企业证券的缺失首席董小斌今天跟我一起主持会议的还有我的同事刘欣瑶那我们看到长城的话在5月1号也发布了4月份的这样的一个产销的一个快报那今天的话我们也是非常荣幸的邀请到了公司的白宇总来跟各位投资者做一个交流那要不我们首先请白总先介绍一下4月份的一个销量情况然后后面的话我们就进入到一个问答环节谢谢 尊敬的各位股东各位投资者大家早上好我是长城汽车白宇欢迎大家来参加长城汽车四月销量电话会也非常感谢兴业证券董事长宾总刘欣尧总组织本次会议首先祝大家复工顺利下面我先向大家汇报公司四月的销量情况之后我再来回复大家的提问那么5月1号公司发布了2025年4月的销量数据 4月公司销售新车10万061辆同比增长5.55%20万元以上车型销售26360辆同比增长2.87%新能源车型销售28813辆同比增长28.42%放盒子车型销售43182辆同比增长24.74%位列中国放盒子销量第一根据易车的相关数据公司在中国硬派越野市场也是持续领跑 4月23日公司旗下哈佛卫牌坎克欧拉长城皮卡和长城灵魂摩托六大品牌且主力车型齐聚上海车展期间长城汽车换新了企业logo推出4.0TV8发动机受到市场和媒体的高度关注那么分品牌来看哈佛品牌4月销售新车567 ...

Group 1 - The core issue revolves around a malfunction of the Weipai Gaoshan 8 model, which experienced a transmission failure leading to a sudden stop while driving at high speed. The customer expressed dissatisfaction with the lack of response from Weipai's customer service [1][4] - Weipai responded to the incident by stating that nearly 10,000 units of the Gaoshan model have been delivered without similar reported issues. They outlined their communication timeline and offered various solutions, including a replacement vehicle and third-party inspection, which the customer rejected [4][6] - The customer, known as "Zhang Jiaoguan," has publicly refuted Weipai's claims, asserting that he never referred to himself as a "non-general user" and questioning the qualifications of the designated inspection agency. The situation has sparked polarized opinions online [6] Group 2 - Weipai emphasized their commitment to customer service, promising a lifetime warranty and stating they would not evade responsibility for the incident [4] - The incident has drawn significant attention on social media, particularly due to the customer's large following, which may influence public perception of the Weipai brand [2][6] - The ongoing dispute highlights potential reputational risks for Weipai, as the customer continues to seek direct communication with company leadership and has accused the brand of insufficient sincerity in their responses [6]

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 ...

Core Insights - The MPV market, previously niche, is experiencing growth driven by new energy vehicles, with companies like Wei brand launching luxury family-oriented models [1] - The shift in consumer demand towards family-oriented vehicles is influenced by changing family structures and lifestyle diversification, leading to a resurgence in the MPV market [1][2] - The competition in the MPV segment is intensifying as domestic manufacturers pivot from traditional commercial models to focus on family needs, supported by government policies encouraging larger family vehicles [2] Industry Trends - The MPV market is transitioning from a commercial focus to a family-oriented approach, with significant investments in R&D for new energy platforms [2] - The introduction of new energy MPVs is expected to capture a substantial market share, with projections indicating that by April 2025, half of the top 10 MPV models will be electric [2] - The demand for MPVs is bolstered by rising consumer spending and the implementation of two-child and three-child policies, which are increasing the need for larger vehicles [2] Competitive Landscape - Despite the growth of new energy MPVs, many models still have monthly sales around a thousand units, indicating a competitive market with room for growth [3] - Traditional fuel MPVs from joint ventures continue to dominate the market, with models like the Toyota Sienna leading in sales [3] - Recent sales data shows that while new energy models like the Tengshi D9 are performing well, established fuel models still hold significant market share [3]

