证券代码：600066 证券简称：宇通客车 编号：临2025-052 宇通客车股份有限公司 关于年度担保计划范围内担保进展的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 根据上海证券交易所相关披露要求，公司对年度担保计划 范围内的担保进展情况进行月度汇总披露。 公司全资子公司： 1、YUTONG FRANCE S.A.S.（以下简称"法国宇通"） 2、香港宇通国际有限公司（以下简称"香港宇通"） 3、YUTONG CHILE SPA（以下简称"智利宇通"） 4、YUTONG DE MEXICO，S.A.DE C.V.（以下简称"墨西哥宇通"） 5、福州宇驰顺捷汽车服务有限公司（以下简称"福州顺捷"） 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（具体如下） 9 月担保发生额 41,396.82 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 9 月担保发生额 1,548.60 万元 是否在前期预计 ...

- Model Name: Expected High Dividend Portfolio; Model Construction Idea: The model uses a two-stage approach to construct the expected dividend yield indicator. The first stage calculates the dividend yield based on the annual report's profit distribution, and the second stage predicts and calculates the dividend yield using historical dividends and fundamental indicators. Additionally, two short-term factors affecting dividend yield—reversal factor and profitability factor—are used to assist in screening, and the selection is made from the CSI 300 constituent stocks to construct the expected high dividend portfolio. The portfolio holds 30 stocks each period and rebalances monthly[3][8] - Model Construction Process: 1. Exclude suspended and limit-up stocks from the CSI 300 constituent stocks to form the candidate stock pool[13] 2. Exclude the top 20% of stocks with the highest short-term momentum (i.e., the top 20% of stocks with the highest 21-day cumulative gains) from the stock pool[13] 3. Exclude stocks with declining profitability (i.e., stocks with a negative year-on-year growth rate of quarterly net profit)[13] 4. Rank the remaining stocks in the stock pool by expected dividend yield and select the top 30 stocks with the highest expected dividend yield to construct the portfolio equally weighted[9] - Model Evaluation: The model's historical performance is outstanding, with a cumulative return of 358.90% and a cumulative excess return of 107.44% relative to the CSI 300 Total Return Index. The annualized excess return is 8.87%, with a maximum rolling one-year drawdown of only 12.26% and a monthly excess win rate of 60.19%[11] Model Backtest Results - Expected High Dividend Portfolio, average return in September 2025: -5.35%, underperformed the CSI 300 Index by 8.09% and the CSI Dividend Index by 3.87%[3][14] - Best performing stocks in September 2025: CITIC Special Steel (3.81%), Yutong Bus (-0.35%), Industrial and Commercial Bank of China (-1.75%), Shuanghui Development (-1.90%)[15] Factor Construction and Evaluation - Factor Name: Expected Dividend Yield Factor; Factor Construction Idea: The factor is constructed by predicting dividend distribution using the method of dividend distribution combined with fundamental indicators. Two short-term factors affecting dividend yield—reversal factor and profitability factor—are used to assist in screening[14] - Factor Construction Process: 1. Calculate the dividend yield based on the annual report's profit distribution[8] 2. Predict and calculate the dividend yield using historical dividends and fundamental indicators[8] - Factor Evaluation: The factor is used to assist in screening and constructing the expected high dividend portfolio, which has shown outstanding historical performance[3][8] Factor Backtest Results - Expected Dividend Yield Factor, average return in September 2025: -5.35%, underperformed the CSI 300 Index by 8.09% and the CSI Dividend Index by 3.87%[3][14]

