Group 1 - The company has completed laboratory research on sulfide all-solid-state batteries, which are at an industry-leading level, and is currently working on industrialization and implementation [2] - There is strong demand for power generation products used in data centers, leading to robust production and sales [2] - The company is accelerating the capacity enhancement of Solid Oxide Fuel Cells (SOFC) to meet customer demand [2]

Group 1 - The company has completed laboratory research on industry-leading sulfide all-solid-state batteries and is currently working on industrialization and development [1] - There is strong demand for power generation products used in data centers, with both production and sales thriving [1] - The company is accelerating the capacity enhancement of Solid Oxide Fuel Cells (SOFC) to meet customer demand [1]

Group 1 - The company has completed laboratory research on industry-leading solid-state batteries with sulfide electrolytes and is now working on industrialization [1] - There is strong demand for power generation products used in data centers, leading to robust production and sales [1] - The company is accelerating the capacity enhancement of Solid Oxide Fuel Cells (SOFC) to meet customer demand [1]

Group 1 - The core viewpoint of the report indicates that northbound capital returned to net inflow in the fourth quarter, primarily flowing into sectors such as non-ferrous metals, electronics, and electric equipment, while experiencing slight outflows from the main board [2][4] - In the first week of January, financing funds saw significant net inflows, contributing important incremental capital to the market, suggesting that the A-share market is likely to continue its upward trend [2][4] - The report highlights that the main investment themes for January will remain focused on technology and cyclical stocks, with a recommendation for large-cap growth stocks [2][4] Group 2 - Northbound capital recorded a net inflow of 9.5 billion yuan in the fourth quarter, accounting for 2.63% of the A-share circulating market value [4][9] - The sectors that attracted the most northbound capital included non-ferrous metals (24.5 billion yuan), electric equipment (17 billion yuan), and electronics (15.8 billion yuan), while the largest outflows were seen in pharmaceuticals (-16 billion yuan), food and beverage (-15.3 billion yuan), and non-bank financials (-9.7 billion yuan) [4][9] - The top three stocks with net purchases from northbound capital were Ningde Times (12.1 billion yuan), Luxshare Precision (6 billion yuan), and Weichai Power (5.2 billion yuan), while the largest net sales were from Kweichow Moutai (-8.6 billion yuan), WuXi AppTec (-5 billion yuan), and BYD (-4.8 billion yuan) [4][9][12] Group 3 - The report notes that the liquidity indicators show a decrease in public fund issuance to 9.61 billion yuan, while ETF net subscriptions increased to 9.73 billion yuan, and financing net purchases rose to 857.75 billion yuan [3][26] - The average daily trading volume of A-shares increased to 28,519.51 million yuan, indicating a shift in the secondary market towards net inflows [3][4] - The report also mentions that the financing balance has risen, with net purchases of financing funds indicating a positive shift in market sentiment [4][26]

1月13日，潍柴动力股份有限公司发布关于董事变更的公告。潍柴动力近日收到孙少军提交 的书面辞职报告，因年龄原因，孙少军申请辞去公司执行董事、董事会战略发展及投资委员 会委员等职务。辞去上述职务后，孙少军将不再担任公司（含控股子公司）任何职务。孙少 军的辞职未导致公司董事会成员低于法定人数，不会影响董事会的正常运作及公司的正常经 营。 经公司2026年第一次临时董事会会议审议通过，同意选举王延磊先生为公司第七届董事会 非执行董事候选人，该事项尚需提交公司股东会审议，任期自股东会决议作出之日起至第七 届董事会届满之日止。 孙少军的原定董事任期至第七届董事会届满之日止。截至本公告披露日，孙少军持有公司股 份13,684,324股，约占公司股份总额的0.1570%。孙少军将严格按照《上市公司董事和高 级管理人员所持本公司股份及其变动管理规则》《深圳证券交易所上市公司自律监管指引第 18 号——股东及董事、高级管理人员减持股份》等相关规定进行后续管理。孙少军不存在 应当履行而未履行的承诺事项。公司董事会对孙少军在任职期间为公司发展做出的贡献表示 衷心的感谢。 ● 福田推801度大电量 零一大批上新 斯堪尼亚出击！202 ...

