1月，轻客市场表现不佳。尤其在上月4.4万辆年度最高销量映衬下，更显黯淡；而且，本月不足2.7万辆的销量表现，直接突破了2025年全年的最低值（2 月2.8万辆）；同环比双降，可谓开局不利。 | | | 2026年1月轻客Top10企业销量排名(单位:辆) | | | | | --- | --- | --- | --- | --- | --- | | 排名 | 指标名称 | 本月完成 | 市场份额% | 环比增长* | 比同期增长* | | 1 | 上汽大通 | 7002 | 25. 95 | 1.97 | 21. 77 | | 2 | 江铃汽车 | 6519 | 24. 16 | -34. 22 | 28. 45 | | 3 | 长安汽车 | 4102 | 15. 2 | -71.63 | -58. 69 | | 4 | 福田汽车 | 2926 | 10. 84 | -11. 76 | 3.54 | | 5 | 南京依维柯 | 1608 | 5.96 | 32. 56 | -26. 94 | | ნ | 江淮汽车 | 1475 | 5. 47 | 12. 25 | 34. 7 | | 7 | 厦门金龙 | ...

转自：前瞻产业研究院 以下数据及分析来自于前瞻产业研究院新能源客车研究小组发布的《中国新能源汽车行业市场前瞻与投 资战略规划分析报告》 新能源客车是当前我国汽车行业企业在新能源领域研发生产和竞争的重点领域之一。近年来在国家不断 出台鼓励新能源客车发展政策的情况下，国内新能源客车市场得以快速发展。目前，我国新能源客车产 业的上市公司数量较多，分布在各产业链环节。其中，涉及核心的新能源客车整车制造的上市公司主要 有宇通客车、中通客车、亚星客车、安凯客车、福田汽车、金龙汽车、比亚迪、东风汽车、长安汽车 等。 | 产业链环节 | 公司简称(股票代码) | 要点 | 关联度 | | --- | --- | --- | --- | | | 首钢股份(000959.SZ) | 具备完整的钢材生产工艺流程,高端板材产品处于国内 领先地位 | ★ | | | 包钢股份(600010.SH) | 中国重要的钢铁工业基地、世界主要的稀土工业基地 | ★ | | | 赣铬锂业(002460.SZ) | 全球第三大及中国前列的锂化合物生产商及全球前列的 | ★ | | 基础原材料 | | 程化出壁巡 | | | | 天著股份(6052 ...

国家知识产权局信息显示，厦门金龙汽车新能源科技有限公司申请一项名为"一种基于实时动态参数的 高压配电系统电耗管理方法"的专利，公开号CN121562963A，申请日期为2025年10月。 专利摘要显示，本发明公开了一种基于实时动态参数的高压配电系统电耗管理方法，涉及电动汽车技术 领域，该方法核心在于通过多源数据融合与动态补偿算法，构建高压配电系统的电耗预测模型，电耗预 测模型的输入特征包括至少两个关键参数，输出标签为通过细化分项计算和损耗补偿所修正的整车总电 耗，因此具有预测精度高、预测泛化能力强等优点，为高压配电系统实现电耗的精细化动态管理提供了 准确、可靠的数据支撑。此外，该方法通过设定多个风险判断条件并结合高压附件分级调控方案实现潜 在能耗危机识别和能量分配管理，确保安全功能优先响应，有效避免因能耗过载引发的续航骤降问题， 显著提升风险调控的安全性与可靠性。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 财经频道更多独家策划、专家专栏，免费查阅>> 天眼查资料显示，厦门金龙汽车新能源科技有限公司，成立于2016年，位于厦门市，是一家以从事研究 和试验发展为主 ...

