■核心提示 "我们的超轻黏土现在畅销全球100多个国家和地区，走进了全球超2000所中小学的课堂，被5000多名海 外手工博主热捧，复购率高达85%。"1月20日，漯河召陵区罗弗有限公司（以下简称"罗弗公司"）的展 厅内，设计部负责人谢桃山告诉记者。 打开产品电商平台评价区，"安全""品质好""品牌过硬"这几个词出现的频率最高。"公司生产的超轻黏 土通过了国标、欧盟CE、美国ASTM等严苛安全认证，重金属含量远低于国际标准，参与了行业标准 制定……"谢桃山说起这些如数家珍。 这份全球市场的信任并非一蹴而就。20年前，从橡皮和固体胶起家的罗弗公司还藏在国际大牌文具的背 后，默默扮演着供应商的角色。"做得再好还是'为他人作嫁衣'。"谈起转型历程，罗弗公司董事长闫景 辉感触颇深，在他看来，想在激烈的国际市场竞争中拼出一片天地，必须有拿得出手的品牌。 一次偶然的机会，闫景辉捕捉到了DIY创意消费这片蓝海。"当时世界范围内还没人做这个产品，我们 感觉到市场潜力很大，决定闯一闯、试一试。"闫景辉说。 起初，罗弗公司用于生产黏土的关键原料发泡粉完全依赖进口，生产成本很高，供应链也受制于人。尽 管产品品质不错，但成本下不来， ...

Investment Rating - The industry investment rating is "Positive" and maintained [6] Core Insights - In December 2025, the wholesale sales of medium and large buses reached approximately 20,000 units, showing a year-on-year decrease of 1.4% but a month-on-month increase of 56.5%. The export sales were particularly strong, with about 9,098 units exported, reflecting a year-on-year increase of 81.5% and a month-on-month increase of 110.4%. Domestic sales of medium and large buses were 11,000 units, down 28.6% year-on-year but up 28.9% month-on-month [2][4][9] - The sales of medium and large public buses in December were 9,796 units, down 32.6% year-on-year but up 30.6% month-on-month, primarily due to the decline in domestic sales. In contrast, the sales of medium and large seat buses were 9,331 units, up 73.8% year-on-year and 97.5% month-on-month, driven by strong export performance [2][4][9] - For the entire year of 2025, the wholesale sales of medium and large buses totaled 126,000 units, an increase of 9.4% year-on-year, with exports accounting for 58,000 units, up 30.7%, while domestic sales were 68,000 units, down 4.0% [2][4][9] - The report highlights that Yutong and King Long experienced significant month-on-month sales growth in December, with total sales of 8,864 and 7,254 units respectively, and strong export growth [9][10] Summary by Sections Monthly Sales Performance - December 2025 saw a total of approximately 20,000 medium and large buses sold, with exports showing remarkable growth [2][4] - The breakdown of sales indicates a strong performance in exports, particularly for seat buses, while domestic sales faced challenges [2][4] Yearly Performance Overview - The total wholesale sales for 2025 were 126,000 units, with a notable increase in exports and a slight decline in domestic sales [2][4] - The report emphasizes the impact of the "old-for-new" policy, which has positively influenced the growth of public buses [9][10] Company-Specific Insights - Yutong and King Long's sales figures for December indicate a robust export market, with significant increases in their respective export volumes [9][10] - The report recommends focusing on leading companies like Yutong for potential investment opportunities due to their strong performance and market position [9][10]

Core Viewpoint - Yutong Bus (600066) has established a comprehensive financial management system and processes that meet the operational management needs of the company [1] Group 1 - The company has responded to investor inquiries on its interactive platform [1] - The financial management system is described as complete and effective for the company's operations [1]

Core Viewpoint - Yutong Bus (600066) has seen an increase in its domestic bus market share since 2025 and is implementing strategies to address industry competition [1] Group 1: Market Strategies - The company will enhance research and analysis of market demand to deeply understand customer needs and develop differentiated products and solutions that meet and lead customer operational requirements [1] - Yutong Bus aims to accelerate the development of medium and large buses towards electrification, intelligent networking, and high-end features to improve product competitiveness [1] - The company plans to further strengthen customer relationships by helping clients explore new development models, improve operations, and support order conversion [1] - Yutong Bus is actively seizing opportunities in niche markets such as high-end business vehicles, airport shuttle buses, and trackless trams [1]

证券日报网讯1月22日，宇通客车（600066）在互动平台回答投资者提问时表示，公司在海外市场采取 直销、经销相结合的销售模式，目前海外销售和服务网络已实现全球目标市场的布局，通过70余家子公 司、办事处、经销合作伙伴以及派驻直销队伍等多种渠道模式覆盖欧洲、美洲、亚太、独联体、中东、 非洲六大区域；同时，利用技术和产业链优势，公司已在哈萨克斯坦、巴基斯坦、埃塞俄比亚、马来西 亚等十余个国家和地区通过KD组装方式进行本土化合作，实现由"产品输出"走向"技术输出和品牌授 权"的业务模式升级。 ...

