Core Insights - The World Bus Expo held in Brussels from October 4 to 9 showcased over 550 companies, focusing on electric and intelligent transportation innovations [1] - Chinese companies, with over 80 exhibitors, surpassed Germany for the first time, highlighting their growing influence in the European market [1][2] Group 1: Chinese Companies' Participation - Yutong Bus showcased four pure electric models and advanced technologies like "vehicle-battery co-lifetime," covering various transportation scenarios [2] - Yutong won multiple awards at the "World Bus Awards," including "Best Bus of the Year" and "Best Coach of the Year," reflecting its innovation and market impact [2] - BYD launched three new electric models, including two 12-meter buses and one 18-meter articulated bus, all equipped with intelligent driving assistance systems [2][3] Group 2: Industry Innovations - BYD has deployed over 5,000 electric buses across 26 countries and 160 cities in Europe, contributing to a reduction of 690,000 tons of carbon emissions [3] - Xiamen Golden Dragon showcased various models, including an automatic driving bus equipped with a comprehensive intelligent system for L4-level autonomous driving [3] - Chinese companies also presented electric components and solutions, including batteries, motors, and control systems, indicating a robust supply chain presence [3]

Core Viewpoint - In September 2025, China's monthly sales of new energy heavy trucks exceeded 20,000 units for the first time, marking a year-on-year increase of 252% [1]. Group 1: Market Performance - In September, the new energy tractor truck segment saw an addition of 17,900 units, representing a year-on-year surge of 279% and a month-on-month increase of 37% [5]. - The new energy tractor truck market achieved a record monthly sales figure, with a total of 17,900 units sold, which is approximately 3.8 times the sales from September of the previous year [5][20]. - The growth rate of 279% in September for new energy tractor trucks outpaced the overall market growth of 252% for new energy heavy trucks [5]. Group 2: Regional Insights - In September, 30 provincial-level administrative regions in China reported new additions of new energy tractor trucks, with 25 regions adding over 100 units each [6]. - Shanghai led the regions with over 3,000 new energy tractor trucks added in September, continuing a three-month streak of surpassing this figure [6]. Group 3: Company Performance - Seven companies achieved monthly sales exceeding 1,000 units in September, with Jiefang leading at 3,426 units, followed by Xugong with 2,926 units and Sany with 2,348 units [10][11]. - The top ten companies in the new energy tractor truck market all experienced significant year-on-year growth, with Jiefang, Xugong, and Sany being the top three competitors [12][14]. - Cumulatively, from January to September 2025, new energy tractor truck sales reached 96,200 units, reflecting a year-on-year increase of 257% [14]. Group 4: Market Share - The top five companies in the new energy tractor truck market hold market shares exceeding 10%, with Jiefang at 16.85%, Xugong at 15.72%, and Sany at 14.26% [18]. - The competition in the new energy tractor truck market remains intense, with companies frequently changing positions in the rankings [18].

2 025年，新能源重卡在传统销售淡季的7月份和8月份同比分别暴涨了185%和169%，其 中7月份创造了史上最高月销量纪录。 淡季都如此之旺，进入真正的销售旺季呢？ 当然是更火爆了。 请看第一商用车网带来的新能源重卡市场观察。 解放/徐工/三一超3000辆争冠，联合重卡暴涨9.5倍 根据北斗入网新增统计，2025年9月份，有13家企业新能源重卡销量超百辆，其中有11家 企业销量超过300辆，月销量破千的企业都有7家（与上月持平）。排名前三位的企业销量 均超过3000辆，解放斩获月榜销冠，销量达到3832辆；排名月榜第2、3位的徐工、三一 销量分别达到3492辆和3171辆；排名月榜4、5位的重汽和陕汽销量也双双超过2000辆， 分别达到2444辆和2355辆；福田和东风排名月榜第6、7位，分别销售1830辆和1243 辆；远程销售943辆排名第8位；联合重卡和江淮分列9、10位，9月份分别销售412辆和 366辆。 9月新能源重卡新增2.16万辆，同比大涨252% 根据第一商用车网掌握的最新数据，2025年9月份，全国共新增新能源重卡2.16万辆（本 文数据来源为重型货车北斗营运证入网销量口径，非交强险销量 ...

