Group 1 - The commercial vehicle sector increased by 0.25% on December 31, with Zhongtong Bus leading the gains [1] - The Shanghai Composite Index closed at 3968.84, up 0.09%, while the Shenzhen Component Index closed at 13525.02, down 0.58% [1] - Key stocks in the commercial vehicle sector showed varied performance, with Zhongtong Bus closing at 11.42, up 4.20%, and Jinlong Automobile at 17.74, up 2.90% [1] Group 2 - The commercial vehicle sector experienced a net outflow of 88.46 million yuan from institutional investors, while retail investors saw a net inflow of 57.80 million yuan [2] - The trading volume and turnover for key stocks varied, with Jinlong Automobile having a turnover of 3.92 billion yuan and Zhongtong Bus at 3.30 billion yuan [2] - The net inflow from retail investors for several stocks, including Yutong Bus and Ankai Bus, indicated mixed investor sentiment [3]

Market Overview - The Shanghai Composite Index closed at 3968.84 points, above the annual line, with a slight increase of 0.09% [1] - The total trading volume of A-shares reached 24,617.43 billion yuan [1] Stocks Breaking Annual Line - A total of 92 A-shares have surpassed the annual line today, with notable stocks showing significant deviation rates [1] - The stocks with the highest deviation rates include: - Wajingke (8.82%) - Zhangyue Technology (8.44%) - Suoling Co., Ltd. (7.81%) [1] Detailed Stock Performance - The following stocks have notable performance metrics: - Wajingke: 20.00% increase, turnover rate of 14.94%, latest price at 37.80 yuan [1] - Zhangyue Technology: 10.00% increase, turnover rate of 12.20%, latest price at 22.12 yuan [1] - Suoling Co., Ltd.: 10.00% increase, turnover rate of 10.69%, latest price at 6.05 yuan [1] - Other stocks with significant increases include: - Desheng Technology: 10.03% increase - Nanxing Co., Ltd.: 10.00% increase [1] Additional Stocks with Minor Deviations - Stocks with smaller deviation rates that have just crossed the annual line include: - Guifaxiang - Guangkang Biochemical - Shunwang Technology [1]

证券之星消息，12月30日商用车板块较上一交易日上涨0.27%，金龙汽车领涨。当日上证指数报收于 3965.12，下跌0.0%。深证成指报收于13604.07，上涨0.49%。商用车板块个股涨跌见下表： 从资金流向上来看，当日商用车板块主力资金净流出9307.09万元，游资资金净流入6316.26万元，散户资 金净流入2990.83万元。商用车板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000951 | 中国車汽 | 2942.02万 | 15.66% | -126.24万 | -0.67% | -2815.78万 | -14.98% | | 600686 | 金龙汽车 | 1813.28万 | 8.16% | 2706.60万 | 12.17% | -4519.88万 | -20.33% | | 000957 | 中通客车 | 946.80万 | 8.54% | 631.50万 | ...

Group 1: Export Business Growth - The company's export business has accelerated significantly since 2022, driven by improvements in China's overall economy and export conditions [2] - The initial breakthrough in export markets was primarily in the Middle East, especially in Saudi Arabia, supported by China's enhanced national strength [2] - Future growth in the export business is expected to be stable, with demand for buses increasing due to global economic development and infrastructure expansion [2] Group 2: Internal Management Improvements - Recent performance growth is attributed to solid internal management enhancements, focusing on three main areas: marketing capability, operational control, and after-sales service efficiency [3] - The company has shifted from solely measuring sales volume to emphasizing operational quality in its marketing strategy [3] - Cost management and detailed oversight of production and operational expenses have been prioritized to drive refined management practices [3]