10月13日，宇通客车涨1.05%，截至发稿，报29.71元/股，成交9.21亿元，换手率1.39%，总市值657.76 亿元。宇通客车股价已经连续3天上涨，区间累计涨幅9.19%。 资料显示，宇通客车股份有限公司位于河南省郑州市管城回族区宇通路6号，成立日期1997年1月8日， 上市日期1997年5月8日，公司主营业务涉及客车的研发、生产和销售;客车零部件的研发、生产和销 售。主营业务收入构成为：客车制造分部94.41%，对外贸易分部32.14%，其他分部12.13%，客运分部 0.07%。 从基金十大重仓股角度 数据显示，国泰海通资管旗下1只基金重仓宇通客车。国泰君安高端装备混合发起A（017933）二季度 持有股数2.17万股，与上期相比持股数量不变，占基金净值比例为4.3%，位居第七大重仓股。根据测 算，今日浮盈赚取约6727元。连续3天上涨期间浮盈赚取5.42万元。 国泰君安高端装备混合发起A（017933）基金经理为李煜。 截至发稿，李煜累计任职时间2年228天，现任基金资产总规模1255.52万元，任职期间最佳基金回 报-4.26%， 任职期间最差基金回报-5.26%。 风险提示：市场有风险，投 ...

Core Viewpoint - Chinese new energy buses are making significant inroads into the European market, highlighted by their strong presence at the recent Busworld exhibition in Belgium, where over 80 Chinese companies showcased their electric and intelligent products, surpassing German participation for the first time [1][2][6] Group 1: Market Presence and Growth - As of 2024, Chinese electric buses hold nearly one-third of the European market share, with the penetration rate of new energy buses exceeding 40% [1][14] - The sales of new energy buses in Europe have seen rapid growth, from over 4,000 units in 2022 to over 6,000 in 2023, with projections of reaching over 9,000 units in 2024 [14][21] - Chinese bus manufacturers are transitioning from a sales-oriented approach to a systematic strategy in the European market, focusing on sustainable development and customer service [10][14] Group 2: Technological Advancements - Yutong Bus introduced the "Vehicle and Battery Same Lifespan" technology, featuring a long-life battery with a warranty of 15 years or 1.5 million kilometers, significantly reducing lifecycle operating costs by 4% to 5% [2][20] - The exhibition showcased various new electric models from Chinese manufacturers, including Yutong's U15 and T14E, which won multiple awards, marking a significant recognition for Chinese brands in Europe [6][9] Group 3: Competitive Landscape - European manufacturers are increasing their R&D investments in electric vehicles to reclaim market share, with notable launches from companies like Daimler and MAN [21][22] - The competitive advantage of Chinese electric buses is at risk as European companies ramp up their technological innovations, indicating a narrowing window for Chinese brands to solidify their market position [22][23]

Investment Rating - The investment rating for the automotive and parts industry is maintained as Neutral [5] Core Insights - The report anticipates that competitive domestic brands and new forces in intelligent driving technology will continue to expand their market share by 2025 [3][15] - The report suggests ongoing attention to humanoid robotics, Huawei's supply chain, Xiaomi's supply chain, T-chain, and intelligent driving industry companies [3][15] - The expected impact of tariff fluctuations on certain export chains in the automotive parts sector is considered minimal [2][14] Summary by Sections Weekly Insights - Figure AI has officially launched the Figure 03 humanoid robot, which is expected to have strong mass production certainty, with a target annual production capacity of 12,000 units in its first phase [12] - The collaboration between Sairus and ByteDance's Volcano Engine aims to accelerate the development of the domestic robotics industry [13] - Tesla's Cybercab prototype has entered the collision testing phase, indicating readiness for mass production by 2026 [14] Sales Tracking - In September, the wholesale sales of passenger cars reached 2.77 million units, a year-on-year increase of 11%, while retail sales were 2.24 million units, up 6% year-on-year [19][22] Market Performance - The automotive sector underperformed compared to the CSI 300 index, with a decline of 1.5% [26][28] - The passenger vehicle and automotive parts sectors showed weaker performance, with the automotive parts sector experiencing a significant drop of 2.45% [26][30] Key Company Announcements - Sairus announced a cooperation framework with ByteDance to enhance the application of AI in the automotive industry [39] - BYD reported a sales figure of 396,300 units in September, a year-on-year decrease of 5.5% [43] - SAIC Motor's sales in September reached 439,800 units, a year-on-year increase of 40.4% [45]

