近日，汽车行业一则诉讼消息引发轩然大波。根据人民法院公告网于2025年8月6日发布的公告，比亚迪 （002594）已就网络侵权责任纠纷对常尧提起诉讼，案号为(2025)京0491民初7591号。由于无法联系到 常尧本人，法院已启动公告送达程序，并将于9月下旬开庭审理。多方猜测，常尧即坦克品牌CEO，目 前已处于失联状态。 公告显示，自公告之日起经过30日，即视为向常尧送达起诉状副本、应诉通知书等一系列诉讼材料。同 时，提出答辩状的期限为公告送达期满后的次日起15日，并定于答辩期满后第3日的14时30分（遇法定 休假日顺延），在北京互联网法院第四十二法庭进行远程庭审。北京互联网法院还公布了联系人及联系 电话，方便相关人员联系。 公开资料显示，常尧于2005年本科毕业于约克大学。2022年，担任长城汽车（601633）用户运营高级总 监，负责坦克品牌的用户运营工作。此后职业发展一路高升，2024年4月，升任坦克品牌副总经理，分 管长城汽车的用户运营中台。到了2025年5月，常尧更是晋升为坦克品牌CEO 。 然而，在常尧履新不久，就有消息传出其处于失联状态。据多家媒体报道，负责长城汽车旗下知名越野 品牌坦克运营的常 ...

Core Viewpoint - Great Wall Motors is shifting its Tank brand strategy by integrating luxury and smart features into its off-road vehicles, aiming to attract a broader customer base beyond traditional off-road enthusiasts [2][11]. Group 1: Product Strategy - The new Tank 500 emphasizes a combination of luxury and smart features, including a refrigerator, TV, and comfortable seating, to appeal to family users and younger demographics [2][7]. - The Tank 500 features a refrigerator with a capacity of 5.4L and a temperature range of -6℃ to 50℃, along with a high-performance multimedia system [5]. - The vehicle is equipped with the Coffee Pilot Ultra smart driving solution, utilizing a multi-sensor fusion approach with 27 driving assistance sensors [5][6]. Group 2: Market Insights - 72% of off-road users primarily use their vehicles for daily driving, indicating a demand for comfort and convenience over extreme off-road capabilities [4]. - The off-road market is facing competition from smart and comfortable SUVs, leading to a decline in traditional off-road vehicle sales [9][10]. - Tank brand's sales decreased by 10.67% year-on-year in the first half of the year, marking the first negative growth since the brand's independence [10]. Group 3: Future Outlook - Great Wall Motors aims to achieve a sales target of 240,000 units for the Tank brand this year by leveraging the new smart driving models [11]. - Upcoming models, including Tank 400 and Tank 700, will also feature similar luxury and smart configurations to expand the product lineup [11]. - The company acknowledges the challenges of changing brand perception from a "hardcore" off-road vehicle to a luxury smart SUV, which may affect customer acceptance [12].

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 core focus of the investment strategy is to address supply-demand mismatches, with a shift in policy emphasis from demand stimulation to supply control. Future capacity approvals are expected to become more challenging [1] - Unique products that can stimulate potential demand are essential to breaking the "price war," with Xiaomi's YU7 serving as a successful example. Brands offering differentiated products in the mid-to-high-end market, such as Li Auto, JAC, Seres, and Xiaomi, are expected to gain excess returns [1] - Fuda Co., Ltd. is projected to achieve an operating performance of 65 million to 75 million yuan in Q2, representing a year-on-year growth rate of 70% to 80%. The growth is driven by the continued volume increase of BYD's crankshafts and successful business expansion with Seres and Chery [1] Group 2 - Jifeng Co., Ltd. is in a continuous performance realization phase, with Q2 earnings expected to grow to 120 million to 130 million yuan, significantly year-on-year. The growth is primarily driven by domestic seat business, with contributions from models like Li Auto's L6 and NIO's ES6 and EC6 [2] - Great Wall Motors is anticipated to report strong Q2 performance, with sales increasing by 56,000 units compared to Q1. The estimated net profit for Q2 is expected to rise from 1.7 billion yuan in Q1 to nearly 4.2 billion yuan [2] - The investment analysis suggests focusing on domestic leading manufacturers like BYD, Geely, and XPeng, as well as companies involved in smart technology trends such as Huawei's HarmonyOS [3] Group 3 - The investment strategy includes recommendations for state-owned enterprise reforms, highlighting companies like SAIC Motor, Dongfeng Motor, and Changan Automobile [3] - Companies with strong performance growth and capabilities in robotics or overseas expansion, such as Fuyao Glass and New Spring Co., Ltd., are also recommended for attention [3]

