今年上半年，东南亚汽车市场格局迎来了一个重要变化：马来西亚汽车销量（39.68万辆）首次反超印度尼西亚（39.05万辆），成为该区域最大的汽车市 场。 除了总销量增涨，近几年，马来西亚也像东南亚其他国家一样，积极推动本国的新能源汽车发展。例如，大马政府计划到2030年将该国电气化车辆的销量 占比提升至15％，到2040年提高到38％，到2025年在全国建成1万个公共充电设施等。 重点的汽车市场、优惠的新能源政策，加上拥有出口地理优势……马来西亚也吸引了不少中国车企入驻。如今，奇瑞、比亚迪、长城在当地已经占有一席 之地。 另外值得一提的是，虽说东盟是一个"盟"，但各地的情况却千差万别。极氪东南亚区域负责人保壮飞曾对我们调侃道：欧盟是一个盟，东南亚表面说是东 盟，实质像一个松散的协会，各自为政。中国车企要在这里扎根，需要耐心解决每一个市场的问题。 以马来西亚为例，相比其他东南亚国家，它还具有三个特殊性。 首先，从人文环境上看，大马对华人更友好。在这里，信奉伊斯兰教的马来人占比超过70%，华人是当地第二大族群。但凭借传承自先辈的勤劳坚韧，占 比20%的大马华人创造了80%的财富。而且，马来西亚是除中国之外全球唯一拥 ...

Core Insights - The Q3 report from Lu Master highlights significant advancements in the automotive sector, particularly in user experience dimensions such as cockpit system smoothness and voice AI recognition rates [2][18] - The new Tank 500 has emerged as a surprising leader in cockpit system smoothness, breaking the stereotype that off-road vehicles lag in technology [4][18] - Ideal and Wenjie continue to dominate the voice AI recognition rankings, while new entrants like Tengshi and Fangchengbao show strong competitive potential [15][18] Cockpit System Smoothness Rankings - The new Tank 500 achieved a remarkable smoothness index of 1288.6ms, setting a new record and challenging the perception of off-road vehicles [4][18] - Ideal's models, L8 and L7, maintained their strong positions in the rankings, showcasing consistent performance across various functionalities [6][18] - New players like Leida L90 entered the rankings with a solid performance of 1428.9ms, indicating effective system tuning and user interaction [8][18] - The mid-tier segment is competitive, with models like Lantu Dreamer and ZEEKR 007 showing similar performance around the 1500ms mark, though some features lag behind [12][18] Voice AI Recognition Rankings - Ideal L6 and Wenjie M8 topped the voice recognition rankings with a recognition rate of 64.79%, demonstrating advanced voice interaction capabilities [15][18] - New contenders like Tengshi Z9GT EV and Fangchengbao 8 are making significant strides, with recognition rates of 64.08% and 63.38% respectively [15][18] - The overall competition in voice AI recognition is tightening, with only a small gap between the top and bottom performers, indicating a shift towards detail-oriented improvements [17][18]

长城智选在去年4月建立，是此前长城多次试水直营失败后的一次奋力一搏。长城智选前期主要销售坦克和魏牌两个品牌的高端车型产品，包含坦克300、 坦克400、坦克500、坦克700、魏牌蓝山、魏牌高山，共6个车系。 「电厂」从多个信源获悉，"长城智选"正在全国范围内逐步变更为"魏牌新能源直营店"，坦克车型撤出，专卖魏牌。目前北京、河北、陕西、广东等地区 的店面变更速度较快，贵州等地区的直营店还暂未开始升级。变更完成后，魏牌将成为长城旗下唯一的直营品牌，且只有直营渠道售卖。 9月22日，「电厂」实地走访北京龙湖长楹天街的长城智选门店发现，店内共展示4台车，分别为2台魏牌全新蓝山、1台魏牌全新高山以及1台魏牌新摩卡 Hi4，已经完成车型变更。店内销售进一步确认了"长城智选"已经在全国范围内启动变革。 今年5月，魏牌新 CEO、长城智选体系负责人冯复之已向媒体透露"坦克将撤出直营店回归经销商，魏牌变成全直营品牌"的消息，当时由于此项变革牵涉 面较大，何时开始变更、如何变更在内部还存在较大争议，暂无定论。 尽管长城的热销车型坦克300、坦克500等车型撤出直营店，但在已经完成变更的直营店中，不止一位销售告诉「电厂」：客流量 ...

