Group 1 - The commercial vehicle sector saw a slight increase of 0.05% on December 25, with Shuguang Co. leading the gains [1] - The Shanghai Composite Index closed at 3959.62, up by 0.47%, while the Shenzhen Component Index closed at 13531.41, up by 0.33% [1] - Key stocks in the commercial vehicle sector included Shuguang Co. with a closing price of 3.33, up by 1.22%, and China National Heavy Duty Truck Group with a closing price of 16.85, up by 1.02% [1] Group 2 - The commercial vehicle sector experienced a net outflow of 35.47 million yuan from institutional investors, while retail investors saw a net inflow of 23.6 million yuan [2] - Major stocks with significant net inflows from retail investors included Jianghuai Automobile with 90.02 million yuan and Ankai Bus with 54.19 million yuan [3] - Conversely, stocks like FAW Jiefang and Ankai Bus experienced notable net outflows from institutional investors, with FAW Jiefang seeing an outflow of 8.39 million yuan [3]

其中，全新亮相的6SV3产品，作为15L燃气机新标杆，拥有200万公里的超长寿命、领先1—2kg的超低 气耗、领先40%的超快响应等特性，覆盖长春、青岛基地全部主销车型，在新疆线、云南线、青藏线及 东北线的典型干线物流路线场景进行了实车深度验证，能够满足客户多场景运输需求。 同时，本次迭代升级推出的6SX1 PRO 产品也备受瞩目。作为国内首款批量上市的16L重型燃气机， 6SX1持续引领行业大马力化发展趋势，此次其升级款—6SX1 PRO更是实现核心性能的全面跃升，不仅 巩固了一汽解放在大马力燃气机市场的标杆地位，更是全面满足长途干线、重载运输等多场景高效运营 需求，为用户打造极具竞争力的"挣钱机器"。 此次NG重型发动机产品焕新发布，标志着一汽解放在天然气动力领域的技术实力与产品布局再上新台 阶。未来，一汽解放将继续秉持"以用户为中心"理念，以过硬的产品与服务为用户创造更大价值，不断 引领中国商用车行业向高质量、可持续发展方向稳步迈进，书写行业发展新篇章。 近日，以"智领全球 质赢未来"为主题的一汽解放2026全球合作伙伴大会在成都开幕。当日下午，NG重 型发动机产品焕新发布会召开。 一汽解放党委委员、副 ...

12月23日，雪龙集团股份有限公司（以下简称：雪龙集团）通过公众号发布消息，在一汽解放2026全球 合作伙伴大会上，雪龙集团凭借在技术创新、协同服务等方面的深度贡献，荣获一汽解放2025年度"价 值共创奖"。 雪龙集团将继续坚持"以客户为中心"的理念，进一步深化与客户的全方位合作，共同探索行业前沿科 技，推动产品不断升级，为企业发展注入更强动力，开创共赢发展新局面。 （CIS） 在自身运营管理方面，公司聚焦产品质量、效率提升、节能降耗等，围绕企业核心竞争力提升，以体系 建设持续稳固发展定力，以对标管理持续增强发展动力，以降本增效持续激发发展活力，以创新活动持 续厚植发展潜力。 2025年，雪龙集团与一汽解放配套合作持续深化，产品在节能、可靠性等方面表现突出，协同能力进一 步增强。雪龙集团始终以客户需求为导向，与客户保持紧密联动，从产品同步开发、工艺协同优化，到 售后服务支持，实现了深度融合，在提升产品性能、缩短研发周期等方面取得了显著成效，真正体现 了"价值共创"的合作内涵。 ...