Core Viewpoint - The World Bus Expo opened in Brussels, Belgium, showcasing over 80 Chinese companies that presented solutions for green transportation [1] Group 1 - The event is held biennially, highlighting the significance of the World Bus Expo in the global transportation industry [1] - The participation of Chinese companies emphasizes China's commitment to promoting green travel solutions [1]

Core Viewpoint - The article highlights the significant achievements of Yutong at the Busworld exhibition in Belgium, showcasing its advanced electric bus models and innovative technologies, which underline the company's commitment to green transportation and its growing influence in the European market [1][4][18]. Group 1: Awards and Recognition - Yutong won a total of seven Busworld awards, including the "Best Bus of the Year" and "Best Coach of the Year," marking the highest number of awards received by a Chinese bus brand at this event [1][4]. - The T14E luxury electric tourist bus won the "Best Coach of the Year" award, recognized for its impressive range of up to 850 kilometers and innovative charging system [6]. - The U15 high-end city bus received four awards, including "Best Bus of the Year," "Safety Award," "Eco-Friendly Award," and "Design Award," highlighting its advanced safety features and smart management systems [8]. Group 2: Product Innovations - Yutong showcased multiple high-end electric models, including the T14E, U15, IC12E, and U11DD, each designed to meet specific operational needs in various transportation scenarios [4][12]. - The IC12E intercity electric bus, with a range of up to 675 kilometers, was awarded the "Eco-Friendly Award," demonstrating Yutong's commitment to sustainability [10]. - The U11DD double-decker sightseeing bus can carry up to 87 passengers and has a range of 750 kilometers, making it suitable for peak tourist seasons [12]. Group 3: Technological Advancements - Yutong introduced the "Vehicle-Battery Co-Lifetime" technology, which ensures that the vehicle and battery have synchronized lifespans of 15 years or 1.5 million kilometers, reducing operational concerns for users [13][14]. - The Link+ fleet management system, which won the "Digital Gold Award," enhances operational efficiency by providing real-time data monitoring and predictive analytics [12][16]. - The integration of AI and big data in the Link+ system transforms service from reactive to proactive, maximizing operational value throughout the vehicle's lifecycle [16]. Group 4: Market Presence and Future Outlook - Yutong has been operating in the European market for over 20 years, with its buses deployed in more than 25 countries, reflecting the brand's deep-rooted presence and recognition [18]. - The company aims to continue its commitment to green transportation, leveraging technology to create a zero-emission future in collaboration with global customers [18].

Core Viewpoint - The delivery of 700 new Yutong buses in Ashgabat, Turkmenistan, marks a significant milestone in enhancing the city's public transportation system and reflects the deepening cooperation between China and Turkmenistan [1][7][14]. Group 1: Modernization of Public Transport - The new Yutong buses are 12 meters long, meet Euro V emission standards, and are equipped with energy-efficient engines [3]. - The buses feature amenities such as air conditioning, wireless internet, and mobile charging sockets, ensuring passenger comfort [3]. - The design includes accessibility features like wheelchair ramps, demonstrating inclusivity and care for all citizens [3]. Group 2: Diplomatic Significance - The event was attended by various diplomatic representatives, including ambassadors from China and Tajikistan, highlighting the international interest in Turkmenistan's infrastructure development [1][7]. - Chinese Ambassador Ji Shumin emphasized that the delivery of these buses is a vivid representation of the mutually beneficial cooperation and friendly relations between China and Turkmenistan [7]. - Tajikistan's ambassador noted that this initiative is a crucial part of the country's modernization process, providing citizens with a comfortable, green, and efficient travel experience [9]. Group 3: Societal Impact - On the first day of operation, citizens expressed their enthusiasm for the new buses, noting their spaciousness and comfort, which enhances urban mobility [5]. - The delivery of these buses coincides with Turkmenistan's 34th Independence Day, serving as a special gift to the capital's residents [11]. - The new buses are expected to improve public convenience and serve as a testament to the progress of national development [11][16]. Group 4: Broader Cooperation - The relationship between China and Turkmenistan has evolved into a comprehensive strategic partnership, covering various sectors including energy, transportation, digitalization, and cultural exchanges [14]. - The introduction of these buses symbolizes the intertwining of urban development and international collaboration, steering towards a prosperous future [16].