2026年1月份，我国客车市场同比下降6%，整体销售3.52万辆。作为客车市场中占比最大的细分市场，在2025年4-12月收获同比"9 连增"的轻客市场表现如何？能否收获"开门红"？ 2026年首月，轻客行业格局有何变化？ 请看第一商用车网的分析报道。 第一商用车网最新获悉，根据中汽协数据（企业开票数口径，非终端实销口径，下同），2026年1月份，我国客车市场（含底盘）销售 3.52辆，环比下降45%，同比下降6%。其中，轻型客车销售2.70万辆，环比下降39%，同比下降12%，同比增幅遭遇转负，这一轮 长达9个月的连增势头就此终结。 大通/江铃份额超20%争冠，江淮/福田/厦门金龙等逆增 2026年1月份，轻客市场整体销量同比下降12%，主流企业有增有降。 | 1月排名 | 企业/意计 | 1月销量 | 月度份额 | | | 同比增长 本年累计 同期累计 累计增长 | | 累计份额 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2.70万 | 100% | -12% | 2.70万 | 3.06万 | -12% | 100% ...

Core Viewpoint - The public transportation group of Dongying City has announced the results of its procurement project for new energy buses, with suppliers selected for different packages of the project [1]. Group 1: Procurement Results - Package A and C were awarded to Geely Sichuan Commercial Vehicle Co., Ltd., which will supply 20 units of approximately 10.5-meter new energy buses and 20 units of over 8.5-meter new energy buses [1]. - Package B was awarded to Xiamen Jinlong United Automotive Industry Co., Ltd., which will supply 20 units of approximately 10.5-meter new energy buses [1]. - The budget amounts for packages A, B, and C were set at 20 million yuan, 20 million yuan, and 17 million yuan respectively [1]. Group 2: Project Details - The project is titled "Dongying City Public Transportation Group Co., Ltd. New Energy Bus Procurement Project" [6]. - The procurement announcement was published on January 15, 2026, and the evaluation date was February 12, 2026 [6][7]. - Contact information for the procurement entity includes Mr. Feng, located at 448 Jiaozhou Road, Dongying City, with a contact number of 0546-8308103 [6][7].

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% over the next six months [35]. Core Insights - The report highlights a recovery in the passenger vehicle sector, driven by the implementation of subsidy policies and a shift in consumer demand. It emphasizes the importance of focusing on high-end electric vehicle manufacturers that are less sensitive to policy fluctuations, such as Jianghuai Automobile and Geely [25][26]. - In the heavy truck segment, the report anticipates a positive outlook for 2026, projecting domestic sales to reach 800,000 to 850,000 units, a year-on-year increase of 3% [30][28]. - The bus market is expected to see growth in 2026, with a conservative estimate of 40,000 units sold, reflecting a 40% year-on-year increase, supported by the continuation of subsidy policies [30][29]. - The motorcycle sector is projected to achieve total sales of 19.38 million units in 2026, a 14% increase year-on-year, with a significant focus on the large-displacement motorcycle market [26]. Summary by Sections Passenger Vehicles - Short-term recovery is anticipated in the passenger vehicle sector due to established subsidy policies, with a focus on high-end electric vehicles and companies less affected by policy changes [25][26]. - Key companies to watch include Jianghuai Automobile, Geely, Great Wall Motors, and BYD, among others [25]. Heavy Trucks - In 2025, wholesale heavy truck sales reached 1.144 million units, a 26.8% increase year-on-year, with domestic sales of 799,000 units, up 32.8% [30]. - The report recommends leading heavy truck manufacturers such as China National Heavy Duty Truck Group, Weichai Power, and FAW Jiefang [30][28]. Buses - The bus market saw a slight decline in 2025, with sales of 29,000 units, down 6% year-on-year. However, a rebound is expected in 2026, with a projected 40% increase in sales [30][29]. - Recommended companies include Yutong Bus and King Long [30]. Motorcycles - The motorcycle industry is forecasted to grow, with total sales expected to reach 19.38 million units in 2026, a 14% increase year-on-year, driven by large-displacement models [26]. - Recommended companies include Chunfeng Power and Longxin General [26].

