01 商用车产业迎来生态重构 "当前，商用汽车正处于绿色转型、智能升级、供应链重构这三重变革叠加期，商用车产业发展新生态正围绕着智能化、绿色化、全球化的全方位革 新。"尹晓燕强调，商用车已从传统的运输工具，逐步演变为智能移动平台，其产业生态也正在经历系统性重塑。 在智能化方面，商用车已从试点示范走向规模化落地。干线物流的智能调度、自动驾驶辅助系统在重卡领域的广泛应用，显著提升了运营效率与安全 性。然而，车规级芯片、高精度传感器等核心部件仍存在"卡脖子"问题，数据安全与功能安全也成为行业必须跨越的技术门槛。 在绿色化方面，换电模式凭借其高效补能和降低购车成本的优势，正成为新能源商用车的优选路径。但电池标准不统一、换电站网络建设滞后等问题， 制约了其进一步推广。此外，氢能、绿电等清洁能源技术的融合，也为商用车的全生命周期低碳化提供了新可能。 10月21日，在淮河之畔的安徽淮南，一场以"智能新能源汽车供应链创新暨淮南深度融链发展"为主题的行业盛会成功举办。安徽省汽车工程学 会副秘书长尹晓燕出席并作主题发言，系统阐述了商用车产业面临的三大变革、区域协同机遇以及淮南在供应链重构中的战略价值。 02 从能源重镇到供应链关 ...

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].

Group 1: Cost Reduction and Efficiency Improvement - The company is committed to cost reduction and efficiency improvement across the entire value chain, including R&D, procurement, production, and operations. Current initiatives are progressing as planned, benefiting from technological innovations and supply chain synergies, leading to preliminary results in cost reduction efforts [2][3]. Group 2: Competitive Advantages in the Industry - The company has established a robust and complete independent R&D system, covering key components from engines to complete vehicles. In the new energy sector, it has developed a comprehensive industrial ecosystem, including self-developed batteries and electric drive systems, enhancing its competitive edge [2][3]. - The marketing strategy is customer value-oriented, with nearly 1,000 dealers, over 1,800 service providers, and 230 spare parts suppliers, ensuring a nationwide service radius of 48.5 kilometers, which is industry-leading [3]. Group 3: International Expansion and Localization - The company is actively pursuing internationalization, with exports covering 100 countries and regions. In 2025, it plans to establish subsidiaries in eight countries, including Uzbekistan and Indonesia, to support its international strategy [3][4]. Group 4: New Energy Strategy and Future Plans - The company launched the "15333 Strategy" for new energy in 2021, focusing on a comprehensive layout across the entire supply chain. It aims to enhance product differentiation and competitive strength through technological advancements and marketing innovations [4][5]. - Future plans include increasing investment in new energy resources, continuously launching new products, and developing comprehensive solutions throughout the user lifecycle [4]. Group 5: Financial Performance and Market Challenges - The company reported improved profitability in Q3, driven by increased sales and optimized product structure, alongside strict cost control measures [4][5]. - Concerns about stock price performance are acknowledged, with the company emphasizing its commitment to value management and investor trust, despite external market pressures [5][6]. - The company has distributed approximately 6.29 billion yuan in dividends since its listing in 2020, aiming to enhance internal value and maximize shareholder returns [6][7].

智通财经APP获悉，中国汽车流通协会发文称，2025年10月，新能源商用车零售销量为7.98万辆，同比增长44.7%，环比下降15.45%。1-10月，新能源商 用车累计零售销量为67.70万辆，同比增长55.59%。 中国汽车流通协会商用车专业委员会提供的销量数据显示，2025年10月新能源商用车零售销量为7.98万辆，同比增长44.7%，环比下降15.45%。其中 96.82%的销量来源于纯电动商用车，销量达到7.72万辆，同比增长45.45%。 从类型来看，新能源卡车销量为4.67万辆，占比58.47%，同比增长67.17%，环比下降14.95%;新能源客车销量为3.31万辆，占比41.53%，同比增长 21.67%，环比下降16.15%。 从企业/品牌表现来看，TOP5企业/品牌销量占比为36.90%，分别是吉利远程、福田汽车、上汽五菱、徐工汽车和重汽豪沃。 2025年1-10月新能源商用车累计零售销量 2025年1-10月新能源商用车累计零售销量为67.70万辆，同比增长55.59%。其中96.63%的销量来源于纯电动商用车，销量达到65.42万辆，同比增长 56.48%。 从类型来看，新能源卡车累 ...

Group 1 - The annual awards ceremony of the First Commercial Vehicle Network will be held on November 25, 2025, in Beijing, revealing leading products in various segments including heavy trucks, light trucks, and new energy vehicles [1] - The event will also highlight benchmark figures and ordinary heroes in the transportation sector [1] Group 2 - In the first seven months, commercial vehicle sales reached over 2.34 million units, reflecting a 4% increase [5] - The impact of the vehicle replacement policy on the market is being analyzed by the China Association of Automobile Manufacturers [5] - The sales of hybrid heavy trucks have surged, with Dongfeng Commercial Vehicle strategically positioning itself in the long-distance trunk line market [8]

