登录新浪财经APP 搜索【信披】查看更多考评等级 现货黄金价格首次突破每盎司 5000 美元，日内涨0.5%，延续了此前的暴涨行情。此番涨势一方面源于 美国总统唐纳德・特朗普的政策对国际关系格局的重塑，另一方面则是因为投资者纷纷撤离主权债券与 外汇市场。 周一早盘交易中，金价再度走高。上周黄金价格已累计上涨 8.5%，疲软的美元进一步提振了市场对贵 金属的需求。 彭博美元即期指数当周下跌 1.6%，创下自 5 月以来的最大单周跌幅，这使得黄金与白银 对全球多数买家而言变得更加便宜。 8个交易日股票型ETF净流出近5000亿元 市场成交额或是背后的核心考量因素 在过去两周的震荡行情中，股票型ETF成交持续放量，部分宽基ETF成交额更是创上市以来新高。从资 金流向看，宽基ETF遭遇大幅赎回，过去8个交易日，股票型ETF净流出额接近5000亿元。从份额变动 情况看，多只宽基ETF的最新份额，已经低于中央汇金2025年底持有的份额。 美联储主席最热门人选出炉！ 美联储继任主席到底是谁近期牵动着市场神经。美国总统特朗普本周对全球资产管理巨头贝莱德公司高 管里克·里德尔的公开称赞，让这位华尔街资深人士迅速跃升为美联储继任 ...

中集车辆方面称，鉴于Vanguard Global长期与中集车辆在青岛的子公司青岛中集冷藏车运输设备有限公 司存在着"Van-type trailers subassemblies"的供应链关系，中集车辆在总部成立了专门的项目协调小组， 以保障参与调查所需的文件和资料能有序地送达VanguardGlobal；同时Vanguard Global在美国构建了专 门的项目组织，聘请了专业律师团队，积极应对本次"反补贴、反倾销"调查。他们将采用合适的举措， 一方面保障现有Van-type trailers subassemblies供应链平稳运行；同时加快扩大在美国两个地点的Van- type trailers subassemblies的产能。 根据公告，鉴于此次申请"反补贴、反倾销"调查的企业是美国企业，参与调查既有墨西哥企业、加拿大 企业，也有工厂在美国本土而供应链在墨西哥、加拿大和中国的美国企业，参与调查的企业不少既涉及 Van-Type Trailers整车，又涉及供应链，此次调查需要一个较长的过程，预计所有程序完成并公布最终 结果需要12—18个月。 （编辑 张昕） 公告显示，根据目前可获得的公开信息及行 ...

1月25日晚间，中集车辆（301039）公告，美国时间2026年1月21日，应美国挂车制造商联盟此前向美国 国际贸易委员会(ITC)和美国商务部(DOC)提出的对来自墨西哥、加拿大和中国Van-type trailers and subassemblies thereof(厢式半挂车及其组件)发起反补贴、反倾销调查的申请，美国商务部正式宣布启动 此次"反补贴、反倾销"调查。 基于此次调查，在美相关整车制造与销售企业为保障供应链，存在寻求替代供应商的潜在需求。这为在 产品质量、技术适配性与供应链韧性方面具备优势的其他地区组件供应商，带来了潜在的市场调整机 遇。 根据目前可获得的公开信息及行业分析，本次调查的申请方主张，近年来来自墨西哥的厢式半挂车整车 对美国出口规模持续处于高位，对美国国内产业构成了市场压力。美方调查机关据此启动了涵盖多个贸 易伙伴的贸易救济调查程序，包括加拿大和中国的相关产品。 公司在公告中表示，此次申请"反补贴、反倾销"调查的企业是美国企业，参与调查既有墨西哥企业、加 拿大企业，也有工厂在美国本土，而供应链在墨西哥、加拿大和中国的美国企业，参与调査的企业不少 既涉及Van-Type Trai ...

