花旗发布研报称，考虑到AI数据中心对固体氧化物燃料电池、主动及被动能源供应有着强劲需求，相 信潍柴动力可能会采取战略举措，逐步将更多资源从机械领域转为投放至能源供应领域，为集团的长期 增长带来一定支持。该行上调潍柴2025至2027年大型发动机及用于数据中心的发动机销量预测，并将其 将净利润预测上调1%至4%。 该行续指，审视过近期经销商及行业数据后，仍然相信今年中国重型卡车需求可能保持稳定增长。相信 去年对于Kion的减值仅会带来一次性影响，未来则会受惠于相关成本削减措施。 潍柴动力（000338）(02338)再涨超7%，截至发稿，涨4.61%，报26.8港元，成交额3.56亿港元。 ...

花旗发布研报称，考虑到AI数据中心对固体氧化物燃料电池、主动及被动能源供应有着强劲需求，相 信潍柴动力可能会采取战略举措，逐步将更多资源从机械领域转为投放至能源供应领域，为集团的长期 增长带来一定支持。该行上调潍柴2025至2027年大型发动机及用于数据中心的发动机销量预测，并将其 将净利润预测上调1%至4%。 该行续指，审视过近期经销商及行业数据后，仍然相信今年中国重型卡车需求可能保持稳定增长。相信 去年对于Kion的减值仅会带来一次性影响，未来则会受惠于相关成本削减措施。 智通财经APP获悉，潍柴动力(02338)再涨超7%，截至发稿，涨4.61%，报26.8港元，成交额3.56亿港 元。 ...

智通财经APP获悉，开源证券发布研报称，为应对电网老旧与AI算力高耗能挑战，北美数据中心正加速 采用自备电源模式，柴油发电机作为核心备用电源需求刚性凸显。持续看好北美缺电背景下大缸径发动 机的增长机会，有望带动相关上中游企业的营收和利润显著增长。 开源证券主要观点如下： AI浪潮推升机柜功率密度，催生对高功率、高响应柴发的刚性需求。传统IDC主流单机柜功率为4- 8kW，而AIDC部署的高功率GPU/TPU使得单机柜功率逐步提升至20-100kW，未来或将超过600kW这使 得柴发容量和并机数量进一步增加。目前市场主流柴发功率仍集中在1.8-2WM，随AIDC功耗提升，2- 4MW功率柴发机型出货量有望提升。 外资订单排产长期饱和，供需紧平衡下柴发价格持续上行 外资订单排产长期饱和，柴发价格持续上行。当前全球大缸径发动机主要由康明斯、卡特彼勒、 MTU、三菱重工、科勒等外资品牌掌控，其中康明斯部分订单交付周期达12-18个月，卡特彼勒和MTU 订单排期到2026年。国内厂商抓住国产替代窗口期，通过灵活组织产能承接部分订单，但由于产能受 限，行业大功率柴发仍供不应求，柴发价格或将持续上行。 大缸径发动机关键组件 ...

Investment Rating - The report provides a "Buy" rating for several companies in the automotive sector, indicating an expected performance that will exceed the market by more than 10% over the next 12 months [5][22]. Core Insights - The change in subsidy policies has led to the disappearance of the tail effect in Q4 2025, resulting in a reduction of demand overdraw for 2026. In December 2025, the number of insured vehicles was 2.278 million, down 16.4% year-on-year but up 13.6% month-on-month. The total number of insured vehicles for the year reached 23.047 million, a slight increase of 0.6% year-on-year, with the penetration rate of new energy vehicles rising to 54.0%, an increase of 7.1 percentage points year-on-year [4][7][16]. Summary by Sections 1. Changes in Subsidy Policies - The report highlights that the changes in subsidy policies have caused consumers to adopt a wait-and-see approach, leading to a decrease in demand overdraw for 2026. The expectation is that as replacement subsidy application channels open, pent-up demand will materialize, and the domestic terminal market will trend towards "price increase and stable volume" [4][7]. 2. PHEV Market Share Tracking - The focus is on the performance of PHEV market shares, particularly for BYD and Geely, as the "mid-level assisted driving equity" leads to share differentiation. The report emphasizes the importance of monitoring configuration adjustments and terminal discount changes to understand further market share differentiation [9][16]. 3. Recent Report Insights - The report notes that the passenger vehicle inventory saw a slight reduction in December 2025, with an estimated 1.5 million vehicles in demand waiting to be fulfilled. The overall industry theme for 2025 was "emerging from deflation," with a judgment of "stable volume and slow price increase" being validated. The outlook for 2026 remains "price increase and stable volume," differing from market consensus due to regulatory changes and risk-return assessments [16][17]. 4. Investment Recommendations - The report suggests a "shelf-style" investment approach, recommending various companies across the passenger vehicle chain. Right-side targets include Geely, BYD, and others, while left-side targets include Great Wall Motors and Changan Automobile. In the commercial vehicle chain, recommended companies include China National Heavy Duty Truck Group and Weichai Power [17].

