Group 1 - The "Annual ESG Pioneer Award (Large Market Capitalization)" recognizes companies that balance economic efficiency with social responsibility, highlighting their contributions to environmental, social, and governance (ESG) practices [1] - Ten companies, including Aier Eye Hospital, Beike, Bosideng, Mengniu Dairy, CATL, Tongcheng Travel, Weichai Power, China Feihe, China State Construction International, and Sinotruk, received the award [1] - The evaluation process involved quantitative data analysis and expert review to determine the final results of the award [1] Group 2 - The "Golden Award" aims to create a reference list of the most valuable listed companies and unicorns in the investment community, covering all listed companies on major exchanges including HKEX, SSE, SZSE, NYSE, and NASDAQ [2]

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，概不對因本公告全部或任何部分 內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 2025 年 股 東 特 別 大 會 投 票 表 決 結 果 董事會謹此宣佈，於 2025 年 12 月 22 日舉行之股東特別大會上，於股東特別大 會通告載列並於股東特別大會上表決之決議案以投票方式表決並已獲股東通過。 謹此提述中國重汽（香港）有限公司（「本公司」）日期均為 2025 年 11 月 28 日之股東特別大會（「股東特別大會」）通告（「股東特別大會通告」）及通函 （「通函」）。除非另有界定，本公告所用詞彙與股東特別大會通告及通函所界 定者具相同涵義。 董事會欣然公佈，於股東特別大會上，於股東特別大會通告載列並於股東特別大 會上表決之決議案以投票方式表決並已獲股東通過。本公司股份過戶登記處香港 中央證券登記有限公司於股東特別大會上獲聘任為投票表決監票人。 股東特別大會通告所載有關於股東特別大會上提議決議案的投票表決結果如下： 1 由於股東特別大會上提議的普通決議案已於股東特別大會中獲得超過 ...

Core Viewpoint - China National Heavy Duty Truck Group (China National Heavy Duty Truck, 03808.HK) has been awarded the "Annual ESG Pioneer Award" at the "Technology Empowerment · Capital Breakthrough" sharing session, recognizing its commitment to environmental, social, and governance (ESG) principles [1][3]. ESG Recognition - The "Annual ESG Pioneer Award" aims to identify green and advanced enterprises that balance economic efficiency with social responsibility, highlighting companies that excel in promoting ESG concepts and pursuing high-quality sustainable development [3]. - The award results were determined through quantitative data analysis and expert review [3]. Environmental Commitment - As a leader in the heavy-duty truck industry, China National Heavy Duty Truck understands the strategic significance of ESG for long-term value creation [3]. - The company has established a robust ESG governance framework and communication mechanisms, actively fulfilling environmental and social responsibilities while optimizing corporate governance [3]. - By 2025, the company's international ESG rating is expected to improve to an A grade according to MSCI [3]. - The company is committed to sustainable development through innovation, focusing on smart and green transformation, and aims to create a clean technology industry ecosystem [3]. - In the field of new energy vehicles, the company has seen a 231% year-on-year increase in sales of new energy heavy-duty trucks by 2025 [3]. Social Responsibility - China National Heavy Duty Truck actively practices corporate responsibility by focusing on employee growth and rights protection, providing development platforms through training systems and incentive mechanisms [4]. - Externally, the company engages in social welfare activities, including rural revitalization support and charitable donations, converting business achievements into social benefits [4]. Corporate Governance - The company continuously improves its governance system by optimizing governance structures, clarifying responsibilities, and strengthening supervision mechanisms [4]. - These measures enhance the company's sustainable competitiveness and provide institutional support for long-term stable growth and high-quality development [4].

