Core Insights - Goldman Sachs has included Weichai Power (000338.SZ/02338.HK) in its selected list of 50 core investment targets for the "14th Five-Year Plan" (2026-2030), indicating that the company has surpassed traditional cyclical attributes and aligns well with future national industrial policy directions [1][2] Group 1 - Weichai Power's strategic transformation is confirmed by its recent announcement at the 2026 Business Conference, highlighting a new development cycle during the "14th Five-Year Plan" and the expected explosive growth in data center energy power [1] - The company's emerging strategic business has shown strong growth, particularly in large-bore engines for data centers, with sales increasing by 41% year-on-year in the first half of 2025, and sales of engines for data centers (AIDC) skyrocketing by nearly 491% [1] - Weichai Power's expansion into the new energy sector is also contributing to incremental growth, with rapid increases in power battery sales [1] Group 2 - The successful transition of Weichai Power from a traditional heavy-duty truck power leader to high-value areas such as data center backup power, high-end large-bore engines, and SOFC is key to its classification as a "mid-cap growth + policy dividend" company [2] - The "14th Five-Year Plan" places high-end manufacturing and energy security at its core, suggesting that Weichai Power's diversified industrial layout, especially in AI power generation systems, is likely to continue receiving development momentum [2]

Core Viewpoint - Weichai Power (000338.SZ) has indicated that its large-bore engines and SOFC products can be widely applied in niche markets such as data centers [1] Group 1 - The company is focusing on the application of its large-bore engines in specific sectors [1] - SOFC products are highlighted for their potential use in data centers, indicating a strategic direction towards energy-efficient solutions [1]

| | 2.公司大缸径及数据中心相关业务市场情况与公司表现 | | --- | --- | | | 今年前三季度公司 M 系列大缸径发动机销售超 7700 台，同 | | | 比增长超 30%；其中数据中心市场销售超 900 台，同比增长超 3 | | | 倍，业绩贡献持续增长。 | | | 近年来，AI 技术快速迭代驱动算力基建加速，由此推动数 | | | 据中心备用电源市场快速扩容，进而带动面向该细分领域的高 | | | 端发动机的需求井喷。公司大缸径发动机启动速度快、加载能 | | | 力强，具有更可靠、更高效及更经济的优势，并凭借稳定交付 | | | 节奏，现国内外多个地区的数据中心项目均已完成产品交付验 | | | 收，国内外市场认可度持续提升。后续，公司将积极开拓国内 | | | 外战略客户，推动市场份额持续提升。 | | | 3.分红比例后续展望 | | | 一方面，公司持续做好业务经营，提升公司业绩表现。另 | | | 一方面积极通过现金分红、股份回购等方式回报股东。除一年 | | | 两次现金分红派息外，2025 年公司开展 A 股股份回购，2025 | | | 年中期分红也进一步提升至 5 ...

手机号 15769519125 2025 年 中国氢能源行业市场 研究报告 主编：雷静兰 编辑：张潞玮 商业合作： collaboration@shuoyuanconsulting.com 1 / 32 1.中国氢能源行业概述 1.1 氢能源的定义与分类 1.1.1 氢能源的基本概念 氢能源是指以氢气作为能源载体，通过燃烧或电化学反应释放能量的一种清洁 能源形式。氢气作为一种高效的能源载体，具有许多显著的优势。氢能源因其 高能量密度、清洁环保特性及多领域应用潜力，被视为推动绿色低碳发展和能 源结构转型的重要战略能源。目前，全球多个国家和地区纷纷加大对氢能源技 术研发和基础设施建设的投入，推动氢能产业链的完善，包括制氢、储氢、运 氢和加氢站等关键环节。绿色制氢技术的发展尤为重要，即利用可再生能源电 解水制氢，避免传统制氢过程中的碳排放，从根本上实现氢能的清洁化。 综上所述，氢能源作为一种安全、高效、环保的能源形式，不仅在技术上日趋 成熟，而且在政策和市场的推动下，正逐步成为全球能源转型和实现碳中和目 标的重要支柱。未来，随着技术进步和成本降低，氢能源有望在全球范围内得 到更广泛的应用和推广，助力构建绿色低碳的能 ...

（原标题：Pzena Investment Management, LLC减持潍柴动力(02338)372.9万股 每股作价约19.98港元） 智通财经APP获悉，香港联交所最新资料显示，12月5日，Pzena Investment Management, LLC减持潍柴 动力(02338)372.9万股，每股作价19.9765港元，总金额约为7449.24万港元。减持后最新持股数目约为 1.54亿股，最新持股比例为7.90%。 ...

香港联交所最新资料显示，12月5日，Pzena Investment Management,LLC减持潍柴动力（000338） (02338)372.9万股，每股作价19.9765港元，总金额约为7449.24万港元。减持后最新持股数目约为1.54亿 股，最新持股比例为7.90%。 ...

据 香港交易所 披露， 贝莱德 （BlackRock）对 潍柴动力 股份有限公司- H股的多头持仓比例于2025年 12月4日从6.92%增至7.02%；在 美团 -WH股的持股比例于12月03日从6.13%降至5.89%。 ...

本文源自：金融界AI电报 据香港交易所披露，贝莱德（BlackRock）对潍柴动力股份有限公司 - H股的多头持仓比例于2025年12月 4日从6.92%增至7.02%。 ...

证券日报网讯12月9日，潍柴动力（000338）在互动平台回答投资者提问时表示，公司发电产品已出口 至美国、欧洲等市场。 ...

Core Viewpoint - Weichai Power is actively expanding its presence in the Southeast Asian data center market, which is currently experiencing rapid growth [1] Group 1: Company Strategy - Weichai Power is engaging in close communication and collaboration with domestic CSP companies in the fields of SOFC and cogeneration [1] - The company aims to jointly promote cooperative development in the Southeast Asian data center sector [1] Group 2: Market Trends - The Southeast Asian data center market is in a phase of high growth [1]