Investment Highlights - November sales: Domestic sales met expectations, while wholesale and export exceeded expectations. November heavy truck production reached 114,000 units, with year-on-year and month-on-month growth of +84.4% and +9.8% respectively. Wholesale sales were 113,000 units, with year-on-year and month-on-month growth of +65.4% and +6.6%. Terminal sales were 77,000 units, with year-on-year and month-on-month growth of +34.3% and +9.6%. Exports reached 33,000 units, with year-on-year and month-on-month growth of +44.0% and +0.7%. Overall industry inventory increased by 420 units, with a total inventory coefficient of 1.8, indicating a reasonable level [2][14][17]. Industry Structure - In November, the performance of engineering vehicles outperformed logistics vehicles. Terminal sales of engineering vehicles were 8,500 units, with year-on-year and month-on-month growth of +41.2% and +13.1%. Logistics vehicle sales were 68,200 units, with year-on-year and month-on-month growth of +33.5% and +8.9%. The market share of engineering vehicles and logistics vehicles was 11.1% and 88.9% respectively, with engineering vehicle share increasing by 0.5 and 0.3 percentage points, while logistics vehicle share decreased by 0.5 and 0.6 percentage points [3][36]. Market Share Dynamics - In November, Foton's domestic sales share increased year-on-year, while the export shares of Jiefang and Foton rose month-on-month. The terminal sales market shares for November were 21.1% for Jiefang, 18.0% for Dongfeng, 16.9% for Heavy Truck, 11.0% for Shaanxi Heavy Truck, and 12.4% for Foton, showing changes compared to the full year of 2024 [4][16][53]. Engine Market - Weichai maintained the top market share in the engine sector. In November, the market shares for Weichai, Cummins, Xichai, Heavy Truck, and Yuchai were 17.4%, 15.6%, 14.6%, 9.2%, and 11.1% respectively. Weichai's terminal matching volume was 13,000 units, with year-on-year growth of +11.8% but a month-on-month decline of -7.1% [5][19][70]. Investment Recommendations - The company is optimistic about the market performance driven by the National IV policy. Recommendations include investing in China National Heavy Duty Truck and Weichai Power, while also paying attention to the performance improvement potential of FAW Jiefang and Foton [7][18].

Core Viewpoint - The article emphasizes the importance of efficiency, reliability, and economy in the commercial vehicle sector, particularly for light trucks, highlighting the upcoming launch of the Jiangling Blue Whale light truck as a significant advancement in meeting user needs [1]. Group 1: Power and Energy Efficiency - The Jiangling Blue Whale features the new generation Blue Flame powertrain, achieving a powerful output of 180 horsepower, which is a 20% increase compared to traditional models, enhancing cargo transport capabilities [3][4]. - The vehicle's low-speed torque reaches 350Nm, the best in the industry, improving start-up response and climbing ability, effectively addressing power shortages under heavy loads [3]. - The truck can reach a maximum speed of 130 km/h, facilitating efficient connections for both long-distance and short-distance transport [4]. - The aerodynamic design, with a drag coefficient of 0.45, significantly reduces energy consumption, and its fuel consumption is 1.85L lower than mainstream competitors, providing substantial fuel cost savings over time [4]. Group 2: Load Capacity and Safety - The Jiangling Blue Whale is built with a frame made of 650 ultra-high-strength steel, enhancing structural strength and stability to meet various cargo demands [6]. - The vehicle features a 10mm thick steel rim, with a 32% increase in thickness and strength compared to traditional models, and offers options for reinforced tires to improve load reliability [6]. - The truck's body structure includes a new framework design with 33% high-strength steel, including 3% aerospace-grade hot-formed steel, improving impact resistance and passive safety performance [7]. Group 3: Quality and User Experience - The Jiangling Blue Whale maintains high reliability with a B10 engine life of 1 million kilometers and offers lifetime warranty services for the engine and transmission, reducing long-term maintenance costs [9]. - The vehicle is produced in Jiangling's Fushan smart factory, boasting a 98% automation rate to ensure consistent quality control [9]. - The design incorporates user-friendly features, such as an ergonomic interior layout, enhanced storage options, and noise-reducing cabin design, improving the driving experience [10].

智通财经APP获悉，12月17日，中国汽车流通协会发布2025年11月全国商用车销量概况(批发)。2025年11月全国商用车整体销量(批发)为39.17万辆，同比 增长24.42%，环比增长8.58%；1-11月全国商用车累计整体销量(批发)为386.41万辆，累计同比增长10.24%。 2025年11月全国商用车整体销量(批发)为39.17万辆，同比增长24.42%，环比增长8.58%；1-11月全国商用车累计整体销量(批发)为386.41万辆，累计同比增 长10.24%。 2025年11月新能源商用车销量(批发)为10.50万辆，同比增长61.55%，环比增长18.15%；1-11月累计销量(批发)增长82.49万辆，同比增长63.11%。 连续12个月商用车销量变化趋势 销量(万辆) 环比增长率(%) 50.00 80.00 60.00 40.00 40.00 30.00 20.00 0.00 20.00 -20.00 10.00 -40.00 0.00 -60.00 202412 202501 202502 202503 202504 202505 202506 202507 202508 20250 ...

