10月4~9日，2025年世界客车博览会欧洲展（以下简称"世界客车博览会"）将在比利时布鲁塞尔展览中心开幕。 作为全球惟一专注于客车及其供应链的贸易展会，世界客车博览会汇聚来自世界各地的车辆制造商、车身制造商、供应商、运营商及交通管理部门。 回顾2023年展会，彼时共吸引超4万名专业观众到场参观交流，今年展会规模将进一步扩大。据主办方提供的展商数据，今年展会的展出面积达8.2万平方 米，目前已有近550家参展商确认参展，这充分证明世界客车博览会作为全球客车、系统供应商及创新者首选交易平台的核心地位。 当然，中国客车企业所展现出的浓厚参展热情，也在另一个侧面反映出中国客车在全球舞台上的雄心与自信。随着中国客车企业在技术研发、绿色能 源应用（以纯电动客车及氢燃料客车为代表）及国际化布局上的持续突破，越来越多的中国企业选择将世界客车博览会作为展示最新产品与解决方案的重 要平台。 零排放的技术趋势 客车制造商无疑是世界客车博览会的焦点。今年的展会上，各客车细分领域均将迎来全球首发车型亮相。目前，已有85家客车制造商确认参展，参展 车型涵盖城市客车、城际客车、中型客车、小型客车、VIP客车及接驳客车等多个品类。不仅如此 ...

Core Insights - The commercial vehicle sector experienced a 0.81% increase on September 30, with Dongfeng Motor leading the gains [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Commercial Vehicle Sector Performance - Dongfeng Motor (600006) closed at 8.06, with a rise of 6.05% and a trading volume of 1.23 million shares, amounting to a transaction value of 972 million [1] - Other notable performers included: - Zhongjun Vehicles (301039) at 9.61, up 1.69% [1] - Shuguang Co. (600303) at 3.91, up 1.56% [1] - Jianghuai Automobile (600418) at 53.90, up 1.51% [1] - The sector saw a net inflow of 248 million in main funds, while retail investors experienced a net outflow of 206 million [3][4] Fund Flow Analysis - Main funds showed significant net inflows in several companies: - Dongfeng Motor: 218 million, accounting for 22.41% of the total [4] - Yutong Bus (600066): 93.02 million, 17.44% [4] - Jianghuai Automobile: 58.23 million, 1.77% [4] - Retail investors showed net outflows in various companies, with notable outflows from: - Yutong Bus: 6.89 million, -12.93% [4] - Jiangling Motors: 14.95 million, -11.50% [4] - China National Heavy Duty Truck (000951): 15.97 million, -9.42% [4]

为积极响应资本市场新"国九条"政策要求，深化投资者与上市公司的良性互动，助力投资者强化股东意识，持续讲好沪市上市公司高质量发展故事，在上海 证券交易所、中证中小投资者服务中心、河南省证券期货基金业协会的指导下，华福证券国家级投资者教育基地承办的"我是股东走进沪市上市公司—— 宇 通客车 （600066）"活动在郑州圆满举行。 活动当天，上海证券交易所、中证中小投资者服务中心、河南省证券期货基金业协会、上海证券报、华福证券及投资者代表等，在宇通客车相关负责人的全 程陪同与专业讲解下开展实地参观。一行人先后走进企业展厅、试车道等核心场景，直观且深入地触摸企业发展脉络，真切感受宇通客车在技术研发、生产 制造与市场布局中的经营活力。 17, Li 0 参观结束后，宇通客车董事会秘书代表公司致辞，向到场嘉宾与投资者表达欢迎；投资者关系管理经理详细介绍公司经营情况，为投资者清晰呈现企业发展 基本面。作为活动承办方，华福证券对各方的参与和支持表示感谢，并强调了此次活动推动各方良性沟通的重要意义；紧接着，由研究所汽车行业分析师简 要介绍客车产业发展趋势。 在随后的互动问答环节，宇通客车针对投资者关注的海外布局、行业发展趋势及 ...

