10月，国内大中型新能源客车销量持续迎来上涨。 根据中国客车统计信息网发布的数据显示，2025年10月，我国新能源客车（全文均指7米 以上大中型新能源客车数据）共销售7137辆，环比（5788辆）增长23.31%、同比 10月：宇通持续破千 中车/金旅进三甲 中通/欧辉/安凯翻倍 由上表清晰可见，2025年10月，排名前十中有9家企业的7米以上新能源客车销量都实现了 同比增长，较上月增加1家。其中，销量三甲企业中，地位稳固的宇通客车以1225辆拿下 销冠，同比增长7.74%，市场份额达17.16%，也是当月销量唯一突破千辆的客车企业。截 至目前，宇通客车已九次拿下2025年新能源客车月度销冠（并且自3月起已实现销量"八连 冠"），市场竞争力和用户认可度持续提升。 排名第二的中车电动，10月销量为922辆，环比增长103.08%实现翻倍。值得一提的是， 中车电动销量排名由9月第五上升至第二，排名上升三位，足见其在新能源客车市场的潜 力。排名第三的是厦门金旅，销量为658辆，环比增长91.84%、同比增长32.39%，排名 由上月第八飙升了五位，并且是今年以来首次"杀"进榜单三甲。 在腰部企业的竞争中，排名第四的 ...

意想不到，10月客车出口居然出现了下滑！ 据中国客车统计信息网数据显示，2025年1-10月，我国大、中、轻型客车共计出口 60703辆，相比去年同期多11933辆，同比增长24.47%。其中，2025年10月，大、中、 轻型客车出口量共计为5105辆，环比、同比双降，其中，环比降幅为29.37%，同比降幅 为22.37%，自2024年1月起的同比连增势头以"21连增"结束。 横向来看，10月5105辆的出口量，在2025年目前仅高于1月和2月，相比9月超7200辆且 创下近年第二的优异成绩，10月的出口量存在显著差距。为何客车出口"画风"突转？是偶 然还是另有原因？各家企业表现呈现哪些新的变化？下面请看第一商用车网的分析报道。 10月：大、中、轻客同比全线下滑！公交车降26% 大座逆增16% 从细分市场来看，2025年10月，大、中、轻型客车出口同比均下滑。其中，大型客车出口 2657辆，同比下降3.94%，结束"五连增"，横向来看，该出口量在年内仅高于1月和2 月；中型客车出口1203辆，同比下降20.33%，环比却大涨40.21%，10月表现在年内处 于中等水平；轻型客车出口1245辆，同比下降45.8 ...

Group 1 - The overall demand for passenger vehicles is expected to remain stable, with incremental growth driven by high-end market expansion and exports [3][6][35] - The penetration rate of new energy vehicles (NEVs) is stabilizing, with domestic market competition gradually reaching a steady state [23][35] - The average price of passenger vehicles is anticipated to increase, particularly in the mid-to-high-end market, as domestic brands continue to replace foreign brands [6][35] Group 2 - The heavy truck market faces pressure domestically, but exports are expected to recover as the pressure on sales to Russia eases [46][50] - The export of medium and large buses is projected to maintain rapid growth, with profitability largely dependent on the European market [55] - The rapid growth of AI data centers is expected to create additional demand in the diesel engine sector [3][46] Group 3 - The smart driving sector is entering a new phase of resonance between China and the US, with advancements in L2 and L3 driving standards expected [58][63] - The Robotaxi market in the US is anticipated to experience explosive growth, driven by companies like Tesla and Waymo [72][75] - The integration of robotics into the automotive supply chain is becoming increasingly significant, with automotive suppliers likely to extend their capabilities into the robotics sector [87][90] Group 4 - Recommended stocks in the passenger vehicle sector include Jianghuai Automobile, BYD, and BAIC Blue Valley, with a focus on high-end vehicles and exports [4][94] - In the robotics sector, recommended stocks include Top Group, Yinlun, and BlueDye Technology, with a focus on companies capable of transitioning into robotics [4][94] - For smart driving, recommended stocks include Bertel, Horizon, and Pony.ai, focusing on the growth of L2 driving technology and Robotaxi commercialization [4][94]

日前，多个西方国家媒体炒作中国制造的公交车存在安全风险，声称其可能会被生产商远程控制熄火。 《布里斯班时报》称，澳大利亚首都领地政府日前也透露，正在调查其公交车队的安全问题。布里斯班 反对党议员日前在市议会向该市交通委员会主席安德鲁·怀恩斯提问称：在海外传出相关指控后，是否 曾向制造商索要更多信息？怀恩斯坚定反驳了这番质疑。 澳大利亚广播公司（ABC）本月初报道称，宇通澳大利亚经销商VDI公司的发言人就所谓安全质疑回应 道，投入澳大利亚市场的车辆是在当地服务中心进行软件更新，而不是远程更新。宇通澳大利亚公司发 言人则表示，未经客户授权，任何人不得非法访问或查看车辆数据，该公司"严格遵守澳大利亚数据保 护法律法规"。 怀恩斯表示，仅仅因为某件东西是中国制造的就"一定不好"，仅仅因为某人是中国人、某社区是华人社 区就要遭批评，"我认为这样的推断完全不公平"。怀恩斯补充说，社区中并非每个人都能拥抱可再生能 源技术或正视气候变化威胁，提出质疑的反对党议员显然属于后者，"他明显反对电动汽车"。 此前，新加坡陆路交通管理局声明，本地20辆由宇通集团生产的电动公交车都不能被远程遥控。其在回 复《联合早报》询问时说，本地中企 ...

