Group 1 - Zhongtong Bus Holdings Co., Ltd. has applied for a patent titled "Automatic Emergency Braking Control Method and System Based on Reverse Braking Compensation Model," with publication number CN121515978A and application date of December 2025. This invention relates to road traffic safety technology [1] - The patent describes a method that calculates the collision time between the vehicle and a target object. If the collision time is less than a preset trigger threshold, it activates the automatic emergency braking (AEB) function and determines the theoretical braking deceleration [1] - The method utilizes a reverse braking compensation model to create a simulated driving environment based on the current vehicle state, target object information, and theoretical braking deceleration, optimizing the braking coefficient until the simulated driving distance is less than or equal to the theoretical stopping distance, thus achieving corrected deceleration [1] Group 2 - Zhongtong Bus Holdings Co., Ltd. was established in 1994 and is located in Liaocheng, primarily engaged in the automotive manufacturing industry. The company has a registered capital of 5,929.03936 million RMB [2] - The company has invested in 19 enterprises and participated in 2,739 bidding projects. It holds 133 trademark information entries and 1,053 patent information entries, along with 142 administrative licenses [2]

Core Viewpoint - The commercial vehicle industry in China is experiencing a strong recovery, with significant growth in both domestic demand and exports, driven by supportive policies and market resilience [1][3]. Group 1: Market Performance - In 2025, the total sales of commercial vehicles reached 4.3 million units, marking an 11% year-on-year increase [1]. - The heavy truck market achieved cumulative sales of 1.145 million units in 2025, a remarkable 27% increase, making it a core engine for the industry's recovery [3]. - Light trucks also performed well, with sales surpassing 2 million units, reaching 2.024 million, a 6.5% increase year-on-year [3]. - The bus sector sold 574,000 units, reflecting a 12.3% growth, with exports exceeding 150,000 units, a nearly 20% increase [3]. - The overall export of commercial vehicles entered the "million vehicle club" for the first time, totaling 1.06 million units, a 17% increase [3]. Group 2: New Energy Vehicles - Sales of new energy heavy trucks reached 231,100 units, with a penetration rate exceeding 50% for the first time in December [3]. - New energy light trucks sold nearly 180,000 units, with a December penetration rate of 42% [3]. Group 3: January 2026 Performance - In January 2026, commercial vehicle sales totaled 359,000 units, a 23.5% year-on-year increase [6]. - Heavy truck sales reached 105,000 units, up 46% year-on-year, while medium truck sales were 14,000 units, a 32.6% increase [6]. - Light truck sales, including pickups, were 160,000 units, an 8.5% increase, and micro trucks saw a significant rise of 93.4% to 45,000 units [6]. - Bus sales reached 8,000 units, reflecting an 18.7% growth, and exports for January were 93,000 units, a 23.6% increase [6]. Group 4: Future Outlook - The commercial vehicle industry is expected to maintain a positive trajectory in 2026, supported by government policies aimed at promoting green consumption and high-quality development [6][8].

Performance Overview - The company expects a net profit attributable to shareholders of 320 million to 410 million yuan for 2025, representing a year-on-year growth of 28.28% to 64.36%. The non-recurring net profit is projected to be between 290 million and 380 million yuan, with a growth of 35.47% to 77.52% [2] - In January 2026, the production volume was 1,347 units, an increase of 56.81% year-on-year, while the sales volume reached 1,231 units, up 35.72% year-on-year, continuing the trend of an 8.36% increase in sales to 12,363 units in 2025 [3] Strategic Developments - The company has made progress in overseas markets, signing a strategic cooperation agreement for 10,000 units with Saudi Arabia's Absa Had Group in 2025 and winning a bid for 91 buses in Dubai, including 40 electric buses. The company is focusing on "new energy, internationalization, and high-end" strategies to achieve market breakthroughs in various regions [4] Stock Performance - On February 6, 2026, the stock price increased by 5.06% to 12.24 yuan per share, with a cumulative increase of 3.37% over three consecutive days. Institutional holdings include new entries in the top ten circulating shareholders by Huaxia Anyang 6-month holding period mixed A and招商量化精选股票发起式A in the third quarter of 2025 [5] Industry Policy Context - The bus industry benefited from the new energy bus replacement cycle and increased export demand in 2025, but it may return to a more subdued state in 2026. The company focuses on new energy and large and medium-sized buses, with sales of new energy large and medium-sized buses over 6 meters increasing by 142.2% year-on-year in the first 11 months of 2025 [6]

