第一章、商用车行业定义及统计说明 第一节、商用车相关概念的辨析 一、商用车与乘用车 二、大型微客与轻型客车 三、轿车与MPV、SUV 四、牵引车和挂车 五、牵引车和载货车 六、半挂和全挂 第二节、商用车的界定与产品分类 第三节、商用车所归属国民经济行业分类 第四节、商用车行业专业术语 第五节、本报告研究范围界定说明 第六节、本报告数据来源及统计标准说明 第二章、中国商用车行业PEST（宏观环境）分析 第一节、中国商用车行业政治（Politics）环境 一、商用车行业监管体系及机构介绍 （一）、商用车行业主管部门 （二）、商用车行业自律组织 二、商用车行业标准体系 （一）、商用车标准体系建设 （二）、商用车现行标准汇总 （三）、商用车即将实施标准 （四）、商用车重点标准解读 三、商用车行业相关政策解读 （一）、商用车行业发展相关政策汇总 （二）、商用车行业发展相关规划汇总 四、"十四五"规划对商用车行业发展的影响分析 五、"碳中和、碳达峰"战略的提出对商用车行业的影响分析 六、政策环境对商用车行业发展的影响分析 第二节、中国商用车行业经济（Economy）环境 一、宏观经济发展现状 二、宏观经济发展展望 三、商 ...

2025年5月29日，在印度尼西亚陆运交通部长、海关总署、中爪哇省政府、玛格朗县政府以 及印尼工商会代表的见证下，瑞浦兰钧与印度尼西亚Bakrie & Brothers集团正式签署商用车 电池系统战略合作备忘录，共同推动绿色能源在印度尼西亚市场的应用与普及，双方将在 2025年内合作交付超过3,000辆电动公交车和卡车的动力电池。 瑞浦兰钧印尼制造基地（PT REPT BATTERO INDONESIA），建成后将制造符合印尼本地 化率要求（TKDN）的动力电池系统产品，为商用车客户赋能"Indonesian Born, Global Contribution"，并助力印度尼西亚2060年或更早实现净零碳排放目标。 y ● 47款新车破纪录！远程/福田/东风等多点发力 轻卡新能源大战升级 | 头条 ● 轻客超3.6万辆增15% 卡车增16% 江铃前5月销近13.4万辆 ● 这一地招标45辆公交车 谁能拿下？ ● 5月新能源牵引车大涨3.3倍！解放/三一/徐工争冠，谁暴增12倍？| 头条 ● 全场景+新技术+深服务！江淮新能源轻卡如何定义城配物流新范式？ PT VKTR Teknologi Mobilitas ...

Core Viewpoint - Yutong has advanced its extreme operational challenge activities by directly testing its products in real-world user environments, showcasing its commitment to customer-centric innovation and understanding of industry trends [2][7][10]. Group 1: Extreme Operational Challenge - The 2025 challenge marks a significant evolution in Yutong's verification system, focusing on real user operational conditions rather than simulated environments [7]. - The G318 national road, known for its harsh conditions, serves as a testing ground for Yutong's T5 mountain version light truck, which successfully navigated extreme weather and terrain [7][10]. - The T5 mountain version achieved a power consumption of only 37.77 kWh per 100 kilometers while carrying 2.5 tons, demonstrating its efficiency in challenging conditions [7]. Group 2: Technological Innovations - Yutong's T5 mountain version features a peak torque of over 470 Nm and a power output of 180 kW, expandable to 210 kW, enabling it to handle steep inclines effectively [10][14]. - The vehicle's carrying capacity has been improved by 20% through innovative design, including a high-strength steel bridge shell and advanced suspension systems [10][14]. - Custom mountain tires enhance grip and durability by 20%, with a 50% increase in load-bearing capacity, addressing challenges posed by rough terrains [10][14]. Group 3: User-Centric Development - Yutong's success in the challenge reflects its commitment to addressing user pain points through targeted research and development based on real-world feedback [10][14]. - The company emphasizes that true extreme challenges should focus on solving actual user problems rather than merely showcasing product specifications [14]. - By achieving significant milestones such as "one kilowatt-hour runs three kilometers" and conquering the "72 bends of the Nu River," Yutong redefines performance benchmarks in the new energy commercial vehicle sector [10][14].

