17 December 2025 | 11:12AM HKT Equity Research Weichai Power (000338.SZ): Key takeaways from the investor call with PSIX On Dec 16, we attended an investor call hosted by Power Solution International (PSIX, Not Covered) - Weichai Power's 46%-owned subsidiary in the US (PSIX contributed ~5% net profit to Weichai in 1H25). PSIX's senior management team including CEO and CFO discussed the latest trends for their power system business with a key focus on AI data center (AIDC) as well as the market dynamics arou ...

Group 1 - The article highlights the top three and bottom three AH premium rates for various companies, with Northeast Electric (00042) leading at 881.82% and Ningde Times (03750) at -10.13% [1] - The top three companies with the highest deviation values are Red Star Macalline (01528) at 23.82%, Fudan Zhangjiang (01349) at 18.61%, and China People's Insurance Group (01339) at 15.55% [1] - The bottom three companies with the lowest deviation values include Changfei Optical Fiber (06869) at -30.48%, GAC Group (02238) at -18.85%, and First Tractor Company (00038) at -17.07% [1] Group 2 - The top ten AH stocks by premium rate include companies like Zhejiang Shibao (01057) at 277.56% and Hongye Futures (03678) at 267.67% [1] - The bottom ten AH stocks by premium rate feature companies such as China Merchants Bank (03968) at 0.14% and Hengrui Medicine (01276) at 1.30% [1] - The article provides detailed tables showing the premium rates and deviation values for both top and bottom AH stocks, indicating significant variations in market performance [2]

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 10日从6.99%增至7.26%。 ...

智通财经APP获悉，香港联交所最新数据显示，12月11日，Lazard Asset Management减持潍柴动力 (02338)519.19万股，每股作价20.34港元，总金额约为1.056亿港元。减持后最新持股数目约为9555.26万 股，最新持股比例为4.92%。 （原标题：Lazard Asset Management减持潍柴动力(02338)519.19万股 每股作价20.34港元） ...

香港联交所最新数据显示，12月11日，Lazard Asset Management减持潍柴动力（000338）(02338)519.19 万股，每股作价20.34港元，总金额约为1.056亿港元。减持后最新持股数目约为9555.26万股，最新持股 比例为4.92%。 ...

Core Insights - The article highlights the top and bottom AH share premium rates as of December 15, with Northeast Electric (00042) leading at a premium of 900.00% and CATL (03750) at the bottom with a premium of -11.03% [1][2][3] Premium Rate Rankings - The top three AH stocks by premium rate are: - Northeast Electric (00042) with a premium of 900.00% and a deviation value of 26.91% [1][2] - Beijing Capital Machinery (00187) with a premium of 266.67% and a deviation value of 27.25% [1][2] - Hongye Futures (03678) with a premium of 265.78% and a deviation value of -3.92% [1][2] - The bottom three AH stocks by premium rate are: - CATL (03750) with a premium of -11.03% and a deviation value of -2.28% [1][3] - China Merchants Bank (03968) with a premium of -0.77% and a deviation value of -0.05% [1][3] - Heng Rui Medicine (01276) with a premium of 1.62% and a deviation value of -1.73% [1][3] Deviation Value Rankings - The top three AH stocks by deviation value are: - Beijing Capital Machinery (00187) with a deviation value of 27.25% [1][4] - Northeast Electric (00042) with a deviation value of 26.91% [1][4] - Hongxing Meikailong (01528) with a deviation value of 18.57% [1][4] - The bottom three AH stocks by deviation value are: - GAC Group (02238) with a deviation value of -19.95% [1][5] - First Tractor Company (00038) with a deviation value of -16.78% [1][5] - Longyuan Power (00916) with a deviation value of -13.18% [1][5]

14 December 2025 | 2:52PM HKT Equity Research Weichai Power (000338.SZ) Key takeaways from recent calls on the topic of data center generators | 000338.SZ | 12m Price Target: Rmb20.30 | Price: Rmb17.98 | Upside: 12.9% | | --- | --- | --- | --- | | 2338.HK | 12m Price Target: HK$21.00 | Price: HK$20.30 | Upside: 3.4% | Over the past week, we hosted three calls, with a generator industry expert, Weichai Heavy Machinery (000880.SZ, Not Covered) - Weichai Power's diesel genset partner, and Yuchai (CYD, Not Cove ...

