春风动力成立于 1989 年，最初从事汽车和摩托车零部件生产，后逐步转向摩 托车产品，并于 2005 年进入全地形车市场。公司目前的主要业务包括全地形 车和摩托车，其中全地形车是最重要的收入来源。2024 年，全地形车业务实 现营收 72 亿元，占总营收的 48%；摩托车业务实现营收 64 亿元，占总营收 的 43%。在摩托车业务中，内销占比 20.6%，外销占比 19.6%。公司产品种 类丰富，涵盖多种排量段，包括 ATV、UTV 和 SSV 三类全地形车，以及各种 类型的摩托车。 公司电动两轮车业务始于 2020 年，2023 年开始放量，目前已覆盖各 价格带。预计 2026 年集合品牌有望冲击百万台规模，实现盈亏平衡， 并计划新增门店以实现更大市场目标。 展望 2026 年，四轮全地形车辆将在新品拉动下迎来良好业绩表现，两 轮车辆出口预计恢复。若美加墨协定完成，利润有望达到 25 亿元，公 司市值有较大上升空间。核心风险点包括新车型上市节奏、贸易环境变 化等。 春风动力 20251216 摘要 春风动力全地形车和摩托车业务是主要收入来源，2024 年分别占总营 收的 48%和 43%。公司通过与 KTM ...

Group 1 - The mechanical sector has shown strong performance in 2025, with the Shenwan Mechanical Equipment Index rising by 36.11%, outperforming the Shanghai Composite Index by 19.74 percentage points and the Shenzhen Component Index by 8.78 percentage points [4][16][19] - In the first three quarters of 2025, the mechanical industry reported revenues of 15,135.34 billion yuan, a year-on-year increase of 7.35%, and a net profit attributable to shareholders of 1,080.76 billion yuan, up 16.80% year-on-year [4][22][27] - The public fund allocation ratio for the mechanical equipment sector increased by 0.25 percentage points in Q3 2025 compared to Q3 2024, indicating improved fundamentals and positive policy impacts [29] Group 2 - The equipment manufacturing industry has maintained export resilience, with significant growth in new overseas markets. From January to October 2025, the export delivery value of general equipment, specialized equipment, and transportation equipment reached 6,173.20 billion yuan, 5,319.30 billion yuan, and 4,124 billion yuan respectively, with year-on-year growth rates of 5.5%, 9.3%, and 24.20% [5][33][36] - The overseas sales of engineering machinery continued to grow, with a year-on-year increase of 11.84% in export value from January to October 2025, driven by technological innovation and diversified market strategies [37][41] - The motorcycle industry has established a strong competitive advantage in overseas markets, with exports reaching 1,101.85 million units and 7.278 billion USD in value from January to October 2025, reflecting a year-on-year increase of 22.28% and 28.2% respectively [42][43] Group 3 - The emergence of new manufacturing scenarios signifies a profound transformation from "single technology upgrades" to "systematic ecological restructuring," enhancing production efficiency, product quality, and innovation capabilities [5][46] - Human-shaped robots are expected to address customization challenges in traditional manufacturing, with a market space projected to expand significantly as they transition from industrial applications to household use [47][54] - The intelligent logistics equipment market in China is expected to grow rapidly, with a projected market size of 1,261 billion yuan in 2025, driven by advancements in IoT and AI technologies [64][72]

两轮车系列专题：政策发力叠加格局优化，行业高景气拐 点渐近 20251215 摘要 2025 年中大排摩托车内销增速放缓，预计全年与去年持平，但玩乐人 群扩容提升渗透率，头部企业如春风动力、隆鑫通用和钱江摩托受益， 市占率有望提升。 2025 年中国摩托车出口强劲，110cc 以上摩托车出口同比增长 24%，250cc 以上中大排量摩托车出口同比增长 60%，海外市场潜力 巨大，尤其是欧美市场。 中国摩托车品牌通过提升产品性能、智能化配置和供应链优势，逐步缩 小与日系品牌的差距，在欧洲市场市占率有所提升，但仍有较大增长空 间。 2025 年土耳其市场汇率波动对中国摩托车出口造成短期影响，但长期 来看，中国品牌在欧美、南美及东南亚等地的布局仍具成长空间。 2025 年电动两轮车行业受以旧换新政策驱动，但政策效果减弱，新国 标实施后，终端销售表现平淡，头部企业如雅迪、爱玛面临抢占市场份 额的机会。 Q&A 2025 年国内中大排摩托车市场表现如何？ 2025 年上半年，国内中大排摩托车销量表现相对稳健，主要由于 2024 年同 期基数较低，前五个月内销销量同比增长约 30%。然而，从 6 月份开始，由于 去年基数 ...

