Group 1 - The commercial vehicle sector increased by 1.07% on January 5, with Yutong Bus leading the gains [1] - The Shanghai Composite Index closed at 4023.42, up 1.38%, while the Shenzhen Component Index closed at 13828.63, up 2.24% [1] - Key stocks in the commercial vehicle sector showed varied performance, with notable increases in stocks like Zhitong Bus (up 2.57%) and Hanma Technology (up 1.87%) [1] Group 2 - The commercial vehicle sector experienced a net outflow of 225 million yuan from institutional investors, while retail investors saw a net inflow of 158 million yuan [3][4] - Individual stock performances varied, with King Long Automobile seeing a significant net outflow from institutional investors of 38.81 million yuan [4] - The overall trading volume for the commercial vehicle sector was substantial, with Jianghuai Automobile recording a trading volume of 559,600 shares and a transaction value of 2.82 billion yuan [1]

2025年1月5日，依维柯中国发布关于部分车辆保修状态事宜的郑重声明。正文如下: IVECO 关于部分车辆保修状态事宜的郑重声明 尊敬的广大客户及合作伙伴: 近期,我司关注到市场上有关于部分车辆保修状态的咨询。为保障广大客户的合法权益, 避免因信息不对称而引发误解与纠纷，我司在此郑重声明如下: 特此声明! 依维柯(中国)商用 IVECO (China) Commercial Vehicle Sales Co. Ltd 故维柯(中国) 商用车销售有限公司 L4F. No.2 Maji Road, Pudong District, Shanghai, P IVECO · GROUP !! 经我司核实并确认,附件清单中所列的 179 台车辆(以底盘号为准)已超出依维柯中国提 供的底盘质保服务期限。 在此,我们恳请广大客户在购买车辆或进行相关交易时,务必先核查意向车辆的底盘号及 保修状态。车辆质保情况可通过依维柯中国授权的服务网络进行查询。对于任何超出质保期限 的车辆,依维柯中国将不再承担相应的保修责任,任何维修及相关费用均应由车主自行承担。 依维柯中国始终致力于为客户提供透明、准确的信息。如您对车辆保修状态有任何疑 ...

Core Viewpoint - In 2025, Jianghuai Commercial Vehicles achieved significant sales and reputation growth, with a total domestic sales of 115,530 units, marking a year-on-year increase of 9.1% [1][2]. Sales Performance - Domestic cumulative sales reached 115,530 units in 2025, reflecting a 9.1% year-on-year growth [1][2]. - New energy vehicle sales amounted to 21,103 units, showing a remarkable year-on-year increase of 70.4% [1][2]. - International business sales totaled 56,000 units, with Jianghuai ranking as the number one Chinese brand in the mid-to-high-end light truck export market [1][2]. Market Position - Jianghuai's light passenger vehicle products ranked in the top three for Chinese brand exports [1][2]. - The company is positioned to continue its growth trajectory into 2026, aiming to further enhance the reputation of Chinese commercial vehicle brands [4].

2025年12月份，我国新能源重卡销量再创新高，整体销量达到3.45万辆，同比大涨 191%。 2025年以来表现一直突出新能源牵引车表现如何？销量能否同步创造新高？增速会不 会"跑"得更快？ 答案是肯定的。请看第一商用车网带来的新能源牵引车市场观察。 12月新能源牵引车新增2.86万辆，同比大涨195% 徐工超4000辆月榜摘冠， 解放/三一 /陕汽/重汽超3000辆 根据重型货车营运证入网数据统计，2025年12月份，有12家企业新能源牵引车销量超过 100辆，且这12家企业销量均超过300辆，销量破千的企业达到9家（较上月增加2家）。 排名榜首的徐工12月份销量突破4000辆，达到4222辆；解放、三一、陕汽和重汽排名月 榜第2-5位，销量均超3000辆，分别达到3841辆、3759辆、3665辆和3147辆；福田销 售2011辆排名月榜第6位；排名月榜7-9位的东风、远程和联合重卡12月份销量也超过 1000辆，分别达到1809辆、1169辆和1114辆；宇通销售363辆排名月榜第10位，排名 10名开外的领程和江淮也超过300辆，分别达到361辆和340辆。 2025年 12月 新能源牵引车营运证销 ...

