魏牌迎来第八年第十次换帅。长城汽车董事长魏建军清楚，他和他数次更换的团队，都曾陷入一种"高 估能力的幻觉"。 "的的确确做一个品牌，这件事很难讲清楚。"他在一次交流中对《21汽车·一见Auto》坦言。自2016年 诞生以来，这个承载着长城乃至中国品牌最早高端化梦想的品牌，始终在摸索属于自己的长久路径。 构建体系的第一步，往往是找到驾驭体系的人。8天前，长城汽车内部完成了一项关键人事调整：哈弗 品牌总经理赵永坡通过微博宣布，正式兼任魏牌CEO。自2016年诞生以来，魏牌在八年内迎来了第十任 品牌负责人，其更迭频率在业内罕见，其前任包括冯复之、刘艳钊、陈思英、李瑞峰等。 "实际上每一个公司都有高端化的梦想。"魏建军说，但运营一个成功的汽车品牌需要涉及全链条的复杂 体系，而中国品牌在这条路上至今没有真正跑通的先例。 魏牌曾是长城乃至中国品牌冲击高端的先驱，其首款产品VV7在2017年月销一度破万。但随后因技术路 线、产品定义与市场节奏等问题陷入长期低迷。 魏建军说，魏牌的高端化定位没有变化。为了专注做高端，魏牌一改过往策略，将资源全力押注于 "大 六座SUV" 品类，推出全新蓝山与高山车型，并启动大规模的直营渠道建 ...

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [2][4]. Core Viewpoints - The automotive market is expected to improve in 2026 due to the continuation of the "trade-in" subsidy and measures against excessive competition [4][15]. - The central economic work conference in 2025 emphasized the optimization of the "two new" policies, which include large-scale equipment updates and trade-in subsidies [4][15]. - The National Development and Reform Commission has highlighted the importance of regulating competition in the automotive market, particularly for new energy vehicles and related industries [4][15]. Industry Dynamics - **Industry News**: Beijing has issued the first L3 level special license plates for autonomous driving vehicles, marking a significant milestone in the automotive industry's shift towards intelligent vehicles [16][18]. - **New Models**: New models launched include Great Wall Motors' Wei brand Blue Mountain and Dongfeng's Fengxing Lightning [30][31]. Market Performance - The automotive sector outperformed the CSI 300 index by 0.79 percentage points, with a sector increase of 2.74% from December 22 to December 26, 2025 [4][33]. - The price-to-earnings (PE) ratio for the automotive sector is 29.2 times, reflecting an increase from the previous week [39]. Data Tracking - **Monthly Data**: In November 2025, retail sales of passenger vehicles reached 2.2254 million units, a year-on-year decrease of 8.11% [40][54]. - **Weekly Data**: From December 15 to 21, 2025, retail sales of passenger vehicles totaled 536,000 units, a year-on-year decline of 11% [109]. Investment Recommendations - The report suggests focusing on companies with strong new product cycles such as Great Wall Motors, Seres, SAIC Motor, and XPeng Motors [4][5]. - It also recommends companies involved in supply chains and advanced technologies like Longsheng Technology and Junsheng Electronics [4][5].

