中国银河证券表示，A股市场在临近年末关口震荡上行，呈现出"小躁动"行情，截至周五，上证指数录 得八连阳。同时，行情呈现出流动性驱动特征，市场量能明显放大，周五全A成交额突破2万亿元。短 期来看，市场结构特征有望延续，量能或是行情的关键信号。热点板块个股分歧有所加大，重点关注核 心标的。美元指数趋弱与年末结汇需求推动下，人民币汇率在周内升破7.0关口。人民币资产吸引力提 升，积极因素正在进一步积累。展望后市，关注政策预期与产业趋势的催化机会，春季躁动行情值得期 待。2026年来看，A股市场有望呈现出向上动能。 A股后市怎么走？看看机构怎么说。 沪指本周累计涨1.88%，深证成指涨3.53%，创业板指涨3.9%。A股后市怎么走？看看机构怎么说： ①中国银河证券：A股或迎接跨年"小躁动"行情 关注：1、AI投资与全球制造业复苏共振的工业资源品——铜、铝、锡、锂、原油及油运；2、具备全 球比较优势且周期底部确认的中国设备出口链——电网设备、储能、锂电、光伏、工程机械、商用车， 以及国内制造业底部反转品种——化工（印染、煤化工、农药、聚氨酯、钛白粉）、晶圆制造等；3、 抓住入境修复与居民增收叠加的消费回升通道——航空、 ...

12月26日，新疆国际陆港物流发展有限公司发布新能源重卡车辆购置项目招标公告，采购 4台600Kwh新能源重卡车，含车头4个，车挂5个（1个平板挂，4个骨架挂），充电桩1个 （带安装），以上费用合计281万元。投标文件递交截止时间为2026年1月19日11时00 分。 新能源重卡车辆购置项目招标公告 (招标编号: SJX-2025-848) 项目所在地区:新疆维吾尔自治区 一、招标条件 本新能源重卡车辆购置项目已由项目审批/核准/备案机关批准,项目资金来源为自筹资 金 281 万元,招标人为新疆国际陆港物流发展有限公司。本项目已具备招标条件,现招标方 式为公开招标。 二、项目概况和招标范围 规模:采购 4台 600Kwh 新能源重卡车,含车头 4个,车挂 5个(1个平板挂,4个骨架 挂),充电桩1个(带安装),以上费用合计 281万,具体内容详见本项目招标文件。 范围:本招标项目划分为1个标段,本次招标为其中的: (001)新能源重卡车辆购置项目： 三、投标人资格要求 (001 新能源重卡车辆购置项目)的投标人资格能力要求:1、在中华人民共和国境内注 册,能够独立承担民事责任,具有本次采购车辆的生产或供应能力 ...

Core Insights - The report maintains a "Recommended" rating for the automotive industry, emphasizing that there are opportunities despite potential challenges in 2026 [1][2] - The automotive sector showed a 20% increase over the past 12 months, outperforming the Shanghai and Shenzhen 300 index, which increased by 16.8% [3] Group 1: Industry Overview - The automotive industry is expected to experience a strong performance in commercial vehicles while passenger vehicles may face challenges in 2026 [4] - The report highlights that the passenger vehicle market in 2025 was supported by trade-in policies, leading to stable performance, but anticipates pressure on total volume in 2026 [4] - The heavy truck segment is projected to see positive growth in 2026, driven by domestic demand recovery and increased exports [4] Group 2: Opportunities in Passenger Vehicles - The report identifies a significant opportunity in the high-end passenger vehicle market, particularly for models priced above 300,000 yuan, which is expected to continue to grow [4][5] - Domestic brands are anticipated to make substantial advancements in the high-end market with new models launching in 2026 [5] Group 3: Heavy Truck Market Insights - The heavy truck market is expected to benefit from a recovery in domestic demand and a favorable export environment, with wholesale volumes projected to grow positively in 2026 [4][5] - The report notes that the penetration rate of electric heavy trucks may stabilize in 2026 after significant increases in 2025, which could positively impact profitability [5] Group 4: Smart Driving and Technology - The report discusses the acceleration of high-level autonomous driving technology penetrating lower-priced models, which is expected to drive volume growth in 2026 [5] - The introduction of new AI-driven cockpit technologies is anticipated to enhance the value of smart cabins, creating additional investment opportunities in related components [5] Group 5: Robotics Sector - The report indicates that the humanoid robotics sector is entering a new phase, with significant growth potential for leading manufacturers and their supply chains [5] - The collaboration between domestic and international manufacturers is expected to enhance production capabilities and technological advancements in humanoid robots [5] Group 6: Investment Recommendations - The report recommends several companies for investment, including Jianghuai Automobile, Top Group, and BYD, highlighting their potential in the evolving automotive landscape [6][9] - Specific recommendations for heavy truck manufacturers include China National Heavy Duty Truck Group and Weichai Power, which are expected to benefit from industry growth [6][9]

