Group 1: Market Performance - From January 1 to 18, the national passenger car retail sales reached 679,000 units, a year-on-year decrease of 28% and a month-on-month decrease of 37% [1][5] - During the same period, the wholesale volume of passenger cars was 740,000 units, down 35% year-on-year and 30% month-on-month [1][9] - The retail sales of new energy vehicles (NEVs) in the same timeframe were 312,000 units, reflecting a 16% year-on-year decline and a 52% month-on-month decline [1][5] Group 2: Production Trends - In the first two weeks of January, the production of pure fuel light vehicles was 91,000 units, down 85% year-on-year and 77% month-on-month [1] - The production of hybrid and plug-in hybrid vehicles totaled 139,000 units, a year-on-year decrease of 65% and a month-on-month decrease of 75% [1] Group 3: Policy Impact - The National Development and Reform Commission announced a policy to implement large-scale equipment updates and a trade-in program, which is expected to boost domestic car consumption [5] - The subsidy for passenger car trade-ins is projected to decrease by 20% to 30% compared to 2025, indicating a structural adjustment in the policy [5][11] Group 4: Future Outlook - The market is expected to improve as local subsidy details and channels are fully launched, along with the gradual release of purchasing power before the Spring Festival [5] - The first month of the year typically sees a "New Year sales boost," and despite the current weak performance, there is an anticipation of a slight increase in year-on-year sales due to pre-orders and market dynamics [9][11]

Core Viewpoint - The commercial vehicle sector experienced a slight increase of 0.74% on January 21, with Jianghuai Automobile leading the gains. The Shanghai Composite Index rose by 0.08%, while the Shenzhen Component Index increased by 0.7 [1]. Group 1: Stock Performance - Jianghuai Automobile (600418) closed at 52.45, up by 2.84%, with a trading volume of 618,400 shares and a transaction value of 3.209 billion [1]. - China National Heavy Duty Truck (000951) closed at 17.30, up by 1.35%, with a trading volume of 162,600 shares and a transaction value of 280 million [1]. - Foton Motor (600166) closed at 3.11, up by 1.30%, with a trading volume of 1,453,300 shares and a transaction value of 450 million [1]. - Other notable performances include Zhongtong Bus (000957) at 11.78, up by 0.43%, and Shuguang Co. (600303) at 3.28, up by 0.31% [1]. Group 2: Capital Flow - The commercial vehicle sector saw a net inflow of 417 million from institutional investors, while retail investors experienced a net outflow of 249 million [2]. - Major stocks like Jianghuai Automobile had a net inflow of 274 million from institutional investors, indicating strong institutional interest [3]. - Conversely, stocks like King Long Motor (600686) and China National Heavy Duty Truck (000951) faced significant net outflows from retail investors, suggesting a shift in investor sentiment [3].

Group 1: Market Overview - The commercial vehicle sector increased by 0.07% on January 20, with Hanma Technology leading the gains [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] Group 2: Stock Performance - Hanma Technology (600375) closed at 6.35, up 3.25% with a trading volume of 994,300 shares and a transaction value of 626 million [1] - King Long Automobile (600686) closed at 20.62, up 3.10% with a trading volume of 493,200 shares and a transaction value of 1.01 billion [1] - Other notable performers include CIMC Vehicles (301039) at 9.61, up 0.84%, and Yutong Bus (600066) at 32.21, up 0.69% [1] Group 3: Fund Flow Analysis - The commercial vehicle sector experienced a net outflow of 235 million from institutional investors, while retail investors saw a net inflow of 331 million [2] - The detailed fund flow indicates that King Long Automobile had a net inflow of 709.24 million from institutional investors, while Hanma Technology had a net inflow of 35.31 million [3] - Other companies like Yutong Bus and Foton Motor showed mixed fund flows, with Yutong Bus having a net inflow of 977.17 million from institutional investors [3]

