国家在化工炼化的产能布局，有望为中集车辆星链液罐 车业务带来新机遇。本公司将继续依托高端制造能力与全球 资源协同，持续提升产品竞争力，积极把握能源转型与产业 升级的机会。谢谢！ 证券代码：301039 证券简称：中集车辆 中集车辆（集团）股份有限公司 投资者关系活动记录表 编号：2025-21 | 投资者关系活 | □特定对象调研 □分析师会议 | | | | | --- | --- | --- | --- | --- | | 动类别 | □媒体采访 □业绩说明会 | | | | | | □新闻发布会 √路演活动 | | | | | | □现场参观 □其他 | | | | | 参与单位名称 | 投资者网上提问 | | | | | 及人员姓名 | | | | | | 时间 | 年 月 日 2025 11 14:30~17:00 | 20 | | (周四) 下午 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | | | | 采用网络远程的方式进行路演 | | | | | 上市公司接待 | 中集车辆 锐先生 CFO 占 | | | | | 人员姓名 | 中集 ...

随着国内专用车行业内卷加剧，利润摊薄、创新乏力成为诸多企业面临的生存困境，专用车行业正深陷同质化竞争与价格战的泥潭，转 型升级迫在眉睫。 在近日的2025中国国际商用车展览会期间，中集车辆（集团）股份有限公司副总裁毛弋、中集车辆（集团）股份有限公司助理总裁兼中 集灯塔半挂车业务集团CEO舒磊接受了第一商用车网的采访，就应对内卷详细阐述了另一种可能——不以低价争市场，而以价值赢客 户。 高质量发展决不是价格战 近年来，我国专用车行业正面临前所未有的挑战。一方面，市场增速放缓，同质化竞争加剧，内卷成为行业的主旋律；另一方面，国家 在"十五五"规划中强调"高质量发展"，明确提出要"建设现代化产业体系""坚持智能化、绿色化、融合化方向"。专用车行业虽经多年整 治，但乱象仍未根除，行业标准不统一、监管不到位的深层次矛盾亟待解决。在这一背景下，毛弋认为，行业未来的出路在于推动"全 国统一大市场"的建设。"在我们来看，全国统一大市场是很重要的，起码在一些品类上可以做到相同的标准，杜绝掉一些不合规的产 品。" "我理解的'高质量发展'， 首先作为企业要把产品做好，要把对客户的服务做好。高质量发展，绝对不是用价格战。"毛弋认为 ...

Core Insights - The 2025 China International Commercial Vehicle Show (CCVS) opened in Wuhan, showcasing CIMC Vehicles' (301039.SZ) commitment to high-quality development with a theme of "Only Star Chain" and featuring 19 flagship products across three major exhibition areas totaling over 2,600 square meters [1][3][17] Group 1: Strategic Vision and Development - CIMC Vehicles emphasizes the "14th Five-Year Plan" focusing on intelligent, green, and integrated development, aiming to become a "full value chain operator" in both the national and global markets [3][13] - The company launched the "Only Star Chain" semi-trailer for 2026, reflecting its technological strength and commitment to efficient, green, and intelligent logistics solutions [3][5] Group 2: Product Innovations - The "European Champion M" series liquid food transport tankers were introduced, featuring advanced technology for food safety and efficient transportation [5] - CIMC Vehicles also unveiled the world's first engineering pure electric head-mounted train solution, focusing on a comprehensive ecosystem that enhances user experience and operational efficiency [8][13] Group 3: Collaborative Initiatives - The company initiated a collaborative development alliance for the liquid food transport industry, aiming to establish a closed-loop system for safety and standardization [5][7] - CIMC Vehicles signed a joint safety initiative for hazardous materials transport, promoting shared standards and technology among industry leaders [7] Group 4: Market Recognition and Future Outlook - The partnership with Shaanxi Automobile showcased the delivery of 30,000 integrated vehicles, highlighting market recognition and the strength of their collaborative model [15][17] - CIMC Vehicles aims to redefine logistics operations and drive the commercial vehicle industry towards higher quality, efficiency, and sustainability [17]

