1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - In the 31st week of 2025 (July 28 - August 3), domestic passenger car and new energy passenger car sales increased week - on - week. Passenger car retail sales were 465,000 units, a year - on - year increase of 2.8%; new energy passenger car retail sales were 247,000 units, a year - on - year increase of 10.4%, with a penetration rate of 53.1%. Since the beginning of the year, cumulative passenger car retail sales were 12.563 million units, a year - on - year increase of 7.0%; cumulative new energy passenger car retail sales were 6.407 million units, a year - on - year increase of 26.9%, with a cumulative penetration rate of 51.0% [2][110][118]. - The China Passenger Car Association slightly raised the full - year forecast for 2025. It is expected that passenger car retail sales will reach 24.35 million units, a 6% increase, with the forecast volume 300,000 units more than the June forecast; passenger car exports will be 5.46 million units, a 14% increase, with the forecast volume 160,000 units higher than the initial forecast; new energy passenger car wholesale will be 15.48 million units, a 27% increase, with the forecast volume slightly down from the June forecast, and the new energy wholesale penetration rate will reach 56%; automobile wholesale will be 34.04 million units, an 8% increase, with the forecast volume 5 percentage points higher than the initial forecast [2][108][118]. 3. Summary According to the Directory 3.1. Key Target Tracking - The report presents the weekly price changes of relevant sectors and listed companies. For example, among listed companies, Great Wall Motor (601633.SH) had a weekly increase of 3.00%, while BYD (002594.SZ) had a weekly decrease of 1.77% [16]. 3.2. Industrial Chain Data Tracking 3.2.1. China New Energy Vehicle Market Tracking - **Sales and Exports**: Charts show the sales (seasonal), penetration rate, domestic sales (seasonal), exports (seasonal), and sales of EV and PHV in the Chinese new energy vehicle market [17][22][24]. - **Inventory Changes**: Charts display the monthly new inventory of new energy passenger vehicle channels and manufacturers [26]. - **Delivery Volume of New Energy Vehicle Manufacturers**: Charts present the monthly delivery volumes of several new energy vehicle manufacturers such as Leapmotor, Li Auto, XPeng, etc. [29][33][35]. 3.2.2. Global and Overseas New Energy Vehicle Market Tracking - **Global Market**: Charts show the sales (by region), penetration rate, and sales of EV and PHV in the global new energy vehicle market [41][44]. - **European Market**: Charts present the sales, penetration rate, and sales of EV and PHV in the European new energy vehicle market, as well as the sales of EV and PHV in the UK, Germany, and France [46][49][50]. - **North American Market**: Charts show the sales, penetration rate, and sales of EV and PHV in the North American new energy vehicle market [59][60]. - **Other Regions**: Charts display the sales, penetration rate, and sales of EV and PHV in other regions, including Japan, South Korea, and Thailand [62][63][67]. 3.2.3. Power Battery Industry Chain - Charts show the power battery loading volume (by material), export volume (by material), weekly average price of battery cells, cell material cost, and the operating rates and prices of various battery materials such as ternary materials, precursors, lithium iron phosphate, etc. [78][82][83]. 3.2.4. Other Upstream Raw Materials - Charts present the daily prices of rubber, glass, steel, and aluminum [102][104]. 3.3. Hot News Summary 3.3.1. China: Policy Dynamics - The State Administration for Market Regulation plans to build a number of national carbon measurement centers by 2030, with priority given to the carbon measurement needs of key industries such as power batteries [108]. 3.3.2. China: Industry Dynamics - The China Passenger Car Association slightly raised the full - year forecast for 2025, including the increase in passenger car retail, exports, and automobile wholesale, and a slight decrease in new energy passenger car wholesale forecast [108]. - In July, the new energy wholesale sales were 1.18 million units, a year - on - year increase of 25%, and the cumulative wholesale from January to July was 7.63 million units, a year - on - year increase of 35% [109]. - From July 1 - 31, new energy retail sales increased by 14% year - on - year, and the cumulative retail sales since the beginning of the year increased by 30% year - on - year [110]. - From January to June, the domestic charging infrastructure increment was 3.282 million units, a year - on - year increase of 99.2%, and the vehicle - to - charging - pile increment ratio was 1.8:1 [111]. 3.3.3. China: Enterprise Dynamics - Sunwoda plans to list in Hong Kong and build a new production base in Vietnam with a total investment of no more than RMB 2 billion [113]. - Leapmotor's first batch of electric SUVs arrived in Brazil [114]. 3.3.4. Overseas: Policy Dynamics - Russia will allocate 5.7 billion rubles from 2025 - 2027 to develop electric vehicle charging infrastructure, aiming to have 28,000 DC charging stations with an output power over 149kW in operation by 2030 [114]. 3.3.5. Overseas: Industry Dynamics - In the UK, July passenger car sales decreased by 5.0% to 140,000 units, while pure - electric and plug - in hybrid vehicles increased by 9.1% and 33.0% respectively [115]. - In Germany, July passenger car sales increased by 11.1% to 265,000 units, with pure - electric and plug - in hybrid vehicles increasing by 58.0% and 83.6% respectively [116]. - In Brazil, July new car sales increased by 0.8% to 243,000 units, with pure - electric and plug - in hybrid vehicles increasing by 48.2% and 22.3% respectively [116]. 3.4. Industry Views - Similar to the core views, it emphasizes the sales situation in the 31st week of 2025 and the adjustment of the full - year forecast by the China Passenger Car Association [118]. 3.5. Investment Suggestions - The penetration rate of the Chinese new energy vehicle market exceeded 30% in 2023 and 50% since 2024. In 2025, high - competitiveness new car products continue to be launched, and price wars are gradually halted. Overseas, due to strong trade protectionism in Europe and the US, there are risks in exports. Attention should be paid to new growth points such as countries along the Belt and Road and the Middle East. In terms of the competitive landscape, domestic independent brands' market share continues to expand, and attention should be paid to companies with strong product capabilities, smooth overseas expansion, and stable supply [3][119].