Core Viewpoint - The light commercial vehicle (LCV) market in China has shown a consistent growth trend, achieving a year-on-year increase of 12% in December 2025, marking the ninth consecutive month of growth, with total sales reaching 4.45 million units [2][3][21]. Market Performance - In December 2025, the overall bus market in China sold 63,900 units, reflecting a month-on-month increase of 20% and a year-on-year increase of 5% [2]. - The light bus segment accounted for 69.55% of the total bus market sales in December, a decrease from 76.14% in the previous month [2]. - For the entire year of 2025, the light bus market's share reached 78.07%, up from 77.18% in 2024, indicating a nearly 1 percentage point increase [2]. Sales Trends - December 2025 marked the highest sales volume for light commercial vehicles in the past five years, with 4.45 million units sold, surpassing the lowest sales in December 2022 by approximately 8,000 units and exceeding December 2024 sales by about 4,700 units [5]. - Cumulatively, the light commercial vehicle market in 2025 achieved total sales of 448,100 units, a year-on-year growth of 11%, maintaining the same growth rate as after November [7][15]. Company Performance - In December 2025, the top ten companies in the light commercial vehicle market collectively held a market share of 95.9%, with Changan leading at 14,500 units sold, representing a 32.5% market share [13]. - Among the top ten companies, eight experienced sales growth compared to December 2024, with notable increases from Changan (15%), Dongfeng (46%), and Chuangwei (222%) [10][17]. - For the entire year, five of the top ten companies saw sales increases, with Changan, Jiangling, and Dongfeng capturing 29.3%, 22.2%, and 20.6% of the market share, respectively, totaling 72.0% for the top three [18][19]. Market Dynamics - The light commercial vehicle market has experienced a shift in rankings among the top companies, with Chuangwei entering the top five for the first time and Xiamen Jinlong and Yutong also moving up in rankings [13][19]. - The overall market dynamics indicate that while some companies have improved their standings, others have seen declines, reflecting a competitive landscape [10][19].

从先秦的驷马高车，到明清的八抬大轿，再到民国老爷车的低调奢华——商务出行的"体面"， 从未因时代变迁而褪色。 如今，这份延续千年的出行哲学，在 江铃福特全顺T8 身上，得到了智能与豪华的当代诠释。 它不仅是一台车，更是一部 "可移动的商务礼仪简史"，将尊贵、可靠与智慧，融入每一处肌 理，陪伴每一次出发。 外观—静观其华，入目皆礼 外观现代 · 内饰焕新 · 科技感环绕 "车身腰线流畅，风阻系数低至0.298Cd，既省油又显优雅。" 全顺T8以 星辉式前格栅 搭配 LED矩阵大灯，五款车身颜色可选，无论是商务黑、皓月白， 还是更具个性的流光金，都能在出场瞬间奠定气场。流线型车身不仅美观，更将风阻系数控制 在 0.298Cd，意味着更低的油耗与更静谧的行驶体验。 "内饰就是'移动头等舱'！" 拉开车门，双航空级座椅 即刻抓住视线——支持 通风、加热、八点式按摩，腿托可调，仿佛 将飞机头等舱"平移"至车内。无论是三小时跨城会议，还是长途差旅，都能始终保持最佳状 态。 停车即自动伸出的 电动迎宾踏板，不仅仅是便捷，更是一种 "车待人" 的仪式感。无论接送 客户、团队出行，还是家庭郊游，这一步，从容不迫。 12.3英寸 ...

Core Viewpoint - The domestic internal combustion engine market showed strong annual performance in 2025, with total sales reaching 53.81 million units, a year-on-year increase of 12.76%, marking the highest sales since 2018. However, December sales experienced a slight decline due to a weak terminal market and slower supply pace [1]. Group 1: Internal Combustion Engine Sales - In December 2025, internal combustion engine sales were 4.7454 million units, a month-on-month decrease of 1.97% but a year-on-year increase of 0.98% [1]. - For the entire year of 2025, total internal combustion engine sales reached 53.81 million units, reflecting a year-on-year growth of 12.76% [1]. Group 2: Diesel Engine Sales - In December 2025, diesel engine sales were 456,300 units, with a month-on-month increase of 2.75% and a year-on-year increase of 11.62%. The total sales for the year reached 5.126 million units, up 6.8% year-on-year [4][3]. - The multi-cylinder diesel engine market also performed well, with December sales of 360,000 units, a month-on-month increase of 1.41% and a year-on-year increase of 12%. Total sales for the year reached 4.1317 million units, a year-on-year increase of 7.35% [4]. Group 3: Market Performance of Key Companies - Weichai maintained its leading position in the multi-cylinder diesel engine market with total sales of 807,300 units in 2025, achieving a year-on-year growth of 8.58% and a market share of 19.54% [8]. - Yuchai ranked second with total sales of 549,100 units, a year-on-year increase of 23.17%, and a market share of 13.29% [8]. - Yunnei Power ranked third with sales of 353,700 units, a year-on-year increase of 4.65%, holding a market share of 8.56% [8]. - In December, Weichai sold 80,500 units, achieving a month-on-month growth of 2.82%, while Yuchai and Yunnei Power sold 34,300 and 33,500 units, respectively [6]. Group 4: Strategic Partnerships - Yunnei Power and SF Express established a comprehensive strategic partnership focusing on intelligent delivery robots, with SF Express prioritizing the procurement of vehicles equipped with Yunnei Power engines [7].

