（文章来源：证券日报） 证券日报网讯 2月27日，安凯客车发布公告称，公司于2026年2月27日召开第九届董事会第十二次会 议，审议通过《关于聘任公司董事会秘书的议案》，同意聘任陈顺东先生为公司董事会秘书，任期自本 次董事会审议通过之日起至第九届董事会届满之日止。 ...

淬火—— 传统产业"原地升维" 传统产业不等于落后产能。现代化产业体系，不止于"去旧迎新"，更以科技淬火，让传统产业"原地升 维"——在原有基础上嫁接新质基因，让老根基长出新动能。 传统产业是山东经济的压舱石。山东省省长周乃翔作政府工作报告时亮出成绩单："十四五"时期，现代 化产业体系实现新跃升，19条标志性产业链立起先进制造业强省四梁八柱，制造业总体规模和综合实力 稳居全国第一梯队。 一年之计在于春。1月底至2月初，各省（区、市）密集进入"两会时间"。会场内外，"科技创新"成为高 频议题。 从传统产业的淬炼升级，到新兴产业的聚链成势，再到区域创新生态的系统优化，2025年乃至整个"十 四五"以来，各地前沿技术不断涌现，科技与产业深度融合取得新成效，驱动发展动能深刻变革，映照 出一个锐意进取、充满创造活力的新时代中国。 威海光威复合材料股份有限公司的发展颇具代表性。2025年12月，这家国内最早研发碳纤维的民营企 业，成功获评"国家级制造业单项冠军"。山东省政协委员、公司董事长卢钊钧介绍，企业已实现从T300 到T1100、M40J到M65J等全系列碳纤维的国产化替代，产品为诸多"大国重器"提供了关键材料支撑 ...

证券日报网讯 2月13日，宇通客车在互动平台回答投资者提问时表示，为减少汇率波动影响，公司建立 了完善的管理机制和流程，通过锁汇等管理手段，做好外汇风险管理。 （文章来源：证券日报） ...

Core Viewpoint - Yutong Bus (600066) emphasizes its commitment to the "electrification, intelligent networking, high-end development, and internationalization" strategy, aiming to strengthen its leadership in various market segments while expanding its international presence and enhancing global competitiveness and brand influence [1] Group 1 - The company focuses on leveraging its core advantages in new energy and intelligent networking [1] - Yutong Bus aims to consolidate its leading position in various niche markets [1] - The company is steadily expanding its international market presence [1]

Core Viewpoint - Yutong Bus is focusing on enhancing brand building and customer communication, while continuously optimizing product and service experiences to improve brand recognition and acceptance among younger customer groups [2] Group 1 - The company is actively strengthening its brand presence [2] - There is an emphasis on improving communication with customers [2] - The company aims to enhance product and service experiences [2] Group 2 - The target demographic for brand recognition efforts is the younger customer group [2]

Performance Overview - The company expects a net profit attributable to shareholders of 320 million to 410 million yuan for 2025, representing a year-on-year growth of 28.28% to 64.36%. The non-recurring net profit is projected to be between 290 million and 380 million yuan, with a growth of 35.47% to 77.52% [2] - In January 2026, the production volume was 1,347 units, an increase of 56.81% year-on-year, while the sales volume reached 1,231 units, up 35.72% year-on-year, continuing the trend of an 8.36% increase in sales to 12,363 units in 2025 [3] Strategic Developments - The company has made progress in overseas markets, signing a strategic cooperation agreement for 10,000 units with Saudi Arabia's Absa Had Group in 2025 and winning a bid for 91 buses in Dubai, including 40 electric buses. The company is focusing on "new energy, internationalization, and high-end" strategies to achieve market breakthroughs in various regions [4] Stock Performance - On February 6, 2026, the stock price increased by 5.06% to 12.24 yuan per share, with a cumulative increase of 3.37% over three consecutive days. Institutional holdings include new entries in the top ten circulating shareholders by Huaxia Anyang 6-month holding period mixed A and招商量化精选股票发起式A in the third quarter of 2025 [5] Industry Policy Context - The bus industry benefited from the new energy bus replacement cycle and increased export demand in 2025, but it may return to a more subdued state in 2026. The company focuses on new energy and large and medium-sized buses, with sales of new energy large and medium-sized buses over 6 meters increasing by 142.2% year-on-year in the first 11 months of 2025 [6]

Core Viewpoint - The A-share listed bus companies have shown significant performance divergence for the year 2025, with some companies experiencing nearly double net profit growth while others face profit declines [2][4]. Group 1: Company Performance - King Long Automobile (600686.SH) expects a net profit of approximately 463 million yuan for 2025, a year-on-year increase of 193.68% [4]. - Zhongtong Bus (000957.SZ) anticipates a net profit between 320 million and 410 million yuan for 2025, reflecting a growth of 28.28% to 64.36% [5]. - Yutong Bus (600066.SH) has not released a full-year forecast but reported a net profit of 3.292 billion yuan for the first three quarters of 2025, a 35.38% increase year-on-year [5]. - Ankai Bus (000868.SZ) is projected to incur a net loss of 50 million to 60 million yuan in 2025, a decline from a profit of 839,200 yuan in the previous year [6]. Group 2: Market Trends - The bus industry is experiencing a small growth peak in 2025, with sales of buses over 6 meters reaching 137,212 units, an increase of 8.84% year-on-year [2]. - The export share of domestic buses has risen to 41.01% in 2025, indicating a growing reliance on international markets for growth [2]. - The market is expected to stabilize in 2026, with industry experts suggesting that maintaining sales levels would be a positive outcome [3]. Group 3: Export Performance - King Long's export volume for 2025 is projected at 12,255 units, a 64.90% increase, securing a market share of 15.65% [4]. - Ankai Bus achieved an export volume of 5,034 units in 2025, marking a 152.84% increase, with exports constituting 58.75% of its total sales [8]. - Yutong Bus exported 17,149 units in 2025, a year-on-year growth of 22.49% [5]. Group 4: Industry Challenges - The competitive landscape is intensifying, with some companies struggling to maintain profitability due to market pressures and declining margins [6][7]. - The shift towards international markets is becoming essential, as domestic competition limits growth opportunities [9]. - Companies like King Long and BYD are adjusting their product strategies, focusing on higher-margin products rather than volume [9].