Core Viewpoint - Smart manufacturing is the core engine for high-quality development in the manufacturing industry, marking a critical leap from digitalization and networking to intelligence in China's manufacturing sector [1][5]. Group 1: Overview of Leading Smart Factories - The Ministry of Industry and Information Technology and five other departments announced the first batch of 15 leading smart factories, covering key industries such as equipment manufacturing, raw materials, and electronic information [1][4]. - These leading factories represent the highest level of smart manufacturing in China and showcase the breadth and depth of the country's intelligent manufacturing development [4][5]. Group 2: Classification and Development of Smart Factories - A four-tier system for smart factory cultivation has been established: foundational, advanced, excellent, and leading levels, with 35,000 foundational, over 7,300 advanced, 500 excellent, and 15 leading smart factories built to date [7]. - The leading level aims for global leadership and deep integration of AI, while the excellent level requires at least 20% AI application scenarios [7]. Group 3: Key Elements for Leading Smart Factories - Six key elements define a leading smart factory: industry leadership, AI technology application, innovative smart manufacturing models, performance leadership, replication leadership, and nurturing plans [10][12]. - Longfei Optical Fiber exemplifies these elements by integrating AI throughout its production process, achieving a global record in fiber drawing speed and precision [12][13]. Group 4: Case Studies of Leading Smart Factories - Weichai Power has implemented a digital twin technology that reduces R&D cycles by 20% and enhances production flexibility through AI-driven systems [20][21]. - Baosteel is innovating with AI-driven predictive manufacturing, aiming to establish 1,200 AI scenarios and 25 benchmark production lines by 2027, while also investing in talent development [25][27]. Group 5: Future Manufacturing Models - The exploration of future manufacturing models focuses on high customization, complex product production, and efficient supply chain organization, aiming to enhance China's position in the global supply chain [17][29]. - The emergence of these leading smart factories not only represents individual breakthroughs but also reflects a systemic transformation in China's manufacturing industry, providing replicable and scalable models for industry upgrades [29].

Summary of Weichai Power Conference Call Company Overview - **Company**: Weichai Power - **Industry**: Heavy-duty trucks, diesel and natural gas engines, SOFC (Solid Oxide Fuel Cell) technology Key Points SOFC Business Potential - Weichai Power's SOFC business has significant growth potential, benefiting from North America's electricity demand and collaboration with Bloom Energy. Current capacity is limited to approximately 10 MW, with plans to reach 1 GW by 2030, potentially contributing over 10 billion RMB in revenue and a net profit of 1-2 billion RMB, indicating substantial growth opportunities [2][5][12] ITC Financial Business Growth - The ITC financial business is expected to benefit from increased capital expenditures by internet companies, breakthroughs in domestic large models, and the recovery of IDC tenders. Projected data center shipments are 1,300 units in 2025 and 2,600 units in 2026, with overseas market growth through the Baudouin brand and domestic market growth expected to exceed forecasts due to AIDC tender recovery [2][6][7] Heavy-duty Truck Industry Outlook - The heavy-duty truck industry is projected to see wholesale sales of approximately 1.17 million units in 2026, a slight increase year-on-year. Domestic policy impacts are diminishing, and exports are expected to grow by 15%-20% to 400,000 units. The electric heavy-duty truck sector is trending positively, with an electrification rate potentially reaching 35%. The industry may be at an upward cycle turning point, driven by the replacement cycle of National V vehicles [2][8][9] Future Market Cycles - Weichai Power is anticipated to enter a new heavy-duty truck market cycle between 2028 and 2030, potentially benefiting from the transition from National VI to National VII policies. Historical cycles suggest that sales peaks could reach 1.1-1.2 million units or higher, with limited impact from electrification on Weichai's core business [2][9] Diesel and Natural Gas Engine Market Performance - Weichai Power maintains a stable market share of 10-15% in the diesel engine market and 50-55% in the natural gas engine market. The company aims to maintain its leading position through technological iterations and flexible policies [2][10] 2026 Performance Expectations - Weichai Power's performance is expected to reach 14-15 billion RMB in 2026, with a current market capitalization of 160 billion RMB, resulting in a PE ratio of 11 times. The dividend payout ratio is expected to remain at least 55%, providing a dividend yield of approximately 5% [3][11] Valuation Compared to Peers - Compared to North American leaders like Cummins and Caterpillar, Weichai Power's valuation is relatively low, with an EVA/EBITDA multiple significantly lower than its overseas peers. The overall reasonable valuation for Weichai Power could exceed 200 billion RMB, corresponding to a PE of about 14-15 times for 2026 [4][13][14] Long-term Growth Projections - By 2028, Weichai Power's performance is projected to reach 18-20 billion RMB, with an expected growth rate of 15%-20% in 2026 and around 10% in 2027-2028. The current PE of 11 times is considered inexpensive, indicating a favorable outlook for valuation recovery [2][14]

