Investment Highlights - The article emphasizes a positive outlook for the passenger car sector, anticipating a recovery in demand in Q1 2026 due to the implementation of subsidy policies [3][8] - For the heavy truck sector, it notes a significant increase in wholesale and domestic sales in 2025, with expectations for continued growth in 2026 [4][8] - The bus segment is expected to benefit from the continuation of subsidy policies, with a projected increase in sales in 2026 [4][8] - The motorcycle industry is forecasted to see a total sales volume of 19.38 million units in 2026, with a notable increase in large-displacement motorcycles [5][8] Passenger Car Sector - The article highlights the recovery of passenger car demand in Q1 2026, driven by newly implemented subsidy policies [3][8] - It suggests focusing on high-end electric vehicle manufacturers that are less sensitive to policy changes, such as Jianghuai Automobile and Geely [3][8] - For exports, it recommends prioritizing established companies with proven execution capabilities, such as BYD and Great Wall Motors [3][8] Heavy Truck Sector - In 2025, the heavy truck sector saw a total wholesale volume of 1.144 million units, a year-on-year increase of 26.8% [4][8] - Domestic sales reached 799,000 units, up 32.8% year-on-year, while exports totaled 341,000 units, increasing by 17.2% [4][8] - The article forecasts domestic sales of heavy trucks to reach 800,000 to 850,000 units in 2026, representing a 3% year-on-year growth [4][8] Bus Sector - The article notes that the bus subsidy policy exceeded expectations, with a projected sales volume of 40,000 units in 2026, a 40% increase year-on-year [4][8] - It highlights the need for bus replacements, estimating over 100,000 buses are due for replacement in the coming years [4][8] Motorcycle Sector - The motorcycle industry is expected to achieve total sales of 19.38 million units in 2026, a 14% increase year-on-year [5][8] - Large-displacement motorcycle sales are projected to reach 1.26 million units, reflecting a 31% increase [5][8] - The article recommends focusing on leading companies in the motorcycle sector, such as Chunfeng Power and Longxin General [5][8]

股票代码：603766 股票简称：隆鑫通用 编码：临 2026-011 公司名称：珠海隆华直升机科技有限公司 统一社会信用代码：91440400315194831F 成立时间：2014 年 11 月 05 日 法定代表人：张伟 住所：珠海市金湾区三灶镇定家湾九路 10 号厂房 A 注册资本：10,000.2385 万元 - 1 - 股票代码：603766 股票简称：隆鑫通用 编码：临 2026-011 隆鑫通用动力股份有限公司 关于对原控股子公司珠海隆华提供财务资助逾期的公告 本公司董事会及全体董事保证本公告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个别及连带责任。 一、财务资助逾期情况 隆鑫通用动力股份有限公司（以下简称"公司"）于 2025 年 11 月 13 日召开 第五届董事会第十次会议，审议通过了《关于转让公司持有珠海隆华股权的议案》， 公司以人民币 1.00 元的价格，将持有的珠海隆华直升机科技有限公司（以下简 称"珠海隆华"）49.9988%的股权，转让给珠海隆华少数股东李亮君。2025 年 11 月，本次交易已完成转让交割手续，公司不再持有珠海隆华的股 ...

股票代码：603766 股票简称：隆鑫通用 编码：临 2026-012 隆鑫通用动力股份有限公司 关于第三期员工持股计划进展暨完成股票购买的公告 本公司董事会及全体董事保证本公告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个别及连带责任。 特此公告。 隆鑫通用动力股份有限公司 根据《关于上市公司实施员工持股计划试点的指导意见》和《上海证券交易 所上市公司自律监管指引第 1 号——规范运作》等相关规定和要求，现将公司第 三期员工持股计划进展情况公告如下： 截至本公告披露日，公司第三期员工持股计划已通过二级市场以集中竞价交 易方式累计买入公司股票 2,665.65 万股，占公司总股本比例 1.30%，成交总金 额为人民币 40,000.00 万元，成交均价为 15.01 元/股。 根据公司 2026 年第一次临时股东会批准的《隆鑫通用动力股份有限公司第 三期员工持股计划（草案）》，公司已完成相应股票的购买，购买的股票将按照《隆 鑫通用动力股份有限公司第三期员工持股计划（草案）》的规定予以锁定，自本 公告披露之日起满 12 个月、24 个月和 36 个月后分三期解锁，每期解锁 ...