Core Viewpoint - The opening of the Changsha Delivery Service Center marks a significant step for CIMC Vehicles in evolving into a full-value chain operator for Starlink semi-trailers, enhancing logistics service coverage in the region and supporting high-quality development [2][5][15] Strategic Focus - CIMC Vehicles is implementing the "Starlink Plan" to reconstruct the entire value chain of semi-trailers, focusing on upgrading delivery and service processes to create a unique competitive advantage amid intense industry competition [5][7] - The company aims to uphold the principle of "knowledge and action in unity" to counteract internal competition, solidifying its service capabilities and maintaining industry leadership [5][7] Service Upgrade - The Changsha Delivery Service Center will provide differentiated service capabilities tailored to regional operational needs, ensuring efficient and precise logistics solutions for customers [8][10] - The combination of "standardized + customized" services will establish "rapid delivery + worry-free service" as the standard experience for regional clients [12] Industry Leadership - In response to the vicious price competition in the specialized vehicle industry, CIMC Vehicles is deepening its layout for the "Starlink semi-trailer full value chain operation," shifting from traditional price competition to innovation-driven development [14][15] - The company plans to expand its network of delivery service centers nationwide, enhancing coverage and response speed to inject new vitality into the logistics and transportation equipment sector [15]

Core Viewpoint - Elon Musk has threatened to resign as CEO of Tesla if his new compensation package is not satisfactory, which includes ambitious targets for the company's growth and performance [3][5]. Group 1: Compensation Package Details - Tesla has proposed a new compensation plan valued at $1 trillion, requiring Musk to remain CEO for at least another 10 years [3]. - The plan's targets include increasing Tesla's market value from $1.1 trillion to $8.5 trillion, achieving a net profit of $400 billion by 2024 (a 24-fold increase), and delivering 20 million new vehicles [3]. - Additional goals involve registering 10 million active Full Self-Driving (FSD) subscriptions, delivering 1 million Tesla robots, and deploying 1 million Robotaxis [3]. Group 2: Market Reactions and Analyst Opinions - Analysts express skepticism about the feasibility of the market value and delivery targets, suggesting that even in a bull market, reaching these goals is highly unlikely [3]. - The upcoming shareholder meeting on November 6 will be crucial for the approval of the compensation plan, which could significantly impact Tesla's future direction [5]. Group 3: Potential Outcomes of Musk's Resignation - If Musk resigns, he may focus on his other ventures, such as space exploration, Neuralink, or artificial intelligence development [5]. - The approval of the compensation plan would indicate shareholder confidence in Musk's innovative approach, but it also carries risks of stock dilution and unmet targets [7]. - Conversely, if the plan is rejected, it could lead to short-term stock volatility but may ultimately foster a more mature governance structure for Tesla [7].

Core Viewpoint - The Chinese civil aviation industry is entering a new phase of widespread free in-flight Wi-Fi services, with China Eastern Airlines set to provide free Wi-Fi on all domestic "Air Express" flights operated by wide-body aircraft starting from October 11, 2025 [1][10]. Group 1: Company Initiatives - China Eastern Airlines will initially offer free Wi-Fi on 37 "Air Express" routes, including popular routes such as Shanghai Hongqiao to Beijing Capital and Shanghai Hongqiao to Guangzhou [1][3]. - The company plans to gradually expand the free Wi-Fi service to more domestic flights based on operational data and passenger feedback [3]. - Currently, free Wi-Fi was previously limited to first class, business class, and select economy class passengers, but will now be available to all economy class passengers on wide-body flights [10][17]. Group 2: Industry Trends - The global aviation industry has seen a long evolution in in-flight internet access, with significant advancements driven by technologies like SpaceX's Starlink, which has enabled faster and more affordable satellite internet [4][5]. - As of now, nearly 20 airlines worldwide have installed or are deploying Starlink equipment, with reported download speeds reaching up to 250 Mbps [5][6]. - The introduction of free Wi-Fi services is becoming a competitive advantage for airlines, with reports indicating that airlines offering such services can sell tickets at an average of $5 more than competitors [5]. Group 3: Market Context - In China, the in-flight internet service has been limited, with only 213 aircraft equipped for internet access by the end of 2020, representing less than 6% coverage of the total fleet [7][8]. - The COVID-19 pandemic had previously slowed the development of in-flight Wi-Fi services, but the recovery of the aviation market in 2023 has led to renewed focus on this area [8][12]. - The introduction of free Wi-Fi by China Eastern Airlines is seen as a strategic move to attract more passengers, particularly business travelers, and to enhance competitive differentiation in the market [13][16]. Group 4: Technical and Financial Considerations - The implementation of in-flight Wi-Fi services involves significant costs, with estimates of 3 to 4 million RMB per aircraft for modifications, plus annual operational costs [17]. - The challenge remains whether the revenue generated from increased passenger numbers will cover the costs associated with providing free Wi-Fi [17]. - The technology used for in-flight Wi-Fi is based on high-throughput satellite communication, ensuring a reliable connection while adhering to safety standards [13].