Market Overview - In April 2025, domestic sales of new energy commercial vehicles reached 77,000 units, representing a year-on-year increase of 58.8% and a slight month-on-month decline. The penetration rate for the month rose to 24.18%, with a cumulative penetration rate of 21.49% for the year [6][7]. Policy Support - The Shanghai Jiading District government issued a notice to support the development of the hydrogen fuel cell vehicle industry, offering rewards for R&D activities and capacity expansion, with a maximum of 5 million yuan for R&D and 30 million yuan for capacity expansion [5][8]. - The Guizhou Zhenfeng County government encouraged the installation of charging facilities, allowing certain entities to bypass construction permits while ensuring compliance with safety and environmental standards [5][10]. Industry Developments - XCMG launched its new generation "Han Jie" light truck, focusing on high safety, reliability, long range, and low energy consumption, marking a significant advancement in logistics vehicle efficiency [17]. - Foton Motor introduced the global strategy for its new "Xiangling V5" model, featuring innovative technologies that enhance driving comfort and safety [17]. - A strategic cooperation agreement was signed between CATL and Shaanxi Heavy Duty Automobile, aiming to develop new energy vehicles with reduced energy consumption and weight [17][19]. New Product Launches - Qingling Group, in collaboration with Huawei, unveiled the world's first megawatt-level ultra-fast charging heavy truck, which can charge 80% in just 15 minutes, significantly improving operational efficiency [19]. - Yutong launched the new "Yumeng E5S" bus, designed to meet the evolving needs of public transportation with a focus on sustainability and efficiency [21]. International Expansion - Chuangwei Automotive delivered 60 pure electric buses to Kazakhstan, enhancing its presence in the international market and contributing to local public transport [21]. - Yutong secured a contract to supply 62 electric buses to a Dutch public transport operator, furthering its commitment to zero-emission public transport solutions [21].

在"双碳"目标驱动下，新能源物流车正迎来爆发式增长。数据显示，2024年新能源轻卡渗透 率已突破20%，城配运输的绿色化、智能化、场景化需求持续升级。然而，用户对续航焦虑、 场景适配性、运营成本等核心痛点的关注，也对车企提出了更高要求。在此背景下，江淮1卡 以"全场景解决方案"为矛，于5月27日重磅发布江淮新能源轻卡全场景战略，通过技术、产 品、服务的多维革新，直击用户需求，重新定义新能源轻卡价值标杆。请看第一商用车网的报 道。 三大矩阵+定制化方案 适配千行百业 三电技术方面，与宁德时代联合研发第四代液冷液热单包电池，全系满足新国标，并通过六维 电安全认证，实现了"不起火、不爆炸"；第三代扁线电机与自主电控系统，较同类产品能耗降 低7%。面对行业前沿技术，江淮商用车新能源轻卡也取得了一些突破性的成果，从4C超充技 术，到线控底盘，通过持续技术创新，为江淮商用车用户价值提升注入源源不断的新动力。 "物流运输场景千变万化，唯有精准满足需求，方能成就用户价值。"江汽集团商用车营销事业 部党委副书记副总经理（主持工作）余纪邦在发布会致辞中强调。基于对冷链、商超、搬家、 市政工程等细分场景的深度洞察，江淮新能源轻卡构 ...

2025年初，东风柳汽总经理林长波曾在合作伙伴大会上表示，作为新能源转型的重要举措， 今年将陆续推出新一代新能源商用车平台及产品。而今，这一计划似乎有了新进展。 当下正值新能源重卡市场从政策驱动转向技术驱动的新赛段。如今，东风柳汽乘龙最新一代新 能源重卡的出现，或有望凭借模块化架构带来的灵活产品组合能力，叠加智能化、轻量化带来 的全场景经济性提升，成为撬动干线物流、港口运输、城市建设等细分市场的战略级产品。 6月7日，东风柳汽67品牌客户日上，让我们共同期待它的到来。 据熟悉东风柳汽的业内人士透露，新一代新能源平台开发已趋近完成，该平台下首台样车极有 可能在东风柳汽67品牌客户日正式亮相。与目前行业内诸多"油改电"产品不同，最新一代新 能源重卡将采用全正向研发，主打模块化架构与50多个重卡运营场景适配，有望在轻量化、 节能、续航、安全性、智能化等方面全面突破，整体性能在行业内处于领先水平。 在笔者看来，东风柳汽这一全新新能源重卡可谓恰逢其时。在政策、电池厂商、车企的共同作 用下，新能源重卡已经逐步为用户所接受，并在销量上表现明显。数据显示，2025年一季 度，在重卡整体销量微跌的背景下，新能源重卡赛道却增速爆 ...

