新加坡陆路交通管理局（LTA）12月15日宣布，已授标6份合同以采购660辆新型电动巴士，其中包括 360辆单层巴士和300辆双层巴士。比亚迪、宇通以及与中国中车（CRRC）、中通客车合作的联合体成 功中标。根据公告，这些新巴士将从2026年底开始逐步投入客运服务，以替换即将达到法定使用寿命的 柴油巴士。（新华财经） ...

2025年12月15日，新加坡陆路交通管理局（Land Transport Authority，以下简 称"LTA"）正式公布了其史上最大规模电动巴士采购项目的中标结果。此合同涉及660辆新 型电动巴士，包括360辆单层巴士和300辆双层巴士，而最终夺魁的四家投标方——ST Engineering Mobility Services（与中车电动CRRC合作）、比亚迪（BYD）、Cycle & Carriage Automotive（与中通客车合作）以及宇通客车（Yutong），其车辆供应均源自 中国领先的客车制造企业。 回顾整个招标历程，中国品牌的胜利并非偶然。2025年3月14日，LTA通过政府电子商务 网站GeBIZ正式发布标书，拉开了这场采购的序幕。至6月26日投标截止，共吸引了创纪录 的21家国内外企业参与角逐，竞争异常激烈。除了最终胜出的中国品牌，竞标者中还包括 沃尔沃（Volvo）、亚历山大·丹尼斯（Alexander Dennis）等国际知名制造商，但最终在 LTA兼顾质量与价格的双信封评标体系下，中国客车企业凭借全生命周期的综合优势脱颖而 出。分析指出，以ST Engineering与中车电动 ...

转自：新华财经 新华财经新加坡12月16日电（记者刘春涛）新加坡陆路交通管理局（LTA）15日宣布，已授标6份合同以采购660辆新型电动巴士，其中包括360辆单层巴 士和300辆双层巴士。比亚迪、宇通以及与中国中车（CRRC）、中通客车合作的联合体成功中标。 根据公告，这些新巴士将从2026年底开始逐步投入客运服务，以替换即将达到法定使用寿命的柴油巴士。 在中标企业及合同详情方面，新科工程移动服务公司（ST Engineering Mobility Services）与中国中车（CRRC）合作，获得采购100辆电动单层巴士和150 辆电动双层巴士的合同，合同金额分别约为3570万新元和7900万新元。 比亚迪（新加坡）私人有限公司获得采购160辆电动单层巴士和50辆电动双层巴士的合同，合同金额分别约为7130万新元和3450万新元。 合发（Cycle & Carriage）汽车私人有限公司与中通客车合作，获得采购100辆电动双层巴士的合同，合同金额约为5780万新元。 宇通国际贸易与宇通客车联合体获得采购100辆电动单层巴士的合同，合同金额约为4390万新元。 新加坡陆交局表示，这是该局首次大规模采购电动双层 ...

Summary of Automotive Industry Conference Call Industry Overview - The automotive industry is transitioning from electrification to intelligence in 2026, marking a critical shift influenced by technological innovation, changing consumer demographics, and preferences [1][2] - The passenger vehicle market is expected to maintain sales at approximately 23 million units in 2025, with a projected decline of 3.5% to 22 million units in 2026 [1][5] Key Insights and Arguments - The investment strategy for 2026 is characterized as "breaking the old and establishing the new," shifting focus from electrification to smart vehicles [2] - New brands such as Xiaopeng, Leapmotor, Huawei, and Xiaomi are expected to emerge in the automotive market, competing with Tesla and BYD [1][7] - The penetration rate of advanced intelligent driving in electric vehicles is anticipated to double to 40% by 2026 [9][10] Market Predictions - The export performance in 2025 exceeded expectations, particularly benefiting from the Russian market, with a forecast of double-digit growth in 2026, especially in the new energy sector, which is expected to grow by around 40% [8] - The overall automotive export volume is projected to decline by 3% to approximately 20 million units in 2026, with new energy vehicle sales expected to increase by 11% [8] Investment Recommendations - In the components sector, companies with high earnings certainty and involvement in robotics or liquid cooling, such as Top Group, Yilun Co., and Junsheng Electronics, are recommended for potential strong performance in the next three years [1][6] - For passenger vehicles, Yutong Bus is highlighted for its strong global competitiveness and potential for high stock price innovation, with a market value expected to exceed 100 billion [3][14] - In the heavy truck sector, companies like Weichai Power are suggested for their export potential, while the bus and motorcycle sectors are expected to see continued growth in exports of 20% and 17%, respectively [11][12] Long-term Trends - The integration of intelligence and robotics is seen as a significant development area, with a focus on companies that demonstrate solid performance and commercial potential [25] - The L4 level autonomous driving technology is expected to gain traction in 2026, with a focus on establishing a pricing system suitable for this technology [22][23] - Companies such as BYD, Xiaopeng, and Horizon are identified as key players in the smart automotive sector, with significant growth potential [24] Additional Considerations - The passenger vehicle market is expected to face challenges due to the withdrawal of local subsidies, but companies will still prioritize sales to maintain competitiveness [5] - The heavy truck sector is undergoing a technological transformation, with a focus on electric and natural gas trucks as core growth points [11][18] - The motorcycle market is projected to remain a viable option, driven by stable demand for larger displacement motorcycles and strong export performance [16][17] This summary encapsulates the key points from the automotive industry conference call, highlighting the transition towards smart vehicles, market predictions, investment strategies, and long-term trends.

