2 ◼ 客车这轮大周期驱动因素是什么？一句话总结：客车代表中国汽车制造业将成为【技术 输出】的世界龙头。这不是梦想而是会真真切切反应到报表层面。海外市场业绩贡献对 客车行业在3-5年会至少再造一个中国市场。背后支撑因素： （ ➢ 1）天时：符合国家【中特估】大方向，客车是【一带一路】的有力践行者，已有10余 年的出海经验，在新的国际形势变化下，将进一步跟紧国家战略，让中国优势制造业 【走出去】。 ➢ 2）地利：客车的技术与产品已经具备世界一流水平。新能源客车产品维度，中国客车 已领先海外竞争对手。传统客车维度，技术已不亚于海外且具备更好性价比及服务。 ➢ 3）人和：国内市场价格战结束不会成为拖累反而会共振。过去6-7年国内客车"高铁冲 击+新能源公交透支+三年疫情"三重因素叠加经历了长期的价格战，2022下半年宇通已 率先提价，且需求本身得益【旅游复苏+公交车更新需求】有望重回2019年水平。 证券研究报告·行业研究·汽车与零部件 客车8月月报： 7月淡季不淡，产批同比提升 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 联系电话：021-6 ...

Core Viewpoint - In July 2025, China's sales of new energy buses (over 7 meters) showed a significant year-on-year increase of 81.24%, despite a month-on-month decline of 21.29% [1][2]. Sales Performance Overview - Total sales in July reached 3,701 units, with a cumulative sales figure of 21,851 units from January to July, marking a year-on-year growth of 35.71% [1][2][11]. - The top three companies in July were Yutong Bus, Nanjing King Long Chuangwei, and BYD, with sales of 676, 573, and 559 units respectively [2][4][6]. Company Rankings and Changes - Yutong Bus maintained its leading position with a year-on-year growth of 89.36% [2][4]. - Nanjing King Long Chuangwei experienced a remarkable month-on-month increase of 1,946.43% and a year-on-year increase of 2,765.00%, marking its first entry into the top three [4][6]. - BYD's sales increased by 55.28% month-on-month and 109.36% year-on-year, moving up two positions in the rankings [4][6]. Market Share Analysis - The top three companies accounted for 48.85% of the market share in July, a decrease of 6.64 percentage points from June [8]. - The top five companies held nearly 70% of the market share, while the top ten companies collectively accounted for 87.76%, down 5.05 percentage points from the previous month [8]. Segment Performance - In July, the bus segment saw a year-on-year increase of 123.10%, while the seat bus segment grew by 30.01% [12][13]. - Cumulatively, the bus segment's year-on-year growth reached 52.94%, and the seat bus segment showed a slight increase of 1.91% [12][13]. Cumulative Sales Insights - From January to July, the cumulative sales of new energy buses reached 21,851 units, with eight out of the top ten companies showing growth [11][17]. - Notable performers included King Long, Zhongtong, and Nanjing King Long Chuangwei, all achieving over 100% year-on-year growth [11][17]. Future Outlook - The demand for new energy buses is increasing, leading to intensified competition among companies, including both leading and mid-tier players [23]. - The market is expected to see further innovations and upgrades in products to meet the diverse needs of public transport and passenger services [23].

公示期限为自2025年8月6日至2025年8月11日。对评标结果有异议者，可以公示期内以书面 形式向招标代理机构提出。根据此前招标公告，该项目计划采购公交车447辆，预算金额为 32288万元。从本次公示结果来看，将最终诞生一家中标企业。三家中标候选人，最终谁将拿 下这一超级大单呢？ 福州公交集团2025年公交车采购项目中标候选人公示 内容: 一、项目基本情况 8月6日，福州公交集团2025年公交车采购项目中标候选人公示发布。公示显示，中标候选人 有三家，第一名为厦门金龙旅行车有限公司，投标总价322554100元（约32255.4万元）； 第二名为金龙联合汽车工业（苏州）有限公司，投标总价为322772200元（约32277.2万 元）；第三名为福建省一禄通特种车有限公司，投标总价为322300600元（约32230.1万 元）。 招标编号:KTZBG-2025077 项目名称:福州公交集团2025年公交车采购项目 二、项目废标/流标的原因 / 三、其他补充事宜 | 合同包 | 项目名称 | 排序 | 中标候选人名称 | 投标总价(元) | | --- | --- | --- | --- | --- | | ...

8月5日，厦门金龙汽车集团股份有限公司（证券代码：600686）发布了2025年7月份的产销数据快报，数据显示，该公司在7月份的客车生产与销售均取 得了显著增长，其中客车销量同比增长21.85%，表现尤为突出。 根据公告，7月份金龙汽车客车生产量达到3,904辆，较去年同期的3,511辆增长了11.19%。其中，轻型客车生产量增长迅猛，本月生产2,207辆，同比去 年的1,747辆，增幅高达26.33%。中型客车生产量也实现了13.44%的增长，本月生产498辆，而大型客车生产量虽较去年同期略有下降，但整体生产态势 依然良好。 在销售方面，金龙汽车7月客车销售量为3,402辆，较去年同期的2,792辆大幅增长21.85%。其中，轻型客车销售量同比增长24.56%，本月销售1,613辆； 中型客车销售量同比增长28.57%，本月销售540辆。大型客车销售量同比增长15.97%，本月销售1,249辆，表现同样不俗。 从累计数据来看，2025年至今，金龙汽车客车累计生产量为28,139辆，同比增长7.92%；累计销售量为25,912辆，同比增长0.7%。其中，轻型客车累计 生产量和销售量分别同比增长19.43%和8 ...

