转自：前瞻产业研究院 以下数据及分析来自于前瞻产业研究院新能源客车研究小组发布的《中国新能源汽车行业市场前瞻与投 资战略规划分析报告》 新能源客车是当前我国汽车行业企业在新能源领域研发生产和竞争的重点领域之一。近年来在国家不断 出台鼓励新能源客车发展政策的情况下，国内新能源客车市场得以快速发展。目前，我国新能源客车产 业的上市公司数量较多，分布在各产业链环节。其中，涉及核心的新能源客车整车制造的上市公司主要 有宇通客车、中通客车、亚星客车、安凯客车、福田汽车、金龙汽车、比亚迪、东风汽车、长安汽车 等。 | 产业链环节 | 公司简称(股票代码) | 要点 | 关联度 | | --- | --- | --- | --- | | | 首钢股份(000959.SZ) | 具备完整的钢材生产工艺流程,高端板材产品处于国内 领先地位 | ★ | | | 包钢股份(600010.SH) | 中国重要的钢铁工业基地、世界主要的稀土工业基地 | ★ | | | 赣铬锂业(002460.SZ) | 全球第三大及中国前列的锂化合物生产商及全球前列的 | ★ | | 基础原材料 | | 程化出壁巡 | | | | 天著股份(6052 ...

智通财经APP获悉，2月24日，乘联分会秘书长崔东树发文介绍全国商用车国内保险特征—2026年1月。根据国家金融局交强险数据，国内商用车交强险数 据的2025年商用车强势增长。由于新能源车强势增长和报废更新政策促进车辆更新，2025年新能源商用车整体呈现快速拉升的良好局面。今年商用车1月 增长较强，1月商用车国内销量实现20万台，同比增19%，环比降34%，今年创出近几年1月新高的良好水平。 在2025年末政策翘尾后，2026年1月份新能源商用车达到5万台，同比增长63%，环比下降64%.依旧保持良好走势。 从2019-2021年，整个新能源商用车的渗透率在3%左右水平，2022年达到9%，2023年达到11%，2024年全年达到20%，2025年就达到渗透率29%的良好水 平，体现了新能源商用车强势增长良好态势。2026年1月商用车新能源渗透率26%， 较同期增长7个点，相对较强。 26年1月的卡车新能源渗透率21%，客车新能源渗透率54%，较同期均有大幅提升。其中重卡达到34%、轻卡达到20%，高油耗高税收的物流车型新能源渗 透率提升较大。重卡电动化带来储能效果的体现，有效稳定了电网的用电负荷。 1、 全 ...

Group 1 - Zhongtong Bus Holdings Co., Ltd. has applied for a patent titled "Automatic Emergency Braking Control Method and System Based on Reverse Braking Compensation Model," with publication number CN121515978A and application date of December 2025. This invention relates to road traffic safety technology [1] - The patent describes a method that calculates the collision time between the vehicle and a target object. If the collision time is less than a preset trigger threshold, it activates the automatic emergency braking (AEB) function and determines the theoretical braking deceleration [1] - The method utilizes a reverse braking compensation model to create a simulated driving environment based on the current vehicle state, target object information, and theoretical braking deceleration, optimizing the braking coefficient until the simulated driving distance is less than or equal to the theoretical stopping distance, thus achieving corrected deceleration [1] Group 2 - Zhongtong Bus Holdings Co., Ltd. was established in 1994 and is located in Liaocheng, primarily engaged in the automotive manufacturing industry. The company has a registered capital of 5,929.03936 million RMB [2] - The company has invested in 19 enterprises and participated in 2,739 bidding projects. It holds 133 trademark information entries and 1,053 patent information entries, along with 142 administrative licenses [2]

Performance Overview - The company expects a net profit attributable to shareholders of 320 million to 410 million yuan for 2025, representing a year-on-year growth of 28.28% to 64.36%. The non-recurring net profit is projected to be between 290 million and 380 million yuan, with a growth of 35.47% to 77.52% [2] - In January 2026, the production volume was 1,347 units, an increase of 56.81% year-on-year, while the sales volume reached 1,231 units, up 35.72% year-on-year, continuing the trend of an 8.36% increase in sales to 12,363 units in 2025 [3] Strategic Developments - The company has made progress in overseas markets, signing a strategic cooperation agreement for 10,000 units with Saudi Arabia's Absa Had Group in 2025 and winning a bid for 91 buses in Dubai, including 40 electric buses. The company is focusing on "new energy, internationalization, and high-end" strategies to achieve market breakthroughs in various regions [4] Stock Performance - On February 6, 2026, the stock price increased by 5.06% to 12.24 yuan per share, with a cumulative increase of 3.37% over three consecutive days. Institutional holdings include new entries in the top ten circulating shareholders by Huaxia Anyang 6-month holding period mixed A and招商量化精选股票发起式A in the third quarter of 2025 [5] Industry Policy Context - The bus industry benefited from the new energy bus replacement cycle and increased export demand in 2025, but it may return to a more subdued state in 2026. The company focuses on new energy and large and medium-sized buses, with sales of new energy large and medium-sized buses over 6 meters increasing by 142.2% year-on-year in the first 11 months of 2025 [6]