中证报中证网讯（记者 张鹏飞）近日，山东重工集团在2026年度工作会议上宣布将电力能源列为集团 第七大业务板块，标志着该业务已上升至集团战略核心高度。作为该业务板块核心承载主体，潍柴凭借 在高端大缸径发电动力、固体氧化物燃料电池（SOFC）等领域的持续突破，加速推动电力能源板块快 速起势，培育集团高质量发展新的战略增长极。 为全球客户提供差异化解决方案 大缸径发动机技术壁垒极高，曾长期被国际巨头垄断。潍柴敏锐地洞察到全球数据中心市场的巨大潜 力，果断决策、提前布局，组建顶尖的专业团队，潜心攻关十余年，实现"从0到1"的颠覆性突破，先后 推出M33、M55全新平台大缸径高速发动机，持续升级产品谱系与结构，为传统产业发展寻找"新质"动 能，开辟了第二增长曲线。 针对大数据中心的特殊需求，潍柴推出了一系列个性化定制方案：产品最大功率可以达到5兆瓦，功率 覆盖范围全球领先，满足不同客户需求；冗余起动设计，确保快速起动，可靠性高，守护数据中心电力 安全；为提升空间利用效率，研发紧凑型发电机组，在不牺牲性能前提下大幅缩减占地面积；针对运行 稳定性要求，配备智能化管理系统，实现远程监控、故障预警及自动启停等功能，显著提升数 ...

国家知识产权局信息显示，潍柴动力股份有限公司取得一项名为"一种换挡控制方法、装置、设备及车 辆"的专利，授权公告号CN118775536B，申请日期为2024年7月。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 天眼查资料显示，潍柴动力股份有限公司，成立于2002年，位于潍坊市，是一家以从事汽车制造业为主 的企业。企业注册资本871567.1296万人民币。通过天眼查大数据分析，潍柴动力股份有限公司共对外 投资了64家企业，参与招投标项目5000次，财产线索方面有商标信息738条，专利信息5000条，此外企 业还拥有行政许可778个。 潍柴新能源动力科技有限公司，成立于2017年，位于潍坊市，是一家以从事化学原料和化学制品制造业 为主的企业。企业注册资本15085.714286万人民币。通过天眼查大数据分析，潍柴新能源动力科技有限 公司共对外投资了2家企业，参与招投标项目13次，专利信息645条，此外企业还拥有行政许可12个。 ...

