Core Viewpoint - In November 2025, the sales of large and medium-sized new energy buses in China experienced significant growth, with a total of 9,924 units sold, marking a 39.05% month-on-month increase and a 56.60% year-on-year increase, indicating a robust market performance [1][2]. Sales Performance of Leading Companies - Ankai Bus achieved the highest sales with 2,274 units, reflecting a staggering month-on-month growth of 501.59% and a year-on-year growth of 1,676.56%, capturing a market share of 22.91% [2][5]. - Yutong Bus ranked second with 1,786 units sold, showing a month-on-month increase of 45.80% and a year-on-year increase of 42.99% [5][7]. - CRRC Electric ranked third with 1,142 units sold, with a month-on-month growth of 23.86% and a year-on-year growth of 66.47% [5][7]. - Other notable performers included Xiamen Golden Dragon and Geely Far Star, with sales of 767 and 557 units respectively, both showing significant growth [5][7]. Market Share Insights - The top three companies accounted for a combined market share of 52.42%, an increase from 39.30% in October, while the top five companies held nearly 70% of the market [11][12]. - The total market share of the top ten companies reached 89.03%, up from 86.72% in September [11]. Cumulative Sales Data - From January to November 2025, a total of 49,103 units were sold, representing a year-on-year increase of 37.13% [1][11]. - Ankai Bus and Suzhou King Long were the only two companies among the top ten to achieve cumulative sales growth exceeding 100%, with increases of 257.01% and 153.15% respectively [11][21]. Segment Performance - In the bus segment, 6,390 units were sold in November, with a market share of 64.39%, while the seat bus segment saw sales of 3,218 units, reflecting a month-on-month increase of 197.41% and a year-on-year increase of 210.62% [14][22]. - The "other buses" category, including school buses, sold 316 units, with a remarkable year-on-year growth of 532.00% [14][15]. Conclusion - The November performance of the new energy bus market in China indicates a competitive landscape with several brands showing significant growth, setting the stage for a strong finish to the year as companies prepare for the annual competition [26].

近日，安徽安凯汽车股份有限公司发布第九届董事会第十一次会议决议公告。公告显示，会 议审议通过《关于拟公开挂牌转让参股公司安徽凯翔座椅有限公司40%股权的议案》。 安徽安凯汽车股份有限公司（以下简称"公司"）第九届董事会第十一次会议通知于2025年 12月8日以电话和短信方式发出，并于2025年12月18日以现场方式召开。本次会议应参与 表决董事9人，实际参与表决董事9人，会议由公司董事长黄李平先生主持。本次会议的召 集、召开程序均符合《公司法》和《公司章程》的有关规定，会议合法有效。 审议通过《关于拟公开挂牌转让参股公司安徽凯翔座椅有限公司40%股权的议案》。 表决结果：9票赞成，0票反对，0票弃权。 ● 福田/解放/徐工争冠！远程暴涨683% 贵州重卡杀进前十！11月换电重卡大增147% | 头条 ● 常瑞任董事长！福田汽车新一届领导班子就位 ● 15分钟充80%！华为全液冷超充助力重庆打造"重卡超充一张网" ● 东风柳汽2026商用车目标定了！国内冲刺4.5万辆，新能源力争突破1.6万辆，怎么干？| 头条 ● 前 1 1 月 累 销 破 3 0 万 台 海 内 外 市 场 齐 发 力 2 0 2 6 全 ...

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]

Core Insights - The domestic commercial vehicle market is experiencing a strong growth trend, particularly in the new energy commercial vehicle segment, driven by policy support and increasing demand for vehicle upgrades [1][2][10]. Commercial Vehicle Market Analysis - In November 2025, domestic commercial vehicle sales reached 260,000 units, a year-on-year increase of 4% and a month-on-month increase of 4% [5]. - From January to November 2025, total commercial vehicle sales amounted to 2.81 million units, representing a 9% year-on-year growth [5]. - The new energy commercial vehicle sales for the same period reached 770,000 units, showing a significant year-on-year increase of 54% [8]. New Energy Commercial Vehicle Performance - The penetration rate of new energy commercial vehicles has risen sharply, reaching 27% from January to November 2025, up 7 percentage points year-on-year [12]. - By November 2025, the penetration rate for new energy commercial vehicles reached 36%, an increase of 11 percentage points compared to the same month last year [12][10]. Market Trends and Dynamics - The market for new energy commercial vehicles is characterized by a strong upward trend from March to November 2025, with November sales peaking at 92,000 units, a 45% year-on-year increase [10][8]. - The overall commercial vehicle market has shown a recovery from previous lows, with 2025 marking a significant improvement compared to the previous years [5][4]. Competitive Landscape - Major players in the commercial vehicle sector include Beiqi Foton, SAIC-GM-Wuling, Dongfeng Motor, and China National Heavy Duty Truck Group, with Foton and Wuling leading in light truck and bus markets respectively [14]. - The new energy segment is seeing increased competition, particularly among companies like Geely and Chery, which are gaining traction in the new energy light truck market [20].

（文章来源：证券日报） 证券日报网讯 12月19日晚间，安凯客车发布公告称，公司第九届董事会第十一次会议审议通过《关于 修订的议案》《关于2026年度固定资产投资计划的议案》《关于拟公开挂牌转让参股公司安徽凯翔座椅 有限公司40%股权的议案》等多项议案。 ...

