卡友聚首，温暖归家。1月26日，"东风天龙哥俱乐部2026年客户盛典"在湖北十堰正式拉开帷幕，东风商用车与来自全国各地的400余位天龙哥客户代 表，共同开启了一场跨越十年的温情聚会。 十年前，首届东风天龙哥大赛启动，并从最初展现卡友技术、倡导安全驾驶的专业赛事，逐步成长为一个扎根一线、服务行业的交流平台。面对行业变 化与客户对综合价值的更高追求，2025年11月，东风商用车将天龙哥大赛升级为东风天龙哥俱乐部，为卡友打造了一个集价值共享、精准服务、生态协同与 情感联结于一体的客户共创平台，让卡友的深厚经验更深融入品牌发展进程，共同开启新征程。 如今，站在十周年的新起点上，东风邀请各位卡友一起"回家"，共同见证十年风雨同舟的深厚情谊，开启了一场意义非凡的"归家之旅"。 穿越岁月长廊，触摸东风厚重历史 活动当日，卡友们一早探访了东风汽车博物馆。这里陈列的不仅是东风发展史，更是中国汽车工业的奋斗记忆。 在车辆工厂，卡友们亲眼见证了一辆东风商用车的诞生。现代化生产车间、高度自动化生产线、严格的质量管控体系……从一个个零部件的严丝合缝， 到整车下线，每一个环节都井然有序、精准高效。生产线上东风人的严谨节奏与专注神情，正是 ...

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]

Core Viewpoint - Solid growth in core business is essential for companies to navigate through economic cycles [1] Performance Growth Highlights - **XianDao Intelligent (300450)**: Expected net profit of 150 million to 180 million, a year-on-year increase of 424.29% to 529.15% due to recovery in global battery demand and internal digital transformation [6] - **YongChuang Intelligent (603901)**: Expected net profit of 12.8 million to 15.5 million, a year-on-year increase of 721.57% to 894.86% driven by improved delivery efficiency and product structure optimization [7] - **DaoShi Technology (300409)**: Expected net profit growth of 206.01% to 269.76% due to increased production capacity and recovery in cobalt prices [8] - **FuDa Alloy (603049)**: Expected net profit growth of 119.14% to 219.95% supported by stable demand in power equipment and new energy sectors [9] - **ZhaoJin Gold (000506)**: Expected net profit of 12.2 million to 18.2 million, a turnaround from a loss of 127 million last year, driven by increased production and rising gold prices [10] - **SiTeWei (688213)**: Expected net profit of 97.635 million to 103.053 million, a year-on-year increase of 149% to 162% due to increased shipments of smartphone camera products [11] - **ZhongWei Semiconductor (688380)**: Expected net profit of around 28.4 million, a year-on-year increase of approximately 107.55% due to new product launches [12] - **Hunan Gold (002155)**: Expected net profit of 127 million to 160.8 million, a year-on-year increase of 50% to 90% driven by rising sales prices [13] - **NanFang Precision (002553)**: Expected net profit of 30 million to 37 million, a year-on-year increase of 1,130% to 1,417% due to investment project evaluations [14] - **Shanghai YiZhong (688091)**: Expected net profit of 6 million to 7 million, a year-on-year increase of 760.18% to 903.54% due to inclusion in the national medical insurance directory [15] - **RunTu Co., Ltd. (002440)**: Expected net profit of 60 million to 70 million, a year-on-year increase of 181.05% to 227.89% driven by improved operating profits [16] Major Performance Changes - **HeFu China (603122)**: Expected net loss of 36 million to 25 million, a shift from profit due to changes in the macro environment and industry policies [17] - **ChangJiu Logistics (603569)**: Expected net loss of 75 million to 50 million, a shift from profit due to asset impairment and operational challenges [18] - **ZhiChun Technology (603690)**: Expected net loss of 45 million to 30 million, a shift from profit due to increased competition and rising R&D costs [19] - **BaYi Steel (600581)**: Expected net loss of 205 million to 185 million, a shift from profit due to supply-demand imbalance in the steel industry [20] - **AoKeMa (600336)**: Expected net loss of 22 million to 17 million, a shift from profit due to increased competition in the home appliance sector [21] - **HuiDa Sanitary Ware (603385)**: Expected net loss of 21.6 million to 18 million, a shift from profit due to market demand decline [22] - **DongFeng Co. (600006)**: Expected net loss of 48 million to 39 million, a shift from profit due to competitive pressures in the commercial vehicle market [23] Industry Trend Analysis - **High Growth Industries**: Stable demand in new energy sectors benefits companies like FuDa Alloy [24] - **Performance Changes in Industries**: - New energy and lithium battery equipment sectors are experiencing explosive growth [25] - Gold and precious metals sectors are seeing significant profit improvements due to high prices [26] - Semiconductor and automotive electronics are benefiting from trends in smart vehicles [27] - Medical circulation is under pressure from cost control policies [28] - Logistics and transportation are facing profitability challenges due to falling prices [29] - Semiconductor equipment is experiencing short-term performance declines due to cyclical fluctuations [30] - Traditional manufacturing sectors like steel and home appliances are facing intensified competition [31]