转自：证券时报 人民财讯1月25日电，中集车辆(301039)1月25日公告，美国时间2026年1月21日，应美国挂车制造商联 盟此前向美国国际贸易委员会（ITC）和美国商务部（DOC）提出的对来自墨西哥、加拿大和中国Van- type trailers and subassemblies thereof（厢式半挂车及其组件）发起反补贴、反倾销调查的申请，美国商 务部正式宣布启动此次"反补贴、反倾销"调查。 此次由在美子公司Vanguard Global牵头旗下Vanguard National Trailer Corporation, Vanguard Reefer Trailer Inc., Vanguard Refrigerated Trailer Co., Ltd（Canada）一起参与此次调查。 ...

股票研究 /[Table_Date] 2026.01.23 12 月重卡顺利收官，收获同比"九连增" [Table_Industry] 汽车 2025 年 12 月重卡行业月报 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘一鸣(分析师) | 021-23154145 | liuyiming@gtht.com | S0880525040050 | | 张予名(研究助理) | 021-23154145 | zhangyuming@gtht.com | S0880125042241 | 本报告导读： 总量上看，12 月国产重卡销量 10.3 万台，同比增长 22%，环比下降 9%。12 月国 产天然气重卡销量 1.3 万台，同比增长 19%，环比下降 33%；12 月国产新能源重卡 销量 2.7 万台，同比增长 139%，环比增长 12%。 行 业 跟 踪 投资要点： [Table_Report] 相关报告 汽车《AI 的重要应用，智驾的质变时刻》 2026.01.20 汽车《中国新能源车出口关税形势改善》 2026.01. ...

Investment Rating - The report assigns an "Overweight" rating for the heavy truck industry [4]. Core Insights - In December, domestic heavy truck sales reached 103,000 units, representing a year-on-year increase of 22% but a month-on-month decrease of 9% [2][4]. - The total sales of domestic heavy trucks for the year 2023 amounted to 1.144 million units, showing a year-on-year growth of 27% [4]. - The report anticipates that the domestic heavy truck sales in 2026 will reach 760,000 units, a decrease of 5.3% year-on-year, while wholesale sales are expected to reach 1.16 million units, reflecting a 1.5% increase [4]. Summary by Sections Heavy Truck Sales Performance - December saw domestic natural gas heavy truck sales of 13,000 units, up 19% year-on-year but down 33% month-on-month [2][4]. - Cumulative sales of domestic natural gas heavy trucks for 2023 reached 190,000 units, also a 19% increase year-on-year [4]. - The penetration rate of natural gas in heavy trucks was 12% in December and 17% for the entire year [4]. New Energy Heavy Truck Sales - December recorded domestic new energy heavy truck sales of 27,000 units, a significant year-on-year increase of 139% and a month-on-month increase of 12% [2][4]. - Cumulative sales of domestic new energy heavy trucks for 2023 reached 192,000 units, marking a 175% year-on-year growth [4]. - The penetration rate for new energy heavy trucks was 26% in December and 17% for the year [4]. Company Recommendations - The report recommends several companies for investment, including Weichai Power, China National Heavy Duty Truck Group, Foton Motor, CIMC Vehicles, and FAW Jiefang [4].

Core Viewpoint - The commercial vehicle sector experienced a slight increase of 0.74% on January 21, with Jianghuai Automobile leading the gains. The Shanghai Composite Index rose by 0.08%, while the Shenzhen Component Index increased by 0.7 [1]. Group 1: Stock Performance - Jianghuai Automobile (600418) closed at 52.45, up by 2.84%, with a trading volume of 618,400 shares and a transaction value of 3.209 billion [1]. - China National Heavy Duty Truck (000951) closed at 17.30, up by 1.35%, with a trading volume of 162,600 shares and a transaction value of 280 million [1]. - Foton Motor (600166) closed at 3.11, up by 1.30%, with a trading volume of 1,453,300 shares and a transaction value of 450 million [1]. - Other notable performances include Zhongtong Bus (000957) at 11.78, up by 0.43%, and Shuguang Co. (600303) at 3.28, up by 0.31% [1]. Group 2: Capital Flow - The commercial vehicle sector saw a net inflow of 417 million from institutional investors, while retail investors experienced a net outflow of 249 million [2]. - Major stocks like Jianghuai Automobile had a net inflow of 274 million from institutional investors, indicating strong institutional interest [3]. - Conversely, stocks like King Long Motor (600686) and China National Heavy Duty Truck (000951) faced significant net outflows from retail investors, suggesting a shift in investor sentiment [3].