Core Viewpoint - Jiangling Ford celebrates its 30th anniversary, emphasizing its commitment to quality, safety, and efficiency in the light commercial vehicle (LCV) market, having served over 1.3 million customers and maintained a leading position in the market [1] Group 1: Strategic Direction - Jiangling Ford plans to leverage its 30 years of manufacturing experience and market insights to focus on trends in new energy, intelligence, and personalized consumption, aiming for systematic innovation and comprehensive layout [1] - The company has established new energy as a core strategy, utilizing the E-Fushun platform to target the mid-size electric van segment, achieving optimal balance in space utilization, operational efficiency, and safety [4][6] Group 2: Market Trends and Projections - The penetration rate of new energy LCVs in China is expected to exceed 70% by September and October 2025, a significant increase from 56.37% in 2024, indicating a rapid shift in the industry landscape [3] - By 2030, traditional fuel vehicles are projected to hold 20% to 30% of the market share, with a "three-legged" structure emerging in the new energy sector, comprising pure electric vehicles, plug-in hybrids, and hydrogen fuel technologies [7] Group 3: Product and Technology Development - Jiangling will continue to upgrade the E-Fushun platform, focusing on breakthroughs in smart driving, ultra-fast charging, and long-range capabilities while expanding into overseas markets [6] - The company aims to enhance its intelligent capabilities by establishing a dedicated software and ecosystem company, focusing on larger, heavier-duty autonomous vehicles rather than low-threshold small delivery vehicles [9] Group 4: Customization and Ecosystem Development - Jiangling Ford has built a mature global engineering and management system, optimizing over 6,000 items to meet complex market demands in China, and is committed to a "co-creation and win-win" philosophy in its customization ecosystem [11] - The company is proactively developing its electric platform's customization ecosystem, focusing on higher configurations, longer ranges, and stronger load capacities, while ensuring compatibility with smart devices like drones [13]

Group 1 - The event themed "Building a Mega-Watt Supercharging Ecosystem for Shared Opportunities in All-Electric Logistics" was successfully held in Yangzhou, showcasing significant progress in the construction of a supercharging ecosystem for heavy-duty electric trucks in Jiangsu [1] - The electric heavy-duty truck industry is entering a new stage of high-quality development, driven by policy guidance and market demand, leading to rapid growth in industry penetration [3] - Huawei's "15-minute level" mega-watt supercharging solution has been implemented at the Yangzhou Green Yang Cement supercharging station, providing a model for the green transformation of logistics in Jiangsu [3][11] Group 2 - Dongfeng Commercial Vehicle Company emphasized the importance of collaboration with Huawei to address logistics energy supply challenges through the upgraded Supercharging Alliance 2.0, focusing on efficient and low-carbon logistics energy solutions [5] - The Yangzhou Green Yang Cement mega-watt supercharging station is designed with a power capacity of 4800 kVA, featuring multiple high-capacity cooling systems to enhance charging efficiency and reduce waiting times for drivers [7] - During the event, Dongfeng delivered 30 electric heavy-duty trucks equipped with Huawei's mega-watt supercharging technology, contributing to the establishment of a smart green transportation benchmark in Yangzhou [9] Group 3 - Huawei's first full liquid-cooled mega-watt supercharging solution can achieve a continuous steady-state output of 2400A, enabling charging speeds that improve logistics operational efficiency by over 15% [11] - The successful completion of the event marks a new phase in the promotion of electric heavy-duty trucks and mega-watt supercharging technology in Jiangsu, with a focus on collaborative efforts to support the green and low-carbon transformation of the logistics industry [11]

