2025年1~11月，我国商用车累计销量387万辆，预计全年总销量约425万辆。对于2026年商用车市 场走势，业内已形成明确共识，即整体市场进入常态化平稳运行阶段，全年销量规模或将与2025年基本 持平。 （一）整体市场"内稳外进" 2025年，政策、技术与市场多重合力推动我国商用车行业完成关键蓄力。展望2026年，行业 正式迈入价值竞争新周期，结构升级提速、格局深度重塑的态势愈发清晰。梳理市场脉络，"内稳 外进"、"新能源化、智能化提速"、"价值深耕、生态协同"三大关键词，精准勾勒出全年发展图 景。 除新能源外，智能化成为企业打造差异化竞争力的关键方向。国家将智能化定为产业升级主线，推 动商用车向"智能移动平台"转型。行业预测，高阶智能辅助驾驶向L3/L4级迈进，未来三到五年呈规模 与渗透率上行等趋势。2026年商用车智能化将实现从技术研发到场景化商业落地的跨越，核心方向是 L4级自动驾驶特定场景应用与智能网联技术渗透，价值逻辑从 "技术炫技" 转向绑定运营场景、转化实 际运营价值（如头部企业借智能系统助力物流企业降本增效、保障安全）。同时，智能化与网联化将推 动从 "单车智能" 到 "全链协同"，构建人 ...

Core Viewpoint - The company has signed a strategic cooperation agreement with Beijing Automotive Group Co., Ltd. to collaborate in the field of new energy vehicle technology development and vehicle sales [1] Group 1: Cooperation Areas - The cooperation will involve resource sharing and professional collaboration in various areas including wheel product innovation and optimization [1] - Joint development of intelligent connected technology is a key focus of the partnership [1] - The agreement includes platform co-construction and operation, business model innovation, vehicle sales and procurement, and the establishment of industry standards [1] - Capital cooperation is also part of the strategic framework agreement [1] Group 2: Implementation Details - The specific cooperation content and implementation details are yet to be further defined and clarified [1]

Group 1 - The core message emphasizes the importance of deeply learning and implementing the spirit of the 20th Central Committee's Fourth Plenary Session, focusing on technological and industrial innovation to drive high-quality development in the northern economic region [1][2] - The company is encouraged to increase R&D investment in smart and connected technologies to support the high-quality development of the new energy vehicle industry [1] - There is a call to gather advantageous resources to create a digital economy industrial hub and to implement the "Artificial Intelligence +" initiative to cultivate new economic growth points [1] Group 2 - The meeting highlighted the significance of the 20th Central Committee's Fourth Plenary Session as a crucial political task for the current and future periods, focusing on high-quality development and the formulation of the 14th Five-Year Plan [2] - The company is urged to prioritize the interests of the public, addressing their needs and resolving issues to ensure social stability and harmony [2]

Core Insights - The 2025 Automotive Technology Leaders Forum will be held on October 29-30 in Wuxi, focusing on cutting-edge automotive technology trends and efficiently linking "technology, capital, and market" [1] - The forum is co-hosted by several organizations, including the China Automotive Technology Research Center and will feature over 300 attendees, including government leaders, industry experts, and CTOs from automotive and related sectors [1][2] Group 1 - The forum will include high-level closed-door meetings, such as the "Automotive Industry Technology Leaders Closed-Door Summit" and "Closed-Door Seminar on the Integration of Automotive and Embodied Intelligence Technology," addressing challenges in cross-industry collaboration and intelligent innovation [1] - The opening conference and three major technology forums will share advancements in smart connectivity, electrification, AI and robotics, and low-altitude economy, along with innovative pathways for system integration [1] - A "brainstorming" session is planned to facilitate efficient connections between innovative technologies and capital, aiming to build a new industrial ecosystem [1] Group 2 - The forum will gather technology leaders and representatives from vehicle manufacturing, core components, AI chips, embodied intelligence, low-altitude economy, and top research institutions, creating a platform for potential collaboration and exploring new opportunities for cross-industry integration [2] - Relevant institutions and companies are invited to register for participation, emphasizing the strategic opportunities for collaborative innovation [2]