Core Insights - Shandong has officially become the third province in China, and the first in the north, to surpass a GDP of 10 trillion yuan, marking a significant milestone in its economic development [2][4] - The province is focusing on industrial economy as a core support for its growth, implementing a "head project" strategy to enhance new-type industrialization [4][6] Industrial Foundation - Shandong's industrial sector is diverse, comprising 41 major industrial categories and 603 subcategories, with 18 manufacturing categories ranking in the top five nationally [4] - In 2024, the province's industrial added value grew by 8.3%, exceeding the national average by 2.5 percentage points, with revenues from industrial enterprises approaching 12 trillion yuan [4] - The province aims to add approximately 600 billion yuan in industrial output in 2025, continuing its growth trajectory from 2024 [4][9] Innovation and Technology - The proportion of high-tech industry output in Shandong's industrial sector increased from 53.32% in 2024 to 55.2% in the first half of 2025, indicating a shift towards innovation as a primary driver of growth [5] - Shandong has established a robust innovation ecosystem, with the coverage rate of R&D institutions in industrial enterprises rising from 13.3% in 2020 to nearly 40% in 2025 [9] Digital Transformation - The province has achieved over 95% coverage of digital transformation among industrial enterprises, with a deep transformation rate exceeding 47% [12] - Shandong is actively promoting the integration of digital and real economies, leveraging advancements in artificial intelligence and big data to enhance productivity [10][11] Chain Long System - Shandong has implemented a "chain long system" to optimize industrial chains, increasing the number of key industrial chains from 11 to 19, which enhances coordination and resource allocation [7][8] - The province's industrial chain enterprises generated nearly 11 trillion yuan in revenue, accounting for over 90% of the total industrial output [9] Future Outlook - Looking ahead to the 14th Five-Year Plan, Shandong aims to deepen the integration of industrial and digital economies, focusing on high-quality development and the construction of a modern industrial system [14]

Group 1 - The chief strategist of Guojin Securities, Miao Yiling, predicts that the ROE of the non-financial real estate sector in A-shares will increase from 7.2% to 7.9% by 2026, indicating a shift from a "low return" phase to a higher profitability rhythm [1] - Miao suggests four main investment lines: industrial resource products, equipment exports, consumer recovery, and non-bank financials, with a focus on tracking the demand for aluminum, copper, steel, and coal driven by power system construction [1] - In overseas markets, the U.S. and Europe are experiencing characteristics such as "investment exceeding consumption," profit differentiation among large and small enterprises, declining employment, and slowing wage growth, which provide a foundation for a sustained interest rate cut cycle [1] Group 2 - On the domestic consumption front, the drag of housing prices on household spending has diminished, with an increase in foreign tourists due to trade settlement rate recovery and visa-free entry, leading to improved net profit margins in sectors like aviation, hotels, duty-free, and food and beverage [2] - Financially, there is a shift of household savings towards "fixed income+" products, with pension and insurance funds continuously increasing their equity allocations; policy adjustments to lower insurance risk factors and relax brokerage leverage will resonate with the non-bank sector and ROE recovery [2]

Group 1 - The core viewpoint of multiple brokerage strategies is the expectation of a strong market opening in January, supported by liquidity factors and potential policy changes such as interest rate cuts [1][3] - The market environment in January is expected to be better than the previous two years, with a favorable liquidity and exchange rate situation, which may drive the continuation of the cross-year market trend [1][3] - Analysts suggest that the upcoming earnings forecasts will provide further guidance for market trends, indicating a potential expansion of the market's upward structure [1][3] Group 2 - The focus for institutional funds post-holiday is likely to be on consensus stocks that have adjusted, such as sectors like non-ferrous metals, overseas computing power, and semiconductors [2][4] - There is a preference for sectors with lower heat and concentrated holdings that are beginning to gain attention, such as chemicals, engineering machinery, power equipment, and new energy [2][4] - The spring market rally is anticipated to start gradually, with the potential for structural market trends to continue, although some volatility may occur in January [4][5] Group 3 - The strategies from various brokerages highlight the importance of monitoring policy expectations and industry trends, which could support the spring market rally [3][4] - The current market risk appetite remains high, providing room for high-elasticity technology themes to continue their upward trajectory [4][5] - Analysts emphasize the need for a cautious approach towards sectors that have previously shown weak fundamental support, as they may face adjustment risks [1][3]

