宇通客车所属申万行业为：汽车-商用车-商用载客车。所属概念板块包括：宁德时代概念、世界杯、电 子后视镜、高派息、氢能源等。 截至9月30日，宇通客车股东户数4.40万，较上期减少15.98%；人均流通股50305股，较上期增加 19.02%。2025年1月-9月，宇通客车实现营业收入263.66亿元，同比增长9.52%；归母净利润32.92亿元， 同比增长35.38%。 分红方面，宇通客车A股上市后累计派现271.30亿元。近三年，累计派现99.63亿元。 机构持仓方面，截止2025年9月30日，宇通客车十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股2.44亿股，相比上期增加656.63万股。华泰柏瑞沪深300ETF（510300）位居第八大流通股 东，持股2272.72万股，相比上期减少100.70万股。华夏能源革新股票A（003834）位居第九大流通股 东，持股1648.01万股，为新进股东。易方达沪深300ETF（510310）位居第十大流通股东，持股1634.75 万股，相比上期减少53.32万股。南方兴润价值一年持有混合A（011363）退出十大流通股东之列。 责任编辑：小浪快报 1 ...

证券研究报告·行业研究·汽车与零部件 客车11月月报： 10月内需同比修复，期待年底翘尾行情 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 联系电话：021-60199793 2025年11月24日 请务必阅读正文之后的免责声明部分 2 ◼ 客车这轮大周期驱动因素是什么？一句话总结：客车代表中国汽车制造业将成为【技术 输出】的世界龙头。这不是梦想而是会真真切切反映到报表层面。海外市场业绩贡献对 客车行业在3-5年会至少再造一个中国市场。背后支撑因素： （ ➢ 1）天时：符合国家【中特估】大方向，客车是【一带一路】的有力践行者，已有10余 年的出海经验，在新的国际形势变化下，将进一步跟紧国家战略，让中国优势制造业 【走出去】。 ➢ 2）地利：客车的技术与产品已经具备世界一流水平。新能源客车产品维度，中国客车 已领先海外竞争对手。传统客车维度，技术已不亚于海外且具备更好性价比及服务。 ➢ 3）人和：国内市场价格战结束不会成为拖累反而会共振。过去6-7年国内客车"高铁冲 击+新能源公交透支+三年疫情"三重因素叠加经历了长期的价格战，2022下半年 ...

中原腹地，制造潮涌。党的二十届四中全会强调"坚持以实体经济为根基"，郑州以先进制造业为 笔，绘就高质量发展壮阔图景。 2025年，这座昔日的"轻纺城"已蜕变为全国重要的工业基地，汽车制造与装备制造双轮驱动，七大 千亿级产业集群巍然成型，规上工业总产值稳居全国第一方阵，奏响"新能源汽车之城""算力之城""超 充之城"的时代强音。 汽车制造：全链跃升，驰骋新赛道 近日，在成都举行的2025中国道路运输年会上，宇通携客车、卡车共九款车型联袂亮相，覆盖旅游 客运、公交客运、物流运输等多个领域，展现了郑州汽车制造的硬实力。这份"宇通答卷"，正是郑州汽 车制造业蓬勃发展的生动缩影。 近年来，郑州市聚焦全产业链发展，围绕电动化、网联化、智能化方向，加快整车、零部件、后市 场"三位一体"全面提升，形成了完整的汽车产业生态。全市汽车产业整体规模约3000亿元，拥有7家整 车生产企业、15家专用车企业、150余家重点零部件配套企业，构建起从核心零部件到整车的完整产业 链条。 2024年，全市整车产量111.8万辆，同比增长34.7%，其中新能源汽车62.6万辆，同比增长98%。 2025年1月至10月，全市整车产量95.63万辆 ...