Group 1 - The importance of safety in intelligent connected vehicles is receiving unprecedented attention, with a focus on ensuring safety while advancing AI technology in a scientific and orderly manner [1][2] - The automotive industry is urged to balance safety and development, addressing potential issues such as auxiliary driving safety, battery safety, data security, and privacy concerns [2] - The need for clear communication regarding the functional boundaries and correct usage of intelligent connected vehicles is emphasized to enhance public awareness and reduce safety risks caused by misunderstandings [1][2] Group 2 - The industry has experienced significant reflection following recent events, which is expected to promote progress in the intelligent driving sector [2] - There is a recognition that while machine driving has advantages over human driving, it also has inherent limitations, such as the inability to handle "long-tail scenarios" and risks associated with the black box effect [2] - Continuous innovation is essential for the development of safe autonomous vehicles, and a balance must be struck between safety and innovation to avoid hindering technological advancement [3]

Core Viewpoint - The core viewpoint emphasizes that in the development of fully intelligent and connected vehicles, the central position of users remains unchanged, and the technology must prioritize user safety and address real-world pain points [1] Group 1 - The chairman of Geely Holding Group, Li Shufu, stated that intelligent and connected technology should provide convenience and comfort to users while ensuring their safety [1] - The development of intelligent and connected technology should not be limited to concepts and parameters but must focus on solving actual user challenges [1] - The true value of technology lies in its ability to make users feel both convenience and safety in their experiences [1]

Group 1 - The company, Wanji Technology, announced the acquisition of 10 invention patents from the National Intellectual Property Administration, covering multiple technology areas including intelligent connected vehicles, ETC, and laser technology [2] - The patents were awarded to both the company and its subsidiaries, Wuhan Wanji Optoelectronic Technology Co., Ltd. and Suzhou Wanji Vehicle Networking Technology Co., Ltd. [2] - This development indicates the company's commitment to innovation and strengthening its position in the technology sector [2] Group 2 - The patents are expected to enhance the company's technological capabilities and potentially lead to new business opportunities in the intelligent transportation and connected vehicle markets [2] - The focus on areas such as intelligent networking and laser technology aligns with current industry trends towards automation and smart transportation solutions [2] - This strategic move may also improve the company's competitive edge in the rapidly evolving tech landscape [2]

Core Viewpoint - Bohai Automotive is planning a major asset restructuring involving the acquisition of four automotive parts companies under BAIC Group to improve its asset quality and expand its business segments [1][2][4] Group 1: Acquisition Details - Bohai Automotive has announced a suspension of trading for up to 10 trading days due to the planned acquisition of 51% stakes in Beijing Beiqi Moulding Technology Co., Ltd. and Langfang Andautuo Seat Co., Ltd., as well as 100% of the shares in Innoface Intelligent Technology (Beijing) Co., Ltd. and 50% in Langfang Leoni Wiring Systems Co., Ltd. [1][2] - The acquisition is expected to enhance the company's asset quality and business segments, as the selected companies have strong performance capabilities [2][3] Group 2: Financial Performance - Bohai Automotive has faced financial challenges, with revenues of 4.415 billion, 4.102 billion, 4.670 billion, and 4.227 billion from 2021 to 2024, and net profits of -90 million, -62 million, -199 million, and -1.264 billion during the same period [3][6] - The company reported a significant loss in 2024, with a net profit decline of 535.66% compared to the previous year, primarily due to bankruptcy filings and reduced orders from its subsidiaries [6] Group 3: Strategic Direction - The acquisition aligns with the automotive industry's shift towards new energy and intelligent development, allowing Bohai Automotive to diversify its portfolio and support its transition towards lightweight, electric, and intelligent automotive components [5][7] - The four targeted companies are positioned in traditional automotive parts, while one focuses on intelligent technology, indicating a strategic move to integrate traditional and innovative sectors [7]