Core Viewpoint - In December 2025, China's new energy heavy truck sales reached a record high, totaling 231,100 units for the year, representing a year-on-year growth of 182% [1] Group 1: Overall Market Performance - In December 2025, domestic new energy heavy trucks sold 45,300 units, a year-on-year increase of 198%, with pure electric, fuel cell, and hybrid models selling 40,800 units, 4,202 units, and 284 units respectively [2] - The sales growth for fuel cell and hybrid heavy trucks significantly outpaced the overall market, with fuel cell trucks experiencing a year-on-year growth of 623% and hybrid trucks 209% [2][4] - The market for fuel cell and hybrid heavy trucks showed a notable increase in December, with fuel cell trucks accounting for 9.28% of the market share, while hybrid trucks remained low at 0.63% [5] Group 2: Fuel Cell Heavy Truck Performance - In December 2025, fuel cell heavy trucks sold 4,202 units, with a month-on-month growth of 610% and a year-on-year growth of 623%, marking a significant surge in both sales and growth rate [8] - Dongfeng led the sales with 1,592 units, capturing a market share of 37.9%, followed by Yutong and Sinotruk with 625 and 463 units respectively [10] - The competition for monthly sales champions in the fuel cell heavy truck market was intense, with Dongfeng securing the year-end sales champion after consistently leading since September [12] Group 3: Yearly Performance and Market Share - In 2025, the fuel cell heavy truck market saw a total sales volume of 7,282 units, a year-on-year increase of 64%, with significant growth from companies like Sinotruk and GAC, which saw increases of 3,294% and 16,650% respectively [14][17] - Dongfeng achieved the highest annual sales with 2,563 units, capturing a market share of 35.2%, an increase of 19.7 percentage points from 2024 [17] - The market dynamics showed a pattern of fluctuations throughout the year, with a total of five monthly champions emerging, indicating a highly competitive environment [17]

每经AI快讯，庆铃汽车股份(01122.HK)午后一度涨超7%，截至发稿涨6.56%，报1.3港元，成交额 1242.36万港元。 ...

国元国际发布研报称，庆铃汽车股份为重庆国资委控股、受益于重庆"33618"规划的商用车细分龙头。 据悉，庆铃汽车(集团)有限公司持有庆铃汽车股份50.1%股份，实控人为重庆国资委。重庆市规划打造 智能网联新能源汽车、新一代电子信息制造业、先进材料三大万亿级产业集群。公司作为多年商用车制 造商，有望在重庆市大战略中发挥重要作用。该行指出，2025年公司大概率能够实现大幅度减亏甚至扭 亏为盈。待公司新产品形成规模销售和正利润后，公司估值有望提升。 智通财经APP获悉，庆铃汽车股份(01122)午后涨超7%，截至发稿，涨6.56%，报1.3港元，成交额 1242.36万港元。 消息面上，1月8日，为推动重庆市"33618"现代制造业集群体系和"416"科技创新布局，由市国资委主 办、重庆渝富控股集团承办的渝富智造"6213"行动计划推进暨项目签约会在重庆举办。会上，重庆渝富 控股集团现场发布接下来5年将实施的"6213"行动计划，首批储备项目70个、意向投资近400亿元。 ...

国元国际发布研报称，庆铃汽车股份为重庆国资委控股、受益于重庆"33618"规划的商用车细分龙头。 据悉，庆铃汽车(集团)有限公司持有庆铃汽车股份50.1%股份，实控人为重庆国资委。重庆市规划打造 智能网联新能源汽车、新一代电子信息制造业、先进材料三大万亿级产业集群。公司作为多年商用车制 造商，有望在重庆市大战略中发挥重要作用。该行指出，2025年公司大概率能够实现大幅度减亏甚至扭 亏为盈。待公司新产品形成规模销售和正利润后，公司估值有望提升。 消息面上，1月8日，为推动重庆市"33618"现代制造业集群体系和"416"科技创新布局，由市国资委主 办、重庆渝富控股集团承办的渝富智造"6213"行动计划推进暨项目签约会在重庆举办。会上，重庆渝富 控股集团现场发布接下来5年将实施的"6213"行动计划，首批储备项目70个、意向投资近400亿元。 庆铃汽车股份(01122)午后涨超7%，截至发稿，涨6.56%，报1.3港元，成交额1242.36万港元。 ...

回购标的物为(i)租赁物，为融资租赁合同项下全部经销商向融资租赁公司租用的一批新能源车辆，车辆 总数为32辆;及(ii)租赁债权，为融资租赁公司在各融资租赁合同项下对各经销商享有的与租赁物所对应 的租赁债权(包括到期未付租金、未到期全部租金中的本金，但不包括融资租赁合同项下的其他费用、 违约金、损害赔偿金、留购价款等)，以及融资租赁公司为控制租赁物所设置的相关权利(包括但不限于 融资租赁公司对各经销商就相关租赁物所设定的对应抵押债权)。 经考虑到(其中包括)(i)本公司根据回购协议提供的回购义务为汽车行业融资租赁业务中普遍采用的一种 保证措施，有利于拉动本公司新能源车辆销量，以及扩大本公司新能源车辆的销售规模及市场份额;(ii) 本公司有权通过车联网等技术手段监控租赁物，减低租赁物毁损灭失以及经销商不向本公司交还相应租 赁物的风险;(iii)本公司会建立车辆运行数位化监管平台，对租赁物资产完好率、出租率、使用效率、货 款回收等进行监控，并与融资租赁公司进行资料共用;(iv)本公司会拓展二手车转租或销售业务，以及车 辆整备及再制造等后市场业务，有助促进本公司拓展二手车业务及增加收益;(v)各经销商根据回购协议 ...