（文章来源：证券日报） 证券日报网讯 12月26日，汉马科技在互动平台回答投资者提问时表示，公司将持续深化智能驾驶技术 与售后服务体系协同，以醇氢电动多场景解决方案和完善的服务网络，巩固新能源商用车领域的先发优 势。 ...

【商用车新网原创】 12月25日，由商用汽车新闻传媒主办的2025商用车新驱动大会在北京召开。在2025车企服务满意度调查中，中国重汽凭借20余年服务深耕以及优质用户口 碑脱颖而出，荣获"年度服务暖心企业"与"客户服务金口碑企业"两项荣誉，以实力印证了其在商用车服务领域的标杆地位。 "车企服务满意度调查"以真实、客观、公正为原则，通过用户调查、站点走访等多元方式评估企业服务水平，旨在发掘标杆、总结经验，推动行业服务全 域升级。此次斩获荣誉，既是行业对重汽服务体系的权威认证，更是用户对中国重汽"亲人服务"的真心认可。 开创服务品牌化 破解用户核心痛点 回溯行业发展，中国重汽是商用车服务品牌化的开创者与领航者。 上世纪90年代末，国内商用车市场仍处于重产能、轻服务的粗放阶段，多数企业聚焦生产扩张，用户售后需求难以及时响应，"买车易、养车难"是普遍痛 点。1999年，中国重汽精准洞察趋势，率先推出"亲人服务"品牌，成为行业首家实现服务品牌化运营的企业，打破"重销售、轻服务"的行业惯例，树立起 服务新标杆。 自服务品牌开创以来，"亲人服务"始终秉持以用户为中心的服务理念，以用车无忧为目标，20余年间，伴随着市场从增量 ...

证券之星消息，12月26日商用车板块较上一交易日上涨0.23%，金龙汽车领涨。当日上证指数报收于 3963.68，上涨0.1%。深证成指报收于13603.89，上涨0.54%。商用车板块个股涨跌见下表： 从资金流向上来看，当日商用车板块主力资金净流出2.26亿元，游资资金净流入5123.06万元，散户资金 净流入1.75亿元。商用车板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600418 江淮汽车 | | 635.37万 | 0.41% | -344.15万 | -0.22% | -291.22万 | -0.19% | | 600303 曙光股份 | | 587.67万 | 8.29% | -60.80万 | -0.86% | -526.88万 | -7.43% | | 000800 | 一汽解放 | 389.60万 | 5.34% | -86.96万 | -1.19% | -302. ...

