China International Capital Corporation's research report pointed out that Great Wall Motor (601633.SH) sold 0.127 million vehicles in November, with a month-on-month and year-on-year growth of +3.7%/+9.1%. It achieved a year-on-year positive growth for the first time since May, with a cumulative sales volume of 1.098 million vehicles from January to November, a year-on-year decrease of -1.8%, showing stable performance. With the new Hi4-Z product cycle starting, it is believed that the company has established a gradient product layout in urban SUVs/crossovers/strong off-road/ultra-strong off-road segments. The Hi4-Z mainly complements the company's product lineup in the crossover segment and is expected to drive the company's market share in the crossover segment and solidify its leading position in the SUV category. Previously, the export chain sentiment led to a valuation correction. It is anticipated that the high certainty of profit growth in 2025 will be realized, the sentiment in the sector has turned optimistic, and the low valuation provides a layout opportunity. Maintaining profit forecast for 2024/2025 at 13/15.5 billion yuan. Maintaining an outperform industry rating.