｜2025年6月3日星期二｜ NO.1天风证券：市场交易情绪依然处于阶段性低位 天风证券（601162）研报表示，5月交易类指标环比持续下滑，表明市场交易情绪依然处于阶段性低 位，同时资产联动指标、市场配置指标指向市场向上的潜在空间依然较大，另外在投资者行为方面，回 购规模环比持续大幅上升，产业资本净减持幅度则大幅走阔，资金主体指标整体出现小幅回落迹象。 NO.2中金：综合内外部因素，市场或维持震荡格局 中金公司（601995）研报称，综合内外部因素，市场或维持震荡格局。风格层面，得益于流动性充裕与 科技叙事催化，中小盘成长股表现相对占优；利率下行背景下高股息资产吸引力相对提升但配置仍偏结 构性。配置层面：1.持续关注并购重组、破净修复等政策支持领域。2.景气回升并且受关税影响不大的 领域，例如AI产业链中的云计算、算力等基础设施环节，再到机器人、智能驾驶等应用环节，我们认 为仍是重要主线。此外，部分对美敞口不高的出口链，如工程机械、电网设备、商用车等也值得关注。 3.现金流优质、与外需关联度不高的红利板块，例如水电、电信运营商、食品饮料、银行等行业的龙头 公司。 NO.3中信建投：啤酒销量反弹，关注旺季改善 ...

未经许可，不得转载或者引用。 投资要点 核心结论： 本周复盘总结：五月第四周交强险39.1万辆，环比上周/上月周度+2.7%/-11.5%。 本周细分板块涨跌幅排序：SW商用载客车(-0.1%) >SW摩托车及其他(-1.1%) > SＷ商用载货车 (-1.8%) >SW汽车零部件(-1.9%) > SW汽车（-4.1%）>SW乘用车(-9.5%)。本周已覆盖标的经纬 恒润-W、金龙汽车、新泉股份、中国重汽、德赛西威涨幅前五。 本周团队研究成果： 外发继峰股份深度《海外拐点临近，座椅加速放量》，汽车智能化6月投 资策略，客车5月报，理想一季报点评。 本周行业核心变化：1） 小鹏MONA M03 Max上市，搭载同级最强AI智能辅助驾驶，让高阶智 驾首次触达15万元以下市场； 2） 理想汽车2025Q1实现营收259.3亿元，同环比分别 +1.1%/-41.4%，其中车辆销售收入246.8亿元，同环比分别1.8%/-42.1%，归母净利润6.5亿元， 同环比分别+9.7%/-81.5%； 3） 尊界S800上市； 4） 爱柯迪发布定增（草案）申报稿，用于收 购卓尔博71%的股权，总对价为11.18亿元； 5） ...

