随着旗下魏牌连续多月销量走高，长城汽车开始对直营渠道进行调整。 10月9日，《每日经济新闻》记者在某长城智选零售中心看到，展厅内只有魏牌蓝山、高山和摩卡三款 车型，已经看不到坦克700车型。"我们店只销售魏牌旗下车型，坦克700撤掉了。"上述某长城智选零售 中心工作人员表示。 记者注意到，在部分城市，魏牌直营渠道已超过经销商渠道。比如，在北京，魏牌共有28家销售门店， 其中长城智选零售中心、交付中心和展厅已有16家。另外，部分长城智选零售中心已更名为"魏牌新能 源零售中心"。 北京某魏牌新能源零售中心工作人员告诉记者："后续，所有的长城智选零售中心都将改名为魏牌新能 源零售中心，并撤出所有在售的坦克品牌车型。" 长城持续增加直营渠道投入 目前，魏牌的直营门店已经覆盖全国110个城市，数量达到430家。今年5月，魏牌对直营渠道的重视程 度又上了一个台阶，其计划到今年年底，将直营门店的数量增加至600家以上，覆盖全国200个城市。 同样的情况并非只出现在一家长城智选店内。北京某长城智选零售中心工作人员向记者透露："目前北 京区域大部分的长城智选店已不销售坦克700，而是只销售魏牌旗下车型，现在坦克700只有少部分 ...

来源丨 汽车公社（ID：iAUTO2010） 作者丨李思佳 编辑丨何增荣 图源丨Midjurney MPV市场曾是中国汽车版图中一个相对稳定甚至有些沉闷的细分市场。 然而，随着新能源汽车时代的浪潮奔涌而至，这片曾经的"蓝海"正演变为竞争最激烈、技术路线最多 元、产品理念碰撞最精彩的前沿阵地。从最初的燃油车主导，到如今燃油、插混和纯电相互掰手腕， 同时家用和商用的界限也不再特别明晰。 彼时，别克GL8、本田奥德赛与艾力绅等车型构筑了坚固的壁垒，而商用MPV与家用MPV的界限也很 分明，当然，燃油动力是毋庸置疑的主流。 分水岭在2023年。那一年，腾势D9全年累计销售近12万辆的成绩，超越别克GL8、本田奥德赛和丰 田赛那等老牌合资竞品，成为全品类MPV年度销冠。当有人觉得这一现象是偶然时，2024年腾势D9 再次以超过10万辆的成绩成为MPV年度销量冠军。 | 排名 | 车型 | 级别 | 销量 | 同比 | | --- | --- | --- | --- | --- | | 1 | 医薬D9 DM-i | 中大型 | 97948 | -12.2% | | 2 | 丰田赛那 | 中大型 | 89450 | 16 ...

长城智选在去年4月建立，是此前长城多次试水直营失败后的一次奋力一搏。长城智选前期主要销售坦克和魏牌两个品牌的高端车型产品，包含坦克300、 坦克400、坦克500、坦克700、魏牌蓝山、魏牌高山，共6个车系。 「电厂」从多个信源获悉，"长城智选"正在全国范围内逐步变更为"魏牌新能源直营店"，坦克车型撤出，专卖魏牌。目前北京、河北、陕西、广东等地区 的店面变更速度较快，贵州等地区的直营店还暂未开始升级。变更完成后，魏牌将成为长城旗下唯一的直营品牌，且只有直营渠道售卖。 9月22日，「电厂」实地走访北京龙湖长楹天街的长城智选门店发现，店内共展示4台车，分别为2台魏牌全新蓝山、1台魏牌全新高山以及1台魏牌新摩卡 Hi4，已经完成车型变更。店内销售进一步确认了"长城智选"已经在全国范围内启动变革。 今年5月，魏牌新 CEO、长城智选体系负责人冯复之已向媒体透露"坦克将撤出直营店回归经销商，魏牌变成全直营品牌"的消息，当时由于此项变革牵涉 面较大，何时开始变更、如何变更在内部还存在较大争议，暂无定论。 尽管长城的热销车型坦克300、坦克500等车型撤出直营店，但在已经完成变更的直营店中，不止一位销售告诉「电厂」：客流量 ...