Core Viewpoint - CIMC Vehicles is undergoing a third entrepreneurial phase to break through the industry's homogenization challenges, focusing on a comprehensive value chain operation strategy centered around the Starlink Plan [1][4]. Group 1: Third Entrepreneurial Phase - The third entrepreneurial phase is a strategic decision for the next 8 to 10 years, aiming to reshape the industry landscape and lead new developments [4][5]. - The company has identified three paths to build a new development pattern in the semi-trailer industry: innovating design and production technology, promoting structural reforms in leading companies, and reallocating excess capacity resources [4][5]. Group 2: Starlink Plan - The Starlink Plan aims to reform the production organization structure of semi-trailer manufacturing, linking previously independent business units to create a complementary whole [5][6]. - The plan redefines five core links of the semi-trailer business value chain, facilitating a closed-loop value flow and extending operations upstream and downstream [6][9]. - By mid-2025, the Starlink semi-trailer and the Xiongqi liquid tank vehicle sales in the Chinese market increased by 10% year-on-year, with operating profit for Starlink semi-trailers rising by 74% [6]. Group 3: Global Expansion - CIMC Vehicles is transitioning from "going out" to "going in," enhancing its global supply chain resilience while establishing a regional business group for global southern markets [7][8]. - The company has built a global manufacturing and sales network, emphasizing local manufacturing and procurement to strengthen its supply chain [8][9]. Group 4: Focus on New Energy and Intelligentization - In response to the challenges faced by traditional fuel semi-trailers, CIMC Vehicles is investing in new energy and intelligentization, with R&D spending increasing by 30.39% year-on-year [9][10]. - The company has initiated the Hannover Plan, focusing on pure electric head trailers and developing a product ecosystem for electric engineering head trailers [10].

Core Viewpoint - CIMC Vehicles is undergoing a third entrepreneurial phase to break through the industry's homogenization challenges, focusing on the Starlink plan as the core of its full value chain operational strategy [1][2][3] Group 1: Third Entrepreneurial Phase - The third entrepreneurial phase is a strategic decision for the next 8 to 10 years, aiming to reshape the industry and lead new developments through the Starlink and Xiongqi plans [2][3] - The first entrepreneurial phase began in 2002, transitioning the industry towards standardization and industrialization, while the second phase in 2010 focused on global expansion with a network of 25 "lighthouse factories" [2] Group 2: Starlink Plan - The Starlink plan aims to reform the production organization structure of semi-trailers, linking previously independent business units to create a cohesive whole [3][4] - The plan redefines five core segments of the semi-trailer value chain, extending from production to design, procurement, and marketing, thus transforming CIMC Vehicles into a full value chain operator [3][4] Group 3: Performance Metrics - By mid-2025, the Starlink semi-trailer and Xiongqi liquid tank sales in the Chinese market increased by 10% year-on-year, with revenue up by 11% and operating profit for Starlink semi-trailers rising by 74% [4] Group 4: Global Expansion - CIMC Vehicles is transitioning from "going out" to "going in," enhancing its global supply chain resilience while establishing a regional business group for global southern markets [6][7] - The company emphasizes a differentiated approach in product design, marketing, and after-sales service, aiming to reshape the global supply chain with a focus on local procurement [7] Group 5: Focus on New Energy and Smart Technology - In response to the traditional fuel semi-trailer market, CIMC Vehicles is investing in new energy and smart technology, with a 30.39% increase in R&D investment in the first half of 2025 [8][9] - The company has initiated the Hannover project, focusing on pure electric head trailers and developing a closed-loop ecosystem for product commercialization [8][9]