长城汽车的"四化战略" 中国新能源汽车的快速发展令人欣喜，但燃油车在税费及补贴等劣势下如何保持稳定发展是业内关注的 焦点。此次魏建军提出"油电平等化"直击当前行业发展痛点，引发众多企业与从业者共鸣。 在当前的市场环境下，实现油电平等化意义重大。一方面，能实现燃油车和新能源汽车公平发展，减轻 燃油车车主税收负担。另一方面，可促使汽车市场更健康发展。在此前的数轮"价格战"中，补贴和税费 优势使新能源汽车成为降价主力，而后燃油车被迫降价，导致行业利润率持续走低。此外，中国汽车未 来要全球发展，全球市场的需求多样化，需要不同的动力系统，满足全球不同市场用户的需求。 十年前，新能源汽车尚处于萌芽阶段。为加快推进这一战略新兴产业的发展，国家出台了一系列补贴和 优惠政策。据不完全统计，2009 年 - 2019 年，我国新能源汽车补贴金额超千亿元。在政策刺激下，新 能源汽车实现了快速发展。2024 年新能源汽车零售达 1089.9 万辆，新能源车渗透率高达 47.6%，去年 下半年连续 5 个月渗透率均突破 50%，进入 2025 年渗透率持续走高，今年 8 月已超 55%。 然而，随着新能源汽车销量的大幅增长，燃油车与新 ...

北京商报讯（记者 葛婷婷）9月19日，长城汽车董事长魏建军与敦煌博物馆副馆长张春生等嘉宾齐聚敦 煌，参与央视新闻《中国经济引力场》栏目录制，展开一场跨越千年的对话，共同探寻敦煌文化所蕴含 的"万里精神"，并以此诠释中国汽车品牌的当代责任与担当。 谈及企业治理，魏建军强调"长期主义"的重要性。"长城2500多年，莫高窟1600多年，长城汽车35年显 得很短。我们要耐得住寂寞，守住底线，做到绝对诚信。"他表示，中国已成为汽车大国，正向汽车强 国迈进，长城汽车必须走出去，并以最高标准要求自己，维护中国制造的形象。 在全球布局中，长城汽车践行"融合共生"理念。以巴西工厂为例，企业通过技术协同、促进就业与产业 链本地化，与当地社会共同成长。魏建军最后表示："长城代表着中国，我们责任重大，必须把产品做 精，让用户放心，让长城汽车像万里长城一样屹立不倒。" 此次敦煌之旅，彰显了长城汽车深度融入文化传承、以产业报国助力民族品牌崛起的坚定决心。 此次活动是长城汽车"致敬敦煌文化"寻根之旅的重要组成部分。对话从玉门关、汉长城遗址到莫高窟艺 术宝库，深入探讨了敦煌所代表的探索、自信、坚守、传承与融合共生的精神内核。魏建军表示，长城 ...