Core Viewpoint - The Tank brand, under Great Wall Motors, aims for a significant sales increase in 2025, targeting at least 320,000 units globally, with a domestic goal of 240,000 units, despite facing challenges in the first half of 2025 due to increased competition and a slower-than-expected product launch schedule [1][2][5]. Sales Performance - In 2024, Tank achieved a total sales volume of 231,000 units, marking a year-on-year growth of 42.12% [1]. - The first half of 2025 saw Tank's global sales at just over 100,000 units, indicating a substantial gap from the annual target of 320,000 units [2][5]. - The first half of 2025 recorded a year-on-year decline of 10.67% in sales, marking the first negative growth for the brand since its establishment [5][6]. Competitive Landscape - The increase in competition has significantly impacted Tank's market share, with several brands launching similar off-road vehicles since the success of the Tank 300 [6][7]. - Competitors like BYD's Fangchengbao and Chery's Jietu have successfully captured market share, with Fangchengbao's sales reaching 60,700 units in the first half of 2025, a growth of over 232% [8]. Product Strategy - Tank's product lineup has expanded with the introduction of new models, including the Tank 500 Hi4-Z and various versions of the Tank 400 and 300 [10][11]. - The second half of 2025 is critical for Tank, as it plans to launch models equipped with advanced driving systems and comfort features to attract a broader customer base [11][12]. Market Focus - Tank is shifting its focus towards the "pan-off-road" market, which targets a wider audience compared to the traditional strong off-road segment [12][13]. - The strong off-road vehicle market has an annual sales volume of approximately 600,000 units, while the pan-off-road market is significantly larger, reaching a scale of millions [13][14].

Group 1 - The second-generation Xiaolong MAX achieved 8,000 sales in May with an average daily order of over 200 [1] - The Gaoshan model is expected to sell over 5,000 units in June, while the Lanshan has an average daily order of 150 [1] - The Menglong fuel version has an average daily order of 100 [1] Group 2 - New models include the 2025 Ora Good Cat and the Tank 500 Hi4-Z Intelligent Driving version in June, with Tank 400, 500, 700, and Haval Big Dog/Second Generation Big Dog facelifts expected in the third quarter [1] - Exports turned positive year-on-year in May, with expectations for year-on-year growth in Q3; the Australian market saw around 5,000 units in May, and the Russian market is expected to improve marginally in June [1] Group 3 - The increase in costs due to the construction of direct sales stores is expected to decline, and sales assessments will be strengthened in the future [1] - The company aims to promote the integration of Ora and Haval's new energy vehicles [1]

Domestic News - The People's Bank of China announced a reduction in the reserve requirement ratio for financial institutions by 0.5 percentage points starting May 15, 2025, and a 5 percentage point reduction for auto finance and leasing companies [2] - Guangdong Province encourages Guangzhou and Shenzhen to further relax vehicle purchase restrictions, including issuing more purchase quotas and allowing direct applications for regular vehicle quotas for individuals who have been unsuccessful in obtaining them [3] - Guangdong's plan to expand automotive consumption scenarios includes support for local standards for vehicle modifications, promoting international automotive events, and enhancing the second-hand car market through transparency measures [4] - Geely announced plans to acquire all issued shares of Zeekr, aiming for a complete merger to enhance resource integration and operational efficiency [5] - The Tank 400 model from Great Wall Motors offers a limited-time purchase incentive of up to 32,000 yuan, including various subsidies [7] - Lantu's Dreamer model has fully rolled out the Huawei QianKun intelligent driving system, enhancing safety and convenience features [8] - Li Auto has launched 119 new supercharging stations in one week, bringing the total to over 2,200 stations nationwide, with plans for extensive coverage of national highways and major urban areas [9] - A new automotive industry development company with a registered capital of 5 billion yuan has been established in Shenyang, focusing on automotive parts and new energy vehicle production [10] International News - The European Parliament approved relaxed carbon emission rules for car manufacturers, allowing more time for compliance and reducing potential fines [11] - New car sales in the UK fell by 10.4% year-on-year in April 2025, marking the sixth decline in seven months, although electric vehicle sales increased by 8.1% [12] - Mercedes-Benz has partnered with Luminar to develop next-generation lidar sensors, marking a shift from purchasing existing products to collaborative development [13] - Mitsubishi Motors has signed a memorandum of understanding with Foxconn to develop an electric vehicle for the Australian and New Zealand markets, expected to launch in the second half of 2026 [14] Commercial Vehicles - CATL's Tianxing series batteries have become the first commercial power batteries to pass the new national standard for electric vehicle batteries in China [15] - The Remote Super VAN was showcased at the Birmingham Commercial Vehicle Show, marking its entry into the UK market and attracting significant media attention [16] - Dongfeng Liuzhou, West Science City Intelligent Connected Vehicle Innovation Center, and Zhiyu Weike signed a strategic cooperation agreement to collaborate on the development of new energy intelligent connected commercial vehicles [17] - A differentiated periodic emission inspection system for trucks will be trialed, allowing certain vehicles to bypass inspections if they meet remote monitoring requirements [19]

