埃塞俄比亚作为新晋金砖国家成员国，高度重视绿色交通，公共交通设施升级及绿色用车需求日益增 加。本次交付的纯电客车均为我国自主品牌纯电动客车，将投入当地现代化交通体系建设，助力埃塞俄 比亚绿色运输发展。 作为全国首批供应链创新和应用示范城市，厦门持续深化供应链赋能实体经济。此次出口项目实现了厦 门供应链企业与自主品牌车企资源共享、优势互补，推动中国制造高质量出海。建发轻工整合优势资 源、精准把握市场需求，生产企业快速响应、定制化生产，从产品设计、生产监督，到后期人员培训、 配件供应，构建全链条服务体系。 转自：新华财经 新华财经北京9月18日电（记者张斯文）近日，由中国信保承保，厦门建发轻工有限公司与我国某客车 领军企业联合出口埃塞俄比亚的28辆客车完成交付。 记者了解到，中国信保为出口项目量身设计了风险保障方案，打造"供应链+制造业+金融"协同发展的 生态体系，确保生产排期、物流运输等环节顺利推进，支持企业精准开拓市场，更好应对风险挑战，助 力自主品牌电动客车在全球市场持续深耕，为全球绿色出行提供中国方案。 编辑：刘润榕 ...

Core Viewpoint - The light commercial vehicle (LCV) market in China has shown a consistent growth trend, achieving a year-on-year increase of 12% in August 2025, with total sales reaching 44,700 units, marking the fifth consecutive month of growth for the LCV segment [3][22]. Market Performance - In August 2025, the LCV market sold 34,700 units, reflecting a month-on-month increase of 5% and a year-on-year increase of 12%, although the growth rate compared to the previous month has narrowed from 16% [3][5]. - The LCV segment accounted for 77.59% of the total bus market in August, a slight decrease from 79.23% in the previous month. The cumulative market share for LCVs from January to August 2025 reached 79.91%, up from 77.18% in the entire year of 2024 [3][5]. Historical Trends - An analysis of the LCV sales trends over the past five years indicates a fluctuating pattern of increase and decrease, with August 2025 achieving the highest sales volume in five years, although the increase compared to previous years is modest [5][22]. - The cumulative sales from January to August 2025 reached 280,800 units, the highest in five years, representing an increase of over 18,000 units compared to the same period last year [5][16]. Company Performance - In August 2025, the top three companies in the LCV market were Changan, SAIC Maxus, and Jiangling, each capturing over 20% of the market share, with respective shares of 28.04%, 21.50%, and 21.31% [12][14]. - Among the top ten companies, five experienced sales growth while five saw declines. Notably, Changan, SAIC Maxus, Jiangling, Xiamen Golden Dragon, and Yutong reported year-on-year sales increases of 52%, 26%, 9%, 217%, and 23%, respectively [12][14]. Cumulative Sales and Market Share - From January to August 2025, the cumulative sales of the top ten LCV manufacturers showed six companies with sales exceeding 10,000 units, with Changan, Jiangling, and SAIC Maxus leading the market shares at 28.66%, 21.64%, and 20.63%, respectively [20][18]. - The market share of Changan, Jiangling, and SAIC Maxus has increased significantly compared to the previous year, with Changan's share rising by 4.12 percentage points [20][22]. Future Outlook - The LCV market has experienced a consistent growth trend since April 2025, with a cumulative year-on-year increase of 7% as of August, raising questions about the sustainability of this growth momentum moving forward [22].

