Core Viewpoint - CRRC Electric has launched eight new pure electric city bus models, showcasing a diverse range of vehicle sizes and designs to enhance urban public transportation solutions [1][5][28]. Group 1: New Models Overview - The new models include a variety of sizes ranging from 5.5 meters to 12 meters, catering to different operational scenarios [3][5]. - The eight models consist of two conventional buses, two low-floor buses, and four low-entry buses, indicating a commitment to accessible public transport [4][5]. Group 2: Specific Model Highlights - The 8.5-meter low-floor bus (C85 model) features a peak power of 200 kW (approximately 272 horsepower) and is designed for urban branch lines and suburban routes, with a capacity of up to 81 passengers [9][11]. - The 5.5-meter low-floor bus is tailored for short-distance micro-circulation scenarios, emphasizing flexibility and efficiency, with a peak power of 140 kW (approximately 190 horsepower) [11][12]. - Four low-entry buses, including two 10.5-meter models, are designed to accommodate the increasing frequency of elderly passengers, with peak powers of 240 kW (approximately 326 horsepower) and 250 kW (approximately 340 horsepower) [12][14][17]. Group 3: Zhejiang CRRC New Models - Two new models from Zhejiang CRRC, identified by CSR codes, feature a maximum range of 550 kilometers, with one model having a peak power of 190 kW (approximately 258 horsepower) and a capacity of 59 passengers [23][25]. - The other model from Zhejiang CRRC has a peak power of 200 kW (approximately 272 horsepower) and can accommodate 95 passengers [27]. Group 4: Industry Positioning - As a leading player in the domestic new energy bus sector, CRRC Electric is actively expanding its product matrix and adapting to industry changes to support the transformation and upgrading of urban public transportation [28].

数据来源：中国海关，智研咨询整理 根据中国海关数据显示：2025年5月中国纯电动客车(10座及以上)出口数量为1830辆，同比增长94.9%， 出口金额为3.04亿美元，同比增长72.4%。 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 相关报告：智研咨询发布的《2025-2031年中国纯电动汽车行业市场调查研究及发展前景规划报告》 ...

Core Insights - Zhongtong Bus Co., Ltd. reported significant growth in large and light logistics vehicles, while medium vehicle sales declined sharply in July 2025 [2][3]. Production Data - In July 2025, the company produced 1,009 vehicles, representing an 11% increase year-on-year [3]. - Large vehicle production reached 639 units, a substantial increase of 125% compared to the same month last year [2][3]. - Medium vehicle production fell to 274 units, a decrease of 53.24% year-on-year, indicating a notable shift in market demand [2][3]. - Light and logistics vehicle production was 96 units, showing a significant increase of 146.15% year-on-year [2][3]. - Cumulatively, from January to July 2025, the company produced 7,137 vehicles, a decline of 4.65% from 7,485 units in the same period last year [3]. Sales Data - In July 2025, the company sold 1,013 vehicles, a decrease of 6.03% year-on-year [3]. - Large vehicle sales were 587 units, a slight decline of 4.24% compared to the previous year [3]. - Medium vehicle sales dropped to 364 units, down 15.74% year-on-year [3]. - Light and logistics vehicle sales increased to 62 units, reflecting a growth of 87.88% year-on-year [3]. - Cumulatively, from January to July 2025, the company sold 6,852 vehicles, a slight increase of 1.05% compared to 6,781 units in the same period last year [4].

Macro Strategy - The report analyzes three historical cases of capacity adjustment over a century, highlighting the transition from imbalance to rebalancing in supply and demand [1][13] - It concludes that capacity imbalance can lead to a negative feedback loop lasting 20-30 years if not controlled, emphasizing the need for government intervention rather than relying solely on market forces [1][13] - Effective rebalancing requires simultaneous efforts in controlling capacity, restoring credit, and stabilizing employment, rather than relying on supply or demand policies alone [1][13] Fixed Income - The report discusses the current state of urban investment bonds in Shaanxi Province, noting that the bond market is experiencing a downward trend due to macroeconomic uncertainties, but urban investment bonds still hold strong allocation value [2][14] - Shaanxi's GDP is projected to reach approximately 3.55 trillion yuan in 2024, with a growth rate of 5.30%, indicating a robust economic environment [2][14] - The report suggests a cautious approach to investing in lower-rated bonds due to compressed credit spreads, recommending a focus on higher-rated bonds with good liquidity [2][16] Industry Analysis - The report highlights Scale AI as a leading company in the AI data labeling sector, with significant revenue growth driven by demand from large enterprises and government [4][16] - Scale AI's revenue is projected to reach $20 billion by 2025, with a gross margin of 49%, indicating strong market potential despite current EBITDA losses [4][16] - The report emphasizes the importance of data quality and neutrality in the AI training data market, recommending investment in leading companies in high-quality data sets [4][16] Stock Recommendations - Pony.ai is identified as a leader in the Robotaxi sector, with significant cost reductions and safety improvements expected to drive commercialization [5][18] - Revenue forecasts for Pony.ai are projected at $0.78 billion, $1.05 billion, and $3.42 billion for 2025-2027, with a "buy" rating based on strong growth potential [5][18] - Yutong Bus is expected to maintain revenue growth of 15%-16% from 2025 to 2027, with a "buy" rating supported by a strong market position and recent contract wins [6][19]