长城汽车的"四化战略" 中国新能源汽车的快速发展令人欣喜，但燃油车在税费及补贴等劣势下如何保持稳定发展是业内关注的 焦点。此次魏建军提出"油电平等化"直击当前行业发展痛点，引发众多企业与从业者共鸣。 在当前的市场环境下，实现油电平等化意义重大。一方面，能实现燃油车和新能源汽车公平发展，减轻 燃油车车主税收负担。另一方面，可促使汽车市场更健康发展。在此前的数轮"价格战"中，补贴和税费 优势使新能源汽车成为降价主力，而后燃油车被迫降价，导致行业利润率持续走低。此外，中国汽车未 来要全球发展，全球市场的需求多样化，需要不同的动力系统，满足全球不同市场用户的需求。 十年前，新能源汽车尚处于萌芽阶段。为加快推进这一战略新兴产业的发展，国家出台了一系列补贴和 优惠政策。据不完全统计，2009 年 - 2019 年，我国新能源汽车补贴金额超千亿元。在政策刺激下，新 能源汽车实现了快速发展。2024 年新能源汽车零售达 1089.9 万辆，新能源车渗透率高达 47.6%，去年 下半年连续 5 个月渗透率均突破 50%，进入 2025 年渗透率持续走高，今年 8 月已超 55%。 然而，随着新能源汽车销量的大幅增长，燃油车与新 ...

Core Insights - Ruisheng Automotive has announced its independent operation focusing on MPV products, becoming the first brand in the Chinese automotive market to specialize in MPVs, which is seen as both brave and risky given the current market dynamics [2] - The MPV market faces significant challenges, including a scale bottleneck that leads to high R&D costs, a conflict between space practicality and driving experience, and difficulties in transitioning to new energy vehicles [3][4] - The consumer perception of space value versus driving experience creates a second layer of challenges for the MPV market, as consumers still prefer SUVs despite the inherent advantages of MPVs [6][7] - The rise of new energy vehicles is reshaping the MPV product landscape, with models like the Tengshi D9 demonstrating that strong product capabilities can lead to market acceptance [7] - MPV brands need to explore differentiated survival strategies, focusing on high quality and cost-effectiveness, while also addressing deep-rooted consumer perceptions and market dynamics [9][10] Market Dynamics - The MPV market is characterized by a high concentration, with the top ten companies holding 77.9% of the market share, making it difficult for new entrants to gain traction [3] - The annual sales threshold of 50,000 units is necessary for MPVs to cover R&D costs, yet few products currently meet this benchmark [3] - The transition to new energy MPVs incurs over 30% higher R&D costs compared to traditional fuel vehicles, complicating the market landscape [4] Consumer Behavior - Consumers have not yet formed a habit of purchasing MPVs, leading to a preference for SUVs, which are perceived as more stylish and versatile [6] - The traditional fuel MPVs have inherent flaws, such as poor handling and compromised performance, which deter potential buyers [6] - The demand for MPVs is shifting towards mid-to-high-end business and family markets, indicating a potential change in consumer recognition of MPVs [7] Strategic Recommendations - MPV brands should leverage technological advancements to differentiate themselves and break the stereotype of being "ordinary" [9] - New product strategies should focus on adapting to specific consumer scenarios, such as camping or business needs, to enhance market appeal [9][10] - A reevaluation of pricing strategies is necessary, with a focus on space efficiency, energy consumption, and adaptability to different scenarios becoming core evaluation metrics [10]