Core Viewpoint - Weichai Power Co., Ltd. has announced the election of Mr. Wang Yanlei as a non-executive director, following the resignation of Mr. Sun Shaojun due to age reasons, ensuring continuity in the board's operations [21][22]. Group 1: Board Meeting Resolutions - The first temporary board meeting of 2026 was held on January 12, 2026, with all 13 directors present, and the election of Mr. Wang Yanlei as a non-executive director was unanimously approved [1][2]. - The decision to elect Mr. Wang Yanlei will be submitted for approval at the first temporary shareholders' meeting of 2026 [2]. Group 2: Shareholders' Meeting Notification - The first temporary shareholders' meeting is scheduled for January 30, 2026, with a combination of on-site and online voting [6][7]. - The record date for shareholders to attend the meeting is January 23, 2026, and shareholders can appoint proxies to attend and vote on their behalf [8][9]. Group 3: Mr. Wang Yanlei's Profile - Mr. Wang Yanlei, born in July 1969, holds a bachelor's degree and currently serves as the deputy general manager of Weichai Holding Group Co., Ltd. and chairman of Yangzhou Yaxing Bus Co., Ltd. [4]. - He has held various significant positions within the company and has no conflicts of interest with major shareholders or other board members [4].

Meeting Announcement - The company will hold its first extraordinary general meeting of shareholders for 2026 on January 30, 2026 [1] - The meeting will be convened by the board of directors and is in compliance with relevant laws and regulations [1][3] Meeting Details - The meeting will take place at 14:50 on January 30, 2026, with network voting available from 9:15 to 15:00 on the same day [2][6] - Shareholders must register by January 23, 2026, to be eligible to attend [3] Voting Process - The meeting will combine on-site voting and network voting [5] - Shareholders can appoint proxies to attend and vote on their behalf, with each share granting one vote [3][4] Agenda Items - The meeting will include the election of a non-executive director and an independent non-executive director, with separate counting for votes from minority investors [7] - The relevant proposals have been approved by previous board meetings and will be submitted for shareholder approval [7][25] Registration and Contact Information - Shareholders must provide identification and, if applicable, a power of attorney to attend the meeting [8] - Contact persons for the meeting are Wang Li and Wu Di, with provided phone numbers for inquiries [9]

Core Viewpoint - Smart manufacturing is identified as the core engine for high-quality development in the manufacturing industry, marking a significant transition from digitalization and networking to intelligent manufacturing in China [1][15]. Group 1: Overview of Smart Factories - The Ministry of Industry and Information Technology, along with five other departments, announced the first batch of 15 leading smart factories, covering key industries such as equipment manufacturing, raw materials, and electronic information [1][3]. - These leading factories represent the highest level of intelligent manufacturing in China and showcase a broad and deep development of smart manufacturing across various regions [1][3]. - The four-tier system for smart factory cultivation includes foundational, advanced, excellent, and leading levels, with specific requirements for each tier [3]. Group 2: Key Elements of Leading Smart Factories - To qualify as a leading smart factory, six key elements are required: industry leadership, AI technology application, innovative smart manufacturing models, performance leadership, replication leadership, and nurturing plans [3][5]. - Longfei Optical Fiber exemplifies an industry leader by integrating AI throughout its production process, achieving a pulling speed of 3,500 meters per minute with no human intervention [5][6]. - Weichai Power demonstrates performance leadership by reducing maintenance costs by 30% through its engine health management system, showcasing the effectiveness of its smart manufacturing practices [10]. Group 3: Future Manufacturing Models - The exploration of leading smart factories aims to create a flexible and efficient supply network capable of high customization and rapid iteration in production [8][16]. - Baosteel is innovating with AI-driven predictive manufacturing, moving away from traditional order-based production to proactively managing supply chains and production resources [11][13]. - The establishment of at least 1,200 AI scenarios and 25 benchmark production lines by Baosteel by 2027 reflects a commitment to integrating AI into manufacturing processes [13]. Group 4: Systemic Transformation in Manufacturing - The emergence of the first batch of leading smart factories signifies a systemic transformation in China's manufacturing sector, with a focus on technological breakthroughs, efficiency improvements, and green transitions [16]. - The experiences and models developed by these leading factories are expected to be replicable and promote the digital transformation of more manufacturing enterprises [16].