本报讯 （记者冯思婕）近日，浙江证监局指导浙江上市公司协会举办2025年度浙江上市公司财务总监例会，学习贯彻党的 二十届四中全会精神，分析浙江辖区资本市场形势，部署浙江辖区上市公司监管工作。会议邀请了杭州、温州、嘉兴、金华、 衢州等省内各地市金融工作部门相关负责人参会，并邀请了浙江省委党校相关专家围绕党的二十届四中全会精神做了深入宣讲 和系统阐释。辖区450余家上市公司财务总监参加会议。 浙江证监局相关负责人通报了今年以来辖区上市公司监管重点工作开展情况，分析了当前辖区资本市场发展形势、存在不 足和问题，指出，面对复杂严峻的国内外经济形势，年初以来，浙江证监局认真贯彻落实中国证监会要求，立足"强监管"，聚 焦"防风险"，着眼"促发展"，坚守监管主责主业，不断提升监管效能，从严打击各类违法违规行为，净化资本市场生态，积极 拓宽融资渠道、支持并购重组、优化治理结构，助力上市公司高质量发展。今年前三季度，辖区上市公司经营业绩持续回升向 好，现金分红金额及家数创下新高，回购增持持续发力，为全省经济社会发展大局提供了有力支撑。 会议要求，财务总监要自觉践行提升财务信息质量的主体责任，严守合规底线，确保财务会计信息真实、 ...

Key Points - The core view is that in the heavy truck sector, exports will surpass domestic sales by 2026, with electric and natural gas vehicles outpacing diesel trucks, focusing on export leaders [2][3][12] - For 2025, domestic sales are expected to reach 814,000 units, a year-on-year increase of 35.2%, while exports are projected at 332,000 units, up 14.3%, leading to a total wholesale volume of 1,143,000 units, reflecting a 26.7% increase [2][19] - The natural demand for heavy trucks is stabilizing, with an estimated 646,000 units driven by natural demand in 2025, indicating that policy support is not the sole driver of growth [2][19] - By 2026, the penetration rate of electric heavy trucks is expected to rise to 30%-35%, with natural gas trucks also gaining traction as gas prices decline and oil prices stabilize [3][12] - Investment recommendations include focusing on export leaders such as China National Heavy Duty Truck Group (China National Heavy Duty Truck H), engine leaders like Weichai Power, and companies with potential in both export and domestic sales like China National Heavy Duty Truck A, FAW Jiefang, Foton Motor, and CIMC Vehicles [3][12] Commercial Vehicle Sector - The bus sector is expected to see stronger external demand than internal demand in 2026, with a projected 3% increase in domestic sales and a 30% increase in exports [5][13] - The key players in the bus sector include Yutong and King Long, which are expected to benefit from the dual drivers of domestic recovery and sustained overseas demand [6][13] Motorcycle Sector - The motorcycle market is witnessing a decline in domestic sales but a significant increase in exports, particularly for large-displacement motorcycles, which are expected to grow by 31% year-on-year in 2026 [8][14] - The total motorcycle sales for 2026 are projected to reach 19.38 million units, a 14% increase, with large-displacement motorcycles expected to account for 1.26 million units [8][14] - Investment recommendations in the motorcycle sector favor leading companies such as Chunfeng Power and Longxin General [9][14]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 003033 | 征和工业 | 68.48 | 10.01% | 2.49万 | 1.67亿 | | 603766 | 隆鑫通用 | 16.17 | 2.21% | 54.48万 | 8.67亿 | | 301322 | 绿通科技 | 26.87 | 1.93% | ● 1.58万 | 4218.73万 | | 600689 | 九号公司 | 57.87 | 0.71% | 4.85万 | 2.82亿 | | 603129 | 春风动力 | 292.60 | 0.38% | 9914.0 | 2.89亿 | | 920058 | 《法基主 | 31.31 | 0.35% | 7446.38 | 2349.55万 | | 601777 | 千里科技 | 10.42 | 0.00% | 15.58万 | 1.62亿 | | 603776 | 永安行 | 18.14 | -0.44% | 1.49万 | 2715.10万 | | 600818 | 中路股 ...