智通财经APP讯，金龙汽车(600686.SH)披露2025年7月份产销数据，公司本月客车生产量3904辆，同比 增长11.19%;本月客车销售量3402辆，同比增长21.85%。 （原标题：金龙汽车(600686.SH)7月份客车销售量3402辆 增长21.85%） ...

厦门金龙汽车集团股份有限公司 2025 年 7 月客车产销数据快报如下： | 单位：辆 | | --- | | 项目名称 | 本月数 | 去年同月 | 当月同比 | 本年累计 | 去年同期 | 累计同比 | | --- | --- | --- | --- | --- | --- | --- | | | | | 增减 | | 累计 | 增减 | | 客车生产量 | 3,904 | 3,511 | 11.19% | 28,139 | 26,075 | 7.92% | | 其中：大型客车 | 1,199 | 1,325 | -9.51% | 10,451 | 10,646 | -1.83% | | 中型客车 | 498 | 439 | 13.44% | 4,352 | 4,263 | 2.09% | | 轻型客车 | 2,207 | 1,747 | 26.33% | 13,336 | 11,166 | 19.43% | | 客车销售量 | 3,402 | 2,792 | 21.85% | 25,912 | 25,733 | 0.70% | | 其中：大型客车 | 1,249 | 1,077 | 15.97% | 9 ...

人民财讯8月5日电，金龙汽车（600686）8月5日晚间公告，7月份客车销售量3402辆，同比增长 21.85%；今年累计客车销售量25912辆，同比增长0.70%。 ...

Group 1 - The commercial vehicle sector increased by 0.37% on August 5, with Shuguang Co. leading the gains [1] - The Shanghai Composite Index closed at 3617.6, up 0.96%, while the Shenzhen Component Index closed at 11106.96, up 0.59% [1] - Key stocks in the commercial vehicle sector showed varied performance, with Shuguang Co. closing at 3.72, up 2.76% [1] Group 2 - The commercial vehicle sector experienced a net outflow of 4.92 billion yuan from institutional investors, while retail investors saw a net inflow of 3.58 billion yuan [2] - Among individual stocks, China National Heavy Duty Truck had a net inflow of 972.34 million yuan from institutional investors, but a net outflow of 1499.16 million yuan from retail investors [3] - Foton Motor and Shuguang Co. also showed mixed fund flows, with Foton Motor seeing a net inflow of 731.12 million yuan from institutional investors [3]

Group 1 - The training event on "Value Management and Mergers & Acquisitions" was held in Xiamen, attended by nearly 70 executives and representatives from listed companies and related institutions [1] - The core of value management is expectation management, which involves changing the company's fundamentals and perceptions to influence market value [1] - The capital market is transitioning from a "financing market" to an "investment market," presenting new opportunities in the mergers and acquisitions sector [1] Group 2 - Judicial restructuring has become a common path for listed companies to mitigate risks, as highlighted by case studies shared during the event [2] - The market structure of derivative investments was discussed, focusing on the NAFMII, SAC, and ISDA agreement systems, with examples of efficient applications of cross-border capital tools [2] - In the first half of 2025, ten listed companies in the Xiamen area completed mergers and acquisitions, involving a total amount of 1.755 billion yuan [2]

Core Insights - The domestic bus market in China showed significant growth in the first half of 2025, with passenger vehicle sales reaching 265,000 units, a year-on-year increase of 8.7%, more than double the growth rate of 3.9% in the same period of 2024 [2] - The growth in bus sales was particularly pronounced in June, with sales of 53,000 units, reflecting a month-on-month and year-on-year increase of 22.6% [2] - Key drivers of this growth include the rising penetration of new energy vehicles (NEVs), a resurgence in large public transport orders, and an increase in export activities [2] New Energy Vehicle Market - In the first half of 2025, sales of large and medium-sized buses (over 6 meters) reached 55,857 units, a year-on-year increase of 6.58%, with NEV sales accounting for 20,788 units, up 33.14% [3] - The growth in NEV sales is largely attributed to the government's "old-for-new" policy for electric buses, which increased subsidies for replacing old buses [3] - Local policies, such as higher subsidies in Jiangsu and Qinghai for replacing old buses with new energy buses, further support this growth [3] Export Market Performance - The export of large and medium-sized buses reached 25,396 units in the first half of 2025, a year-on-year increase of 16.51%, accounting for 50.02% of total bus sales [5] - Since 2016, domestic bus manufacturers have increasingly focused on overseas markets, with significant growth in exports observed in 2023 and 2024 [5] - Major companies like Yutong, King Long, and Zhongtong have prioritized export growth, with Yutong securing multiple large orders in Central Asia [5] Financial Performance of Key Companies - King Long Automobile expects a net profit of 116 million yuan, a year-on-year increase of 74.71%, while Zhongtong Bus anticipates a net profit between 165 million and 210 million yuan, reflecting a growth of 48.72% to 89.28% [6] - Both companies attribute their profit growth primarily to the increase in export business [6][7] - The overall performance of the bus industry in the first half of 2025 is considered strong, driven by high export growth and the need to expand into overseas markets due to domestic overcapacity [7]