Soochow's research reports pointed out that Great Wall Motor (601633.SH) achieved a total wholesale sales volume of 108,398 vehicles in September, with month-on-month changes of -10.9%/14.8% respectively. Among them, the penetration rate of new energy was 27.8%, with an export rate of 40.7%, and an increase in new energy sales compared to the previous month. In September, overseas sales were 44,105 vehicles, with month-on-month changes of +46.9%/-2.1%, with exports accounting for 40.7% of the group's sales, with month-on-month changes of +16.0/-2.1pct. In terms of global expansion, Wei brand High Mountain MPV landed in Europe, Tank 500 and Shanhai Pao HEV were listed in South Africa. Great Wall Motor signed a memorandum of understanding with Senegalese dealers on the KD project, signed a cooperation memorandum with Vietnam's Seawin Group to promote CKD assembly cooperation, meanwhile, Great Wall Motor's Indonesian KD factory was successfully put into operation, advancing the process of continuous overseas market expansion. Maintaining a "buy" rating.