Market Overview - The commercial vehicle sector experienced a decline of 1.28% on September 26, with Hanma Technology leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Notable stock performances included: - Shuguang Co., Ltd. (600303) rose by 9.97% to a closing price of 3.86, with a trading volume of 501,900 shares and a turnover of 190 million yuan [1] - Hanma Technology (600375) fell by 6.13% to a closing price of 7.65, with a trading volume of 1,389,300 shares and a turnover of 1.12 billion yuan [2] - Jianghuai Automobile (600418) decreased by 2.27% to 51.63, with a turnover of 401.7 million yuan [2] Capital Flow - The commercial vehicle sector saw a net outflow of 291 million yuan from institutional investors, while retail investors contributed a net inflow of 234 million yuan [2] - The capital flow for specific stocks included: - Shuguang Co., Ltd. had a net inflow of 82.08 million yuan from institutional investors, but a net outflow of 35.01 million yuan from speculative funds [3] - Zhongtong Bus (000957) experienced a net inflow of 12.51 million yuan from institutional investors [3]

Core Viewpoint - UBS maintains an optimistic stance on Chinese stocks, particularly favoring A-shares due to their relative valuation attractiveness, which is at a 30% discount compared to the MSCI World Index and aligns with historical averages [1] Industry Preferences - UBS is bullish on the AI theme, A-share brokerage firms, and high-dividend stocks [1] - The firm selectively supports the "anti-involution" theme, showing preference for sectors such as solar energy, chemicals, and lithium batteries [1] Preferred Stocks - UBS has listed its top picks for Chinese stocks, including A-shares such as Huatai Securities, Northern Huachuang, Yutong Bus, Kingsoft Office, Yangtze Power, and Small Commodity City, all rated as "Buy" [1] - For H-shares, the preferred stocks include China Mobile, Tencent, CRRC, and BYD, also rated as "Buy" [1] - ADRs highlighted by UBS include NetEase, Alibaba, and Global Data, all receiving a "Buy" rating [1]

2025年3月份开始，新能源重卡销量连续5个月超过1.5万辆，其中充电重卡自4月份起月销量保持超万辆水准，贡献最大。8月份，新能 源重卡整体销量继续保持高位，达到1.78万辆，充电重卡的突出表现也还在继续。 从细分车型来看，2025年1-8月份挂牌上路的充电重卡仍以牵引车、自卸车，以及混凝土搅拌车为主，分别达到5.29万辆、9918辆和 8908辆，占比分别达到69.68%、13.07%和11.74%。此外，洗扫车、清洗车等环卫车型也是充电重卡的重要细分车型，合计占比达 到4.82%。 请看第一商用车网的分析报道。 8月销1.2万辆大增246%，连续20个月翻倍涨 2025年8月份，国内新能源重卡市场共计销售1.78万辆（注：本文数据来源为交强险实销口径，不含出口和军车，下同），环比今年7 月份增长7%，同比增长182%。8月份，纯电动重卡（包括换电和充电）销售1.75万辆，占比高达98.66%，较上月（98.07%）小幅 提升，仍是新能源重卡最重要的组成部分。这其中，充电重卡销售1.20万辆，环比增长6%，同比增长246%，同比增幅较上月 （+205%）扩大41个百分点，这是充电重卡连续第20个月实现翻倍增 ...

Core Viewpoint - Yutong Bus experienced a stock price decline of 2.01% on September 26, with a trading volume of 314 million yuan and a total market capitalization of 61.393 billion yuan [1] Financial Performance - For the first half of 2025, Yutong Bus reported operating revenue of 16.129 billion yuan, a year-on-year decrease of 1.26%, while net profit attributable to shareholders increased by 15.64% to 1.936 billion yuan [2] - Since its A-share listing, Yutong Bus has distributed a total of 27.13 billion yuan in dividends, with 9.963 billion yuan distributed over the past three years [3] Shareholder Structure - As of June 30, 2025, the number of shareholders for Yutong Bus was 52,400, a slight decrease of 0.08%, with an average of 42,265 circulating shares per person, an increase of 0.08% [2] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 237 million shares, a decrease of 56.42 million shares compared to the previous period [3] - Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF have increased their holdings, while Huaxia Energy Innovation Stock A has exited the top ten circulating shareholders list [3] Stock Performance - Yutong Bus's stock price has increased by 11.45% year-to-date, with a recent decline of 4.38% over the last five trading days [1] - The stock's trading activity shows a net outflow of 44.973 million yuan from main funds, with significant selling pressure observed [1]