活动现场 在随后的互动问答环节，宇通客车针对投资者关注的海外布局、行业发展趋势及投资者回报等热点问题进行逐一解答，进一步加深了投资者对公司的理解。 为表彰宇通客车在投资者关系管理、股东权益保护实践中的积极探索与突出成效，上海证券交易所特向其赠送"我是股东"活动纪念杯。华福证券与宇通客车 互赠纪念品，并表示未来会保持密切合作，携手共促资本市场的健康发展。 华福证券表示，后续将以更精准的规划拓宽"我是股东"专项活动的深度与广度，有效促进上市公司与投资者的双向赋能，为构建健康有序的资本市场生态、 推动投资者教育事业高质量发展贡献积极力量。 活动当天，上海证券交易所、中证中小投资者服务中心、河南省证券期货基金业协会、上海证券报、华福证券及投资者代表等，在宇通客车相关负责人的全 程陪同与专业讲解下开展实地参观。一行人先后走进企业展厅、试车道等核心场景，直观且深入地触摸企业发展脉络，真切感受宇通客车在技术研发、生产 制造与市场布局中的经营活力。 参观结束后，投资者关系管理经理详细介绍了公司经营情况，为投资者清晰呈现企业发展基本面。；研究所汽车行业分析师简要介绍了当前客车产业的发展 趋势。 ...

10月4~9日，2025年世界客车博览会欧洲展（以下简称"世界客车博览会"）将在比利时布鲁塞尔展览中心开幕。 作为全球惟一专注于客车及其供应链的贸易展会，世界客车博览会汇聚来自世界各地的车辆制造商、车身制造商、供应商、运营商及交通管理部门。 回顾2023年展会，彼时共吸引超4万名专业观众到场参观交流，今年展会规模将进一步扩大。据主办方提供的展商数据，今年展会的展出面积达8.2万平方 米，目前已有近550家参展商确认参展，这充分证明世界客车博览会作为全球客车、系统供应商及创新者首选交易平台的核心地位。 当然，中国客车企业所展现出的浓厚参展热情，也在另一个侧面反映出中国客车在全球舞台上的雄心与自信。随着中国客车企业在技术研发、绿色能 源应用（以纯电动客车及氢燃料客车为代表）及国际化布局上的持续突破，越来越多的中国企业选择将世界客车博览会作为展示最新产品与解决方案的重 要平台。 零排放的技术趋势 客车制造商无疑是世界客车博览会的焦点。今年的展会上，各客车细分领域均将迎来全球首发车型亮相。目前，已有85家客车制造商确认参展，参展 车型涵盖城市客车、城际客车、中型客车、小型客车、VIP客车及接驳客车等多个品类。不仅如此 ...

Core Insights - The commercial vehicle sector experienced a 0.81% increase on September 30, with Dongfeng Motor leading the gains [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Commercial Vehicle Sector Performance - Dongfeng Motor (600006) closed at 8.06, with a rise of 6.05% and a trading volume of 1.23 million shares, amounting to a transaction value of 972 million [1] - Other notable performers included: - Zhongjun Vehicles (301039) at 9.61, up 1.69% [1] - Shuguang Co. (600303) at 3.91, up 1.56% [1] - Jianghuai Automobile (600418) at 53.90, up 1.51% [1] - The sector saw a net inflow of 248 million in main funds, while retail investors experienced a net outflow of 206 million [3][4] Fund Flow Analysis - Main funds showed significant net inflows in several companies: - Dongfeng Motor: 218 million, accounting for 22.41% of the total [4] - Yutong Bus (600066): 93.02 million, 17.44% [4] - Jianghuai Automobile: 58.23 million, 1.77% [4] - Retail investors showed net outflows in various companies, with notable outflows from: - Yutong Bus: 6.89 million, -12.93% [4] - Jiangling Motors: 14.95 million, -11.50% [4] - China National Heavy Duty Truck (000951): 15.97 million, -9.42% [4]

Group 1 - The event "I am a shareholder, entering the Shanghai-listed company - Yutong Bus" was successfully held in Zhengzhou, aiming to enhance interaction between investors and listed companies, and to promote the story of high-quality development of Shanghai-listed companies [1][3] - Participants, including representatives from the Shanghai Stock Exchange and investor representatives, conducted an on-site visit to Yutong Bus, exploring key areas such as the company exhibition hall and test track, gaining insights into the company's operational vitality in technology research and development, production, and market layout [3][5] - Yutong Bus's board secretary welcomed attendees and the investor relations manager provided a detailed overview of the company's operational status, while a research analyst introduced trends in the bus industry [5][7] Group 2 - Yutong Bus was recognized by the Shanghai Stock Exchange for its outstanding efforts in investor relations management and shareholder rights protection, receiving a commemorative cup for the "I am a shareholder" event [7] - The company is a leader in the bus industry, with a focus on research, manufacturing, and sales of bus products, serving various markets including public transport, tourism, and special vehicles [11] - In 2024, Yutong Bus sold 46,918 vehicles, generating revenue of 37.218 billion yuan, holding a domestic market share of 37.8% in the large and medium-sized bus segment, and a global market share of nearly 10% [11]