"这位客户是第二次来到中国，这次还带来了几位新客户。2024年我刚认识他时，他对中通品牌还并不了解。"谈起开拓海外市场的经 历，中通客车海外营销经理凯塞尔·依明回忆道，"我当时专程前往他们所在的城市，逐个登门拜访，根据当地情况推介更具针对性的产 品，缘分其实在那时就开启了。"作为首次来中国的新客户，萨利耶夫・沙克尔对中通客车不吝赞美之词："中通在乌兹别克当地口碑 好，质量和技术过硬，并且在合作过程中，他们工作人员给出了不少意见和建议，希望我们的合作会越来越顺利长久，希望两国人民互 帮互助共建美好家园。" 据了解，该批订单涵盖中通旅游客车、公交车等多款优势车型，分别于3月底、4月中旬完成生产、检测全流程工作，并顺利交付至乌兹 别克斯坦客户手中，中通客车将同步提供专业的售后培训与技术支持，确保车辆平稳投入运营，助力乌兹别克斯坦当地公共交通系统升 级与旅游产业高质量发展，切实提升民众出行的便捷度与舒适度。 春启新章，出海正忙。2月27日到28日，来自乌兹别克斯坦的三家企业负责人专程抵达素有"江北水城"美誉的聊城，与中通客车深度对 接洽谈，并最终达成合作共识。 "这次来华的主要目的，是为了响应我们的第59号总统令，更 ...

未经许可，不得转载或者引用。 投资要点 乘用车观点更新： 短期来看，行业补贴政策已落地，看好观望需求转化下26Q1乘用车景气度复苏，坚定看好乘用 车板块。全年维度来看：国内选抗波动+出口选确定性。 国内关注高端电动化赛道中对政策扰 动不敏感的个股江淮汽车，以及高端化有望放量的吉利汽车/长城汽车/北汽蓝谷/赛力斯/理想 等；出口主线优先配置海外体系成熟、执行能力已验证的头部车企，优选比亚迪/长城汽车/奇 瑞汽车，以及零跑/小鹏/上汽集团/长安汽车等。 回顾2025： 25年全年批发114.4万，同比+26.8%，内销79.9万，同比+32.8%，出口34.1万，同 比+17.2%，全年内销及出口超市场年初预期。25年初国四及以下营运重卡保有量69万辆，估算 25年底淘汰至45-50万辆，25年全年淘汰21万辆，25年全年内销政策拉动+自然需求回升共振。 展望2026： 我们预计26年重卡内销有望兑现乐观情形的80-85万，同比+3%。 继续推荐中国重 汽A/H+潍柴动力+福田汽车+一汽解放+中集车辆等重卡头部车企！ 客车观点更新： 2026年以旧换新政策落地，我们认为：1）客车政策略超预期，市场之前对于客车补贴 ...

证券代码：000957 证券简称：中通客车 公告编号：2026-013 中通客车股份有限公司 截至 2026 年 2 月 28 日，公司通过股份回购专用证券账户以集中 竞价交易方式回购公司股份 8,269,000 股，占公司目前总股本的比例 为 1.39%，回购成交最高价为 11.25 元/股，最低价为 10.49 元/股， 成交总金额为人民币 89,139,181.86 元（不含交易费用）。本次回购 符合相关法律法规要求，符合既定的回购方案。 二、其他事项说明 公司回购股份的时间、回购股份的数量、回购股份价格及集中竞 价交易的委托时段均符合《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》等法律法规的相关规定。 （一）公司未在下列期间回购公司股份： 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 ...

行业研究|可选消费|汽车与汽车零部件 证券研究报告 汽车与汽车零部件行业 周报、月报 2026 年 3 月 2 日 [Table_Title] 商用车持续增长，乘用车结构向上 ——汽车行业周报 [Table_Summary] 报告要点： 商用车持续增长，链上企业基本面稳固 根据中汽协发布数据，2026 年 1 月我国商用车克服传统"淡季"影响， 实现开门红。市场销售 35.87 万辆，同比增长 23%。细分市场方面，重 卡销量 10.5 万辆，同比增长 46%；新能源商用车销量同比增长 62%， 渗透率持续提升；商用车出口继续高位运行，同比增长 23.6%。商用车 增长驱动因素包括"两新"政策推动、老旧营运货车报废更新、新能源商用 车持续渗透以及出口增长等多重因素。展望 2 月，受春节假期因素影响， 预计市场销量环比或有波动，但随着节后复工复产及"金三银四"传统旺 季临近，市场需求有望快速回升。中汽协预测 2026 年商用车市场总销 量将达到 450 万辆，同比增长 4.7%，为汽车行业基本面提供稳定支撑。 进口车销量持续下滑，自主豪华车空间稳步打开 根据海关总署发布数据，2025年进口车销量47.6万辆，同 ...

