| 证券研究报告 | | --- | | 行业研究 | [Tabl 行业周报e_ReportType] 1 月 1-18 日全国乘用车市场零售 67.9 万辆，宇树科技 2025 年人形机器人实际出货超 5500 台 [Table_Industry] 汽车周报 [Table_ReportDate] 2026 年 1 月 25 日 2 | | | | [Table_StockAndRank] 汽车 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | 赵启政 汽车行业分析师 执业编号：S1500525030004 邮箱：zhaoqizheng@cindasc.com [Table_Title] 1 月 1-18 日全国乘用车市场零售 67.9 万 辆，宇树科技 2025 年人形机器人实际出货 超 5500 台 [Table_ReportDate] 2026 年 1 月 25 日 投资要点： 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲 127 号金隅大厦 B 座 邮编：100031 请阅读最后一页免责声明及信息披露 ht ...

证券之星消息，1月23日商用车板块较上一交易日下跌0.21%，金龙汽车领跌。当日上证指数报收于 4136.16，上涨0.33%。深证成指报收于14439.66，上涨0.79%。商用车板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 000951 | 中国重汽 | 17.55 | 0.69% | 13.36万 | | 2.35亿 | | 600303 | 曙光股份 | 3.36 | 0.60% | 19.51万 | | 6526.75万 | | 600066 | 宇通客车 | 30.93 | 0.52% | 24.54万 | | 7.60亿 | | 600375 | 汉马科技 | 6.44 | 0.47% | 47.91万 | | 3.07亿 | | 000868 | 安凯客车 | 5.07 | 0.40% | 10.15万 | | 5118.50万 | | 000800 | 一汽解放 | 7.00 | 0.29% | 15.25万 | | 1.07亿 | | ...

丨证券研究报告丨 行业研究丨点评报告丨汽车与汽车零部件 [Table_Title] 客车行业 12 月销量：大中客出口销量强劲，同 环比高增，宇通和金龙出口高景气 报告要点 [Table_Summary] 12 月大中客出口销量强劲，同环比高增，国内承压。2025 年 12 月大中客车月度批发销量约 2.0 万辆，同比-1.4%，环比+56.5%，其中 12 月出海销量强势，大中客出口约 9098 辆，同比 +81.5%，环比+110.4%，国内大中客销量 1.1 万辆，同比-28.6%，环比+28.9%。分品类来看， 12 月大中公交客车销量 9796 辆，同比-32.6%，环比+30.6%，主要受国内销量下滑影响；大 中座位客车销量 9331 辆，同比+73.8%，环比+97.5%，12 月座位客车出口强劲带动同比高增。 分析师及联系人 [Table_Author] 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 汽车与汽车零部件 cjzqdt11 ...

| 601608 | 中信重 | 5 | 4.08 | 16.05 | 14.78 | | --- | --- | --- | --- | --- | --- | | | 工 | | | | | | 600686 | 金龙汽 | 9 | 3.98 | 6.28 | 22.46 | | | 车 | | | | | | 002353 | 杰瑞股 | 5 | 3.59 | 3.82 | 9.72 | | | 份 | | | | | | 300780 | 德恩精 | 5 | 3.57 | 7.89 | 33.03 | | | 工 | | | | | | 600031 | 三一重 | 6 | 3.51 | 3.55 | 1.66 | | | 工 | | | | | | 002931 | 锋龙股 | 16 | 3.46 | 27.70 | 359.76 | | | 份 | | | | | | 688390 | 固德威 | 5 | 3.45 | 6.78 | 23.82 | | | 海尔智 | | | | | | 600690 | 家 | 6 | 3.44 | 4.91 | -0.15 | | | 百通能 | | | | ...

证券之星消息，1月22日商用车板块较上一交易日上涨0.14%，金龙汽车领涨。当日上证指数报收于4122.58，上涨0.14%。深证成指报收于 14327.05，上涨0.5%。商用车板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600686 | 金龙汽车 | 21.97 | 8.82% | 51.32万 | | 10.87亿 | | 600166 | 福田汽车 | 3.28 | 5.47% | 282.77万 | | 9.08亿 | | 301039 | 中隼车辆 | 9.72 | 2.53% | - 20.11万 | | 1.94亿 | | 000868 | 安凯客车 | 5.05 | 2.02% | 16.63万 | | 8344.34万 | | 000957 | 中通客车 | 12.01 | 1.95% | 26.40万 | | 3.14亿 | | 600303 | 曙光股份 | 3.34 | 1.83% | 18.19万 | | 6029.37万 | ...

