宇通客车公告称，2025年12月生产量7066辆，同比增长2.35%，本年累计49356辆，同比增4.89%；销售 量8864辆，同比增长2.89%，本年累计49518辆，同比增5.54%。分类型看，大型、中型客车产销量同比 多数增长，轻型客车12月产销量同比下降，但全年累计量大幅增长，生产量累计增长30.68%，销售量 累计增长30.89%。最终数据以定期报告为准。 ...

Core Viewpoint - In December 2025, the sales of new energy tractors in China reached a record high of 28,600 units, marking a year-on-year increase of 195% and a month-on-month increase of 45% [3][20]. Group 1: Market Performance - The total sales of new energy heavy trucks in December 2025 reached 34,500 units, representing a year-on-year increase of 191% [1]. - The new energy tractor market achieved a monthly sales record with a total of 28,600 units sold in December, which is approximately 2.95 times the sales of December 2024 [3][20]. - The year 2025 saw a cumulative sales figure of 158,300 units for new energy tractors, reflecting a year-on-year growth of 223% [12]. Group 2: Regional Insights - In December 2025, all 30 provincial-level administrative regions in China reported new sales of new energy tractors, with 26 regions adding over 100 units each [4]. - Shanghai led the sales with over 7,000 new energy tractors sold in December, followed by Shanxi with nearly 4,000 units [4][6]. Group 3: Company Performance - In December 2025, 12 companies sold over 100 new energy tractors, with 9 companies exceeding 1,000 units. XCMG topped the list with 4,222 units sold [8][9]. - The top three companies in cumulative sales for 2025 were Jiefang (25,400 units), XCMG (24,900 units), and SANY (22,200 units), all exceeding 20,000 units [12][14]. - The market share of the top five companies in 2025 was over 10%, with Jiefang at 16.0%, XCMG at 15.7%, and SANY at 14.1% [18].

同壁财经讯，企查查数据显示，根据《巨化集团有限公司危化安全生产救援队伍设备更新项目（标段 三）二次中标结果公告》，宇通客车股份有限公司于2026年1月4日公告中标巨化集团有限公司采购项 目，中标金额为202.26万元。 相关上市公司：宇通客车(600066.SH) 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%。 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《巨化集团有限公司危化安全生产救援队伍设备更新项目（标段 三）二次中标结果公告》，宇通客车股份有限公司于2026年1月4日公告中标巨化集团有限公司采购项 ...

Group 1 - Citigroup reports that China's new vehicle replacement subsidy policy for 2023 maintains the subsidy cap from last year but changes the calculation method to a percentage of vehicle price instead of a fixed amount [1] - Only new energy vehicles priced above 166,700 RMB and fuel vehicles above 150,000 RMB qualify for the maximum subsidy under the scrappage policy; under the replacement policy, new energy vehicles priced above 187,500 RMB and fuel vehicles above 216,700 RMB qualify [1] - The new subsidy policy may accelerate market consolidation for entry-level models (average price below 160,000 RMB), benefiting companies like BYD, Geely, and Great Wall Motors due to their cost control and export profit leverage [1] Group 2 - Citigroup predicts that China's passenger car retail sales in Q4 last year may deviate from normal seasonal fluctuations by approximately 700,000 to 800,000 units; even if this sales volume is fully added back in Q1 this year, wholesale sales are expected to decline by 33% quarter-on-quarter (8% year-on-year) [2] - Citigroup also anticipates that Pony.ai-W's H-shares will enter the Hong Kong Stock Connect around mid-2026 [2]

Group 1 - Citigroup reports that China's new vehicle replacement subsidy policy for 2023 maintains the subsidy cap from last year but changes the calculation method to a percentage of vehicle price instead of a fixed amount [1] - Under the scrappage policy, only new energy vehicles priced above 166,700 RMB and fuel vehicles above 150,000 RMB qualify for the maximum subsidy; under the replacement policy, new energy vehicles priced above 187,500 RMB and fuel vehicles above 216,700 RMB qualify for the maximum subsidy [1] - The new subsidy policy may accelerate market consolidation for entry-level models (average price below 160,000 RMB), benefiting companies like BYD, Geely, and Great Wall Motors due to their cost control and export profit leverage [1] Group 2 - Citigroup predicts that China's passenger car retail sales in Q4 last year may deviate from normal seasonal fluctuations by approximately 700,000 to 800,000 units; even if this sales volume is fully added back in Q1 this year, wholesale sales are expected to decline by 33% quarter-on-quarter (8% year-on-year) [2] - The company anticipates that Pony.ai's H-shares will enter the Hong Kong Stock Connect around mid-2026 [2]