日度报告——综合晨报 美联储再度强调独立性，中国央行继续适度 宽松 [T报ab告le_日R期an：k] 2026-02-11 宏观策略（股指期货） 《求是》发文加快培育未来产业 A 股缩量窄幅震荡，科技股依然领先。港股近期止跌回升，或迎 来右侧配置机会。总体看国内权益风险可控，春季躁动可期。 宏观策略（黄金） 美联储洛根：货币政策独立性是根本 综 金价震荡收跌，白银走弱。节前资金逐渐减仓流出贵金属，美 联储官员讲话捍卫独立性，叠加货币政策短期步入观望阶段， 缺乏增量刺激。美国 1 月零售销售数据意外走弱。 合 宏观策略（国债期货） 晨 央行发布 2025 年第四季度中国货币政策执行报告 报 市场消息面较为平静，股市波动不大，资金面略显收敛，国债 期货窄幅震荡。短期市场存在上涨动力，不过追涨性价比不高， 待市场上涨动力趋缓后关注做空机会。 黑色金属（螺纹钢/热轧卷板） 16 家车企公布 1 月产销数据，12 家销量同比增长 钢价延续弱势震荡，节前基本面压力加大，各品种累库压力上 升，加上订单情况一般，市场情绪疲弱，均对钢价形成压制。 但市场谨慎情绪也降低了节后风险，关注是否有低估机会。 农产品（棉花） 棉纱产销 ...

姓名：涂伟华 宝城期货投资咨询部 从业资格证号：F3060359 投资咨询证号：Z0011688 电话：0571-87006873 邮箱：tuweihua@bcqhgs.com 作者声明 本人具有中国期货业协会 授予的期货从业资格证书，期 货投资咨询资格证书，本人承 诺以勤勉的职业态度，独立、 客观地出具本报告。本报告清 晰准确地反映了本人的研究观 点。本人不会因本报告中的具 体推荐意见或观点而直接或间 接接收到任何形式的报酬。 钢材&铁矿石 | 日报 2026 年 2 月 10 日 钢材&铁矿石日报 专业研究·创造价值 产业逻辑主导，钢矿偏弱运行 核心观点 螺纹钢：主力期价震荡下行，录得 0.55%日跌幅，量缩仓增。现阶段， 螺纹钢供应有所收缩，而需求同样走弱，供需双弱局面下螺纹钢基本面 弱势未变，淡季钢价继续承压，相对利好则是成本支撑，预计走势延续 震荡偏弱运行，关注库存变化情况。 投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 一 产业动态 （1）2025 年全国社会物流总额超 368 万亿元，同比增长 5.1% 热轧卷板：主力期价偏弱震荡，录得 0.65%日跌幅，量缩仓增。目前来 看 ...

2月9日，易豹集团发布亿级集卡大单，计划采购招标500辆电集卡，全网寻实力供应商。本次500辆新能源集卡采购，划分四个标段进 行，标段一为400度电池车型180台；标段二为513度电池车型40台；标段三为600度电池车型180台；标段四为9.6米厢式货车100 台。报名时间截止2026年3月1日。 更多详情，请看下文： 完整的质量保证体系， 同时具备车辆售 后服务能力,并能保证按招标方要求按 时 按 质 按 量 完 成 车 辆 交 付 。 注:详细招标条件以附件为准。 in的报言信元 报昌及陈颖烟潮州 报名方式 报名资料请于报名截止时间前发送到 邮箱: zhangmf@smartebao.com 注： 邮 件 命名 【LMKJ20260203 + 瑠 马 科 技 2026年 新 能 源 集 卡 车 集 采 项 目 + 标 段 X + 报 名 单 位 全 称 + 联 系 人 + 联 系 电 话 + 联 系 邮 箱 】 联系方式 招标人: 溜马网络科技有限公司 招 标 人 地 址： 浙 江 省 宁 波 市 鄞 州 区 福 明 街 道 鼎 泰 路 3 9 号 B 幢 19 层 联系人: 张牧夫 1985825983 ...

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% over the next six months [35]. Core Insights - The report highlights a recovery in the passenger vehicle sector, driven by the implementation of subsidy policies and a shift in consumer demand. It emphasizes the importance of focusing on high-end electric vehicle manufacturers that are less sensitive to policy fluctuations, such as Jianghuai Automobile and Geely [25][26]. - In the heavy truck segment, the report anticipates a positive outlook for 2026, projecting domestic sales to reach 800,000 to 850,000 units, a year-on-year increase of 3% [30][28]. - The bus market is expected to see growth in 2026, with a conservative estimate of 40,000 units sold, reflecting a 40% year-on-year increase, supported by the continuation of subsidy policies [30][29]. - The motorcycle sector is projected to achieve total sales of 19.38 million units in 2026, a 14% increase year-on-year, with a significant focus on the large-displacement motorcycle market [26]. Summary by Sections Passenger Vehicles - Short-term recovery is anticipated in the passenger vehicle sector due to established subsidy policies, with a focus on high-end electric vehicles and companies less affected by policy changes [25][26]. - Key companies to watch include Jianghuai Automobile, Geely, Great Wall Motors, and BYD, among others [25]. Heavy Trucks - In 2025, wholesale heavy truck sales reached 1.144 million units, a 26.8% increase year-on-year, with domestic sales of 799,000 units, up 32.8% [30]. - The report recommends leading heavy truck manufacturers such as China National Heavy Duty Truck Group, Weichai Power, and FAW Jiefang [30][28]. Buses - The bus market saw a slight decline in 2025, with sales of 29,000 units, down 6% year-on-year. However, a rebound is expected in 2026, with a projected 40% increase in sales [30][29]. - Recommended companies include Yutong Bus and King Long [30]. Motorcycles - The motorcycle industry is forecasted to grow, with total sales expected to reach 19.38 million units in 2026, a 14% increase year-on-year, driven by large-displacement models [26]. - Recommended companies include Chunfeng Power and Longxin General [26].