Core Insights - The "Golden Award" annual excellence company selection by Gelonghui will reveal a list of notable companies, highlighting those recognized for their contributions to ESG (Environmental, Social, Governance) principles [1][2] Group 1: Award Winners - Ten companies have been awarded the "Annual ESG Pioneer Award (Large Market Capitalization)," including Aier Eye Hospital, Beike, Bosideng, Mengniu Dairy, CATL, Tongcheng Travel, Weichai Power, China Feihe, China State Construction International, and Sinotruk [1] - The award aims to identify companies that balance economic efficiency with social responsibility, recognizing their outstanding contributions to promoting ESG concepts and pursuing high-quality sustainable development [1] Group 2: Evaluation Process - The selection process for the awards involved quantitative data analysis and evaluation by an expert review panel to determine the final results [1] - The "Golden Award" aims to create a reference list of the most valuable listed companies and unicorns in the investment community, covering all listed companies on major exchanges including the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, New York Stock Exchange, and NASDAQ [2]

Core Viewpoint - The event "Technology Leads, Full Chain Win-Win" organized by China National Heavy Duty Truck Group (Sinotruk) on December 21 showcased the company's commitment to openness and community engagement, marking a significant step in integrating with the public and enhancing brand confidence. Group 1: Event Overview - The public open day is a first in the domestic commercial vehicle industry, transforming a high-end event typically reserved for industry partners into an inclusive experience for ordinary citizens and families of employees [4] - The event attracted over 10,000 attendees, including employees, their families, and local citizens, allowing them to experience the essence of "Chinese manufacturing" [1][4] Group 2: Engagement and Experience - The open day featured diverse activities such as demonstrations of intelligent production lines, static experiences of the latest heavy-duty truck models, and interactive technology zones, breaking the traditional perception of heavy machinery as distant and unfamiliar [6] - Attendees expressed a strong sense of pride and connection to the company, with family members of employees sharing their excitement about witnessing the advanced technology and achievements of China National Heavy Duty Truck [8][12] Group 3: Company History and Achievements - The event highlighted the rich history of China National Heavy Duty Truck, from its origins in 1930 with a small team to becoming a global leader in heavy-duty truck production, with sales reaching the top worldwide [20] - The company has expanded its product offerings to cover a complete range of commercial vehicles, showcasing its technological strength and comprehensive industry chain [22][24] Group 4: Corporate Culture and Values - The open day served as a manifestation of the company's commitment to social responsibility, emphasizing the importance of human connection and community engagement [26][28] - China National Heavy Duty Truck aims to present itself as a modern enterprise that balances technological prowess with a warm, approachable corporate culture, fostering a sense of trust and respect within the community [26][28]

Core Viewpoint - In November, China's heavy truck sales reached 113,000 units, marking a year-on-year increase of 65.4%, continuing an eight-month growth trend since April 2023 [1] Industry Summary - The China Association of Automobile Manufacturers (CAAM) reported significant growth in heavy truck sales, indicating strong demand in the market [1] - Predictions for 2024 suggest that domestic heavy truck sales will reach 800,000 units, reflecting a growth rate of 2.6% [1] Company Summary - A sales executive from China National Heavy Duty Truck Group indicated that there is a supply shortage for heavy truck orders, with customers directly visiting factories to expedite orders [1] - Production lines have been operating continuously since October 2024, with some facilities shifting from a single shift to a double shift to meet the high demand [1] - The company is prioritizing core customer needs due to the overwhelming number of orders and limited production capacity [1]

