2025年11月21日，一汽解放-中国一汽控股上市公司集体业绩说明会在全景网顺利举行。出席本次业绩 说明会的人员有董事会秘书王建勋。 根据全景数据后台统计，在今天的交流过程中，来自全国多个省、市地区的投资者共向上市公司提问11 个，公司嘉宾共回答问题11个，答复率100.00%，充分实现了上市公司与投资者的良好互动。 以下为业绩说明会问答实录： 1、问：王部长好，想了解下你是如何看待公司最近这几年股价波动的？怎么看待最近一年股价和市场 严重背离的？股价目前是否如实反应公司基本面？公司除了做好自己的本职本分工作以外，是否有稳定 股价的具体措施？【征集问题】 回答：尊敬的投资者您好，近年股价波动核心是行业周期与企业转型的共同作用，商用车行业过去几年 经历了 "国内需求回调-海外市场拓展-新能源转型" 等发展阶段。近一年，A股市场更倾向于高成长赛 道。公司没有"被动等待"，作为商用车头部企业，公司持续强化主业，加快海外市场拓展：近年成立了 解放国际、收购一汽非洲投资有限公司、成立了八家海外子公司等，加速海外产业能力构建，提升产品 竞争力和品牌的海外影响力。另一方面，公司加大新能源转型力度，持续推出新产品，创新营销模 ...

Core Insights - SAIC Maxus is undergoing a comprehensive brand renewal as part of its vision to become a global leader in light commercial vehicles, focusing on a systematic innovation approach that encompasses products, technology, energy, and services [1][3] Group 1: Strategic Framework - The new brand identity, represented by the "Zhonghui" logo, symbolizes a global layout and is supported by four pillars: global presence, quality assurance, technological foundation, and ecological development [3] - The company has established a robust foundation for its hard capabilities through technological breakthroughs and energy security, which are guided by the strategic core conveyed by the new logo [3] Group 2: Technological Advancements - The launch of the RoboVAN and RoboBUS models is based on SAIC's L4-level technology and over 2 billion kilometers of real-world data, featuring two industry-first technologies that significantly reduce operational costs [3] - The L4 skateboard chassis design incorporates full dual redundancy, ensuring core system backup in milliseconds and supporting 200,000 kilometers of maintenance-free operation, thus lowering failure rates and maintenance costs [3] Group 3: Energy Solutions - SAIC Maxus has partnered with CATL to create a comprehensive energy system that includes battery swapping stations and long-term warranties, addressing core pain points in energy security for users [4] - The collaboration has led to the deployment of over 800 battery swapping stations, enabling quick battery exchanges and alleviating range anxiety for users [4] Group 4: Service and Value Ecosystem - The upcoming 8S Super User Experience Center, set to launch in January 2026, aims to provide a comprehensive service model that goes beyond traditional sales and maintenance, covering the entire vehicle lifecycle [4] - The center will integrate eight value propositions, including new media, official modifications, and user co-creation, enhancing the overall user experience [4] Group 5: Market Performance - SAIC Maxus has achieved a significant market presence, with its new energy vehicle sales surpassing 41%, leading among traditional commercial vehicle brands [6] - The company has experienced a continuous increase in overall sales, with a 133% year-on-year growth in new energy vehicle sales in October, and the DANA series achieving a remarkable 184% growth [6] - The DANA V1L model has garnered over 3,000 orders in its first month, breaking the market entry cycle for new products in the large van segment [6]

