Investment Rating - The report maintains a positive outlook on the automotive industry, particularly on the segments of robot components, heavy truck exports, and intelligent autonomous vehicles [5]. Core Insights - The automotive market shows strong demand with a significant increase in wholesale and retail sales, particularly in the new energy vehicle (NEV) sector, which reached a penetration rate of 52.5% in Q3 2025 [5][9]. - The price war in the passenger car segment is easing, leading to improved gross margins for many automakers, including BYD, Changan, and others [5][21]. - The heavy truck market is experiencing a dual boost from domestic sales and exports, with heavy truck sales reaching 21.5 million units in Q3, a year-on-year increase of 65% [5][30]. Summary by Sections Passenger Vehicles - In Q3 2025, wholesale sales of passenger vehicles reached 7.686 million units, up 14.7% year-on-year and 8.1% quarter-on-quarter; retail sales were 6.11 million units, up 6.5% year-on-year and 5.5% quarter-on-quarter [5][9]. - The NEV wholesale volume reached 4.04 million units, a year-on-year increase of 24.5%, with a penetration rate of 52.5%, marking a new high [5][9]. Auto Parts - The auto parts sector is seeing increased profitability differentiation, with overall revenue growth lagging behind the industry due to intensified competition and supply chain pressures [5][21]. - Companies like Bojun Technology and Jifeng Co. have reported better-than-expected performance in Q3 2025 [5]. Heavy Trucks - Heavy truck sales in Q3 reached 21.5 million units, a year-on-year increase of 65%, while exports were 81,000 units, down 1% year-on-year but up 26% quarter-on-quarter [5][30]. - The domestic market is expected to continue growing due to policy support, despite a decline in exports to Russia [5]. Investment Recommendations - The report recommends focusing on robot components, heavy truck export leaders, and intelligent autonomous vehicles, highlighting companies such as Top Group and BYD for investment opportunities [5].

Core Viewpoint - The heavy truck market in China experienced significant growth in October 2025, driven by the "old-for-new" policy, with sales reaching approximately 95,000 units, a year-on-year increase of 43% [1][3]. Group 1: Market Performance - In October 2025, the total sales of heavy trucks in China were about 95,000 units, reflecting a month-on-month decrease of approximately 10% but a year-on-year increase of about 43% [3]. - The heavy truck market has seen seven consecutive months of growth, with an average year-on-year growth rate of 39% over the last seven months [3]. - Cumulatively, from January to October 2025, the heavy truck market reached 918,000 units sold, representing a year-on-year growth of about 22% [3]. Group 2: Segment Performance - In October, terminal sales of heavy trucks (based on compulsory insurance) grew at a rate of approximately 61% year-on-year, despite a month-on-month decline of nearly 14% due to the National Day holiday [5]. - New energy heavy trucks saw a significant increase, with terminal sales expected to reach around 20,000 units in October, a year-on-year growth of over 140% [7]. - The penetration rate of new energy heavy trucks approached 28% in October, indicating strong market demand [7]. Group 3: Company Performance - China National Heavy Duty Truck Group (CNHTC) sold approximately 25,000 heavy trucks in October, achieving a year-on-year increase of about 51% and maintaining its position as the industry leader [11]. - FAW Jiefang sold nearly 21,000 heavy trucks in October, with a year-on-year growth of about 36%, securing the second position in the market [11]. - Dongfeng Motor Corporation reported a year-on-year increase of approximately 60% in heavy truck sales, with nearly 14,000 units sold in October [13]. - Beiqi Foton experienced the highest growth rate among major companies, with a year-on-year increase of about 147% in October sales [15]. Group 4: Future Outlook - The heavy truck market's performance in November is expected to remain strong, supported by the "old-for-new" policy and the release of the last batch of fiscal subsidy funds [21]. - However, some regions have paused local subsidies due to fiscal constraints, which may impact future sales [21].

