Core Insights - The Chinese automotive industry is entering a critical transition period in 2025, shifting from policy-driven growth to self-sustained growth, with an expected annual production and sales growth rate of 9% [1] - Great Wall Motors' chairman, Wei Jianjun, emphasizes the importance of integrating traditional Chinese culture into the automotive industry, positioning it as a source of strength for national brands and a driving force for sustainable development [1][2] Group 1: Cultural and Technological Integration - Great Wall Motors adopts a differentiated development strategy by deeply integrating culture and technology, drawing inspiration from various cultural elements such as the wisdom of Dujiangyan and the spirit of Dunhuang [2] - The Hi4-Z architecture utilizes power distribution technology inspired by Dujiangyan's philosophy, balancing mechanical performance with energy efficiency, thus addressing the issue of industry "involution" [2] - The long-term research and development strategy of Great Wall Motors is influenced by Dunhuang culture, with new vehicle colors inspired by the murals of Mogao Caves, leading to successful product launches [2] Group 2: Market Performance and Sales Growth - In 2025, Great Wall Motors achieved new car sales of 1.3237 million units, a year-on-year increase of 7.33%, with new energy vehicle sales reaching 403,700 units, up 25.44% [3] - Overseas sales reached 506,100 units, marking an 11.68% increase and setting new records for both new energy and overseas sales [3] Group 3: Global Expansion and Ecosystem Development - Great Wall Motors is transitioning to a "thicker" growth model, focusing on comprehensive industry chain development and achieving multi-dimensional progress in global markets [7] - The company has established a robust overseas sales network covering over 170 countries and regions, with more than 1,400 channels and a cumulative overseas sales volume exceeding 2 million units [7] - The "ecological export" model promotes resource integration and technological collaboration, enhancing local economic vitality and providing a replicable model for other Chinese automotive brands [7] Group 4: Competitive Positioning and Future Outlook - Great Wall Motors is experiencing significant growth in various regional markets, with Central Asia emerging as a new growth driver and Australia maintaining its position as the top market for Chinese brands [8] - The company's commitment to long-termism and a technology-driven strategy, combined with cultural and technological dual-driven development, positions it favorably in the transition from scale expansion to quality competition [8] - The cultural accumulation, technological advancements, and global layout established in 2025 are expected to create a competitive "moat" for Great Wall Motors, with further value growth potential as new high-end models are produced and overseas markets deepen [8]

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]

长城汽车董事长魏建军近日发表以《用"文化引擎"驱动汽车产业发展》为题的署名文章，系统阐释其以"文化引擎"驱动产业转型升级、实现高质量发展的新 思路。这是一位实干家对行业趋势的洞察，也体现了中国汽车产业在经历规模扩张、技术追赶之后，迈向价值创新与品牌升华阶段的一次思想跃升，为探 寻"新质生产力"在汽车领域的具体实践提供了路径参考。 破局之道： " 文化引擎 " 的差异化新路径 当前，行业存在配置堆砌与价格鏖战的现象，面对行业同质化竞争的加剧，单纯依靠成本与规模优势的增长模式遭遇瓶颈。 更深层次地，长城汽车致力于构建品牌与用户之间的精神链接。通过持续培育和打造越野文化，举办将工业智造与体育精神融合的长城汽车智慧工厂马拉 松，以及在国内外大型车展中深度植入富有文化内涵的体验场景，长城汽车成功地将产品融入用户的生活方式与精神世界中。用户选择长城汽车时，不仅是 在选择一辆交通工具、一款具有文化标签性质的产品，更是在选择一种生活态度、文化认同和情感归属。品牌与用户由此成为携手探索、共享价值的"精神 同路人"，这种基于文化认同建立的关系，远比基于价格或单一功能点的联系更为牢固和持久。 时代践行：全球视野下的文化自信与扎实行 ...

12月21日，在中国汽车越野拉力锦标赛颁奖典礼上，长城汽车旗下哈弗车队与坦克Hi4车队分别夺得 T2.1组厂商队杯冠军和T2.E组俱乐部杯冠军，成为赛事中少见的"双料冠军"。 "对车企来说，越野拉力赛堪称技术验证的天然实验室，其严苛程度远超常规道路测试。"中国企业联合 会特约研究员胡麒牧对《证券日报》记者表示，极端环境下的持续高强度运转，可快速暴露车辆在动力 系统、底盘结构与防护性能等方面的潜在问题。"长城汽车选择以原厂核心动力总成参赛，而非使用改 装赛车，这种'以赛验技'的策略，实质上是将赛事风险转化为技术迭代的契机。" 本报记者 张晓玉 这种"以赛代测"的模式，已成为长城汽车推动技术迭代的重要路径。该公司相关负责人在阐述这一理念 时表示，长城汽车将赛事定位为"技术实验室"。此次参赛的二代哈弗H9（柴油动力）、坦克300Hi4-T （新能源）等车型，均采用原厂核心动力总成。例如哈弗H9搭载的2.4T柴油发动机，在沙漠工况下实 现了1500转即爆发峰值扭矩；坦克500Hi4-T的"真4L模式"可将轮端扭矩放大20倍。这些已应用于量产车 型的技术，均经历了赛事环境的反复验证。 然而，长城汽车并未将赛事验证的技术 ...