证券之星消息，9月25日商用车板块较上一交易日下跌0.2%，宇通客车领跌。当日上证指数报收于3853.3，下跌0.01%。深证成指报收于13445.9， 上涨0.67%。商用车板块个股涨跌见下表： | 商用车板块 涨幅前10个股 | | --- | | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600418 | 江淮汽车 | 52.83 | 3.06% | 74.21万 | | 38.83亿 | | 600375 | 汉马科技 | 8.15 | 2.00% | 107.93万 | | 8.73亿 | | 301039 | 中佳车辆 | 8.90 | -0.22% | - 10.95万 | | 9788.28万 | | 600006 | 东风股份 | 7.66 | -0.65% | 40.82万 | | 3.13亿 | | 000800 | 一汽解放 | 6.97 | -0.71% | 12.44万 | | 8680.82万 | | 000550 | 江铃汽车 | 21.43 | ...

Core Viewpoint - In August 2025, China's sales of new energy buses above 7 meters achieved a double increase both month-on-month and year-on-year, indicating a robust growth trend in the market [1][2]. Sales Performance - In August 2025, a total of 4,403 new energy buses were sold, representing an 18.97% month-on-month increase and a 46.28% year-on-year increase [1][2]. - Cumulatively, from January to August 2025, sales reached 26,254 units, a year-on-year increase of 37.38% [1][10]. Leading Companies - Yutong Bus maintained its leading position with 1,493 units sold in August, achieving a month-on-month growth of 120.86% and a year-on-year growth of 121.84%, capturing a market share of 33.91% [2][3]. - Xiamen Golden Dragon ranked second with 375 units sold, marking a month-on-month increase of 103.80% and a year-on-year increase of 234.82% [5][7]. - BYD ranked third with 352 units sold, maintaining its position from the previous month [5][7]. Market Share - The top three companies accounted for 50.42% of the market share in August, an increase from 48.85% in July [10]. - The top ten companies collectively held 89.05% of the market share, up from 87.76% in July [10]. Segment Performance - In the bus segment, 3,439 units were sold in August, with a month-on-month increase of 27.18% and a year-on-year increase of 54.01% [14][16]. - The seat bus segment saw sales of 962 units, with a month-on-month increase of 2.34% and a year-on-year increase of 24.94% [21]. - Other buses, including school buses, experienced a decline in sales [14][15]. Notable Growth - Dongfeng Co. exhibited remarkable growth with a month-on-month increase of 792.86% and a year-on-year increase of 1983.33% [7][18]. - Among the top ten companies, Zhongtong Bus achieved a year-on-year growth of 151.19%, while Xiamen Golden Dragon's cumulative sales growth reached 93.99% [10][20]. Future Outlook - The competition among leading bus brands is intensifying, with ongoing product updates and innovations expected to drive further growth in the new energy bus market [24].

近日，重庆公共交通运营有限公司发布 2025 年营运客车采购（第二批）标段四中标候选人公示。公示显示，宇通、福田、吉利均为中 标候选人，拟中标金额15583.20万元。 | 项目编码 | 50000120250827025030104 | | | | --- | --- | --- | --- | | 项目名称 | 2025年营运客车采购(第二批)标段四 | | | | 招 标 人 | 重庆公共交通运营有限公司 | 联系电话 | 023-67629689 | | 招标代理机构 | 重庆国际投资咨询集团有限公司 | | 023-67703006 | | 中标候选人排名 | 第一中标候选人 | 字通客车股份有限公司 | | | | 第二中标候选人 | 北汽福田汽车股份有限公司 | | | | 第三中标候选人 | 吉利四川商用车有限公司 | | | | 宇通客车股份有限 拟中标候选人 公司 | 中标金额 (万元) | 15583. 20 | | | 统一社会信用代码 | 91410000170001401D | | | 投诉受理部门 | 重庆公共交通运营有限公司 | 膜系 | 023-67629736 | | | ...