Group 1 - The commercial vehicle industry is undergoing three significant transformations: green transition, intelligent upgrade, and supply chain restructuring, leading to a new ecosystem focused on intelligence, sustainability, and globalization [3] - Commercial vehicles are evolving from traditional transport tools to intelligent mobile platforms, with widespread applications of intelligent scheduling and advanced driver-assistance systems significantly enhancing operational efficiency and safety [3] - The industry faces challenges such as reliance on critical components like automotive-grade chips and high-precision sensors, as well as data and functional safety issues that must be addressed [3] Group 2 - The battery swapping model is emerging as a preferred path for new energy commercial vehicles due to its efficient energy replenishment and cost reduction benefits, although issues like inconsistent battery standards and underdeveloped swapping station networks hinder further adoption [3] - The traditional hardware sales model is being replaced by a lifecycle operation model that integrates products, services, and data, supported by favorable policy environments including standard formulation and infrastructure development [3] - Chinese intelligent commercial vehicles are accelerating their international expansion, particularly in Southeast Asia and Europe, creating new opportunities for industry growth [4] Group 3 - Huainan is actively integrating into the national new energy vehicle supply chain, leveraging its rich coal and electricity resources, robust manufacturing foundation, and convenient transportation conditions [5] - The city is transitioning from coal mining machinery to core components for new energy commercial vehicles, establishing a supply chain that includes battery materials, components, and complete vehicle manufacturing [5] - Huainan's advantages in green electricity supply and energy storage technology support the low-carbon development of commercial vehicles, while its logistics capabilities enhance supply chain efficiency [5]

Core Insights - Jianghuai Automobile's stock price increased by 2.24% on November 24, reaching 49.34 CNY per share, with a total market capitalization of 107.76 billion CNY [1] - The company has seen a year-to-date stock price increase of 31.57%, but has experienced a decline of 0.56% over the last five trading days and 6.54% over the last twenty days [1] - Jianghuai Automobile's main business revenue composition includes commercial vehicles (54.97%), passenger vehicles (25.10%), and other segments [1] Financial Performance - For the period from January to September 2025, Jianghuai Automobile reported a revenue of 30.93 billion CNY, a year-on-year decrease of 4.15%, and a net profit attributable to shareholders of -1.43 billion CNY, a significant decline of 329.43% [2] - The company has distributed a total of 2.9 billion CNY in dividends since its A-share listing, with 45.86 million CNY distributed in the last three years [3] Shareholder Information - As of September 30, 2025, Jianghuai Automobile had 176,400 shareholders, an increase of 24.81% from the previous period, with an average of 12,378 circulating shares per shareholder, a decrease of 19.88% [2] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 55.49 million shares, which is a decrease of 45.17 million shares from the previous period [3]

Group 1 - The recent adjustment in the A-share market saw the Shanghai Composite Index drop nearly 4% in a week, with the ChiNext Index falling over 6%, affecting more than 4,900 stocks [1][3] - External factors such as the cooling of interest rate cut expectations from the Federal Reserve, renewed debates over the AI bubble, and geopolitical tensions have contributed to the market downturn, impacting global risk assets [3] - Despite the market's decline, institutional investors have been actively buying, with over 70 billion yuan net inflow into stock ETFs in the past week, indicating confidence among smart money [3] Group 2 - Current valuation of the Shanghai Composite Index is around 13.6 times, approaching a "reasonable" level, suggesting that further declines could present buying opportunities [3] - Market sentiment indicators have dropped to yearly lows, and the financing guarantee ratio has returned to early August levels, indicating that panic selling may have subsided [3] - Long-term investors are advised to focus on undervalued assets, particularly in sectors like domestic computing power, innovative pharmaceuticals, and industries benefiting from supply-demand improvements due to "anti-involution" policies [4] Group 3 - Companies that can leverage China's manufacturing advantages for global pricing power are expected to thrive, with predictions that 2026 will be a significant year for Chinese enterprises going global [4] - High-dividend assets are recommended as a stabilizing force in a volatile market, with attention on cyclical dividends (coal, chemicals) and potential dividends (railways, environmental protection) [4] - Analysts predict a "low volatility slow bull" market for A-shares in 2026, with Goldman Sachs estimating a 30% upside for the Chinese stock market by 2027 [4]