Group 1: Core Insights - BYD maintains its position as the global leader in new energy vehicle sales, showcasing the strength of "Chinese intelligence" in the automotive sector [1] - Chinese brands are transitioning from "manufacturing overseas" to "branding overseas," reflecting a significant value leap in response to complex external environments [1] Group 2: Trade and Brand Strength - In 2024, China's total import and export value is projected to reach 43.85 trillion yuan, with a year-on-year growth of 5%, and self-owned brand exports accounting for 21.8% of total exports, an increase of 0.8 percentage points [2] - Companies are leveraging direct-to-consumer (DTC) models and social media marketing to establish deeper emotional connections with overseas users [2] Group 3: Brand Development and Market Presence - SHEIN has become the third-largest fashion retailer globally with a market share of 1.53%, utilizing a self-operated brand and platform model alongside flexible supply chain technology [3] - Yutong Bus has achieved over 10,000 total sales in the Central Asian market, attributed to a focus on technology, product, and service image building [3] Group 4: Quality and Innovation - High-quality development is fundamental for Chinese brands going global, with the manufacturing quality rate reaching 93.93% in 2024 [4] - The Chinese government supports over 1,000 key "little giant" enterprises to enhance innovation and product development capabilities [4] Group 5: Market Opportunities and Global Expansion - The rise of emerging markets and the demand for high-quality, cost-effective products present significant opportunities for Chinese brands [6] - Initiatives like the Belt and Road Initiative and the Regional Comprehensive Economic Partnership are enhancing trade connections and supporting brand expansion [6] Group 6: Cultural Exchange and Future Prospects - China's open market policies and international trade exhibitions are fostering a competitive environment for both domestic and global brands [7] - The integration of traditional Chinese culture with modern aesthetics is enhancing the global appeal of Chinese brands [7]

Group 1 - The company disclosed its production and sales data for July 2025, emphasizing that the figures are preliminary and subject to final reporting [1][2] - The announcement includes a reminder to investors that production and sales data should not be directly used to infer the company's performance [1]

随着自动驾驶技术的不断成熟和政策环境的逐步完善，苏州金龙将继续深耕智能驾驶赛道，推动智能网 联巴士在更多场景落地应用，为智慧城市建设和交通强国战略贡献力量。 近日，由苏州金龙海格客车研发的"清源"L4级自动驾驶巴士现身杭州市临平区并投入测试。这是临平区 引进的首批L4级自动驾驶巴士，标志着临平区智能交通建设迈入新阶段。 此次投入测试的"清源"小巴采用一级踏步设计，车身延续了海格蔚蓝巴士的经典设计，外观采用柔和线 条设计，科技感十足，搭配上银黑配色设计辨识度极高。与普通巴士相比，该款自动驾驶巴士最大的不 同是周身遍布激光雷达、毫米波雷达等，这些都是自动驾驶巴士的"眼睛"。据悉，该批自动驾驶巴士搭 载了最新的智能网联核心技术，基于高精度地图和定位的环境感知、智能决策、路径规划等功能。在实 际运行中，自动巴士能够自主识别红绿灯、行人及障碍物，实现自动启停、灵活避让和智能超车、减速 等，展现出高度可靠的自动驾驶能力。测试完成后，这批巴士预计将投入云栖小镇至高铁站等接驳线路 运营，为市民提供新奇、安全、便捷的出行新体验。 今年以来，苏州金龙已向杭州市桐庐县、临平区、余杭区累计交付13台L4级自动驾驶巴士。其中，桐 庐县 ...

中通客车（000957）(000957.SZ)披露2025年7月份产销数据，公司7月份生产量1009辆，同比增长 11.00%;销售量1013辆，同比下降6.03%。 ...

智通财经APP讯，中通客车(000957.SZ)披露2025年7月份产销数据，公司7月份生产量1009辆，同比增长 11.00%;销售量1013辆，同比下降6.03%。 ...

中通客车公告，2025年7月生产量1009辆，同比增加11.00%，销量1013辆，同比下降6.03%；本年累计 生产量7137辆，同比下降4.65%，累计销量6852辆，同比增长1.05%。 ...