乘用车：11月1-16日，全国乘用车市场零售88.6万辆，同比去年11月同期下降14%，较上月同期下降6%，今年以来累计零售2,014.2万辆，同比增长7%；11 月1-16日，全国乘用车厂商批发102.1万辆，同比去年11月同期下降14%，较上月同期增长14%，今年以来累计批发2,479.5万辆，同比增长11%。 新能源：11月1-16日，全国乘用车新能源市场零售55.4万辆，同比去年11月同期增长2%，较上月同期增长7%，今年以来累计零售1,070.3万辆，同比增长 21%；11月1-16日，全国乘用车厂商新能源批发61.8万辆，同比去年11月同期增长1%，较上月同期增长17%，今年以来累计批发1,267.5万辆，同比增长 28%。 渗透率：11月1-16日，全国乘用车市场新能源零售渗透率62.5%；全国乘用车厂商新能源批发渗透率60.6%。11月第一周全国纯燃料轻型车生产33.1万辆， 同比去年11月同期下降3%，较上月同期增长59%；11月第一周混合动力与插混总体生产18.5万辆，同比去年11月同期下降8%，较上月同期增长27%。 智通财经APP获悉，11月19日，乘联分会发布周度分析指出，11月1- ...

11月17日，中国汽车工业协会发布数据显示，2025年10月，新能源汽车出口25.6万辆，环比增长15.4%， 同比增长99.9%。2025年1—10月，新能源汽车出口201.4万辆，同比增长90.4%。 具体来看，2025年10月，汽车出口66.6万辆，环比增长2.1%，同比增长22.9%。2025年1—10月，汽车出 口561.6万辆，同比增长15.7%。 乘用车方面，2025年10月，乘用车出口57.1万辆，环比增长2.1%，同比增长22.8%。2025年1—10月，乘 用车出口477.3万辆，同比增长16.4%。 商用车方面，2025年10月，商用车出口9.4万辆，环比增长1.8%，同比增长23.5%。2025年1—10月，商用 车出口84.3万辆，同比增长11.6%。其中，10月份新能源商用车出口6000辆，环比增长20.6%，同比增长 26.7%，增速表现亮眼。 ...

Core Viewpoint - The penetration rate of new energy commercial vehicles in China is projected to reach 33% by October 2025, an increase of 8 percentage points from 25% in October 2024, indicating strong growth in the sector driven by policy support and market demand [1][13]. New Energy Commercial Vehicle Penetration Rate - The penetration rate of new energy commercial vehicles has shown significant growth, reaching 27% in the first ten months of 2025, up from 20% in 2024 and 11% in 2023 [1][13]. - The penetration rates for trucks and buses are 24% and 72% respectively, both showing substantial increases compared to previous years [17]. Sales Performance - In October 2025, the domestic sales of new energy commercial vehicles reached 82,000 units, marking a year-on-year increase of 49% [2][11]. - From January to October 2025, total sales of commercial vehicles in China reached 2.55 million units, a 10% increase compared to the same period in 2024 [7][2]. Market Trends - The new energy commercial vehicle market has been characterized by strong growth, particularly from March to October 2025, with sales consistently at high levels [11][2]. - The overall commercial vehicle market has seen fluctuations, with a notable drop in January 2025 followed by a recovery in subsequent months [5][7]. Competitive Landscape - The commercial vehicle market is primarily supported by light truck manufacturers, with Foton and Wuling leading in sales [20][19]. - The heavy-duty truck segment has shown stability, with companies like FAW Jiefang and China National Heavy Duty Truck Group performing well [22][19]. Regional Market Dynamics - The eastern regions, particularly North China and South China, have shown strong performance in the light truck market, while the penetration of new energy heavy trucks is increasing in regions like Beijing-Tianjin-Hebei and Southwest China [21][23]. - The light passenger vehicle market is dominated by manufacturers such as Jiangling Motors and SAIC-GM-Wuling, with emerging players like Geely making significant strides in the new energy segment [27][29].

Core Insights - China's automobile exports reached 5.616 million units from January to October, marking a year-on-year increase of 15.7% [1] - New energy vehicle (NEV) exports surpassed 2 million units for the first time, totaling 2.014 million units, which accounts for 35.9% of total exports and represents a significant year-on-year growth of 90.4% [1] Monthly Performance - In October, NEV exports were 256,000 units, reflecting a month-on-month increase of 15.4% and a year-on-year growth of 99.9% [1] - Passenger NEV exports reached 250,000 units in October, with a month-on-month increase of 15.3% and a year-on-year increase of 100% [1] - Commercial NEV exports were 6,000 units in October, showing a month-on-month growth of 20.6% and a year-on-year increase of 26.7% [1] Cumulative Data - From January to October, cumulative passenger NEV exports totaled 1.944 million units, representing a year-on-year increase of 89.3% [1] - Cumulative commercial NEV exports reached 70,000 units, reflecting a year-on-year growth of 130% [1] Market Segmentation - There is a notable difference between overseas and domestic markets, with plug-in hybrid vehicles (PHEVs) showing a significantly higher growth rate compared to pure electric vehicles (EVs) [1] - From January to October, pure electric vehicle exports were 1.296 million units, up 55% year-on-year, while plug-in hybrid vehicle exports reached 718,000 units, marking a year-on-year increase of 220% [1] Company Performance - Chery exported 1.063 million vehicles in the first ten months, a year-on-year increase of 12.9%, accounting for 18.9% of total exports [1] - BYD exported 789,000 vehicles in the same period, representing a year-on-year growth of 140% [1] - BYD plans to exceed 1.6 million vehicle exports by 2026 [1]

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 ...