Core Viewpoint - The commercial vehicle market in China is expected to enter a new historical development phase by 2026, characterized by a stable fluctuation and further market differentiation, where the fate of companies will depend on their ability to find structural "singularities" within this differentiated landscape [1][12]. Market Trends and Predictions - The terminal sales of commercial vehicles in China are projected to reach 3.13 million units in 2025, reflecting a year-on-year growth of approximately 10% [3]. - Despite the growth, the industry is still in a cyclical downturn, with traditional growth drivers weakening significantly due to economic structural transformation [5]. - The recovery in 2025 is driven by a structural upturn supported by policy, supply, and market demand, with new energy vehicle (NEV) demand becoming the core growth engine [5][6]. 2026 Market Outlook - The expected sales volume for commercial vehicles in 2026 is around 3 million units, with a weak total elasticity due to cyclical bottoming and structural support [7]. - The market will experience a steady operation supported by an annual replacement volume of 2.6 million units from the previous high sales base during the "13th Five-Year Plan" [7]. Structural Support Factors - Continued macro fiscal and tax policies are expected to support the market, although their impact may weaken over time [9]. - Environmental requirements are likely to expand the scope of clean transportation, promoting the penetration of new energy vehicles [9]. - The supercharging model will facilitate the application of pure electric vehicles, gradually breaking into medium and long-distance transportation [9]. - Unmanned freight transport is anticipated to reach a critical scaling point in 2026, despite existing challenges [11]. Key Competitive Factors - The next phase of the commercial vehicle market will see intensified competition driven by energy and technology transformations, with traditional and new energy vehicle sales diverging significantly [12]. - Companies must seize the rapid penetration period of new energy commercial vehicles to establish a leading position in the market [13]. - Focus on fixed-distance, controllable routes for medium and long-distance scenarios will be crucial for providing comprehensive electric operation solutions [13]. - New technologies are expected to accelerate the transition from traditional value chains to new value chain cores, emphasizing lifecycle value and ecosystem integration [18]. Conclusion - The insights from the presentation provide actionable references for commercial vehicle companies in China, highlighting the importance of understanding market trends and embracing changes to identify structural "singularities" for competitive advantage [20].

Core Viewpoint - The global automotive industry is undergoing a significant supply chain restructuring, with China emerging as a central hub for the incremental automotive supply chain, particularly in core areas such as batteries, chips, and software [1] Group 1: Smart Commercial Vehicle Development - The smartization of commercial vehicles is not merely a transfer of passenger vehicle technology but involves a deep understanding and redefinition of their "production tool" attributes [3] - The development of smart commercial vehicles is driven by a dual-track system: low-level intelligent driving is mandated by regulations, while high-level intelligent driving must return to the essence of business by reducing logistics costs and improving operational efficiency [4] - By 2028, the configuration rate of L2+ intelligent driving systems is expected to exceed 50%, with costs dropping to one-third of current levels, transitioning from an "expensive option" to a "standard value" [4] Group 2: Strategic Innovations and Collaborations - Companies like Jianghuai are adopting an open cooperation approach, collaborating with platforms like Huawei's MDC to create a flexible and cost-effective intelligent driving hardware base [4] - Geely emphasizes that if intelligent driving does not reduce the need for human drivers, its value will diminish, focusing on either enhancing safety through assisted driving or fully replacing drivers with autonomous systems [8] - Yutong highlights the importance of integrating smart technology into customer business flows to address real pain points, demonstrating successful applications in various scenarios such as urban logistics and sanitation [9] Group 3: Ecosystem and Infrastructure Development - The rise of smart commercial vehicles necessitates innovations in the maintenance and energy supply sectors, with companies like Jieneng New Energy addressing challenges in charging networks [11][15] - Jieneng's solutions include fast-charging systems capable of high outputs and exploring integrated zero-carbon park models, transforming commercial vehicles into key nodes in smart energy networks [15] - The introduction of AI-driven maintenance systems aims to enhance repair efficiency and democratize technical knowledge, allowing ordinary technicians to handle complex issues [13] Group 4: Industry Transformation and Future Outlook - The intelligent development of commercial vehicles marks a shift from isolated mechanical products to interconnected, intelligent, and efficient digital transport cores [17] - China's complete industrial chain, diverse application scenarios, and agile innovation mechanisms position it as a vital contributor to the global transformation of the commercial vehicle industry [17]