比亚迪C11客车，是e-Bus平台3.0的一款产品，满载开空调工况续航可达400公里以上，安全性、高效性、舒适性等性能表现都比燃油客车更强。 实际上，比亚迪打造平台化电动客车的一大目的，就是加速道路客运电动化转型。 在当前国内客车市场上，公交车市场由于政策的强力推动，加上基建的相对完备和运输路线的相对固定，目前已实现了全面的电动化替换。但在 其他细分道路客运领域，如通勤接驳、中长途旅游大巴等场景中，电动客车的渗透率还不高，这主要是因为充电基础设施并不完善，电动客车的 使用便利性受限且车辆售价更高。 （原标题：比亚迪推出e-Bus平台3.0，破局道路客运电动化） 在成为中国产销规模最大的乘用车企业之后，比亚迪又回过头来在客车领域加大进攻力度。比亚迪在客车领域的发展很早，2009年就开发出了电 动大巴K9。经过多年的技术积累以及在乘用车领域的"技术溢出"效应，比亚迪在客车领域的技术迭代也得以加快。9月15日，比亚迪发布的e-Bus 平台3.0，就是其客车技术进入新阶段的象征。 在客车行业的电动化过程中，大多数客车企业都选择对传统燃油客车进行改造，向市场推出"油改电"的客车，因为这是最快实现电动化的方法。 而比亚迪 ...

Core Viewpoint - BYD has launched its third-generation electric bus technology platform, e-Bus 3.0, which aims to accelerate the electrification of road passenger transport and set a new benchmark for new energy bus technology globally [1][8]. Group 1: Technological Advancements - The e-Bus 3.0 platform features the world's first mass-produced 1000V high-voltage architecture for buses, enhancing systems such as driving, charging, and air conditioning [5]. - The platform includes the development of the highest 1500V silicon carbide power chip globally and introduces a 1000V electric drive bridge for buses [5]. - The overall energy consumption of the vehicle can be reduced by up to 18%, and low-temperature endurance can be improved by 50-80 km at -15°C [5]. Group 2: Safety and Intelligence - The platform incorporates a revolutionary battery-chassis integration technology (CTC), enhancing safety with a battery pack that can withstand significant pressure and impacts [7]. - A new generation of electronic architecture integrates intelligence and electrification, improving vehicle control and stability through various advanced systems [7]. - The C11 model, built on the e-Bus 3.0 platform, offers a range of over 400 km under full load with air conditioning, outperforming traditional fuel buses in safety, efficiency, and comfort [7]. Group 3: Market Position and Future Plans - BYD has been the leading exporter of new energy buses for two consecutive years, with a presence in over 70 countries and more than 400 cities worldwide [8]. - The company plans to continue developing a diverse range of electric bus products based on the e-Bus 3.0 platform, collaborating with partners to promote global bus electrification [8].

Core Viewpoint - The electric bus market is nearing full electrification, but the electric rate for passenger buses remains below 30%, prompting BYD to launch the new e-BUS platform 3.0 and the C11 model to enhance competitiveness and redefine the market landscape [1][2][3] Group 1: Development of BYD's Electric Bus Technology - BYD's electric bus journey began in 2009 with the acquisition of a bus manufacturing license, facing initial challenges such as lack of infrastructure and technology [2] - The first-generation e-BUS platform (1.0) was launched in 2010 with the K9 model, marking a significant breakthrough in electric bus technology [2] - By 2017, Shenzhen became the first city to fully electrify its public transport, with BYD promoting over 16,500 electric buses globally [2] Group 2: Challenges in the Industry - The electric passenger bus sector faces issues such as low electrification rates, insufficient charging infrastructure, and range anxiety among consumers [3] - BYD's new e-BUS platform 3.0 aims to address these challenges by enhancing safety, efficiency, and overall user experience [3] Group 3: Innovations in e-BUS Platform 3.0 - The platform introduces the CTC (Cell to Chassis) technology, integrating the battery with the vehicle's chassis to improve safety and structural integrity [4][5] - The CTC technology allows for a higher center of gravity and improved torsional rigidity, significantly enhancing safety during operation [4] - The platform also features the TBC (Tire Blowout Control) system, which maintains vehicle stability in the event of a tire blowout at high speeds [5] Group 4: C11 Model Features - The C11 model, as the first vehicle on the e-BUS platform 3.0, aims to surpass traditional fuel buses in aesthetics, safety, comfort, and intelligence [5][6] - The C11 offers a spacious luggage compartment and low step height for easier access, along with a variety of safety features including advanced monitoring systems [6] - The model provides multiple battery options, with the highest capacity version offering a range of up to 730 kilometers [6][7] Group 5: Strategic Vision - BYD's advancements in electric bus technology reflect a broader commitment to leading the electric vehicle revolution, positioning itself as a key player in the global market [7] - The company emphasizes the importance of strategic foresight in product development and market positioning to maintain its competitive edge [7]

