2月14日，东营市公共交通集团有限公司新能源公交车采购项目中标结果公示发布。A包和C包成交供应商为吉利四川商用车有限公司， 标的为20辆10.5米左右新能源公交车和20辆8.5米以上新能源公交车；B包成交供应商为厦门金龙联合汽车工业有限公司，标的为20辆 10.5米左右新能源公交车。根据此前招标公告，A包、B包和C包预算金额分别为2000万元、2000万元和1700万元。 A包中标结果公示 | | | | 序号 成交供应商 标段名称 | | --- | | 1 厦门金龙联合汽车工业有限公司 东营市公共交通集团有限公司新能源公交车采购项目B包 | 五、联系方式: B包中标结果公示 一、项目名称:东营市公共交通集团有限公司新能源公交车采购项目 二、采购公告发布日期:2026-01-15 三、评审日期:2026-02-12 四、评审结果: 1、采购人信息: 名称:东营市公共交通集团有限公司 地址:东营市胶州路448号 联系人:冯先生 联系电话:0546-8308103 2、采购代理机 名称:山东 地址:东营市 海通创客中心1号楼 联系人:姜女士 联系电话:0546-8327858 六、其他公示信息: 中标结果公告以 ...

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% over the next six months [35]. Core Insights - The report highlights a recovery in the passenger vehicle sector, driven by the implementation of subsidy policies and a shift in consumer demand. It emphasizes the importance of focusing on high-end electric vehicle manufacturers that are less sensitive to policy fluctuations, such as Jianghuai Automobile and Geely [25][26]. - In the heavy truck segment, the report anticipates a positive outlook for 2026, projecting domestic sales to reach 800,000 to 850,000 units, a year-on-year increase of 3% [30][28]. - The bus market is expected to see growth in 2026, with a conservative estimate of 40,000 units sold, reflecting a 40% year-on-year increase, supported by the continuation of subsidy policies [30][29]. - The motorcycle sector is projected to achieve total sales of 19.38 million units in 2026, a 14% increase year-on-year, with a significant focus on the large-displacement motorcycle market [26]. Summary by Sections Passenger Vehicles - Short-term recovery is anticipated in the passenger vehicle sector due to established subsidy policies, with a focus on high-end electric vehicles and companies less affected by policy changes [25][26]. - Key companies to watch include Jianghuai Automobile, Geely, Great Wall Motors, and BYD, among others [25]. Heavy Trucks - In 2025, wholesale heavy truck sales reached 1.144 million units, a 26.8% increase year-on-year, with domestic sales of 799,000 units, up 32.8% [30]. - The report recommends leading heavy truck manufacturers such as China National Heavy Duty Truck Group, Weichai Power, and FAW Jiefang [30][28]. Buses - The bus market saw a slight decline in 2025, with sales of 29,000 units, down 6% year-on-year. However, a rebound is expected in 2026, with a projected 40% increase in sales [30][29]. - Recommended companies include Yutong Bus and King Long [30]. Motorcycles - The motorcycle industry is forecasted to grow, with total sales expected to reach 19.38 million units in 2026, a 14% increase year-on-year, driven by large-displacement models [26]. - Recommended companies include Chunfeng Power and Longxin General [26].

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [6] Core Insights - The automotive market is experiencing a significant shift with new energy vehicle brands showing varied sales performance, highlighting the advantages of brand recognition [1][22] - Over twenty provinces and cities in China have introduced subsidy policies to stabilize the automotive market amid downward pressure [2][26] - Internationally, Canada is opening up to cooperation with Chinese electric vehicle manufacturers, indicating a trend towards collaborative ventures in the automotive sector [3][42] Summary by Sections Market Overview - In January 2026, several new energy vehicle brands reported their delivery volumes, with significant year-on-year growth for some, such as Hongmeng Zhixing, which delivered 57,915 vehicles, a 65.6% increase [1][20] - The overall market is characterized by a "year-on-year increase, month-on-month decrease" trend, with many companies launching attractive financing options to stimulate demand [22][23] Policy Developments - The Chinese government has rolled out various consumer incentives, including trade-in and purchase subsidies, to support automotive consumption [2][26] - The Canadian government is set to announce new fuel efficiency standards and reintroduce purchase subsidies for electric vehicles, reflecting a shift in policy towards supporting the automotive industry [3][42] Investment Recommendations - The report suggests focusing on companies with strong brand recognition and systematic capabilities, as they are likely to present long-term investment opportunities [4] - The anticipated positive impact of government policies on the automotive market is highlighted, along with the potential for Chinese automotive companies to expand internationally [4]

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The report highlights the official release of the world's first mandatory safety standard for automotive door handles, which will take effect from January 1, 2027. This standard emphasizes safety in design and functionality, requiring independent mechanical release features for each side door and specific structural strength requirements [21][22] - The Ministry of Industry and Information Technology (MIIT) is accelerating the development of key standards related to driving automation and collision safety, aiming to enhance the safety and quality of the automotive industry [21] - The A-share automotive sector outperformed the broader market, with a weekly increase of 0.32%, while the CSI 300 index fell by 1.33% [3][12] Market Performance - The automotive sector's performance ranked 12th among A-share industries, with notable gains in the passenger vehicle segment led by companies like Seres and Haima [3][4] - The commercial vehicle segment saw significant increases, particularly for Jinlong Automobile and Foton Motor, while the automotive parts sector also experienced growth, with leading companies including Xingmin Zhitong and Yinlun [6][19][20] Key Industry News - Strategic partnerships and technological advancements are highlighted, such as the collaboration between Pony.ai and Moore Threads for L4 autonomous driving technology [21] - Changan Automobile's introduction of sodium-ion batteries in collaboration with CATL, aiming for multiple passenger vehicle launches this year [21] - The launch of a vehicle replacement subsidy program in Shanghai, offering an 8% subsidy for purchasing new energy vehicles [21] Upstream Data Tracking - The report includes tracking of key material prices relevant to the automotive industry, such as steel, aluminum, and lithium carbonate, which are critical for production costs [24][25]

