Market Overview - The commercial vehicle sector experienced a decline of 1.28% on September 16, with Jianghuai Automobile leading the drop [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Stock Performance - Notable gainers in the commercial vehicle sector included: - Shuguang Co., Ltd. (600303) with a closing price of 3.83, up 3.23% [1] - Hanma Technology (600375) at 7.18, up 1.99% [1] - Foton Motor (600166) at 2.93, up 1.38% [1] - Major decliners included: - Jianghuai Automobile (600418) at 56.58, down 2.68% [2] - Zhongtong Bus (000957) at 11.72, down 0.93% [2] - Dongfeng Motor (600006) at 7.56, down 0.40% [2] Capital Flow - The commercial vehicle sector saw a net outflow of 237 million yuan from institutional investors, while retail investors contributed a net inflow of 203 million yuan [2] - The detailed capital flow for key stocks showed: - Hanma Technology had a net outflow of 34.83 million yuan from institutional investors [3] - China National Heavy Duty Truck (000951) saw a net inflow of 20.18 million yuan from institutional investors [3] - Ankai Bus (000868) experienced a significant net outflow of 21.92 million yuan from institutional investors [3]

Group 1 - The commercial vehicle sector increased by 2.58% on September 15, with Jianghuai Automobile leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] - Jianghuai Automobile's closing price was 58.14, reflecting a rise of 6.68% with a trading volume of 1.3597 million shares and a transaction value of 7.728 billion [1] Group 2 - The commercial vehicle sector saw a net inflow of 405 million in main funds, while retail funds experienced a net outflow of 108 million [3][4] - Jianghuai Automobile had a net inflow of 423 million in main funds, with a net outflow of 32.3 million in speculative funds [4] - The trading volume and transaction values for other companies in the sector varied, with notable performances from Zhongtong Bus and Ankai Bus, which saw increases of 2.78% and 2.43% respectively [1][3]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The "Automobile Industry Steady Growth Work Plan (2025 - 2026)" aims for about 32.3 million vehicle sales in 2025, a 3% YoY increase, with around 15.5 million new energy vehicle sales, a 20% YoY increase, and a 6% YoY growth in automobile manufacturing added - value. In 2026, the industry is expected to maintain a stable and positive development trend [1][105][116]. - From January to August, China's automobile sales reached 21.128 million, a 12.6% YoY increase, and new energy vehicle sales were 9.62 million, a 36.7% YoY increase, achieving 65.4% and 61.9% of the annual targets respectively [1][106][118]. - In the 36th week (September 1 - 7), new energy passenger vehicle retail sales were 220,000, a 0.5% YoY decrease, and the annual cumulative retail sales were 7.645 million, a 23.4% YoY increase. The single - week penetration rate reached 60.6%, and the annual cumulative penetration rate was 51.9%, showing a slow upward trend [2][109][118]. - In July, global new energy vehicle sales reached 1.392 million, an 18.5% YoY increase, and from January to July, sales were 9.233 million, a 25.9% YoY increase. Except for China, Europe and other regions had significant growth, with 29.5% and 53.4% growth respectively from January to July [2][118]. - In August, the US new energy vehicle sales were 177,000, an 18.4% YoY increase, much higher than the overall vehicle growth rate of 2%. From January to August, the cumulative sales were 1.01 million, a 2.4% YoY increase [2][112][119]. 3. Summary by Related Catalogs 3.1 Financial Market Tracking - The weekly price changes of relevant sectors and listed companies are presented. For example, BYD's closing price on September 12 was 105.91 yuan, with a - 1.26% weekly change; CATL's closing price was 325 yuan, with a - 0.03% weekly change [13][15][16]. 3.2产业链数据跟踪 3.2.1 China New Energy Vehicle Market Tracking - **Sales and Exports**: In August, new energy vehicle production and sales were 1.391 million and 1.395 million respectively, with YoY growth of 27.4% and 26.8%. From January to August, production and sales were 9.625 million and 9.62 million respectively, with YoY growth of 37.3% and 36.7%. In August, new energy vehicle exports were 224,000, a 100% YoY increase. From January to August, exports were 1.532 million, an 87.3% YoY increase [106][107][108]. - **Inventory Changes**: Data on monthly new additions to new energy passenger vehicle channel inventory and manufacturer inventory are provided [25][26]. - **Delivery Volumes of Chinese New Energy Vehicle Manufacturers**: Monthly delivery volumes of manufacturers such as Leapmotor, Li Auto, XPeng, NIO, Zeekr, Aion, Voyah, and Deepal are presented [28][29][33]. 