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].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Insights - In November 2025, the company achieved a total sales volume of 133,000 vehicles, representing a year-on-year increase of 4.6% but a month-on-month decrease of 6.9%. Export sales reached 57,000 vehicles, accounting for 43.0% of total sales, while new energy vehicle sales were 40,000 units, making up 34.2% of total passenger vehicle sales [2][11] - The company is accelerating its global expansion and is committed to transitioning to new energy, with a continuous new vehicle cycle expected to drive improvements in sales and performance. Long-term strategies are set to open up growth opportunities in sales, while the shift towards smart technology is anticipated to enhance profitability across the entire industry chain [2][11] Summary by Sections Sales Performance - In November 2025, total sales were 133,000 units, with a year-on-year increase of 4.6% and a month-on-month decrease of 6.9%. New energy vehicle sales reached 40,000 units, up 11.4% year-on-year, while the cumulative sales from January to November 2025 totaled 1.2 million units, reflecting a 9.3% year-on-year increase [11] - The Haval brand sold 75,383 units in November, down 3.8% year-on-year, while the Tank brand, boosted by the new Tank 400 model, saw sales rise by 19.5% year-on-year to 24,135 units [11] Global Expansion - The company has implemented the "ONE GWM" strategy to accelerate its international presence, covering over 170 countries and regions with more than 1,400 overseas sales channels. It has established three full-process vehicle production bases in Thailand and Brazil, and several KD factories in Ecuador and Pakistan [11] Technological Advancements - The company is focusing on smart technology development, enhancing its competitive edge through advancements in algorithms, data intelligence, and computing power. This strategic shift is expected to strengthen its capabilities in the smart vehicle sector [11] Financial Projections - The company forecasts net profits of 12.07 billion, 16.37 billion, and 20.22 billion yuan for the years 2025, 2026, and 2027, respectively. The corresponding A-share price-to-earnings ratios are projected to be 15.7X, 11.6X, and 9.4X [11]

Core Viewpoint - GWM's Chairman Wei Jianjun addressed concerns regarding delivery cycles and emphasized the importance of maintaining product quality over speed in production [1][3][7] Group 1: Delivery Cycle Updates - The average delivery cycle for the new Tank 400 is currently between 2 to 6 weeks, while the delivery cycle for the new WEY brand Gaoshan has been reduced to 3 to 7 weeks [1][5] - Some orders may experience longer delivery times due to customized production requirements, but the factory is actively working to identify bottlenecks and improve efficiency [1][5] Group 2: Quality Assurance - GWM maintains a principle of prioritizing product quality, stating that it is better to delay delivery than to deliver substandard products [3][7] - Wei Jianjun called for understanding and patience from customers, expressing gratitude for their trust and support in GWM's products [3][7] Group 3: Product Features - The new Tank 400 was officially launched in early November and features the latest Coffee Pilot Ultra intelligent driving assistance system, offering various power options with a minimum acceleration of 0 to 100 km/h in just 4.3 seconds [5][8]

12月3日消息，长城汽车董事长魏建军发微博表示，经常有用户晒订单图，催促早点交车，还有用户建 议我们都去工厂打螺丝。 "我只能说大家都很有想法，但是工厂有一套科学严谨的生产流程，所以我们不能去帮不上忙，还给人 家添乱。其实不光用户催我，我的家里人也在催，天天也问我坦克400什么时候能提到车。"他叔。 "我只能说大家都很有想法，但是工厂有一套科学严谨的生产流程，所以我们不能去帮不上忙，还给人 家添乱。其实不光用户催我，我的家里人也在催，天天也问我坦克400什么时候能提到车。"他叔。 关于交付周期，魏建军表示，全新的坦克400平均交付周期都在2到6周，全新的高山平均交付周期已经 缩到了3到7周。有些因为选装需要定制化生产，交付时间可能就会延长一点。工厂已经加速排产，但是 必须坚守质量的底线。 "我们宁愿每天被大家催单，也不能把不合格的产品交付到用户手上。我希望包括我的家人在内，用户 朋友们理解，谢谢大家。" 关于交付周期，魏建军表示，全新的坦克400平均交付周期都在2到6周，全新的高山平均交付周期已经 缩到了3到7周。有些因为选装需要定制化生产，交付时间可能就会延长一点。工厂已经加速排产，但是 必须坚守质量的底线 ...