Core Viewpoint - The frequent changes in leadership at the high-end brand WEY under Great Wall Motors reflect the complexities of operating an automotive brand, with the new CEO Zhao Yongpo aiming to leverage his extensive experience to enhance the brand's market position and product offerings [3][5][7]. Leadership Changes - Zhao Yongpo has taken over as CEO of WEY, succeeding Feng Fuzhi, who served for only eight months. This marks the ninth CEO since the brand's establishment in 2016 [3][5]. - Feng Fuzhi's tenure was characterized by efforts to expand the direct sales channel, but he faced significant pressure, leading to his departure [5]. - Zhao Yongpo has over 20 years of experience within Great Wall Motors and has been involved in the development of WEY from its inception [6]. Brand Development and Market Position - WEY has experienced a "high-open, low-walk, and recovery" trajectory since its establishment, with a peak sales figure of 139,000 units in 2018, followed by a decline due to delays in transitioning to electric vehicles [7]. - The brand has recently seen a resurgence, with sales of 89,000 units from January to October 2025, representing a year-on-year increase of 93.94% [7]. - Future product strategies include launching new models based on a new platform by 2026, aiming to cover various powertrain options [7]. Direct Sales Strategy - The establishment of a direct sales model is seen as crucial for enhancing brand perception and user experience, with over 500 direct service points planned across more than 130 cities by November 2025 [8][9]. - The direct sales approach allows for better control over user touchpoints and service standards, which is essential for building a high-end brand image [9][10]. - However, the rapid expansion of direct sales outlets poses challenges, as seen in the case of other companies like Li Auto, which took over six years to reach a similar number of stores [9][10]. Challenges in Expansion - The process of establishing high-quality direct sales outlets is complex and time-consuming, involving multiple stages from site selection to team training [10]. - The competition for prime retail locations in key commercial areas is intense, often requiring brands to wait for suitable opportunities [10]. - Great Wall Motors has invested over 2 billion yuan in its direct sales system, highlighting the commitment to overcoming the challenges of brand management in the automotive sector [10].

点 击 蓝 字 关 注 我 们 | 目录 | | | | | | | --- | --- | --- | --- | --- | --- | | 序号 | 生产厂商 | 子车型 | 上市时间 细分市场及车身结构 | | 工程更改规模 | | 1 | 一汽丰田 | 卡罗拉 | 2025 / 12 / 21 | A NB | MCE3 | | 2 | 广汽丰田 | 雷凌L | 2025 / 12 / 21 | A NB | MCE3 | | 3 | 长城汽车 | 魏牌 蓝山 | 2025 / 12 / 22 | C SUV | NM | | 4 | 东风柳汽 | 风行 雷霆 | 2025 / 12 / 23 | A SUV | NM | | 注:工改授定义 全新产品(MP):全新上市车型,车型名称是全新的。 小改款(MCE1):指车型的配置、外观造型发生小范围变化,但不涉及车型摸具的 更改及发动机或变速箱的调整。 | | | 中改款(MCE2-2):指车型涉及发动机或变速箱的改变,但不涉及前脸造型或模具的改变。 换代产品(B):车型平台发生改变,从而产生的全新一代的车型。 新增年型(M):现有车型线上新增某款车款 ...

"多年来，我们长城的技术思维、工程师思维非常严重。长城是销售汽车的公司，我们只会卖车，卖给别人，不会搞营销。即使今天我们的魏牌蓝山，依然 卖的还是产品，卖的是产品力，并没有营销力，也没有品牌力。" 12月22日,长城汽车创始人、董事长魏建军说。 当日，在保定举行的魏牌全新蓝山智能进阶版上市发布会上，魏建军用了半个小时的时间，复盘了魏牌过去九年的发展历程，并透露了魏牌未来的发展思 路。 魏建军上台后，先回忆了自己与里斯战略咨询创始人艾·里斯当年是如何讨论打造魏牌的，包括为什么用自己的姓氏命名新品牌，以及魏牌标识为什么要融 入"保定"元素。 魏牌的起步相当成功。2017年4月，魏牌首款车型VV7上市，当年销量便达到8.6万辆，2018年，魏牌销量进一步增至13.95万辆。但2021年后，魏牌在第二代 咖啡系列车型上市后，销量出现显著下滑。 此前一直有观点认为，魏牌第二代车型销量不理想，主要是因为营销"翻车"。魏建军此次回应称，第二代车型为呼应新能源时代的到来改了名，改名虽然不 算成功，但也不能说失败了。第二代车型的问题在于，受到了行业恶性内卷的大环境拖累。"从2021年底到2022年，（行业出现了）更加严重的价格 ...

