Core Insights - The article highlights the artistic journey of Chinese painter Jia Aili, who emerged from the industrial ruins of Dandong, Liaoning, and achieved international acclaim through his unique visual language that reflects themes of desolation and anxiety [1][3]. Artistic Background - Jia Aili's artistic roots are deeply embedded in the industrial landscape of Northeast China, shaped by his childhood experiences witnessing his parents' struggles during economic transitions [2]. - His education at Shenyang Lu Xun Academy of Fine Arts provided him with a solid foundation in painting, while his experiences in Beijing exposed him to the struggles of marginalized social groups [2]. Artistic Themes and Techniques - Jia's works often feature motifs of gas masks, symbolizing both protection and isolation, reflecting individual defensive postures amid societal upheaval [5]. - His later works exhibit an epic shift, exploring transcendental visual experiences that transcend narrative storytelling, aiming to capture the essence of spiritual order through color and form [6]. Market Performance - Jia Aili's market trajectory is notable, with his work "Fengjing No. 1" selling for 9.8 million HKD in 2014, making him the first 70s artist to break the 10 million mark [7]. - His painting "Blue Mountain" sold for 21.85 million CNY in 2020, and "Unnamed Day 2" set a record at 26.45 million CNY in 2021, indicating a significant increase in demand and value for his works [7]. - His works have been included in major international collections, reflecting a balanced interest from both Western and Asian collectors, which underscores the global circulation of his artistic language [7]. Recent Developments - In recent years, Jia's exhibitions have showcased grander spiritual themes, with large-scale works that create a dialogue between materiality and abstraction [8]. - His exploration of traditional ink art and contemporary existentialism in the "Desperate Series" demonstrates his ability to bridge Eastern and Western aesthetic divides [9]. - As of 2023, Jia continues to innovate in his studio in Beijing, reinforcing his role as a significant figure in contemporary art, connecting individual trauma with collective human experiences [9][10].

公司发布6 月产销快报，6 月汽车销量为11.1 万辆，同比+12.9%，环比+8.3%；2025 年Q2 汽车销量为 31.3 万辆，同比+10.1%，环比+21.9%；2025 年H1 汽车销量为57.0 万辆，同比+1.8%。 新能源销售保持高增长，2025Q2 海外销售回升明显6 月公司新能源汽车销量为3.6 万辆，同比+39.4%， 环比+11.5%；1-6 月累计销量为16.0 万辆，同比+21.2%。2025 年H1 新能源汽车销量占比为28.2%，同 比+4.5pct，电动化进一步向上。出海方面，6 月海外销量为4.0 万辆，同比+5.2%，环比+16.0%，1-6 月 海外累计销量为19.8 万辆，同比-1.9%。2025 年Q2 公司海外销量为10.7万辆，同比-1.8%，环比 +17.5%，环比回升明显。我们预计公司巴西工厂将于2025年H2 投产，投产后初期将生产3 款车型，产 能5 万辆，后续产能将逐步提高至10万辆，通过海外建厂实现销售，一方面提升公司销量，另一方面也 降低了公司受到关税等不利因素的影响。 投资建议 我们预计公司2025-2027 年营收分别为2427/2812/3 ...

Core Viewpoint - The article discusses the strategic choice of Great Wall Motors to adopt the Hi4 hybrid intelligent four-wheel drive technology system, which emphasizes efficiency, safety, and technological versatility in the context of the evolving Chinese electric vehicle market [2][6]. Group 1: Hi4 Technology Overview - Hi4, short for Hybrid Intelligent 4WD, is a hybrid electric drive platform developed by Great Wall Motors, integrating both electric and engine-driven capabilities [2]. - The Hi4 system is not a single technology but a family of versions tailored for different vehicle classes and usage scenarios, including basic, performance, urban off-road, extreme off-road, and heavy commercial vehicle variants [4]. - The Hi4 technology aims to provide a low-cost, low-energy, high-performance four-wheel drive experience, addressing the current market penetration challenges of less than 5% for four-wheel drive vehicles in China [5]. Group 2: Technical Advantages - Unlike range-extended electric vehicles, Hi4 combines parallel and series hybrid architectures, allowing for direct engine drive to the wheels, which enhances energy efficiency in mid to high-speed conditions [4]. - Hi4's design philosophy emphasizes energy path management, requiring advanced control logic, collaborative algorithms, and hardware adaptability, leading to improved durability and system load performance [4]. - The Hi4 system can intelligently switch driving modes without user intervention, optimizing performance based on driving conditions, which has been validated in the Wuling Blue Mountain model [5]. Group 3: Strategic Implications - The Hi4 system represents a significant technological evolution for Great Wall Motors, reflecting a shift towards a comprehensive "electric + intelligent + multi-scenario adaptability" technical logic [6]. - Great Wall Motors has achieved nearly full self-research and development for the Hi4 system, showcasing its capability to integrate various technologies from electric control algorithms to battery layout and chassis integration [6]. - The Hi4 technology is positioned as a critical battleground for Great Wall Motors in the hybrid market over the next five years, indicating its strategic importance for the company's future [6].

