从资金流向上来看，当日商用车板块主力资金净流入9232.68万元，游资资金净流出1531.87万元，散户资 金净流出7700.81万元。商用车板块个股资金流向见下表： 证券之星消息，11月28日商用车板块较上一交易日上涨1.16%，金龙汽车领涨。当日上证指数报收于 3888.6，上涨0.34%。深证成指报收于12984.08，上涨0.85%。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 | 15.97 | 3.77% | 29.78万 | 4.75 Z | | 600303 | 曙光股份 | 3.52 | 2.92% | 22.37万 | 7759.84万 | | 000951 | 中国直汽 | 16.70 | 2.20% | 13.04万 | 2.16亿 | | 000800 | 一汽解放 | 7.17 | 1.70% | 16.28万 | 1.16亿 | | 600375 | 汉马科技 | 6.27 | 1.62% | 21.24万 ...

财通资管科技创新一年定开混合（009447）成立日期2020年7月10日，最新规模6.53亿。今年以来收益 34.93%，同类排名1837/8127；近一年收益30.03%，同类排名2220/8059；成立以来收益60.22%。 财通资管科技创新一年定开混合（009447）基金经理为邓芳程、包斅文。 截至发稿，邓芳程累计任职时间40天，现任基金资产总规模6.53亿元，任职期间最佳基金回报-0.82%， 任职期间最差基金回报-0.82%。 包斅文累计任职时间4年7天，现任基金资产总规模78.88亿元，任职期间最佳基金回报90.66%， 任职期 间最差基金回报8.01%。 11月28日，金龙汽车涨5%，截至发稿，报16.16元/股，成交2.24亿元，换手率1.98%，总市值115.87亿 元。 资料显示，厦门金龙汽车集团股份有限公司位于福建省厦门市湖里区湖里大道69号，成立日期1996年10 月18日，上市日期1993年11月8日，公司主营业务涉及大、中、轻型客车的生产和销售。主营业务收入 构成为：汽车及车身件94.59%，其他(补充)5.41%。 从基金十大重仓股角度 数据显示，财通证券资管旗下1只基金重仓金龙 ...

Core Viewpoint - Jinlong Automobile has shown a significant increase in stock price and financial performance, indicating a positive trend in the company's operations and market position [1][2]. Financial Performance - As of September 30, 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, marking a substantial increase of 223.71% year-on-year [2]. Stock Market Activity - On November 28, Jinlong Automobile's stock price rose by 2.14%, reaching 15.72 yuan per share, with a total market capitalization of 11.272 billion yuan [1]. - The stock has increased by 12.69% year-to-date, with notable gains of 11.57% over the last five trading days and 26.47% over the last 60 days [1]. Shareholder Information - The number of shareholders as of September 30, 2025, was 61,200, a decrease of 5.02% from the previous period [2]. - The average number of circulating shares per shareholder increased by 5.28% to 11,706 shares [2]. Dividend Distribution - Jinlong Automobile has distributed a total of 862 million yuan in dividends since its A-share listing, with 104 million yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the sixth-largest circulating shareholder, holding 2.5903 million shares, a decrease of 1.1504 million shares from the previous period [3].

Core Viewpoint - The commercial vehicle sector experienced a slight increase of 0.01% on November 26, with CIMC Vehicles leading the gains, while the overall market showed mixed results with the Shanghai Composite Index down by 0.15% and the Shenzhen Component Index up by 1.02% [1] Group 1: Market Performance - The closing price for CIMC Vehicles was 9.90, reflecting a rise of 1.96% with a trading volume of 123,100 shares and a transaction value of 121 million yuan [1] - Yutong Bus closed at 31.06, up by 0.55%, with a trading volume of 76,200 shares and a transaction value of 236 million yuan [1] - JAC Motors closed at 49.02, increasing by 0.22%, with a trading volume of 236,500 shares and a transaction value of 1.158 billion yuan [1] - Foton Motor remained unchanged at 2.75, with a trading volume of 840,200 shares and a transaction value of 232 million yuan [1] - Hanma Technology closed at 6.22, unchanged, with a trading volume of 223,800 shares and a transaction value of 139 million yuan [1] - Golden Dragon Bus decreased slightly by 0.13% to 15.34, with a trading volume of 175,000 shares and a transaction value of 270 million yuan [1] Group 2: Fund Flow Analysis - The commercial vehicle sector saw a net outflow of 77.49 million yuan from institutional investors, while retail investors experienced a net outflow of 12.79 million yuan [2] - Conversely, speculative funds recorded a net inflow of 90.28 million yuan [2] - The detailed fund flow for specific stocks indicates that China National Heavy Duty Truck had a net inflow of 6.327 million yuan from institutional investors, while Foton Motor saw a net inflow of 5.674 million yuan [3] - Ankai Bus experienced a significant net outflow of 8.657 million yuan from institutional investors, indicating a negative sentiment towards the stock [3]