Core Viewpoint - The recent market decline, with the Shanghai Composite Index dropping 2.45% and the Shenzhen and ChiNext indices falling over 3%, is seen as a short-term fluctuation rather than a trend reversal, driven by both external and internal factors [3]. Group 1: Market Analysis - The drop below 3900 points is attributed to external pressures such as a 2.15% decline in the Nasdaq and a global sell-off of risk assets, combined with internal issues like weak tech narratives and insufficient economic data [3]. - The current market adjustment is viewed as a release of previously accumulated risks, suggesting that a rapid decline is more likely to establish a market bottom compared to a gradual decline [3]. - Key indicators to monitor for market stabilization include whether trading volume exceeds 2 trillion yuan, the impact of the upcoming Central Economic Work Conference, and the support level around 3850 points for the Shanghai Composite Index [3]. Group 2: Investment Strategies - Recommended strategies include focusing on undervalued assets in sectors like semiconductors and innovative pharmaceuticals, as well as textiles and commercial vehicles that are experiencing supply-demand improvements [3]. - Defensive investments in high-dividend sectors are advised to provide a safety net for portfolios during market volatility [3]. - Investors are encouraged to maintain cash reserves and adopt a patient approach to capitalize on market fluctuations for potential excess returns [3].

截至2025年11月21日收盘，东风股份（600006）报收于7.35元，较上周的7.9元下跌6.96%。本周，东风 股份11月18日盘中最高价报8.23元。11月21日盘中最低价报7.35元。东风股份当前最新总市值147.0亿 元，在商用车板块市值排名8/13，在两市A股市值排名1232/5167。 本周关注点 公司公告汇总 东风汽车股份有限公司近日收到另一笔与收益相关的政府补助资金343.9万元，占公司2024年度经审计 归属于上市公司股东净利润的11.79%。该补助与日常经营相关，不具备可持续性，将对2025年度利润 产生积极影响，具体损益影响以年度审计确认为准。 东风汽车股份有限公司将于2025年11月27日14:00-15:00通过价值在线平台举行2025年第三季度业绩说明 会，采用视频录制与网络文字互动形式召开。公司董事长张小帆、董事总经理段仁民、财务负责人郑 直、董事会秘书周方平等将出席。投资者可于11月26日前通过指定链接或微信小程序提交问题，会议结 束后可通过价值在线或易董APP查看会议内容。联系人：公司综合管理部，电话：027-84287933，邮 箱：dfac@dfac.com。 以上内 ...

Core Insights - The core challenge in the commercial vehicle sector's transition to intelligence is the need for technology to translate into economic benefits, as safety and efficiency are the primary customer demands [2][3]. Group 1: Current Challenges - The cost of intelligent systems currently accounts for 15% of the total vehicle cost, with expectations to drop to 4% by 2028, but high initial investments remain a significant barrier to widespread adoption [2][3]. - The sales growth rate of new energy heavy trucks reached 180% in the first three quarters of 2024, with a penetration rate of 25%, yet the adoption rate of intelligent features is still below expectations [2]. - The logistics industry is shifting from being policy-driven to a dual drive of technology and market demands, necessitating urgent transformation in the commercial vehicle sector [2]. Group 2: Technological and Regulatory Pressures - There is a significant technological gap between commercial and passenger vehicles, with commercial vehicles having only dozens of TOPS compared to passenger vehicles' thousands [3]. - Regulatory inconsistencies and uncertainties pose risks for long-term strategic planning and large-scale investments in the commercial vehicle sector [3][4]. - The complexity of commercial vehicle scenarios, including diverse customer needs and extreme operational environments, presents additional challenges for the implementation of intelligent solutions [4]. Group 3: Ecosystem Integration and Value Reconstruction - The strategy for autonomous driving technology is shifting from full self-research to a more pragmatic, layered approach that emphasizes collaboration to reduce costs and enhance efficiency [5]. - Companies are increasingly focusing on ecosystem collaboration rather than isolated technological breakthroughs, with examples like 吉利's integration of software, hardware, and insurance systems to enhance operational efficiency [5]. - Data-driven solutions are becoming central to value creation, with companies like 吉利 utilizing flexible data collection systems to optimize operational costs and improve service delivery [6]. Group 4: Maintenance and Support Innovations - The high usage intensity and fault rates of commercial vehicles necessitate advanced maintenance solutions, as traditional repair knowledge is often outdated [6]. - Companies are leveraging AI to create intelligent maintenance systems that can accurately diagnose issues based on technician inputs, thereby improving repair efficiency [6].