1）国内没有价格战。2）寡头龙头格局。3）海外无论新能源还是油车净利率远好于国内（无 需投固定资产）。4）碳酸锂成本持续下行。 客车这轮市值空间怎么看？ 未经许可，不得转载或者引用。 投资要点 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 真切切反映到报表层面。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。 客车这轮盈利能创新高吗？我们认为并不是遥不 ...

证券研究报告·行业研究·汽车与零部件 客车11月月报： 10月内需同比修复，期待年底翘尾行情 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：021-60199793 2025年11月24日 请务必阅读正文之后的免责声明部分 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映到报表层面。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 ...

从资金流向上来看，当日商用车板块主力资金净流入1.05亿元，游资资金净流出2448.08万元，散户资金 净流出8063.85万元。商用车板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600418 江淮汽车 | | 1 8101.00万 | 4.95% | 366.99万 | 0.22% | -8467.98万 | -5.17% | | 600686 金龙汽车 | | 3913.32万 | 9.81% | -1862.68万 | -4.67% | -2050.65万 | -5.14% | | 600066 字通客车 | | 693.40万 | 1.63% | 50.81万 | 0.12% | -744.21万 | -1.75% | | 301039 中集车辆 | | 635.39万 | 5.80% | -157.74万 | -1.44% | -477.64万 | -4.36% | | 600 ...

丝"系列卫星的研究与发射相关工作,先后联合厦门大学、武汉大学发射了 4 颗 "海 丝"卫星。其控股子公司福建省海丝数字科技有限公司正积极推动搭建"海丝"系列 卫星星座,该星座立足东南沿海及"一带一路"国家,构建含多手段的48颗卫星天基 监测网,能实现福建省域1小时级快速响应能力和每周一次的全省覆盖能力 新华都2天2板 公司为白酒电商龙头,福建公司,电商代运营服务的品牌有金佰利、伊利、美加净、芳 芯、碧缇丝、家安等,进行全渠道销售代理的品牌有泸州老窖、汾酒、五粮液、郎酒、 水井坊、古井贡酒、青岛啤酒等 立达信 公司位于福建,自主品牌立达信可支持鸿蒙智联的三款产品支持星闪 实达集团 3天3板 公司位于福建福州,拟以1.846亿元收购福建数产名商95%股权,标的已投运2000P智 算中心，交易完成后将强化公司在智能算力领域布局 永安林业 6天4板 公司位于福建省永安市,主营森林资源培育与林木采伐经营、森林经营服务、人造板经 营、地板经营等,积极参与福建林业碳中和试点 合兴包装 4天2板 公司地处福建厦门,是国内瓦楞包装行业龙头 金龙汽车 公司位于福建厦门市,是国内主要的客车制造企业,与百度合作推出中国首辆商用级无 ...

财经频道更多独家策划、专家专栏，免费查阅>> 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 国家知识产权局信息显示，厦门金龙汽车智能科技有限公司取得一项名为"一种汽车零部件冲压成型模 具"的专利，授权公告号CN 223571884 U，申请日期为2024年12月。专利摘要显示，本实用新型涉及汽 车零部件冲压技术领域，具体公开了一种汽车零部件冲压成型模具，包括底座，所述底座的上端边角处 均固定连接有滑杆，所述滑杆的外部活动连接有第一弹簧，多个所述滑杆的上端共同活动连接有下压模 块，所述下压模块的下端中间部固定连接有凸模，所述底座的内部固定连接有凹模，所述凹模的内部中 间部开设有排料槽，所述凹模的内部设置有清理组件，所述清理组件包括开设于凹模内部四周的活动 槽，所述活动槽的四周内壁均开设有滑槽，四周所述活动槽的内部活动连接有圆杆，能够对冲压成型产 生的铁屑进行及时的清理，从而避免尖锐的铁屑对模具内部造成的损坏，进而提高成型零件的质量。 ...

Market Overview - The commercial vehicle sector experienced a decline of 1.05% on November 20, with Dongfeng Motor leading the drop [1][3] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Individual Stock Performance - Yutong Bus (600066) closed at 31.10, up 0.52% with a trading volume of 79,800 shares and a transaction value of 247 million yuan [1] - Dongfeng Motor (600006) closed at 7.69, down 2.78% with a trading volume of 473,800 shares and a transaction value of 367 million yuan [3] - Other notable declines include Jianghuai Automobile (600418) down 2.06% and Hanma Technology (600375) down 1.93% [3] Fund Flow Analysis - The commercial vehicle sector saw a net outflow of 240 million yuan from institutional investors, while retail investors contributed a net inflow of 101 million yuan [4] - Notable stock fund flows include: - FAW Jiefang (000800) with a net inflow of 8.51 million yuan from institutional investors [4] - China National Heavy Duty Truck (000951) with a net outflow of 5.23 million yuan from institutional investors [4] ETF Information - The 500 Quality Growth ETF (product code: 560500) tracking the CSI 500 Quality Growth Index has seen a decline of 3.03% over the past five days [6] - The ETF's current price-to-earnings ratio stands at 17.27, with a recent reduction in shares by 1 million, resulting in a net redemption of 1.148 million yuan [6]