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 国家知识产权局信息显示，宇通客车股份有限公司取得一项名为"一种氢燃料电池车辆碰撞检测方法、 系统和车辆"的专利，授权公告号CN115520012B，申请日期为2021年06月。 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - By 2035, new energy vehicles will become the mainstream of newly sold vehicles in China, with the net greenhouse gas emissions in the entire economic scope decreasing by 7%-10% from the peak, non-fossil energy consumption accounting for over 30% of the total energy consumption, and other goals to be achieved [1][109][118]. - The penetration rate of the Chinese new energy vehicle market exceeded 30% in 2023 and 50% in 2024. In 2025, high - competitiveness new car products are continuously launched, and price wars are gradually stopped. Overseas markets face trade protectionism in Europe and the United States, so attention should be paid to new growth points such as countries along the Belt and Road and the Middle East. The market share of independent brands continues to expand [3][120]. 3. Summary According to Relevant Catalogs 3.1 Financial Market Tracking - The one - week price changes of related sectors and listed companies are presented in charts. For example, BYD's one - week price decline was 1.65%, while Seres' was 9.48% [12][15]. 3.2产业链数据跟踪 3.2.1 China New Energy Vehicle Market Tracking - **Sales and Exports**: Data on China's new energy vehicle sales, penetration rate, domestic sales, exports, and sales of EV and PHV are presented in charts [16][21][23]. - **Inventory Changes**: Charts show the monthly new additions to new energy passenger vehicle channel inventory and manufacturer inventory [24][25]. - **Delivery Volumes of Chinese New Energy Vehicle Enterprises**: Monthly delivery volumes of enterprises such as Leapmotor, Li Auto, XPeng, NIO, etc., are presented in charts [27][28][32]. 3.2.2 Global and Overseas New Energy Vehicle Market Tracking - **Global Market**: From January to July, global new energy vehicle sales reached 9.233 million, a year - on - year increase of 25.9%. Except for China, Europe and other regions also had significant growth, with year - on - year increases of 29.5% and 53.4% respectively [2]. - **European Market**: Data on European new energy vehicle sales, penetration rate, and sales of EV and PHV in countries like the UK, Germany, and France are presented in charts [44][50][55]. - **North American Market**: In August, US new energy vehicle sales and penetration rate reached record highs. Due to the expiration of the federal electric vehicle tax credit on September 30, high market enthusiasm is expected to continue in September, followed by a sharp decline. Data on North American new energy vehicle sales, penetration rate, and sales of EV and PHV are presented in charts [2][119]. - **Other Regions**: Data on new energy vehicle sales, penetration rate, and sales of EV and PHV in regions such as Japan, South Korea, and Thailand are presented in charts [62][70][72]. 3.2.3 Power Battery Industry Chain - Data on power battery installation volume, export volume, weekly average price of battery cells, material costs, and the operating rates and prices of various battery materials are presented in charts [79][81][85]. 3.2.4 Other Upstream Raw Materials - Data on the daily prices of rubber, glass, steel, and aluminum are presented in charts [102][103][104]. 3.3 Hot News Summaries 3.3.1 China: Policy Dynamics - By 2035, new energy vehicles will become the mainstream of newly sold vehicles in China. From 2026, export license management will be implemented for pure - electric passenger vehicles [109]. 3.3.2 China: Industry Dynamics - From September 1 - 21, new energy vehicle retail sales increased by 10% year - on - year, and cumulative retail sales since the beginning of the year increased by 24%. In the 38th week (September 15 - 21), new energy passenger vehicle retail sales were 299,000, a year - on - year increase of 5.9%, and cumulative retail sales since the beginning of the year were 8.214 million, a year - on - year increase of 23.0% [111][112][113]. 3.3.3 China: Enterprise Dynamics - Chery Automobile was listed on the Hong Kong Stock Exchange, raising HK$9.14 billion. Li Auto and Sunwoda Power jointly established a battery company [114]. 3.3.4 Overseas: Policy Dynamics - Australia announced a 2035 emission reduction target, aiming to reduce emissions by 62 - 70% compared to 2005. The US lowered the import tariff on EU cars to 15%, and Turkey imposed new tariffs on imported passenger cars [114][116][119]. 3.3.5 Overseas: Enterprise Dynamics - BYD's Brazilian factory obtained an international green certificate. Porsche adjusted its product strategy, slowing down electrification and lowering its 2025 performance expectations [117][118]. 3.4 Investment Advice - Pay attention to new growth points such as countries along the Belt and Road and the Middle East. Focus on enterprises with strong product capabilities, smooth overseas expansion, and stable supply [3][120].

证券之星消息，9月29日商用车板块较上一交易日上涨1.22%，汉马科技领涨。当日上证指数报收于3862.53，上涨0.9%。深证成指报收于 13479.43，上涨2.05%。商用车板块个股涨跌见下表： 从资金流向上来看，当日商用车板块主力资金净流入2.39亿元，游资资金净流出2.0亿元，散户资金净流出3863.81万元。商用车板块个股资金流向 见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600418 江淮汽车 | | 1.85 Z | 6.15% | -1.41 Z | -4.67% | -4458.07万 | -1.48% | | 301039 | 中隼车辆 | 2216.59万 | 9.48% | -2103.05万 | -8.99% | -113.54万 | -0.49% | | 000951 中国重汽 | | 1994.27万 | 11.00% | -477.45万 | -2.63% | -15 ...