Core Viewpoint - The article highlights the successful collaboration between China National Heavy Duty Truck Group (CNHTC) and its global supply chain partners, emphasizing the company's strategic goals and achievements in the commercial vehicle industry, particularly in the context of the upcoming "14th Five-Year Plan" period [3][7]. Group 1: Achievements and Performance - In the first eleven months of 2025, Shandong Heavy Industry achieved a revenue of 551.9 billion yuan, a year-on-year increase of 12.3%, with an expected annual revenue exceeding 600 billion yuan [3]. - CNHTC's revenue is projected to surpass 225 billion yuan, reflecting a 17% year-on-year growth, with total vehicle sales expected to exceed 450,000 units, marking a 25% increase [3][4]. - The heavy truck sales volume is anticipated to exceed 300,000 units, making CNHTC the global leader in heavy truck sales for the first time [4]. Group 2: Technological Innovations - CNHTC has made significant advancements in three major technology routes: pure electric, hybrid, and hydrogen fuel cell technologies, with a comprehensive lineup of electric vehicles including tractors, dump trucks, and cargo trucks [6]. - The company has also introduced L2 level intelligent driving assistance features and developed high-level intelligent driving cockpits based on AI models [6]. Group 3: Strategic Goals and Supply Chain Development - For the "14th Five-Year Plan" period, CNHTC aims to achieve a sales target of 800,000 vehicles and revenue exceeding 400 billion yuan by 2030 [7]. - The company has outlined four key growth drivers and four core advocacy points for supply chain development, focusing on deep integration with corporate strategy and collaborative upgrades [7]. Group 4: Future Collaboration and Ecosystem Building - CNHTC emphasizes value co-creation with suppliers, encouraging them to transition from mere parts providers to partners in creating customer value [9]. - The company advocates for an open innovation chain, fostering joint research and development efforts and breaking down technological barriers [9][11]. - A digital transformation of the supply chain is prioritized to enhance efficiency and responsiveness, while maintaining integrity and compliance in operations [11]. Conclusion - The successful hosting of the conference not only summarized CNHTC's achievements in global supply chain collaboration but also outlined a clear path for industrial cooperation during the "14th Five-Year Plan," reinforcing the company's commitment to becoming a world-class commercial vehicle group [11].

Core Viewpoint - The automotive industry is at a new crossroads in 2026, with the end of the electric vehicle (EV) boom and the rise of smart technology. Investment opportunities lie in commercial vehicles and two-wheeled vehicles, focusing on finding resilient alpha varieties and embracing the next industrial trends of smart technology and robotics/AIDC [4][10]. Group 1: Automotive Sector Investment Strategy - The automotive industry should reference the years 2011 and 2018 for strategic insights. The focus is on finding resilient alpha varieties and embracing the next industrial trends, particularly in smart technology and robotics/AIDC [4][10]. - The total domestic demand for passenger vehicles in 2026 is expected to be 22 million units, a decrease of 3.5% year-on-year, while the demand for new energy vehicles is projected to reach 13.2 million units, an increase of 6.4% [5][10]. - The wholesale sales of heavy trucks are forecasted to be 1.16 million units in 2026, with a year-on-year increase of 1.5%. Domestic sales are expected to decline by 5.5% to 770,000 units, while exports are projected to rise by 18.8% to 390,000-400,000 units [5][27]. Group 2: Key Investment Opportunities - In the bus sector, the top picks are Yutong Bus and Jinlong Automobile. For motorcycles, the preferred choices are Chunfeng Power and Longxin General. In the heavy truck sector, China National Heavy Duty Truck and Weichai Power are favored. For passenger vehicles, BYD is the primary choice, with Jianghuai Automobile as a secondary option. In the parts sector, Fuyao Glass, Xingyu Co., and Minth Group are recommended [6][10]. - The L4 RoboX investment opportunities focus on the B-end software sector over C-end hardware. Preferred stocks include XPeng Motors, Horizon Robotics, and others in the H-share market, while A-share selections include Qianli Technology and Desay SV [7][10]. - The robotics and AIDC investment opportunities are highlighted, with a focus on the upcoming Optimus V3 overseas and the rapid development of domestic robotics. Key selections include Top Group for robotics and liquid cooling, and Junsheng Electronics for robotics [7][10]. Group 3: Market Forecasts - The passenger vehicle market is expected to see a total sales volume of 22 million units in 2026, with a year-on-year decrease of 3.5%. New energy vehicle sales are projected to reach 13.2 million units, an increase of 6.4% [5][17]. - The heavy truck market is forecasted to have a wholesale volume of 1.16 million units in 2026, with domestic sales declining by 5.5% to 770,000 units, while exports are expected to rise by 18.8% [5][27]. - The bus sector is anticipated to maintain a strong export growth rate of over 30%, with domestic sales expected to reach 81,000 units, a year-on-year increase of 3% [5][32]. Group 4: Motorcycle Market Insights - The motorcycle industry is projected to have total sales of 19.38 million units in 2026, a year-on-year increase of 14%. The large-displacement motorcycle segment is expected to reach 1.26 million units, a 31% increase [5][34]. - Domestic sales of large-displacement motorcycles are expected to reach 430,000 units, a 5% increase, while exports are projected to be 830,000 units, a 50% increase [5][35]. Group 5: Future Trends and Innovations - The penetration rate of smart driving technology in new energy vehicles is expected to rise to 40% by 2026, with significant growth in the use of domestic chips [22][23]. - The heavy truck export market is expected to recover, with significant growth in regions such as Southeast Asia and Africa, driven by local infrastructure and mining demands [28][29].

