Group 1: Business Strategy and Market Positioning - The company is focusing on the southern global market as a core area, leveraging the "Starlink Plan" for high-quality overseas expansion [5] - In 2025, the revenue from the southern global semi-trailer business increased by 15.79% year-on-year, with sales up by 21.39% [5] - The company has established local assembly and delivery centers to enhance market integration and create sustainable development ecosystems [5] Group 2: Product Development and Innovation - The company is actively integrating electric heavy trucks and autonomous driving technologies, with strategic investments in related companies [4] - In 2025, the penetration rate of new energy in China's heavy truck market reached 24.69%, up from 11.93% in the previous year [7] - The company has developed a product technology platform for pure electric head-mounted trains and is working on a closed-loop ecosystem for these products [9] Group 3: Financial Performance and Shareholder Returns - The company has announced a shareholder return plan for 2024-2026, emphasizing a commitment to dividends [8] - In the first three quarters of 2025, the company's DTB business achieved revenue of 2.333 billion yuan, promoting the continuous development of new energy products [7] - The gross profit margin for the Starlink semi-trailer and liquid tank businesses increased by 2.6 percentage points year-on-year [10] Group 4: Industry Challenges and Responses - The company is addressing intense competition in the semi-trailer industry through the "Starlink Plan," which aims to redefine the entire value chain [10] - The company has reported initial success in its anti-involution strategy, with revenue from Starlink products increasing by 16.3% year-on-year [10] - The company is focused on enhancing product quality and reducing delivery times to create higher value for customers [7]

Group 1: Investor Relations Activities - The company participated in multiple online roadshow meetings and strategy conferences organized by major securities firms from November 12 to November 14, 2025 [2][3] - Key participants included representatives from CITIC Securities, CICC, and Founder Securities [2][3] Group 2: Business Performance and Strategy - The company provided an overview of the macro industry status, operational conditions, financial performance, and strategic development for the first three quarters of 2025 [3] - The "Only Star Link Plan" aims to enhance order delivery efficiency through the implementation of the "Order Big Room System" [3] - The company is focusing on standardizing internal delivery processes to improve delivery quality and efficiency [3] Group 3: North American Market Insights - The North American semi-trailer market remains weak, with new order volumes at historical lows due to high tariffs on steel, aluminum, and components [4] - The company has localized manufacturing and delivery for box semi-trailers and refrigerated semi-trailers in the U.S. [4] Group 4: Electric Vehicle Initiatives - The "Hannover Plan" has defined the product technology platform for pure electric head trailers, with prototypes for two models developed and verified [5] - The company aims to create a closed-loop ecosystem for pure electric head trailers through automation and robotics [5] Group 5: Global Southern Market Achievements - The company has established local assembly and delivery centers in the global southern market, enhancing local economic integration [7] - In the first three quarters of 2025, revenue from the global southern semi-trailer business increased by 15.79%, with sales volume up by 21.39% and gross margin rising by 2.6% [7]

Group 1: Investor Relations Activities - The company participated in investor communication activities from October 28 to November 7, 2025, including roadshows and strategy meetings in Shenzhen, Beijing, and Shanghai [2][3]. - Key participants included major funds such as E Fund, Southern Fund, and Da Cheng Fund, as well as brokerage firms like Guotai Junan and Huatai Securities [2]. Group 2: Financial Performance - In the first three quarters of 2025, the company achieved revenue of CNY 2.333 billion, driven by the expansion of its new energy products [3]. - Sales figures for specific electric vehicles included 3,898 units of EV-DTB dump trucks, 1,500 units of EV-DTB concrete mixers, and 1,948 units of EV-DTB refrigerated trucks, totaling 7,346 units [3]. Group 3: Market Expansion - The company has focused on expanding its southern global market, with a revenue increase of 15.79% and a sales growth of 21.39% year-on-year in the semi-trailer business [3]. - New market developments include Vietnam, Indonesia, and Tanzania, enhancing integrated marketing efforts in Africa, Southeast Asia, and Australia [3]. Group 4: Supply Chain Management - The company is restructuring its global supply chain for semi-trailers, emphasizing a "local procurement first, global supply second" strategy [4]. - Domestic supply chain improvements include a comprehensive digital system (EPS) for procurement and purchasing, leading to increased procurement rates [4]. Group 5: Product Development - The "Hannover Plan" has defined the product technology platform for pure electric head trailers, with prototypes for electric dump trucks and concrete mixers already developed [5]. - Future plans include the construction of EV-RT and EV-ALFA+ operational support bases, and the exploration of automation and robotics for EV-Trailer installations [5].