Group 1 - The 25th China International Investment and Trade Fair (CIFIT) showcased technological innovations and attracted over 123 countries and regions, with more than 8,000 business guests participating [1][2] - A total of 1,154 investment projects were signed at the event, with a planned total investment of 644 billion yuan, indicating a growing trend in China's bidirectional investment [2][3] - Foreign investment in China continues to increase, with Saudi Aramco establishing a joint venture in Fujian, reflecting confidence in China's market [3][4] Group 2 - ABB Group plans to increase its investment in China, particularly in Xiamen, emphasizing the importance of innovation and automation for sustainable development [4][5] - The establishment of the Non-Metallic Materials Innovation Center by Saudi Aramco and a Chinese research institute highlights the integration of foreign investment into China's technological innovation system [5][6] - Chinese companies are increasingly "going global," with examples like King Long Automobile showcasing new products and expanding into international markets [6][8] Group 3 - China's outbound direct investment reached 192.2 billion USD in 2024, maintaining a global share of 11.9%, indicating robust international investment activity [7][8] - The report indicates that over 30 countries participated in CIFIT to attract Chinese investments, showcasing the global interest in China's technological capabilities [8][9] - China has become a leader in R&D investment and patent applications, with significant advancements in emerging industries such as 5G and renewable energy [9][10] Group 4 - The CIFIT emphasized the importance of international innovation cooperation, with various technological innovations on display, including AI and new energy solutions [10][11] - ZF Group's commitment to increasing investment in China reflects the country's role as a vibrant innovation hub and a key market for new technologies [12]

Group 1 - Xiaomi's founder Lei Jun announced that the new Xiaomi 17 series will directly compete with the iPhone, marking a significant upgrade in product capabilities [2][4] - The Xiaomi 17 series includes three models: Xiaomi 17, Xiaomi 17 Pro, and Xiaomi 17 Pro Max, with a naming convention similar to the iPhone 17 series [5] - Xiaomi has been pursuing a high-end strategy for five years, learning from its greatest competitor, Apple, and is confident in facing the iPhone head-on [4] Group 2 - Amazon Web Services (AWS) denied reports of layoffs in its Greater China region, stating that the reports were grossly inaccurate and that the company continues to actively recruit talent in China [14] - Despite the denial, AWS has faced restructuring, with some departments experiencing layoffs affecting hundreds of positions [16] Group 3 - OpenAI's chairman Brett Taylor discussed the current "AI bubble," describing it as a "virtuous cycle" that will create significant economic value in the future, similar to the internet boom of the late 20th century [27][29] - Taylor acknowledged the risks associated with the AI industry but emphasized that these risks are minor compared to the opportunities available [29]

备受瞩目的第35届非洲国际足球赛事将于2025年12月21日在摩洛哥正式拉开帷幕。作为国内外重大赛事与盛会的"常驻嘉宾"，宇通客 车将以723台高端定制公交，为本届非洲国际足球赛事期间的公共交通网络提供核心运力。宇通再次于世界舞台展现中国制造的硬核实 力，并一举成为"服务本届非洲国际足球赛事规模最大的客车品牌"，同时创造了"中国品牌在非洲最大单笔客车订单纪录"。 9月12日，宇通客车在新能源厂区内隆重举行了"摩洛哥723台宇通公交首批车辆交付仪式"。仪式现场，摩洛哥方客户代表、宇通客车 领导以及多家国内媒体代表共同见证了这一重要时刻。 摩洛哥合作伙伴安玺励在发言中表示："宇通客车不仅仅是交通工具，更是国际标准的象征，是安全的守护者，是可靠的代名词。我们 愿和宇通携手并进，铸就信任、开创机遇、共建未来！" 宇通客车高端及海外生产总监邸贝则强调："这不仅是一次产品的交付，更是宇通全球化战略的一次重要实践，是我们与摩洛哥市场深 度合作的一个里程碑。未来，宇通不仅为客户提供优质的产品，更要将先进的技术和管理经验带到摩洛哥，与当地合作伙伴共同成长。 我们期待以这次交付为新的起点，与摩洛哥市场建立更加深入、持久的合作关系 ...

