会议召开时间：2025 年 12 月 11 日 （星期四） 16:00-17:00 会议召开地点：上海证券交易所上证路演中心（网址： | 证券代码：600611 | 证券简称：大众交通 | | | 公告编号：2025-049 | | --- | --- | --- | --- | --- | | 900903 | | 大众 B | 股 | | | 债券代码：241483 | 债券简称：24 01 | 大众 | | | | 242388 | 25 | 大众 | 01 | | 大众交通(集团)股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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： https://roadshow.sseinfo.com/） 大众交通(集团)股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 12 月 11 日 （星期 四） ...

Market Overview - The railway and highway sector experienced a decline of 1.21% on November 21, with Jiangxi Changyun leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Individual Stock Performance - Jiangxi Changyun saw a significant drop of 7.33%, closing at 6.70, with a trading volume of 89,100 shares and a transaction value of 61.79 million [2] - Other notable declines included Wuzhou Transportation down 7.01% to 3.98, and Fulian Yuanshan down 5.68% to 9.46 [2] - The highest trading volume was recorded for Jinghu High-speed Railway, with 1.5171 million shares traded, closing at 5.11, down 0.58% [1] Capital Flow Analysis - The railway and highway sector saw a net outflow of 404 million from institutional investors, while retail investors contributed a net inflow of 371 million [2][3] - The main stocks with significant capital inflows included Jinghu High-speed Railway with a net inflow of 21.17 million from institutional investors [3] - Conversely, stocks like Ningshu High-speed experienced a net outflow of 834,400 from institutional investors [3]

Market Overview - On November 20, the railway and highway sector rose by 0.34% compared to the previous trading day, with Shandong Expressway leading the gains [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Stock Performance - Key stocks in the railway and highway sector showed varied performance, with Shandong Expressway (600350) closing at 9.53, up 1.06%, and Deep Expressway (600548) closing at 10.10, up 0.80% [1] - Other notable performers included Dazhong Transportation (600611) at 5.63, up 0.72%, and China Merchants Highway (001965) at 66.6, up 0.71% [1] Trading Volume and Value - The trading volume for Shandong Expressway was 67,500 shares, with a transaction value of approximately 64.19 million yuan [1] - The total trading volume for the railway and highway sector indicated significant activity, with Dazhong Transportation recording a volume of 214,600 shares and a transaction value of around 120 million yuan [1] Capital Flow - The railway and highway sector experienced a net outflow of 147 million yuan from institutional investors, while retail investors saw a net inflow of 135 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors increased their positions [2] Individual Stock Capital Flow - Key stocks like Beijing-Shanghai High-Speed Railway (601816) saw a net outflow of 23.34 million yuan from institutional investors, while Haikou Group (603069) had a net inflow of 16.19 million yuan [3] - Shandong Expressway (600350) recorded a net inflow of 4.70 million yuan from retail investors, indicating strong interest from this segment [3]

Group 1 - The company, Dazhong Transportation (600611), responded to investor inquiries on November 19 regarding the number of shareholders, indicating that this information can be found in the company's periodic reports [1]

Group 1 - The company, Dazhong Transportation (600611), responded to investor inquiries on November 19, indicating that specific operational details can be found in its periodic reports [1] - The company acknowledged the presence of various risks in the secondary market and advised investors to make cautious decisions and be aware of investment risks [1]

Group 1 - The company announced a cash dividend distribution plan of 0.02 yuan per share for the 2025 semi-annual profit distribution [1] - The plan was proposed by the company's board of directors based on the authorization from the shareholders' meeting [1] - The decision was made considering the company's operational status and relevant regulations [1]

