吉利因基本面稳健，股价跌幅显著小于新能源车企，体现市场对其 "稳健增长 + 高端化转型" 逻辑的认可。 加入轩辕同学 ， 成就新汽车人! 设计 | 常 笑 撰文 | 张 霖 郁 编辑 | 张 南 2026年1月的中国车市让资本市场很不高兴。2月2日，无论港股还是A股，汽车板块全线飘绿。 其中，港股新能源车企跌幅较大（4%-7%），比亚迪跌6.9%，传统车企相对抗跌（1%-4%）；A股比亚迪跌4.22%，多数传统车企跌幅在1%-3%， 赛力斯等少数个股微涨。 《汽车商业评论》了解到，大盘下跌主因是国际金价暴跌引发资源股崩盘，叠加资金避险与成长股估值调整，但是汽车板块下跌核心原因是自身 在1月的销量不及预期。 依据惯例，每年1月交付量环比下降是常态，金九银十后的年末也是购车小高峰，这自然导致第二年首月是淡季。 这次资本市场如此悲观，《汽车商业评论》认为这同2025年12月没有翘尾有关：国内乘用车销量同比降低18.1%，出口高增（+50.5%）成为重要 支撑。 市场开始担心2026年中国汽车市场的整体销量会出现下滑，"需求放缓+价格战升级+政策边际减弱"三股力量同时压向2026年的开局。 造车新势力排名洗牌 从已公 ...

Core Viewpoint - In 2025, Great Wall Motors underwent significant personnel changes, shifting from external hires to a complete return to internal leadership, reflecting a strategic response to market pressures and internal challenges [2][3][4]. Group 1: Personnel Changes - The year began with the establishment of a new ultra-luxury business unit, led by Chairman Wei Jianjun, indicating a strategic pivot towards high-quality, low-volume vehicle development [3]. - By the end of the year, all five core brands of Great Wall Motors were led by internal executives, marking a shift from previous external management attempts [4]. - The adjustments included the appointment of experienced internal leaders, such as Zhao Yongpo, who took over as CEO of the Wey brand after the departure of external manager Feng Fuzhi [4][12]. Group 2: Historical Context - Great Wall Motors has a history of frequent leadership changes, with the Wey brand experiencing eight CEO changes in nine years, often linked to fluctuating sales and strategic direction [12]. - The company has struggled with integrating external managers due to cultural and operational mismatches, leading to high turnover rates among external hires [6][8]. - The internal management style emphasizes centralized decision-making and loyalty, contrasting sharply with the more flexible approaches of external hires [6][17]. Group 3: Market Response and Strategy - The frequent changes in leadership have often been triggered by sales performance, with significant drops in sales prompting management shifts [9][10]. - The case of the Ora brand illustrates this pattern, where leadership changes were directly correlated with sales declines and subsequent recovery efforts [10]. - Great Wall Motors' strategy appears to oscillate between seeking external innovation and relying on internal expertise, aiming for stability in a rapidly changing market [17][18]. Group 4: Industry Comparison - Great Wall's approach contrasts with other automakers that have opted for external hires to navigate the Chinese market, highlighting different strategies in response to market dynamics [14][15]. - While Great Wall focuses on internal stability and technical expertise, competitors like Geely adopt a more integrative approach, combining internal and external resources for agility [15][16]. - The ongoing debate within the industry centers on whether internal leadership can effectively drive innovation and adapt to market changes, as seen in Great Wall's recent shifts [17].

Core Viewpoint - The resignation of WEY brand CEO Feng Fuzhi appears to be a foregone conclusion, with his authority over approval processes being revoked, and his successor, Haval General Manager Zhao Yongpo, already appointed. This leadership change reflects deeper structural contradictions within WEY, a high-end brand closely tied to founder Wei Jianjun's vision, marked by frequent CEO turnover and strategic instability [1][4][15]. Group 1: Leadership Changes - Feng Fuzhi's tenure as CEO of WEY has been characterized by significant growth, with cumulative sales reaching 89,055 units in the first 11 months of 2025, a year-on-year increase of 93.94%, and the brand's average transaction price rising from approximately 150,000 yuan in 2021 to 293,700 yuan [3][4]. - The brand has seen ten different CEOs in nine years, indicating not a lack of talent but rather ongoing strategic ambiguity and concentrated power dynamics [1][2]. - Zhao Yongpo's appointment is seen as a strategic shift, as he is a long-time insider with over 20 years of technical and management experience, expected to better align with the founder's vision and stabilize the brand's direction [14][15]. Group 2: Challenges Faced by Feng Fuzhi - Feng Fuzhi's approach, influenced by his background in consumer electronics, struggled to align with the traditional automotive industry's hierarchical and process-oriented nature, leading to a mismatch in expectations and outcomes [10][12]. - Despite achieving initial sales growth, the high-pressure environment and unrealistic expectations set by the founder created a challenging atmosphere for Feng, who had previously expressed a desire to leave the position [9][10]. - The transition from a focus on channel development to a need for a comprehensive understanding of technology, product, and brand identity highlights the evolving demands of the role, which Feng was unable to fulfill [12][14]. Group 3: Strategic Implications - The leadership change is not a rejection of Feng Fuzhi's contributions but rather a recalibration of strategy, emphasizing the need for a balance between founder influence and market realities [15]. - The automotive industry is shifting towards a focus on technology credibility, product consistency, and brand value, rather than solely on sales channels, indicating a need for a more holistic approach to leadership [12][15]. - The future success of WEY will depend on finding a sustainable path that reconciles the founder's vision with market dynamics, rather than relying on frequent changes in leadership [15].

2025.04. 25 【今日推荐】 4月24日下午，商务部和外交部分别举行例行新闻发布会和例行记者会，针对所谓"中美贸易谈判"的 传闻作出明确澄清，强调目前双方并未开展任何经贸谈判，相关报道缺乏事实依据。商务部新闻发言 人何亚东表示："中方注意到了外媒近期的一些报道，作为对外经贸关系的主管部门，我想强调的 是，目前中美之间未进行任何经贸谈判，任何关于中美经贸谈判进展的说法都是捕风捉影，没有事实 依据。"在同日的外交部例行记者会上，有记者问及，近来美方不断释放消息称中美之间正在谈判， 甚至将会达成协议。对此，外交部发言人郭嘉昆回应称："这些都是假消息。" 美国关税"后坐力"显现 失业率和民众债务或双攀升 美国高筑关税壁垒正引发多重经济危机。美联储理事24日警告称，若特朗普政府维持激进关税政 策，企业裁员潮或致失业率飙升，不排除采取降息措施应对。与此同时，物价上涨令美国民众债务压 力加剧，花店等本土小微产业也遭受冲击。 神舟二十号发射取得圆满成功 据中国载人航天工程办公室消息，4月24日，搭载神舟二十号载人飞船的长征二号F遥二十运载火箭 在酒泉卫星发射中心点火发射，神舟二十号载人飞船与火箭成功分离，进入预定轨道 ...