1月23日，中欧协会智能网联汽车分会正式发布2025年度中国商用车品牌影响力指数报告。报告依据中国汽车工业协会数据，以及商用车市场特有的政 策导向与工具属性，采用差异化的科学评估模型，对重卡、皮卡、轻卡、轻客四大核心细分领域进行了全景式量化分析。 东风汽车与中国重汽则分别以709.85分和699.35分的成绩位列第二、三名，三者共同构成了重卡市场难以撼动的第一梯队：东风凭借领先行业的网络声 量规模与全年零投诉的卓越纪录，展现了其深入市场的广泛影响力与过硬的质量管控体系；中国重汽则依托超过30万辆的年度销量，牢固占据细分市场销量 榜首，其中海外出口业务贡献突出，连续多年的出口领先彰显了其强大的全球化竞争实力。 这些头部企业无一例外地通过发布新一代高效智慧动力链、攻坚氢燃料发动机等零碳动力核心技术，持续推动产品向着更节油、更可靠、更智能的方向 进化，精准响应了现代物流行业对于降本增效的核心诉求。 细分市场龙头依托专业口碑与场景深耕巩固护城河 在皮卡、轻卡、轻客等其他商用车细分领域，领军品牌则凭借数十年如一日积累的专业口碑、对细分市场需求的深度洞察以及对应用场景的极致深耕， 构建了其他品牌短期内难以逾越的竞争护城河 ...

在全球汽车产业智能化、绿色化浪潮奔涌向前的时代关口，中国商用车制造业迎来了一个里程碑式的时刻。1月24日，东风商用车有限公司在其重要基 地——湖北十堰，举行了D600智慧工厂投产暨全新一代战略平台首款车型东风天龙KH牵引车下线仪式。这不仅是一座世界级智慧工厂的正式启航，一款划 时代商用新品的亮相，更是东风商用车在"十五五"开局之年，全面推动产业向高端化、智能化、绿色化转型的雄心宣言，标志着中国商用车制造正从规模追 赶坚定迈向标准引领的新阶段。 01 推动制造体系向"可靠、快速、柔性、成本"一体化升级 D600智慧工厂，被誉为全球单体规模最大、智能化水平最高的中重型商用车智慧工厂。它的投产，绝非简单的产能扩充，而是一次从理念到实践、从 硬件到软件的全面制造革命。 活动现场，东风汽车党委常委、副总经理王俊表示，D600智慧工厂投产是落实国家新型工业化、制造强国战略的重要举措，不仅将有力推动东风汽车 转型升级和商用车事业跃升进位，更将加速十堰智能网联新能源汽车产业集群培育，为鄂西区域性中心城市建设注入强劲动力。D600新品的加入，为推动 商用车事业全面振兴，奋力实现"四个行业第一"提供新的有力支撑。 东风商用车总经 ...

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [6] Core Insights - The automotive market is experiencing significant negative growth, with retail sales of passenger vehicles dropping by 28% year-on-year in the first half of January 2026, and wholesale sales declining by 35% [1][19] - The report emphasizes the need for supportive policies to stimulate market recovery and highlights the potential for growth in the overseas electric vehicle market due to favorable policies in countries like Canada and Germany [3][4] - The report suggests that the domestic market may rebound following the implementation of supportive policies, which could positively impact leading brands [4] Summary by Sections Market Overview - As of January 1-18, 2026, retail sales of passenger vehicles in China reached 679,000 units, a decrease of 28% compared to the same period last year, while wholesale sales totaled 740,000 units, down 35% year-on-year [1][19] - In the same period, retail sales of new energy vehicles were 312,000 units, reflecting a 16% decline year-on-year, and wholesale sales were 348,000 units, down 23% [1][19] Policy Developments - Canada announced plans to import 49,000 electric vehicles from China, significantly reducing tariffs from 100% to 6.1% [3] - Germany introduced a new subsidy program for electric vehicles, offering up to 6,000 euros to families purchasing new electric cars, effective from January 1, 2026 [3][44] - The UK government has launched a substantial subsidy program for electric trucks, with a total budget of 318 million pounds [48] Investment Opportunities - The report highlights the potential for Chinese new energy vehicles to expand into overseas markets, driven by favorable international policies [4] - It suggests that the recovery of the domestic automotive market could benefit leading brands significantly [4]