证券代码：000868 证券简称：安凯客车 公告编号：2025-054 安徽安凯汽车股份有限公司 关于聘任公司证券事务代表的公告 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个别及连带责任。 一、聘任证券事务代表的情况 根据公司 2025 年 12 月 18 日召开的第九届董事会第十一次会议决议，经董事长 提名、董事会提名委员会审核通过，公司董事会同意聘任姚绍光先生为公司证券事务 代表（简历见附件），任期自本次董事会审议通过之日起至第九届董事会届满之日止。 姚绍光先生具备任职证券事务代表所需的工作经验和专业知识，已经取得深圳证 券交易所颁发的《董事会秘书资格证书》，其任职资格符合《公司法》《深圳证券交 易所股票上市规则》《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》及《公司章程》等有关规定。 邮箱：zqb@ankai.com 二、备查文件 1、公司第九届董事会第十一次会议决议； 2、公司第九届董事会提名委员会 2025 年第二次会议决议。 附件：姚绍光先生简历 为便于相关工作的开展，满足投资者沟通需要，现将证 ...

证券代码：000868 证券简称：安凯客车 公告编号：2025-053 安徽安凯汽车股份有限公司 第九届董事会第十一次会议决议公告 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个别及连带责任。 一、审议通过《关于修订<安徽安凯汽车股份有限公司总经理办公会议事办 法>的议案》。 表决结果：9 票赞成，0 票反对，0 票弃权。 安徽安凯汽车股份有限公司（以下简称"公司"）第九届董事会第十一次会 议通知于 2025 年 12 月 8 日以电话和短信方式发出，并于 2025 年 12 月 18 日以 现场方式召开。本次会议应参与表决董事 9 人，实际参与表决董事 9 人，会议由 公司董事长黄李平先生主持。本次会议的召集、召开程序均符合《公司法》和《公 司章程》的有关规定，会议合法有效。经过认真审议，本次会议通过了以下议案 并形成决议： 表决结果：9 票赞成，0 票反对，0 票弃权。 三、审议通过《关于拟公开挂牌转让参股公司安徽凯翔座椅有限公司 40% 股权的议案》。 表决结果：9 票赞成，0 票反对，0 票弃权。 四、审议通过《关于聘任公司证 ...

Market Overview - The A-share market experienced a collective decline on December 16, with the Shanghai Composite Index falling to 3820.85 points, down 1.22%, the Shenzhen Component Index down 1.88%, and the ChiNext Index down 2.35% [2][3] - The total trading volume in the Shanghai and Shenzhen markets was 1.12 trillion yuan, a decrease of 606 billion yuan compared to the previous trading day [4] Sector Performance - The smart driving sector saw significant gains, with multiple stocks in the automotive sector rising sharply. Notable stocks included Wanji Technology, which recorded a 20% increase, and several others achieving the daily limit of 10% [15][16] - Consumer sectors, including restaurant tourism and commercial retail, continued to rise, with several stocks hitting the daily limit. For instance, Yonghui Supermarket and Baida Group both recorded a 10% increase [9][10] - Conversely, the large technology sector experienced a downturn, while precious metals, communication equipment, and chemical sectors led the declines [4][5] Notable Stocks - In the smart driving sector, several companies such as North Car Blue Valley and Changan Automobile saw increases of over 5% [18][19] - The hospitality sector also showed strength, with Junting Hotel rising nearly 7% and other hotel stocks following suit [11][12] Regulatory News - On December 15, the Ministry of Industry and Information Technology announced the approval of the first batch of L3-level autonomous driving vehicles for trial operations in designated areas of Beijing and Chongqing [20]

Investment Rating - The investment rating for the automotive industry is "Positive" (maintained) [1] Core Insights - The automotive industry is focusing on domestic demand and optimizing the "Two New" policies, which are expected to enhance the implementation of vehicle replacement programs [5][13] - The commercial vehicle market has shown significant growth, with heavy truck sales exceeding one million units and a 1.2 times increase in new energy vehicle exports [18] - The passenger car market is experiencing unexpected demand in the high-end luxury segment, with companies like Jianghuai Automobile and Seres recommended for investment [7] Industry News - The Central Economic Work Conference has prioritized domestic demand and the optimization of the "Two New" policies for 2026 [5][13] - Zhongtong Bus held a supply chain strategic partnership conference, emphasizing quality and innovation in their product offerings [14] - Ankai Bus has exported 1,800 units to Saudi Arabia in 2025, marking a significant milestone in Sino-Saudi transportation cooperation [15] - The China Automobile Association has called for compliance with pricing guidelines to prevent irrational competition in the automotive industry [16] Market Performance - The automotive sector outperformed the market with a weekly increase of 0.09%, ranking 9th among A-share industries [6][31] - The passenger vehicle index rose by 0.24%, led by Great Wall Motors and Geely [6][36] - The commercial vehicle index increased by 0.21%, with CIMC Vehicles and Zhongtong Bus leading the gains [6][37] - The automotive parts index saw a slight decline of 0.11%, with Huamao Technology and Yueling Co. leading the gains [6][38] Investment Recommendations - For passenger vehicles, the high-end luxury market is expected to grow, with recommendations for Jianghuai Automobile and Seres, while Geely is identified as a beneficiary [7] - In the automotive parts sector, companies like Desay SV, Zhejiang Xiantong, and Meili Technology are recommended due to their growth potential [7]

（文章来源：证券日报） 证券日报网讯 12月11日，安凯客车在互动平台回答投资者提问时表示，截至2025年12月10日，公司股 东总户数为48515户。 ...