Core Viewpoint - Yutong Bus (600066) emphasizes its commitment to continuous technological innovation, superior product quality, and precise market strategies to enhance product competitiveness and market expansion capabilities, aiming for steady business development [1] Group 1 - The company is focused on continuous technological innovation to improve its offerings [1] - Yutong Bus aims to enhance product quality as a key factor in its competitive strategy [1] - The company is implementing precise market strategies to boost its market expansion efforts [1]

Group 1 - The commercial vehicle sector saw a slight increase of 0.14% on January 22, with Jinlong Automobile leading the gains [1] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] - Jinlong Automobile's stock price rose by 8.82% to 21.97, with a trading volume of 513,200 shares and a transaction value of 1.087 billion yuan [1] Group 2 - The commercial vehicle sector experienced a net outflow of 5.1958 million yuan from institutional investors, while retail investors saw a net outflow of 24.388 million yuan [3] - Retail investors contributed a net inflow of 29.5837 million yuan, indicating a mixed sentiment among different investor types [3] - The individual stock performance showed varied results, with Jinlong Automobile having a net inflow of 71.1658 million yuan from institutional investors, while Foton Motor and other stocks experienced net outflows [4]

Core Viewpoint - The procurement results for multiple new energy bus projects were announced on January 21, with Xiamen King Long United Automotive Industry Co., Ltd. winning the bids for both packages A and B in the Yunnan Chengjiang project, while Yutong Bus Co., Ltd. won the bid for the Inner Mongolia Zhuozi County project [1][26]. Group 1: Yunnan Chengjiang New Energy Bus Procurement Project (Package A) - The first winning candidate for Package A is Xiamen King Long United Automotive Industry Co., Ltd., with a bid of 14.92 million yuan [2][5]. - The evaluation for Package A was conducted on January 21, 2026, with a total of 7 evaluators present, ensuring a fair and legal assessment process [4][5]. - The quality standards for the buses include compliance with GB13094-2017, GB19260-2016, and GB7258-2017, with a warranty of at least 3 years or 150,000 kilometers for the vehicle and 10 years or 800,000 kilometers for the battery [3][6][8]. Group 2: Yunnan Chengjiang New Energy Bus Procurement Project (Package B) - The first winning candidate for Package B is also Xiamen King Long United Automotive Industry Co., Ltd., with a bid of 1.508 million yuan [13][17]. - The evaluation for Package B was similarly conducted on January 21, 2026, with the same number of evaluators ensuring a consistent evaluation process [15][17]. - The quality standards and warranty conditions for Package B are identical to those of Package A, ensuring compliance with the same safety and operational standards [14][18]. Group 3: Inner Mongolia Zhuozi County New Energy Bus Procurement Project - The winning candidate for the Zhuozi County project is Yutong Bus Co., Ltd., with a bid of 8.667 million yuan [26][27]. - The project emphasizes the importance of new energy buses in public transportation, reflecting a growing trend in the industry towards sustainable transport solutions [25].

Core Viewpoint - The commercial vehicle sector experienced a slight increase of 0.74% on January 21, with Jianghuai Automobile leading the gains. The Shanghai Composite Index rose by 0.08%, while the Shenzhen Component Index increased by 0.7 [1]. Group 1: Stock Performance - Jianghuai Automobile (600418) closed at 52.45, up by 2.84%, with a trading volume of 618,400 shares and a transaction value of 3.209 billion [1]. - China National Heavy Duty Truck (000951) closed at 17.30, up by 1.35%, with a trading volume of 162,600 shares and a transaction value of 280 million [1]. - Foton Motor (600166) closed at 3.11, up by 1.30%, with a trading volume of 1,453,300 shares and a transaction value of 450 million [1]. - Other notable performances include Zhongtong Bus (000957) at 11.78, up by 0.43%, and Shuguang Co. (600303) at 3.28, up by 0.31% [1]. Group 2: Capital Flow - The commercial vehicle sector saw a net inflow of 417 million from institutional investors, while retail investors experienced a net outflow of 249 million [2]. - Major stocks like Jianghuai Automobile had a net inflow of 274 million from institutional investors, indicating strong institutional interest [3]. - Conversely, stocks like King Long Motor (600686) and China National Heavy Duty Truck (000951) faced significant net outflows from retail investors, suggesting a shift in investor sentiment [3].

Investment Highlights - The passenger car sector is expected to see a recovery in Q1 2026 due to the implementation of subsidy policies, with a focus on high-end electric vehicles that are less sensitive to policy changes, such as Jianghuai Automobile, Geely, Great Wall Motors, BAIC Blue Valley, Seres, and Li Auto [2][7] - For exports, priority should be given to leading companies with established overseas systems and proven execution capabilities, including BYD, Great Wall Motors, Chery, Leap Motor, Xpeng, SAIC Motor, and Changan Automobile [2][7] Heavy Truck Sector - In 2025, wholesale heavy truck sales reached 1.144 million units, up 26.8% year-on-year, with domestic sales of 799,000 units, up 32.8%, and exports of 341,000 units, up 17.2% [3][37] - The expected domestic sales for heavy trucks in 2026 is optimistic, projected at 800,000 to 850,000 units, a 3% increase year-on-year [3][37] - Recommended leading heavy truck companies include China National Heavy Duty Truck Group, Weichai Power, Foton Motor, FAW Jiefang, and CIMC Vehicles [3][37] Bus Sector - The implementation of the vehicle replacement policy in 2026 is slightly better than expected, with bus sales in 2025 projected at 38,000 units, a 25% increase year-on-year [3][37] - For 2026, bus sales are expected to grow to 40,000 units, a 5% increase year-on-year, supported by the number of buses over eight years old that need replacement [3][37] - Recommended leading bus companies include Yutong Bus, King Long Motor, and Zhongtong Bus [3][37] Motorcycle Sector - The motorcycle industry is projected to achieve total sales of 19.38 million units in 2026, a 14% increase year-on-year, with large-displacement motorcycles expected to reach 1.26 million units, a 31% increase [4][34] - Domestic sales of large-displacement motorcycles are expected to grow slightly to 430,000 units in 2026, a 5% increase year-on-year, while exports are projected to reach 830,000 units, a 50% increase [4][34] - Recommended leading motorcycle companies include Chunfeng Power and Longxin General [4][34]