Core Viewpoint - Citigroup's report indicates that the mainland has updated its vehicle trade-in subsidy policy for 2023, shifting from fixed amounts to percentage-based calculations based on vehicle prices [1] Summary by Category Subsidy Policy Changes - The subsidy cap remains unchanged from last year, but eligibility is now based on vehicle price percentages rather than fixed amounts [1] - For scrapping and updating policies, only new energy vehicles priced above 166,700 yuan and fuel vehicles above 150,000 yuan qualify for the maximum subsidy [1] - Under the trade-in policy, only new energy vehicles priced above 187,500 yuan and fuel vehicles above 216,700 yuan are eligible for the maximum subsidy [1] Market Implications - The new subsidy structure may accelerate market consolidation for entry-level models (average price below 160,000 yuan) [1] - Companies like BYD, Geely, and Changan, which have advantages in cost control and higher profit margins from export businesses, may gain a competitive edge in the domestic market compared to smaller, loss-making car manufacturers [1] Commercial Vehicle Subsidies - The subsidies for commercial trucks and urban buses will remain unchanged from last year, which is expected to benefit companies like Yutong Bus and China National Heavy Duty Truck Group [1]

Group 1 - The commercial vehicle sector increased by 0.25% on December 31, with Zhongtong Bus leading the gains [1] - The Shanghai Composite Index closed at 3968.84, up 0.09%, while the Shenzhen Component Index closed at 13525.02, down 0.58% [1] - Key stocks in the commercial vehicle sector showed varied performance, with Zhongtong Bus closing at 11.42, up 4.20%, and Jinlong Automobile at 17.74, up 2.90% [1] Group 2 - The commercial vehicle sector experienced a net outflow of 88.46 million yuan from institutional investors, while retail investors saw a net inflow of 57.80 million yuan [2] - The trading volume and turnover for key stocks varied, with Jinlong Automobile having a turnover of 3.92 billion yuan and Zhongtong Bus at 3.30 billion yuan [2] - The net inflow from retail investors for several stocks, including Yutong Bus and Ankai Bus, indicated mixed investor sentiment [3]

Core Insights - The Chinese automotive industry is entering a new development phase as the "14th Five-Year Plan" concludes, with a focus on the impact of technology and market dynamics on the sector [1] - Yutong Group is positioned as a leading enterprise in the new energy commercial vehicle sector, showcasing a model for industry leadership through significant breakthroughs planned for 2025 [1][4] Group 1: Yutong's Technological Advancements - Yutong's innovation strategy is systematic, focusing on platform construction and strategic layout, achieving over 10% improvement in product range and a 20% reduction in operational costs [2] - The self-developed electric platform "Rui Control E Platform" integrates hardware and software, enhancing product competitiveness in the commercial vehicle sector [2] - Yutong's heavy-duty truck "Yuanjie T800" features an 800 kWh battery, extending its range to over 550 kilometers, facilitating entry into the medium and long-distance logistics market [2] Group 2: Globalization and Customization - Yutong is expanding its growth boundaries through globalization and customization, developing unique competitive advantages tailored to different market demands [3] - The company is not merely exporting products but extending its core technology capabilities through localized services, achieving bulk operations in various countries [3] - Continuous investment in R&D and participation in industry standards solidify Yutong's leadership position, driving product performance optimization and industry technology upgrades [3] Group 3: Industry Leadership and Recognition - Yutong's capabilities in core technology autonomy, global customization, and industry standard leadership position it as one of the few companies in the domestic new energy commercial vehicle sector with depth in technology and breadth in market reach [4] - The company has been recognized in the "2025 Automotive Industry Influence Yearbook" as a pioneering leader in the new energy commercial vehicle sector, reflecting its sustained industry impact [4]

证券之星消息，12月30日商用车板块较上一交易日上涨0.27%，金龙汽车领涨。当日上证指数报收于 3965.12，下跌0.0%。深证成指报收于13604.07，上涨0.49%。商用车板块个股涨跌见下表： 从资金流向上来看，当日商用车板块主力资金净流出9307.09万元，游资资金净流入6316.26万元，散户资 金净流入2990.83万元。商用车板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000951 | 中国車汽 | 2942.02万 | 15.66% | -126.24万 | -0.67% | -2815.78万 | -14.98% | | 600686 | 金龙汽车 | 1813.28万 | 8.16% | 2706.60万 | 12.17% | -4519.88万 | -20.33% | | 000957 | 中通客车 | 946.80万 | 8.54% | 631.50万 | ...

（编辑 楚丽君） 证券日报网讯 12月29日，宇通客车在互动平台回答投资者提问时表示，公司坚持"以员工为中心"的经 营管理理念，在员工生育和育儿方面有多项福利政策，例如公司员工可享有婚假、产前检查假、产假、 哺乳假、生育护理假、产假补充事假、育儿假等；公司每年组织暑期托管班，为员工子女提供托管服 务；公司每年暑期面向全体员工子女举办主题夏令营，搭建亲子互动、成长学习的平台等。具体情况可 详见公司发布的《2024年度社会责任暨可持续发展（ESG）报告》。 ...