同壁财经讯，企查查数据显示，根据《国家安全生产应急救援勘测队2025年度救援装备采购(二次)第4 包中标公告》，宇通客车股份有限公司于2026年2月6日公告中标中安国泰（北京）科技发展有限公司采 购项目，中标金额为297.30万元。 同壁财经小贴士： 宇通客车（600066.SH）2024年营业收入为372.18亿元，营业收入增长率为37.63%，归属母公司净利润 为41.16亿元，归属母公司净利润增长率为126.53%，净资产收益率为30.94%。 相关上市公司：宇通客车(600066.SH) 2025年上半年公司营业收入为161.29亿元，营业收入增长率为-1.26%，归属母公司净利润为19.36亿元， 归属母公司净利润增长率为15.64%。 目前公司属于可选消费行业，主要产品类型为客车，2024年报主营构成为客车产品:90.83%;对外贸易分 部:34.64%;其他主营业务:8.77%;客运服务:0.08%;内部抵销:-34.32%。 同壁财经讯，企查查数据显示，根据《国家安全生产应急救援勘测队2025年度救援装备采购(二次)第4 包中标公告》，宇通客车股份有限公司于2026年2月6日公告中标中安国泰（ ...

- The report introduces a quantitative model framework for market trend analysis, focusing on five asset style stages: external growth, quality growth, quality dividend, value dividend, and bankruptcy value. The model evaluates assets based on their intrinsic attributes and prioritizes them using the sequence of g > ROE > D, analyzing whether there are "good assets" and whether they are "expensive" [5][8][9] - The model incorporates key factors such as expected growth (gf), actual growth (g), profitability (ROE), high dividend (D), and bankruptcy value (B/P). Each factor is associated with specific market phases, e.g., expected growth is relevant across all phases, while profitability is emphasized during maturity phases [9][12] - The quantitative model has demonstrated strong historical performance, achieving an annualized return of 27.67% since 2009. It has shown consistent excess returns in most years, particularly post-2017, with limited effectiveness in years like 2011, 2012, and 2016 [19][22] - The model's backtesting results for specific years include notable excess returns, such as 51% in 2009, 36% in 2013, and 62% in 2022. However, it also recorded underperformance in years like 2011 (-11%) and 2014 (-4%) [22] - The report details six specific strategies derived from the model, each focusing on different factors: - **Expected Growth Strategy**: Selects industries with the highest analyst-forecasted growth rates. Recent recommendations include sectors like automotive sales, lithium equipment, and tungsten [38][39] - **Actual Growth Strategy**: Focuses on industries with the highest unexpected growth (△g). Current recommendations include photovoltaic equipment, insurance, and coal chemical sectors [40][41] - **Profitability Strategy**: Targets high-ROE industries with low valuations under the PB-ROE framework. Recommended sectors include copper, liquor, and non-dairy beverages [43][44] - **Quality Dividend Strategy**: Utilizes a DP+ROE scoring system to identify industries. Current recommendations include forestry, lithium equipment, and fiberglass [46][47] - **Value Dividend Strategy**: Employs a DP+BP scoring system. Recommended sectors include security, daily chemicals, and buses [49][50] - **Bankruptcy Value Strategy**: Focuses on industries with the lowest PB+SIZE scores. Current recommendations include automotive sales, ceramics, and cotton textiles [53][54]

【宇通客车】1月淡季销量偏弱，全年持续看好出海和出海新能源增长 季节因素影响，1月淡季整体销量偏弱，海外具备较大增长空间，全年持续看好出海和出海新能源增长。 总销量：宇通1月销售客车1728辆，同比-32.2%，环比-80.5%，其中大中客车销量1324辆，同比-34.9%，环比- 82.3%。 海外：1月出口总量和出口新能源同比增长，环比12月旺季下滑较多，出口销量500+辆，新能源出口66辆。 展望2026年：出口和出口新能源销量预期增长10%+。 全球客车龙头，长期成长性较好+持续高分红能力，凸显投资价值。 海外：1月出口总量和出口新能源同比增长，环比12月旺季下滑较多，出口销量500 【宇通客车】1月淡季销量偏弱，全年持续看好出海和出海新能源增长 季节因素影响，1月淡季整体销量偏弱，海外具备较大增长空间，全年持续看好出海和出海新能源增长。 国内市场，以旧换新政策支撑，促进新能源公交需求；海外市场，全球化+高端化战略推进，出口凸显盈利水平， 支撑公司业绩持续提升。 高分红：公司资本开支放缓，现金流充足保障高分红，2024年全年每股分红1.5元（含税），共派发33.2亿，分红 率80.7%，股息率5%。 ...