Core Points - The 20th "Golden Roundtable Award" ceremony for Chinese listed companies was held in Jiangyin, attended by over 200 guests including executives, scholars, and media representatives, highlighting achievements in corporate governance [1][2][3] - The event recognized over 100 listed companies with a total market value exceeding 10 trillion, including 16 companies with market values over 100 billion [1][2] Group 1 - The opening speech by Li Zhenqiang emphasized the importance of the "Golden Roundtable Award" as a platform for consensus and wisdom, aiming to support the transformation and upgrading of Chinese listed companies [2][3] - Jiangyin's Vice Mayor Ji Zhen highlighted the city's achievements as a manufacturing hub, with 66 listed companies and a total market value exceeding 300 billion, positioning Jiangyin as a leader among county-level cities [5][6] Group 2 - Liu Yunhong, a professor, discussed the development of corporate governance rules in China, identifying six key issues in current practices and advocating for a shift from "formal compliance" to "substantive effectiveness" [12] - Zhu Zhengyi shared insights from Longji Technology's acquisition of Xingke Jinpeng, emphasizing the strategic role of corporate secretaries in governance [12][13] - Su Mei analyzed the trends in the A-share market under the registration system, stressing the importance of value management for high-quality development [15] Group 3 - The award ceremony recognized outstanding companies and individuals in various categories, including "Most Influential Independent Director" and "Excellent Board of Directors," showcasing achievements in governance and value creation [18][20][33] - The "Best Board of Directors" award was presented to leading companies such as Weichai Power and China Ping An, reflecting their exemplary governance practices and strategic foresight [33][36]

Core Viewpoint - The phenomenon of "AH share premium inversion" is observed in six companies, where H-shares are priced higher than A-shares, attributed to low liquidity and foreign investors' preference for industry leaders [1][2]. Group 1: Market Dynamics - The Heng Seng AH Share Premium Index (HSAHP) remains above 120, indicating a 20% premium of A-shares over H-shares [1]. - The six companies experiencing this inversion include CATL, China Merchants Bank, Hengrui Medicine, Weichai Power, WuXi AppTec, and Midea Group [2]. - The market sees a preference for newly listed stocks in the H-share market, which have lower liquidity, leading to higher valuations [2]. Group 2: Liquidity and New Listings - The "inversion" stocks are characterized by a high proportion of newly listed shares, with three of the six companies listed for less than a year [2]. - The market capitalization of H-shares is often significantly smaller than that of A-shares, contributing to the liquidity scarcity and price inversion [2]. - As institutional investors gradually exit their IPO allocations, the liquidity in the H-share market is expected to increase, potentially narrowing the premium [2]. Group 3: Foreign Investment Preferences - Foreign investors show a strong preference for industry leaders that have established market positions and stable financials [3][4]. - These companies typically operate in traditional sectors such as finance, energy, and infrastructure, which have predictable profit models [3]. - The preference for H-shares is also driven by the perception of higher growth potential and better governance structures in these companies [4]. Group 4: Examples of Inversion - BYD and China Merchants Bank are highlighted as typical examples of companies where H-shares occasionally exhibit a premium over A-shares [5]. - The presence of monopolistic characteristics in H-shares can attract foreign investment, as these companies are often seen as irreplaceable in the global market [5].

Group 1 - The core viewpoint is that the heavy truck industry demand growth is expected to slow down to a year-on-year increase of 3% in 2026, following a significant growth of 21% in 2025, primarily due to a high base formed by accelerated sales since mid-2025 [1][2] - Despite the slowdown in the heavy truck industry, the company Weichai Power (02338) is anticipated to benefit from explosive growth in its data center backup power engine business [1][2] - Weichai Power's total engine sales are projected to grow by 8% in 2025 and 3% in 2026, with profit margin expansion expected due to sustained high demand for heavy trucks and increased contribution from high-margin data center engines [1][2] Group 2 - The institution has raised its earnings forecast for 2025E-2027E by 1-5% based on the latest industry predictions and has rolled forward the valuation benchmark year to 2026E [1][2] - The target prices for A-shares and H-shares have been adjusted upwards to RMB 22.3 and HKD 21.9, respectively, based on a sum-of-the-parts valuation [1][2] - The institution maintains a "Buy" rating for Weichai Power [1][2]