Group 1 - The report highlights the recent performance of various industries, with notable gains in sectors such as non-ferrous metals, electronics, and power equipment, while retail and real estate sectors faced declines [1][1][1] - The central economic work conference emphasized the importance of technological breakthroughs and supply-demand optimization, indicating a shift towards quality improvement in economic growth [11][12][19] - The commercial aerospace sector is experiencing significant growth, with the establishment of a dedicated regulatory body and a notable increase in the commercial aerospace index, which has risen by 46.52% since April 7 [47][48] Group 2 - The report indicates a seasonal recovery in social financing, with November seeing an increase of 24,885 billion yuan, driven primarily by government bond issuance [4][7] - The credit environment is showing signs of marginal improvement, particularly in corporate loans, which increased by 6,100 billion yuan in November, reflecting a recovery in demand [5][6] - The report notes that the retail sector is undergoing a transformation, with a focus on quality, as highlighted by the Ministry of Commerce's emphasis on retail quality upgrades [1][1][1] Group 3 - The report discusses the rising interest in inquiry transfers, which have seen a significant increase in both project numbers and transfer scale, indicating a growing trend in the market [51][52] - The technology sector is expected to remain a key focus, with upcoming events such as the Volcano Engine FORCE conference anticipated to showcase advancements in AI and cloud services [56]

Core Insights - The article highlights the top and bottom AH premium rates for various stocks as of December 12, with Northeast Electric (00042) leading with a premium rate of 900.00% [1] - The article also provides a detailed ranking of stocks based on their deviation values, indicating significant discrepancies between H-shares and A-shares [2][3] AH Premium Rate Rankings - Northeast Electric (00042) has the highest AH premium rate at 900.00%, followed by Zhejiang Shibao (01057) at 265.58% and Beijing Machinery (00187) at 262.47% [1] - The lowest AH premium rates are recorded for CATL (03750) at -9.05%, China Merchants Bank (03968) at -2.65%, and Weichai Power (02338) at 6.11% [1] Deviation Value Rankings - The top three stocks with the highest deviation values are Northeast Electric (00042) at 28.66%, Beijing Machinery (00187) at 24.60%, and Red Star Macalline (01528) at 20.22% [1] - Conversely, the stocks with the lowest deviation values include GAC Group (02238) at -25.71%, Yangtze Optical Fibre (06869) at -16.11%, and Longyuan Power (00916) at -15.02% [1] Additional Insights - The article includes a comprehensive table of the top ten and bottom ten AH stocks based on premium rates and deviation values, providing a clear overview of market performance [1][2][3]

由此可见，潍柴动力从传统重卡动力龙头，向数据中心备用电源、高端大缸径发动机、SOFC等AI快速 发展以及美国缺电背景下高附加值领域成功拓展，是其获得"中盘成长+政策红利"标签，并被纳入长期 政策驱动投资组合的关键。随着"十五五"规划将高端制造与能源安全置于核心，潍柴动力多元化的产业 布局，尤其是AI产业里发电系统业务有望持续获得发展动力。 这一判断与潍柴动力自身战略转型的最新进展相互印证。就在本月，潍柴集团在2026年商务大会上宣 布，"十五五"期间将开启崭新发展周期，并特别指出数据中心能源动力将呈现爆发式增长。业务数据显 示，公司的战略新兴业务增长强劲，其中为数据中心供电的大缸径发动机表现尤为突出。2025年上半 年，该产品销量同比增长41%，而其中用于数据中心(AIDC)的发动机销量同比激增近491%，呈现量价 齐升态势。与此同时，公司在新能源领域的布局也开始贡献增量，动力电池销量持续高速增长。 在国际投行高盛最新构建的面向"十五五"规划(2026-2030年)的前瞻性投资组合中，重型装备制造龙头潍 柴动力(000338.SZ/02338.HK)成为其精选的50只核心标的之一。此举表明，在机构视野中，潍柴 ...