Summary of Conference Call Records on Commercial Vehicle Industry Industry Overview - The commercial vehicle industry is experiencing a recovery phase, particularly in the heavy-duty truck (重卡) segment, driven by the "old-for-new" policy which is expected to continue into 2026. [1][2][7] Key Points on Heavy-Duty Trucks - **Sales Growth**: In 2025, heavy-duty truck wholesale sales reached 1.144 million units, a year-on-year increase of 26.8%. Registration volume was 799,000 units, up 32.7%. [1][4] - **Export Performance**: Heavy-duty truck exports totaled 341,000 units in 2025, marking a 17.4% increase. Key growth regions include Southeast Asia, the Middle East, and Africa, with Nigeria showing significant growth. [1][5] - **Fuel Structure Changes**: Diesel truck demand is declining, while natural gas truck penetration is stabilizing. New energy heavy-duty truck sales reached 229,000 units, up 182%, with a penetration rate of 28.8%. [1][6] - **Market Dynamics**: The heavy-duty truck market is characterized by high concentration, with the top four companies maintaining a market share of approximately 90%. China National Heavy Duty Truck Group leads with a market share of 20%-30%. [5] Key Points on Buses - **Sales Trends**: The bus industry is entering a new cycle characterized by stable domestic demand and high export growth. In 2025, wholesale sales of large and medium buses reached 122,000 units, a 5% increase, while exports grew by 34.6% to 59,000 units. [1][2][3] - **New Energy Buses**: The export of new energy buses is rapidly increasing, with a projected growth of 34% in 2026. [3][12] - **Market Recovery**: The bus market is expected to see a dual resonance of export and domestic sales, with a forecasted growth of 20% in wholesale volume to 146,000 units in 2026. [12][13] Investment Recommendations - **Heavy-Duty Trucks**: Focus on leading companies with advantages in both export and new energy sectors, such as Weichai Power and China National Heavy Duty Truck Group. [2][18] - **Buses**: Look for companies with strong export capabilities and product advantages, such as Yutong Bus and King Long. [2][18] Risks and Challenges - Potential risks include changes in commercial vehicle policy subsidies, uncertainties in global demand, and fluctuations in raw material prices affecting industry profits. [21] Additional Insights - The heavy-duty truck market is expected to benefit from the natural scrapping of older vehicles and supportive policies, which will enhance domestic demand. [7][17] - The bus market is projected to recover steadily, driven by policy support and increasing export opportunities, particularly in Europe and Latin America. [14][16] This summary encapsulates the key insights and projections for the commercial vehicle industry, highlighting growth opportunities and potential risks.

周度报告——新能源汽车 加拿大将发放首批中国产电动车进口配额 ★ 动态跟踪 国内市场，1 月增速较低，除季节性因素外，主要原因可能 在于新能源车购税优惠的退坡，免税政策自 2014 年 9 月开始实 施以来在 2025 年 12 月底正式退出，对尤其是新能源乘用车的零 售带来较大波动。开年以来，以豪华品牌主导发起了一波降价， 春节后这一趋势有所放大，并呈现不同打法：燃油车以直接降价 为主，新能源车以金融战为主。 新 能 源 海外市场，加拿大政府将于 3 月 1 日起发放中国产电动车进 口许可，首阶段（至 8 月 31 日）配额为 2.45 万辆，适用 6.1%关 税，远低于此前 106.1%的惩罚性税率，全年总配额为 4.9 万辆， 涵盖纯电、插混及混动车型，并计划在 2030 年前增至 7 万辆。 ★ 投资建议 与 新 材 料 中国新能源汽车市场渗透率在过去几年里快速提高，到2025 年基本突破 50%。2025 年下半年以来，随着国内市场转向"反 内卷"，出口转而逐渐成为新增长点。海外市场贸易环境来看， 欧美贸易保护主义较严峻，一带一路国家、中东地区等发展空间 向好；海外新能源汽车自身市场发展来看，整体看 ...

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 ...

这家中国领先、在全球具有重要影响力的工业装备跨国集团，坐拥11家上市公司、14只股票的资本矩 阵，其中潍柴动力、中国重汽、山推股份、潍柴重机、中通客车等多家A股上市公司构成产业发展核心 支撑，形成了覆盖动力总成、整车制造、工程机械、客车制造等领域的全产业链布局，为产业升级筑牢 资本与产业双底座。 工业机器人在海信视像青岛工厂智能装配线上忙碌。新华社图 县域经济是山东高质量发展的重要基石，会议也为山东县域发展明确了方向，而乳山市的实践正是山东 县域干事创业的生动缩影。 乳山市委书记王大治表示，乳山将坚决落实山东"百县图强"计划，以"干字当头、奋勇争先"的作风，精 准发力抓招商、提速提效促项目、量质并举强工业，加快推进总投资1053亿元的178个省市县三级重点 项目建设，持续夯实产业发展基础，全力打造新能源产业高质量发展先行区。 从链主企业领航产业升级，到县域以重大项目攻坚夯实发展底座，会议已勾勒出山东"十五五"开局的清 晰路径。在干事创业、担当尽责的浓厚氛围中，山东正以省市县联动、政企协同的强大合力，推动各领 域各层级找准定位、主动作为，让高质量发展的步伐更加坚实，奋力在"十五五"新征程上书写中国式现 代化的山 ...