3.2.2 Global and Overseas New Energy Vehicle Market Tracking - **Global Market**: In July, global new energy vehicle sales reached 1.392 million, an 18.5% YoY increase, and from January to July, sales were 9.233 million, a 25.9% YoY increase [2][118]. - **European Market**: Relevant data on new energy vehicle sales and penetration rates in Europe, including the UK, Germany, and France, are provided [44][45][49]. - **North American Market**: In August, US new energy vehicle sales were 177,000, an 18.4% YoY increase. From January to August, the cumulative sales were 1.01 million, a 2.4% YoY increase. Data on North American new energy vehicle sales and penetration rates are also presented [2][112][119]. - **Other Regions**: Data on new energy vehicle sales and penetration rates in other regions, such as Japan, South Korea, and Thailand, are provided [60][61][65]. 3.2.3 Power Battery Industry Chain - Data on power battery installation volume (by material), export volume (by material), weekly average price of power battery cells, and material costs are presented. Information on the operating rates and prices of ternary materials, precursors, lithium iron phosphate, negative electrode materials, electrolytes, and other related materials is also provided [76][78][82]. 3.2.4 Other Upstream Raw Materials - Data on the daily prices of rubber, glass, steel, and aluminum are provided [97][98][100]. 3.3 Hot News Summaries 3.3.1 China: Policy Dynamics - The eight - department joint issuance of the "Automobile Industry Steady Growth Work Plan (2025 - 2026)" aims to achieve specific sales and growth targets for 2025 and 2026 [1][105][116]. - The six - department joint launch of a three - month special rectification action for online chaos in the automobile industry aims to improve the handling efficiency of online chaos and regulate marketing and publicity behaviors [105]. - The two - department release of the "Implementation Opinions on Promoting High - Quality Development of 'Artificial Intelligence +' Energy" promotes the application of artificial intelligence in energy - related fields [106]. 3.3.2 China: Industry Dynamics - In August, new energy vehicle production and sales data are as stated above. From January to August, the production and sales of new energy vehicles also showed significant growth [106][107][108]. - From September 1 - 7, new energy retail sales decreased by 3% YoY, and the cumulative retail sales increased by 25% [109]. - In August, China's power battery installation volume was 62.5GWh, a 32.4% YoY increase. From January to August, the cumulative installation volume was 417.9GWh, a 43.1% YoY increase [110][111]. - The China Association of Automobile Manufacturers is preparing to establish a new energy vehicle battery branch [111]. 3.3.3 Overseas: Policy Dynamics - Mexico plans to raise import tariffs on products from Asian countries such as China, South Korea, and India to 50%, which requires congressional approval [112]. - The US has exempted a variety of products, including gold, graphite, and nickel, from tariffs [112]. 3.3.4 Overseas: Industry Dynamics - In August, US new energy vehicle sales were 177,000, an 18.4% YoY increase [112][113][119]. 3.3.5 Overseas: Enterprise Dynamics - Construction of South Korean battery factories in the US has been interrupted due to immigration enforcement. LG Energy Solution has taken corresponding measures [113][114]. - VinFast delivered 72,167 vehicles globally in the first half of 2025, with significant growth in vehicle and motorcycle sales. In the second quarter, revenue increased by 91.6% YoY, and the net loss was approximately 812 million US dollars [115]. - InoBat, a Slovakian electric vehicle battery manufacturer, received 54 million euros in subsidies and 456,000 euros in loans from the Spanish government to support the construction of a battery super - factory [116][117]. 3.4 Industry Views The "Automobile Industry Steady Growth Work Plan (2025 - 2026)" sets clear goals for 2025 and 2026, and current market data shows the development status of the new energy vehicle industry [1][116][118]. 3.5 Investment Suggestions - China's new energy vehicle market penetration rate has reached a relatively high level. In 2025, high - competitiveness new models are continuously launched, and price wars are gradually ending. - Due to severe trade protectionism in Europe and the US, there are risks in exports. Attention should be paid to new growth points such as Belt and Road countries and the Middle East. - In the competitive landscape, domestic brands' market shares continue to expand. Attention should be paid to enterprises with strong product capabilities, smooth overseas expansion, and stable supply [3][120][121].

