分品牌看：1)坦克：12月销量2.1万辆，同/环比-3.4%/-12.1%;1-12月累计销量23.3万辆，同比+0.7%。主 力车型保持稳定交付节奏。2)哈弗：12月销量6.7万辆，同/环比-20.3%/-11.3%;1-12月累计销量75.9万 辆，同比+7.4%。哈弗H6、大狗等核心车型持续支撑品牌基盘销量。3)魏牌(WEY)：12月销量1.3万辆， 同/环比+46.5%/+0.0%;1-12月累计销量10.2万辆，同比+86.3%。高山系列延续此前市场热度，贡献主要 销量。4)皮卡：12月销量1.5万辆，同/环比-5.6%/-4.4%;1-12月累计销量18.2万辆，同比+2.6%。2026款长 城炮上市后，产品矩阵竞争力持续释放。5)欧拉：12月销量0.8万辆，同/环比+71.6%/+62.0%;1-12月累 计销量4.8万辆，同比-23.7%，欧拉5带动品牌关注度提升，推动月度销量回暖。 国投证券国际发布研报称，维持长城汽车（601633）(02333)目标价26港元，维持"买入"评级，公司各 品牌新车矩阵持续丰富，坦克新车表现强势，魏牌与欧拉销量改善显著，产品结构持续改善。 国投证券国际主要观点 ...

智通财经APP获悉，国投证券国际发布研报称，维持长城汽车(02333)目标价26港元，维持"买入"评级， 公司各品牌新车矩阵持续丰富，坦克新车表现强势，魏牌与欧拉销量改善显著，产品结构持续改善。 国投证券国际主要观点如下： 25年销量同比增长7.3% 12月公司实现批发销量12.4万辆，同比-8.3%;1-12月累计销量132.4万辆，同比+7.3%。其中，12月新能 源车型销售3.9万辆，1-12月累计销售40.4万辆;海外销售5.7万辆，1-12月累计销售50.6万辆。 12月品牌销量分化，WEY、欧拉月度同比增幅突出 分品牌看：1)坦克：12月销量2.1万辆，同/环比-3.4%/-12.1%;1-12月累计销量23.3万辆，同比+0.7%。主 力车型保持稳定交付节奏。2)哈弗：12月销量6.7万辆，同/环比-20.3%/-11.3%;1-12月累计销量75.9万 辆，同比+7.4%。哈弗H6、大狗等核心车型持续支撑品牌基盘销量。3)魏牌(WEY)：12月销量1.3万辆， 同/环比+46.5%/+0.0%;1-12月累计销量10.2万辆，同比+86.3%。高山系列延续此前市场热度，贡献主要 销量。4)皮卡 ...

长城皮卡2025年全球累计销售181660辆。 长城炮2025年全球累计销售132488辆，累计62个月销量过万。 2025年，长城炮、风骏、金刚炮斩获皮卡市场单车型销量前三。 长城炮蝉联 中国皮卡销冠 2 0 2 5 年 1 - 1 2 月 长 城 炮 全 球 累 计 销 售 1440 累计62个月销量过万 车型销量 霸榜前三 2025年1-12月，长城炮、风骏、金刚炮包揽皮卡市场 单车型销量前三 长城炮2025年全球累计销售132488辆，累计62个月销量过万。 A 1 49 11:20 P2 3 Ob3 AT车型 销量第 AT车型市占率近 29个省市 市占率第 2025年,长城皮卡在29个省市市占率第一 超280地市 (89%地市)市占率第一 长城皮卡2025年全球累计销售181660辆。 2025年，长城炮、风骏、金刚炮斩获皮卡市场单车型销量前三。 -117 长 城 皮 卡 连 续 2 8 年 销 量 第 9 ted Part a 长城炮蝉联 中国皮卡销冠 2025年1-12月长城炮全球累计销售 累计62个月销量过万 车型销量 霸榜前三 2025年1-12月，长城炮、风骏、金刚炮包揽皮卡市场 单车型销 ...

当中国汽车产销量连续多年稳居全球第一，"大"的光环之下，"强"的追问始终如影随形。"中国汽车是谁？去向何方？"这声行业之问，藏着中国制造 业从规模扩张到价值升级的焦虑，也映照着中国汽车在全球化浪潮中的身份迷茫。 这份文化觉醒，让长城汽车成为最直接的受益者。当别的品牌还在模仿西方设计语言时，长城已经开始从中华文脉里汲取灵感，将中国文化的意境， 织进汽车设计——比如魏牌全新高山的高山流水之美。汽车不再是冰冷的工业产物，而是流动的文化载体：它可以是驰骋草原的豪情，也可以是漫步江南 的雅致；可以是守护家庭的温暖，也可以是探索世界的勇气。这种深植于血脉的文化共鸣，让长城汽车在全球化的浪潮中，撕开了一条属于中国品牌的赛 道，带着东方美学与中国智慧的价值符号，在世界舞台上，拥有了无可替代的话语权。 在众多探索者中，长城汽车董事长魏建军给出属于自己，同时也是属于中国汽车工业发展的"长城方案"——2025年12月29日，魏建军在《人民日报》 发表署名文章《用"文化引擎"驱动汽车产业发展》，跳出单纯的技术迭代与产能竞赛，以"文化引擎"为密钥，为中国汽车找到了根植本土的"根"与面向世 界的"魂"。 这是中国汽车人首次以 "文化引擎 ...