中经记者 夏治斌 石英婧 上海报道 2025年既是"十四五"规划的收官交卷之年，也是为"十五五"发展谋篇布局的关键之年。"十四五"期间， 中国商用车行业在销量起伏中完成了一场静水深流式的结构性重塑。 中国汽车工业协会的数据勾勒出一条曲折的复苏曲线：商用车行业在2021年以产销同比双降开局，2022 年更是深蹲探底，产销同比下滑均超30%。而后在经历2023年的强势反弹后，2024年市场再次小幅回 调。直至2025年1—10月，产销重现接近双位数的同比增长。 这种"W"形的产销起伏背后，是商用车行业从政策驱动转向市场驱动的深层蜕变。行业竞争的逻辑也已 经从单一产品性能的比拼，逐渐转向技术、生态与组织能力的系统较量。 《中国经营报》记者注意到，"十四五"期间，国内各类商用车企业在绿色化、智能化、高端化与全球化 领域精耕细作，完成了多技术路线、全场景覆盖、海内外拓展的多元布局。 比如，宇通相关负责人告诉记者："'十四五'期间，中国商用车行业经历结构性调整，新能源渗透率快 速提升，出口成为高质量发展新引擎，围绕科技创新、产业发展、高端化等领域，新质生产力不断被培 育壮大。面对新形势、新机遇，宇通始终与国家战略步调一致 ...

Core Viewpoint - The commercial vehicle sector experienced a slight increase of 0.01% on November 26, with CIMC Vehicles leading the gains, while the overall market showed mixed results with the Shanghai Composite Index down by 0.15% and the Shenzhen Component Index up by 1.02% [1] Group 1: Market Performance - The closing price for CIMC Vehicles was 9.90, reflecting a rise of 1.96% with a trading volume of 123,100 shares and a transaction value of 121 million yuan [1] - Yutong Bus closed at 31.06, up by 0.55%, with a trading volume of 76,200 shares and a transaction value of 236 million yuan [1] - JAC Motors closed at 49.02, increasing by 0.22%, with a trading volume of 236,500 shares and a transaction value of 1.158 billion yuan [1] - Foton Motor remained unchanged at 2.75, with a trading volume of 840,200 shares and a transaction value of 232 million yuan [1] - Hanma Technology closed at 6.22, unchanged, with a trading volume of 223,800 shares and a transaction value of 139 million yuan [1] - Golden Dragon Bus decreased slightly by 0.13% to 15.34, with a trading volume of 175,000 shares and a transaction value of 270 million yuan [1] Group 2: Fund Flow Analysis - The commercial vehicle sector saw a net outflow of 77.49 million yuan from institutional investors, while retail investors experienced a net outflow of 12.79 million yuan [2] - Conversely, speculative funds recorded a net inflow of 90.28 million yuan [2] - The detailed fund flow for specific stocks indicates that China National Heavy Duty Truck had a net inflow of 6.327 million yuan from institutional investors, while Foton Motor saw a net inflow of 5.674 million yuan [3] - Ankai Bus experienced a significant net outflow of 8.657 million yuan from institutional investors, indicating a negative sentiment towards the stock [3]

Core Insights - In October 2025, China's overall sales of new energy heavy trucks remained above 20,000 units, with significant differences in performance among sub-segments, particularly between hydrogen fuel cell trucks and hybrid trucks [1][4]. Sales Performance - In October 2025, a total of 20,100 new energy heavy trucks were sold, marking a year-on-year increase of 144%. The breakdown includes 19,700 pure electric trucks, 221 fuel cell trucks, and 152 hybrid trucks, with year-on-year growth rates of 191%, -57%, and 103% respectively [4][6]. - Fuel cell trucks experienced a decline after a brief increase in September, while both pure electric and hybrid trucks continued to see substantial growth, with pure electric trucks outpacing the overall growth rate of new energy heavy trucks [4][6]. Market Share Analysis - From January to October 2025, fuel cell and hybrid trucks accounted for only 1.58% and 0.55% of the new energy heavy truck market, respectively, totaling just 2.13%. The remaining 97.87% were pure electric models, indicating a significant increase in the dominance of pure electric trucks compared to the same period in the previous two years [6][4]. Hybrid Truck Performance - In October 2025, hybrid truck sales reached 152 units, representing a year-on-year increase of 103%, marking the tenth consecutive month of growth. The leading company, YuanCheng, sold 110 units, maintaining its position as the monthly sales champion [10][12]. - The cumulative sales of hybrid trucks from January to October 2025 reached 871 units, reflecting a year-on-year growth of 158%. However, this growth rate is lower than the overall growth rate of the new energy heavy truck market [14][16]. Company Rankings - YuanCheng holds a dominant market share of 68.08%, significantly increasing by 18.23 percentage points compared to the previous year. Other notable companies include Foton with a market share of 10.79% and Changzheng with 8.96% [16][17].

