证券代码：000957 证券简称：中通客车 公告编号：2026-004 中通客车股份有限公司 第十一届董事会第十四次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 中通客车股份有限公司第十一届董事会第十四次会议通知于 2026 年 1 月 11 日以电话和邮件等方式发出，会议于 2026 年 1 月 20 日在公司本部以现场及通讯方式召开，应到董事 6 名，实到董事 6 名。 独立董事王晓明先生、董事张燕女士以通讯方式参加会议并表决。会 议由公司董事长王兴富先生主持，公司高级管理人员列席了会议。会 议的召开符合《公司法》及《公司章程》等有关规定。 二、董事会会议审议情况 经与会董事充分讨论后，逐项审议并表决通过以下议案： 1、关于推选何伟先生为公司第十一届董事会非独立董事的议案； 根据《公司法》、《公司章程》及《董事会议事规则》的有关规 定，推选何伟先生为公司第十一届董事会非独立董事候选人（个人简 历附后）。任期自股东会审议通过之日起至第十一届董事会届满之日 止。 表决结果：6 票赞成，0 票反对，0 票弃权。 该议案提交 ...

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].

Core Viewpoint - Zhongtong Bus has been recognized as a "Sample Export Enterprise" in the "China Customs Trade Prosperity Statistical Survey," indicating its export business capabilities and credit level have received national-level authoritative recognition [1][3]. Group 1: Recognition and Achievements - The "China Customs Trade Prosperity Statistical Survey" is conducted by the General Administration of Customs to analyze foreign trade trends by collecting core information from sample enterprises [3]. - The recognition of Zhongtong Bus reflects its long-term commitment to export business and highlights its leading position in the bus export sector [3]. Group 2: Strategic Focus - Zhongtong Bus has been deeply engaged in the bus market for over half a century, focusing on innovation-driven strategies with "international layout" and "new energy transformation" as dual wings [5]. - The company aims to meet the personalized needs of different regional customers through continuous core technology iteration and flexible customized strategies [5]. Group 3: Market Expansion - In 2025, Zhongtong Bus achieved significant breakthroughs in overseas markets, expanding its global market share [7]. - The company secured a large order of 895 new energy buses in Chile, with the Chilean president attending the delivery ceremony, and won a bid for 40 pure electric buses in Dubai, marking the largest batch of pure electric bus orders in the UAE [7]. - Zhongtong Bus entered the Nordic market in Denmark and showcased its capabilities at the 2025 Belgium World Bus Expo, emphasizing the "value leap moment" of Chinese buses [7][10]. Group 4: Future Outlook - The company plans to continue deepening its international strategic layout, focusing on innovation in new energy technology and upgrading customized services [10]. - Zhongtong Bus aims to contribute to the global public transport green transition with better products and solutions, showcasing the wisdom and strength of Chinese buses [10].

Core Insights - During the "14th Five-Year Plan" period, Shandong Province has significantly expanded its high-level openness, achieving a cumulative import and export scale of 16.21 trillion yuan, a 70.1% increase compared to the "13th Five-Year Plan" period, contributing 10.3% to the national foreign trade growth [1] Group 1: Trade Growth and Performance - Shandong's foreign trade scale has reached new heights, with an average annual growth rate of 9.8%, surpassing 3 trillion yuan in 2022 and projected to reach 3.53 trillion yuan by 2025 [1] - The province's share of national foreign trade has increased by 1.2 percentage points to 7.7%, while its global share has risen by 0.2 percentage points to 1% [1] - Both exports and imports have maintained rapid growth, with average annual growth rates of 10.6% and 8.5% respectively, indicating balanced development [1] Group 2: Business Vitality and Structure - Shandong has optimized its business environment, leading to an increase in the number of enterprises with import and export records, expected to exceed 80,000 by 2025, an increase of 24,000 from 2020 [1] - Private enterprises have played a crucial role in stabilizing foreign trade, contributing 90.4% of the province's foreign trade growth [1] Group 3: Market Diversification and Export Structure - The "Ten Thousand Enterprises Going Global" initiative has resulted in Shandong establishing trade partnerships with over 250 countries and regions, with 80% of these partners experiencing growth in trade [2] - The province's exports have shifted towards high-quality products, with machinery and electronics exports growing at an average annual rate of 13.6%, projected to exceed 1 trillion yuan by 2025 [2] - Shandong's self-branded products have gained prominence, with their exports growing at an average annual rate of 13%, accounting for 24.3% of the province's total exports [2] Group 4: Domestic Demand and Import Trends - Shandong's economy has shown a steady recovery, with industrial added value growing rapidly and imports of key industrial commodities like metal ores and crude oil increasing significantly [3] - The import of high-tech products has also seen an average annual growth of 8.9%, with specific components like computer parts and integrated circuits growing by 31.7% and 12.3% respectively [3] - The consumer market remains stable, with annual imports of consumer goods exceeding 100 billion yuan, including high-quality fresh agricultural products [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]