坦克500受春节后高端车市场下滑、竞品降价及公司将更多精力放在坦克300上，导致销量下滑。后续5 月起品牌会将精力放回坦克500，通过加强传播提升销量。 坦克400和700系列定位泛越野，聚焦新能源市场发达的东南沿海城市及越野场景。700PHEV会有造型 调整；400后续也会推出，且吸取500经验，配备智驾。 后续希望通过一系列产品、品牌和技术战略（如2.0汽油、2.4柴油、3.0发动机、4.0V8等，以及P2架 构、Hi4架构等），在不降价的同时提升坦克品牌市占率，坦克出海有望实现同比高速增长。 激光雷达规划：现阶段认为激光雷达有必要。一是纯视觉在恶劣天气及被遮挡情况下存在短板；二是目 前只有特斯拉做到较高精度的纯视觉通用障碍物识别，而激光雷达可辅助完成此任务。 智驾商业化：预计L3会逐渐普及，且在普及过程中持续降本，因DeepSeek模型提供了好思路和方法， 使训练加推理成本下降。之后可能会出现新的架构，自动驾驶技术最终可能会变得更亲民、成本更低。 长城汽车在智能驾驶宣传上非常克制，强调人机共享和辅助系统，关乎人身安全。 往期推荐 主机厂电芯采购：兼顾性能和成本 比亚迪出海：发力东南亚 加入社群 CATL ...

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [2] Core Viewpoints - The launch of Xiaomi SU7 Ultra at a significantly reduced price of 529,900 RMB, down from the pre-sale price of 814,900 RMB, is expected to drive substantial growth in the supply chain [5][11] - The SU7 Ultra has received over 15,000 pre-orders within a day, indicating strong market demand and a projected delivery volume that will exceed the initial estimate of 10,000 units for 2025 [5][11] - The report highlights advancements in intelligent driving technology, with notable updates from Tesla and Chery, indicating a competitive landscape in the smart driving segment [12][13] Industry Dynamics - **Industry News**: Significant progress in FSD (Full Self-Driving) technology in China, with software updates starting from February 25 [12] - **New Models**: The report lists several new vehicle launches, including the Xiaomi SU7 Ultra, which is a fully electric sedan [31] - **Company Announcements**: Changan Automobile's subsidiary Avita Technology has completed a significant equity purchase from Huawei, indicating strategic partnerships in the industry [33] Market Performance - The automotive sector underperformed the broader market, with a decline of 2.72% from February 24 to February 28, 2025, compared to a 2.22% drop in the CSI 300 index [34][41] - The report notes a decrease in the price-to-earnings (PE) ratio for the automotive sector, which stood at 28.1 times as of February 28, 2025 [41] Data Tracking - **Monthly Data**: In January 2025, retail sales of passenger vehicles reached 1.794 million units, a year-on-year decrease of 12.01% [44][52] - **New Energy Vehicles**: Retail sales of new energy passenger vehicles were 744,000 units in January, with a penetration rate of 41.5%, reflecting a year-on-year increase of 8.73 percentage points [52][57] - **Intelligent Driving Penetration**: The penetration rate for vehicles equipped with L2.5 and above intelligent driving systems reached a historical high of 14.39% in December 2024 [59]

撰 文 / 周 洲 设 计 / 琚 佳 继去年的国产3A游戏《黑神话·悟空》之后，根据中国本土神话创作的春节档电影《哪吒之魔童闹 海》（简称《哪吒2》）又成为现象级的叙事范本，不论是美颜倾世的龙王敖光家族，或是打工人 深深代入共情的申公豹，年轻人各种破壁二次创作，以及在小学生中风靡的周边"裂空爪"…… 汽车圈里最和哪吒系列电影沾边的莫过于哪吒汽车。可惜这家新势力处在资金链紧绷的调整期，没 法接住这泼天的流量。 《哪吒2》和汽车界有直接关联的，是长城汽车旗下的坦克品牌。长城汽车也是其唯一汽车合作伙 伴。 春节档的其他电影，也都有车企合作与联合海报宣发。比如，阿维塔是《唐探1900》唯一汽车合作 伙伴，极狐是《封神第二部:战火西岐》的品牌合作伙伴，东风猛士科技携手博纳影业，为《蛟龙 行动》量身定制了超级战车。 结果《哪吒2》一骑绝尘。 坦克不是在蹭流量。 一位营销专家告诉汽车商业评论，通常情况下，春节档电影对车企营销来说，如果汽车和剧情非紧 密相关，电影越火，对关联品牌的关注度可能会越小。 和剧情紧密相关的汽车品牌，能让消费者印象深刻，在品牌端会获得传播度和影响力，但转化为后 端销售的作用则不一定大。 对跨界营销 ...