Core Viewpoint - The commercial vehicle sector experienced a 0.91% increase on October 10, with Yutong Bus leading the gains, while the overall Shanghai Composite Index fell by 0.94% [1]. Summary by Category Market Performance - The Shanghai Composite Index closed at 3897.03, down 0.94% - The Shenzhen Component Index closed at 13355.42, down 2.7% [1]. Commercial Vehicle Sector - The commercial vehicle sector saw individual stock performances as follows: - Yutong Bus (600066) closed at 29.40, up 5.19% with a trading volume of 436,900 shares and a turnover of 1.29 billion yuan - King Long Automobile (600686) closed at 12.88, up 4.29% with a trading volume of 828,400 shares and a turnover of 1.06 billion yuan - Zhongtong Bus (000957) closed at 11.43, up 3.07% with a trading volume of 292,800 shares and a turnover of 331 million yuan - Other notable performances include Ankai Bus (000868) up 2.40% and Jiangling Motors (000550) up 2.17% [1]. Fund Flow Analysis - The commercial vehicle sector experienced a net outflow of 403 million yuan from institutional investors, while retail investors saw a net inflow of 291 million yuan [3]. - Specific stock fund flows included: - King Long Automobile had a net inflow of 88.14 million yuan from institutional investors - Zhongtong Bus had a net inflow of 31.97 million yuan from institutional investors - China National Heavy Duty Truck (000951) had a net inflow of 31.65 million yuan from institutional investors [4].

证券代码：000957 证券简称：中通客车 公告编号：2025-051 中通客车股份有限公司 关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 中通客车股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日召开了第十一届董事会第十一次会议，审议通过了《关于回购部分 A 股股份方案的议案》，同意公司使用自有资金或自筹资金以集中竞 价交易方式回购部分公司股份，用于股权激励或者员工持股计划。本 次回购股份的资金总额不超过人民币2亿元（含）且不低于1亿元（含）； 回购价格不超过人民币 15 元/股；实施期限为自公司董事会审议通过 回购方案之日起 12 个月内。具体内容详见公司于 2025 年 6 月 7 日在 《中国证券报》《证券时报》《证券日报》《上海证券报》及巨潮资讯 网披露的《关于回购部分 A 股股份的回购报告书》(公告编号： 2025-034）。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律 监管指引第 9 号—回购股份》等相关规定，上市公司应当在每个月的 前三个交易日内披露截至上月末的回购进展情况。现将公司回 ...

Core Insights - The commercial vehicle sector experienced a slight increase of 0.02% on October 9, with Jinlong Automobile leading the gains [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Stock Performance Summary - Jinlong Automobile (600686) closed at 12.35, with a rise of 9.00% and a trading volume of 713,600 shares, amounting to a transaction value of 863 million [1] - Yutong Bus (600066) closed at 27.95, up 2.72%, with a trading volume of 238,000 shares, totaling 660 million [1] - China National Heavy Duty Truck Group (000951) closed at 17.52, increasing by 1.80%, with a trading volume of 134,200 shares, amounting to 23.4 million [1] - Hanma Technology (600375) closed at 8.24, up 1.73%, with a trading volume of 1,994,300 shares, totaling 814 million [1] - Other notable performances include FAW Jiefang (000800) at 7.09 (+1.14%) and Foton Motor (600166) at 2.77 (+1.09%) [1] Capital Flow Analysis - The commercial vehicle sector saw a net outflow of 447 million from institutional investors, while retail investors contributed a net inflow of 214 million [2] - The main capital inflow and outflow for key stocks include: - Jinlong Automobile: Net inflow of 14.56 million from main capital, but net outflows from both retail and speculative capital [3] - FAW Jiefang: Net inflow of 21.27 million from main capital, with outflows from speculative and retail investors [3] - Yutong Bus: Net inflow of 11.79 million from main capital, with a significant net inflow from speculative capital [3]