长江商报记者注意到，2025年前11个月，长城汽车的销量为119.97万辆，同比增长9.26%；2025年前三 季度，归母净利润为86.35亿元，同比下降16.97%。 就目前来看，180万辆的销量目标压力不小。 长江商报消息 ●长江商报记者 潘瑞冬 长城汽车（601633.SH、02333.HK）推2025年员工持股计划。 12月24日晚间，长城汽车公告，公司2025年第五次临时股东会通过《长城汽车股份有限公司2025年员工 持股计划（草案）》。根据草案，长城汽车此次员工持股计划的设立规模不超过8000万元，覆盖董事、 高级管理人员及其他核心人员等在内的不超过50人。 业绩考核方面，2026年目标为销量不低于180万辆、净利润不低于100亿元。 覆盖不超50名核心人员 根据公告，长城汽车本次员工持股计划参与对象包括公司董事（不含独立董事）、高级管理人员及其他 对公司整体业绩和长期战略实现有重要作用的核心人员，其中董事、高级管理人员3人，其他核心人员 不超过47人。 长江商报记者注意到，此次员工持股计划的设立规模不超过8000万元，由公司激励基金与员工合法薪酬 等共同出资，但未披露两者的固定配比，也未明确本次 ...

长江商报消息 ●长江商报记者 潘瑞冬 业绩考核方面，持股计划设置了公司与个人双重考核机制。公司层面考核年度为2026年和2027年，以销 售量和净利润为核心指标，权重各占50%。2026年目标为销量不低于180万辆、净利润不低于100亿元； 2027年目标为销量不低于216万辆、净利润不低于150亿元。 业绩目标达成率≥100%时，公司层面解锁比例为100%；80%≤达成率<100%时，解锁比例按实际达成率 确定；低于80%则无法解锁。个人层面根据年度绩效评价结果确定解锁比例，最高100%，最低0%。<> 长城汽车（601633.SH、02333.HK）推2025年员工持股计划。 12月24日晚间，长城汽车公告，公司2025年第五次临时股东会通过《长城汽车股份有限公司2025年员工 持股计划（草案）》。根据草案，长城汽车此次员工持股计划的设立规模不超过8000万元，覆盖董事、 高级管理人员及其他核心人员等在内的不超过50人。 业绩考核方面，2026年目标为销量不低于180万辆、净利润不低于100亿元。 长江商报记者注意到，2025年前11个月，长城汽车的销量为119.97万辆，同比增长9.26%；2025年前 ...

开张9年、卖车约60万辆，"消耗"CEO 7名—— 魏建军以姓名冠之的高端魏牌，在高管"效费比"上不断创造纪录，友商望尘莫及： 没错，魏牌又换CEO了，第8任刚刚走马上任。 从新势力请来的前任CEO冯复之，首次亮相到无预警下课，竟只有短短半年时间。 走人的冯复之，如何重启魏牌 今年5月底，是冯复之首次以魏牌CEO身份公开亮相： 当时是魏牌蓝山焕新版上市，在整个长城所有品牌产品中，首次全系标配车位到车位高阶智能辅助驾驶，是长城智能化第一枪，技术、体验一夜间追赶上 第一梯队。 不仅是技术，整个魏牌也从这一次蓝山焕新开始，呈现出完全不一样的模式：新理念、新车、新渠道，这就是冯复之CEO的主要工作。 第一个改变，是魏牌首次明确一切以用户为中心。 不是嘴上说说，而是知行合一，比如官方曾提到「9小时提车」的例子。简单来说，一位北京客户着急提车，最终快速调动资源，在9小时内完成车辆运 送、到店、上牌的一系列工作，最后将车辆交到客户手中。 "车位到车位，贯通全场景"。这是城区NOA在「全国都能开」后的进一步升级，当前智能辅助驾驶最领先体验。 第二个改变——加码直营。 "让用户看得见、找得到、靠得住"，魏建军认为这要求长周期、 ...