Core Viewpoint - In 2025, the company aims to navigate the challenges and competition in the commercial vehicle industry through strategic adjustments, innovation, and transformation, achieving dual breakthroughs of outperforming itself and the industry [1]. Market Performance - In 2025, the company sold over 280,000 vehicles, capturing a 22.6% market share in the domestic medium and heavy truck segment, maintaining the industry leader position. The terminal market shares for different vehicle types were 23% for tractors, 28.9% for cargo vehicles, and 27.8% for NG vehicles, all ranking first in the industry. The share of new energy medium and heavy trucks reached 14.8%, a year-on-year increase of 2.8 percentage points, with the company leading in new energy truck sales [4]. - The brand value of "Jiefang" surpassed 145 billion, marking the 14th consecutive year as the industry leader. The company also achieved the highest service satisfaction in the industry, recognized by the China Automotive Maintenance Industry Association in 2025 [4]. Industrial Layout - The company accelerated its strategic layout with a focus on "North-South coordination and comprehensive coverage," establishing multiple vehicle and assembly plants, and new technology companies. The smart manufacturing level is industry-leading, enhancing the industrial ecosystem [6]. - The Wuxi R&D base was completed in September, serving as an innovation center in the Yangtze River Delta, strengthening the global R&D layout and technological innovation system [6]. - A new factory in Foshan was launched in December, featuring intelligent, green, and flexible production capabilities, filling the gap in the southern new energy commercial vehicle production base [6]. Technological Innovation - The product matrix was optimized, with the launch of the J6L and J6G Pro series, providing comprehensive lifecycle solutions to help users reduce costs and increase revenue. The "Eagle Array" product strategy was introduced, offering diverse earning machines for various user needs [8][10]. - The company launched several advanced powertrain products, including GS280, GD300, ER260, and EE270, achieving comprehensive layout in "oil, gas, and electricity." The 10-speed transmission won the "World's Top Ten Transmissions" award, showcasing the company's technological strength and product quality [10]. Strategic Transformation - The company focused on building a "Green Liberation" in the new energy sector, implementing the "15333" new energy strategy, with all five bases obtaining new energy production qualifications. The "Big Three Electric" achieved independent R&D and manufacturing, covering mainstream scenarios [12]. - The "International Liberation" strategy was accelerated, with five brands and new products launched overseas. The company established eight overseas subsidiaries and built 23 KD factories, exporting to 105 countries and maintaining a leading position in overseas sales among Chinese export brands [12]. Conclusion - 2025 was a year of challenges and opportunities, marking a period of self-transcendence and industry leadership for the company. The focus on terminal sales, new energy leadership, smart factory establishment, and global ecosystem expansion reflects the commitment and efforts of the entire team. Moving into 2026, the company aims to continue its journey of "self-reliance and self-improvement," promoting new development and striving for success in the upcoming "15th Five-Year Plan" [14].

Group 1 - The article highlights the debut of Chery Commercial Vehicle's new model, the big VAN, which boasts 15 industry-leading features [4] - A significant order in the bus sector has been revealed, amounting to nearly 700 million yuan, with details on the winning bidders yet to be disclosed [4] - In December, the sales of new energy heavy trucks exceeded 34,000 units, with major players like XCMG, SANY, FAW, Shaanxi Automobile, and Heavy Truck each selling over 4,000 units, raising competition for the sales champion title [4] Group 2 - A substantial order for sanitation vehicles worth nearly 30 million yuan has been finalized, with companies such as FAW, CRRC, Great Wall, and Hongyu included in the list [6] - An order for 100 units of 600 kWh pure electric heavy trucks has been delivered to a major steel customer, indicating a growing demand for electric heavy-duty vehicles [6]

2025年12月24日，奇瑞商用车在安徽芜湖召开以"鼎新聚势，智跃未来"为主题的2026全球 合作伙伴大会，旗下五大业务板块分会同步召开。其中，VAN事业部分会无疑最引人瞩目：由 奇瑞控股集团董事长尹同跃亲自启动的品牌理念点亮仪式、独具创意的"黑箱"展厅、选择在 VAN事业部分会发布的FSC-P（未来超级商用车计划）……无不预示着VAN事业部在奇瑞商 用车未来战略布局中的重要地位。 而随着本次合作伙伴大会上首款新能源大VAN以保密展出的方式亮相，奇瑞商用车VAN事业部 也正式从幕后走到台前。包括第一商用车网在内，很多人肯定都很好奇，在别处已经创造过辉 煌的奇瑞商用车副总经理、VAN事业部总经理杨峻岭，在奇瑞能够再一次复制成功吗？如果 能，靠的是什么？ 请看第一商用车网带来的分析报道。 奇瑞控股集团董事长尹同跃启动奇瑞商用车VAN事业部品牌理念点亮仪式 生而全球，站在中国挑战欧洲标准的新能源大VAN 在奇瑞商用车VAN事业部独具创意的展厅里，第一商用车网见到了这款完全按照欧洲标准、由 奇瑞商用车原生新能源智能化平台打造的新能源大VAN（大VAN，在国内也被称为"欧系宽体 轻客"）。高颜值是这款产品给它的首批"观 ...