Group 1 - The commercial vehicle sector increased by 2.58% on September 15, with Jianghuai Automobile leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] - Jianghuai Automobile's closing price was 58.14, reflecting a rise of 6.68% with a trading volume of 1.3597 million shares and a transaction value of 7.728 billion [1] Group 2 - The commercial vehicle sector saw a net inflow of 405 million in main funds, while retail funds experienced a net outflow of 108 million [3][4] - Jianghuai Automobile had a net inflow of 423 million in main funds, with a net outflow of 32.3 million in speculative funds [4] - The trading volume and transaction values for other companies in the sector varied, with notable performances from Zhongtong Bus and Ankai Bus, which saw increases of 2.78% and 2.43% respectively [1][3]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The "Automobile Industry Steady Growth Work Plan (2025 - 2026)" aims for about 32.3 million vehicle sales in 2025, a 3% YoY increase, with around 15.5 million new energy vehicle sales, a 20% YoY increase, and a 6% YoY growth in automobile manufacturing added - value. In 2026, the industry is expected to maintain a stable and positive development trend [1][105][116]. - From January to August, China's automobile sales reached 21.128 million, a 12.6% YoY increase, and new energy vehicle sales were 9.62 million, a 36.7% YoY increase, achieving 65.4% and 61.9% of the annual targets respectively [1][106][118]. - In the 36th week (September 1 - 7), new energy passenger vehicle retail sales were 220,000, a 0.5% YoY decrease, and the annual cumulative retail sales were 7.645 million, a 23.4% YoY increase. The single - week penetration rate reached 60.6%, and the annual cumulative penetration rate was 51.9%, showing a slow upward trend [2][109][118]. - In July, global new energy vehicle sales reached 1.392 million, an 18.5% YoY increase, and from January to July, sales were 9.233 million, a 25.9% YoY increase. Except for China, Europe and other regions had significant growth, with 29.5% and 53.4% growth respectively from January to July [2][118]. - In August, the US new energy vehicle sales were 177,000, an 18.4% YoY increase, much higher than the overall vehicle growth rate of 2%. From January to August, the cumulative sales were 1.01 million, a 2.4% YoY increase [2][112][119]. 3. Summary by Related Catalogs 3.1 Financial Market Tracking - The weekly price changes of relevant sectors and listed companies are presented. For example, BYD's closing price on September 12 was 105.91 yuan, with a - 1.26% weekly change; CATL's closing price was 325 yuan, with a - 0.03% weekly change [13][15][16]. 3.2产业链数据跟踪 3.2.1 China New Energy Vehicle Market Tracking - **Sales and Exports**: In August, new energy vehicle production and sales were 1.391 million and 1.395 million respectively, with YoY growth of 27.4% and 26.8%. From January to August, production and sales were 9.625 million and 9.62 million respectively, with YoY growth of 37.3% and 36.7%. In August, new energy vehicle exports were 224,000, a 100% YoY increase. From January to August, exports were 1.532 million, an 87.3% YoY increase [106][107][108]. - **Inventory Changes**: Data on monthly new additions to new energy passenger vehicle channel inventory and manufacturer inventory are provided [25][26]. - **Delivery Volumes of Chinese New Energy Vehicle Manufacturers**: Monthly delivery volumes of manufacturers such as Leapmotor, Li Auto, XPeng, NIO, Zeekr, Aion, Voyah, and Deepal are presented [28][29][33]. 3.2.2 Global and Overseas New Energy Vehicle Market Tracking - **Global Market**: In July, global new energy vehicle sales reached 1.392 million, an 18.5% YoY increase, and from January to July, sales were 9.233 million, a 25.9% YoY increase [2][118]. - **European Market**: Relevant data on new energy vehicle sales and penetration rates in Europe, including the UK, Germany, and France, are provided [44][45][49]. - **North American Market**: In August, US new energy vehicle sales were 177,000, an 18.4% YoY increase. From January to August, the cumulative sales were 1.01 million, a 2.4% YoY increase. Data on North American new energy vehicle sales and penetration rates are also presented [2][112][119]. - **Other Regions**: Data on new energy vehicle sales and penetration rates in other regions, such as Japan, South Korea, and Thailand, are provided [60][61][65]. 