"十四五"即将收官，回望中国商用车这五年，一条清晰的产业升级曲线跃然眼前——从"制造"到"智造"，从国内到全球，从传统动力到 新能源引领。在此进程中，宇通以"电动化、智能网联化、高端化、国际化"战略为舵，以持续的科技创新为帆，以高质量发展的答卷， 为中国商用车产业提供了生动样本。 创新驱动，构筑核心竞争力"护城河" 创新是引领发展的第一动力,在商用车新能源 化由政策驱动迈向市场驱动的进程中，创新贯 穿始终，这一点在宇通身上得到了深刻印证。 早在1997年，宇通就率先布局新能源领域, 1999年推出首款纯电动客车,凭借前瞻视野 在国家启动"十城千辆"计划时已占得先机。 "十四五"期间，宇通以商用车领域共性的安 全、效率、节能及产业化能力等为切入点,持 续加大研发投入,年均占营收5%以上,组建 了超3000人的研发团队和多个国家级、省级 研发平台。持续高强度的投入带来了丰硕成 果,集中体现在新能源核心技术的自主可控与 突破上,在电池、电机、电控、电驱、电桥 "五电"领域，技术标准、可靠性、竞争力及产 业化能力行业领先，并第四次荣获国家科学技 术进步奖。 具体来看,电池系统方面,宇通不仅提升能量 密度,更突破寿命瓶 ...

中信建投（601066）发布研报称，当前市场对汽车明年刺激政策及产销总量预期较弱，汽车顺周期属性 弱化，目前来看预期或已见底，科技属性下机器人及无人驾驶等成长方向仍是核心主线。机器人当前行 情仍处于预期整固后的去伪存真阶段，产业在0-1的趋势兑现前夕，建议积极布局配置高胜率及技术升 级环节。 中信建投主要观点如下： 整车板块，本周中央经济工作会议指出坚持内需主导，建设强大国内市场，优化"两新"政策实施，明确 2026年延续国补政策。近期头部车企销量环比走弱，前期市场预期年末抢装下的"翘尾效应"并未兑现， 部分地区以旧换新补贴已暂停，市场情绪处于低位。我们仍然看好自主乘用车高端化、强势新车周期和 新能源出海头部车企。 机器人板块，当前时点坚定看多。板块自11月末底部震荡反弹，核心交易的是特斯拉产业链小批量(百 台级)订单落地等新进展催化，上周美国人形机器人政策扶持也对行情形成支撑，GaN等新技术应用引 发市场关注。后续新的节点兑现是行情延续关键，包括：12月定点陆续落地，25Q1Gen3定型发布，Q2 进入小批量，下半年进入规模量产阶段等;此外，宇树上市申报或也将成为重要事件催化。当前行情仍 处于预期整固后的去 ...

近日，仁怀市公共交通服务有限公司发布城市公交车辆采购项目中标结果。该项目包括两个 标包，均由宇通客车中标。 城市公交车辆采购项目标包1 一、项目基本信息 邀请范围：公开 二、标段概况 标段名称：仁怀市公共交通服务有限公司城市公交车辆采购项目标包1 标段编号：GQQY-ZB2025110112-001 标段内容：采购新能源城市公交车10辆，整车尺寸：10600 mm≥长≥10400 mm段，具 体内容详见"第三章招标需求"。 三、公告媒体及公示日期 公告媒体：黔云招采电子招标采购交易平台,贵州省公共资源交易中心,贵州省招标投标公共 服务平台 公示期: 2025-12-12 12:00至2025-12-13 17:00 四、中标信息 中标人名称 宇通客车股份有限公司 城市公交车辆采购项目标包2 采购方式：招标采购 邀请范围：公开 二、标段概况 标段名称：仁怀市公共交通服务有限公司城市公交车辆采购项目标包2 标段编号：GQQY-ZB2025110112-002 项目名称：仁怀市公共交通服务有限公司城市公交车辆采购项目 项目编号：GQQY-ZB2025110112 采购方式：招标采购 一、项目基本信息 项目名称：仁怀 ...