Core Viewpoint - The article highlights the strategic shift of Chinese commercial vehicle companies, particularly Beiqi Foton, from merely focusing on export volumes to enhancing global competitiveness through resilient supply chains, localization, and technological innovation [1][5]. Group 1: Export Performance - Beiqi Foton has maintained its position as the top exporter of commercial vehicles in China for 14 consecutive years, with overseas exports projected to reach 153,000 units in 2024, accounting for 17% of China's total commercial vehicle exports [2]. - In the first quarter of 2025, overseas sales surpassed 40,000 units, reflecting a year-on-year growth of 9.5%, with products available in over 130 countries and regions [2]. - Significant sales growth was observed in various markets, including a 12,800% increase in South Africa, 590% in East Africa, and 118% in West Africa [2]. Group 2: Technological Innovation and Global Strategy - Under the "GREEN 3030" international strategy, Beiqi Foton is advancing its competitiveness through electrification, intelligence, and globalization, with pure electric trucks entering European markets such as Italy, Poland, and Spain [3]. - The company has delivered over 1,400 pure electric buses in Latin America, helping Chile become a leader in the electric bus market in the region [3]. - Beiqi Foton has established itself as a leading brand in the electric bus market in Malaysia, serving the first cross-border electric bus route between Singapore and Malaysia [3]. Group 3: Ecological and Industrial Development - Beiqi Foton's strategy includes building an "ecological export" model, focusing on a "factory cluster + localized ecosystem" approach to reshape the global industrial landscape [4]. - The company plans to complete a manufacturing plant in Thailand by November 2024, marking a significant milestone with cumulative overseas sales exceeding 1 million units [4]. - Beiqi Foton aims to achieve a sales target of 300,000 units in overseas markets by 2030, with 30% of those being new energy vehicles, while enhancing localization of components and developing a global financial service system [4]. Group 4: Long-term Vision - Beiqi Foton's two-decade global expansion reflects China's ambition to become a world-class commercial vehicle manufacturer, emphasizing resilience, ecological thinking, and technological foresight [5].

Core Insights - The domestic heavy truck market remains highly competitive in May, with major brands reporting significant order wins, including large orders from companies like FAW Jiefang, Dongfeng Commercial Vehicle, and XCMG [1] Group 1: FAW Jiefang - FAW Jiefang signed another large order for 1,000 new energy heavy trucks, following a similar order in April, indicating strong market demand and strategic partnerships [2][5] - The signed new energy trucks include various types such as tractors, cargo trucks, and special vehicles, showcasing FAW Jiefang's comprehensive approach to the new energy market [5] Group 2: China National Heavy Duty Truck Group - China National Heavy Duty Truck Group received multiple bulk orders for both fuel and new energy tractors, highlighting its strong market presence [6] - The company held events showcasing its products, including the Shandeka G7 fuel tractor, which received 87 orders during a promotional event [7] - The company also delivered 10 units of the Chengdu V7-X EV tractor to a major client, with a total order of 50 units aimed at e-commerce and import-export logistics [7] Group 3: Dongfeng Commercial Vehicle - Dongfeng Commercial Vehicle signed a strategic cooperation agreement for 1,000 hazardous chemical gas vehicles, marking a significant step in ecological construction for the industry [10][13] - The company also held a delivery ceremony for 100 port transport vehicles, further expanding its market reach [11] Group 4: Foton Motor - Foton Motor achieved multiple large orders, including 100 units of the Ouman Starwing gas tractor delivered to a steel client in Guangxi [14][15] - The company also secured significant orders during various promotional events across different regions, including 103 units in Jiangsu and 177 units in Shijiazhuang [17] Group 5: XCMG - XCMG signed a contract for 1,000 new energy tractors, contributing to the green transformation of local steel transportation [18] - The XG2 EX630S tractor, recognized as a top-selling new energy heavy truck, was highlighted for its safety and efficiency [18] Group 6: Dongfeng Liuqi - Dongfeng Liuqi delivered 1,000 Menglong express delivery vehicles to YTO Express, showcasing its advanced technology and commitment to efficiency and sustainability [20] Group 7: SANY Heavy Industry - SANY delivered nearly 100 electric heavy trucks to a major client, marking the third collaboration between the two parties in the green logistics sector [22] Group 8: Hanma Technology - Hanma Technology delivered 130 customized dump trucks to Southeast Asian clients, demonstrating its ability to meet specific regional demands [24] - The company reported a significant increase in exports, with a year-on-year growth of 478.40% in early 2025 [26] Group 9: Feichi Technology - Feichi Technology launched 100 hydrogen fuel cell heavy trucks as part of a zero-carbon logistics corridor project in Southwest China, marking a significant milestone in its market strategy [27][29] Conclusion - The successful signing of large orders in May is expected to significantly impact the heavy truck market's sales rankings, with ongoing attention to market dynamics [31]