2025年9月19日，央视新闻《中国经济引力场》栏目走进敦煌。敦煌市文物保护中心副主任、敦煌博物馆副馆长张春生，长城汽车董事长魏建军与央视主持 人李京京展开对话。栏目中，长城汽车以"致敬敦煌文化"为主题，探索中国品牌与传统文化的融合发展路径。 走进敦煌 追溯丝路文化渊源 敦煌文化之美，以莫高窟为核心。历经千年营造，莫高窟集合了多元文化元素，在历史长河中孕育出璀璨的人类文明成果。从灵动飘逸的飞天，到独具特色 的雷公鼓，莫高窟的每一处细节，都展现了文化艺术的独特魅力。 长城汽车将这份敦煌文化之美融入产品设计。坦克500"敦煌绿"取色于中国青绿山水巅峰之作217窟，沉稳而富有生机。国风配色之外，更凭借出色的舒适 性、智能座舱等产品硬实力，成为文化与技术融合的典范，生动展现长城汽车在产品中对文化价值的传承与创新。 敦煌文化的千年存续，源自一代代文保工作者和治沙人的坚守。在感慨敦煌之美同时，长城汽车不仅通过产品设计向守护者致敬，也通过企业实践，努力传 承并发扬这一文化。借鉴丝路探索精神，长城汽车聚焦底层技术突破，在能源与智能化领域构建全产业链自主布局，推动中国汽车技术从"引进"迈向"输 出"，以创新技术、汽车生态开拓全 ...

"我们来长城玉门关，是寻根之旅。"魏建军坦言，长城汽车与"长城"同名，既是荣耀与幸运，更意味着 沉甸甸的使命。这份使命感驱动着企业延续探索精神，不断突破造车核心技术，打破外资垄断，实现发 动机、变速器、电池等核心零部件自主可控，更构建起"七国十地"的全球研发格局，以企业实践诠释着 长城"万里之长"的文明传承。 复刻"万里之美"：东方美学的当代演绎 9月19日，长城汽车携手央视新闻《中国经济引力场》栏目，在敦煌开启了以"致敬敦煌文化"为主题的 寻根之旅，将敦煌"万里精神"融入品牌血脉，在溯源文明、复刻美学、传承精神中，开启中国品牌与传 统文化共生共荣的新征程。 溯源"万里之长"：文明与品牌的精神共鸣 敦煌，作为万里长城西端的起点，承载着两千余年边防与文化交流的历史厚度，与长城共同构筑起中华 民族的时空纵深。千百年前，商贾、使臣、探险者凭借勇气在风沙中开拓丝路，这份不畏艰难的探索精 神历经千年依然震撼人心。而这份精神，正与长城汽车的品牌基因遥相呼应。 敦煌"万里精神"的核心，是"探索、自信、坚守、传承、融合共生"的千年延续。面对拥有1600余年历史 的莫高窟与2500余年历史的长城，魏建军直言35年的长城汽车"仍 ...

Core Insights - The article highlights how traditional manufacturing, exemplified by Great Wall Motors, is seeking transformation through the integration of cultural elements, specifically from Dunhuang culture [2][3] - Great Wall Motors has launched innovative products inspired by Dunhuang culture, such as the "Dunhuang Green" color for the Tank 500 model, which has achieved significant market acceptance [2][3] Group 1: Cultural Integration in Manufacturing - Great Wall Motors is leveraging Dunhuang cultural elements as a key strategy for differentiation in a competitive market [3] - The company aims to provide products with cultural value, reflecting a shift from price competition to cultural and emotional resonance with consumers [3][4] Group 2: Global Market Strategy - Great Wall Motors is adopting a "cultural integration" approach in its global market expansion, focusing on deep local engagement rather than mere market penetration [4] - The company is actively establishing a comprehensive local presence in over 170 regions and countries, including Europe, the Middle East, and Africa, to meet local market demands [4] Group 3: Commitment to Quality and Reliability - The company emphasizes the importance of product reliability and durability, particularly in the off-road vehicle sector, as a priority for user safety [5] - Great Wall Motors acknowledges the need for improvement in product reliability to compete with world-renowned brands [5] Group 4: Industry Challenges and Opportunities - The automotive industry is facing intense competition, leading to concerns about "involution" and declining product quality due to cutthroat pricing strategies [5] - The integration of cultural elements into product development is seen as a potential pathway for the industry to escape low-level price competition and establish brand differentiation [5]