Investment Rating - The report maintains a "Recommended" rating for Great Wall Motors [1] Core Views - Great Wall Motors is positioned to expand its Tank brand to a broader user base, leveraging its advanced hybrid technology and intelligent driving systems [6][11] - The company is expected to enter a new growth cycle with the launch of its flagship SUV under the Wey brand, supported by a robust direct sales system [35][44] - The investment outlook remains positive due to the company's strong competitive advantages in off-road technology and a diversified product matrix [6][11] Summary by Sections 1. Hybrid Power Base: Complete Hi4 Technology System - The Hi4 technology system covers various vehicle usage scenarios, including passenger cars and commercial vehicles [12] - It includes multiple technical branches such as Hi4, Hi4-T, Hi4-Z, and Hi4-G, catering to different driving environments [12][14] 2. Intelligent Driving Assistance: Entering End-to-End 2.0 Phase - Great Wall Motors is advancing its AI intelligent driving capabilities, with the VLA model set to enhance user experience through improved understanding of driving environments [16][18] - The company has launched the Coffee Pilot Ultra system, which does not rely on high-precision maps, enhancing its autonomous driving capabilities [16][18] 3. Tank Brand Continues to Expand - The Tank brand has achieved over 700,000 units in cumulative sales, with a high resale value, solidifying its position in the off-road market [25] - The brand is transitioning from a niche market to a broader audience, supported by diverse product offerings and advanced technology [24][25] 4. Wey Brand: Intelligent Focus on High-End Household Vehicles - The Wey brand is set to launch a flagship SUV, with expectations of returning to a monthly sales volume of over 10,000 units by mid-2025 [35][44] - The product matrix is being expanded to include more models, enhancing the brand's competitiveness in the high-end market [36][41] 5. Profit Forecast and Investment Recommendations - The report forecasts net profits for Great Wall Motors at 14.7 billion, 15.9 billion, and 18.3 billion yuan for 2025 to 2027 [6] - The investment recommendation remains positive, reflecting the company's strong market position and growth potential in both off-road and family vehicle segments [6][11]

Core Viewpoint - The launch of the FX Super One by Jia Yueting has sparked significant attention and controversy, particularly regarding its design similarities to the Great Wall Motors' Wei brand vehicle, the Gao Shan. The situation has evolved from accusations of plagiarism to a clarification of a partnership involving intermediaries in the development process [3][4][6]. Group 1 - The FX Super One features a unique design element with a television mounted on the front, which has redefined automotive aesthetics according to Jia Yueting [4]. - Initial public reactions included accusations of copying the Wei brand Gao Shan, with the FX Super One's website even displaying the name "Gao Shan" at one point, raising further questions about originality [4]. - FF's global president, Wang Jiawei, stated that the FX Super One was developed in collaboration with Chinese industry partners, denying any claims of plagiarism [3][6]. Group 2 - Great Wall Motors' chairman, Wei Jianjun, clarified that while the company did not directly participate in the FX Super One's development, the vehicle was assembled using components from the Gao Shan, facilitated by intermediaries [6][8]. - The FX Super One has reportedly secured 10,000 paid orders in the U.S. and is currently in the trial production phase, with plans for a major product launch in the Middle East by the end of October [8].

