Core Insights - The industry consensus indicates a shift from an incremental expansion phase to a new cycle focused on deepening the value of existing assets, with competition evolving from price-based to providing comprehensive lifecycle value (TCO) [1][9] Industry Consensus: Three Deterministic Trends - The market is expected to enter a phase of "high-level consolidation and structural differentiation," with the medium and heavy truck market projected to remain stable at 1.1 to 1.25 million units, similar to 2025, as the driving force shifts from policy stimulus to optimizing existing resources [2][10] - Three major trends have emerged as strategic anchors for all companies: 1. Accelerated penetration of new energy vehicles (NEVs), with a consensus that the penetration rate will exceed 30% and potentially reach 35% or higher by 2026, driven by market demand rather than policy [3][11] 2. Value competition is replacing price wars, with a focus on service and ecosystem as key differentiators, emphasizing the importance of a comprehensive ecosystem that includes finance, used vehicles, and connectivity [3][11] 3. Globalization is becoming a core growth driver, with exports viewed as a crucial growth engine, as companies shift from simple trade to a more integrated approach involving products, technology, services, and finance [3][11] Strategic Differentiation: Paths of Eight Major Companies - Companies are adopting different strategic focuses based on their resources and capabilities: - China National Heavy Duty Truck Corporation aims to consolidate its leading position through a comprehensive transformation strategy [4][13] - FAW Jiefang focuses on accelerating overseas expansion and enhancing its core components [4][13] - Dongfeng Commercial Vehicle targets breakthroughs in new energy, globalization, and traditional energy markets [4][13] - Shaanxi Heavy Duty Truck emphasizes value creation through a diversified product lineup [4][13] - Foton Motor is pursuing a multi-faceted strategy focusing on internationalization and new energy [4][13] - Dongfeng Liuzhou Motor is leading in regional markets through ecosystem competition [4][13] - Weichai Power and Yunnei Power are adopting a pragmatic approach by diversifying their energy technology routes [6][14] Technology Routes: Diverse Approaches Based on Application Scenarios - The commercial vehicle power technology landscape is expected to be diverse, with choices heavily influenced by application scenarios: - Traditional power is evolving towards high-end and specialized applications, focusing on improving thermal efficiency and reducing fuel consumption [7][15] - Pure electric technology is becoming the preferred choice for short-distance fixed routes, with competition centered on battery energy density and lifecycle costs [7][15] - Hybrid and range-extended technologies are seen as key solutions for long-distance logistics, with significant R&D efforts underway [7][15] - Hydrogen fuel technology is being explored as a future strategic reserve, with ongoing commercial exploration [7][15] Ecosystem Construction: From Chain Leaders to Symbiosis - Leading companies are actively reshaping the industry ecosystem, moving beyond simple supplier relationships to create a community that shares risks and values: - China National Heavy Duty Truck Corporation leverages its capabilities for strong collaboration [8][16] - Dongfeng Liuzhou Motor is integrating upstream and downstream through the "Chenglong Ecosystem Alliance" [8][16] - Weichai Power is collaborating with multiple strategic partners to create a comprehensive service system [8][16] Observations: Coexistence of Consensus and Differentiation - The 2026 Chinese commercial vehicle market is characterized by both consensus on the shift to value-based competition and differentiation in strategic paths chosen by companies [9][17] - The upcoming competition will focus on technological depth, ecosystem breadth, and precision in user operations, with companies that effectively reduce operational costs and enhance efficiency poised to lead in this transformative phase [9][17]

致：香港交易及結算所有限公司 公司名稱: 濰柴動力股份有限公司 FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 呈交日期: 2026年1月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02338 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,943,040,000 | RMB | | 1 RMB | | 1,943,040,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 1,943,040,000 | RMB | | 1 RMB | | 1,943,040,000 | | 2. 股份分類 | 普通股 | 股份 ...

Core Insights - The 2026 Bloomberg Green Finance Awards ceremony was successfully held at the MGM Hotel in Shanghai, emphasizing the importance of aligning with China's "dual carbon" goals and the evolving global business landscape [2] - The event introduced two new evaluation systems: the "Green Finance List" and the "ESG Potential Enterprises" list, alongside existing categories for "ESG Leading Enterprises" and "Outstanding ESG Projects" [2] Green Finance List - The Green Finance List focuses on the green development and innovation within China's financial sector, developed in collaboration with the Central University of Finance and Economics [3] - It aims to respond to national green finance policies and promote the green transformation of financial institutions and enterprises [3] ESG Potential Enterprises - The ESG Potential Enterprises list is based on Bloomberg's proprietary analysis of corporate data, utilizing a comprehensive ESG matrix covering four dimensions, 16 core issues, and 41 sub-issues [4] - The matrix addresses nine major themes, including climate action, energy and ecological management, product safety, employee health, and social responsibility, to identify companies with long-term value and industry leadership potential [4] Complete Lists Released - The ESG Leading Enterprises include CHINT Group Co., Ltd., Tingyi Holding Corp. (Master Kong), Trina Solar Co., Ltd., and several others [5][6][7] - Outstanding ESG Projects feature initiatives from Beijing Fuping Social Venture Capital Co., Ltd., Envision Energy, LONGi Green Energy Technology Co., Ltd., and others [7][8] Green Financial Institutions - The Green Financial Institutions recognized include Bank of China (Hong Kong) Limited, Guotai Junan International Holdings Limited, Industrial Bank Co., Ltd., and others [9][10] Innovation Drivers - The ESG Innovation Drivers include organizations such as the Alliance for Water Stewardship, Climate Bonds Initiative, and Shanghai Advanced Institute of Finance [10] ESG Advocates - The ESG Advocates list features companies like Hydrowell (Taicang) Energy Technologies Co., Ltd., Ningbo Joyson Electronics Corp., and Skyworth Group Limited [11] Future Outlook - Bloomberg Green Finance aims to collaborate with more practitioners to explore core trends and future pathways for sustainable development, accumulating cross-disciplinary wisdom and solutions [13]