Core Viewpoint - Great Wall Motors is making a strategic shift to re-enter the competitive market for electric vehicles priced under 100,000 yuan, as the sales of new cars in this segment surged by 51% in the first five months of the year, significantly outpacing the industry average [2][19]. Group 1: Company Strategy and Leadership Changes - On June 20, Great Wall Motors announced the appointment of Lv Wenbin, former technical general manager of the Haval brand, as the new general manager of the Ora brand, indicating a focus on revitalizing the struggling electric vehicle segment [21][22]. - The Ora brand's sales plummeted to under 2,000 units in May, marking it as the weakest performer among Great Wall's five major brands [21][22]. Group 2: Sales Performance and Market Dynamics - In May 2025, Great Wall Motors sold 102,200 vehicles, a year-on-year increase of 11.78%, while cumulative sales from January to May reached 459,100 units, showing a slight decline of 0.54% [23]. - The Tank brand, a key profit driver for Great Wall, sold 20,900 units in May, up 2.82% year-on-year, but cumulative sales for the first five months fell by 8.77% [23][24]. Group 3: Competitive Landscape and Challenges - The Tank brand faces challenges due to limited market capacity and increased competition from rivals like BYD and Chery, which are encroaching on its market share [24]. - The Ora brand, once successful in attracting female consumers, has seen its unique selling proposition diluted by competitors offering similar products at competitive prices, leading to a significant drop in sales [30][31]. Group 4: Future Prospects and New Product Launches - The launch of the 2025 Ora Good Cat, priced at 89,800 yuan, is seen as a critical test for the brand under the new leadership of Lv Wenbin, with expectations that it will help boost sales [32][33]. - Analysts express confidence that the new model, with upgraded features and competitive pricing, could help Ora regain its position in the mainstream electric vehicle market [33]. Group 5: Broader Market Trends - The overall automotive market in China is experiencing a shift, with a notable trend towards lower-priced electric vehicles as consumer spending patterns change [19][30]. - Great Wall Motors is also exploring new avenues, such as entering the commercial vehicle market with the launch of the G series hybrid trucks, which could provide additional revenue streams [34].

业 汽车 2025 年 06 月 23 日 及 产 业 证 券 研 究 报 告 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 樊夏沛 A0230523080004 fanxp@swsresearch.com 联系人 邵翼 (8621)23297818× shaoyi@swsresearch.com 机器人展会、长城汽车更新 看好 ——一周一刻钟，大事快评（W112） 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 行 业 研 究 / 行 业 点 评 ⚫ 机器人展会：本次杭州机器人展虽整机厂商参与有限，但仿真训练与传感器方向亮点突 出。部分企业面向工业客户提供模型包与虚拟仿真环境，协助机器人训练，商业模式以 定制化数据收费为主，思路与巨一科技依托 Omniverse 平台构建数字孪生系统相似，若 形成闭环，有望提升行业价值密度。同时，玻璃微熔工艺扭矩传感器因其车规级路径、 成本优势与可量产性受到关注，售价预计仅数百元，具备替代传统六维传感器潜力。整 体看，车规成熟方案在机器人领域的技术迁移空间广阔，值 ...

[Table_Title] 研究报告 Research Report 20 Jun 2025 长城汽车 Great Wall Motor (601633 CH) 坚守长期主义，领航生态出海 Upholding Long-Termism, Steering Ecological Overseas Expansion 王沈昱 Oscar Wang, CFA 王凯 Kai Wang, CFA sy.wang@htisec.com k.wang@htisec.com [(Table_summary] Please see APPENDIX 1 for English summary) 事件 6 月 18 日，长城汽车在河北保定总部召开 2024 年股东大会，近百名投资者参会创近年新高。长城董事长魏建军出 席，围绕长期主义战略、多动力平台化、智能化转型及海外"生态出海"议题与投资者交流，回应行业竞争及未 来布局。 点评 以长期主义为基，打造高价值车型生态出海。公司在股东大会上重申公司坚持长期主义战略，以高质量市场占有 率为目标，宁可放缓增速也要确保产品与服务的可靠性。未来五年，长城将深耕多动力平台化，推动"一车多动 力 ...