Core Viewpoint - The development of skilled talent in the Liaocheng Development Zone is highlighted through the recognition of individuals like Wang Enkui as "Qilu Chief Technicians," showcasing the region's commitment to enhancing its skilled workforce and aligning talent development with industrial needs [1][2]. Group 1: Talent Development Initiatives - The Liaocheng Development Zone has implemented innovative mechanisms for training and evaluating skilled talent, including a self-evaluation and filing system for enterprises, which simplifies recognition processes and enhances policy coverage [2]. - The focus on practical value in talent training aims to meet production demands and convert talent advantages into industrial and market competitiveness, thereby supporting the construction of a modern industrial system in the region [2]. Group 2: Case Studies of Skilled Technicians - At Zhongtong Bus Co., the innovation of high-skilled talents is evident, with the company nurturing 10 "Qilu Chief Technicians" and 4 provincial technical experts, demonstrating a strong culture of craftsmanship [2]. - A notable example is Qin Shanlei, who developed a new stainless steel handrail punching device that reduced the time for drilling from 5 minutes to 1 minute, significantly cutting costs on drill bits by over 10,000 yuan monthly [2]. Group 3: Future Plans for Talent Cultivation - The Liaocheng Development Zone plans to continue enhancing its talent cultivation policies, focusing on strategic emerging industries and future sectors, aiming to attract and develop more high-skilled talents [2]. - The goal is to build a large-scale, well-structured, high-quality, and distinctive skilled talent team to provide robust support for the high-quality development of the regional economy and society [2].

证券之星消息，12月29日商用车板块较上一交易日下跌0.33%，中集车辆领跌。当日上证指数报收于 3965.28，上涨0.04%。深证成指报收于13537.1，下跌0.49%。商用车板块个股涨跌见下表： 从资金流向上来看，当日商用车板块主力资金净流出1.85亿元，游资资金净流入651.62万元，散户资金净 流入1.79亿元。商用车板块个股资金流向见下表： | 代码 | 名称 | | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 600686 | 金龙汽车 | | > 290.77万 | 1.17% | 1878.38万 | 7.58% | -2169.14万 | -8.75% | | 000800 | 一汽解放 | | 182.52万 | 2.60% | -150.26万 | -2.14% | -32.26万 | -0.46% | | 000550 江铃汽车 | | | -114.89万 | -2.23% | 352.19万 ...

Core Viewpoint - Zhongtong Bus experienced a decline in stock price, with a current trading price of 11.02 CNY per share and a market capitalization of 6.534 billion CNY, indicating a net outflow of funds from major investors [1] Group 1: Stock Performance - As of December 29, Zhongtong Bus's stock price has increased by 1.37% year-to-date, but has decreased by 5.33% over the last five trading days [1] - The stock has shown a slight increase of 0.46% over the past 20 days and 0.54% over the past 60 days [1] Group 2: Financial Performance - For the period from January to September 2025, Zhongtong Bus reported a revenue of 5.655 billion CNY, representing a year-on-year growth of 33.58% [2] - The net profit attributable to shareholders for the same period was 277 million CNY, reflecting a year-on-year increase of 41.75% [2] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Zhongtong Bus was 70,500, a decrease of 11.29% from the previous period [2] - The average number of circulating shares per shareholder increased by 12.72% to 8,411 shares [2] - The company has distributed a total of 468 million CNY in dividends since its A-share listing, with 96.584 million CNY distributed over the last three years [3]

Core Viewpoint - The commercial vehicle industry in 2025 has undergone significant leadership changes across major companies, indicating a strategic shift in management amidst intense market competition [1][46]. Group 1: Major Company Leadership Changes - FAW Jiefang appointed Li Sheng as the new chairman, replacing Wu Bilei, and also saw a significant marketing leadership change with Yu Guangjiang taking over as the head of the marketing headquarters [1][9]. - China National Heavy Duty Truck Group (CNHTC) saw multiple leadership adjustments, with Liu Hongyong becoming chairman and Liu Zhengtai appointed as president [9][10]. - Dongfeng Motor Corporation experienced a series of leadership changes, including Zhang Xiaofan becoming chairman and Liu Liceng taking over as general manager [15][16]. - Weichai Power's president, Li Pengcheng, resigned due to work changes [17]. - Anhui Jianghuai Automobile Group announced a new leadership team with Xiang Xingchu as chairman and Li Ming as general manager [18]. Group 2: Other Notable Changes - The China Ordnance Industry Group appointed Zhou Zhiping as chairman [20]. - Beiben Heavy Truck Group appointed Liu Xiaodong as general manager [23]. - Foton Motor renewed the contract of its general manager, Wu Xibin [23]. - Guangzhou Automobile Group saw Feng Xingya take over as chairman, succeeding Zeng Qinghong [25]. - Changan Automobile Group was established as a new central enterprise, with Zhu Huarong as chairman and Zhao Fei as vice chairman [28]. Group 3: International and Joint Ventures - Cummins China announced several managerial changes across its joint ventures, including new appointments for general managers in various subsidiaries [40]. - Volvo Group China appointed Francis Sum as president, overseeing strategic planning and operations [41]. - ZF Group announced a leadership change with Matthias Miedreich becoming the new chairman [42]. - MAN Truck & Bus appointed Andrew O'Brooks as the new president for Greater China [43].