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 [35]. Core Insights - The report highlights a recovery in the passenger vehicle sector, driven by the implementation of subsidy policies and a shift in consumer demand. It emphasizes the importance of focusing on high-end electric vehicle manufacturers that are less sensitive to policy fluctuations, such as Jianghuai Automobile and Geely [25][26]. - In the heavy truck segment, the report anticipates a positive outlook for 2026, projecting domestic sales to reach 800,000 to 850,000 units, a year-on-year increase of 3% [30][28]. - The bus market is expected to see growth in 2026, with a conservative estimate of 40,000 units sold, reflecting a 40% year-on-year increase, supported by the continuation of subsidy policies [30][29]. - The motorcycle sector is projected to achieve total sales of 19.38 million units in 2026, a 14% increase year-on-year, with a significant focus on the large-displacement motorcycle market [26]. Summary by Sections Passenger Vehicles - Short-term recovery is anticipated in the passenger vehicle sector due to established subsidy policies, with a focus on high-end electric vehicles and companies less affected by policy changes [25][26]. - Key companies to watch include Jianghuai Automobile, Geely, Great Wall Motors, and BYD, among others [25]. Heavy Trucks - In 2025, wholesale heavy truck sales reached 1.144 million units, a 26.8% increase year-on-year, with domestic sales of 799,000 units, up 32.8% [30]. - The report recommends leading heavy truck manufacturers such as China National Heavy Duty Truck Group, Weichai Power, and FAW Jiefang [30][28]. Buses - The bus market saw a slight decline in 2025, with sales of 29,000 units, down 6% year-on-year. However, a rebound is expected in 2026, with a projected 40% increase in sales [30][29]. - Recommended companies include Yutong Bus and King Long [30]. Motorcycles - The motorcycle industry is forecasted to grow, with total sales expected to reach 19.38 million units in 2026, a 14% increase year-on-year, driven by large-displacement models [26]. - Recommended companies include Chunfeng Power and Longxin General [26].

Core Insights - Zhongtong Bus reported a significant increase in sales for January 2026, with total sales of 1,231 vehicles, representing a year-on-year growth of 35.72% [1][3] - The sales growth was driven by a remarkable performance in the light and medium vehicle segments, particularly light vehicles which saw a staggering increase of 400% year-on-year [1][3] Summary by Category Production Data - Total production in January 2026 reached 1,347 units, a 56.81% increase compared to the same month last year [2] - Large vehicle production was 919 units, up 250.76% year-on-year [2] - Medium vehicle production was 395 units, down 26.58% year-on-year [2] - Light and logistics vehicle production was 33 units, down 44.07% year-on-year [2] Sales Data - Total sales for January 2026 were 1,231 units, a 35.72% increase from the previous year [2] - Large vehicle sales amounted to 626 units, reflecting a growth of 15.93% year-on-year [2] - Medium vehicle sales reached 545 units, showing a significant increase of 53.52% year-on-year [2] - Light and logistics vehicle sales were 60 units, marking a remarkable increase of 400% year-on-year [2]

Group 1 - The core viewpoint of the article highlights the growth in the number of automotive manufacturing enterprises in China, which reached 20,572 in 2025, an increase of 803 enterprises compared to the previous year, representing a year-on-year growth of 4.06% [1] - The automotive manufacturing sector accounts for 3.91% of the total industrial enterprises in China [1] - The data referenced is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, indicating the reliability of the statistics presented [2] Group 2 - The report titled "2026-2032 China Automotive Manufacturing Industry Market Panorama Survey and Investment Prospects Analysis" by Zhiyan Consulting provides insights into the automotive industry [1] - The threshold for scale industrial enterprises has been raised from an annual main business income of 5 million to 20 million yuan since 2011, which reflects a significant change in the criteria for enterprise classification [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in deep industry research and providing comprehensive industry solutions [2]