Core Viewpoint - The automotive sector is experiencing steady growth, with CS Automotive achieving a revenue of 18,335.59 billion yuan in H1 2025, a year-on-year increase of 7.96%, and a net profit of 760.76 billion yuan, up 2% year-on-year [3][10]. Revenue and Profit Summary - In Q2 2025, CS Automotive reported a revenue of 9,813.21 billion yuan, a year-on-year increase of 9.14% and a quarter-on-quarter increase of 16.58%. The net profit for the same period was 386.23 billion yuan, down 6.64% year-on-year but up 7.61% quarter-on-quarter [3][10]. - The automotive sales volume in China for August 2025 reached 2.815 million units, with a month-on-month growth of 8.7% and a year-on-year growth of 13% [3]. Market Performance - As of August 31, 2025, the CS Automotive sector saw an increase of 11.72%, outperforming the CSI 300 index by 1.39 percentage points and the Shanghai Composite Index by 3.75 percentage points [3]. - The stock performance of various segments within the automotive sector showed CS Automotive Parts rising by 16.04% and CS Passenger Vehicles increasing by 8.01% [3]. Cost Tracking - As of August 31, 2025, prices for float glass, aluminum ingots, and zinc ingots changed year-on-year by -13.3%, +5.4%, and -7.1% respectively [4]. Inventory Levels - The inventory warning index for Chinese automotive dealers was at 57.0% in August 2025, indicating a slight year-on-year increase of 0.8 percentage points but a month-on-month decrease of 0.2 percentage points [4]. Industry Highlights - Significant developments include the launch of the first SUV by the Huawei-SAIC partnership, the H5 model, with a starting price of 169,800 yuan [94]. - Dongfeng Group's subsidiary, Lantu Automotive, is set to list on the Hong Kong Stock Exchange [95]. - Chery Automobile has received approval for its IPO in Hong Kong [97]. - The 2025 Chengdu International Auto Show highlighted new energy vehicles as the main focus, showcasing over 1,600 vehicles from more than 120 brands [98]. Segment Performance - In H1 2025, the revenue for CS Passenger Vehicles was 9,705 billion yuan, with a year-on-year growth of 9%, while the net profit decreased by 11% [39]. - The CS Automotive Parts segment achieved a revenue of 5,140 billion yuan in H1 2025, up 10% year-on-year, with a net profit increase of 15% [53][60]. - The CS Commercial Vehicles segment reported a revenue of 2,778 billion yuan in H1 2025, with a slight year-on-year increase of 0.82% [72].

备受瞩目的第35届非洲国际足球赛事将于2025年12月21日在摩洛哥正式拉开帷幕。作为国内外重大赛事与盛会的"常驻嘉宾"，宇通客 车将以723台高端定制公交，为本届非洲国际足球赛事期间的公共交通网络提供核心运力。宇通再次于世界舞台展现中国制造的硬核实 力，并一举成为"服务本届非洲国际足球赛事规模最大的客车品牌"，同时创造了"中国品牌在非洲最大单笔客车订单纪录"。 9月12日，宇通客车在新能源厂区内隆重举行了"摩洛哥723台宇通公交首批车辆交付仪式"。仪式现场，摩洛哥方客户代表、宇通客车 领导以及多家国内媒体代表共同见证了这一重要时刻。 摩洛哥合作伙伴安玺励在发言中表示："宇通客车不仅仅是交通工具，更是国际标准的象征，是安全的守护者，是可靠的代名词。我们 愿和宇通携手并进，铸就信任、开创机遇、共建未来！" 宇通客车高端及海外生产总监邸贝则强调："这不仅是一次产品的交付，更是宇通全球化战略的一次重要实践，是我们与摩洛哥市场深 度合作的一个里程碑。未来，宇通不仅为客户提供优质的产品，更要将先进的技术和管理经验带到摩洛哥，与当地合作伙伴共同成长。 我们期待以这次交付为新的起点，与摩洛哥市场建立更加深入、持久的合作关系 ...

Group 1 - The commercial vehicle sector experienced a decline of 1.02% on September 12, with King Long Automobile leading the drop [1][3] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] - Major stocks in the commercial vehicle sector showed mixed performance, with Yutong Bus increasing by 1.39% and King Long Automobile decreasing by 1.49% [1][3] Group 2 - The net outflow of main funds in the commercial vehicle sector was 540 million yuan, while retail investors saw a net inflow of 315 million yuan [3][4] - The detailed fund flow indicated that King Long Automobile had a significant net outflow of 39.38 million yuan from main funds [4] - Other companies like Ankai Bus and Foton Motor also experienced varying levels of net inflow and outflow from different investor categories [4]