Core Insights - The commercial vehicle sector experienced a 0.72% increase on November 19, with CIMC Vehicles leading the gains [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Commercial Vehicle Sector Performance - CIMC Vehicles (301039) closed at 10.12, up 2.33% with a trading volume of 183,100 shares and a turnover of 185 million yuan [1] - JAC Motors (600418) closed at 49.98, up 1.96% with a trading volume of 553,800 shares and a turnover of 2.794 billion yuan [1] - Yutong Bus (600066) closed at 30.94, up 1.61% with a trading volume of 161,100 shares and a turnover of 18.8 million yuan [1] - Dongfeng Motor (600006) closed at 7.91, up 0.25% with a trading volume of 459,300 shares and a turnover of 363 million yuan [1] - China National Heavy Duty Truck Group (000951) closed at 17.25, up 0.17% with a trading volume of 63,100 shares [1] - Hanma Technology (600375) closed at 6.72, up 0.15% with a trading volume of 340,100 shares and a turnover of 22.7 million yuan [1] - Jiangling Motors (000550) closed at 19.27, down 0.67% with a trading volume of 28,400 shares and a turnover of 5.5 million yuan [1] - FAW Jiefang (000800) closed at 7.27, down 0.82% with a trading volume of 263,200 shares and a turnover of 192 million yuan [1] - Ankai Bus (000868) closed at 5.28, down 1.31% with a trading volume of 125,400 shares and a turnover of 6.624 million yuan [1] - Zhongtong Bus (000957) closed at 11.10, down 1.42% with a trading volume of 148,800 shares and a turnover of 166 million yuan [1] Fund Flow Analysis - The commercial vehicle sector saw a net inflow of 223 million yuan from institutional investors, while retail investors experienced a net outflow of 1.32 billion yuan [2] - Major stocks like JAC Motors had a net inflow of 32.3 million yuan from institutional investors, but a net outflow of 123.6 million yuan from retail investors [3] - Zhongtong Bus experienced a net outflow of 15.24 million yuan from institutional investors, while retail investors had a net inflow of 13.21 million yuan [3]

Core Viewpoint - Jinlong Automobile's stock price has shown fluctuations, with a recent decline of 2.06% and a year-to-date increase of 5.45%, indicating mixed market sentiment towards the company [1]. Financial Performance - For the period from January to September 2025, Jinlong Automobile achieved a revenue of 16.329 billion yuan, representing a year-on-year growth of 13.40% [2]. - The net profit attributable to shareholders for the same period was 247 million yuan, reflecting a significant year-on-year increase of 223.71% [2]. Shareholder Information - As of September 30, 2025, the number of shareholders for Jinlong Automobile was 61,200, a decrease of 5.02% compared to the previous period [2]. - The average number of circulating shares per shareholder increased by 5.28% to 11,706 shares [2]. Dividend Distribution - Since its A-share listing, Jinlong Automobile has distributed a total of 862 million yuan in dividends, with 104 million yuan distributed over the past three years [3]. Market Activity - As of November 19, 2025, Jinlong Automobile's stock was trading at 14.71 yuan per share, with a total market capitalization of 10.548 billion yuan [1]. - The stock has experienced a trading volume of 166 million yuan with a turnover rate of 1.55% [1].

Market Overview - The commercial vehicle sector experienced a decline of 1.48% on November 18, with Jinlong Automobile leading the drop [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Individual Stock Performance - Foton Motor (600166) closed at 2.95 with no change, while Yutong Bus (600066) fell by 0.94% to 30.45 [1] - JAC Motors (600418) decreased by 1.21% to 49.02, and FAW Jiefang (000800) also saw a decline of 1.21% to 7.33 [1] - Other notable declines included Ankai Bus (000868) down 1.29% to 5.35 and Jiangling Motors (000550) down 1.37% to 19.40 [1] Trading Volume and Capital Flow - The commercial vehicle sector saw a net outflow of 148 million yuan from main funds, while retail investors contributed a net inflow of 70.25 million yuan [2] - The trading volume for Foton Motor was 1.7351 million shares, with a transaction value of 514 million yuan [1] Fund Flow Analysis - FAW Jiefang experienced a net outflow of 21.46 million yuan from main funds, while it attracted a net inflow of 23.61 million yuan from speculative funds [3] - Jinlong Automobile had a net outflow of 12.43 million yuan from main funds, but saw a net inflow of 29.20 million yuan from retail investors [3] - Overall, the fund flow indicates a mixed sentiment among different investor types within the commercial vehicle sector [3]

Core Viewpoint - Jinlong Automobile experienced a decline of 5.12% on November 18, with a stock price of 15.02 yuan per share and a total market capitalization of 10.77 billion yuan [1] Company Overview - Xiamen Jinlong Automobile Group Co., Ltd. is located at 69 Huli Avenue, Huli District, Xiamen, Fujian Province, established on October 18, 1996, and listed on November 8, 1993 [1] - The company's main business involves the production and sales of large, medium, and light buses, with revenue composition being 94.59% from automobiles and body parts, and 5.41% from other sources [1] Fund Holdings - According to data, one fund under Caitong Securities Asset Management holds a significant position in Jinlong Automobile, specifically the Caitong Asset Technology Innovation One-Year Open Mixed Fund (009447), which held 1.9544 million shares, accounting for 3.39% of the fund's net value, ranking as the sixth-largest holding [2] - The fund was established on July 10, 2020, with a current scale of 653 million yuan, achieving a year-to-date return of 35.95% and a one-year return of 32.84% [2] - The fund managers are Deng Fangcheng and Bao Jianwen, with Deng having a tenure of 30 days and Bao having nearly four years [2]