Core Viewpoint - The company has entered into five repurchase agreements with a financing leasing company and various dealers, aimed at enhancing the sales and market share of its new energy vehicles [1][2]. Group 1: Repurchase Agreements - The repurchase agreements involve a total of 32 new energy vehicles leased by dealers from the financing leasing company [1]. - The agreements include leasing rights and obligations, covering unpaid and due rental payments, but excluding other fees and penalties [1]. Group 2: Strategic Benefits - The repurchase obligation is a common practice in the automotive financing leasing industry, which is expected to boost the company's new energy vehicle sales [2]. - The company plans to utilize technology to monitor the leased vehicles, reducing risks associated with damage and non-return by dealers [2]. - A digital monitoring platform will be established to oversee asset conditions, rental rates, and payment recovery, enhancing operational efficiency [2]. - The company aims to expand its used vehicle leasing and sales business, contributing to revenue growth [2]. - Dealers are required to pay a performance bond, which will offset any outstanding payments owed to the company [2]. - The agreements allow the company to receive full sales proceeds in advance, improving liquidity and flexibility [2].

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 須予披露交易 訂立回購協議 回購協議 （在中華人民共和國註冊成立之中外合資股份有限公司） （股份代號：1122） 董 事 會 謹 此 宣 佈，於 二 零 二 六 年 一 月 十 四 日，本 公 司、融 資 租 賃 公 司 及 各 經 銷 商 訂 立 了 合 共 五 份 條 款 大 致 相 同 的 回 購 協 議。 上市規則之涵義 基 於 過 往回購協議各自項下的交易均於訂立回購協議前12個 月 內 進 行，加 上 部分過往回購協議的融資租賃公司與回購協議的融資租賃公司為相同訂約方， 且過往回購協議及回購協議項下的交易均屬於本集團新能源車業務下同一 性 質 的 回 購 擔 保，故 根 據 上 市 規 則 第14.22條，回 ...

Summary of Key Points Core Viewpoint - As of January 9, a total of 73 stocks reached their 52-week highs, with notable performances from Lingxiong Technology (02436), Delai Construction (01546), and Zhipu (02513) showing significant growth rates of 104.99%, 38.89%, and 22.22% respectively [1]. 52-Week Highs - Lingxiong Technology (02436) closed at 11.760, with a peak price of 15.600, achieving a high rate of 104.99% [1]. - Delai Construction (01546) closed at 0.161, reaching a maximum of 0.250, with a high rate of 38.89% [1]. - Zhipu (02513) had a closing price of 158.600 and a peak of 165.000, resulting in a high rate of 22.22% [1]. - Other notable stocks include Asia Pacific Satellite (01045) with a high rate of 20.64% and Rongda Technology (09881) at 12.87% [1]. 52-Week Lows - The stocks reaching their 52-week lows include Lishi International (00842) with a closing price of 0.850, marking a decline of 39.29% [2]. - Bokan Vision Cloud - B (02592) closed at 2.930, with a decrease of 16.90% [2]. - Lingzai Technology Finance (00093) reached a low of 0.485, reflecting a drop of 14.77% [2].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 呈交日期: 2026年1月5日 致：香港交易及結算所有限公司 公司名稱: 慶鈴汽車股份有限公司 (在中華人民共和國註冊成立之中外合資股份有限公司） I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 內資股 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,243,616,403 RMB | | 1 | RMB | | 1,243,616,403 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 1,243,616,403 RMB | | 1 | RMB | | 1,24 ...

Core Insights - The event "China Truck Customer Operation Survey Opinion Leader" focuses on user operations, product performance, and quality, reflecting industry opinions and voices [1] - The event has been held annually since 2017, accumulating thousands of user voices through extensive surveys across the country [1] Industry Trends - The evaluation emphasizes the core track of new energy, focusing on key models such as electric heavy trucks, light trucks, micro trucks, VANs, and pickups [3] - The survey targets regions with high concentrations of heavy trucks and mainstream markets for new energy light trucks, including Beijing-Tianjin-Hebei, Yangtze River Delta, and Greater Bay Area [3] - Five major industry trends identified include: 1. Continuous improvement of policy support, with benefits like charging subsidies and road rights stimulating market potential [3] 2. More affordable prices for new energy trucks and lower entry barriers promoting green transportation [3] 3. Maturing battery technology leading to lightweight and high-capacity solutions, significantly increasing customer acceptance [3] 4. Highlighting operational cost advantages as key to driver profitability under pressure on freight rates, driving green transformation in the industry [3] 5. Upgraded adaptability for specific scenarios, with customized models emerging and steadily increasing penetration rates [3] Market Dynamics - The sales and penetration rates of new energy commercial vehicles in China are on the rise, with diverse categories developing simultaneously and regional advantages becoming more pronounced [5] - The future focus should be on "improving quality, reducing costs, and increasing efficiency" to explore development potential [5] Technological Innovations - Insights from industry leaders highlight how electric light trucks can overcome scenario limitations through technological innovation, and how open-source batteries can empower green upgrades in heavy truck logistics [6] Industry Participation - The event saw active participation from leading companies such as China National Heavy Duty Truck Group, Foton Motor, Dongfeng Liuzhou Motor, BYD Commercial Vehicles, and others, showcasing the vitality of high-quality development in the truck industry [8] - The current market exhibits a symbiotic relationship between traditional and new energy vehicles, with traditional fuel vehicles still playing an irreplaceable role in key areas like long-haul and specialized operation vehicles [8] Future Outlook - As the event approaches its 10th anniversary in 2026, the organizing team plans to comprehensively analyze ten years of survey data and release the "China Truck User Operation White Paper," focusing on core topics such as cost control, fleet management, low-carbon transformation, and value-added services [8]