Core Insights - The report highlights that in 2024, the total salary of A-share listed company secretaries reached 4.086 billion yuan, with an average annual salary of 754,300 yuan [1] - Among the commercial vehicle industry, the total salary for secretaries in the A-share and New Third Board reached 11.4552 million yuan, with an average salary of 954,600 yuan [1] - Yutong Bus experienced a revenue growth of 37.63% in 2024, with a net profit of 4.116 billion yuan, marking a significant increase of 126.53% year-on-year [1] Industry Summary - The commercial vehicle sector includes 12 listed companies, with the following notable salary changes for their secretaries: - CIMC Vehicles: 230.35 thousand yuan, an increase of 39.30 thousand yuan (20.57%) [2] - Jiangling Motors: 164.00 thousand yuan, an increase of 19.00 thousand yuan (13.10%) [2] - FAW Jiefang: 136.94 thousand yuan, a decrease of 38.37 thousand yuan (-21.89%) [2] - Foton Motor: 112.07 thousand yuan, an increase of 23.44 thousand yuan (26.45%) [2] - Yutong Bus: 76.55 thousand yuan, a decrease of 25.78 thousand yuan (-25.19%) [2] - The average salary for secretaries in the commercial vehicle industry is 95.46 thousand yuan, which is higher than the overall average for A-share listed companies [1][2]

Core Viewpoint - The current market for new energy heavy trucks is facing intense competition, but Yutong Heavy Trucks is adopting a differentiated strategy to overcome industry challenges [1][19]. Group 1: Industry Challenges - The market penetration of new energy heavy trucks has increased, but it remains uneven across regions and scenarios, particularly in long-distance logistics where penetration is still low [3][6]. - Three main challenges hinder further penetration: lack of supporting infrastructure, insufficient product offerings for long-distance logistics, and existing technology limitations in battery performance [3][4][6]. Group 2: Yutong's Strategy - Yutong is focusing on technological innovation to fill market gaps and address industry pain points, as demonstrated in their recent product launch [8][19]. - The company introduced the T400RE range-extended tractor, featuring a modular design that enhances efficiency and addresses range anxiety, with a total energy capacity equivalent to 1000 kWh [9][19]. - Yutong's new cargo vehicle, the Tianxing series, boasts a 331 kWh battery and a weight of 9 tons, achieving over 400 km of range while ensuring safety and stability [11][19]. Group 3: Customer-Centric Approach - Yutong emphasizes understanding user needs and market trends to create value, utilizing a "three direct" model to maintain close ties with customers [17][19]. - The company aims to continuously innovate by aligning product development with real user demands, ensuring that innovations are practical and commercially viable [15][19].