Core Viewpoint - The company reported a steady performance in vehicle sales for November 2025, with a total of 1.2 million units sold from January to November, reflecting a year-on-year increase of 9.3% [1]. Group 1: Sales Performance - Cumulative vehicle sales from January to November reached 1.2 million units, up 9.3% year-on-year [1] - November sales were 133,000 units, showing a year-on-year increase of 4.6% but a month-on-month decrease of 6.9% due to cautious consumer purchasing behavior and inventory control [1] - WEY brand sales reached 13,000 units, up 81.1% year-on-year and 0.5% month-on-month, driven by strong demand for the high-end models [1] - Haval sales were 75,000 units, down 3.8% year-on-year and 14.6% month-on-month, primarily due to shipment adjustments [1] - Ora sales totaled 5,000 units, down 17.0% year-on-year and 14.6% month-on-month, with new model Ora 5 set to launch [1] - Tank sales reached 24,000 units, up 19.5% year-on-year and 8.2% month-on-month, boosted by the launch of the 2026 Tank 400 [1] - Pickup sales were 16,000 units, up 1.0% year-on-year and 13.6% month-on-month, driven by the launch of the 2026 Great Wall Cannon [1] - The combined sales of WEY and Tank brands accounted for 27.7% of total sales in November, indicating an increase in high-priced model sales [1] Group 2: International Sales and Strategy - The company achieved record overseas sales of 57,000 units in November, a year-on-year increase of 32.7% and accounting for 43.0% of total sales [2] - Cumulative overseas sales from January to November reached 449,000 units, up 8.9% year-on-year [2] - The core overseas market, Russia, showed significant recovery with October sales reaching 183,000 units, up 35% month-on-month [2] - The company is expanding its international presence with new model launches in Thailand and Chile, and the 10,000th vehicle rolling off the assembly line in Uzbekistan [2] - For 2026, the company plans to increase new product launches, including the Ora 5 in major markets such as Europe, Australia, South America, and Africa [2] Group 3: Financial Projections - The company expects revenue to reach 227.1 billion, 274.1 billion, and 322.4 billion yuan from 2025 to 2027, representing year-on-year growth of 12.3%, 20.7%, and 17.6% respectively [3] - Projected net profit attributable to shareholders is expected to be 13.93 billion, 16.80 billion, and 19.54 billion yuan for the same period, with year-on-year growth of 9.7%, 20.6%, and 16.3% respectively [3] - The company maintains a "recommended" rating based on these projections [3]

摘要： 长城汽车11月销售新车133,216辆，同比增长4.57%; 强化产品矩阵，市场表现再向上 哈弗11月销售新车75,383辆，全球累计销量达1011.10万辆。11月，二代哈弗枭龙MAX获"五星健康车"奖，哈弗H6L正式上市，限时权益价10.39万元起。哈 弗H6L带来宽适空间，搭载Coffee OS 3智能座舱，并采用长城自研第六代动力系统，更省、更爽、更安心。 魏牌新能源11月销售新车12,763辆，同比增长81.14%。11月，魏牌全新高山继续火热势头。魏牌高山7诠释"一家人的移动大客厅，每个人都有好位置"，是 标配Hi4性能版和激光雷达，在转弯半径、"得房率"、安全性等维度优势明显的中大型插混MPV，成为年轻家庭的品质之选。 聚焦智能新能源，推动品牌向上，长城汽车（601633）11月新能源车型销售40,113辆，同比增长11.43%;20万元以上车型销售41,155辆，同比增长31.56%; 提速"生态出海"，方盒子车型销量再提升，长城汽车11月海外销售57,309辆，同比增长32.70%，再创新高;方盒子车型销售59,034辆，同比增长5.33%。 12月1日，长城汽车股份有限公司(股票代 ...