Summary of Automotive Industry Conference Call Industry Overview - The automotive industry is facing dual pressure on volume and profit in Q1 2026, with wholesale volume expected to decline by approximately 8% year-on-year, while new energy vehicle sales are projected to slightly decrease. Exports are the only bright spot, with a year-on-year increase of 55% [1][2][3]. Key Points Performance Expectations - **Overall Industry Performance**: Q1 2026 is anticipated to be the low point for volume and profit in the passenger car sector, with most automakers expected to see profit declines exceeding 20% year-on-year due to rising costs from copper, aluminum, lithium carbonate, and the appreciation of the RMB [1][2][3]. - **Geely Auto**: Expected to report profits exceeding 4 billion yuan, with a quarter-on-quarter increase of over 10%, driven by the high profitability of the Geely 9X model and a year-on-year export growth of 140% [1][4]. - **Heavy Truck Sector**: Strong export performance with a year-on-year increase of 30% in January-February 2026. China National Heavy Duty Truck Corporation (CNHTC) is expected to see a profit increase of 60% to 500 million yuan [1][2][3]. Segment Performance - **Intelligent Vehicle Sector**: Outperforming the overall vehicle sector, with Huayang Group expected to see a nearly 20% year-on-year growth, benefiting from Xiaomi's automotive sales and new product lines [1][7]. - **Parts Sector**: Mixed performance with leading companies like Fuyao Glass and Xingyu maintaining lower pressure due to strong overseas expansion. Companies like Kingood are expected to benefit from the rising aluminum prices [1][6]. Sales and Profitability - **Sales Disparities**: Despite overall industry decline, companies like NIO and Seres are expected to show significant sales growth due to new model launches, while BYD and XPeng are facing larger declines [2][3][4]. - **Profit Expectations**: Most passenger car companies are expected to see a year-on-year profit decline of over 20%. Geely is projected to stand out with a profit of over 4 billion yuan [4][5]. Market Trends - **Two-Wheeler Sector**: The sector continues to show strong growth in large-displacement exports, with Chuanfeng Power's exports expected to increase by 60% year-on-year, although overall performance is expected to remain flat due to tariff impacts [1][10]. Additional Insights - **Investment Strategy**: The investment strategy for 2026 focuses on performance and valuation, with recommendations in areas such as AIGC-enabled "power shortage," L4-level intelligence, and robotics. Key companies recommended include Weichai Power, Xpeng Motors, and Top Group [2]. - **Challenges**: The industry faces challenges from rising raw material costs and currency fluctuations, which are expected to negatively impact profitability in Q1 2026 [3][4]. This summary encapsulates the key insights and performance expectations for the automotive industry as discussed in the conference call, highlighting both opportunities and challenges within various segments.

Event Overview - In February 2026, the sales of motorcycles above 250cc reached 46,000 units, down 20.5% year-on-year and down 28.1% month-on-month. Cumulative sales for January-February were 110,000 units, down 6.0% year-on-year [3][4]. Industry Analysis - The motorcycle industry is experiencing a temporary sales pressure due to the Spring Festival holiday, with exports performing better than domestic sales. - For motorcycles above 125cc, February sales were 480,000 units, up 3.9% year-on-year but down 28.3% month-on-month, with significant contributions from 110-125cc and 150-200cc segments [3]. - For motorcycles above 250cc, February sales were 46,000 units, down 20.5% year-on-year and down 28.1% month-on-month, with cumulative sales of 110,000 units for January-February, down 6.0% year-on-year. Exports for this category were 34,000 units in February, down 8.5% year-on-year and down 24.0% month-on-month, while cumulative exports for January-February were 79,000 units, up 3.7% year-on-year [3][4]. Structural Insights - The growth of motorcycles with engine displacement above 500cc is strong, indicating a shift towards higher-end products. - Sales for motorcycles with 250cc to 400cc displacement were 25,000 units in February, down 34.3% year-on-year and down 33.4% month-on-month, with cumulative sales of 62,000 units for January-February, down 14.9% year-on-year [5]. - Sales for motorcycles with 400cc to 500cc displacement were 9,000 units in February, down 14.7% year-on-year and down 5.9% month-on-month, with cumulative sales of 18,000 units for January-February, down 8.9% year-on-year [5]. - Sales for motorcycles with 500cc to 800cc displacement were 9,000 units in February, up 19.4% year-on-year but down 41.4% month-on-month, with cumulative sales of 25,000 units for January-February, up 22.8% year-on-year [5]. - Sales for motorcycles above 800cc were 3,000 units in February, up 50.2% year-on-year and up 68.8% month-on-month, with cumulative sales of 5,000 units for January-February, up 24.3% year-on-year [5]. Market Structure - The market share of leading companies remains stable, with Longxin and Chuanfeng leading the market. - In February, the top three companies for motorcycles above 250cc were Chuanfeng, Longxin, and Qianjiang, with a combined market share of 48.9%. The cumulative market share for January-February was 48.1%, an increase of 1.5 percentage points compared to the entire year of 2025 [6]. - Chuanfeng's sales for motorcycles above 250cc in February were 10,000 units, up 18.1% year-on-year, with a market share of 21.8% [6]. - Longxin's sales for motorcycles above 250cc in February were 9,000 units, up 17.4% year-on-year, with a market share of 19.9% [6][7]. - Qianjiang's sales for motorcycles above 250cc in February were 3,000 units, down 45.9% year-on-year, with a market share of 7.1% [7]. Company Performance - Chuanfeng's total two-wheeler sales in February were 32,000 units, up 129.1% year-on-year, with significant growth in electric motorcycle sales [8]. - Longxin's motorcycle sales in February were 106,000 units, down 6.8% year-on-year, with cumulative sales of 212,000 units for January-February, down 22.9% year-on-year [13]. - Qianjiang's motorcycle sales in February were 16,000 units, down 27.1% year-on-year, with cumulative sales of 52,000 units for January-February, down 11.1% year-on-year [19]. Future Outlook - The motorcycle market is expected to see continued growth driven by new product launches and increased exports, particularly for Chuanfeng and Longxin, while Qianjiang is focusing on enhancing its product definition capabilities [12][22].