Core Viewpoint - China's bus exports have experienced continuous growth, achieving a 20-month streak of year-on-year increases from January 2024 to August 2025, with a total export of 48,370 vehicles in the first eight months of 2025, representing a 30.97% increase compared to the same period last year [1][3][33]. Group 1: Export Performance - In the first eight months of 2025, the export of large, medium, and light buses reached 48,370 units, with large buses increasing by 46.04% and medium buses by 39.10%, while light buses saw a decline of 15.75% [6][8][19]. - August 2025 saw a total export of 6,649 buses, marking an 8.47% month-on-month increase and a 22.02% year-on-year increase [1][3][6]. - The export of large buses in August was 3,432 units, while medium buses reached 1,537 units, both showing significant year-on-year growth [8][10]. Group 2: Company Rankings - Yutong Bus led the export rankings with 8,630 units in the first eight months of 2025, achieving a year-on-year growth of 7.85% [13][14]. - Xiamen King Long maintained the second position with 8,077 units, reflecting a remarkable 71.78% increase compared to the previous year [13][14]. - The top five companies in bus exports for the first eight months of 2025 were Yutong, Xiamen King Long, Xiamen Jinlv, Suzhou King Long Haige, and Zhongtong, with varying growth rates and market shares [14][19]. Group 3: Market Trends - The market for buses remains robust, with significant growth in the export of seat buses and public transport buses, while other categories like school buses showed negligible export volumes [10][25]. - The trend towards electrification in public transport vehicles is creating new opportunities for Chinese bus manufacturers, with many companies reporting substantial year-on-year growth [26][31]. - The overall outlook for bus exports is positive, with expectations for continued growth and potential monthly exports exceeding 7,000 units in the near future [33].

宇通客车所属申万行业为：汽车-商用车-商用载客车。所属概念板块包括：电子后视镜、高派息、出海 概念、氢能源、MSCI中国等。 截至6月30日，宇通客车股东户数5.24万，较上期减少0.08%；人均流通股42265股，较上期增加0.08%。 2025年1月-6月，宇通客车实现营业收入161.29亿元，同比减少1.26%；归母净利润19.36亿元，同比增长 15.64%。 9月29日，宇通客车盘中下跌2.01%，截至13:07，报27.34元/股，成交3.80亿元，换手率0.62%，总市值 605.29亿元。 资金流向方面，主力资金净流入2842.63万元，特大单买入2003.41万元，占比5.28%，卖出378.48万元， 占比1.00%；大单买入6540.25万元，占比17.23%，卖出5322.55万元，占比14.02%。 宇通客车今年以来股价涨9.89%，近5个交易日跌7.92%，近20日跌1.65%，近60日涨4.23%。 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 ...

Investment Rating - The report maintains a "Recommended" rating for the automotive industry [1] Core Views - The automotive industry is expected to benefit from the continuation of the vehicle replacement policy in 2025, supporting upward consumption trends. The industry is also experiencing a structural shift towards high-end and intelligent upgrades, which presents investment opportunities [18] Summary by Sections Recent Developments - Chery Automobile has successfully listed on the Hong Kong Stock Exchange, raising HKD 9.14 billion with a record oversubscription of 238 times. The company's revenue is projected to grow from CNY 92.618 billion in 2022 to CNY 269.899 billion by 2024, with a compound annual growth rate (CAGR) of 70.7% [5][13] - The Ideal i6 was launched at a price of CNY 249,800, featuring advanced technology and performance specifications [14] - The Shangjie H5 was launched with a starting price of CNY 159,800, offering both electric and range-extended versions [15] - The all-new Wanjie M7 was launched with a price range of CNY 279,800 to CNY 379,800, providing multiple powertrain options [17] Market Performance - From September 22 to September 26, the automotive sector underperformed compared to the Shanghai Composite Index, with the automotive index remaining flat while the overall index rose by 0.2% [19] - The automotive sector's weekly trading volume decreased, indicating a potential decline in investor interest [19] Investment Opportunities - The report highlights several companies poised to benefit from the industry's transition to high-end and intelligent vehicles, including Ideal Auto, Jianghuai Automobile, Geely, BYD, and Great Wall Motors [18] - The report also identifies opportunities in high-level intelligent driving technologies, recommending companies like XPeng Motors and Huayang Group [18] - In the commercial vehicle sector, it anticipates a recovery in heavy truck demand in 2025, recommending leading companies such as Foton Motor and China National Heavy Duty Truck Group [18] Key Company and Earnings Forecasts - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for several key companies, indicating a bullish outlook for firms like Yiyuan Co., Baolong Technology, and Xinyu Co. [8]

Group 1 - The core viewpoint of the article is the announcement of the successful bidders for the 2025 bus procurement project by Shaoxing Public Transport Group, with a total bid amount of 90.993 million yuan [1][2][3]. - The project includes the procurement of various electric buses, with specific details on the number and type of buses awarded to different suppliers [1][3]. - The total procurement consists of 24 units of 8-meter pure electric air-conditioned buses from Yutong, 66 units of 7-meter pure electric air-conditioned buses from Xiamen Golden Dragon, and other smaller units from different suppliers [1][3]. Group 2 - The bid amounts for the awarded contracts include 34.146 million yuan for Yutong, 45.936 million yuan for Xiamen Golden Dragon, and smaller amounts for other suppliers [3]. - The announcement includes the names and addresses of the winning suppliers, indicating a diverse range of companies involved in the electric bus sector [3]. - The evaluation committee for the bids consisted of several experts, ensuring a thorough review process for the procurement [3].