Core Viewpoint - The article highlights the launch of two new electric buses, H12E-Plus and N12D, by Zhongtong Bus at the 2025 Belgium World Bus Expo, emphasizing their significance in the global shift towards green transportation [1][3]. Group 1: Product Features - The H12E-Plus and N12D buses are designed to meet international market standards, showcasing advantages in design, experience, and operation [5]. - The H12E-Plus features a dynamic front design and a low-drag shape, incorporating a comprehensive safety architecture that includes both active and passive safety measures [7][11]. - The H12E-Plus is equipped with a new generation lithium iron phosphate battery, offering a lifespan of 15 years and a warranty of 1.5 million kilometers, along with advanced safety features [13]. Group 2: Market Trends - In the EU market, the market share of electric vehicles increased by 24.8% year-on-year in 2025, indicating a significant shift towards electric public transport [3]. - The global market for new energy buses is thriving, with Chinese brands transitioning from participants to leaders in the industry [21]. Group 3: Global Expansion - Zhongtong Bus has established a global presence, with successful deliveries in various international markets, including Portugal, showcasing the rise of high-quality Chinese manufacturing [19][25]. - The company has undertaken numerous national key new energy projects, accumulating a wealth of patents in areas such as intelligence, electrification, and connectivity [23]. Group 4: Competitive Landscape - Chinese bus brands, represented by Zhongtong, are engaging in multi-dimensional competition with international giants in technology, service, and branding [27]. - The industry standards previously defined by European brands are increasingly incorporating Chinese elements, reflecting a deep transformation in the global industry [27].

Core Insights - The article highlights the participation of Zhongtong Bus at the Belgium Bus Expo, showcasing its electric bus models and emphasizing the company's commitment to innovation and customization in the global market [2][6][10] Group 1: Company Overview - Zhongtong Bus has established itself as a leader in the Chinese bus industry, with a significant focus on electric and intelligent transportation solutions [2][5] - The company has transformed its strategy from merely exporting vehicles to providing customized solutions for global transportation challenges [5][10] Group 2: Market Performance - Since 2003, Zhongtong Bus has seen its overseas market share grow significantly, with exports increasing by over 65% in 2024 and an 11-fold increase in the first half of 2025 [5] - The company captured 90% of Shandong Province's bus export market, indicating strong regional dominance [5] Group 3: Product Highlights - Zhongtong Bus showcased five electric bus models at the expo, including the N12D double-decker city bus, which features a range of over 400 km on a single charge and rapid charging capabilities [6][10] - The H12E PLUS luxury coach integrates advanced technologies for energy efficiency and passenger comfort, including a 5-star health cabin certification and various driver assistance features [6][7] - The N18 electric bus is noted for its practical design and user-friendly features, catering to diverse passenger needs [7] Group 4: Technological Advancements - Zhongtong Bus has invested in R&D since 2004, becoming one of the earliest companies to focus on new energy technologies in the bus sector [10] - The company has achieved significant certifications, including the EU WVTA certification, which facilitates entry into high-end European markets [10] Group 5: Global Reach - Zhongtong Bus products are now exported to over 100 countries, including Singapore, Portugal, and Germany, demonstrating its extensive international footprint [10] - The company's approach combines advanced technology, intelligent ecosystems, and sustainable development principles, marking its evolution into a comprehensive solution provider [10]

