潍柴动力（000338）(02338)午后涨超5%，截至发稿，涨5.08%，报25.6港元，成交额5.45亿港元。 消息面上，受益于订单强劲增长，GEV原计划于2026Q3实现燃机年产能20GW，公司现已前移至 2026H1完成目标，并进一步上调扩产计划至2028年24GW。为支撑产能上调，GEV预计于2025-2028年 持续投入100亿美元资本开支。东吴证券认为，由于燃机供应链高度复杂，并与航空、军工产业深度共 享上游资源，整体产能扩张节奏受限，难以快速匹配订单的爆发式增长，在此背景下，GEV此次上调 扩产目标进一步明确燃气轮机行业景气度持续上行趋势。 东吴证券表示，在AIDC建设加速背景下，电力供需缺口持续放大，燃气轮机行业有望开启新一轮上行 周期。AI数据中心建设带来大量用电需求，且对电力的可靠性、稳定性提出较高要求，燃机市场替代 空间大，看好国内设备商受益机会。长江证券指出，公司积极布局数据中心备用电源柴油发动机(大缸 径)和主用电源SOFC；其中大缸径业务已迎来快速放量周期，业绩持续兑现；SOFC海外需求旺盛，目 前公司已达成意向订单，随着项目2027年迎来规模量产，未来成长空间巨大。 ...

Group 1 - Weichai Power (02338) saw a stock increase of over 5%, reaching HKD 25.6 with a trading volume of HKD 545 million [1] - GEV has advanced its target for annual gas turbine production capacity from 20GW by Q3 2026 to H1 2026, and has raised its expansion plan to 24GW by 2028, supported by a capital expenditure of USD 10 billion from 2025 to 2028 [1] - The gas turbine industry is expected to experience a sustained upward trend due to strong order growth and the complex supply chain that limits rapid capacity expansion [1] Group 2 - The acceleration of AIDC construction is leading to an increasing power supply-demand gap, indicating a new upward cycle for the gas turbine industry [1] - The demand for electricity from AI data centers is significant, with high requirements for reliability and stability, creating substantial replacement opportunities in the gas turbine market [1] - Longjiang Securities highlights the company's active layout in backup power diesel engines and main power SOFC, with the large diameter business entering a rapid growth phase and SOFC showing strong overseas demand [1]

Core Viewpoint - The announcement of the first batch of 15 leading smart factories marks a significant leap in China's manufacturing sector from digitization and networking to a new stage characterized by deep applications of artificial intelligence, representing the highest level of intelligent manufacturing in the country [1][3][21]. Group 1: Overview of Leading Smart Factories - The first batch of leading smart factories includes companies from key industries such as equipment manufacturing, raw materials, and electronic information, showcasing the breadth and depth of China's intelligent manufacturing development [1][19]. - The 15 selected factories are distributed across 10 provinces and regions, including Shanghai, Jiangsu, Zhejiang, Shandong, and Hubei, reflecting a "multi-point breakthrough and full coverage" layout [2][20]. Group 2: Characteristics of Leading Smart Factories - Leading smart factories integrate advanced manufacturing technologies, next-generation information technologies, and lean management concepts, taking on the responsibility of exploring future manufacturing models [3][21]. - To qualify as a leading smart factory, six key elements are required: industry leadership, AI technology application leadership, innovative smart manufacturing model leadership, performance leadership, replication leadership, and nurturing plan leadership [6][24]. Group 3: Case Studies of Selected Companies - Changfei Fiber Optic has become a benchmark in the electronic information sector by integrating AI algorithms throughout its production process, achieving a drawing speed of 3,500 meters per minute with micro-level precision control [9][27]. - Weichai Power has implemented a digital and intelligent management system that reduces customer maintenance costs by an average of 30% through remote diagnostics and alerts for every engine sold [30]. - Baosteel is innovating with an AI-driven predictive manufacturing model that anticipates market demand, optimizing the entire supply chain and production process, with plans to establish 1,200 AI scenarios and 25 benchmark production lines by 2027 [14][34]. Group 4: Future Directions and Strategic Goals - The development of leading smart factories aligns with national strategies to promote intelligent, green, and service-oriented manufacturing, aiming to enhance China's position in the global supply chain [34][35]. - The exploration of future manufacturing models focuses on achieving high customization, complex production, and maintaining high efficiency, low costs, and high quality [28][36].