Core Viewpoint - The new energy heavy truck market experienced significant growth in November 2025, with sales reaching a record high of 28,000 units, marking a year-on-year increase of 178% [1][3]. Market Performance - In November 2025, the domestic new energy heavy truck market sold a total of 28,000 units, representing a month-on-month increase of 39% and a year-on-year increase of 178% [3]. - Pure electric heavy trucks accounted for 97.46% of total sales, with 27,200 units sold, slightly down from 98.14% in the previous month [3]. - The sales of battery-swapping heavy trucks reached 7,354 units, showing a month-on-month growth of 29% and a year-on-year growth of 147% [4][12]. Battery-Swapping Heavy Truck Analysis - The market share of battery-swapping heavy trucks in pure electric heavy truck sales was 26.99% in November, down from 28.86% the previous month [5]. - The cumulative sales of battery-swapping heavy trucks from January to November 2025 reached 56,100 units, a year-on-year increase of 143% [17][19]. - The top three brands in battery-swapping heavy truck sales for November were Foton, Jiefang, and Xugong, with sales of 1,441, 1,314, and 1,251 units respectively [12][15]. Competitive Landscape - Foton has maintained its lead in the battery-swapping heavy truck market for eight consecutive months, with a market share of 19.61% [19][21]. - The competition among battery-swapping heavy truck manufacturers is intense, with six companies achieving cumulative sales exceeding 5,000 units [25]. - The market share of Foton, Jiefang, and Xugong has increased significantly compared to the previous year, with Foton's share rising by 14.18 percentage points [21]. Segment Performance - Battery-swapping tractor trucks accounted for 88.08% of total battery-swapping heavy truck sales, while battery-swapping dump trucks made up 9.75% [23]. - The sales of battery-swapping dump trucks were lower than the overall growth rate of battery-swapping heavy trucks, with a year-on-year increase of only 20% [27]. - The market for battery-swapping dump trucks had 21 companies participating, with Xugong leading in sales and holding a market share of 36.77% [29]. Future Outlook - The battery-swapping heavy truck market has seen continuous growth for ten months, but its year-on-year growth rate remains below that of the overall new energy heavy truck market [31]. - The final month of 2025 will be crucial to see if battery-swapping heavy trucks can outperform the market and if any new players will enter the field [31].

Market Overview - The commercial vehicle sector experienced a decline of 1.04% on December 23, with Jinlong Automobile leading the drop [1] - The Shanghai Composite Index closed at 3919.98, up 0.07%, while the Shenzhen Component Index closed at 13368.99, up 0.27% [1] Individual Stock Performance - Jinlong Automobile (600686) closed at 16.50, down 3.62% with a trading volume of 242,400 shares [1] - Ankai Bus (000868) closed at 4.90, down 2.78% with a trading volume of 144,600 shares [1] - Shuguang Co. (600303) closed at 3.28, down 2.67% with a trading volume of 175,300 shares [1] - China National Heavy Duty Truck Group (000951) closed at 16.82, down 1.64% with a trading volume of 141,900 shares [1] - Hanma Technology (600375) closed at 6.02, down 1.47% with a trading volume of 196,100 shares [1] - Dongfeng Motor (600006) closed at 7.18, down 1.37% with a trading volume of 153,800 shares [1] - FAW Jiefang (000800) closed at 6.80, down 1.16% with a trading volume of 124,200 shares [1] - Foton Motor (600166) closed at 2.91, down 1.02% with a trading volume of 1,333,100 shares [1] - Jiangling Motors (000550) closed at 18.55, down 0.80% with a trading volume of 16,600 shares [1] - JAC Motors (600418) closed at 47.69, down 0.79% with a trading volume of 345,000 shares [1] Fund Flow Analysis - The commercial vehicle sector saw a net outflow of 316 million yuan from main funds, while retail investors contributed a net inflow of 279 million yuan [1] - Among individual stocks, Ankai Bus had a main fund net inflow of 5.08 million yuan, while Jinlong Automobile experienced a net outflow of 12.92 million yuan [2] - Shuguang Co. had a main fund net inflow of 3.65 million yuan, while Hanma Technology saw a net outflow of 1.91 million yuan [2] - Jiangling Motors had a net outflow of 2.93 million yuan from main funds, but a net inflow of 3.57 million yuan from retail investors [2]