Core Viewpoint - 招银国际 has raised the target price for Weichai Power (02338) by 12% from HKD 19.5 to HKD 21.9, maintaining a "Buy" rating [1] Group 1: Earnings Forecast - The earnings forecast for 2025-2027 has been increased by 1-5% based on the latest industry predictions [1] - The heavy truck industry demand growth is expected to slow to a year-on-year increase of 3% in 2026, primarily due to a high base formed by accelerated sales growth since mid-2025 [1] Group 2: Business Growth - The company is expected to continue benefiting from explosive growth in the data center backup power engine business [1] - Total engine sales (across all categories) are projected to grow by 8% and 3% in 2025 and 2026, respectively, with profit margin expansion anticipated [1] - The sustained high demand for heavy trucks in 2026 and the increased contribution from high-margin data center engines are key drivers for this growth [1]

Core Viewpoint - 招银国际 has raised the target price for Weichai Power (000338)(02338) by 12% from HKD 19.5 to HKD 21.9, maintaining a "Buy" rating [1] Company Summary - The firm has adjusted its profit forecasts for Weichai Power for the years 2025-2027 upwards by 1-5% based on the latest industry predictions [1] - The company is expected to benefit from explosive growth in the data center backup power engine business [1] - Total engine sales for the company are projected to grow by 8% and 3% in 2025 and 2026 respectively, with profit margin expansion anticipated due to sustained high demand in the heavy truck sector and increased contribution from high-margin data center engines [1] Industry Summary - The heavy truck industry demand growth is expected to slow to a year-on-year increase of 3% in 2026, primarily due to a high base formed by accelerated sales growth since mid-2025 [1]

Core Insights - A-shares have lower trading costs and better market liquidity compared to H-shares, with a current premium of approximately 20% for A-shares as indicated by the Hang Seng AH Premium Index (HSAHP) being above 120 [1][2] - A peculiar situation has arisen where H-shares of certain companies, such as CATL, are trading at higher prices than their A-shares, attributed to factors like limited liquidity and the preference of overseas investors for industry leaders [1][2][3] Group 1: Market Dynamics - The six companies experiencing H-share price premiums over A-shares include CATL, China Merchants Bank, Hengrui Medicine, Weichai Power, WuXi AppTec, and Midea Group [2] - The phenomenon of H-share price premiums is linked to the smaller market capitalization of H-shares compared to A-shares, leading to relative scarcity in liquidity [2][3] - Newly listed companies in the H-share market tend to have lower trading volumes, which can lead to inflated prices due to concentrated holdings by large institutions [2][3] Group 2: Investor Preferences - Foreign investors show a preference for industry leaders that have established market positions and stable financials, often leading to higher valuations in the H-share market [4][5] - Companies with strong brand recognition and stable profitability are more likely to attract foreign investment, as these factors align with the long-term investment strategies of international investors [4][5] - The preference for H-shares over A-shares is also influenced by the perceived growth potential and governance standards of the companies involved [4][5] Group 3: Specific Company Examples - CATL's H-shares were observed to have a premium of over 30% shortly after listing, which has since narrowed to approximately 13% as liquidity increased [2] - Other examples of companies with close pricing between H-shares and A-shares include BYD and China Merchants Bank, reflecting positive market sentiment regarding their growth prospects and governance [5]

Core Insights - A-shares have lower trading costs and better market liquidity compared to H-shares, with an overall premium of 20% for A-shares as indicated by the Hang Seng AH Premium Index (HSAHP) remaining above 120 [1][2] - A peculiar situation has arisen where H-shares of certain companies, such as CATL, are trading at higher prices than their A-shares, attributed to factors like limited liquidity and the preference of overseas investors for industry leaders [1][2][3] Group 1: Market Dynamics - The six companies experiencing H-share price premiums over A-shares include CATL, China Merchants Bank, Hengrui Medicine, Weichai Power, WuXi AppTec, and Midea Group, with others like Zijin Mining and BYD showing closer price alignment [2][3] - The phenomenon of "inverted pricing" is largely due to the smaller market capitalization of H-shares compared to A-shares, leading to relative scarcity in liquidity which drives up prices [2][3] Group 2: Investor Preferences - Foreign investors show a strong preference for industry leaders that are scarce in the international market, often leading to higher valuations for these companies in H-shares [4][5] - Companies with stable financials and established operational histories, particularly in traditional sectors like finance and energy, tend to attract more foreign investment, reflecting differing growth expectations between domestic and international investors [3][4] Group 3: Future Outlook - As large institutional investors gradually exit their positions, the liquidity of H-shares is expected to increase, potentially narrowing the premium of H-shares over A-shares [2][4] - The case of CATL illustrates this trend, where its H-share premium over A-shares decreased from over 30% to approximately 13% following the unlocking of shares held by certain investors [2][4]