与此前任期不足8个月的冯复之这样的外部人才引入属性不同，赵永坡是长城汽车的"自己人"，是内部深耕20年的技术老兵。长城汽车董事长魏建军曾公开 表示，外来高管与长城文化存在冲突，缺乏实战经验和真才实干，远不如内部培养的人才可靠。 【文/财圈社&道哥说车 麻建宇】"从今天开始，我就是魏牌的CEO了"，12月21日，赵永坡在个人微博轻描淡写地证明了此前的传闻，语气平淡得像在说"明 天吃火烧"。但对于魏牌而言，它要迎来发展历史上的第9位CEO了！ 赵永坡这位长城汽车嫡系，入驻长城汽车以及魏建军最宝贵的魏牌，也算是应了魏建军的这一观点。值得关注的是，很多时候，赵永坡与魏建军的行事风格 类似，"吹哨人"的观点张嘴就来，没少对行业乱象开炮。 有些像……魏建军的"得意门生"，甚至魏建军叫过他"坡总"。不过，身为技术型高管，赵永坡从幕后走向台前也确实给哈弗带来了不少改变，甚至直接提升 了哈弗猛龙的销量。这位长城嫡系，是否能终结"铁打的魏牌，流水的CEO"宿命呢？ 需要提到的是，别看魏牌年内销量涨得很快，但无论品牌声量还是销量都不足以自傲，甚至除了高山，也缺乏爆款车型……所以，严格意义上来说，赵永坡 也是来救火的。 很像魏建军 ...

Core Insights - 2025 is identified as a pivotal year for automotive intelligence, initiating a three-year cycle that will elevate domestic electrification penetration rates to over 50%-80%, leading to a restructuring of the automotive landscape [4][11] - Leading intelligent driving manufacturers have successfully implemented complex urban scenarios such as roundabouts and U-turns, enhancing high-level functionalities like parking from space to space and scene understanding, thereby improving the driving experience for passengers and safety personnel [4][11] Group 1: Intelligent Driving Experience Evaluation - A comprehensive evaluation was conducted on seven intelligent driving manufacturers, including AITO, Blue Mountain, Xiaopeng, Ideal, Tengshi, Xiaomi, and NIO, using both large sample concentrated road tests and small sample in-depth road tests, focusing on scene realization, takeover frequency, and comfort [5][11] - The report does not rank the intelligent capabilities of specific manufacturers due to subjective factors and real-world conditions affecting the evaluation [5][11] Group 2: Performance Trends - Compared to Q1, the performance gap among manufacturers in Q4 is narrowing, with the second-tier manufacturers improving their capabilities in urban scenarios like roundabouts and U-turns, and showing a significant reduction in takeover frequency [7][11] - The first-tier manufacturers are currently undergoing a foundational architecture transition, with tangible results expected to be validated through iterative improvements [7][11] Group 3: Specific Manufacturer Insights - In Shenzhen, the intelligent driving systems must handle complex scenarios such as roadside parking and narrow road navigation, with proactive understanding being more suitable [6][11] - Huawei and Xiaopeng lead in overall takeover frequency and performance across various scenarios, particularly excelling in challenging situations [6][11] - Wei brand Blue Mountain demonstrated strong capabilities in handling complex scenarios during large sample concentrated road tests [6][11] Group 4: Road Test Methodology - The concentrated road test involved nearly 50 participants testing various models along a standardized route, while the small sample in-depth tests were conducted by the same evaluators under similar conditions to ensure consistency [12][15] - The concentrated road test aimed to assess the overall performance, reliability, and efficiency of the intelligent driving systems under real-world conditions [41][12] Group 5: Technical Developments - The report highlights advancements in intelligent driving technologies, including the latest iterations of systems from manufacturers like Huawei, Xiaopeng, and NIO, showcasing improvements in perception and decision-making capabilities [19][20][27] - Each manufacturer has adopted different hardware and software solutions, with most having developed their own intelligent driving chips [36][36]