Group 1: Commercial Vehicles - The core conclusion for heavy trucks indicates that exports will surpass domestic sales in 2026, with a focus on leading exporters [2] - In 2025, the total wholesale volume for heavy trucks is expected to reach 1.143 million units, a year-on-year increase of 26.7%, with domestic sales at 814,000 units (+35.2%) and exports at 332,000 units (+14.3%) [11][12] - The penetration rate of electric heavy trucks is projected to rise to 30%-35% in 2026, with natural gas trucks also expected to gain market share [2][11] Group 2: Buses - The bus sector is expected to see stronger external demand than internal demand in 2026, with a projected growth of 3% for domestic sales and 30% for exports [3][22] - The key players in the bus industry, such as Yutong and King Long, are anticipated to benefit from the recovery in both domestic and overseas markets [3][22] - The overall profitability of the bus sector is expected to improve, driven by the recovery in demand and the performance of leading companies [23][39] Group 3: Motorcycles - The motorcycle industry is projected to achieve a total sales volume of 19.38 million units in 2026, a year-on-year increase of 14%, with large-displacement motorcycles expected to grow by 31% [4][29] - Exports of large-displacement motorcycles are expected to reach 830,000 units in 2026, reflecting a 50% increase compared to the previous year [4][29] - Leading motorcycle manufacturers, such as Chunfeng and Longxin, are expected to benefit from the continued growth in exports and large-displacement motorcycle sales [4][30]

今年前三季度，浙江辖区上市公司经营业绩持续回升向好，现金分红金额及家数创下新高，回购增持持续发力，为全省经济社会发展大局提供了有力支撑。 浙江证监局表示，下一步，浙江证监局将深入学习贯彻落实党的二十届四中全会精神，认真按照中国证监会的要求，提高资本市场制度的包容性适应性，补 齐辖区资本市场的短板。 具体来看，一是大力支持上市公司用好并购重组、回购增持再贷款等资本市场"1+N"政策工具，持续助力上市公司提高发展质量；二是持续引导上市公司开 展中期分红、一年多次分红，提高投资者回报力度，增强投资者获得感；三是持续推动上市公司优化治理结构，增强独立董事独立性，推进监事会改革，建 立健全薪酬管理制度；四是着力提升财务信息质量，夯实财务会计基础，严厉打击财务造假、资金占用等违法行为；五是强化募集资金监管，加大对募集资 金管理、使用违法违规行为的打击力度。 近日，浙江证监局指导浙江上市公司协会举办2025年度浙江上市公司财务总监例会，学习贯彻党的二十届四中全会精神，分析浙江辖区资本市场形势，部署 浙江辖区上市公司监管工作。浙江证监局，杭州、温州、嘉兴、金华、衢州等省内各地市金融工作部门，浙江上市公司协会等相关负责人，以及 ...

国盛证券表示，中国经济新动能和新势力将加速崛起，先进制造、科技是主要方向，这将带动中国经济 发展的成色与底色被全球广泛认知，以先进制造、科技创新为代表的中国经济新动能的全面崛起，将有 助于推动中国动能转换并驱动海外资金重估中国的增长模式。（文中所列示的行业仅供参考，不预示本 基金未来表现，不作为投资收益保证，也不构成对具体行业的投资建议） 500质量成长ETF紧密跟踪中证500质量成长指数，从中证500指数样本中选取100只盈利能力较高、盈利 可持续、现金流量较为充沛且具备成长性的上市公司证券作为指数样本，为投资者提供多样化的投资标 的。 据wind数据显示，截至2025年11月28日，中证500质量成长指数前十大权重股分别为华工科技、恺英网 络、东吴证券、天山铝业、春风动力、杰瑞股份、水晶光电、顺络电子、科达利、湖南黄金，前十大权 重股合计占比21.53%。（以上所列示股票为指数成份股，仅做示意不作为个股推荐。过往持仓情况不 代表基金未来的投资方向，也不代表具体的投资建议，投资方向、基金具体持仓可能发生变化。市场有 风险，投资需谨慎） 截至2025年12月9日10:04，中证500质量成长指数上涨0.17% ...

| 区景至五日心 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | | | 卖出营业部 | 是否为专场 | | 025-12-08 | 春风动力 | 603129 | 278.71 | 2720.21 | 9.76 | 华泰语塑胶的有限 | 有園型筒主婦努罗 | KO | 12月8日，春风动力大宗交易成交9.76万股，成交额2720.21万元，占当日总成交额的7.76%，成交价 278.71元，较市场收盘价278.71元持平。 ...