Core Viewpoint - CIMC Vehicles is undergoing a third entrepreneurial phase to break through the industry's homogenization challenges, focusing on the Starlink Plan as the core of its full value chain operational strategy [1][2][3] Group 1: Third Entrepreneurial Phase - The third entrepreneurial phase is a strategic decision by management aimed at the company's development over the next 8 to 10 years, focusing on new productive forces and the Starlink and Xiongqi plans [2] - The Starlink Plan aims to reform the production organization structure of semi-trailers, linking previously independent business units into a cohesive whole to enhance competitiveness [2][3] - The company has identified three paths to reshape the semi-trailer industry: innovating design and production technology, promoting structural reforms in leading companies, and reallocating excess capacity resources [2] Group 2: Starlink Plan and Performance - The Starlink Plan redefines five core segments of the semi-trailer business, creating a closed-loop value flow and extending operations from production to design, procurement, and marketing [3] - In the first half of 2025, the Starlink semi-trailer and Xiongqi liquid tank vehicle sales in China increased by 10%, with revenue up by 11%, and operating profit for Starlink semi-trailers rising by 74% [3] Group 3: Global Expansion Strategy - CIMC Vehicles is transitioning from "going out" to "going in," enhancing its global supply chain resilience while establishing a regional business group for global southern markets [4][5] - The company has developed a global manufacturing and sales network, emphasizing local manufacturing and supply chain resilience [5][6] Group 4: Focus on New Energy and Intelligentization - The company is shifting focus to new energy and intelligentization, with a 30.39% increase in R&D investment in the first half of 2025, the highest growth in recent years [6][7] - The Hannover Plan was established to focus on pure electric head trailers, aiming for rapid product iteration and market integration [7] Group 5: Future Aspirations - CIMC Vehicles aims to evolve into a full value chain operator for Starlink semi-trailers and pursue integrated products for pure electric head trailers [8]

Core Viewpoint - The article discusses Elon Musk's Starlink mobile phone, which will allow direct satellite connectivity without the need for ground stations, aiming to provide global communication coverage, especially in remote areas [4][20]. Group 1: Starlink Mobile Phone Overview - The Starlink mobile phone will be launched in two years and will enable users to make calls and send messages directly via satellite [4]. - Musk has invested $17 billion to acquire frequency bands necessary for satellite-to-mobile connectivity, requiring hardware modifications in existing mobile devices [4][20]. Group 2: Technical Challenges - Current mobile phones operate through ground-based stations, which have limited coverage, leaving many areas without reliable communication [5][6]. - Satellite communication has historically faced issues such as high costs, bulky devices, and poor signal quality, which Starlink aims to overcome [6][8]. - The technology involves significant challenges, including signal strength reduction over long distances and the need for advanced signal processing to handle Doppler effects and seamless satellite switching [9][10]. Group 3: Satellite Network Design - Starlink satellites operate in low Earth orbit (approximately 550 km), allowing for lower latency compared to traditional geostationary satellites [10]. - The network will consist of thousands of small satellites to ensure continuous coverage, requiring precise trajectory calculations and coordination [11][20]. - Advanced technologies like phased array antennas will be used to maintain signal directionality without physical movement, which is crucial for mobile devices [12][15]. Group 4: User Experience and Market Impact - The Starlink mobile phone aims to provide ubiquitous connectivity, which is particularly valuable for emergency services, remote work, and adventure travel [20]. - The introduction of satellite phones may disrupt traditional telecom operators, especially in underserved regions, leading to new business models and partnerships [20][21]. - Future developments may integrate satellite and terrestrial networks more closely, enhancing overall communication infrastructure [21][22].