Group 1: Market Performance - In the first three quarters of 2025, the Chinese semi-trailer market saw sales of 100,000 units, representing a year-on-year growth of 10.2% [2] - The revenue from the Starlink semi-trailer and tank truck market in China increased by 16.3% year-on-year, with a gross margin improvement of 2.6 percentage points [3] - The North American semi-trailer market demand remained weak in Q3 2025, with new order volumes at historical lows due to uncertainties from U.S. tariff policies [3][4] Group 2: Strategic Initiatives - The company is implementing the "Big White Bear Plan" to enhance global supply chain resilience and maintain strategic focus amidst external challenges [4][5] - The establishment of the "Western Great Camp" integrated marketing service company aims to address competitive pressures in the northwest region [3] - The company is actively constructing high-end chassis and upper assembly component factories in Europe to ensure stable supply and product reliability [7][8] Group 3: Product Development - The "Hannover Plan" has defined the product technology platform for electric head trailers, with prototypes for electric dump trucks and concrete mixers developed [6] - Future plans include the comprehensive construction of EV-RT and EV-ALFA+ operational support bases, and the exploration of automation and robotics for EV-Trailer installations [6] - The company aims to create a closed-loop ecosystem for electric head trailers, focusing on commercial models, technology, and application scenarios [6]

来源：新浪证券-红岸工作室 截至9月30日，中集车辆股东户数2.98万，较上期减少16.07%；人均流通股48786股，较上期增加 19.17%。2025年1月-9月，中集车辆实现营业收入150.12亿元，同比减少5.13%；归母净利润6.22亿元， 同比减少26.23%。 分红方面，中集车辆A股上市后累计派现26.64亿元。近三年，累计派现16.55亿元。 机构持仓方面，截止2025年9月30日，中集车辆十大流通股东中，大成高鑫股票A（000628）位居第六 大流通股东，持股2505.78万股，相比上期减少502.89万股。 11月20日，中集车辆跌1.68%，成交额1.26亿元。两融数据显示，当日中集车辆获融资买入额556.86万 元，融资偿还732.15万元，融资净买入-175.30万元。截至11月20日，中集车辆融资融券余额合计2.03亿 元。 融资方面，中集车辆当日融资买入556.86万元。当前融资余额2.01亿元，占流通市值的1.39%，融资余 额低于近一年10%分位水平，处于低位。 融券方面，中集车辆11月20日融券偿还1600.00股，融券卖出1500.00股，按当日收盘价计算，卖出金额 1. ...

11月21日，中集车辆盘中下跌2.01%，截至10:34，报9.75元/股，成交5466.79万元，换手率0.38%，总市 值182.73亿元。 资金流向方面，主力资金净流出937.72万元，大单买入473.49万元，占比8.66%，卖出1411.21万元，占 比25.81%。 机构持仓方面，截止2025年9月30日，中集车辆十大流通股东中，大成高鑫股票A（000628）位居第六 大流通股东，持股2505.78万股，相比上期减少502.89万股。 责任编辑：小浪快报 中集车辆所属申万行业为：汽车-商用车-商用载货车。所属概念板块包括：冷链物流、中盘、新能源 车、融资融券、华为概念等。 截至9月30日，中集车辆股东户数2.98万，较上期减少16.07%；人均流通股48786股，较上期增加 19.17%。2025年1月-9月，中集车辆实现营业收入150.12亿元，同比减少5.13%；归母净利润6.22亿元， 同比减少26.23%。 分红方面，中集车辆A股上市后累计派现26.64亿元。近三年，累计派现16.55亿元。 中集车辆今年以来股价涨11.17%，近5个交易日跌4.79%，近20日涨2.20%，近60日涨9. ...

来源：新浪证券-红岸工作室 11月20日，中集车辆跌1.68%，成交额1.26亿元，换手率0.87%，总市值186.48亿元。 异动分析 统一大市场+氢能源+冷链物流+高端装备+华为概念 1、公司作为全球排名第一的半挂车生产企业， 在全球主要民用领域的主要市场，包括中国、北美、欧 洲及其他地区开展 7大类的半挂车生产与销售及售后市场服务，主要应用场景为道路物流运输。同时也 是知名的冷藏厢式车厢体的制造企业。公司生产的冷藏车产品，凭借出色可靠的产品品质，在冷链物流 运输、冷藏生鲜配送、生物制药及疫苗运输场景中被客户应用。 2、2023年12月1日互动易回复：氢能源方面，本公司根据客户需求已推出氢能源冷藏车厢体产品。 3、公司属于专用汽车制造行业，是全球销量排名第一的半挂车生产企业 ，亦是中国领先的专用车上装 和冷藏厢式车厢体生产企业。公司生产的冷藏车产品，凭借出色可靠的产品品质，在冷链物流运输、冷 藏生鲜配送、生物制药及疫苗运输场景中被客户应用。 4、公司是全球领先的半挂车及专用车高端制造企业、全球销量排名第一的半挂车生产企业，在全球主 要市场开展七大类半挂车的生产、销售和售后市场服务。 5、公司旗下凌宇汽车于 ...