Summary of Key Points Core Viewpoint - Yutong Bus Co., Ltd. has disclosed its monthly guarantee progress for July 2025, detailing the amounts and types of guarantees provided to its subsidiaries and related enterprises, indicating a stable operational environment and controlled risk exposure. Group 1: Guarantee Overview - The total guarantee amount for July 2025 reached 476.55 million yuan, which includes guarantees to subsidiaries and related enterprises [1][2]. - The guarantees provided are within the previously estimated limits, and no additional approval procedures are required [1][2]. - The company has established strict credit review and corresponding security measures to ensure that these guarantees do not adversely affect its normal operations or financial status [2]. Group 2: Specific Guarantee Details - The guarantees include various types such as performance bonds and advance payment guarantees, with specific amounts detailed for each entity involved [2]. - Notable guarantees include 371.16 million yuan for Hong Kong Yutong and 3.59 million yuan for the joint bidding entity Yutong&TVI [2]. - As of July 31, 2025, the total balance of guarantees provided to subsidiaries and related enterprises is reported, with no overdue guarantees noted [2]. Group 3: Subsidiary Information - Hong Kong Yutong, France Yutong, Tianjin Shunjie, and Spain Yutong are among the subsidiaries receiving guarantees, with their respective registration details and business operations outlined [2]. - The subsidiaries are engaged in various activities including import-export trade, manufacturing, and sales of commercial vehicles, indicating a diversified operational portfolio [2]. Group 4: Financial Metrics - The guarantees provided do not exceed 100% of the latest audited net assets of the company, ensuring compliance with regulatory requirements [1][2]. - The company maintains a healthy financial position with no guarantees provided to controlling shareholders or related parties, reflecting prudent financial management [2].

证券代码：600066 证券简称：宇通客车 编号：临2025-044 累计担保情况 | | | 1 对控股子公 司及控股子 公司之间相 互提供的担 保 被担保人名称 公司全资子公司香港宇通国际有限公司 （以下简称"香港宇通"）、YUTONG FRANCE S.A.S.（以下简称"法国宇通"）、 天津宇驰顺捷汽车销售服务有限公司（以 下简称"天津顺捷"）、YUTONG SPAIN HOLDCO, S.L.（以下简称"西班牙宇通"） 7 月担保发生额 47,654.90 万元 是否在前期预计额度内 ☑是 □否 本次担保是否有反担保 □是 ☑否 为购房人提 供阶段性担 保 被担保人名称 购房人 7 月担保发生额 952.20 万元 是否在前期预计额度内 ☑是 □否 本次担保是否有反担保 □是 ☑否 对销售业务 链相关企业 提供的担保 被担保人名称 GROUPEMENT TRACTAFRIC VEHICULES INDUSTRIELS ET YUTONG BUS CO., LTD. （ 为 公 司 与 TRACTAFRIC VEHICULES INDUSTRIELS 组成的联合投标体，以下 简称"Yutong&TVI ...

Core Viewpoint - Yutong Bus Co., Ltd. reported a decline in overall sales for July 2025, with a notable increase in light bus sales, indicating a shift in market demand [1][2][4]. Sales Data Summary - In July 2025, Yutong sold a total of 3,219 vehicles, representing a year-on-year decrease of 4.05% compared to 3,355 vehicles sold in the same month last year [2]. - Breakdown of sales in July 2025: - Large buses: 1,570 units sold, down 21.22% from 1,993 units [2]. - Medium buses: 943 units sold, up 8.39% from 870 units [2]. - Light buses: 706 units sold, a significant increase of 43.50% from 492 units [2]. - Cumulative sales for the first seven months of 2025 reached 24,540 units, reflecting a year-on-year growth of 2.63% compared to 23,910 units [2]. - Cumulative sales breakdown for the first seven months: - Large buses: 12,708 units sold, down 9.35% from 14,018 units [2]. - Medium buses: 7,258 units sold, a slight increase of 1.09% from 7,180 units [2]. - Light buses: 4,574 units sold, a remarkable increase of 68.66% from 2,712 units [2][4]. Market Trends - The strong growth in the light bus segment is a significant driver of overall sales performance for Yutong, highlighting a shift in consumer preference towards lighter vehicles [4].

Group 1 - A total of 31 stocks received buy ratings from brokerages, with 7 stocks announcing target prices [1] - Based on the highest target prices, Yutong Bus, BYD, and Chuan Yi Co. ranked highest in target price increase potential, with expected increases of 45.71%, 42.09%, and 36.56% respectively [1] - Among the rated stocks, 27 maintained their ratings, while 4 received their first ratings [1] Group 2 - Eight stocks received attention from multiple brokerages, with Zhongchong Co., Ying Shi Network, and Haowei Group each receiving ratings from 2 brokerages [1] - In terms of industry distribution, the automotive and auto parts sector had the highest number of buy-rated stocks at 10, followed by durable consumer goods and apparel with 4, and semiconductors and semiconductor production equipment with 3 [1]