Performance Highlights - Guomachine General reported a net profit of 585.16 million yuan for 2025, a year-on-year increase of 45.71% with total revenue of 899 million yuan, up 17.32% [5] - Tianshili achieved a net profit of 1.105 billion yuan, a 15.68% increase year-on-year, despite a revenue decline of 3.08% to 8.236 billion yuan [5] - Focus Technology's net profit rose by 11.73% to 504 million yuan, with total revenue reaching 1.92 billion yuan, up 15.06% [5] - Times Electric reported a net profit of 4.105 billion yuan, a 10.88% increase, with total revenue of 28.761 billion yuan, up 15.46% [5] - Tongxingbao's net profit increased by 5.51% to 221 million yuan, with total revenue of 1.068 billion yuan, up 19.24% [5] Capital Increase & Restructuring - Ruili Kemi is planning to issue shares to acquire a 16% stake in its subsidiary, with trading suspended from February 9 [6] - Longyun Co. intends to acquire a 58% stake in Yuheng Film and Television, with trading resuming on February 9 [6] - Yingwang Yingchuang is set to acquire 100% of Lianshi Legend, a smart marketing service provider [6] - Jiantou Energy's application for a specific stock issuance has been approved by the Shenzhen Stock Exchange [6] - Shanshan Co. signed a restructuring investment agreement with its controlling shareholder [6] Major Events - Aihuilong received a notice of investigation from the China Securities Regulatory Commission for suspected information disclosure violations [9] - Tiansheng New Materials also received a notice of investigation for similar reasons [10] - Cloud Road Co. announced the lifting of the detention of its chairman and general manager [10] - TCL Zhonghuan's subsidiary signed a patent licensing agreement with Aiyu Co. for a total fee of 1.65 billion yuan [11] - Shenjian Co. reported that its aerospace business revenue is relatively small, accounting for less than 1% of total revenue [11] Investment Projects - Wantong Expressway plans to invest approximately 5.42 billion yuan in the renovation and expansion of the Lianhuo Expressway [15] - Zhixin Co. intends to invest up to 1.1 billion yuan in an automotive welding parts project [15] - Hangyu Technology plans to invest up to 1.05 million euros in a forging production base in Slovakia [15] - Dongtianwei is set to invest 400 million yuan in a global R&D center and manufacturing headquarters in South China [15] - Zhongguancun is planning to build a modern digital factory for traditional Chinese medicine in Jiamusi City [15] Stock Trading Updates - The stock of Cuihua Jewelry will be suspended for one day starting February 9 due to the freezing of its main bank accounts [4] - The stock of Longyun Co. will resume trading on February 9 after a suspension [23] - Ruili Kemi and Yongtai Technology will be suspended from trading starting February 9 [24]

Group 1 - The company disclosed its production and sales data for January 2026, emphasizing that the final data will be based on regular reports and cautioning investors against directly inferring performance from these figures [1] - The company held its first extraordinary shareholders' meeting on February 6, 2026, with both on-site and online voting options available for shareholders [4][6] Group 2 - A total of 493 participants attended the shareholders' meeting, representing 218,286,700 shares, which is 36.8165% of the total voting shares [9] - The meeting approved several resolutions, including the election of He Wei and Tian Jingdong as non-independent directors of the 11th Board of Directors, and the approval of the estimated daily related transactions for 2026 [10][11] - The legal opinions provided by the attending lawyers confirmed that the meeting's procedures complied with legal and regulatory requirements, validating the resolutions passed [12]

Group 1 - The core viewpoint of the article is that after the peak of the new energy vehicle replacement cycle, the bus market in 2026 is expected to return to a state of stagnation, with maintaining sales levels being a positive outcome. The industry should focus on eliminating weaker companies to allow stronger ones to gain market share and profit margins, rather than solely pursuing volume growth [1][3]. Group 2 - Recent performance forecasts for A-share listed bus companies indicate significant divergence in profitability for 2025, with some companies expecting nearly double net profit growth while others face "growth without profit" [2]. - Jinlong Automobile and Zhongtong Bus are projected to see substantial net profit increases in 2025, while Ankai Bus is expected to shift from profit to loss [6][8]. - The bus industry is experiencing a small growth peak in 2025, with sales of buses over 6 meters reaching 137,212 units, a year-on-year increase of 8.84% [2]. Group 3 - Jinlong Automobile anticipates a net profit of approximately 463 million yuan in 2025, a year-on-year increase of 193.68%, driven by growth in overseas markets [6]. - Zhongtong Bus expects a net profit between 320 million and 410 million yuan, with a year-on-year growth of 28.28% to 64.36% [7]. - Yutong Bus, which did not release a full-year forecast, achieved a net profit of 3.292 billion yuan in the first three quarters of 2025, a year-on-year increase of 35.38% [8]. Group 4 - Ankai Bus is projected to incur a loss of 50 million to 60 million yuan in 2025, primarily due to intense market competition leading to a decline in product gross margins [8]. - The company has struggled with profitability since 2013, with only one year of positive non-recurring net profit [8]. Group 5 - The article emphasizes the importance of internationalization for bus companies, stating that without expanding into overseas markets, companies may struggle to compete domestically [11]. - The demand for buses in international markets is expected to grow, particularly for new energy vehicles, as older buses require replacement [12].