Group 1 - The resignation of Li Ming from the board of directors of Zhongtong Bus Holdings Co., Ltd. was announced on December 27, 2025, due to reaching the statutory retirement age [1][3] - Li Ming's resignation will not result in the board of directors falling below the legal number of members, and the resignation is effective upon the delivery of the resignation letter to the board [3] - As of the announcement date, Li Ming did not hold any shares in the company and had no unfulfilled commitments [3] Group 2 - The light commercial vehicle market is entering a new era, prompting questions about the next steps for JMC Ford [7] - Predictions for heavy-duty truck market strategies from companies like Jiefang, Hongqi, Dongfeng, and Shaanxi Automobile for 2026 are being discussed [7] - Chery Commercial Vehicles is focusing on its talent system and organizational culture to support its "1221" strategy, aiming for a target of 1 million units [7] - A significant order worth 140 million yuan for new energy sanitation vehicles has been reported [7]

Investment Rating - The industry rating is "Positive" (maintained) [4] Core Insights - The overall bus export in November was 8,000 units, a year-on-year decrease of 5%, while the cumulative export for the first eleven months was 93,000 units, showing a year-on-year increase of 26%. The export of new energy buses in November was 1,100 units, down 6% year-on-year, but the cumulative export for the first eleven months reached 15,000 units, up 58% year-on-year, indicating a high level of bus export activity and rapid growth in new energy segments [1][11] - The market for fuel buses is expected to remain strong, particularly in regions like the Middle East, Southeast Asia, and Africa, with a projected year-on-year growth of 21% in fuel bus exports before October 2025. The new energy bus market is also expanding, especially in Europe, where the penetration rate is expected to rise significantly [4][30] - The report highlights that the new energy bus export market is expected to grow, with projections indicating that by 2025, the market share of Chinese new energy bus exports could reach over 26%, and by 2027, it could rise to 33%, corresponding to an export scale of 6,000 units [5][40] Industry Data Update - The export of large and medium buses in October was 4,000 units, showing a year-on-year increase of 14%. The export of light buses in October was 5,000 units, up 25% year-on-year, with a cumulative export of 43,000 units for the first ten months, reflecting a year-on-year increase of 43% [1][20] - The domestic sales of large and medium buses in November reached 8,000 units, a year-on-year increase of 16%, with cumulative sales of 54,000 units for the first eleven months [1][22] Company Data Update - Yutong Bus sold 35,000 large and medium buses in the first eleven months, a year-on-year increase of 2%. The company expects to achieve sales of 40,000 units in 2024, a growth of 27% [2][27] - King Long Automobile reported sales of 28,000 large and medium buses in the first eleven months, a year-on-year increase of 1%, with an expected sales target of 29,000 units in 2024, reflecting a growth of 28% [2][29] - Zhongtong Bus sold 11,000 large and medium buses in the first eleven months, a year-on-year increase of 11%, with an expected sales target of 10,000 units in 2024, reflecting a growth of 58% [3][29] Industry Space - The report identifies significant market opportunities for fuel buses in underdeveloped countries, while the new energy bus market is expected to see substantial growth in Europe, Latin America, and Asia, with projections indicating a total demand of 17,000 units by 2024 and 37,000 units by 2027 [4][40] - In Europe, the market for large and medium buses is projected to reach 47,000 units in 2024, with a new energy penetration rate of 16%, expected to rise to 25% by 2027, corresponding to sales of 19,000 new energy buses [4][34] - The report anticipates that by 2027, the export volume of Chinese new energy buses could reach 17,000 units, with a compound annual growth rate of 39% from 2024 [40]