Core Viewpoint - Yutong Bus experienced a stock price decline of 2.03% on September 25, 2023, with a current price of 28.91 CNY per share and a total market capitalization of 640.05 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] - Cumulative cash dividends since the A-share listing amount to 27.130 billion CNY, with 9.963 billion CNY distributed over the last three years [3] Shareholder Structure - As of June 30, 2025, the number of shareholders for Yutong Bus was 52,400, 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] - Other notable shareholders include Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF, which increased their holdings by 2.104 million shares and 1.6102 million shares, respectively [3] Market Activity - Yutong Bus's stock has seen a year-to-date increase of 16.20%, with a 5-day increase of 1.26%, a 20-day increase of 7.67%, and a 60-day increase of 9.97% [1] - The net outflow of main funds was 10.8589 million CNY, with significant selling pressure observed [1]

据介绍，奔腾悦意07畅享版拥有45.21%的热效率和92.5%电驱综合效率，智能混动模式下，整车动 力系统将始终保持在最优效率区间，实现性能与经济性的动态平衡，馈电油耗仅3.9L/100km。 在安全方面，奔腾悦意07畅享版基于"中国十佳车身结构"，采用笼式车身设计，高强钢占比高达 75%，热成型钢占比达25%；得益于阶梯退让式蜂窝结构，超级装甲电池也相当于配备了"安全气囊"， 碰撞时避免内部易损，加上高集成热管理系统实现了热电隔离，可24小时实时监控。 针对用户"期待续航"与"实际行驶里程"的心理落差，一汽奔腾悦意07和悦意03畅享版，用一场持续 82小时的直播极限试驾，将数据可信度拉回公众视野，并希望通过质价比进一步打开市场空间。 9月23日，一汽奔腾"悦意双子星"奔腾悦意07、奔腾悦意03畅享版正式上市。其中，奔腾悦意07 210km畅享版售价10.98万元，奔腾悦意03 565km畅享版售价8.88万元，给消费者带来更多元的配置选 择。 上市当天，"纵横西域 悦意驰骋——奔腾悦意双子星超长续航极限挑战"试驾活动落下帷幕。在连 续82小时不间断的直播挑战中，奔腾悦意07 210km畅享版纯电续航最高达成 ...

Market Overview - The commercial vehicle sector experienced a decline of 0.25% on September 24, with Hanma Technology leading the drop [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Individual Stock Performance - Jiangling Motors saw a closing price of 21.60, with a rise of 5.11% and a trading volume of 222,100 shares, totaling a transaction value of 486 million [1] - China National Heavy Duty Truck Corporation closed at 17.55, up 3.91%, with a trading volume of 258,800 shares and a transaction value of 447 million [1] - JAC Motors closed at 51.26, increasing by 2.38%, with a trading volume of 693,800 shares and a transaction value of 3.547 billion [1] - Hanma Technology closed at 7.99, down 4.43%, with a trading volume of 1,231,500 shares and a transaction value of 999.7 million [2] Capital Flow Analysis - The commercial vehicle sector saw a net inflow of 195 million from institutional investors, while retail investors experienced a net outflow of 77.42 million [2][3] - Major stocks like JAC Motors had a net inflow of 278 million from institutional investors, while it faced a net outflow of 160 million from retail investors [3] - China National Heavy Duty Truck Corporation had a net inflow of 23.18 million from institutional investors, with retail investors showing a net outflow of 944,800 [3]