Core Insights - The article highlights the launch of the GC15 bus by Xiamen Golden Dragon Bus Co., marking a significant moment for Chinese bus manufacturers in the global market, particularly in the context of new energy and intelligent technology [3][4] - The GC15 is positioned as a high-end, intelligent, and reliable vehicle, showcasing the company's commitment to global expansion and advanced technology [4][5] Group 1: Product Definition and Positioning - The GC15 bus is designed for the next 5-10 years, focusing on premium quality and intelligence, representing a new brand image for Golden Dragon [4] - The core positioning of the GC15 encompasses three dimensions: a balance of intelligence and premium quality, reliability and energy efficiency, and the use of forward-looking technology to define the future [4][5] Group 2: Intelligent and Premium Features - The integration of intelligence and premium features aims to address user pain points, such as reducing dangerous driving actions and enhancing human-machine collaboration [5][6] - The bus includes a multifunctional armrest for the driver, consolidating common operations to reduce labor intensity and improve safety [5][6] Group 3: Reliability and Energy Efficiency - The GC15 adheres to a "super power, super energy-saving, super safety" standard, exceeding international regulations with internal standards for energy consumption and safety [6][7] - The vehicle's electric architecture focuses on optimizing energy efficiency and lifecycle reliability, having undergone extensive testing in various environments [6][7] Group 4: Electronic and Electrical Architecture Innovation - The GC15 introduces a domain controller architecture, replacing numerous independent ECUs, which reduces wiring costs by approximately 30% and improves assembly efficiency by about 25% [7][8] - This simplification in production not only optimizes manufacturing processes but also enhances lifecycle cost efficiency [7][8] Group 5: Data-Driven Intelligent Upgrades - The integration of artificial intelligence in the bus's development and operation signifies a new phase in intelligent competition within the bus sector [8][9] - The vehicle's energy management system utilizes proprietary algorithms to dynamically adjust energy consumption strategies based on real-time conditions [9][10] Group 6: Future Trends in Bus Industry - The global bus market is moving towards integrated and modular electronic architectures, with centralized domain controllers becoming mainstream [10] - The ability to perform OTA updates and software enhancements will be crucial for competitive differentiation in the future [10]

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 ...

Market Overview - The commercial vehicle sector increased by 1.56% on November 24, with Jinlong Automobile leading the gains [1] - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] Stock Performance - Jinlong Automobile (600686) closed at 15.50, up 10.01% with a trading volume of 267,200 shares and a turnover of 266.6 million [1] - Yutong Bus (600066) closed at 31.42, up 2.71% with a trading volume of 136,100 shares and a turnover of 4.25 billion [1] - Ankai Bus (000868) closed at 5.18, up 1.97% with a trading volume of 107,500 shares and a turnover of 55.29 million [1] - Dongfeng Motor (600006) closed at 7.49, up 1.90% with a trading volume of 345,700 shares and a turnover of 257 million [1] - Other notable performances include: - JAC Motors (600418) at 48.89, up 1.31% [1] - Foton Motor (600166) at 2.77, up 0.73% [1] Capital Flow - The commercial vehicle sector saw a net inflow of 105 million from institutional investors, while retail investors experienced a net outflow of 80.64 million [2] - The main capital flow details include: - JAC Motors had a net inflow of 181.01 million, accounting for 4.95% of the total [3] - Jinlong Automobile had a net inflow of 39.13 million, accounting for 9.81% [3] - Foton Motor experienced a net outflow of 14.29 million, with a net inflow from retail investors of 9.27 million [3]

AI and Technology - Google has released a new image model, attracting attention in the AI sector [2] - 360, a leader in AI search, has developed the 360 Smart Brain with ten core capabilities and hundreds of detailed functions, reporting a net loss of 120 million in Q3, narrowing from mid-year losses [2] - Jiuxi Software has launched its new generation large model application management platform, Nvwa GPT, which integrates and provides capabilities for large model management and intelligent orchestration [2] Aerospace and Defense - Japan has announced the deployment of missiles in sensitive areas, impacting defense-related companies [2] - Aerospace Power, a subsidiary of the Aerospace Science and Technology Group, has seen stock performance with a recent increase [2] - China Shipbuilding Industry Group, which controls multiple defense-related companies, is the only military ship production base in South China [2] E-commerce and Retail - Alibaba's "Qianwen" app has surpassed 10 million downloads in its first week of public testing [3] - Sanjiang Shopping, the largest local supermarket chain in Zhejiang, has Alibaba as its second-largest shareholder and is involved in the sale of prepared dishes [3] - DataPort, a leading data center company, provides infrastructure solutions and serves major internet companies like Alibaba, Tencent, Baidu, and NetEase [3] Real Estate - Multiple regions have issued notifications to promote the stable and healthy development of the real estate market [5] - Everbright Jiabao, a real estate development company under Everbright Group, focuses on non-performing asset management in Zhejiang [5] Automotive - GAC Group has officially launched its all-solid-state battery pilot production line [5] - Jinlong Automobile, a major bus manufacturer, has partnered with Baidu to produce China's first commercial-grade autonomous micro-circulation vehicle [5] Renewable Energy - Guosheng Technology, a top global manufacturer of heterojunction products, is focusing on high-efficiency solar cells and has plans for a solid-state battery project [6] - Hemei Group's subsidiary is investing in a green hydrogen project with an estimated total investment of around 700 million [6] Food and Beverage - Xinhua Du, a leading e-commerce platform for liquor, has seen stock performance with a recent increase [4] - Hasi Lian, a beauty brand, is focusing on skincare products and has developed a series of medical-grade dressings [5]

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。 ...