Core Insights - The 2025 Guangzhou International Auto Show, themed "New Technology, New Life," showcases the latest advancements in the automotive industry, emphasizing the transformation towards electric and intelligent vehicles [2][12] - The exhibition covers an area of 220,000 square meters, featuring 1,085 vehicles, including 93 new launches and 629 new energy vehicles, highlighting a significant shift in the Chinese automotive market [2][12] - The event serves as a critical platform for assessing the high-quality development of China's automotive industry, reflecting a transition from scale expansion to quality and efficiency improvement [3][12] Industry Trends - Cross-industry collaboration is emerging as a new trend, with automotive companies partnering with tech firms in AI and smart hardware, accelerating the shift from vehicles as mere transportation to intelligent mobile terminals [3][12] - The rise of domestic brands is evident, with significant improvements in product strength, technology, and brand power showcased at the event [3][12] Company Highlights - New models like the Huawei-powered Xiangjie S9 feature advanced driving assistance systems and impressive range capabilities, with the pure electric version achieving a CLTC range of 816 km [4] - Beijing Off-road showcased its BJ40 series, achieving a sales volume of 113,000 units from January to October, with a 110% year-on-year increase in "boxy" vehicle sales [5] - Great Wall Motors reported a record sales month in October, with 143,078 vehicles sold, a 22.5% year-on-year increase, and a notable 44.06% increase in new energy vehicle sales [6][7] - BAIC's new energy division also performed well, with a 112% year-on-year increase in October sales, contributing to a total of 142,043 units sold from January to October [7] - Major international brands like BMW, Mercedes-Benz, and Audi are showcasing their electric transformation, with BMW reporting over 40% growth in new energy vehicle sales in the first ten months of 2025 [8][9][10][11][12] Future Outlook - The auto show indicates that the electric vehicle sector is entering a high-quality development phase, with smart technology becoming a core competitive differentiator [12] - The industry is expected to continue evolving with a focus on cross-industry integration and innovation, as companies adapt to changing consumer demands and technological advancements [12]

Core Insights - Hubei's Jingmen City has achieved significant industrial transformation during the 14th Five-Year Plan, with high-tech manufacturing's share increasing from 5.45% to 16% and the number of billion-dollar enterprises doubling from 2 to 6 in three years [1] - The city has adopted a "chain thinking" approach to enhance industrial resilience and promote collaborative development across various sectors [2] Group 1: Industrial Development Strategies - Jingmen has shifted from a traditional "single-point investment" model to a "cluster rise" strategy, establishing a modern industrial system with four pillar industries: green chemicals, new energy materials, automotive and intelligent equipment manufacturing, and agricultural products processing [2] - The automotive sector has seen a significant investment of 6 billion yuan from Great Wall Motors, leading to a production value increase from 18.24 billion yuan in 2022 to 52.46 billion yuan in 2024 [2] - The new energy materials sector has also thrived, with a total output value of 85.21 billion yuan in 2024, marking a 28.6% year-on-year growth [3] Group 2: Traditional and Emerging Industries - Traditional industries are being revitalized through innovation, such as the transformation of Jingmen Petrochemical's production capabilities, which is expected to increase specialty oil production capacity from 790,000 tons to 1,367,000 tons by 2026 [3] - Emerging industries are scaling up, with the electronic information sector projected to reach a production value of 50.77 billion yuan in 2024, representing a 43.9% share of the city's industrial output [6] Group 3: Digital Transformation - Digital technology is being integrated into the manufacturing process, with 153 small and medium-sized enterprises undergoing digital transformation, achieving a digital coverage rate of 78% in large-scale industries [7] - The establishment of an industrial internet platform aims to enhance connectivity across the supply chain, facilitating real-time monitoring and optimization of operations [8] Group 4: Future Industry Development - Jingmen is positioning itself as a leader in the low-altitude economy, with a dedicated industrial park and plans to develop a full ecosystem for low-altitude vehicles, targeting a revenue of over 2 billion yuan by 2030 [6] - The city aims to strengthen its competitive edge in advanced manufacturing and renewable energy sectors, with a focus on high-quality industrial development [9]

Core Viewpoint - Great Wall Motors (601633.SH) reported a significant increase in new car sales for October 2025, with a total of 143,078 vehicles sold, representing a year-on-year growth of 22.50% [1] Sales Performance - Haval brand sold 88,235 vehicles in October, showing a year-on-year increase of 21.41% [1] - Wey brand achieved sales of 12,699 vehicles, marking a substantial year-on-year growth of 95.79% [1] - Tank brand recorded sales of 22,306 vehicles, with a year-on-year increase of 16.64% [1] - Ora brand sold 5,648 vehicles, reflecting a modest year-on-year growth of 1.58% [1] - Great Wall Pickup sold 14,088 vehicles, with a year-on-year increase of 9.31% [1] Year-to-Date Performance - For the period from January to October, Great Wall Motors sold a total of 1,066,436 vehicles, which represents a year-on-year growth of 9.87% [1]

Core Viewpoint - Great Wall Motors (601633.SH) reported a significant increase in new car sales for October 2025, with a total of 143,078 vehicles sold, representing a year-on-year growth of 22.50% [1] Sales Performance - Haval brand sold 88,235 vehicles in October, marking a year-on-year increase of 21.41% [1] - Wey brand achieved sales of 12,699 vehicles, showing a remarkable growth of 95.79% year-on-year [1] - Tank brand recorded sales of 22,306 vehicles, with a year-on-year growth of 16.64% [1] - Ora brand sold 5,648 vehicles, reflecting a modest year-on-year increase of 1.58% [1] - Great Wall Pickup sold 14,088 vehicles, with a year-on-year growth of 9.31% [1] Year-to-Date Performance - From January to October, Great Wall Motors sold a total of 1,066,436 vehicles, which is a year-on-year increase of 9.87% [1]