Domestic News - The National Development and Reform Commission reported that over 360 million people applied for the consumer goods replacement subsidy last year, driving related sales exceeding 2.6 trillion yuan, which directly boosted retail sales growth by 0.6 percentage points [6] - By the end of 2025, the number of household cars in China is expected to reach 52.9 vehicles per 100 households, an increase of 1.7 vehicles from the previous year, supported by proactive macro policies [7] - Five departments announced plans to cultivate a batch of zero-carbon factories in various industries, including automotive, by 2027, with a gradual expansion to traditional high-energy industries by 2030 [8] - The IMF raised China's economic growth forecast for 2025 to 5%, reflecting improved performance in both the US and China [9] - Guangzhou plans to initiate 100 projects worth over 1 billion yuan each in 2026, focusing on emerging industries and smart vehicle applications [11] - Chery Automobile has invested in the autonomous driving chip design company, New Chip Navigation, increasing its registered capital to 18.7169 million yuan [12] - Xiaopeng Motors announced the successful deployment of the first robot developed under the ET1 automotive standard, marking a significant step towards mass production of high-level humanoid robots [13] - GAC brand officially entered the New Zealand market, showcasing three differentiated models, including the Aion V electric SUV [14] International News - The German government plans to include range-extended and plug-in hybrid vehicles in its electric vehicle purchase subsidy program to assist low- and middle-income families [15] - Mercedes-Benz has commenced production of the all-electric GLB compact SUV in Hungary, with a starting price of approximately 59,000 euros (about 68,570 USD) [16] - Sterling Tools has partnered with MINIEYE to develop advanced driver assistance systems (ADAS) tailored for Indian road conditions, in response to new vehicle safety regulations set to take effect in 2027 [17] - New York's Queens and Long Island will see the installation of 80 public fast-charging stations to enhance the electric vehicle charging infrastructure [18] Commercial Vehicles - The Jianghuai 1 Card Kunpeng ET9 received the "Innovative Efficiency Pure Electric Light Truck" award at the 8th "Smart Cup" transportation evaluation event, highlighting its strong performance in various logistics scenarios [19] - Zhongtong Bus was recognized as a "Sample Enterprise" in the China Customs Trade Prosperity Statistical Survey, reflecting its strong export capabilities and operational standards [20] - The first JD Logistics unmanned vehicle delivery pilot project in Nanning has officially begun trial operations, with plans to expand the service area [21]

Core Insights - In 2025, Shandong's import and export value is projected to exceed 3.5 trillion yuan, marking a historical high with a year-on-year growth of 4.5%, accounting for 7.8% of China's total import and export value [1] Trade Performance - Shandong will engage in trade with over 250 countries and regions, with nine foreign trade markets exceeding 100 billion yuan and 53 exceeding 10 billion yuan [2] - The province's trade with the EU, Russia, and Brazil has seen growth rates of 5.1%, 4.4%, and 7.1% respectively [2] - Trade with countries involved in the Belt and Road Initiative reached 2.26 trillion yuan, a year-on-year increase of 7.6%, making up 64.1% of the total [2] - Notably, trade with Africa, the Middle East, and Central Asia has shown remarkable growth rates of 38.6%, 18.5%, and 55.2% respectively [2] Export Dynamics - The export of electromechanical products is expected to surpass 1 trillion yuan for the first time, achieving a year-on-year growth of 8.7%, constituting 48.9% of total exports [2] - The export of "new three samples" products, including electric vehicles, photovoltaic products, and lithium batteries, has surged by 37%, with electric vehicle exports increasing by 126% [2] - The influence of Shandong's independent brands is growing, with export values reaching 568.36 billion yuan, a 10.5% increase, further enhancing their share of total exports [2] Import Trends - Shandong has achieved year-on-year growth in imports for four consecutive quarters [3] - The import volumes of crude oil and metal ores have increased by 21.4% and 15.3% respectively, together accounting for nearly half of total imports [3] - There is a steady increase in the import of agricultural products such as soybeans, seafood, and meat, alongside a growing variety of premium fresh consumer goods like durian and coffee [3] Overall Trade Growth - Over the past five years, Shandong's total import and export scale reached 16.21 trillion yuan, a 70.1% increase compared to the previous five-year period, with an average annual growth rate of 9.8% [3] - The number of enterprises with import and export performance has increased by 24,000 since 2020, with private enterprises contributing 90.4% of the province's foreign trade growth [3] - The export structure is shifting towards higher quality, with electromechanical product exports growing at an average annual rate of 13.6%, and specific categories like ships, engineering machinery, integrated circuits, and electric vehicles seeing annual growth rates exceeding 30% [3]