Core Insights - The commercial vehicle sector experienced a 0.81% increase on September 30, with Dongfeng Motor leading the gains [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Commercial Vehicle Sector Performance - Dongfeng Motor (600006) closed at 8.06, with a rise of 6.05% and a trading volume of 1.23 million shares, amounting to a transaction value of 972 million [1] - Other notable performers included: - Zhongjun Vehicles (301039) at 9.61, up 1.69% [1] - Shuguang Co. (600303) at 3.91, up 1.56% [1] - Jianghuai Automobile (600418) at 53.90, up 1.51% [1] - The sector saw a net inflow of 248 million in main funds, while retail investors experienced a net outflow of 206 million [3][4] Fund Flow Analysis - Main funds showed significant net inflows in several companies: - Dongfeng Motor: 218 million, accounting for 22.41% of the total [4] - Yutong Bus (600066): 93.02 million, 17.44% [4] - Jianghuai Automobile: 58.23 million, 1.77% [4] - Retail investors showed net outflows in various companies, with notable outflows from: - Yutong Bus: 6.89 million, -12.93% [4] - Jiangling Motors: 14.95 million, -11.50% [4] - China National Heavy Duty Truck (000951): 15.97 million, -9.42% [4]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - By 2035, new energy vehicles will become the mainstream of newly sold vehicles in China, with the net greenhouse gas emissions in the entire economic scope decreasing by 7%-10% from the peak, non-fossil energy consumption accounting for over 30% of the total energy consumption, and other goals to be achieved [1][109][118]. - The penetration rate of the Chinese new energy vehicle market exceeded 30% in 2023 and 50% in 2024. In 2025, high - competitiveness new car products are continuously launched, and price wars are gradually stopped. Overseas markets face trade protectionism in Europe and the United States, so attention should be paid to new growth points such as countries along the Belt and Road and the Middle East. The market share of independent brands continues to expand [3][120]. 3. Summary According to Relevant Catalogs 3.1 Financial Market Tracking - The one - week price changes of related sectors and listed companies are presented in charts. For example, BYD's one - week price decline was 1.65%, while Seres' was 9.48% [12][15]. 3.2产业链数据跟踪 3.2.1 China New Energy Vehicle Market Tracking - **Sales and Exports**: Data on China's new energy vehicle sales, penetration rate, domestic sales, exports, and sales of EV and PHV are presented in charts [16][21][23]. - **Inventory Changes**: Charts show the monthly new additions to new energy passenger vehicle channel inventory and manufacturer inventory [24][25]. - **Delivery Volumes of Chinese New Energy Vehicle Enterprises**: Monthly delivery volumes of enterprises such as Leapmotor, Li Auto, XPeng, NIO, etc., are presented in charts [27][28][32]. 3.2.2 Global and Overseas New Energy Vehicle Market Tracking - **Global Market**: From January to July, global new energy vehicle sales reached 9.233 million, a year - on - year increase of 25.9%. Except for China, Europe and other regions also had significant growth, with year - on - year increases of 29.5% and 53.4% respectively [2]. - **European Market**: Data on European new energy vehicle sales, penetration rate, and sales of EV and PHV in countries like the UK, Germany, and France are presented in charts [44][50][55]. - **North American Market**: In August, US new energy vehicle sales and penetration rate reached record highs. Due to the expiration of the federal electric vehicle tax credit on September 30, high market enthusiasm is expected to continue in September, followed by a sharp decline. Data on North American new energy vehicle sales, penetration rate, and sales of EV and PHV are presented in charts [2][119]. - **Other Regions**: Data on new energy vehicle sales, penetration rate, and sales of EV and PHV in regions such as Japan, South Korea, and Thailand are presented in charts [62][70][72]. 3.2.3 Power Battery Industry Chain - Data on power battery installation volume, export volume, weekly average price of battery cells, material costs, and the operating rates and prices of various battery materials are presented in charts [79][81][85]. 3.2.4 Other Upstream Raw Materials - Data on the daily prices of rubber, glass, steel, and aluminum are presented in charts [102][103][104]. 3.3 Hot News Summaries 3.3.1 China: Policy Dynamics - By 2035, new energy vehicles will become the mainstream of newly sold vehicles in China. From 2026, export license management will be implemented for pure - electric passenger vehicles [109]. 3.3.2 China: Industry Dynamics - From September 1 - 21, new energy vehicle retail sales increased by 10% year - on - year, and cumulative retail sales since the beginning of the year increased by 24%. In the 38th week (September 15 - 21), new energy passenger vehicle retail sales were 299,000, a year - on - year increase of 5.9%, and cumulative retail sales since the beginning of the year were 8.214 million, a year - on - year increase of 23.0% [111][112][113]. 3.3.3 China: Enterprise Dynamics - Chery Automobile was listed on the Hong Kong Stock Exchange, raising HK$9.14 billion. Li Auto and Sunwoda Power jointly established a battery company [114]. 3.3.4 Overseas: Policy Dynamics - Australia announced a 2035 emission reduction target, aiming to reduce emissions by 62 - 70% compared to 2005. The US lowered the import tariff on EU cars to 15%, and Turkey imposed new tariffs on imported passenger cars [114][116][119]. 3.3.5 Overseas: Enterprise Dynamics - BYD's Brazilian factory obtained an international green certificate. Porsche adjusted its product strategy, slowing down electrification and lowering its 2025 performance expectations [117][118]. 3.4 Investment Advice - Pay attention to new growth points such as countries along the Belt and Road and the Middle East. Focus on enterprises with strong product capabilities, smooth overseas expansion, and stable supply [3][120].