Core Viewpoint - Yutong Bus experienced a decline in total sales in July 2025, with a total of 3,219 units sold, representing a month-on-month decrease of 4% and a year-on-year decrease of 46%. This aligns with the traditional off-season expectations [3][4]. Sales and Production Summary - In July, the production volume was 3,849 units, including an inventory increase of 630 units, leading to a total inventory increase of 722 units from January to July. The company operates on a sales-based production model, suggesting that the short-term inventory increase may be a preparation for future order deliveries [3][4]. - Overall, July production increased month-on-month, while sales decreased. The market has entered a traditional off-season, but based on Yutong's Q2 sales rhythm, August is expected to show a month-on-month growth in both exports and domestic sales, with September potentially being the peak month for quarterly sales [5]. Segment Performance - Sales across different vehicle segments showed a month-on-month decline, with light commercial vehicles (LCVs) seeing a year-on-year increase in sales proportion. In July 2025, the sales figures for large, medium, and light buses were 1,570, 943, and 706 units, respectively, with year-on-year changes of -21.22%, +8.39%, and +43.50%. Month-on-month changes were -52.68%, -43.87%, and -23.34%, respectively. The share of light commercial vehicles increased to 21.93%, up by 7.27 percentage points year-on-year, while the share of large and medium buses decreased by 6.37 percentage points month-on-month [6]. Market Expansion - Yutong's market share in Europe has steadily increased, with H1 2025 sales reaching 852 units and a market share of 16%, up from 14% in 2024. The European market continues to show positive trends. Additionally, Yutong signed a procurement agreement for 400 electric buses with a partner in Pakistan, marking the largest single order for new energy buses in the country, which will support sales growth in the second half of the year [7]. Financial Forecast - The company maintains its revenue forecast for 2025-2027 at 42.9 billion, 49.9 billion, and 56.7 billion yuan, representing year-on-year growth of 15%, 16%, and 14%, respectively. The net profit attributable to the parent company is projected to be 4.63 billion, 5.52 billion, and 6.68 billion yuan for the same period, with year-on-year growth of 12%, 19%, and 21%. The corresponding price-to-earnings ratios are 13, 11, and 9 times, respectively, and the company maintains a "buy" rating [8].

东吴证券8月5日发布研报称，给予宇通客车（600066.SH，最新价：26.08元）买入评级。评级理由主要 包括：1）7月销量同环比下降，淡季加库或为后续放量做库存准备；2）细分销量环比均降，轻客销量 占比同比提升；3）欧洲市占率稳步提升，巴基斯坦新能源大单支撑下半年销量。风险提示：全球经济 复苏不及预期，国内外客车需求低于预期。 （文章来源：每日经济新闻） ...

Group 1 - Niuwei Co., Ltd. reported a net profit of 637 million yuan for the first half of 2025, representing a year-on-year increase of 30.47% [1] - The company achieved a total operating revenue of 3.404 billion yuan, up 19.96% year-on-year [1] - Niuwei specializes in the research, manufacturing, and sales of industrial valves [2] Group 2 - Shandong Haohua plans to acquire a 29% stake in Zhongyan Alkali Industry with a total investment of 2.32 billion yuan [2] - The company is involved in the production of soda ash and caustic soda [3] Group 3 - Dongfang Co., Ltd. announced a partnership with Dongfang Import and Export Company to develop overseas marketing business [38] - The company focuses on the research, production, and sales of light commercial vehicles and powertrains [38] Group 4 - Xinyuan Technology reported a net profit of 52.6 million yuan for the first half of 2025, a year-on-year increase of 10.70% [12] - The company achieved an operating revenue of 2.871 billion yuan, up 3.86% year-on-year [12] - Xinyuan provides one-stop custom development and production services for pharmaceutical companies and research institutions [12] Group 5 - Zhuhai Piano announced that its subsidiary won the operating rights project for the Baihuazhai scenic area, with an investment of no less than 400 million yuan over 20 years [21] - The company specializes in the research, manufacturing, and sales of pianos and digital musical instruments [21] Group 6 - Zhenghong Technology reported a sales revenue of 26.02 million yuan from pig sales in July, a year-on-year increase of 288.69% [16] - The company sold 63,000 pigs in total from January to July 2025, with a cumulative sales revenue of 109 million yuan, representing a year-on-year increase of 38.06% [16] - Zhenghong focuses on feed products and pig farming [17] Group 7 - ST Nuotai received the cGMP certification from Brazil's National Health Surveillance Agency for its production facility [15] - The company specializes in the research and development of peptide drugs and small molecule pharmaceuticals [15] Group 8 - Guizhou Moutai has repurchased a total of 3.4517 million shares, accounting for 0.2748% of its total share capital, with a total expenditure of 5.301 billion yuan [48][49] - The company is engaged in the production and sales of Moutai liquor and related products [49]