产业观察 [table_Header]2025.05.20 【智能车产业跟踪】卡尔动力获 3 亿元 A 加 轮投资，加速自动驾驶重卡货运商业化 产业研究中心 摘要：产业最新趋势跟踪，点评产业最新风向 [Table_Summary] 信息速递 5 月第 2 周（5/5-5/11）品牌终端销量榜前三名为比亚迪（6.91 万辆，环比 16.53%）、大众（4.59 万辆，环比 10.07%）、丰田（3.15 万辆，环比-2.48%）。 新车发布： 5/10-5/16 发布的新车：蔚来新 EC6、ES6，东风风神 L7 纯电版，长城魏牌高 山 8、高山 9。 锂电资讯 据 Wind，SMM 数据，近期电芯、模组、PACK 价格平衡震荡，电池级碳酸锂 价格继续下行，5 月 16 日均价报 6.45 万元/吨 。预计碳酸锂价格整体仍将呈 现易跌难涨的低位震荡走势。 汽车周度销量榜： 5 月第 2 周（5/5-5/11）新势力终端销量榜前三名为理想（0.82 万辆，环比-28.1%）、 零跑（0.78 万辆，环比 25.8%）、问界（0.75 万辆，环比 11.9%）。 投融资事件 2025 年 5 月 10 日至 5 月 ...

Core Insights - The "trade-in for new" policy in China is significantly boosting the automotive market, with a reported 10 million applications for subsidies, indicating strong consumer interest and activity in the sector [1][4]. Group 1: Policy Impact - The "trade-in for new" policy has led to a notable increase in consumer activity, with the Ministry of Commerce reporting over 10 million applications for subsidies, including 3.225 million applications in 2025 alone [4]. - The policy has effectively stimulated consumption growth, green transformation, and resource recycling, with over 53% of trade-ins involving new energy vehicles [4]. Group 2: Consumer Behavior - Many consumers are opting to trade in their old vehicles for new energy vehicles, with a significant number of trade-ins coming from brands like Mercedes-Benz, BMW, and Audi [3]. - Discounts and subsidies are making new energy vehicles more attractive, with some consumers reporting total savings of up to 34,000 yuan when trading in for models like the Li Auto L6Pro [2]. Group 3: Company Performance - Companies like Li Auto have seen a substantial increase in trade-in orders, with over 10,000 orders reported as of May 18, and the Li L6 model being particularly popular [5]. - Xiaopeng Motors and Leap Motor have also experienced rapid sales growth, with Xiaopeng breaking traditional seasonal sales patterns and Leap Motor increasing monthly sales from 10,000 to 40,000 units since the policy's implementation [6]. Group 4: New Product Launches - The automotive industry is actively launching new models to attract consumers, with companies like Xiaomi, Great Wall, and NIO introducing new vehicles to enhance market offerings [7]. - NIO plans to release nine new models this year, with significant promotional offers for early reservations, indicating a competitive push in the market [7].

[Table_IndustryInfo] 2025 年 05 月 18 日 强于大市(维持) 证券研究报告•行业研究•汽车 汽车行业周报（5.12-5.16） 汽车两新补贴申请量突破 1000 万份， 地平线发布 L2 城区辅助驾驶 HSD 相关研究 请务必阅读正文后的重要声明部分 -14% -4% 6% 15% 25% 35% 24/5 24/7 24/9 24/11 25/1 25/3 25/5 汽车 沪深300 数据来源：聚源数据 投资建议： [Table_Summary] 5月 1-11 日，乘用车零售 57.4万辆，同比增长 12%，环比增长 34%。 今年以来累计零售 744.6万辆，同比增长 8%。乘联会预计，5月乘用车市场零 售走势将继续保持平稳向好的态势。根据商务部数据，截至 5 月 11 日，2025 年汽车以旧换新补贴申请量达 322.5万份，其中报废更新 103.5万份，置换更 新 219万份，2024年以来累计补贴申请量已突破 1000万份，全国多地持续加 力"两新"政策，政策影响力有望进一步提升。智能汽车方面，地平线发布 L2 城区辅助驾驶 HSD，搭载最新 HorizonCell ...