来源：新浪港股 香港联交所最新资料显示，12月30日，Pzena Investment Management， LLC减持潍柴动力（02338） 193.7072万股，每股作价18.8557港元，总金额约为3652.48万港元。减持后最新持股数目约为1.35亿股， 最新持股比例为6.94%。 ...

Group 1 - Pzena Investment Management, LLC reduced its stake in Weichai Power (02338) by selling 1,937,072 shares at a price of HKD 18.8557 per share, totaling approximately HKD 36.5248 million [1][3] - After the reduction, Pzena's remaining shareholding is approximately 135 million shares, representing a new ownership percentage of 6.94% [1][3]

Group 1 - Pzena Investment Management, LLC reduced its stake in Weichai Power (02338) by 1,937,072 shares at a price of HKD 18.8557 per share, totaling approximately HKD 36.5248 million [1] - After the reduction, Pzena's remaining shareholding is approximately 135 million shares, representing a holding percentage of 6.94% [1]

智通财经APP获悉，香港联交所最新资料显示，12月30日，Pzena Investment Management, LLC减持潍柴 动力(02338)193.7072万股，每股作价18.8557港元，总金额约为3652.48万港元。减持后最新持股数目约 为1.35亿股，最新持股比例为6.94%。 ...

Investment Rating - The report maintains a "Positive" investment rating for the heavy-duty truck sector [7]. Core Insights - The 2026 vehicle replacement policy will support the replacement of old trucks with low-emission vehicles, prioritizing electric trucks, while maintaining the subsidy levels from 2025 [2][5]. - The heavy-duty truck sector is expected to benefit from continued domestic demand support and growth in exports, with a projected total sales volume of 1.06 million trucks in 2026, including 700,000 units from domestic demand [11]. - The report highlights the low valuation and high dividend yield of the heavy-duty truck sector, suggesting a favorable risk-reward profile for investors, with specific recommendations for Weichai Power and China National Heavy Duty Truck Group [11]. Summary by Sections Policy Impact - The 2026 policy will continue to support the replacement of old trucks, with subsidies for scrapping old vehicles ranging from 12,000 to 45,000 yuan per vehicle, and new purchases of National VI diesel and electric trucks receiving subsidies of 40,000 to 65,000 yuan and 70,000 to 95,000 yuan respectively [11]. - The expected replacement rate of 20% for old vehicles could lead to an increase of 94,000 to 96,000 heavy-duty truck sales in 2026 [11]. Market Trends - The report notes a significant trend towards higher battery capacities in new electric trucks, with 126 models exceeding 600 kWh, indicating a shift towards longer-distance applications [11]. - The penetration rate of new energy heavy-duty trucks is projected to reach 30% in 2026, supported by differentiated subsidy policies [11]. Investment Recommendations - The report emphasizes the potential for profitability recovery in the heavy-duty truck sector due to prior investments in new energy by domestic companies, alongside favorable market conditions [11]. - The overall low valuation and high dividend yield of the sector provide a good safety margin for investors, making it an attractive investment opportunity [11].

潍柴动力(02338)发布公告，截至2025年12月31日，公司通过回购专用证券账户以集中竞价交易方式累 计回购A股股份共计5025.25万股，占公司目前总股本的比例约为0.58%，最高成交价为人民币15.43元/ 股，最低成交价为人民币14.57元/股，支付的总金额为人民币7.61亿元(不含交易费用)，本次回购符合相 关法律法规及公司既定回购股份方案的要求。 MACD金叉信号形成，这些股涨势不错！ ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部或任何部份內容而產生或因依賴該等內容而引起的任何損失承擔任何責任。 濰柴動力股份有限公司 WEICHAI POWER CO., LTD. （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：2338） 海外監管公告 本公告乃根據香港聯合交易所有限公司（「聯交所」）證券上市規則第13.10B條 而 作 出。 中國山東濰坊 二零二六年一月四日 於本公告刊發之日，本公司執行董事為馬常海先生、王德成先生、孫少軍先生、 袁 宏 明 先 生 及 馬 旭 耀 先 生；本 公 司 職 工 代 表 董 事 為 黃 維 彪 先 生；本 公 司 非 執 行 董事為張良富先生、Richard Robinson Smith先生及Michael Martin Macht先生；及本公 司 獨 立 非 執 行 董 事 為 蔣 彥 女 士、遲 德 強 先 生、趙 福 全 先 生、徐 兵 先 生 及 陶 ...