Market Overview - The automotive industry index increased by 14.79% as of November 21, 2025, outperforming the Shanghai Composite Index and CSI 300 Index by 0.38 percentage points and 1.61 percentage points respectively [11][12] - The automotive sector's performance was strong in the first half of 2025 but became more aligned with the broader market in the second half [11][12] - The majority of sub-sectors showed positive growth, with motorcycles and other segments leading the gains [17][18] Financial Performance - The automotive industry achieved a revenue of CNY 36,976.27 billion in 2024, a year-on-year increase of 3.35%, and a net profit of CNY 1,363.61 billion, up 9.98% [30] - In the first three quarters of 2025, the industry reported revenues of CNY 28,712.84 billion, reflecting a 10.73% year-on-year growth, and a net profit of CNY 1,165.36 billion, up 10.72% [30][31] - The industry’s gross margin was 15.83% in the first three quarters of 2025, a slight decline from the previous year, while the net margin improved to 4.29% [33] Passenger Vehicle Segment - The passenger vehicle market is expected to reach record sales in 2025, driven by policy support and increased penetration of new energy vehicles (NEVs) [43] - NEV retail sales reached 10.15 million units from January to October 2025, a year-on-year increase of 21.9%, with a market share of 52.73% [45][50] - The market structure is shifting towards domestic brands, which captured nearly 70% of the market share by September 2025, while foreign brands are losing ground [50][51] Commercial Vehicle Segment - The commercial vehicle market showed signs of recovery in 2025, with production and sales increasing by nearly 10% year-on-year in the first three quarters [5] - The growth in the commercial vehicle sector is driven by policies promoting vehicle replacements and the rising sales of new energy commercial vehicles [5][6] Automotive Parts Sector - The national strategy emphasizes "intelligent and connected" technologies as the main axis for upgrading the automotive industry [5] - The penetration of advanced driver-assistance systems (ADAS) is expected to drive market expansion and domestic substitution in core hardware [5][6] Investment Recommendations - The report maintains a "stronger than market" rating for the automotive sector, recommending key companies in the passenger vehicle segment such as BYD, Changan Automobile, and Great Wall Motors [6] - In the commercial vehicle segment, Yutong Bus is recommended, along with a focus on China National Heavy Duty Truck [6] - For the automotive parts sector, companies like Feilong Co., Top Group, and Desay SV are highlighted as potential investment opportunities [6]

宇通客车所属申万行业为：汽车-商用车-商用载客车。所属概念板块包括：宁德时代概念、世界杯、电 子后视镜、高派息、氢能源等。 截至9月30日，宇通客车股东户数4.40万，较上期减少15.98%；人均流通股50305股，较上期增加 19.02%。2025年1月-9月，宇通客车实现营业收入263.66亿元，同比增长9.52%；归母净利润32.92亿元， 同比增长35.38%。 分红方面，宇通客车A股上市后累计派现271.30亿元。近三年，累计派现99.63亿元。 机构持仓方面，截止2025年9月30日，宇通客车十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股2.44亿股，相比上期增加656.63万股。华泰柏瑞沪深300ETF（510300）位居第八大流通股 东，持股2272.72万股，相比上期减少100.70万股。华夏能源革新股票A（003834）位居第九大流通股 东，持股1648.01万股，为新进股东。易方达沪深300ETF（510310）位居第十大流通股东，持股1634.75 万股，相比上期减少53.32万股。南方兴润价值一年持有混合A（011363）退出十大流通股东之列。 责任编辑：小浪快报 1 ...

2025年11月25日 标的指数成份股涨幅 TOP20 MACD金叉信号形成，这些股涨势不错！ 责任编辑：杨赐 标普中国 A 股红利机会指数(CSPSADRP) | 序号 | 代码 | 简称 | 車日涨幅 | 年内涨幅 | 股息率(近12个 | | --- | --- | --- | --- | --- | --- | | | | | (%) | (%) | 月) (%) | | 1 | 603730 SH | 岱美股份 | 9.99 | 21.56 | 3.68 | | 2 | 603508.SH | 思维列控 | 6.14 | 31.38 | 13.33 | | 3 | 002572.SZ | 家非亚 | 4.19 | -11.70 | 7.35 | | 4 | 603888 SH | 新澳股份 | 3.92 | 11.45 | 4.20 | | 5 | 000928.SZ | 中钢国际 | 3.83 | 7.03 | 4.77 | | 6 | 600970.SH | 中材国际 | 3.49 | 5.13 | 4.95 | | 7 | 605117.SH | 德业股份 | 3.40 | 36.47 | 4 ...