智通财经APP获悉，中国汽车流通协会发布《2025年10月全国商用车销量概况(批发)》。2025年10月新能源商用车销量(批发)为8.89万辆，同比增长 45.39%，环比下降3.69%；1-10月累计销量(批发)71.99万辆，同比增长63.32%。 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 202411 202412 202501 202502 202503 202504 202505 202506 202507 202508 202509 202510 36.07 息体 31.48 36.86 29.05 31.33 44.73 36.71 33.46 36.90 30.60 31.63 36.79 卡车 26.88 30.80 25.29 27.91 39.42 32.25 29.15 31.62 26.44 27.16 31.20 31.11 『 客车 4.60 6.06 3.76 3.42 5.30 4.45 ...

Core Insights - The macroeconomic environment is expected to maintain strong growth in 2025, supported by government policies promoting consumption [1] - The overall performance of the automotive market in October showed strong trends, with noticeable recovery in both the truck and bus markets [1] - Retail sales in October experienced a significant decline compared to wholesale, leading to negative growth in passenger vehicle retail despite good growth in manufacturer sales due to exports and inventory increases [1] - The new energy vehicle segment showed strong performance in October, with a continuous strengthening of the automotive export market [1] - There is notable structural growth in the commercial vehicle market driven by new energy, with accelerated electrification in logistics and transportation vehicles as well as pickup models [1]

Core Insights - The automotive market in China is experiencing strong growth driven by government policies promoting consumption, with significant recovery observed in both truck and passenger vehicle markets in October [1] - Retail sales of passenger vehicles showed negative growth in October due to slower wholesale transmission, while manufacturer sales remained strong due to exports and inventory increases [1] - The new energy vehicle (NEV) segment is performing well, with structural growth in the commercial vehicle market driven by electrification [1] Group 1: Market Trends - The automotive market is expected to see a divergence in trends between passenger and commercial vehicles by 2025, with passenger vehicle growth projected at 13% due to policy support [2][4] - In the first ten months of 2025, total automotive sales reached 27.52 million units, with a cumulative growth rate of 12% [6] - October 2025 saw total automotive sales of 3.32 million units, a year-on-year increase of 9% [6] Group 2: Company Performance - There is a significant performance divergence among major automotive groups, with state-owned enterprises facing challenges while companies like BYD and Chery are performing well [9][12] - In October, manufacturers like Geely and BYD showed strong month-on-month performance, while SAIC Volkswagen faced substantial year-on-year adjustments [15] - The market is witnessing a shift where private enterprises are increasingly replacing state-owned enterprises as industry leaders, with companies like Geely, BYD, and Chery maintaining high growth rates [12][13] Group 3: New Energy Vehicles - In the first ten months of 2025, new energy passenger vehicle sales reached 12.07 million units, reflecting a year-on-year increase of 30% [25] - October 2025 saw new energy passenger vehicle sales of 1.62 million units, a year-on-year increase of 18% [25] - The growth in new energy vehicles is supported by scrappage subsidies, manufacturer price reductions, and the introduction of new models [25] Group 4: Traditional Vehicles - Traditional fuel passenger vehicle sales in 2023 remained stable at 16.66 million units compared to 2022, but are projected to decline by 10% in 2024 [30] - The market for traditional vehicles is under pressure due to ongoing declines, although there has been some recent recovery from June to October [30] Group 5: Commercial Vehicles - In 2023, total truck sales reached 3.54 million units, with a cumulative growth rate of 19% [39] - October 2025 saw truck sales of 310,000 units, a year-on-year increase of 22% [39] - The commercial vehicle market is experiencing strong performance from leading manufacturers, particularly in the electric truck segment [41]

Group 1 - The core viewpoint of the articles highlights Nanning's proactive approach in restructuring state-owned enterprises (SOEs) to enhance their quality and efficiency, achieving significant asset growth and revenue generation [1][2] - As of September this year, the asset scale of municipal state-owned enterprises in Nanning reached 620 billion yuan, with total operating revenue of 32 billion yuan and total profit of 1.8 billion yuan [1] - Nanning has established an "8+1+N" enterprise group structure, with nine municipal group companies undergoing functional restructuring and the formation of specialized sub-groups to concentrate assets and businesses in key sectors such as new energy, automotive industry, transportation logistics, and supply chain services [1] Group 2 - Nanning is actively guiding state capital towards emerging and future industries, continuously promoting technological innovation to empower industrial upgrades [2] - The city has initiated the "fund + industry" model, with 50 funds established by municipal state-owned enterprises, totaling 30.9 billion yuan, and investments in 136 industrial projects in sectors like new energy, semiconductors, and biomedicine [2] - Nanning has nurtured 29 innovative enterprises and has nine companies recognized with national honors such as "specialized, refined, distinctive, and innovative" [2]