Investment Rating - The report suggests a positive investment outlook for the electric low-speed vehicle sector, high displacement motorcycle exports, and structural upgrades in electric two-wheelers [3][8]. Core Insights - The electric low-speed vehicle market is experiencing high demand, with a projected compound annual growth rate (CAGR) of 25% from 2024 to 2029. The all-terrain vehicle (ATV) market is stabilizing, while the motorcycle market is expected to grow at a CAGR of 3.5% from 2014 to 2029. The electric two-wheeler market is entering a phase dominated by replacement demand, with global shipments expected to reach approximately 70 million units in 2024, of which 81.9% will be from China [5][17][27]. Summary by Sections Market Comparison - The all-terrain vehicle market is entering maturity, primarily driven by the North American market and a shift towards UTV & SSV products, which are expected to account for 65% of sales by 2024. The low-speed four-wheeler market is the fastest-growing segment, with a projected market size of $1.4 billion in 2024. The motorcycle market is stabilizing, with a projected global market size of $16.77 billion by 2028. The electric two-wheeler market is expected to see a modest growth of 3.9% in 2024, with a focus on replacement demand [5][17][20][27]. Competitive Landscape - The all-terrain vehicle market is characterized by regional concentration and dominance of American brands, while the low-speed four-wheeler market shows high brand concentration with Club Car, E-Z-GO, and Yamaha holding about 50% market share. The motorcycle market is fragmented, with Japanese brands holding a combined market share of 36.5% in 2023. The electric two-wheeler market in China has formed a duopoly with Yadea and Aima accounting for nearly 50% of the market [5][17][20][27]. Core Competitiveness Analysis - Electric two-wheelers face significant product homogeneity and rely heavily on distribution channels, with consumer preferences focusing on design and smart features. The electric low-speed vehicle market is smaller but has a concentrated brand presence, while the all-terrain vehicle market emphasizes product functionality and price sensitivity. The motorcycle sector is transitioning from a utility to a lifestyle product, with consumers prioritizing engine performance and displacement [7][8][27]. Company Comparisons and Investment Recommendations - The report highlights that the electric low-speed vehicle sector maintains high demand, while high displacement motorcycle exports still have growth potential. The electric two-wheeler industry is advised to focus on structural upgrade opportunities. Recommended companies include Longxin General and Chuanfeng for motorcycles, and Ninebot and Aima for electric two-wheelers, emphasizing their competitive strategies in branding and channel management [8][17][27].

证券代码：603766 证券简称：隆鑫通用 公告编号：临 2026-010 隆鑫通用动力股份有限公司 关于筹划资产置换暨关联交易的进展公告 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。 重要内容提示： 一、本次交易概述 1．本次交易尚处于筹划阶段，相关事项尚存在不确定性，公司将根据相关 事项的进展情况，及时履行信息披露义务。 2．公司在上海证券交易所网站（http://www.sse.com.cn）和符合中国证监 会规定条件的媒体刊登公司公告和其他需要披露的信息，公司所有信息均以公司 在上述指定网站和媒体刊登的正式公告为准。敬请广大投资者关注公司后续公告， 并注意投资风险。 隆鑫通用动力股份有限公司（以下简称"公司"）拟以持有的通用机械业务 相关资产与负债（以重庆新隆鑫机电有限公司股权为核心）与重庆宗申动力机械 股份有限公司（以下简称"宗申动力"，证券代码：001696）持有的摩托车发动 机业务相关资产与负债（以重庆宗申发动机制造有限公司股权为核心）进行置换， 置换资产交易作价的差额由一方向另一方以现金方式补足（以下简称"本 ...