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [6] Core Insights - The automotive market is experiencing a significant shift with new energy vehicle brands showing varied sales performance, highlighting the advantages of brand recognition [1][22] - Over twenty provinces and cities in China have introduced subsidy policies to stabilize the automotive market amid downward pressure [2][26] - Internationally, Canada is opening up to cooperation with Chinese electric vehicle manufacturers, indicating a trend towards collaborative ventures in the automotive sector [3][42] Summary by Sections Market Overview - In January 2026, several new energy vehicle brands reported their delivery volumes, with significant year-on-year growth for some, such as Hongmeng Zhixing, which delivered 57,915 vehicles, a 65.6% increase [1][20] - The overall market is characterized by a "year-on-year increase, month-on-month decrease" trend, with many companies launching attractive financing options to stimulate demand [22][23] Policy Developments - The Chinese government has rolled out various consumer incentives, including trade-in and purchase subsidies, to support automotive consumption [2][26] - The Canadian government is set to announce new fuel efficiency standards and reintroduce purchase subsidies for electric vehicles, reflecting a shift in policy towards supporting the automotive industry [3][42] Investment Recommendations - The report suggests focusing on companies with strong brand recognition and systematic capabilities, as they are likely to present long-term investment opportunities [4] - The anticipated positive impact of government policies on the automotive market is highlighted, along with the potential for Chinese automotive companies to expand internationally [4]

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The report highlights the official release of the world's first mandatory safety standard for automotive door handles, which will take effect from January 1, 2027. This standard emphasizes safety in design and functionality, requiring independent mechanical release features for each side door and specific structural strength requirements [21][22] - The Ministry of Industry and Information Technology (MIIT) is accelerating the development of key standards related to driving automation and collision safety, aiming to enhance the safety and quality of the automotive industry [21] - The A-share automotive sector outperformed the broader market, with a weekly increase of 0.32%, while the CSI 300 index fell by 1.33% [3][12] Market Performance - The automotive sector's performance ranked 12th among A-share industries, with notable gains in the passenger vehicle segment led by companies like Seres and Haima [3][4] - The commercial vehicle segment saw significant increases, particularly for Jinlong Automobile and Foton Motor, while the automotive parts sector also experienced growth, with leading companies including Xingmin Zhitong and Yinlun [6][19][20] Key Industry News - Strategic partnerships and technological advancements are highlighted, such as the collaboration between Pony.ai and Moore Threads for L4 autonomous driving technology [21] - Changan Automobile's introduction of sodium-ion batteries in collaboration with CATL, aiming for multiple passenger vehicle launches this year [21] - The launch of a vehicle replacement subsidy program in Shanghai, offering an 8% subsidy for purchasing new energy vehicles [21] Upstream Data Tracking - The report includes tracking of key material prices relevant to the automotive industry, such as steel, aluminum, and lithium carbonate, which are critical for production costs [24][25]

Group 1 - The core viewpoint of the article is that after the peak of the new energy vehicle replacement cycle, the bus market in 2026 is expected to return to a state of stagnation, with maintaining sales levels being a positive outcome. The industry should focus on eliminating weaker companies to allow stronger ones to gain market share and profit margins, rather than solely pursuing volume growth [1][3]. Group 2 - Recent performance forecasts for A-share listed bus companies indicate significant divergence in profitability for 2025, with some companies expecting nearly double net profit growth while others face "growth without profit" [2]. - Jinlong Automobile and Zhongtong Bus are projected to see substantial net profit increases in 2025, while Ankai Bus is expected to shift from profit to loss [6][8]. - The bus industry is experiencing a small growth peak in 2025, with sales of buses over 6 meters reaching 137,212 units, a year-on-year increase of 8.84% [2]. Group 3 - Jinlong Automobile anticipates a net profit of approximately 463 million yuan in 2025, a year-on-year increase of 193.68%, driven by growth in overseas markets [6]. - Zhongtong Bus expects a net profit between 320 million and 410 million yuan, with a year-on-year growth of 28.28% to 64.36% [7]. - Yutong Bus, which did not release a full-year forecast, achieved a net profit of 3.292 billion yuan in the first three quarters of 2025, a year-on-year increase of 35.38% [8]. Group 4 - Ankai Bus is projected to incur a loss of 50 million to 60 million yuan in 2025, primarily due to intense market competition leading to a decline in product gross margins [8]. - The company has struggled with profitability since 2013, with only one year of positive non-recurring net profit [8]. Group 5 - The article emphasizes the importance of internationalization for bus companies, stating that without expanding into overseas markets, companies may struggle to compete domestically [11]. - The demand for buses in international markets is expected to grow, particularly for new energy vehicles, as older buses require replacement [12].

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].