Group 1 - Nanning has taken the lead in the region by promoting the restructuring and integration of state-owned enterprises, achieving an asset scale of 620 billion yuan and total operating revenue of 32 billion yuan as of September [1] - The city has optimized the layout and structure of state-owned economy through restructuring, forming an "8+1+N" enterprise group pattern, with 9 municipal group companies undergoing functional reshaping [1] - Newly established Nanning Automotive Industry Group has received overseas orders for its bus products, accelerating the "Nanning manufacturing" to go global [1] Group 2 - Nanning is actively guiding state capital towards emerging and future industries, having established 50 funds with a total scale of 30.9 billion yuan, and invested in 136 industrial projects in sectors like new energy and biomedicine [2] - The city has nurtured 29 innovative enterprises and 9 national-level honor enterprises, enhancing the cultivation of technology innovation companies [2] - Nanning has built 22 innovation research and development platforms at the autonomous region level and above, and has conducted 53 joint projects between universities and enterprises [2]

2025年10月，客车产销均完成5万辆，环比分别下降8.8%和11.2%，同比分别增长13.3%和15%。在客车细分品种中，与上月 相比，中型客车产销呈两位数增长，其他两大类客车品种产销呈不同程度下降；与去年同期相比，中型客车产销呈不同程 度下降，其他两大类客车品种产销呈不同程度增长。2025年1-10月，客车产销分别完成45.4万辆和45.7万辆，同比分别增长 12.7%和13%。在客车细分品种中，与去年同期相比，三大类客车品种产销均呈不同程度增长。 智通财经APP获悉，据中国汽车工业协会分析，10月，在商用车主要品种中，与上月相比，客车和货车产销均呈不同程度 下降；与去年同期相比，客车和货车产销均呈不同程度增长。2025年10月，商用车产销分别完成36.4万辆和36.1万辆，环比 分别下降3.3%和1.9%，同比分别增长25.4%和21%。2025年1-10月，商用车产销分别完成345.6万辆和347.9万辆，同比分别 增长10.9%和9%。 2025年10月，货车产销分别完成31.4万辆和31.1万辆，环比分别下降2.3%和0.3%，同比分别增长27.6%和22.1%。，与上月 相比，重型货车和轻型货车 ...

据中国汽车工业协会分析， 10 月，在商用车主要品种中，与上月相比，客车和货车产销均呈不同程度下降；与去 年同期相比，客车和货车产销均呈不同程度增长 。 2025 年 10 月， 商用车产销分别完成 36.4 万辆和 36.1 万辆，环比分别下降 3.3% 和 1.9% ，同比分别增长 25.4% 和 21% 。 2025 年 10 月， 客车产销均完成 5 万辆，环比分别下降 8.8% 和 11.2% ，同比分别增长 13.3% 和 15% 。在客车细 分品种中，与上月相比，中型客车产销呈两位数增长，其他两大类客车品种产销呈不同程度下降；与去年同期相比， 2025 年 1-10 月， 商用车产销分别完成 345.6 万辆和 347.9 万辆，同比分别增长 10.9% 和 9% 。 中型客车产销呈不同程度下降，其他两大类客车品种产销呈不同程度增长 。 2025 年 1-10 月， 客车产销分别完成 45.4 万辆和 45.7 万辆，同比分别增长 12.7% 和 13% 。在客车细分品种中， 与去年同期相比，三大类客车品种产销均呈不同程度增长 。 2025 年 10 月， 货车产销分别完成 31.4 万辆和 3 ...