证券之星消息，1月21日商用车板块较上一交易日上涨0.74%，江淮汽车领涨。当日上证指数报收于 4116.94，上涨0.08%。深证成指报收于14255.12，上涨0.7%。商用车板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600418 | 江淮汽车 | 52.45 | 2.84% | 61.84万 | 32.09 Z | | 000951 | 中國車汽 | 17.30 | 1.35% | 16.26万 | 2.80亿 | | 600166 | 福田汽车 | 3.11 | 1.30% | 145.33万 | 4.50亿 | | 000957 | 中通客车 | 11.78 | 0.43% | 15.05万 | 1.77亿 | | 600303 | 曙光股份 | 3.28 | 0.31% | 13.66万 | 4445.38万 | | 000800 | 一汽解放 | 6.90 | 0.29% | 13.92万 | 9615.18万 | | 600375 | 汉马科技 | 6 ...

标公告 (招标编号:CF25ZHJ0204-1) 1月20日，广州巴士集团有限公司电车分公司15辆纯电动营运客车采购项目（第二次）中 标公告发布。中标人为厦门金龙联合汽车工业有限公司，中标价格为1257万元。 广州巴士集团有限公司电车分公司 15 辆纯电动营运客车采购项目(第二次)中 一、中标人信息: 标段(包)[001]广州巴士集团有限公司电车分公司 15 辆纯电动营运客车采购项目(第二 次) : 中标人:厦门金龙联合汽车工业有限公司 二、其他: 广州公交集团汽车服务有限公司就广州巴士集团有限公司电车分公司 15 辆纯电动营运 客车采购项目(第二次)(项目编号:CF25ZILJ0204-1)进行公开招标采购。经过评审、推荐 及确认,以下为中标结果: 一、中标人 中标人名称 中标总价(含税,元) 中标人地址 厦门金龙联合汽车工业有限公司 12,570,000.00 厦门市集美区金龙路9号 二、公告期限:至2026年1月21日 三、招标人、采购单位的名称、地址和联系方式 联系地址:广州市黄埔区黄埔大道东 884 号 26 楼广州巴士集团 发布人:广州公交集团汽车服务有限公司 招标人:广州公交集团汽车服务有限公司 ...

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]

Group 1: Market Overview - The commercial vehicle sector increased by 0.07% on January 20, with Hanma Technology leading the gains [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] Group 2: Stock Performance - Hanma Technology (600375) closed at 6.35, up 3.25% with a trading volume of 994,300 shares and a transaction value of 626 million [1] - King Long Automobile (600686) closed at 20.62, up 3.10% with a trading volume of 493,200 shares and a transaction value of 1.01 billion [1] - Other notable performers include CIMC Vehicles (301039) at 9.61, up 0.84%, and Yutong Bus (600066) at 32.21, up 0.69% [1] Group 3: Fund Flow Analysis - The commercial vehicle sector experienced a net outflow of 235 million from institutional investors, while retail investors saw a net inflow of 331 million [2] - The detailed fund flow indicates that King Long Automobile had a net inflow of 709.24 million from institutional investors, while Hanma Technology had a net inflow of 35.31 million [3] - Other companies like Yutong Bus and Foton Motor showed mixed fund flows, with Yutong Bus having a net inflow of 977.17 million from institutional investors [3]

Market Performance - The commercial vehicle sector increased by 2.73% on January 19, with Jinlong Automobile leading the gains [1] - The Shanghai Composite Index closed at 4114.0, up 0.29%, while the Shenzhen Component Index closed at 14294.05, up 0.09% [1] Individual Stock Performance - Jinlong Automobile (600686) closed at 20.00, up 5.71% with a trading volume of 574,200 shares and a transaction value of 1.155 billion yuan [1] - Jianghuai Automobile (600418) closed at 51.62, up 4.77% with a trading volume of 1,230,500 shares and a transaction value of 6.328 billion yuan [1] - Foton Motor (600166) closed at 3.05, up 3.74% with a trading volume of 2,058,900 shares and a transaction value of 623 million yuan [1] - Other notable performers include Zhongtong Bus (000957) up 3.09% and Shuguang Co. (600303) up 2.83% [1] Capital Flow Analysis - The commercial vehicle sector saw a net inflow of 6.6101 million yuan from institutional investors, while retail investors contributed a net inflow of 27 million yuan [1] - However, there was a net outflow of 276 million yuan from speculative funds [1] Detailed Capital Flow for Selected Stocks - Jinlong Automobile had a net inflow of 51.9386 million yuan from institutional investors, but a net outflow of 11.8010 million yuan from speculative funds [2] - China National Heavy Duty Truck (000951) experienced a net inflow of 34.9853 million yuan from institutional investors, with a significant outflow from speculative funds [2] - Foton Motor (600166) also saw a net inflow of 28.1570 million yuan from institutional investors, while speculative funds had a net outflow [2]