Core Viewpoint - The commercial vehicle industry in China is undergoing a transformation driven by energy changes, technological iterations, and market restructuring, shifting from "scale expansion" to "value creation" [1] Group 1: 2025 Performance - Major commercial vehicle manufacturers demonstrated resilience in 2025, achieving stable growth despite challenges such as weak demand and price wars [1] - FAW Jiefang reported total sales exceeding 280,000 units, a year-on-year increase of over 10%, with heavy-duty truck sales reaching 255,000 units, up 23.3% [2] - China National Heavy Duty Truck Group achieved a record-breaking heavy-duty truck sales of over 300,000 units, becoming the global sales champion for the first time, with a projected revenue exceeding 225 billion yuan [4] - Dongfeng Commercial Vehicle's wholesale sales reached 131,000 units, a 24% increase, with new energy vehicle sales surpassing 10,000 units, up 98% [6] - Shaanxi Heavy Duty Truck maintained its top three position with projected sales of 195,000 units, a 16.7% increase, and significant growth in natural gas and new energy vehicles [8] - Foton Motor's core business saw rapid growth, with sales of its Ouman brand reaching nearly 84,000 units, nearly doubling year-on-year [10] Group 2: 2026 Market Goals - FAW Jiefang is cautiously optimistic, predicting a stable demand for heavy-duty trucks at 1.25 million units in 2026, with light truck demand increasing by 8% to 700,000 units [11] - China National Heavy Duty Truck Group set a core sales target of 340,000 units for 2026, with heavy-duty trucks at 170,000 units and light trucks at 150,000 units [12] - Dongfeng Commercial Vehicle's forecast is more conservative, expecting the heavy-duty truck market to decline to 1.1 million units, with a sales target of 176,000 units [12] - Shaanxi Heavy Duty Truck aims to maintain its position with a target of over 110,000 units, while Foton Motor focuses on new energy and exports, aiming for 200,000 units [14] Group 3: New Energy and Overseas Expansion - New energy vehicles are a key growth driver, with FAW Jiefang predicting a penetration rate of 26% for heavy-duty trucks by 2025, while China National Heavy Duty Truck aims for 50% penetration by 2030 [17] - Overseas markets are becoming essential, with FAW Jiefang aiming to deepen localized operations, and China National Heavy Duty Truck targeting 300,000 units in exports by 2030 [19] - Dongfeng Commercial Vehicle plans for overseas sales to exceed 30% of total sales, focusing on seven global regions [19] Group 4: Product Planning - The competition among leading manufacturers has evolved from individual product pricing to comprehensive lifecycle solutions based on deep understanding of operational scenarios [20] - FAW Jiefang showcased a wide range of vehicles and advanced technologies, including the new Eagle series and intelligent driving systems [20] - Dongfeng Commercial Vehicle presented nearly 60 models tailored to specific operational scenarios, emphasizing diverse power options [22] - Shaanxi Heavy Duty Truck highlighted its integrated product advantages and collaborative innovations with industry partners [22] - Foton Motor's showcase included a significant proportion of new energy vehicles, focusing on technological advancements and intelligent features [25] Conclusion - The competition in the commercial vehicle industry has shifted towards strategic foresight, ecosystem integration, and technological depth, with a focus on customer value and sustainable solutions [25]

Group 1 - The 2025 Commercial Vehicle New Drive Conference was held in Beijing, focusing on low-carbon and intelligent transformation in the commercial vehicle industry [2] - The 20-year history of the Commercial Vehicle News reflects the evolution of China's commercial vehicle industry, transitioning from scale expansion to efficiency and quality competition, and from traditional fuel to diverse new energy technologies [3][5] - The industry has experienced significant changes, with a shift from domestic focus to global outreach, symbolizing the transformation from "Made in China" to "Intelligent Manufacturing in China" [3] Group 2 - The commercial vehicle industry can be divided into two phases: a rapid development period and an adjustment and transformation period, supported by policy guidance, technological innovation, and market competition [7] - The upcoming 2026 marks the beginning of the 14th Five-Year Plan, presenting new opportunities and challenges for the commercial vehicle industry [7] - Energy conservation remains a core concern for the commercial vehicle industry, directly impacting user value realization [8] Group 3 - The 2025 energy-saving tests showcased significant advancements in energy consumption, range management, and intelligent control across various models, establishing new benchmarks for energy efficiency [10] - The logistics sector is pivotal for the transition to new energy in commercial vehicles, with the "Youyun Wang" offline experience event highlighting the evolving demands in urban logistics [10][11] - The eighth "Youyun Wang" event recognized several models that set new standards in urban logistics, reflecting the industry's technological advancements [11] Group 4 - The "Vehicle Enterprise Service Satisfaction Survey" has become a key focus for the Commercial Vehicle News, emphasizing the importance of service quality in market competition [14] - Digitalization and intelligence are driving improvements in service capabilities, with China National Heavy Duty Truck Group receiving high praise for its service quality [14] - The Commercial Vehicle News aims to continue its role as an observer and leader in the industry, contributing to high-quality development in the next five to ten years [16]