3.2.3 Power Battery Industry Chain - Data on power battery installation volume (by material), export volume (by material), weekly average price of power battery cells, and material costs are presented. Information on the operating rates and prices of ternary materials, precursors, lithium iron phosphate, negative electrode materials, electrolytes, and other related materials is also provided [76][78][82]. 3.2.4 Other Upstream Raw Materials - Data on the daily prices of rubber, glass, steel, and aluminum are provided [97][98][100]. 3.3 Hot News Summaries 3.3.1 China: Policy Dynamics - The eight - department joint issuance of the "Automobile Industry Steady Growth Work Plan (2025 - 2026)" aims to achieve specific sales and growth targets for 2025 and 2026 [1][105][116]. - The six - department joint launch of a three - month special rectification action for online chaos in the automobile industry aims to improve the handling efficiency of online chaos and regulate marketing and publicity behaviors [105]. - The two - department release of the "Implementation Opinions on Promoting High - Quality Development of 'Artificial Intelligence +' Energy" promotes the application of artificial intelligence in energy - related fields [106]. 3.3.2 China: Industry Dynamics - In August, new energy vehicle production and sales data are as stated above. From January to August, the production and sales of new energy vehicles also showed significant growth [106][107][108]. - From September 1 - 7, new energy retail sales decreased by 3% YoY, and the cumulative retail sales increased by 25% [109]. - In August, China's power battery installation volume was 62.5GWh, a 32.4% YoY increase. From January to August, the cumulative installation volume was 417.9GWh, a 43.1% YoY increase [110][111]. - The China Association of Automobile Manufacturers is preparing to establish a new energy vehicle battery branch [111]. 3.3.3 Overseas: Policy Dynamics - Mexico plans to raise import tariffs on products from Asian countries such as China, South Korea, and India to 50%, which requires congressional approval [112]. - The US has exempted a variety of products, including gold, graphite, and nickel, from tariffs [112]. 3.3.4 Overseas: Industry Dynamics - In August, US new energy vehicle sales were 177,000, an 18.4% YoY increase [112][113][119]. 3.3.5 Overseas: Enterprise Dynamics - Construction of South Korean battery factories in the US has been interrupted due to immigration enforcement. LG Energy Solution has taken corresponding measures [113][114]. - VinFast delivered 72,167 vehicles globally in the first half of 2025, with significant growth in vehicle and motorcycle sales. In the second quarter, revenue increased by 91.6% YoY, and the net loss was approximately 812 million US dollars [115]. - InoBat, a Slovakian electric vehicle battery manufacturer, received 54 million euros in subsidies and 456,000 euros in loans from the Spanish government to support the construction of a battery super - factory [116][117]. 3.4 Industry Views The "Automobile Industry Steady Growth Work Plan (2025 - 2026)" sets clear goals for 2025 and 2026, and current market data shows the development status of the new energy vehicle industry [1][116][118]. 3.5 Investment Suggestions - China's new energy vehicle market penetration rate has reached a relatively high level. In 2025, high - competitiveness new models are continuously launched, and price wars are gradually ending. - Due to severe trade protectionism in Europe and the US, there are risks in exports. Attention should be paid to new growth points such as Belt and Road countries and the Middle East. - In the competitive landscape, domestic brands' market shares continue to expand. Attention should be paid to enterprises with strong product capabilities, smooth overseas expansion, and stable supply [3][120][121].