新能源换代周期过后，2026年的客车市场或将回归平淡。客 车行业资深人士刘永涛判断，2026年客车行业在销量上能持 平已是不错。但淘汰一些相对落后的企业，让一些优势企业获 得更大的市场份额和利润空间，对行业来讲是好事。行业不能 单纯聚焦于量的增长，否则整个行业就形不成良性的、可持续 的发展态势。 作者：王帅国 封图：企业官网 近期，A股上市客车企业相继发布了2025年全年业绩预告。总体来看，客车企业业绩分化明显， 有的企业2025年净利润增长近两倍，也有的企业"增量不增利"。 分企业看，金龙汽车（600686.SH）、中通客车（000957.SZ）在2025年均实现净利润大涨， 销量增速最高的安凯客车（000868.SZ）却由盈转亏。另外，国内最大的客车企业宇通客车 （600066.SH）并未发布业绩预告，其2025年度业绩预计稳定，同比变动在±50%以内。 从销量角度看，客车行业在2025年迎来了一个久违的发展小高潮。中国客车统计信息网数据显 示，2025年，行业共销售6米以上客车137212辆，同比增长8.84%。 "现在其实处于2015、2016年入市的新能源客车更新的高峰期，按8年来算，差不多就在20 ...

Core Viewpoint - The A-share listed bus companies have shown significant performance divergence for the year 2025, with some companies experiencing nearly double net profit growth while others face profit declines [2][4]. Group 1: Company Performance - King Long Automobile (600686.SH) expects a net profit of approximately 463 million yuan for 2025, a year-on-year increase of 193.68% [4]. - Zhongtong Bus (000957.SZ) anticipates a net profit between 320 million and 410 million yuan for 2025, reflecting a growth of 28.28% to 64.36% [5]. - Yutong Bus (600066.SH) has not released a full-year forecast but reported a net profit of 3.292 billion yuan for the first three quarters of 2025, a 35.38% increase year-on-year [5]. - Ankai Bus (000868.SZ) is projected to incur a net loss of 50 million to 60 million yuan in 2025, a decline from a profit of 839,200 yuan in the previous year [6]. Group 2: Market Trends - The bus industry is experiencing a small growth peak in 2025, with sales of buses over 6 meters reaching 137,212 units, an increase of 8.84% year-on-year [2]. - The export share of domestic buses has risen to 41.01% in 2025, indicating a growing reliance on international markets for growth [2]. - The market is expected to stabilize in 2026, with industry experts suggesting that maintaining sales levels would be a positive outcome [3]. Group 3: Export Performance - King Long's export volume for 2025 is projected at 12,255 units, a 64.90% increase, securing a market share of 15.65% [4]. - Ankai Bus achieved an export volume of 5,034 units in 2025, marking a 152.84% increase, with exports constituting 58.75% of its total sales [8]. - Yutong Bus exported 17,149 units in 2025, a year-on-year growth of 22.49% [5]. Group 4: Industry Challenges - The competitive landscape is intensifying, with some companies struggling to maintain profitability due to market pressures and declining margins [6][7]. - The shift towards international markets is becoming essential, as domestic competition limits growth opportunities [9]. - Companies like King Long and BYD are adjusting their product strategies, focusing on higher-margin products rather than volume [9].

注：本表为快报数据，最终数据以公司定期报告数据为准。 特此公告。 厦门金龙汽车集团股份有限公司董事会 证券代码：600686 证券简称：金龙汽车 编号：2026-004 厦门金龙汽车集团股份有限公司2026年1月客车产销数据快报如下： 单位：辆 ■ 厦门金龙汽车集团股份有限公司 2026年1月份产销数据快报 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。 2026年2月6日 ...

| 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 | 4,672 | 3,880 | 20.41% | 4,672 | 3,880 | 20.41% | | 其中：大型客车 | 1,693 | 1,617 | 4.70% | 1,693 | 1,617 | 4.70% | | 中型客车 | 1,401 | 694 | 101.87% | 1,401 | 694 | 101.87% | | 轻型客车 | 1,578 | 1,569 | 0.57% | 1,578 | 1,569 | 0.57% | | 客车销售量 | 4,712 | 3,482 | 35.32% | 4,712 | 3,482 | 35.32% | | 其中：大型客车 | 1,575 | 1,072 | 46.92% | 1,575 | 1,072 | 46.92% | | 中型客车 | 1,274 | 617 ...

金龙汽车（600686）(600686.SH)发布公告，公司2026年1月客车销售量为4712辆，同比增长35.32%。 ...

Core Viewpoint - Jinlong Automobile (600686.SH) announced that its bus sales volume for January 2026 is projected to be 4,712 units, representing a year-on-year increase of 35.32% [1] Group 1 - The company expects a significant growth in bus sales for January 2026, with a total of 4,712 units sold [1] - The year-on-year growth rate of 35.32% indicates a strong demand for the company's products [1]