Core Insights - The article highlights the top-performing stocks in the S&P China A-Share Dividend Opportunity Index, showcasing significant price increases and dividend yields for various companies [1]. Group 1: Stock Performance - New Australia Co., Ltd. (603889.SH) leads with a price increase of 10.07% and a year-to-date increase of 16.40%, with a dividend yield of 3.87% [1]. - Yiyi Co., Ltd. (001206.SZ) follows closely with a 10.00% increase and an impressive year-to-date increase of 113.23%, offering a dividend yield of 2.44% [1]. - Daimi Co., Ltd. (603730.SH) shows a 7.97% increase and a modest year-to-date increase of 0.39%, with a dividend yield of 4.05% [1]. Group 2: Dividend Yields - Yutong Bus Co., Ltd. (600066.SH) has a dividend yield of 6.80% with a year-to-date increase of 17.80% [1]. - COSCO Shipping Energy Transportation Co., Ltd. (600026.SH) offers a dividend yield of 3.52% and a year-to-date increase of 7.55% [1]. - Qianjiang Motorcycle Co., Ltd. (000913.SZ) presents a higher dividend yield of 7.23% with a year-to-date increase of 3.63% [1]. Group 3: Additional Notable Stocks - Shanghai Bank (HS BCCLO9) has a dividend yield of 5.44% and a year-to-date increase of 2.55% [1]. - Agricultural Bank of China (601288.SH) shows a year-to-date increase of 33.65% with a dividend yield of 3.54% [1]. - The overall performance of these stocks indicates a positive trend in the market, particularly for those with strong dividend yields [4].

Core Viewpoint - The article highlights the significant achievements of Yutong Bus at the 2025 Busworld in Belgium, showcasing its dominance in the electric bus market and innovative technologies that align with global sustainability trends [3][10][21]. Awards and Recognition - Yutong Bus won a total of 7 prestigious awards at the Busworld, including the "Grand Award Bus" and "Grand Award Coach," marking a historic achievement for a Chinese brand in Europe [3][8][9]. - The U15 model received multiple accolades, demonstrating Yutong's strong product capabilities in the high-end urban bus sector [8][9]. - The T14E and IC12E models also received recognition, further solidifying Yutong's reputation in the electric bus market [8][9]. Product Innovations - Yutong introduced the "Vehicle-Battery Co-Lifetime" technology, which features a long-lasting battery designed for 15 years or 1.5 million kilometers, addressing the needs of the European market [10][11][13]. - This technology aims to reduce lifecycle operating costs by 4%-5% and promotes resource conservation and circular economy benefits [11][13]. Market Strategy and Service - Yutong has established a robust overseas service network with over 400 authorized service points, ensuring comprehensive support for its vehicles in international markets [15][18]. - The company emphasizes a tailored service approach, adapting to the diverse needs of global customers through its "One Country, One Policy" strategy [15][18]. Industry Trends - The article notes a shift towards electric vehicles in the European bus market, with Yutong's electric models dominating award categories, indicating a growing acceptance of sustainable transport solutions [21]. - Yutong aims to set a benchmark for Chinese bus brands in international markets, focusing on responsible and sustainable development [21].

Core Viewpoint - The company has shown strong performance in bus sales and production, with optimistic projections for future growth driven by international recognition and strategic market expansion [1][2][3]. Group 1: Sales and Production Performance - In September, the company achieved bus sales of 4,756 units, representing a year-on-year increase of 25.6% and a month-on-month increase of 11.6% [1]. - The bus production for September reached 4,447 units, marking a year-on-year increase of 14.7% and a month-on-month increase of 6.8% [1]. - For the first nine months of the year, cumulative bus sales totaled 34,000 units, reflecting a year-on-year growth of 7.1% [1]. - The company anticipates a significant increase in export sales and effective cost control, leading to optimistic growth projections for the third quarter [1]. Group 2: International Recognition and Product Development - The company received seven awards at the World Bus Expo in Belgium, highlighting its excellence in vehicle performance, safety, and environmental standards [2]. - The launch of the pure electric intercity bus IC12E, featuring a long-life battery technology, is expected to reduce lifecycle costs for operators by approximately 4%-5% [2]. - The company successfully delivered 723 high-end customized buses for the Africa Cup, setting a record for the largest single order for a Chinese brand in the African bus market [2]. Group 3: Financial Projections - The company is projected to achieve revenues of 43.04 billion, 52.74 billion, and 61.94 billion yuan from 2025 to 2027, with net profits of 4.90 billion, 6.22 billion, and 7.62 billion yuan respectively [3].