Core Viewpoint - Zhongtong Bus has achieved significant growth in both performance and sales through continuous expansion into overseas markets, with notable increases in revenue and profit margins [3][4][10]. Sales Performance - In August 2025, Zhongtong Bus sold 1,052 vehicles, a year-on-year increase of 10.5%, while total sales for the first eight months reached 7,904 vehicles, up 2.21% [3][6]. - Large vehicle sales in August reached 666 units, a 61.26% increase year-on-year, while medium and light vehicle sales saw declines [4][6]. - The company reported a total of 4,976 large vehicles sold in the first eight months, reflecting a 7.1% increase [4][6]. Financial Performance - For the first half of 2025, Zhongtong Bus achieved revenue of 3.941 billion yuan, a 43.02% increase year-on-year, and a net profit of 190 million yuan, up 71.61% [4][10]. - Domestic revenue was 1.184 billion yuan, a 29.16% increase, while international revenue reached 2.757 billion yuan, growing by 49.94% [10][11]. - The proportion of international revenue in total revenue rose to 69.96%, an increase of 3.23 percentage points from the previous year [5][11]. Market Strategy - The company is focusing on optimizing its market structure and has made significant strides in exporting new energy buses, which are becoming a key driver of growth [7][9]. - A recent shipment of 250 buses to Burkina Faso marks a significant milestone in Zhongtong's overseas expansion efforts [7][8]. Research and Development - Zhongtong Bus increased its R&D expenditure to 125 million yuan, a 44.68% rise year-on-year, focusing on new product development and advanced technology research [14]. - The company holds 502 valid patents, including 152 invention patents, and has received 22 new patent authorizations in the first half of 2025 [14]. Share Buyback - The company announced a share buyback plan with a total amount not less than 600 million yuan and not exceeding 1.2 billion yuan, with approximately 70 million yuan already spent by the end of August [14][15]. - Since the initiation of the buyback, the company's stock price has increased by approximately 9.3% [16].

Core Viewpoint - Yutong Bus (600066.SH) reported a revenue of 16.129 billion yuan for the first half of 2025, with a net profit attributable to shareholders increasing by 15.64% to 1.936 billion yuan, indicating strong performance and market leadership in the bus industry [1] Group 1: Financial Performance - In the first half of 2025, Yutong Bus achieved a total bus sales volume of 21,321 units, a year-on-year increase of 3.73% [1][2] - The company has maintained its position as the industry leader in the production and sales of large and medium-sized buses [3] Group 2: Market Outlook - Analysts from Huatai Securities are optimistic about Yutong Bus's profit elasticity in the second half of the year, attributing profit growth to high-value bus exports and economies of scale [9] - Southwest Securities noted that Yutong Bus's overseas expansion is deepening, with expected growth in export sales [9] Group 3: Export and Global Presence - Yutong Bus has exported over 110,000 buses to more than 60 countries and regions, establishing a significant global footprint [4] - The company has achieved substantial sales in Europe, Africa, and Central Asia, with notable repeat orders from Norway and Greece [4] Group 4: New Energy Bus Development - Yutong Bus has exported over 8,000 new energy buses, contributing to global carbon reduction efforts [5] - The industry saw a year-on-year increase of 16.51% in the export volume of large and medium-sized buses, with continued growth expected in the second half of the year [5] Group 5: R&D and Innovation - In the first half of 2025, Yutong Bus invested 746 million yuan in R&D, accounting for 4.63% of its revenue, reflecting a strong commitment to innovation [7] - The company focuses on key technologies such as electric drive, control, and battery systems, driving high-quality development across its product lines [8] Group 6: Shareholder Returns - Yutong Bus has distributed a total of 27.13 billion yuan in dividends over its 28 years of listing, with a cumulative dividend payout ratio of 76.7% [6][7] - The company ranks second in dividend yield among A-share listed companies [7]