Group 1 - Weichai Power announced that it will accept investor research on January 21, 2026, with representatives Wang Li, Li Tingting, and Liu Han participating in the reception and answering investor questions [1]

Core Viewpoint - Weichai Power is making significant advancements in the SOFC (Solid Oxide Fuel Cell) sector, having developed core technologies in batteries, stacks, systems, and power stations, which positions the company for future commercial success [1] Group 1: Technological Advancements - The company has launched a new generation of high-power metal-supported commercial products, showcasing significant improvements in power generation efficiency, volume power density, start-stop cycles, and startup speed [1] - Weichai Power has established intention to cooperate with several leading domestic and international enterprises, laying the groundwork for large-scale commercialization [1]

Group 1: SOFC Business Development - The company is continuously deepening its SOFC (Solid Oxide Fuel Cell) business through technological innovations and market deployment, aiming to drive the development of this strategic emerging business [2] - In November 2025, the company signed a technology licensing agreement with Xilius for battery stack technology, enabling full mastery of core technologies related to batteries, stacks, systems, and power stations [2] - The company has launched a new generation of high-power metal-supported commercial products, achieving significant improvements in power generation efficiency, power density, start-up speed, and operational cycles, establishing a foundation for large-scale commercialization [3] Group 2: Data Center Business Progress - The rapid iteration of AI technology is accelerating the construction of computing power infrastructure, which is driving a significant expansion in the data center power equipment market and increasing demand for high-end engines [4] - The company has established a comprehensive energy solution capability through various technological routes and has successfully completed project deliveries in multiple domestic and international regions, with increasing market recognition [4] Group 3: New Energy Powertrain Layout - The company is accelerating its layout in new business areas, including pure electric power systems, fuel cells, and hybrid technologies, to flexibly respond to diverse market demands across different regions and applications [5] - Future strategies will focus on seizing opportunities in the new energy sector, leveraging the group's full industrial chain advantages to promote rapid development of new energy businesses [5] Group 4: Shareholder Return Outlook - The company is optimizing its profit structure and enhancing its performance and long-term competitiveness while actively increasing shareholder returns through frequent and high cash dividends and share buybacks [6] - Future shareholder return policies will consider various shareholder expectations and market conditions, maintaining a proactive and stable approach to enhance the company's investment value [6]

Core Viewpoint - The report highlights the current premium rates of AH shares, with Northeast Electric, Zhejiang Shibao, and Junda Co. leading in premium rates, while CATL, Hengrui Medicine, and China Merchants Bank are at the bottom of the list [1][2]. Premium Rate Rankings - Northeast Electric (00042) has a premium rate of 815.25%, followed by Zhejiang Shibao (01057) at 378.67% and Junda Co. (02865) at 342.63% [2]. - The lowest premium rates are recorded for CATL (03750) at -13.79%, Hengrui Medicine (01276) at -2.52%, and China Merchants Bank (03968) at -2.22% [1][2]. Deviation Values - Junda Co. (02865) has the highest deviation value at 104.89%, followed by Goldwind Technology (02208) at 23.62% and Guanghetong (00638) at 20.17% [1][2]. - The lowest deviation values are for Northeast Electric (00042) at -35.64%, Chenming Paper (01812) at -16.87%, and China Life (02628) at -15.34% [1][4]. Additional Insights - The report includes a detailed table of the top ten and bottom ten AH stocks based on premium rates and deviation values, providing a comprehensive overview of the current market situation [2][3][4].