Group 1 - The article emphasizes the importance of high-quality urban development as a key aspect of modern construction and enhancing people's quality of life, guided by the recent opinions from the Central Committee and the State Council [2] - The focus is on political supervision by disciplinary inspection and supervision agencies to ensure the effective implementation of urban development projects, including infrastructure upgrades and public service improvements [2][3] - The article highlights the role of local disciplinary committees in monitoring urban projects, ensuring quality, and addressing issues such as corruption and inefficiency in urban management [3][4] Group 2 - The article discusses the significance of cultural prosperity in urban development, linking it to the overall quality of life and the concept of "people's cities for the people" [5] - It mentions specific initiatives taken by local authorities to protect cultural heritage and prevent corruption in funding, showcasing the establishment of cultural bases and the promotion of integrity through local cultural resources [5] - The article also notes the establishment of a supportive mechanism for green and low-carbon enterprises, emphasizing the need for personalized assistance and regular supervision to facilitate their growth [3][4]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中国重汽（香港）有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 不適用 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 III.已發行股份及/或庫存股份變動詳情 (A). 股份期權（根據發行人的股份期權計劃） 不適用 第 3 頁 共 10 頁 v 1.1.1 (B). 承諾發行發行人股份的權證 不適用 FF301 第 4 頁 共 10 頁 v 1.1.1 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03808 | 說明 | 普通股 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | ...

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。 SINOTRUK (HONG KONG) LIMITED 中 國 重 汽（ 香 港 ）有 限 公 司 （於香港註冊成立的有限公司） （股份代號：03808） 獨立董事委員會及獨立股東的獨立財務顧問 董事會宣佈，於2025年10月31日，本公司已(i)與中國重汽訂立2028年融資租賃 及擔保協議以更新中國重汽持續關連交易，年期自2026年1月1日起至2028年12 月31日止為期三年；及(ii)與濰柴控股訂立2026年濰柴採購零部件協議以更新濰 柴持續關連交易，年期於2026年12月31日止為期一年，更多詳情載列於本公告。 上市規則的涵義 更新中國重汽持續關連交易 中國重汽為本公司的控股股東。因此，本集團與中國重汽集團於2028年融資租賃 及擔保協議項下擬進行的交易構成本公司的持續關連交易。 由於根據上市規則所計算有關2028年融資租賃及擔保協議項下擬進行的交易之最 高百分比率（按年度基準計算）高於0.1 ...

Core Viewpoint - China National Heavy Duty Truck Group (China National Heavy Truck) reported a total operating revenue of approximately 49.49 billion yuan for the first nine months of 2025, representing a year-on-year increase of 20.55% [1] - The net profit for the same period was approximately 1.485 billion yuan, showing a year-on-year growth of 18.78% [1] Financial Performance - Total operating revenue reached about 49.49 billion yuan [1] - Year-on-year growth in revenue was 20.55% [1] - Net profit amounted to approximately 1.485 billion yuan [1] - Year-on-year increase in net profit was 18.78% [1]

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。 中國重汽（香港）有限公司（「本公司」）附屬公司中國重汽集團濟南卡車股份有限公司 （「濟南卡車」）（其股份於中華人民共和國（「中國」）深圳證券交易所上市）將於2025 年10月31日公告其以中國會計準則編製的截至2025年9月30日止9個月之未審核財務資料 （「未審核財務資料」）。未審核財務資料摘要連同去年同期之比較數字載列如下： | 濟南卡車 | 截至9月30日止9個月 | | | --- | --- | --- | | 未審核財務資料摘要 | 2025年 | 2024年 | | | 人民幣元 | 人民幣元 | | 營業總收入 | 40,490,078,964.82 | 33,586,743,326.50 | | 利潤總額 | 1,816,930,578.51 | 1,487,694,313.26 | | 所得稅費用 | 331,883,822.28 | 237,476,989.03 | | 淨利潤 | ...