股票简称：中通客车 股票代码：000957 公告编号：2025-050 中通客车股份有限公司 2025年第二次临时股东大会决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记载、误导性陈述或者重大 遗漏负连带责任。 一、会议召开和出席情况 1、会议召开情况 （1）现场会议召开的时间：2025年9月12日下午14:30；网络投票时间：通过深圳证券交易所交易系统 进行网络投票的具体时间为2025年9月12日上午9:15一9:25,9:30一11:30，下午13:00～15:00；通过深圳证 券交易所互联网投票的具体时间为：2025年9月12日上午9:15至下午15:00期间的任意时间。 （2）现场会议召开地点：本公司会议室。 （3）召开方式：现场投票及网络投票表决方式。 2、会议出席情况 出席本次股东大会现场会议和通过网络投票表决的股东及股东代理人共计494人，代表有表决权股份 142,173,608股，占公司有表决权股份总数的23.98%。其中： （1）出席现场会议的股东及股东授权代表共计4人，代表有表决权股份276,300股,占公司有表决权股份 的0.0466%。 （2）在网络投票时 ...

股票简称：中通客车 股票代码：000957 公告编号：2025-050 中通客车股份有限公司 2025 年第二次临时股东大会决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假 记载、误导性陈述或者重大遗漏负连带责任。 一、会议召开和出席情况 1、会议召开情况 （1）现场会议召开的时间：2025 年 9 月 12 日下午 14:30；网络 投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间为 2025年 9月12日上午9:15—9:25,9:30—11:30，下午13:00～15:00； 通过深圳证券交易所互联网投票的具体时间为：2025 年 9 月 12 日上 午 9:15 至下午 15:00 期间的任意时间。 （2）现场会议召开地点：本公司会议室。 出席本次股东大会现场会议和通过网络投票表决的股东及股东 代理人共计 494 人，代表有表决权股份 142,173,608 股，占公司有表 决权股份总数的 23.98%。其中： （6）本次股东大会的召集与召开程序、出席会议人员资格及表 决程序符合《公司法》、《深圳证券交易所股票上市规则》及《公司 章程》的有关规定。 2、会议出席情 ...

山东博翰源律师事务所 关于中通客车股份有限公司 2025 年第二次临时股东大会的 法律意见书 济南市经十路 11001 号中国人寿大厦南楼 8 层 电话：+86 531 8266 5806 传真：+86 531 8570 0088 山东博翰源律师事务所 关于中通客车股份有限公司 2025 年第二次临时股东大会的 法律意见书 致：中通客车股份有限公司 根据《中华人民共和国证券法》《中华人民共和国公司法》及中国证券监督管 理委员会《上市公司股东会规则》（以下简称"《股东会规则》"）等相关法律、 法规、规范性文件和《中通客车股份有限公司章程》（以下简称"《公司章程》"） 的规定，山东博翰源律师事务所（以下简称"本所"）受中通客车股份有限公司（以 下简称"公司"）的委托，指派宿扬帆、公真真律师出席公司 2025 年第二次临时 股东大会并就本次股东大会的召集与召开程序、出席会议人员资格、表决程序及表 决结果等出具法律意见。 为出具本法律意见书，本所律师审查了公司提供的有关本次股东大会各项议程 及相关文件，听取了公司董事会就有关事项所作的说明。 在审查有关文件的过程中，公司向本所律师保证并承诺，其向本所提交的文件 和所作 ...

中通客车股份有限公司 | 第一章 | 总 | 则 2 | | | --- | --- | --- | --- | | 第二章 | | 经营宗旨和范围 | 3 | | 第三章 | 股 | 份 3 | | | 第一节 | | 股份发行 3 | | | 第二节 | | 股份增减和回购 4 | | | 第三节 | | 股份转让 5 | | | 第四章 | | 股东和股东会 6 | | | 第一节 | | 股东的一般规定 6 | | | 第二节 | | 控股股东和实际控制人 | 9 | | 第三节 | | 股东会的一般规定 10 | | | 第四节 | | 股东会的召集 12 | | | 第五节 | | 股东会的提案与通知 | 13 | | 第六节 | | 股东会的召开 15 | | | 第七节 | | 股东会的表决和决议 | 17 | | 第五章 | | 董事和董事会 21 | | | 第一节 | | 董事的一般规定 21 | | | 第二节 | | 董事会 23 | | | 第三节 | | 独立董事 27 | | | 第四节 | | 董事会专门委员会 30 | | | 第六章 | | 高级管理人员 31 | | | ...

中通客车股份有限公司 董事会议事规则 （本议事规则经 2025 年 9 月 12 日召开的公司 2025 年第二次临时股东大会审议通过） 第一章 总则 第一条 为了进一步规范中通客车股份有限公司（以下简称：公司）董事会的议 事方式和决策程序，促使董事和董事会有效地履行其职责，提高董事会规范运作和科 学决策水平，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》（以下简称《证券法》）、《上市公司治理准则》和《深圳证券交易所股票上 市规则》等有关规定及公司章程，结合公司实际情况，制订本规则。 第二章 董事会的组成机构 第二条 公司设董事会，董事会由 9 名董事组成，其中独立董事占董事会成员的比 例不得低于三分之一。公司设董事长一人，可设副董事长，设职工代表董事一人。董 事长和副董事长由董事会以全体董事的过半数选举产生。 第三条 非职工代表董事由股东会选举或更换，并可在任期届满前由股东会以普 通决议方式解除其职务。董事任期三年，任期届满可以连选连任，但独立董事连任时 间不得超过 6 年。由职工代表担任的董事由公司职工通过职工代表大会、职工大会或 者其他形式民主选举产生，无需提交股东会审议 ...