Market Overview - The commercial vehicle sector increased by 0.37% on September 10, with Hanma Technology leading the gains [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Stock Performance - Hanma Technology (600375) closed at 7.14, up 3.78% with a trading volume of 873,800 shares and a transaction value of 630 million [1] - Jianghuai Automobile (600418) closed at 55.40, up 2.04% with a trading volume of 830,500 shares [1] - Other notable performances include: - Shuguang Co. (600303) at 3.81, up 0.26% - Dongfeng Motor (600006) at 7.46, unchanged - Yutong Bus (600066) at 29.25, down 0.20% [1] Fund Flow Analysis - The commercial vehicle sector experienced a net outflow of 82.58 million from institutional investors, while retail investors saw a net inflow of 151 million [2] - The detailed fund flow for key stocks includes: - Hanma Technology: Net inflow of 25.41 million from institutional investors [3] - Yutong Bus: Net inflow of 8.88 million from institutional investors [3] - Foton Motor (600166): Net outflow of 1.73 million from institutional investors [3] Individual Stock Insights - China National Heavy Duty Truck (000951) saw a decline of 2.17% to 17.59 with a trading volume of 106,900 shares [2] - Jiangling Motors (000550) decreased by 1.54% to 21.03 with a trading volume of 43,700 shares [2] - Foton Motor (600166) had a significant trading volume of 1.29 million shares despite a slight decline [2]

Core Viewpoint - Yutong Bus experienced a stock price decline of 2.01% on September 4, 2023, with a current price of 28.76 CNY per share and a total market capitalization of 63.673 billion CNY [1] Financial Performance - For the first half of 2025, Yutong Bus reported operating revenue of 16.129 billion CNY, a year-on-year decrease of 1.26%, while net profit attributable to shareholders increased by 15.64% to 1.936 billion CNY [2] - The company has distributed a total of 27.130 billion CNY in dividends since its A-share listing, with 9.963 billion CNY distributed in the last three years [3] Shareholder Information - As of June 30, 2025, Yutong Bus had 52,400 shareholders, a slight decrease of 0.08% from the previous period, with an average of 42,265 circulating shares per shareholder, an increase of 0.08% [2] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 237 million shares, a decrease of 56.419 million shares from the previous period [3] Stock Performance - Yutong Bus's stock has increased by 13.32% year-to-date, with a 5.16% increase over the last five trading days, a 10.62% increase over the last 20 days, and a 17.20% increase over the last 60 days [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - In August 2025, the company sold 4,260 buses, representing a year-on-year increase of 16.8% and a month-on-month increase of 32.3%. The sales of medium and large buses were 3,623 units, with a year-on-year increase of 15.8% and a month-on-month increase of 44.2% [2][4]. - For the first eight months of 2025, total bus sales reached 29,000 units, up 4.5% year-on-year, while medium and large bus sales were 24,000 units, down 3.0% year-on-year [2][4]. - The company is recognized as a global leader in the bus industry, with strong long-term growth potential and a consistent high dividend payout, highlighting its investment value [2][10]. - The domestic market is experiencing growth in seated buses, supported by the "old-for-new" policy, which is boosting the demand for new energy buses. The overseas market is benefiting from a globalization and high-end strategy, with exports enhancing profitability and supporting continuous performance improvement [10]. Summary by Sections Sales Performance - In August 2025, the company achieved a total bus sales volume of 4,260 units, with significant increases both year-on-year and month-on-month. The medium and large bus segment showed strong performance, contributing to overall sales growth [2][4][10]. Market Strategy - The company is advancing its direct sales and service model to enhance service quality and efficiency. The "old-for-new" policy in the domestic market is expected to further stimulate the bus market recovery. Internationally, the company is expanding its presence with a new factory in Qatar, which is set to begin production by the end of 2025 [10]. Financial Outlook - The company is projected to have a net profit attributable to shareholders of 48.2 billion and 56.2 billion for 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 13.4X and 11.5X [10].

Core Viewpoint - Guohai Securities report indicates that Yutong Bus achieved a net profit attributable to shareholders of 1.94 billion yuan in the first half of 2025, representing a year-on-year increase of 15.6% [1] Financial Performance - In Q2 2025, the net profit attributable to shareholders reached 1.18 billion yuan, with year-on-year and quarter-on-quarter growth of 16.1% and 56.4% respectively [1] - The net profit growth in the first half of 2025 significantly outpaced revenue growth, primarily due to optimized sales structure and gains from fixed asset disposals [1] - The dividend payout ratio for the first half of the year was 57.2% [1] Market Outlook - The company is a leading player in the bus industry, with expectations for growth in overseas bus demand, particularly for new energy buses [1] - The domestic bus market is anticipated to benefit from the vehicle replacement policy, which is expected to generate additional sales [1] - Overall, the company's sales volume and structure are expected to continue improving [1]