Investment Rating - The report maintains a "Recommended" rating for Great Wall Motors [1] Core Views - Great Wall Motors is positioned to expand its Tank brand to a broader user base, leveraging its advanced hybrid technology and intelligent driving systems [6][11] - The company is expected to enter a new growth cycle with the launch of its flagship SUV under the Wey brand, supported by a robust direct sales system [35][44] - The investment outlook remains positive due to the company's strong competitive advantages in off-road technology and a diversified product matrix [6][11] Summary by Sections 1. Hybrid Power Base: Complete Hi4 Technology System - The Hi4 technology system covers various vehicle usage scenarios, including passenger cars and commercial vehicles [12] - It includes multiple technical branches such as Hi4, Hi4-T, Hi4-Z, and Hi4-G, catering to different driving environments [12][14] 2. Intelligent Driving Assistance: Entering End-to-End 2.0 Phase - Great Wall Motors is advancing its AI intelligent driving capabilities, with the VLA model set to enhance user experience through improved understanding of driving environments [16][18] - The company has launched the Coffee Pilot Ultra system, which does not rely on high-precision maps, enhancing its autonomous driving capabilities [16][18] 3. Tank Brand Continues to Expand - The Tank brand has achieved over 700,000 units in cumulative sales, with a high resale value, solidifying its position in the off-road market [25] - The brand is transitioning from a niche market to a broader audience, supported by diverse product offerings and advanced technology [24][25] 4. Wey Brand: Intelligent Focus on High-End Household Vehicles - The Wey brand is set to launch a flagship SUV, with expectations of returning to a monthly sales volume of over 10,000 units by mid-2025 [35][44] - The product matrix is being expanded to include more models, enhancing the brand's competitiveness in the high-end market [36][41] 5. Profit Forecast and Investment Recommendations - The report forecasts net profits for Great Wall Motors at 14.7 billion, 15.9 billion, and 18.3 billion yuan for 2025 to 2027 [6] - The investment recommendation remains positive, reflecting the company's strong market position and growth potential in both off-road and family vehicle segments [6][11]

Core Insights - The Chengdu Auto Show is witnessing a revolution in the rugged off-road vehicle segment, with the introduction of smart electric off-road vehicles, indicating a shift from traditional fuel-powered models to electric and intelligent designs [2][10] - Consumers are demanding off-road vehicles that not only perform well but also integrate smart technology and lifestyle features, reflecting a change in market expectations [2][6] Electric Drive Transformation - The transition to electric drive is significantly reshaping the performance boundaries of off-road vehicles, with electric systems reducing fuel consumption and emissions, thus aligning with regulatory requirements [3] - The Fangcheng Leopard 8, equipped with a 2.0T hybrid system, showcases impressive performance with a maximum power output of 550 kW and a torque of 760 N·m, achieving 0-100 km/h in just 4.8 seconds while maintaining a fuel consumption of 1.79 L/100 km [3] Intelligent Driving Systems - The integration of intelligent driving technologies is redefining traditional perceptions of rugged off-road vehicles, with features like advanced driver assistance systems becoming standard [6][7] - The Haval Tank 500 and Dongfeng Warrior M817 are examples of vehicles that incorporate sophisticated sensor systems and autonomous driving capabilities, enhancing the driving experience in challenging terrains [6][7] Ecosystem Redefinition - The development of a connected ecosystem is transforming off-road vehicles into "mobile ecological platforms," catering to diverse lifestyles and outdoor activities [8][10] - The trend of "urban and wild" versatility is evident in new vehicle launches, with brands emphasizing lifestyle integration and outdoor capabilities [8] Market Dynamics - The rugged off-road vehicle market is evolving from a niche segment to a mainstream category, driven by the adoption of electric, intelligent, and ecosystem-oriented features [10] - The shift towards "light off-road" vehicles is blurring the lines between traditional off-roaders and urban SUVs, expanding the potential user base [10]