客车行业基本面更新 20251214 摘要 新能源公交客车海外市场迎来爆发式增长，显著提升国内龙头企业销量 及行业盈利能力。宇通等企业通过出口欧洲市场新能源公交车辆实现显 著增长，单台利润从两三万元提升至接近 10 万元。 公交客车电动化进程快于座位客车，中国公交客车电动化率接近 100%，欧洲 30%-50%，而座位客车全球新能源化率较低。未来政策 倾斜将推动座位客车电动化率逐步提高。 各国政策支持新能源公交车辆，如哥伦比亚、巴西、秘鲁等国出台政策 和补贴，推动南美、中东、东南亚等地区新能源汽车渗透率大幅提高。 全球座位客车电动化率仍然很低，未来几年内该领域将迎来显著增长。 中国和欧盟将逐步转向座位客车领域，非欧盟国家也将加速推进公共交 通系统的电动化。 新能源客车相较于传统燃油车型具有更高的毛利率和净利润。欧洲新能 源大巴平均售价可达 200 万至 250 万元，远高于燃油大巴，单台利润 也远超燃油车型。 Q&A 近年来客车行业的发展历程和现状如何？ 客车行业的发展历程可以分为两个阶段。第一个阶段是国内公交客车的新能源 化，从大约 2010 年开始，持续到 2023 年，这一阶段政府对公交客车行业提 供了 ...

Core Insights - The report emphasizes the importance of overseas expansion and AI applications in the automotive industry, particularly for vehicle manufacturers and parts suppliers, as a means to achieve growth and value reassessment by 2026 [2][9][14]. Group 1: Automotive Industry Overview - In 2025, the domestic automotive market experienced significant growth due to policies promoting vehicle replacement and increasing exports, with a notable rise in sales of new energy vehicles (NEVs) [14][19]. - The outlook for 2026 indicates potential growth pressures in the domestic market due to tightening policies and the phasing out of tax exemptions for NEVs, while exports are expected to remain a key growth driver [15][20]. Group 2: Vehicle Segment Analysis - The report forecasts that the domestic passenger vehicle market will see stable sales, with an estimated total of 30.37 million units in 2026, reflecting a 1.1% year-on-year increase, driven by export growth [29][39]. - The export volume of passenger vehicles is projected to reach approximately 6.56 million units in 2026, representing a 14% year-on-year increase, as domestic brands enhance their overseas presence [39][40]. Group 3: New Energy Vehicles (NEVs) - The penetration rate of NEVs is expected to continue rising, with sales projected at around 17.41 million units in 2026, marking a 12% year-on-year increase [9][30]. - The report highlights a shift from a "price war" to a "value war" among NEV manufacturers, indicating a competitive landscape focused on quality and technology [9][16]. Group 4: Auto Parts Industry - The report identifies overseas business as a crucial growth point for auto parts companies, with expectations of improved profitability from international operations as companies expand their global footprint [9][16]. - AI applications in areas such as humanoid robots, AI liquid cooling, and intelligent driving are anticipated to create new growth opportunities for parts suppliers, with significant advancements expected in 2026 [9][16][19]. Group 5: Investment Recommendations - The report recommends focusing on mid-cap blue-chip companies in the auto parts sector, as their overseas business is expected to contribute significantly to profitability in the coming years [3][9]. - Key investment targets include companies like Yinchuan, New Spring, Top Group, and others that are well-positioned to benefit from the trends in overseas expansion and AI integration [3].

Key Points - The core view is that in the heavy truck sector, exports will surpass domestic sales by 2026, with electric and natural gas vehicles outpacing diesel trucks, focusing on export leaders [2][3][12] - For 2025, domestic sales are expected to reach 814,000 units, a year-on-year increase of 35.2%, while exports are projected at 332,000 units, up 14.3%, leading to a total wholesale volume of 1,143,000 units, reflecting a 26.7% increase [2][19] - The natural demand for heavy trucks is stabilizing, with an estimated 646,000 units driven by natural demand in 2025, indicating that policy support is not the sole driver of growth [2][19] - By 2026, the penetration rate of electric heavy trucks is expected to rise to 30%-35%, with natural gas trucks also gaining traction as gas prices decline and oil prices stabilize [3][12] - Investment recommendations include focusing on export leaders such as China National Heavy Duty Truck Group (China National Heavy Duty Truck H), engine leaders like Weichai Power, and companies with potential in both export and domestic sales like China National Heavy Duty Truck A, FAW Jiefang, Foton Motor, and CIMC Vehicles [3][12] Commercial Vehicle Sector - The bus sector is expected to see stronger external demand than internal demand in 2026, with a projected 3% increase in domestic sales and a 30% increase in exports [5][13] - The key players in the bus sector include Yutong and King Long, which are expected to benefit from the dual drivers of domestic recovery and sustained overseas demand [6][13] Motorcycle Sector - The motorcycle market is witnessing a decline in domestic sales but a significant increase in exports, particularly for large-displacement motorcycles, which are expected to grow by 31% year-on-year in 2026 [8][14] - The total motorcycle sales for 2026 are projected to reach 19.38 million units, a 14% increase, with large-displacement motorcycles expected to account for 1.26 million units [8][14] - Investment recommendations in the motorcycle sector favor leading companies such as Chunfeng Power and Longxin General [9][14]