中通客车股份有限公司 股东会议事规则 （本议事规则经 2025 年 9 月 12 日召开的公司 2025 年第二次临时股东大会审议通过） 第一章 总则 （二）公司未弥补的亏损达股本总额三分之一时； （三）单独或者合计持有公司百分之十以上股份的股东请求时； （四）董事会认为必要时； （五）审计委员会提议召开时； 第一条 为规范中通客车股份有限公司（以下简称"公司"）行为，保证股东会 依法行使职权，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》（以下简称《证券法》）、《上市公司股东会规则》等有关法律、 法规、规范性文件和《中通客车股份有限公司章程》（以下简称"公司章程"）的规 定，制定本规则。 第二条 公司股东会的召集、提案、通知、召开等事项适用本规则。 第三条 公司应当严格按照法律、行政法规、本规则及公司章程的相关规定召开 股东会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。公司全体董事应当勤勉 尽责，确保股东会正常召开和依法行使职权。 第四条 股东会应当在《公司法》和公司章程规定的范围内行使职权。 第五条 股东会分为年度股东会和临时股东会。年度 ...

Group 1 - The commercial vehicle sector experienced a decline of 1.02% on September 12, with King Long Automobile leading the drop [1][3] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] - Major stocks in the commercial vehicle sector showed mixed performance, with Yutong Bus increasing by 1.39% and King Long Automobile decreasing by 1.49% [1][3] Group 2 - The net outflow of main funds in the commercial vehicle sector was 540 million yuan, while retail investors saw a net inflow of 315 million yuan [3][4] - The detailed fund flow indicated that King Long Automobile had a significant net outflow of 39.38 million yuan from main funds [4] - Other companies like Ankai Bus and Foton Motor also experienced varying levels of net inflow and outflow from different investor categories [4]

Core Viewpoint - Zhongtong Bus has achieved significant growth in both performance and sales through continuous expansion into overseas markets, with notable increases in revenue and profit margins [3][4][10]. Sales Performance - In August 2025, Zhongtong Bus sold 1,052 vehicles, a year-on-year increase of 10.5%, while total sales for the first eight months reached 7,904 vehicles, up 2.21% [3][6]. - Large vehicle sales in August reached 666 units, a 61.26% increase year-on-year, while medium and light vehicle sales saw declines [4][6]. - The company reported a total of 4,976 large vehicles sold in the first eight months, reflecting a 7.1% increase [4][6]. Financial Performance - For the first half of 2025, Zhongtong Bus achieved revenue of 3.941 billion yuan, a 43.02% increase year-on-year, and a net profit of 190 million yuan, up 71.61% [4][10]. - Domestic revenue was 1.184 billion yuan, a 29.16% increase, while international revenue reached 2.757 billion yuan, growing by 49.94% [10][11]. - The proportion of international revenue in total revenue rose to 69.96%, an increase of 3.23 percentage points from the previous year [5][11]. Market Strategy - The company is focusing on optimizing its market structure and has made significant strides in exporting new energy buses, which are becoming a key driver of growth [7][9]. - A recent shipment of 250 buses to Burkina Faso marks a significant milestone in Zhongtong's overseas expansion efforts [7][8]. Research and Development - Zhongtong Bus increased its R&D expenditure to 125 million yuan, a 44.68% rise year-on-year, focusing on new product development and advanced technology research [14]. - The company holds 502 valid patents, including 152 invention patents, and has received 22 new patent authorizations in the first half of 2025 [14]. Share Buyback - The company announced a share buyback plan with a total amount not less than 600 million yuan and not exceeding 1.2 billion yuan, with approximately 70 million yuan already spent by the end of August [14][15]. - Since the initiation of the buyback, the company's stock price has increased by approximately 9.3% [16].