长城汽车去年开始铺设直营店，本来是为了打造样板间，现在真的要放手做了。汽车像素独家获悉，长城不仅准备将快速增长的魏牌全部交给直营门店来 销售，还有意让长城智选团队在魏牌的产品开发中掌握一定话语权。相应的组织架构设计，已经在探索。 转型之路上的长城，将魏牌推到了最前面。 01.变革围绕魏牌 两周前，一手搭建长城智选体系的负责人冯复之公布了他的新身份——魏牌新 CEO。他透露，坦克品牌的产品将退出智选体系，长城用一年时间建立的 数百家直营门店，将由旗下高端车的混合卖场，变成魏牌的专属渠道。 智选是长城汽车 2024 年 4 月底对外公布的新项目，效仿新势力普遍采用的直营销售体系，长城开始在主要城市的核心商圈建设直营门店，进入直营体系 的车型全部选自魏牌、坦克等长城旗下的高端品牌。 冯复之称，长城智选目前在全国建成超过 430 家用户中心，今年计划将门店数量进一步拓展到 600 家，覆盖全国超过 200 座城市。 长城智选负责人、魏牌新 CEO 一年建立起 400 多家直营店，长城初步尝到了甜头。今年前 5 个月魏牌销量 2.4 万辆，同比增幅接近 43.6%，是长城旗下增速最快的品牌。相比之下，直 营渠道对坦克品 ...

完整早报音频，请点击标题下方小耳机收听 【雷军回应 "苹果放弃造车"：不知道苹果为什么干不成，外部报道不能准确参考】 日前小米集团举办了 2025 投资者大会。在会议上，雷军向投资者汇报 了小米的发展近况，也集中回答了大家普遍关心的问题。其中，有投资者针对小米汽车提到：为什么"苹果十年干不成，小米 3 年多就能成"？对此，雷军 表示，"苹果造车，到这个时间点，为啥干不成？说实话，我也不知道。"但是，苹果一定是我们这个星球上最伟大的公司之一，也是我们小米创办十五年 以来，一直潜心学习、对标的对象。为什么最后他们放弃造车，准确原因我并不了解，外部的报道，不能作为一个准确的参考。（新浪科技） 【比尔 ·盖茨：打算 20 年内把钱花完，大部分支持非洲】 6 月 4 日消息，据报道，微软公司创始人、亿万富翁比尔·盖茨表示，他打算把大部分的财富用 于非洲的发展。 5 月初，盖茨宣布，他打算在 20 年内通过盖茨基金会将所有财富用于慈善事业。他还透露，他的慈善基金会将于 2045 年 12 月 31 日 关闭，比预期要早。 盖茨在非洲联盟会议上说： "我最近宣布，我打算在未来 20 年内将我的财产用于慈善事业，其中大部分将 ...

洞察细分需求、技术强化与渠道革新。 长城汽车董事长魏建军可能是当下汽车行业最敢对外发声、批评行业乱象的高层。近日，他在接受媒 体采访时再谈价格战，以及在高度竞争中衍生的过度宣传、零公里二手车等现象。 魏建军认为 "求是，才能让行业得到健康发展"，而针对长城自身的问题，他也并不避讳。他曾在 5 月 20 日魏牌品牌焕新发布会上说，"前几年新能源转型、智能化的发展速度很快，我们有点跟不上节 奏，走得不够稳。" 今年 5 月，长城累计卖出 10.2 万辆新车，同比增长 11.8%。具体到各品牌，其中主力品牌哈弗与坦克 销量分别为 5.8 万辆和 2.1 万辆，除欧拉外所有品牌均同比增长，尤其是魏牌。 | | 销量 | | | | | --- | --- | --- | --- | --- | | 子品牌 | 5月 | | 今年累计 | | | | 销量 | 同比增减 | 销量 | 同比增减 | | 哈弗 | 57693 | 22.58% | 259031 | 2.79% | | WEY | elei | 115.27% | 24297 | 43.53% | | 长城皮卡 | 15510 | 2.71% | 8301 ...

新车： 6月2025款欧拉好猫、坦克500Hi4-Z智驾版；三季度坦克400、500、700等车型及哈弗大狗/二代大狗改 款 出口： 5月同比转正，预期Q3同比正增长；澳大利亚市场5月~5k，俄罗斯市场6月预期边际向好 渠道： 直营门店建设所带来的费用增幅预计下降，销量考核后续加强；推动欧拉和哈弗新能源并网 往期推荐 分车型： 二代枭龙MAX 5月8k销量，日均订单200+；高山预计6月销量5k+；蓝山日均订单150；猛龙燃油版 日均订单100+ 添加半仙微信，备注"进群"，邀请你加入锂电行业社群，获得行业最新动态、行业干货 报告和精准人脉。 比亚迪出海：发力东南亚 CATL ：储能 市场增长高于动力 本公众号基于分享的目的转载，转载文章的版权归原作者或原公众号所有，如有涉及侵权请及时告知，我们将予以核实并删除 主机厂电芯采购：兼顾性能和成本 加入社群 ...