Core Viewpoint - The article discusses the decline of the Toyota Alphard, once considered a "god car" in the Chinese market, highlighting the factors contributing to its reduced desirability and the rise of domestic competitors [4][14][61]. Group 1: Background of Toyota Alphard - The Toyota Alphard was initially designed for Japanese family users, not as a luxury business vehicle, and gained popularity in China due to its association with celebrities and high-profile users [12][22][30]. - The vehicle's price in Japan was approximately 500 million yen, equivalent to around 300,000 RMB, making it a popular choice among middle-class families [24]. - The introduction of the second generation in 2010 marked its transition to a luxury positioning, with prices starting at 600,000 to 700,000 RMB, leading to increased demand and subsequent price hikes by dealers [36][37]. Group 2: Market Dynamics and Price Trends - At its peak, the Alphard commanded a price increase of up to 300,000 RMB, reflecting its status as a high-demand vehicle with limited supply [20][21]. - Sales data indicates that from 2017 to 2021, the Alphard sold 85,000 units in China, maintaining its position as the top high-end MPV [45]. - However, after 2021, sales began to decline, and the once significant price increases have reduced to 20,000 to 30,000 RMB [14][46]. Group 3: Competition and Market Changes - The rise of domestic brands has significantly impacted the Alphard's market position, with competitors like the Denza D9 and Lantu Dreamer offering similar features at competitive prices [65][66]. - Toyota's own models, such as the Vellfire and Lexus LM300h, have also entered the market, further diluting the Alphard's exclusivity [52][56]. - The changing consumer preferences and the emergence of new domestic MPVs have led to a reevaluation of the Alphard's value proposition, as its unique selling points are increasingly matched or surpassed by competitors [61][67]. Group 4: Conclusion on Alphard's Status - The article concludes that while the Alphard was a groundbreaking product in the MPV segment, its inflated status was not sustainable, and the vehicle's decline was inevitable due to market evolution and increased competition [69][70][71].

Group 1 - The Toyota Alphard has been both loved and hated in the Chinese automotive industry, with notable figures like NIO's Li Bin criticizing its pricing strategies [1][7] - The Alphard was initially designed for Japanese family users, but its positioning as a luxury vehicle in China was a strategic decision that led to its high demand [5][9] - At its peak, the Alphard commanded a price increase of up to 300,000 RMB, making it a symbol of luxury and exclusivity in the Chinese market [7][9] Group 2 - Sales of the Toyota Alphard in China reached 85,000 units from 2017 to 2021, but began to decline after 2021, leading to a decrease in its once high price premiums [24][26] - The emergence of domestic competitors and the introduction of models like the Toyota Vellfire and Lexus LM300h have diluted the Alphard's market position [30][33] - Domestic brands have launched their own MPV models, such as the Denza D9 and Lantu Dreamer, which have capitalized on the features that once made the Alphard desirable, further challenging its status [37][39]

Core Insights - The core viewpoint of the article emphasizes that the competition in the automotive market is shifting from low-cost vehicles to the mid-to-high-end market, where brand building will be crucial for future growth [2][12]. Group 1: Market Dynamics - The main source of market share growth for domestic car manufacturers from 2024 to 2025 will be in the A-class car market priced between 50,000 to 150,000 CNY, where domestic brands currently hold a 70.6% market share as of Q2 2025 [12][16]. - The mid-to-high-end market (150,000 to 250,000 CNY) is expected to see significant competition, with current domestic market share below 50%, indicating substantial room for growth [5][18]. - The luxury market (250,000 CNY and above) is dominated by brands like Li Auto, Xiaomi, and Huawei, which are leveraging electric and intelligent vehicle technologies to establish themselves as leaders in this segment [5][13]. Group 2: Profitability and Brand Loyalty - The profitability in the mid-to-high-end market is strong, with the 150,000 to 250,000 CNY segment projected to generate annual revenues of approximately 1.1 to 1.2 trillion CNY and net profits of around 550 to 600 billion CNY [3][12]. - Brand loyalty is becoming increasingly important in the 150,000 to 250,000 CNY market, where consumers are less price-sensitive and more focused on overall product quality and brand reputation [18][19]. - The luxury market is characterized by high brand barriers, making it difficult for new entrants to compete solely on price, thus emphasizing the need for established brand identities [4][5]. Group 3: Competitive Landscape - The competitive landscape in the 250,000 CNY and above luxury market is becoming clearer, with domestic brands like Li Auto and Huawei gaining significant market shares, while traditional luxury brands are experiencing a decline [21][22]. - The 150,000 to 250,000 CNY market is fragmented, lacking a clear leader, which presents opportunities for traditional automakers and emerging players to capture market share through innovation and design [5][14]. - The article suggests that traditional automakers and second-tier new forces should focus on the mid-range market (150,000 to 250,000 CNY) as it offers a better opportunity for growth compared to the high-end luxury segment [14][18].