1月23日，东风汽车股份有限公司发布第七届董事会第二十二次会议决议公告，公告显示，此次会议通过了关于变更公司部分董事的议 案以及关于聘任公司副总经理的议案。 关于变更公司部分董事的议案 根据控股股东东风汽车集团股份有限公司的提议，同意张俊不再担任公司董事职务，并提交公司股东会审议。 表决票：9票，赞成票：9票，反对票：0票，弃权票：0票。 该项议案已经公司第七届董事会提名委员会2026年第一次会议审议通过，并同意提交董事会审议。 关于聘任公司副总经理的议案 同意聘任李旸（简历附后）为公司副总经理，任期自本次董事会决议通过之日起至公司第七届董事会届满之日止。 表决票：9票，赞成票：9票，反对票：0票，弃权票：0票。 该项议案已经公司第七届董事会提名委员会2026年第一次会议审议通过，并同意提交董事会审议。 李旸简历 李旸，1979年9月出生，中共党员，工商管理硕士。历任山东东风凯马车辆有限公司东风方派驻员、副总经理（副部长级），东风汽车 股份有限公司轻型商用车分公司副总经理，东风汽车股份有限公司综合管理部副部长、新能源事业部党总支书记兼副总经理，神龙汽车 有限公司营销党委书记、网络及营销支持部部长、东风雪铁龙品 ...

在全球加速迈向智能化、绿色化转型升级的时代浪潮中，中国商用车行业正经历新一轮发展变革。2026年1月24日，十堰市东风商用车车身智能制造工 厂内，一场以"新产线 新使命 新征程"为主题的东风商用车D600智慧工厂投产暨新品下线仪式盛大举行。这不仅是东风商用车在产能与技术上实现的跨越式 突破，也标志着其在高端化、智能化、电动化转型中迈出了具有战略意义的重要一步。 湖北省经信厅二级巡视员望晓东，中国汽车工业协会副秘书长李邵华，十堰市市委书记王永辉，市委副书记、市长余珂，市人大常委会主任赵哲，市政 协主席、市委秘书长蔡贤忠，市委常委、常务副市长周智勇，市委常委、副市长高红民，东风汽车集团有限公司董事长、党委书记杨青，总经理、党委副书 记冯长军，党委常委、副总经理王俊，东风汽车集团股份有限公司商用车事业部总经理、党委书记、东风商用车有限公司董事长张小帆，总经理刘利成，党 委书记郑华，东风电子科技股份有限公司董事长、党委书记蔡士龙，总经理高守武，东实汽车科技集团股份有限公司总经理张永正，东风汽车贸易有限公司 总经理刘力，以及十堰市各级部门、东风汽车集团有限公司、东风商用车有限公司相关职能部门负责人等出席活动，各方代表齐 ...

本报记者 刘钊 1月23日，中欧协会智能网联汽车分会正式发布2025年度中国商用车品牌影响力指数报告。报告依据中 国汽车工业协会数据，以及商用车市场特有的政策导向与工具属性，采用差异化的科学评估模型，对重 卡、皮卡、轻卡、轻客四大核心细分领域进行了全景式量化分析。数据表明，2025年中国商用车市场整 体呈现出"结构高度稳定、传统龙头引领"的鲜明特征，中国一汽、东风、江铃汽车等车企凭借长期积淀 的产品可靠性、深厚的渠道网络与强大的品牌信任，在各自主导的细分领域构筑了坚实的竞争壁垒。 重卡市场呈现三强鼎立格局 政策响应与高效升级成主导逻辑 在作为商用车市场价值与技术高地的重卡领域，头部品牌格局异常稳固，形成了由三大领军企业主导的 鼎立之势。中国一汽以738.53分的综合影响力得分强势问鼎年度榜首，其高达17.50%的主流媒体声量占 比远超同业平均水平，这不仅彰显了其在国民经济命脉与重大项目建设中不可或缺的支柱地位，更体现 了其卓越的政策响应与权威背书能力；与此同时，99.53%的正面信息占比与满分级别的4.80分用户满意 度，则从市场端印证了其产品无与伦比的可靠性与深厚的用户口碑积淀。 | | 10-0.000 ...

2025年12月份，新能源重卡市场同比暴涨198%，整体销量再创新高，其中充电重卡销量接近3万辆，同步刷新史上最高销量纪录。 此前表现一直不如充电重卡，并连续多月跑输市场"大盘"的换电重卡表现如何？2025年走完，换电重卡行业格局有何新变化？ 请看第一商用车网的分析报道。 根据第一商用车网掌握的最新数据，2025年12月份，国内新能源重卡市场共计销售4.53万辆（注：本文数据来源为交强险实销口径， 不含出口和军车，下同），环比2025年11月份增长62%，同比增长198%。12月份，纯电动重卡（包括换电和充电）销售4.08万辆， 占比高达90.09%，虽较上月（97.46%）有所下滑，但仍是新能源重卡最重要的组成部分。这其中，换电重卡（本文所述的"换电重 卡"，包括租赁电池并在日常运营中在换电站更换电池的纯电动重卡，以及租赁电池但在实际运营中并不换电、而是充电补能的纯电动 重卡）销售1.15万辆，环比增长56%，同比也继续实现增长，增幅达到106%，同比增幅较上月（+147%）有所缩窄。12月份，换电 重卡106%的同比增速继续跑输新能源重卡市场"大盘"。 12月份，换电重卡在纯电动重卡销量中的占比为28.1 ...