证券日报网讯 1月15日，江铃汽车发布公告称，公司董事会批准《江铃汽车股份有限公司审计委员会工 作细则修订案（2026年）》等。 （文章来源：证券日报） ...

第一章 总则 第一条 为充分发挥审计委员会对公司财务信息、内部控制、内外部审计等 工作的监督作用，健全公司内部监督机制，根据《中华人民共和国公 司法》（以下简称《公司法》）、《中华人民共和国证券法》《上市公司 独立董事管理办法》《上市公司审计委员会工作指引》《江铃汽车股份 有限公司章程》（以下简称公司章程）等法律、行政法规、部门规章、 规范性文件和自律规则，制定本工作细则。 第二章 审计委员会的设立与运行 江铃汽车股份有限公司 审计委员会工作细则（2026 年修订） 第二条 审计委员会成员由六名董事组成，其中包括四名独立董事且至少一名 独立董事是会计专业人士。公司的四名独立董事自然成为审计委员会 委员；审计委员会其他委员由董事长及副董事长联合提名、二分之一 独立董事或全体董事的四分之一提名，并经董事会过四分之三同意选 举产生。审计委员会的成员不得在公司担任高级管理人员。 审计委员会设主任委员（召集人）一名，由独立董事委员担任且为会 计专业人士，负责主持委员会工作；主任委员的确定和罢免须经过半 数委员同意，且须报董事会批准。委员会并配有一名专职秘书，该秘 书由公司财务总监担任。 审计委员会下设审计事务小组为日常 ...

江铃汽车股份有限公司 独立董事工作制度（2026 年修订） 第一章 总则 第二章 任职资格 1 第一条 为充分发挥江铃汽车股份有限公司（以下简称"公司"）独立董事在公 司治理中的作用，进一步完善公司治理结构，促进公司的规范运作，有 效保障全体股东特别是中小股东的合法权益不受损害，根据《中华人民 共和国证券法》（以下简称《证券法》）、《中华人民共和国公司法》 （以下简称《公司法》）、中国证券监督管理委员会（以下简称"中国 证监会"）《上市公司独立董事管理办法》、深圳证券交易所（以下简 称"深交所"）《深圳证券交易所股票上市规则》及《深圳证券交易所 上市公司自律监管指引第 1 号—主板上市公司规范运作》等有关法律、 法规、规范性文件和《江铃汽车股份有限公司章程》（以下简称"公司 章程"）规定，制定本制度。 第二条 独立董事是指不在公司担任除董事外的其他职务，并与公司及其主要股 东、实际控制人不存在直接或者间接利害关系，或者其他可能影响其进 行独立客观判断关系的董事。独立董事应当独立履行职责，不受公司及 其主要股东、实际控制人等单位或者个人的影响。 第三条 独立董事对公司及全体股东负有忠实与勤勉义务，应当按照法律、 ...

江铃汽车股份有限公司 薪酬委员会工作细则（2026 年修订） 第一章 总则 第一条 为规范江铃汽车股份有限公司（以下简称"公司"）高级管理人员 的薪酬管理制度，完善公司治理结构，根据《中华人民共和国公司法》《上市公司 治理准则》《江铃汽车股份有限公司章程》（以下简称"公司章程"）及其他有关规 定，制订本工作细则。 第二条 薪酬委员会是董事会设立的专门工作机构，主要负责制订、审查 公司高级管理人员的薪酬政策和方案，负责制订公司高级管理人员的考核标准并 进行考核。 第三条 薪酬委员会对董事会负责，委员会的提案应当提交董事会审议决 定。 第八条 薪酬委员会委员任期与董事任期一致，委员任期届满，连选可以 连任。期间如有委员不再担任公司董事职务，自动失去委员资格，并根据有关规 定补足委员人数。薪酬委员会委员人数如未达到规定人数的三分之二，薪酬委员 会暂停行使本工作细则规定的职权。 第九条 薪酬委员会下设薪酬事务小组，薪酬事务小组成员由薪酬委员会 指定。 第三章 职责权限 第十条 薪酬委员会负责制定高级管理人员的考核标准并进行考核，制定、 审查高级管理人员的薪酬决定机制、决策流程、支付与止付追索安排等薪酬政策 与方案，并 ...