Investment Rating - The report maintains an "Overweight" rating for the automotive industry, expecting the industry index to outperform the market index by more than 10% in the next six months [39]. Core Insights - The automotive sector has shown a mixed performance, with the Shenwan Automotive Index increasing by 0.74% over the past two weeks, underperforming the CSI 300 Index by 1.78 percentage points, ranking 16th among 31 industries [11][18]. - Year-to-date, the automotive sector has risen by 27.92%, outperforming the CSI 300 Index by 8.24 percentage points, ranking 9th among 31 industries [11][18]. - Recent adjustments in vehicle purchase tax exemptions for new energy vehicles (NEVs) are expected to enhance the overall technical standards of NEVs and phase out outdated production capacities [34][24]. Industry Data Tracking - As of October 9, 2025, raw material prices show a slight decline in steel prices by 0.30%, while aluminum prices increased by 1.16%. Copper and lithium carbonate prices remained stable, and prices for synthetic rubber and glass rose by 0.68% and 0.99%, respectively [20][21]. Industry News - The Ministry of Industry and Information Technology announced adjustments to the technical requirements for NEVs, increasing the minimum electric range for plug-in hybrid vehicles from 43 km to 100 km [24]. - The National Development and Reform Commission has allocated 69 billion yuan in special bonds to support the consumption upgrade policy [25]. - The China Automobile Dealers Association reported a retail sales figure of 1.776 million passenger vehicles from September 1-27, remaining flat year-on-year [26]. Company News - BYD reported a 5.52% year-on-year decline in NEV sales for September, totaling 396,300 units [30]. - Seres announced a 19.44% increase in NEV sales for September, reaching 44,700 units [30]. - Tesla plans to launch a lower-priced version of the Model Y to adapt to changes in U.S. electric vehicle incentives [30]. Investment Recommendations - The report suggests focusing on companies that enhance brand competitiveness through intelligent processes, such as BYD and Seres [34]. - It also highlights the potential growth in the intelligent driving supply chain, recommending companies like Fuyao Glass and Joyson Electronics [34]. - Additionally, it points to Yutong Bus as a beneficiary of the "old for new" policy in the new energy bus sector [34].

Core Viewpoint - The commercial vehicle sector experienced a 0.91% increase on October 10, with Yutong Bus leading the gains, while the overall Shanghai Composite Index fell by 0.94% [1]. Summary by Category Market Performance - The Shanghai Composite Index closed at 3897.03, down 0.94% - The Shenzhen Component Index closed at 13355.42, down 2.7% [1]. Commercial Vehicle Sector - The commercial vehicle sector saw individual stock performances as follows: - Yutong Bus (600066) closed at 29.40, up 5.19% with a trading volume of 436,900 shares and a turnover of 1.29 billion yuan - King Long Automobile (600686) closed at 12.88, up 4.29% with a trading volume of 828,400 shares and a turnover of 1.06 billion yuan - Zhongtong Bus (000957) closed at 11.43, up 3.07% with a trading volume of 292,800 shares and a turnover of 331 million yuan - Other notable performances include Ankai Bus (000868) up 2.40% and Jiangling Motors (000550) up 2.17% [1]. Fund Flow Analysis - The commercial vehicle sector experienced a net outflow of 403 million yuan from institutional investors, while retail investors saw a net inflow of 291 million yuan [3]. - Specific stock fund flows included: - King Long Automobile had a net inflow of 88.14 million yuan from institutional investors - Zhongtong Bus had a net inflow of 31.97 million yuan from institutional investors - China National Heavy Duty Truck (000951) had a net inflow of 31.65 million yuan from institutional investors [4].