Group 1 - The core point of the article is that Yutong Bus (600066) announced the balance of guarantees provided to its subsidiaries and related enterprises as of January 31, 2026, amounting to 2.793 billion yuan, which represents 20.81% of the company's most recent audited net assets [1] - The company reported that there are no overdue guarantees [1] - There are no guarantees provided to the controlling shareholders, actual controllers, or their related parties [1]

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（ ...

宇通客车股份有限公司 关于担保计划范围内担保进展的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：600066 证券简称：宇通客车 编号：临2026-004 重要内容提示： 根据上海证券交易所相关披露要求，公司对担保计划范围 内的担保进展情况进行月度汇总披露。 公司全资子公司： 1、香港宇通国际有限公司（以下简称"香港宇通"） 2、宇威顺通（南京）汽车销售服务有限公司（以下简称"南京宇威顺通"） 3、YUTONG FRANCE S.A.S.（以下简称"法国宇通"） 累计担保情况 | 对外担保逾期的累计金额（万元） | / | 截至 | 2026 | 年 | 1 | 月 | 31 | 日，公司对控股 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 子公司及控股子公司之间相互提供的 | 27.93 | 担保和对销售业务链相关企业提供的 | | | | | | | | 担保余额为（亿元） | 上述对外担保余额占上市公司最近一 | | | | | ...

宇通客车公告称，2026年1月，公司对控股子公司及相互间担保发生额3.17亿元，员工住房项目子公司 为购房人提供阶段性担保发生额404.20万元。本次担保在2025年预计额度内，无需其他审批。截至1月 31日，公司相关担保余额27.93亿元，占最近一期经审计净资产的20.81%，无逾期担保。本次对资产负 债率超70%的单位提供了担保。 ...

Group 1: Economic Growth and Industrial Performance - The industrial added value of Zhengzhou is projected to grow by 9% year-on-year by 2025, with over 70% of industries experiencing growth [1][2] - Among the 38 major industrial categories, 27 are expected to maintain growth, increasing the growth rate by 8.9 percentage points compared to 2024 [2] - Key industries such as electronics and automotive manufacturing are expected to see added value growth of 16.2% and 11.9% respectively, contributing 6.4 percentage points to the overall industrial growth [2] Group 2: Leading Enterprises and Their Contributions - Leading companies like Yutong Bus, Antu Bio, and Super Fusion are driving industrial transformation in Zhengzhou [3] - Yutong Group is expected to sell 63,798 commercial vehicles in 2025, achieving a revenue of 49.38 billion yuan, a year-on-year increase of 11.4% [3] - Yutong's sales of new energy buses are projected to grow by 22.94%, with exports reaching 17,149 units, a 22.49% increase [3][4] Group 3: Research and Development Investments - Antu Bio's R&D investment reached 545 million yuan in the first three quarters of 2025, accounting for 17.42% of its revenue, with over 1,000 medical device registrations [4] - Super Fusion, established in Zhengzhou in 2021, aims for a revenue target of 50 billion yuan in 2025, with rapid growth in its server business [4] Group 4: Systemic Competitiveness and Future Outlook - Zhengzhou's economic total is expected to exceed 1.5 trillion yuan by 2025, reflecting both quantitative and qualitative transformations [5] - The city has become a pilot for comprehensive market-oriented reform, enhancing its development potential [6] - Zhengzhou's talent pool has surpassed 3.2 million, supported by initiatives like the "Zheng Gathering Talent Plan" [6]

1 月国内拖累销量增速表现，出口预计保持稳健增长：1 月公司实现客车销量1,728 辆，同比下降32%， 环比下降81%，环比符合过往行业季节性波动，同比表观增速承压预计主要受国内市场拖累，出口则保 持稳健增长，新能源出口在同期低基数下预计同比增速强劲。回顾2025 年，公司客车出口总量超1.7 万 辆，同比增长22.5%，位居行业第一；新能源出口达4,011 辆，同比增长48.6%，位列行业第二。展望未 来，随着海外渠道与服务网络持续完善，公司对海外客户吸引力与复购黏性有望增强，出口正成为中长 期增长的核心驱动力。 事件：2 月3 日，公司发布2026 年1 月产销快报，实现客车销量1,728 辆，同比下降32.2%、环比下降 80.5%；实现客车产量2,167 辆，同比下降15.4%、环比下降69.3%。 盈利预测：2025-2027 年公司有望实现营业收入423.1、496.8、570.5 亿元，归母净利润50.3、62.3、73.7 亿元，维持"推荐"评级。 风险提示：行业竞争加剧；原材料价格波动；关税等贸易壁垒风险。 再获荷兰电动客车大单，持续验证新能源出口成长逻辑：近日，荷兰公共交通运营商Arri ...

- 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]

【中信汽车】宇通客车：1月销量系正常季节波动，持续看好出口成长 1月宇通客车销量1728台（同比-32%，环比-81%），其中大中客销量1324台（同比-35%，环比-82%） 内销销量约1200台（同比-42%，环比-73%），出口销量约500台（同比+17%，环比-88%），其中，出口新能源销 量约66台（同比+120%，环比-95%） 我们认为宇通客车的1月销量波动为正常季节性影响，特别是国内新能源受政策切换期影响较大，但出口依然实现 了同比的增长。 【中信汽车】宇通客车：1月销量系正常季节波动，持续看好出口成长 1月宇通客车销量1728台（同比-32%，环比-81%），其中大中客销量1324台（同比-35%，环比-82%） 内销销量约1200台（同比-42%，环比-73%），出口销量约500台（同比+17%，环比-88%），其中，出口新能源销 量约66台（同比+120%，环比-95%） 我们认为宇通客车的1月销量波动为正常季节性影响，特别是国内新能源 ...

【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%。 ...