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 [42]. Core Insights - The report highlights a recovery in passenger vehicle demand due to the implementation of subsidy policies, with a positive outlook for the passenger vehicle sector in Q1 2026. It emphasizes the importance of selecting resilient domestic companies and those with strong export capabilities [32][33]. - For heavy trucks, the report anticipates a sales volume of 800,000 to 850,000 units in 2026, reflecting a year-on-year increase of 3%. It recommends leading companies in the heavy truck sector [35]. - The bus sector is expected to see a growth in sales to 40,000 units in 2026, driven by the continuation of subsidy policies and the need for fleet renewal [36]. - The motorcycle market is projected to grow by 14% in total sales, with a significant increase in large-displacement motorcycles, particularly in export markets [33]. Summary by Sections Passenger Vehicles - The report expects a recovery in passenger vehicle demand in Q1 2026 due to subsidy policies, with a focus on high-end electric vehicle manufacturers such as Jianghuai Automobile, Geely, Great Wall, and others [32][33]. - The report suggests prioritizing companies with proven execution capabilities in overseas markets, recommending BYD, Great Wall, and Chery for export [32]. Heavy Trucks - In 2025, the wholesale volume reached 1.144 million units, a year-on-year increase of 26.8%. The report forecasts a sales volume of 800,000 to 850,000 units for 2026, a 3% increase year-on-year [35]. - Recommended companies include China National Heavy Duty Truck Group, Weichai Power, and others [35]. Buses - The report indicates that the bus subsidy policy has exceeded expectations, with a projected sales increase to 40,000 units in 2026, a 40% year-on-year growth [36]. - Key recommendations include Yutong Bus and King Long [36]. Motorcycles - The motorcycle industry is expected to achieve total sales of 19.38 million units in 2026, a 14% increase, with large-displacement motorcycles projected to grow by 31% [33]. - Recommended companies include Chunfeng Power and Longxin General [33].

关于第三期员工持股计划的进展公告 本公司董事会及全体董事保证本公告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个别及连带责任。 股票代码：603766 股票简称：隆鑫通用 编码：临 2026-009 隆鑫通用动力股份有限公司 隆鑫通用动力股份有限公司（以下简称"公司"）分别于 2025 年 12 月 24 日和 2026 年 1 月 9 日召开第五届董事会第十二次会议和 2026 年第一次临时股东 会，审议通过了《关于<公司第三期员工持股计划（草案）>及其摘要的议案》， 同意公司设立第三期员工持股计划，并授权公司董事会办理员工持股计划相关的 事宜。具体内容详见公司于 2025 年 12 月 25 日和 2026 年 1 月 10 日在上海证券 交易所网站（www.sse.com.cn）披露的相关公告及文件。 根据《关于上市公司实施员工持股计划试点的指导意见》和《上海证券交易 所上市公司自律监管指引第 1 号——规范运作》等相关规定和要求，现将公司第 三期员工持股计划进展情况公告如下： 公司将持续关注第三期员工持股计划的实施进展情况，并按照相关法律法规 的规定及时履行信息 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company announced an expected increase in net profit attributable to shareholders for 2025, projected to be between 1.65 billion and 1.8 billion yuan, representing a year-on-year growth of 47.15% to 60.53%. The net profit after deducting non-recurring items is expected to be between 1.6 billion and 1.75 billion yuan, with a year-on-year increase of 46.03% to 59.72% [2][4]. Summary by Relevant Sections Financial Performance - For Q4 2025, the company’s net profit is expected to be around 150 million yuan, a decrease of 33.4% year-on-year, while the net profit after deducting non-recurring items is also expected to be 150 million yuan, down 42.3% year-on-year. The decline is attributed to asset disposals, employee benefits, office upgrades, and exchange rate impacts [10]. - The company’s core operating profit remains in line with expectations, driven by an improved product matrix in motorcycles and continued high growth in overseas sales of the "Wuji" series [10]. Market Expansion - The export of large-displacement motorcycles (over 250ml) reached 91,000 units in 2025, a year-on-year increase of 171.8%. The all-terrain vehicle exports were 36,000 units, up 52.8% year-on-year, indicating sustained high growth in exports [10]. - The "Wuji" brand has shown strong performance overseas, with sales revenue of 3.04 billion yuan in the first three quarters of 2025, a year-on-year increase of 24.9%. The overseas revenue was 1.72 billion yuan, up 86.9%, contributing 56.6% to the total revenue of the "Wuji" series [10]. Future Projections - The company is expected to achieve net profits of 1.759 billion, 2.219 billion, and 2.468 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 18.03, 14.30, and 12.85 times [10].