Domestic News - Guangzhou's 14th Five-Year Plan aims to accelerate the automotive industry's "curve overtaking," focusing on electric vehicle transformation, brand renewal, and international market expansion, targeting a trillion-level smart connected new energy vehicle industry cluster [7] - Haikou's 14th Five-Year Plan emphasizes the development of smart connected vehicles and other emerging industries, enhancing energy infrastructure and expanding new consumption fields [8] - China's electric vehicle charging infrastructure reached 19.322 million units by November 2025, a 52% year-on-year increase, with public charging facilities at 4.625 million units, up 36% [9] - The "Shenzhen-Hong Kong Automotive Fast Pass Plan" has been implemented, allowing for expedited customs procedures for exported new energy vehicles, reducing port stay time and storage costs by over 70% [10] - Geely Auto announced the completion of the privatization of Zeekr, making it a wholly-owned subsidiary [12] - Li Auto has partnered with Air China to offer a program where new car owners can accumulate flight mileage based on driving distance [13] - Jianghuai Automobile Group has opened a subsidiary in Italy, marking a significant step in its global development strategy [14] - EVE Energy's headquarters and AI robotics center project has commenced construction, with a total investment of approximately 1 billion yuan [15] International News - Thailand's automotive production in November increased by 11.06% year-on-year, reaching 130,222 units, while domestic sales rose by 20.65% [16] - Germany's automotive exports to the U.S. fell by nearly 14% in the first three quarters of the year, significantly impacted by new tariff policies [17] - Malaysia's automotive sales in November grew by 5.5% year-on-year, driven by the impending expiration of tax exemptions and year-end promotions [18] - Uber has partnered with Baidu to conduct trials of autonomous taxis in London, with plans to launch a pilot project in the first half of 2026 [19] Commercial Vehicles - Xidi Intelligent Driving has officially listed on the Hong Kong Stock Exchange, becoming the first company focused on intelligent driving for commercial vehicles [20] - Foton Ouhui has launched a new L4 level intelligent driving bus, showcasing its technological advancements and market competitiveness [22] - Jiushi Intelligent's manufacturing base in Huai'an has officially commenced production, supporting the global RoboVan industry with advanced technology and operational experience [23] - FAW Liberation's new factory in Foshan has officially started production, enhancing its presence in the southern new energy commercial vehicle market [24]

"以115公里/小时的速度狂飙4个小时"，近期兰海高速上发生的一起轿车失控事件，将电影上的剧情搬 进了现实。 据央视新闻报道，12月17日17时30分，一辆小型轿车行驶至兰海高速临洮段时突发故障，车辆无法减 速，车速始终维持在115公里/小时，驾驶人随即报警求助。22时02分，失控车辆在G75兰海高速强家湾 隧道（四川方向）因燃油耗尽安全停稳。在两地交警接力护航下，这起跨越近500公里的高速险情被成 功化解。 公开数据显示，今年前11个月，一汽奔腾B70累计销量1.7万辆，是目前一汽奔腾节能车序列中的主销车 型。一汽奔腾B70分为龙腾版和龙耀版车型，均搭载了定速巡航功能。北方工业大学汽车产业创新研究 中心主任纪雪洪告诉记者："从自动驾驶功能分级上来看，定速巡航属于L1级别的辅助驾驶。" L1级别的辅助驾驶被称作部分驾驶辅助，其核心特点是在特定设计运行条件下，系统可在横向或纵向 为车辆提供单一方向、持续的运动辅助控制，能减轻驾驶人部分驾驶负担。同时，驾驶人不能脱离车辆 控制，仍需时刻关注驾驶环境，应对突发情况。 多个疑问待解 围绕此次兰海高速轿车失控事件，仍有多个疑问待解。 第一个疑问是，涉事车辆在进入失控状态 ...