Core Conclusions - The market is expected to refocus on investment opportunities in smart vehicles in Q4, driven by the ongoing AI trend and the advancement of L4 capabilities in autonomous vehicles like Robotaxi [2][3] - Key catalysts for smart vehicle development in Q4 include Tesla's V14 release, XPeng's 2026 Robotaxi production plan, and the introduction of new autonomous vehicles by various companies [2] - The report anticipates a significant acceleration in the entry of core players into the L4 market by 2026, marking a pivotal year for Robotaxi [2] Comparison with Last Year - Similarities with last year's Q4 include the spread of AI applications, but this year emphasizes the evolution of AI logic rather than a resonance with automotive logic [3] - The focus has shifted from hardware opportunities and consumer sales to software opportunities and breakthroughs in B2B applications [3] Investment Recommendations - The report suggests a preference for Hong Kong stocks over A-shares, with a focus on software over hardware and B2B over B2C [6] - Recommended investment combinations include XPeng Motors, Horizon Robotics, and Cao Cao Mobility [6] - Key targets from the perspective of Robotaxi include integrated models (Tesla, XPeng, Qianli Technology) and technology providers (Horizon Robotics, Baidu, Pony.ai) [6] Smart Vehicle Market Overview - The report highlights the improvement in autonomous driving capabilities among various automakers, with XPeng, Huawei, and Li Auto leading the first tier [7] - The penetration rate of smart driving in urban areas reached 23.0% in August, with XPeng's smart driving penetration hitting 76.1% [7] - The report notes a significant increase in the sales of smart vehicles, with a projected growth in the Robotaxi market from 0-30% penetration by 2030 [15] Future Outlook - The core task for automotive intelligence from 2025 to 2027 is to achieve a penetration rate of 50%-80% for new energy vehicles [15] - By 2028-2030, Robotaxi is expected to achieve large-scale commercialization, marking a significant breakthrough in the automotive industry [15] Smart Vehicle Supply Chain Tracking - The report provides a detailed analysis of the smart vehicle supply chain, including hardware components (sensors, chips) and software solutions [10] - Key companies in the hardware segment include Sunny Optical, Nvidia, and Desay SV [10] - In the software segment, notable companies include WeRide, Momenta, and Pony.ai [10] Consumer Willingness to Pay - The report discusses consumer willingness to pay for smart features, indicating a growing acceptance of smart driving technologies [13] - The analysis includes projections for the domestic market size of Robotaxi, estimating significant growth in sales and market penetration [14]

Group 1 - The core viewpoint of the article highlights the financial performance of Dazhong Transportation, indicating a significant decline in revenue and profit for the third quarter of 2023 compared to the previous year [1] Group 2 - Dazhong Transportation reported a revenue of approximately 1.591 billion yuan for the first three quarters of 2025, representing a year-on-year decrease of 22.88% [1] - The net profit attributable to shareholders of the listed company was about 98.08 million yuan, reflecting a year-on-year decline of 56.12% [1] - The basic earnings per share stood at 0.04 yuan, which is a decrease of 55.56% compared to the same period last year [1]

Group 1 - The core point of the news is that Dazhong Transportation announced the results of its 11th Board meeting held on October 29, 2025, which reviewed the Q3 2025 report and other documents [1] - For the first half of 2025, Dazhong Transportation's revenue composition is as follows: transportation industry accounted for 48.97%, software and information technology services accounted for 25.38%, tourism and food services accounted for 12.2%, other businesses accounted for 8.62%, and real estate accounted for 4.2% [1]

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。 | 证券代码：A 股 | | 600611 | 证券简称：大众交通 | | | 公告编号：临 | 2025-048 | | --- | --- | --- | --- | --- | --- | --- | --- | | B | 股 | 900903 | 股 | 大众 B | | | | | 债券代码：241483 | | | 债券简称：24 | 大众 | 01 | | | | 242388 | | | 25 | 大众 | 01 | | | 大众交通（集团）股份有限公司 第十一届董事会第十一次会议决议公告 一、董事会会议召开情况 大众交通（集团）股份有限公司（以下简称"公司"）于 2025 年 10 月 29 日上午以通讯表决方式召开公司第十一届董事会第十一次会议，应参加会议的董 事为 7 名，实到 7 名，符合《公司法》和《公司章程》的有关规定。 二、董事会会议审议情况 1、审议《公司 2025 年第三季度报告》 该议案已经第十一届董事会审计委员会第六次会议决议通过。 表决结 ...