Investment Highlights - The passenger car sector is expected to see a recovery in Q1 2026 due to the implementation of subsidy policies, with a focus on high-end electric vehicles that are less sensitive to policy changes, such as Jianghuai Automobile, Geely, Great Wall Motors, BAIC Blue Valley, Seres, and Li Auto [2][7] - For exports, priority should be given to leading companies with established overseas systems and proven execution capabilities, including BYD, Great Wall Motors, Chery, Leap Motor, Xpeng, SAIC Motor, and Changan Automobile [2][7] Heavy Truck Sector - In 2025, wholesale heavy truck sales reached 1.144 million units, up 26.8% year-on-year, with domestic sales of 799,000 units, up 32.8%, and exports of 341,000 units, up 17.2% [3][37] - The expected domestic sales for heavy trucks in 2026 is optimistic, projected at 800,000 to 850,000 units, a 3% increase year-on-year [3][37] - Recommended leading heavy truck companies include China National Heavy Duty Truck Group, Weichai Power, Foton Motor, FAW Jiefang, and CIMC Vehicles [3][37] Bus Sector - The implementation of the vehicle replacement policy in 2026 is slightly better than expected, with bus sales in 2025 projected at 38,000 units, a 25% increase year-on-year [3][37] - For 2026, bus sales are expected to grow to 40,000 units, a 5% increase year-on-year, supported by the number of buses over eight years old that need replacement [3][37] - Recommended leading bus companies include Yutong Bus, King Long Motor, and Zhongtong Bus [3][37] Motorcycle Sector - The motorcycle industry is projected to achieve total sales of 19.38 million units in 2026, a 14% increase year-on-year, with large-displacement motorcycles expected to reach 1.26 million units, a 31% increase [4][34] - Domestic sales of large-displacement motorcycles are expected to grow slightly to 430,000 units in 2026, a 5% increase year-on-year, while exports are projected to reach 830,000 units, a 50% increase [4][34] - Recommended leading motorcycle companies include Chunfeng Power and Longxin General [4][34]

Group 1: Market Overview - The commercial vehicle sector increased by 0.07% on January 20, with Hanma Technology leading the gains [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] Group 2: Stock Performance - Hanma Technology (600375) closed at 6.35, up 3.25% with a trading volume of 994,300 shares and a transaction value of 626 million [1] - King Long Automobile (600686) closed at 20.62, up 3.10% with a trading volume of 493,200 shares and a transaction value of 1.01 billion [1] - Other notable performers include CIMC Vehicles (301039) at 9.61, up 0.84%, and Yutong Bus (600066) at 32.21, up 0.69% [1] Group 3: Fund Flow Analysis - The commercial vehicle sector experienced a net outflow of 235 million from institutional investors, while retail investors saw a net inflow of 331 million [2] - The detailed fund flow indicates that King Long Automobile had a net inflow of 709.24 million from institutional investors, while Hanma Technology had a net inflow of 35.31 million [3] - Other companies like Yutong Bus and Foton Motor showed mixed fund flows, with Yutong Bus having a net inflow of 977.17 million from institutional investors [3]

Group 1 - The commercial vehicle sector increased by 0.51% on January 15, with King Long Automobile leading the gains [1] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index closed at 14306.73, up 0.41% [1] - Key stocks in the commercial vehicle sector showed varied performance, with King Long Automobile closing at 18.81, up 3.35%, and Ankai Bus down 0.20% at 5.00 [1] Group 2 - The commercial vehicle sector experienced a net outflow of 102 million yuan from institutional investors, while retail investors saw a net inflow of 137 million yuan [2] - The trading volume and turnover for major stocks in the commercial vehicle sector varied, with Foton Motor having a turnover of 5.22 billion yuan and Dongfeng Motor at 1.89 billion yuan [2] - The net inflow and outflow of funds for individual stocks showed that Foton Motor had a net inflow of 62.94 million yuan from institutional investors, while Ankai Bus had a net outflow of 4.39 million yuan [3]