AI模型负责人跳槽Meta，扎克伯格开出数千万美元年薪 今日头条 HEADLINE NEWS 长城汽车招聘"35岁+"人才！魏建军：35岁不应该是终点 7月8日，长城汽车董事长魏建军于微博宣布即日开启"35+计划"，面向全球35岁以上人才开启专场招聘。 魏建军发言称："35岁不应该是终点，而是每个人面临的又一次'开场而已'，是新的一次深蹲起跳的起 点。" 魏建军直指行业对90后（首批已35岁）的年龄歧视问题，呼吁企业取消年龄限制，关注能力而非年龄标 签。魏建军表示，第一波90后今年已经35岁了，在别人看来是一道坎，很多岗位的大门已经将他 ...