随着国内专用车行业内卷加剧，利润摊薄、创新乏力成为诸多企业面临的生存困境，专用车行业正深陷同质化竞争与价格战的泥潭，转 型升级迫在眉睫。 在近日的2025中国国际商用车展览会期间，中集车辆（集团）股份有限公司副总裁毛弋、中集车辆（集团）股份有限公司助理总裁兼中 集灯塔半挂车业务集团CEO舒磊接受了第一商用车网的采访，就应对内卷详细阐述了另一种可能——不以低价争市场，而以价值赢客 户。 高质量发展决不是价格战 近年来，我国专用车行业正面临前所未有的挑战。一方面，市场增速放缓，同质化竞争加剧，内卷成为行业的主旋律；另一方面，国家 在"十五五"规划中强调"高质量发展"，明确提出要"建设现代化产业体系""坚持智能化、绿色化、融合化方向"。专用车行业虽经多年整 治，但乱象仍未根除，行业标准不统一、监管不到位的深层次矛盾亟待解决。在这一背景下，毛弋认为，行业未来的出路在于推动"全 国统一大市场"的建设。"在我们来看，全国统一大市场是很重要的，起码在一些品类上可以做到相同的标准，杜绝掉一些不合规的产 品。" "我理解的'高质量发展'， 首先作为企业要把产品做好，要把对客户的服务做好。高质量发展，绝对不是用价格战。"毛弋认为 ...

Core Insights - The commercial vehicle sector experienced a 0.72% increase on November 19, with CIMC Vehicles leading the gains [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Commercial Vehicle Sector Performance - CIMC Vehicles (301039) closed at 10.12, up 2.33% with a trading volume of 183,100 shares and a turnover of 185 million yuan [1] - JAC Motors (600418) closed at 49.98, up 1.96% with a trading volume of 553,800 shares and a turnover of 2.794 billion yuan [1] - Yutong Bus (600066) closed at 30.94, up 1.61% with a trading volume of 161,100 shares and a turnover of 18.8 million yuan [1] - Dongfeng Motor (600006) closed at 7.91, up 0.25% with a trading volume of 459,300 shares and a turnover of 363 million yuan [1] - China National Heavy Duty Truck Group (000951) closed at 17.25, up 0.17% with a trading volume of 63,100 shares [1] - Hanma Technology (600375) closed at 6.72, up 0.15% with a trading volume of 340,100 shares and a turnover of 22.7 million yuan [1] - Jiangling Motors (000550) closed at 19.27, down 0.67% with a trading volume of 28,400 shares and a turnover of 5.5 million yuan [1] - FAW Jiefang (000800) closed at 7.27, down 0.82% with a trading volume of 263,200 shares and a turnover of 192 million yuan [1] - Ankai Bus (000868) closed at 5.28, down 1.31% with a trading volume of 125,400 shares and a turnover of 6.624 million yuan [1] - Zhongtong Bus (000957) closed at 11.10, down 1.42% with a trading volume of 148,800 shares and a turnover of 166 million yuan [1] Fund Flow Analysis - The commercial vehicle sector saw a net inflow of 223 million yuan from institutional investors, while retail investors experienced a net outflow of 1.32 billion yuan [2] - Major stocks like JAC Motors had a net inflow of 32.3 million yuan from institutional investors, but a net outflow of 123.6 million yuan from retail investors [3] - Zhongtong Bus experienced a net outflow of 15.24 million yuan from institutional investors, while retail investors had a net inflow of 13.21 million yuan [3]

Core Viewpoint - The company, CIMC Vehicles, is experiencing a positive market response with a 2.33% increase in stock price and a trading volume of 185 million yuan, indicating strong investor interest in its operations and market position [1] Group 1: Company Overview - CIMC Vehicles is the world's leading manufacturer of semi-trailers, with a significant presence in major markets including China, North America, and Europe, focusing on seven categories of semi-trailer production and sales [2][6] - The company specializes in the production of refrigerated truck bodies, which are utilized in cold chain logistics, fresh food delivery, biopharmaceuticals, and vaccine transportation, highlighting its role in critical supply chains [2][6] - As of September 30, the company reported a revenue of 15.012 billion yuan for the first nine months of 2025, a year-on-year decrease of 5.13%, and a net profit of 622 million yuan, down 26.23% compared to the previous year [6][7] Group 2: Market Position and Trends - The company has launched hydrogen energy refrigerated truck body products in response to customer demand, aligning with trends in sustainable energy and logistics [2] - CIMC Vehicles has signed a cooperation framework agreement with Huawei to enhance digital transformation and intelligent upgrades, indicating a strategic move towards modernization and technological integration [2] - The company operates within the specialized vehicle manufacturing industry and is recognized for its high-quality products, which are essential for various logistics applications [2][6] Group 3: Financial Analysis - The average trading cost of CIMC Vehicles' stock is 9.11 yuan, with the current stock price fluctuating between resistance at 10.58 yuan and support at 9.65 yuan, suggesting potential for short-term trading strategies [4][5] - The stock has seen a net inflow of 10.0362 million yuan today, with a lack of significant trends in major shareholder movements, indicating a dispersed ownership structure [3][4]