Summary of Weichai Power Conference Call Company Overview - **Company**: Weichai Power - **Industry**: Heavy-duty truck and engine manufacturing Key Points and Arguments Market Challenges and Opportunities - Weichai Power faces challenges from the rapid development of the electric heavy-duty truck market, despite expanding its three-electric system integration capabilities. The trend of electric trucks replacing diesel engines poses pressure on traditional engine demand [2][4] - The domestic heavy-duty truck market is expected to remain stable in 2026, with electric truck sales projected to see a slight increase. Weichai aims to maintain profitability through new business ventures, including partnerships with Foton [2][6] Financial Performance and Projections - The collaboration with Kion Group in 2025 led to personnel optimization and expense provisions, impacting Weichai's financial statements in the short term. However, Kion's performance is expected to improve significantly in 2026, contributing several hundred million yuan to Weichai's profits, returning its contribution to around 10% [2][7] - Weichai's large-bore engine business has shown significant results, with shipments nearing 11,000 units in 2025 and expected to reach 14,000-15,000 units in 2026. The high profitability of this segment could lead to a valuation exceeding 80 billion yuan [2][8] Solid Oxide Fuel Cell (SOFC) Development - Weichai is actively investing in the SOFC sector, planning to achieve 10 MW capacity by 2026 and 1 GW by 2030. This area is anticipated to become a significant growth driver for the company [2][9] Business Transformation - The transformation from a traditional truck cycle stock to a diversified power supply platform is driven by changes in business and profit structures. In 2023, truck-related business accounted for 20% of revenue but contributed over 80% of net profit. This ratio is expected to decline significantly by 2025 and 2026 as diversification efforts take effect [3] Valuation and Market Position - Weichai's valuation differs from international peers like Cummins and Caterpillar due to variations in profit pool structure, the pace of electrification in the domestic truck market, and pricing mechanisms. The company is expected to see significant valuation upside in the next 1-2 years, with a projected market cap of 240-250 billion yuan by 2026 [4][11][12] - Currently, Weichai's valuation is considered low, with an expected performance exceeding 14 billion yuan in 2024, while its market cap is below 200 billion yuan, translating to a price-to-earnings ratio of about 14 times, compared to around 30 times for its overseas counterparts [13] Future Outlook - The market is expected to develop further post-2027 with the introduction of new models and battery swap infrastructure [5] - By 2030, Weichai's revenue could approach 20 billion USD, with profit margins expected to exceed 20%, indicating a substantial market potential [10]

（文章来源：证券日报） 证券日报网1月23日讯 ，潍柴动力在接受调研者提问时表示，近年来，AI技术快速迭代驱动算力基建加 速，由此推动数据中心电力设备市场快速扩容，带动公司电力能源业务需求井喷。公司凭借多种技术路 线的前瞻布局及协同并进，已构建起全谱系能源解决方案能力，并已在国内外多个地区的项目中完成交 付验收，国内外市场认可度持续提升。后续，公司将积极发挥交付、产品性能以及产品组合优势开拓国 内外战略客户，推动业务贡献进一步加大。 ...

证券日报网1月23日讯 ，潍柴动力在接受调研者提问时表示，根据中汽协统计数据，2025年中国重卡市 场累计销售114.5万辆，同比增长27%。其中出口34.1万辆，同比增长17.4%。行业呈现出柴油、天然 气、新能源等多元能源均衡发展态势。公司坚定看好重卡行业未来发展前景，布局多种技术路线，以应 对短中长期行业发展趋势和变化。未来将继续强化产品矩阵，构建全场景、全周期的动力解决方案；加 速新能源布局，完善新能源产品序列，推动产能提升，满足不同场景、不同客户需求；继续深耕海外市 场，通过产品优化与人员协同，抢抓海外增长机遇。 （文章来源：证券日报） ...

来源：市场资讯 潍柴新能源动力科技有限公司，成立于2017年，位于潍坊市，是一家以从事化学原料和化学制品制造业 为主的企业。企业注册资本15085.714286万人民币。通过天眼查大数据分析，潍柴新能源动力科技有限 公司共对外投资了2家企业，参与招投标项目13次，专利信息640条，此外企业还拥有行政许可12个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 国家知识产权局信息显示，潍柴动力股份有限公司取得一项名为"电池加热系统、方法、设备及程序产 品"的专利，授权公告号CN120756351B，申请日期为2025年9月。 天眼查资料显示，潍柴动力股份有限公司，成立于2002年，位于潍坊市，是一家以从事汽车制造业为主 的企业。企业注册资本871567.1296万人民币。通过天眼查大数据分析，潍柴动力股份有限公司共对外 投资了64家企业，参与招投标项目5000次，财产线索方面有商标信息738条，专利信息5000条，此外企 业还拥有行政许可778个。 ...