每经记者｜段思瑶 每经编辑｜余婷婷 "以115公里/小时的速度狂飙4个小时"，近期兰海高速上发生的一起轿车失控事件，将电影上的剧情搬 进了现实。 据央视新闻报道，12月17日17时30分，一辆小型轿车行驶至兰海高速临洮段时突发故障，车辆无法减 速，车速始终维持在115公里/小时，驾驶人随即报警求助。22时02分，失控车辆在G75兰海高速强家湾 隧道（四川方向）因燃油耗尽安全停稳。在两地交警接力护航下，这起跨越近500公里的高速险情被成 功化解。 源：央视新闻视频截图 4个多小时，近500公里的离奇经历，让外界对兰海高速轿车失控事件诸多细节提出质疑。比如，车辆为 何会突然失控？车主能否保持115公里/小时的速度狂飙4个小时，中途一次刹车都不踩？定速巡航系统 失控能否通过后台介入使其降速、实现刹停？诸多待解之谜，让这起事件的真相愈发扑朔迷离。 多个疑问待解 图片来 围绕此次兰海高速轿车失控事件，仍有多个疑问待解。 神秘的涉事车辆 兰海高速轿车失控事件发生后，网友最先提出的问题是"这是哪个品牌的车型？"但截至目前还未有哪家 车企前来"认领"。 根据多方对外披露的视频，涉事车辆疑似为一汽奔腾B70车型。12月21日， ...

Policy and Regulations - Chongqing plans to build 60 hydrogen stations by 2035, aiming to promote 4,000 hydrogen fuel cell vehicles, with a daily hydrogen supply capacity increasing from 7,500 kg to over 70,000 kg [9][11] - Qinghai province aims to establish a charging infrastructure with a ratio of charging piles to new energy vehicles of no less than 1:3 by the end of 2027 [12][14] Market Insights - The market for new energy traction vehicles is experiencing explosive growth, with a compound annual growth rate of 116.2% from 2021 to 2024, and sales in the first 11 months of 2025 reaching 140,000 units, 2.5 times the total sales of 2024 [16][18] - The penetration rate of new energy traction vehicles increased from less than 1% in 2021 to 34.8% by November 2025, marking a more than 30-fold increase over five years [16][18] Company Monitoring - FAW Jiefang aims for a sales target of 320,000 units in 2026, a 14% increase from 2025, with a focus on new energy vehicles, which saw a 176.7% year-on-year growth in 2025 [27][28] - Dongfeng Commercial Vehicle targets sales of 176,000 units in 2026, emphasizing the development of a modular global platform [31][32] - Foton Motor is set to launch the Ouma Ke Z pure electric light truck soon [28]

Core Viewpoint - The stock of FAW Jiefang has shown fluctuations, with a recent increase of 2.08% in price, but a year-to-date decline of 15.58%, indicating potential volatility in the market [1]. Financial Performance - For the period from January to September 2025, FAW Jiefang reported a revenue of 43.996 billion yuan, reflecting a year-on-year decrease of 2.52%. However, the net profit attributable to shareholders increased by 2.34% to 372 million yuan [2]. - Cumulatively, since its A-share listing, FAW Jiefang has distributed a total of 10.055 billion yuan in dividends, with 940 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for FAW Jiefang reached 82,000, an increase of 4.65% from the previous period. The average number of circulating shares per shareholder decreased by 4.44% to 60,035 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 35.5357 million shares, a decrease of 2.5704 million shares from the previous period. Additionally, E Fund CSI 300 ETF has entered as a new shareholder with 12.1146 million shares [3]. Market Activity - As of December 22, FAW Jiefang's stock price was 6.88 yuan per share, with a trading volume of 76.7491 million yuan and a turnover rate of 0.23%. The total market capitalization stands at 33.858 billion yuan [1]. - The stock has experienced a slight increase of 2.23% over the last five trading days, but a decline of 3.78% over the last 20 days and 3.10% over the last 60 days [1]. Business Overview - FAW Jiefang, established on June 10, 1997, and listed on June 18, 1997, is primarily engaged in the research, production, and sales of commercial vehicles. The company's main business revenue composition is 92.89% from commercial vehicles and 7.11% from spare parts and others [1]. - The company is classified under the automotive industry, specifically in the commercial vehicle sector, and is involved in various concepts such as mergers and acquisitions, shared economy, complete vehicles, state-owned enterprise reform, and smart vehicles [1].