智通财经APP获悉，根据第一商用车网初步掌握的数据，2025年11月份，我国重卡市场共计销售10万辆 左右（批发口径，包含出口和新能源），环比今年10月下降约6%，比上年同期的6.85万辆大幅增长约 46%。 截止到目前，重卡市场已经实现了八连涨，从4月份一直涨到11月份，平均增速高达42%！ 新能源重卡刷新纪录，再创新高；天然气重卡"四连涨"并且连续三个月突破2万辆；此外，国内柴油重 卡11月份终端销量预计基本持平。 中信建投发布研报称，重卡内销前景稳健+出口持续增长，关注国内补贴延续性与龙头业绩超预期机 会。2026年国内置换需求释放，出口持续增长，有望支撑行业总量高位稳健。若补贴政策延续，景气度 有望再超预期。行业层面建议关注国内补贴政策延续情况、宏观扩内需政策力度以及出口增长持续性。 重卡相关产业链港股： 中国重汽(03808)：25H1公司实现新能源重卡销量9376辆，同比+220.3%（高于行业增速），市占率达 11.8%。伴随公司在新能源产品的全面布局，后续仍有望迎来新突破。分红方面，公司拟每股派息0.68 元，总金额为18.77亿元，分红比例54.8%，保持较高分红比例。海关总署数据，25H1 ...

Industry Overview - In November 2025, China's heavy truck market sold approximately 100,000 units, a month-on-month decrease of about 6% from October 2025, but a significant year-on-year increase of approximately 46% from 68,500 units in the same month last year [1] - The heavy truck market has experienced eight consecutive months of growth, with an average growth rate of 42% from April to November 2025 [1] - Strong terminal sales growth, driven by the policy promoting the scrapping and updating of old operating trucks, has supported domestic demand [1] New Energy and Gas Trucks - New energy heavy trucks have set new records, while natural gas heavy trucks have seen four consecutive months of growth, exceeding 20,000 units for three consecutive months [1] - Domestic diesel heavy truck terminal sales in November are expected to remain stable [1] Company Insights China National Heavy Duty Truck Group (China National Heavy Duty Truck) - In the first half of 2025, the company achieved sales of 9,376 new energy heavy trucks, a year-on-year increase of 220.3%, surpassing the industry growth rate, with a market share of 11.8% [2] - The company plans to distribute a dividend of 0.68 yuan per share, totaling 1.877 billion yuan, maintaining a high dividend payout ratio of 54.8% [2] - In the first half of 2025, heavy truck exports to non-Russian regions reached 143,000 units, a year-on-year increase of 35.8%, supporting overseas demand growth [2] Weichai Power - The scrapping subsidy is expected to stimulate a 10% recovery in industry sales in 2025, reaching 1 million units, benefiting the company as a leading heavy truck engine manufacturer [3] - The company delivered 5,000 large-bore engines in the first half of 2025, a year-on-year increase of 41%, with a projected total delivery of 11,000 large-bore engines for the year [3] - The company delivered 10,000 new energy heavy trucks, capturing a market share of approximately 12.6%, with expectations of 2-3 times growth in new energy products in the second half of the year [3]

Core Viewpoint - Weichai Power Co., Ltd. has made significant progress in its A-share repurchase plan, having repurchased approximately 50.25 million shares, representing about 0.58% of its total share capital, with a total expenditure of approximately 761 million yuan [1][3]. Summary by Sections Repurchase Plan Overview - The repurchase plan was approved on April 29, 2025, and subsequently ratified by shareholders on May 20, 2025. The company intends to use its own and self-raised funds for the repurchase, aiming to reduce registered capital [2]. - The total repurchase fund is set between 500 million yuan and 1 billion yuan, with an initial price cap of 23.57 yuan per share, later adjusted to a maximum of 22.86 yuan per share due to dividend distributions [2]. Latest Repurchase Progress - As of November 30, 2025, Weichai Power has repurchased 50,252,475 shares, accounting for approximately 0.58% of the total share capital. The highest and lowest repurchase prices were 15.43 yuan and 14.57 yuan per share, respectively. The total amount spent on repurchases reached approximately 761 million yuan, exceeding the lower limit of 500 million yuan by 152.30% and achieving 76.15% of the upper limit of 1 billion yuan [3]. Price Adjustment and Compliance - The adjustment of the repurchase price cap was primarily due to the company's dividend distributions. The price cap was adjusted from 23.57 yuan to 22.86 yuan, which remains above the average repurchase price of approximately 15.15 yuan per share [4]. - The company confirmed that the repurchase activities comply with relevant regulations, ensuring that transactions did not occur during restricted periods and that the prices did not exceed daily price limits [4]. Future Plans - Weichai Power plans to continue the repurchase scheme within the designated timeframe, which lasts until May 20, 2026. There remains approximately 239 million yuan available for future repurchases based on the upper limit of 1 billion yuan [5].