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2026-02-10 宏观策略 [Table_MacroStrategy] 海外周报 20260208：1 月美国非农和 CPI 前瞻：关注上行风险——海外 宏观与交易复盘 核心观点：本周（2 月 2-8 日）在美股 AI 软件泡沫担忧引发的科技股大 跌、及随后的动量抛售等交易因素造成的流动性冲击下，海外权益、大宗 商品和比特币等资产经历剧烈波动。我们认为，近期资本市场的流动性冲 击更多来自交易层面，而海外宏观基本面和广义流动性环境并未有显著 变化，这意味着部分资产存在被流动性冲击"错杀"的可能。关注下周公 布的 1 月美国非农就业和 CPI 数据，我们预期二者均存在上行风险，令 本周略有升温的美联储降息预期再度面临回调。 宏观量化经济指数周报 20260208：预计 2026 年 1 月贷款温和增长、社 融小幅同比多增 晨会编辑 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 请务必阅读正文之后的免责声明部分 东吴证券研究所 1 / 37 [Table_Tag] 节前经济供需两端基本符合季节性特征 ...

Group 1: Financing Optimization - The Shanghai and Shenzhen Stock Exchanges announced a package of measures to optimize refinancing, highlighting a policy direction that favors high-quality and technology-driven companies [1] - The optimization is expected to shorten the refinancing cycle for quality listed companies, allowing them to seize market opportunities and enhance their competitiveness [1] - Enhanced supervision throughout the refinancing process aims to create a healthy market ecosystem, encouraging companies to focus on core businesses and improve profitability [1] Group 2: Automotive Industry Developments - The Ministry of Commerce held a meeting to discuss automotive consumption, planning to implement policies to support the automotive industry, including a vehicle trade-in program by 2026 [2] - Analysts from CITIC Securities noted that while the automotive sector is currently in a weak seasonal performance, there are signs of improving market sentiment and potential for growth in commercial vehicles [2] - A list of undervalued automotive stocks with significant profit growth forecasts was compiled, identifying three stocks with projected net profit increases of over 100% [3] Group 3: Semiconductor Sector - The National Integrated Circuit Industry Investment Fund has been reducing its stakes in several semiconductor companies, which is viewed as a normal investment exit rather than a shift in strategy [7] - The fund's actions have raised market attention, but industry insiders believe the long-term goal of supporting domestic semiconductor growth remains unchanged [7] Group 4: Technology Sector Investments - Major tech companies, including Microsoft and Amazon, are projected to invest over $600 billion in capital expenditures by 2026, primarily in AI infrastructure [4] - NVIDIA's CEO expressed confidence in the sustainability of this investment trend, citing strong future demand for AI infrastructure [4] Group 5: Tax Policies for E-commerce - The Ministry of Finance announced tax exemptions for goods returned due to unsold inventory in cross-border e-commerce, effective from January 1, 2026, to December 31, 2027 [6] Group 6: Labor Rights and Regulations - Several government departments are conducting administrative guidance for major platform and delivery companies to ensure the protection of labor rights for new employment forms [8][9] - Companies are required to improve labor management practices to safeguard the rights of workers in the gig economy [9]

Core Insights - Zhongtong Bus reported a significant increase in sales for January 2026, with total sales of 1,231 vehicles, representing a year-on-year growth of 35.72% [1][3] - The sales growth was driven by a remarkable performance in the light and medium vehicle segments, particularly light vehicles which saw a staggering increase of 400% year-on-year [1][3] Summary by Category Production Data - Total production in January 2026 reached 1,347 units, a 56.81% increase compared to the same month last year [2] - Large vehicle production was 919 units, up 250.76% year-on-year [2] - Medium vehicle production was 395 units, down 26.58% year-on-year [2] - Light and logistics vehicle production was 33 units, down 44.07% year-on-year [2] Sales Data - Total sales for January 2026 were 1,231 units, a 35.72% increase from the previous year [2] - Large vehicle sales amounted to 626 units, reflecting a growth of 15.93% year-on-year [2] - Medium vehicle sales reached 545 units, showing a significant increase of 53.52% year-on-year [2] - Light and logistics vehicle sales were 60 units, marking a remarkable increase of 400% year-on-year [2]