Core Viewpoint - Hanma Technology (600375.SH) is experiencing strong production orders, indicating a robust sales performance, particularly in the new energy heavy truck sector, which has shown significant year-on-year growth in both sales and production [1] Group 1: Sales Performance - In November 2025, the company sold 2,002 trucks, representing a year-on-year increase of 149.94% [1] - The new energy heavy truck segment has demonstrated remarkable growth, with production and sales increasing by 386.58% and 401.10% year-on-year, respectively [1] Group 2: Strategic Positioning - The company's order growth is attributed to its early entry and comprehensive layout in the new energy heavy truck sector [1] - Hanma Technology adheres to a strategic technology route of "alcohol-hydrogen + electric," enhancing its traditional advantages in pure electric heavy trucks while establishing a differentiated competitive edge in the increasingly competitive new energy market [1]

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 fund 从资金流向上来看，当日商用车板块主力资金净流出1922.09万元，游资资金净流出5418.3万元，散户资 金净流入7340.39万元。商用车板块个股资金流向见下表： 证券之星消息，12月17日商用车板块较上一交易日上涨1.06%，宇通客车领涨。当日上证指数报收于 3870.28，上涨1.19%。深证成指报收于13224.51，上涨2.4%。商用车板块个股涨跌见下表： ...

值得一提的是，今年特别推出"中国绿色生态、中国科技创新、中国出海、中国知识产权"等十大影响力专项榜单，用以表彰那些重视科技研发、推动绿色 可持续发展、积极拓展国际市场的优秀品牌。宁德时代（300750）、凤凰卫视、华润知识产权和呼伦贝尔农垦等品牌荣膺入榜。既保证了奖项的全面性， 也使榜单有了独特视角。在评估品牌忠诚度时，参考了我信品牌(iTrust Rating)评级数据；在评估品牌领导力尤其是ESG（环境、社会和治理）表现时，参 考了超级财经(SuperFinance)ESG数据库。品牌影响力评估则借用了BrandAI的先进模型，涵盖AI对品牌的创意、视觉、数据分析与检测等多维度指标，确 保评选更具科学性和时代性。 世界品牌实验室的一项新研究发现，全球供应链流程中，通过数字孪生模型展示道德采购和可持续发展实践的全球品牌，可以提升其品牌形象，并吸引有 社会意识的消费者。麻省理工学院(MIT)数字供应链转型实验室主任玛丽亚 萨恩斯教授（Prof. Maria SAENZ）认为，人工智能不仅仅是一种工具，更是一 个能够感知、互动、适应和学习的动态伙伴。人机协作能极大提升供应链的韧性和创新能力，从而做出更明智的运营 ...

Core Viewpoint - The strategic cooperation between Baiyun District and GAC Lingcheng aims to enhance the development of new energy commercial vehicles, supported by a funding of 300 million RMB to accelerate technology research, capacity enhancement, and market expansion [1][3]. Group 1: Strategic Cooperation - Baiyun District government signed a strategic cooperation agreement with GAC Lingcheng, with Baiyun Jin Kong leading the investment [1]. - The partnership is expected to align with Baiyun District's "14th Five-Year Plan" to establish itself as a key area for high-quality development in Guangzhou [3]. Group 2: Market Context - The automotive industry is undergoing a significant transformation, particularly in the commercial vehicle sector, with a strong trend towards electrification and intelligence [3]. - GAC Lingcheng is positioned to play a crucial role in expanding GAC Group's market presence in new energy commercial vehicles [3]. Group 3: Future Prospects - GAC Group's chairman expressed optimism about the collaboration, highlighting its potential to accelerate innovation and contribute to the development of smart cities and green transportation in Baiyun District [5]. - Baiyun District's leadership emphasized that the partnership supports the local automotive industry's development and aims to attract high-end manufacturing and green technology elements [5]. - Future collaboration will focus on ecosystem synergy in the new energy sector, demonstration applications in the automotive field, and the construction of commercial vehicle industry clusters [5].