Core Viewpoint - The commercial vehicle sector experienced a rise of 1.22% on September 29, with Hanma Technology leading the gains. The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1]. Group 1: Market Performance - The commercial vehicle sector saw significant individual stock movements, with Hanma Technology closing at 8.05, up 5.23%, and a trading volume of 963,600 shares, amounting to 773 million yuan [1]. - Other notable performers included Zhongshun Vehicles, which rose 5.00% to 9.45, and Jianghuai Automobile, which increased by 2.85% to 53.10 [1]. - The overall trading volume for the commercial vehicle sector was substantial, with Jianghuai Automobile achieving a transaction value of 3.016 billion yuan [1]. Group 2: Fund Flow Analysis - The commercial vehicle sector experienced a net inflow of 239 million yuan from institutional investors, while retail investors saw a net outflow of 38.64 million yuan [3][4]. - Jianghuai Automobile attracted the highest net inflow from institutional investors at 185 million yuan, while Zhongshun Vehicles had a net inflow of 22.17 million yuan [4]. - Conversely, Yutong Bus faced a net outflow of 35.65 million yuan from retail investors, indicating a shift in investor sentiment [4].

Market Overview - The commercial vehicle sector experienced a decline of 1.28% on September 26, with Hanma Technology leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Notable stock performances included: - Shuguang Co., Ltd. (600303) rose by 9.97% to a closing price of 3.86, with a trading volume of 501,900 shares and a turnover of 190 million yuan [1] - Hanma Technology (600375) fell by 6.13% to a closing price of 7.65, with a trading volume of 1,389,300 shares and a turnover of 1.12 billion yuan [2] - Jianghuai Automobile (600418) decreased by 2.27% to 51.63, with a turnover of 401.7 million yuan [2] Capital Flow - The commercial vehicle sector saw a net outflow of 291 million yuan from institutional investors, while retail investors contributed a net inflow of 234 million yuan [2] - The capital flow for specific stocks included: - Shuguang Co., Ltd. had a net inflow of 82.08 million yuan from institutional investors, but a net outflow of 35.01 million yuan from speculative funds [3] - Zhongtong Bus (000957) experienced a net inflow of 12.51 million yuan from institutional investors [3]

Core Viewpoint - In August 2025, China's sales of new energy buses above 7 meters achieved a double increase both month-on-month and year-on-year, indicating a robust growth trend in the market [1][2]. Sales Performance - In August 2025, a total of 4,403 new energy buses were sold, representing an 18.97% month-on-month increase and a 46.28% year-on-year increase [1][2]. - Cumulatively, from January to August 2025, sales reached 26,254 units, a year-on-year increase of 37.38% [1][10]. Leading Companies - Yutong Bus maintained its leading position with 1,493 units sold in August, achieving a month-on-month growth of 120.86% and a year-on-year growth of 121.84%, capturing a market share of 33.91% [2][3]. - Xiamen Golden Dragon ranked second with 375 units sold, marking a month-on-month increase of 103.80% and a year-on-year increase of 234.82% [5][7]. - BYD ranked third with 352 units sold, maintaining its position from the previous month [5][7]. Market Share - The top three companies accounted for 50.42% of the market share in August, an increase from 48.85% in July [10]. - The top ten companies collectively held 89.05% of the market share, up from 87.76% in July [10]. Segment Performance - In the bus segment, 3,439 units were sold in August, with a month-on-month increase of 27.18% and a year-on-year increase of 54.01% [14][16]. - The seat bus segment saw sales of 962 units, with a month-on-month increase of 2.34% and a year-on-year increase of 24.94% [21]. - Other buses, including school buses, experienced a decline in sales [14][15]. Notable Growth - Dongfeng Co. exhibited remarkable growth with a month-on-month increase of 792.86% and a year-on-year increase of 1983.33% [7][18]. - Among the top ten companies, Zhongtong Bus achieved a year-on-year growth of 151.19%, while Xiamen Golden Dragon's cumulative sales growth reached 93.99% [10][20]. Future Outlook - The competition among leading bus brands is intensifying, with ongoing product updates and innovations expected to drive further growth in the new energy bus market [24].