Core Insights - The domestic commercial vehicle market is expected to see strong growth in 2025, driven by the rise of new energy vehicles (NEVs) and vehicle scrapping policies [1][5] - January 2023 saw a significant increase in commercial vehicle sales, reaching 200,000 units, a 19% year-on-year increase, although down 34% month-on-month [1][5] - The penetration rate of NEVs in commercial vehicles is projected to reach 29% in 2025, up from 20% in 2024, indicating a robust growth trend [1][11] Commercial Vehicle Market Analysis - In January 2023, commercial vehicle sales reached 200,000 units, marking a 19% increase year-on-year and a new high for January in recent years [1][5] - The total commercial vehicle sales for 2025 are projected to be 3.1 million units, reflecting a 9% year-on-year growth [5][4] - The market has shown a recovery from previous years' declines, with 2023-2024 sales stabilizing around 2.85 million units [5] New Energy Commercial Vehicle Sales - The sales of new energy commercial vehicles reached 91,000 units in 2025, representing a 57% year-on-year increase [7][9] - In January 2026, new energy commercial vehicle sales are expected to hit 50,000 units, a 63% increase year-on-year [7][9] - The penetration rate of new energy vehicles in commercial vehicles is projected to be 26% in January 2026, up 7 percentage points from the previous year [11][9] New Energy Vehicle Penetration Rate - The penetration rate of new energy commercial vehicles was around 3% from 2019 to 2021, increasing to 9% in 2022 and 11% in 2023 [11] - By 2024, the penetration rate is expected to reach 20%, and 29% by 2025, indicating a strong upward trend [11][1] - In January 2026, the penetration rate for new energy vehicles in trucks is projected to be 21%, while for buses it is expected to be 54% [13][11] Market Structure and Competition - The commercial vehicle market is primarily supported by light and heavy truck manufacturers, with companies like Foton, Wuling, and Sinotruk leading in sales [14] - Heavy trucks have shown significant improvement in sales due to subsidy policies, with electric heavy trucks gaining traction [16][15] - The light truck market is also seeing strong performance, particularly in the Southwest and Northwest regions, with increasing penetration of new energy vehicles [17][18]

Core Viewpoint - The domestic commercial vehicle market is experiencing strong growth, particularly in the new energy vehicle (NEV) segment, driven by policies promoting vehicle updates and the increasing penetration of NEVs in the market [1][5]. Group 1: Commercial Vehicle Market Analysis - In January 2023, domestic commercial vehicle sales reached 200,000 units, a year-on-year increase of 19%, marking a new high for January in recent years [1][5]. - The total sales of commercial vehicles in 2025 are projected to reach 3.1 million units, representing a 9% year-on-year growth compared to 2022 [5]. - The penetration rate of NEVs in commercial vehicles is expected to reach 29% by 2025, indicating a robust growth trend [1][11]. Group 2: New Energy Commercial Vehicle Sales - In January 2026, NEV commercial vehicle sales are anticipated to hit 50,000 units, a 63% increase year-on-year, despite a 64% month-on-month decline [1][6]. - The total sales of NEV commercial vehicles in 2024 are projected to be 579,000 units, reflecting an 84% year-on-year growth [6]. - The NEV penetration rate in commercial vehicles reached 26% in January 2026, a 7 percentage point increase compared to the same period last year [11]. Group 3: NEV Penetration Rate - The penetration rate of NEVs in commercial vehicles was around 3% from 2019 to 2021, increasing to 9% in 2022, 11% in 2023, and expected to reach 20% in 2024 [11]. - The NEV penetration rate for trucks in January 2026 is 21%, while for buses, it is 54%, both showing significant improvements [13]. - The NEV penetration rate for heavy trucks is projected to reach 34%, and for light trucks, it is expected to be 20% [13]. Group 4: Market Structure and Competition - The commercial vehicle market is primarily supported by light and heavy truck manufacturers, with companies like Foton, Wuling, and Sinotruk leading in sales [14]. - The market share of heavy trucks is particularly strong in regions like Southwest and South China, with NEV heavy trucks showing good penetration rates [15][16]. - The light truck market is also seeing strong performance in regions such as Southwest and Northwest, with increasing growth in the South China market [17][18].