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]

Core Insights - Shandong's foreign trade achieved a total import and export value of 3.53 trillion yuan in 2025, marking a year-on-year growth of 4.5%, contributing 9.1% to the national foreign trade growth [2] Group 1: Export Performance - Shandong's export of electromechanical products surpassed 1 trillion yuan for the first time in 2025, with 105 electromechanical products ranking first in national exports [3] - Key products such as diesel trucks, containers, concrete mixers, and shuttleless looms accounted for over 10% of the global export value in their categories, highlighting Shandong's emergence as a significant manufacturing hub [3] - The annual growth rate of electromechanical product exports during the 14th Five-Year Plan period is projected at 13.6%, with certain categories like ships and electric vehicles exceeding 30% [3] Group 2: Market Diversification - Shandong engaged in trade with over 250 countries and regions, with nine foreign trade markets exceeding 100 billion yuan in scale [5] - The province's exports to countries involved in the Belt and Road Initiative accounted for 64.1% of total imports and 57.3% of total exports, indicating a strategic focus on diversified markets [5][7] - Exports to Africa represented 58.5% of Shandong's automotive exports, showcasing the province's growing influence in emerging markets [5] Group 3: Business Environment and Growth - The number of foreign trade enterprises in Shandong reached 80,500 in 2025, reflecting a year-on-year increase of 9.7% [8] - Private enterprises contributed 92.9% of market entities and 76.3% of export values, playing a crucial role in stabilizing foreign trade [8] - Shandong's government implemented various measures to optimize the business environment, addressing over 3,100 enterprise requests with a high resolution rate of 99.7% [10]

Market Performance - The commercial vehicle sector increased by 2.73% on January 19, with Jinlong Automobile leading the gains [1] - The Shanghai Composite Index closed at 4114.0, up 0.29%, while the Shenzhen Component Index closed at 14294.05, up 0.09% [1] Individual Stock Performance - Jinlong Automobile (600686) closed at 20.00, up 5.71% with a trading volume of 574,200 shares and a transaction value of 1.155 billion yuan [1] - Jianghuai Automobile (600418) closed at 51.62, up 4.77% with a trading volume of 1,230,500 shares and a transaction value of 6.328 billion yuan [1] - Foton Motor (600166) closed at 3.05, up 3.74% with a trading volume of 2,058,900 shares and a transaction value of 623 million yuan [1] - Other notable performers include Zhongtong Bus (000957) up 3.09% and Shuguang Co. (600303) up 2.83% [1] Capital Flow Analysis - The commercial vehicle sector saw a net inflow of 6.6101 million yuan from institutional investors, while retail investors contributed a net inflow of 27 million yuan [1] - However, there was a net outflow of 276 million yuan from speculative funds [1] Detailed Capital Flow for Selected Stocks - Jinlong Automobile had a net inflow of 51.9386 million yuan from institutional investors, but a net outflow of 11.8010 million yuan from speculative funds [2] - China National Heavy Duty Truck (000951) experienced a net inflow of 34.9853 million yuan from institutional investors, with a significant outflow from speculative funds [2] - Foton Motor (600166) also saw a net inflow of 28.1570 million yuan from institutional investors, while speculative funds had a net outflow [2]