Core Insights - The domestic commercial vehicle market is experiencing a strong growth trend, particularly in the new energy commercial vehicle segment, driven by policy support and increasing demand for vehicle upgrades [1][2][10]. Commercial Vehicle Market Analysis - In November 2025, domestic commercial vehicle sales reached 260,000 units, a year-on-year increase of 4% and a month-on-month increase of 4% [5]. - From January to November 2025, total commercial vehicle sales amounted to 2.81 million units, representing a 9% year-on-year growth [5]. - The new energy commercial vehicle sales for the same period reached 770,000 units, showing a significant year-on-year increase of 54% [8]. New Energy Commercial Vehicle Performance - The penetration rate of new energy commercial vehicles has risen sharply, reaching 27% from January to November 2025, up 7 percentage points year-on-year [12]. - By November 2025, the penetration rate for new energy commercial vehicles reached 36%, an increase of 11 percentage points compared to the same month last year [12][10]. Market Trends and Dynamics - The market for new energy commercial vehicles is characterized by a strong upward trend from March to November 2025, with November sales peaking at 92,000 units, a 45% year-on-year increase [10][8]. - The overall commercial vehicle market has shown a recovery from previous lows, with 2025 marking a significant improvement compared to the previous years [5][4]. Competitive Landscape - Major players in the commercial vehicle sector include Beiqi Foton, SAIC-GM-Wuling, Dongfeng Motor, and China National Heavy Duty Truck Group, with Foton and Wuling leading in light truck and bus markets respectively [14]. - The new energy segment is seeing increased competition, particularly among companies like Geely and Chery, which are gaining traction in the new energy light truck market [20].

Core Insights - Shandong Heavy Industry Group is leading the high-end equipment industry chain in Shandong, with a significant increase in sales and successful entry into high-end markets in Europe and America, achieving a 318% year-on-year sales growth from January to November [1] - The company has prioritized strategic transformation towards new energy, investing a total of 16 billion yuan in high-tech companies and establishing joint ventures to cover electric, hybrid, and fuel cell technologies [3] - In the smart industry sector, Shandong Heavy Industry is leveraging artificial intelligence to develop intelligent driving, smart agriculture, and logistics solutions, with significant advancements in autonomous vehicles and smart manufacturing [5] Group 1 - Shandong Heavy Industry Group has successfully entered high-end markets, with sales from January to November increasing by 318% [1] - The company has made a strategic shift towards new energy, investing 16 billion yuan in various high-tech companies and forming joint ventures with BYD [3] - The revenue from the new energy business reached 33.4 billion yuan, marking a 161% year-on-year increase, with new energy heavy truck sales growing by 251.4% [3] Group 2 - The company is focusing on smart industry development, creating a range of intelligent products and solutions, including autonomous vehicles and smart agricultural solutions [5] - Shandong Heavy Industry's revenue for the first eleven months reached 551.9 billion yuan, a 12.3% increase year-on-year, with new industries contributing 159.3 billion yuan [5] - The company has established several benchmark projects in smart manufacturing, including a digital factory recognized as a leading intelligent factory by the Ministry of Industry and Information Technology [5]