Core Viewpoint - Yutong Bus (600066) has a comprehensive product chain with over 100 series, catering to various segments of the transportation market, including public road passenger transport, tourism, public transit, group commuting, school buses, scenic buses, airport shuttles, autonomous micro-circulation vehicles, and specialized vehicles [1] Group 1 - The company offers a complete product chain with over 100 series [1] - The products are utilized in multiple segments such as public road passenger transport and tourism [1] - The company also provides vehicles for specific applications like school buses and airport shuttles [1]

Group 1 - The core viewpoint of the article highlights that Yutong Bus emphasizes the increasing economic benefits of new energy buses, indicating a shift in customer decision-making based on comprehensive value including product and service quality [2] Group 2 - Yutong Bus responded to investor inquiries on an interactive platform, reinforcing the importance of product and service value in customer decisions [2]

Group 1 - The company has completed the launch of products that meet European GSR regulations in overseas markets and has developed L2-level assisted driving functions for the domestic market, focusing on enhancing safety in urban operating environments for buses [2] - The company has been selected as one of the first pilot units for intelligent connected vehicles by the Ministry of Industry and Information Technology, becoming the first enterprise in the bus industry to enter the L3-level autonomous driving pilot approval [2]

证券日报网讯1月12日，宇通客车（600066）在互动平台回答投资者提问时表示，公司以直销为主、经 销为辅，以订单模式提供标准化及定制化的产品，产品库存占比很低。 ...

证券日报网讯1月12日，宇通客车（600066）在互动平台回答投资者提问时表示，公司通过不断完善产 品布局，更好满足客户多元运营场景需求。 ...

证券日报网讯1月12日，宇通客车（600066）在互动平台回答投资者提问时表示，受"以旧换新"政策拉 动，2025年上半年国内公交市场需求同比提升。未来，随着"以旧换新"政策持续实施，以及"公交都 市"、城乡交通一体化等示范项目建设推进等刺激，预计公交市场仍有增长空间。 ...

（文章来源：证券日报） 证券日报网讯 1月12日，宇通客车在互动平台回答投资者提问时表示，公司将继续做好主业，通过持续 的技术创新、卓越的产品品质和精准的市场策略，抓住海外市场拓展机会，实现公司稳健发展。 ...

证券日报网讯1月12日，宇通客车（600066）在互动平台回答投资者提问时表示，面对不同细分市场的 需求变化，公司通过持续的产品迭代升级、服务模式创新以及对市场机会的积极探索，确保公司整体业 务稳健发展。 ...

Investment Rating - The investment rating for the automotive industry is "Positive" and maintained [9] Core Insights - The wholesale sales of passenger vehicles in Q4 2025 are expected to be approximately 8.76 million units, a year-on-year decrease of 1% but a quarter-on-quarter increase of 14%. The profitability in Q4 may show differentiation compared to the same period last year, with expectations for a quarter-on-quarter improvement [2][5] - The revenue from automotive parts is anticipated to grow steadily quarter-on-quarter, but profitability may face pressure due to factors such as raw material costs and exchange rates [2][5] - The wholesale sales of heavy trucks are projected to be 314,000 units in Q4 2025, representing a year-on-year increase of 43.6% and a quarter-on-quarter increase of 11.5% [2][5] - The overall sales of buses are expected to see a significant quarter-on-quarter increase during the peak season, with sales of large and medium buses reaching 44,000 units, a year-on-year increase of 8.8% and a quarter-on-quarter increase of 42.2% [2][5] - The total sales of motorcycles are estimated to be around 4.73 million units in Q4 2025, reflecting a year-on-year increase of 11.0% but a quarter-on-quarter decrease of 6.2% [2][6] Summary by Sections Passenger Vehicles - Q4 2025 wholesale sales are expected to be about 8.76 million units, down 1% year-on-year but up 14% quarter-on-quarter. New energy vehicle sales are projected at 4.84 million units, up 13% year-on-year and 21% quarter-on-quarter [5] Automotive Parts - Revenue is expected to grow steadily quarter-on-quarter, but profitability may be pressured by raw material and exchange rate factors [5] Heavy Trucks - Q4 2025 wholesale sales are projected at 314,000 units, with a year-on-year increase of 43.6% and a quarter-on-quarter increase of 11.5% [5] Buses - Large and medium bus sales are expected to reach 44,000 units in Q4 2025, with a year-on-year increase of 8.8% and a quarter-on-quarter increase of 42.2% [5] Motorcycles - Total motorcycle sales are estimated at 4.73 million units in Q4 2025, reflecting an 11.0% year-on-year increase but a 6.2% quarter-on-quarter decrease [6]

Group 1 - The commercial vehicle sector experienced a decline of 0.69% on January 12, with Yutong Bus leading the drop [1][3] - The Shanghai Composite Index closed at 4165.29, up 1.09%, while the Shenzhen Component Index closed at 14366.91, up 1.75% [1] - Major stocks in the commercial vehicle sector showed varied performance, with Jinlong Automobile increasing by 2.51% and Yutong Bus decreasing by 2.65% [1][3] Group 2 - The net outflow of main funds in the commercial vehicle sector was 505 million yuan, while retail investors saw a net inflow of 314 million yuan [3][4] - The trading volume for major stocks included 248,600 shares for Yutong Bus and 578,000 shares for Jianghuai Automobile, with transaction amounts of 784 million yuan and 2.851 billion yuan respectively [3][4] - The fund flow analysis indicated that retail investors had a significant net inflow in several stocks, including Jiangling Motors, which saw a net inflow of 11.05% [4]