Core Viewpoint - The article emphasizes that the Jiangling Yuhu pickup truck is a benchmark for "super commercial large pickups," excelling in aesthetics, functionality, and driving experience, making it suitable for various scenarios including construction, emergency response, and family outings [1][24][25] Design and Aesthetics - The Yuhu features a design that combines practicality and aesthetics, with a robust front grille and sleek lines that enhance its visual appeal while maintaining functionality [4][5] - The vehicle's dimensions and design elements, such as the 245/70 R17 tires, ensure stability and adaptability across different terrains, from construction sites to urban environments [5][7] Functionality and Versatility - The Yuhu's cargo box has a volume of 1.6m³, allowing for efficient loading and transportation of heavy materials, which significantly boosts construction efficiency [7] - The vehicle's body is constructed with 68% high-strength steel, providing durability and safety even on rough roads [8] - The 180° opening tailgate facilitates easy loading and unloading, reducing labor costs [9] - Compared to competitors, the Yuhu's cargo capacity is 23% larger, and it boasts a fuel efficiency of 7.1L per 100km, enhancing profitability for agricultural transport [11] Urban and Family Use - The Yuhu is designed for urban delivery with a compact size that allows for easy maneuverability in tight spaces, making it suitable for city logistics [13] - The interior features a dual-screen setup for enhanced technology and comfort, making it appealing for both business and family use [14] - The spacious rear seating and storage options cater to family outings, ensuring comfort and convenience [16][17] Performance and Handling - The Yuhu is powered by a 2.5T engine, delivering a maximum power of 123kW and a torque of 430N·m, allowing for quick acceleration even when fully loaded [20] - The vehicle's transmission system is designed for smooth operation, making it user-friendly for both novice and experienced drivers [21] - The robust chassis and braking system ensure stability and safety across various driving conditions [19][24]

Core Viewpoint - The article highlights the strategic transformation of FAW Jiefang Group, emphasizing its focus on technological innovation, green transition, and international development amidst a challenging commercial vehicle industry landscape [1][6]. Group 1: Conference Highlights - The 2026 Global Partner Conference showcased FAW Jiefang's achievements in technology innovation, green transition, international layout, and industrial ecosystem construction, setting new records in scale, content, and industry influence [1]. - The conference integrated user feedback into the partnership framework, allowing truck driver representatives to share their experiences, thereby enhancing the feedback loop from product development to actual operations [2]. - The event combined procurement and marketing service meetings to foster direct communication among suppliers, dealers, and manufacturers, promoting value co-creation and collaborative development [2]. Group 2: Technological and Quality Focus - The conference featured a display of cutting-edge technologies, including the "Star Key Platform" and L2+ driving assistance solutions, showcasing FAW Jiefang's commitment to smart technology and platform development [3]. - A quality-themed exhibition highlighted the company's manufacturing capabilities and quality management systems, reinforcing its commitment to long-term brand value through transparency [3]. Group 3: Strategic Direction - FAW Jiefang has chosen to invest in high-end, intelligent, and new energy sectors rather than pursuing short-term sales through price cuts, laying a foundation for structural improvement and quality enhancement [4]. - The company has seen significant growth in the new energy sector, leveraging its self-manufactured core components to establish a sustainable development base for its products [5]. - International expansion is a key focus, with efforts to enhance local operations and establish KD factories in emerging markets, contributing to rapid growth in overseas business [5]. Group 4: Long-term Goals - FAW Jiefang is systematically advancing its strategic goals of "Technological Liberation, Green Liberation, and International Liberation," focusing on commercializable applications in intelligent driving and accelerating the synergy of new energy products with green manufacturing [6]. - The company aims to solidify its long-term growth foundation through value competition and ecosystem co-construction, providing a practical model for high-quality development in the Chinese commercial vehicle industry [6].

12月15日，比亚迪成功斩获新加坡陆路交通管理局（简称LTA）210台电动巴士订单，合 同总额超1.05亿新加坡元（约5.75亿人民币）。此前，比亚迪在当地已运营超300台大 巴，以超60%的市占率稳居行业第一，用技术实力、产品可靠性和优质服务助力新加坡公 共交通绿色转型。 签约现场（左：陆路交通管理局局长Yeo Teck Guan；右：比亚迪商用车事业部总经理田 春龙） 据悉，新加坡公交巴士采购在技术、安全、适配等各项要求之严苛，一直处于全球前列。作 为LTA有史以来规模最大的电动巴士采购项目，本次中标的比亚迪B12系列大巴，搭载CTC 一体化底盘技术、刀片电池、高功率充电等核心技术。为适配新加坡高密度城市道路的复杂 运营场景，车型历经全维度严苛验证，配合安全驾驶辅助系统，可应对各类潜在风险。 B12系列以全通道低地板设计为核心，实现舒适体验与运营效率的双重优化。其中，双层款 B12DD采用全车一级台阶设计，台阶高度≤230mm、座椅高度≤430mm，较欧洲标准更 严苛，大幅提升通勤便捷性；单层款B12SD依托CTC技术突破传统结构限制，创造性优化 台阶高度，座椅高度控制在420-430mm，保证乘坐舒适性 ...