Group 1 - The core point of the article is that Weichai Power Co., Ltd. and Weifang Weichai Power Technology Co., Ltd. have obtained a patent for a method, device, storage medium, and electronic equipment for gas engine emission control, with the patent announcement number CN116753079B and application date of June 2023 [1] Group 2 - Weichai Power Co., Ltd. was established in 2002, located in Weifang City, and primarily engages in the automotive manufacturing industry, with a registered capital of 87,156.71296 million RMB [1] - The company has invested in 64 enterprises, participated in 5,000 bidding projects, has 740 trademark records, and holds 5,000 patent records, along with 778 administrative licenses [1] Group 3 - Weifang Weichai Power Technology Co., Ltd. was established in 2017, also located in Weifang City, focusing on research and experimental development, with a registered capital of 17,600 million RMB [1] - The company has participated in 6 bidding projects, holds 879 patent records, and has 3 administrative licenses [1]

Investment Highlights - The passenger car sector is expected to see a recovery in Q1 2026 due to the implementation of subsidy policies, with a focus on high-end electric vehicles that are less sensitive to policy changes, such as Jianghuai Automobile, Geely, Great Wall Motors, BAIC Blue Valley, Seres, and Li Auto [2][7] - For exports, priority should be given to leading companies with established overseas systems and proven execution capabilities, including BYD, Great Wall Motors, Chery, Leap Motor, Xpeng, SAIC Motor, and Changan Automobile [2][7] Heavy Truck Sector - In 2025, wholesale heavy truck sales reached 1.144 million units, up 26.8% year-on-year, with domestic sales of 799,000 units, up 32.8%, and exports of 341,000 units, up 17.2% [3][37] - The expected domestic sales for heavy trucks in 2026 is optimistic, projected at 800,000 to 850,000 units, a 3% increase year-on-year [3][37] - Recommended leading heavy truck companies include China National Heavy Duty Truck Group, Weichai Power, Foton Motor, FAW Jiefang, and CIMC Vehicles [3][37] Bus Sector - The implementation of the vehicle replacement policy in 2026 is slightly better than expected, with bus sales in 2025 projected at 38,000 units, a 25% increase year-on-year [3][37] - For 2026, bus sales are expected to grow to 40,000 units, a 5% increase year-on-year, supported by the number of buses over eight years old that need replacement [3][37] - Recommended leading bus companies include Yutong Bus, King Long Motor, and Zhongtong Bus [3][37] Motorcycle Sector - The motorcycle industry is projected to achieve total sales of 19.38 million units in 2026, a 14% increase year-on-year, with large-displacement motorcycles expected to reach 1.26 million units, a 31% increase [4][34] - Domestic sales of large-displacement motorcycles are expected to grow slightly to 430,000 units in 2026, a 5% increase year-on-year, while exports are projected to reach 830,000 units, a 50% increase [4][34] - Recommended leading motorcycle companies include Chunfeng Power and Longxin General [4][34]

Core Viewpoint - The report highlights the premium rates of AH shares, with Northeast Electric, Zhejiang Shibao, and Junda Co. leading in premium rates, while CATL, China Merchants Bank, and Hansoh Pharmaceutical have the lowest premium rates [1]. Premium Rate Rankings - The top three AH shares by premium rate are: - Northeast Electric (00042) with a premium rate of 815.25% - Zhejiang Shibao (01057) with a premium rate of 386.24% - Junda Co. (02865) with a premium rate of 369.87% [1]. - The bottom three AH shares by premium rate are: - CATL (03750) with a premium rate of -12.69% - China Merchants Bank (03968) with a premium rate of -0.92% - Hansoh Pharmaceutical (01276) with a premium rate of -0.12% [1]. Deviation Values - The top three shares by deviation value are: - Junda Co. (02865) with a deviation value of 138.55% - Goldwind Technology (02208) with a deviation value of 35.44% - Sanhua Intelligent Control (02050) with a deviation value of 18.71% [1]. - The bottom three shares by deviation value are: - Northeast Electric (00042) with a deviation value of -39.75% - Chenming Paper (01812) with a deviation value of -27.60% - China Life (02628) with a deviation value of -19.12% [1]. Additional Premium Rate and Deviation Data - The report includes detailed tables showing the premium rates and deviation values for various AH shares, indicating significant variations among different companies [2].