Investment Rating - The report maintains a "Positive" investment rating for the heavy truck industry [3] Core Insights - The heavy truck industry is experiencing a significant recovery in demand, driven by policies encouraging vehicle replacement and infrastructure investments [9][12][22] - The sales of natural gas heavy trucks and new energy heavy trucks are showing strong growth, while exports have seen a decline but are expected to improve in the long term [32][50][75] Summary by Sections Overall Performance - In September 2025, wholesale sales of heavy trucks reached 100,000 units, a year-on-year increase of 73.3% and a month-on-month increase of 9.1% [9] - The number of registered heavy trucks was 83,000 units, up 92.0% year-on-year and 24.9% month-on-month [9] - Heavy truck exports totaled 32,000 units, down 22.7% year-on-year but up 8.3% month-on-month [9] - Inventory levels are decreasing, indicating a trend towards inventory destocking [13] Natural Gas Heavy Trucks - In September 2025, the sales of natural gas heavy trucks reached 23,000 units, marking a year-on-year increase of 148.8% and a month-on-month increase of 40.4% [33] - The penetration rate of natural gas heavy trucks was 28.1%, up 6.4 percentage points year-on-year [33] New Energy Heavy Trucks - New energy heavy truck sales reached 23,000 units in September 2025, representing a year-on-year increase of 209.5% and a month-on-month increase of 33.6% [50] - The penetration rate for new energy heavy trucks was 28.2%, an increase of 10.7 percentage points year-on-year [50] Export Trends - Heavy truck exports in September 2025 were 32,000 units, down 23% year-on-year but up 8.3% month-on-month [75] - The export distribution by continent showed significant growth in Africa and Asia, while Europe experienced a decline [78]

Group 1 - The Hang Seng Index rose by 0.54%, gaining 141 points to close at 26,487 points, while the Hang Seng Tech Index increased by 0.31%. The morning trading volume in Hong Kong stocks reached HKD 178.7 billion [1] - Newly listed stock Dipu Technology (01384) surged by 36%, while Baima Tea (06890) rose over 8%, and Haixi New Drug (02637) increased by 7.59% [2] - The demand for energy storage driven by AI is expected to increase significantly, with CITIC Securities forecasting that total lithium battery demand will exceed 2,700 GWh next year, a year-on-year growth rate of over 30%. Energy storage battery demand is projected to exceed 900 GWh, leading to potential shortages in various lithium sectors [2] Group 2 - Ganfeng Lithium (01772) rose over 12%, and Tianqi Lithium (09696) increased by over 8% due to the strong performance of lithium mining stocks [2] - The energy storage sector saw significant gains, with Zhongchu Innovation (03931) rising over 12%, CATL (03750) increasing by 2.59%, and Shuangdeng Co. (06969) gaining over 7% [2] - Ruipu Lanjun (00666) increased by over 8% after the company launched several strategic new products covering energy storage, commercial vehicles, and passenger cars [3] Group 3 - Aneng Logistics (09956) surged by 22% following a privatization proposal from a major shareholder's consortium, with a premium rate exceeding 48% [4] - China Duty Free Group (01880) rose by 3% as the entire Hainan island is set to close in December, which is expected to boost the overall development of Hainan's tourism retail market [5] - China Hongqiao (01378) increased by nearly 7% due to recent production cuts in overseas electrolytic aluminum, which may further widen the supply-demand gap in the electrolytic aluminum market [6] Group 4 - Anjii Food (02648) rose over 8% with a 11.8% year-on-year growth in net profit attributable to shareholders in the third quarter, supported by a collaborative development across all channels [7] - The engineering machinery sector saw significant gains, with September exports continuing to grow year-on-year, and leading companies like Sany Heavy Industry (06031) rising by 9%, Senson International (02155) increasing by 8.02%, and China National Heavy Duty Truck Group (03808) gaining 3.7% [7] Group 5 - WuXi AppTec (02359) fell over 4% as the actual controller's shareholders plan to reduce their holdings by no more than 2% of the company's A-shares [8]

Group 1 - The core viewpoint of the article highlights the significant growth in China's engineering machinery exports, with a year-on-year increase of 29.6% in September 2025, leading to a rise in stock prices for major companies in the sector [1][1][1] - Major engineering machinery stocks such as Sany Heavy Industry, Sany International, China National Heavy Duty Truck Group, and Zoomlion have seen notable price increases, with Sany Heavy Industry rising by 8.68% to HKD 23.78 [1][1][1] - The China Construction Machinery Industry Association reported that the total import and export trade value for engineering machinery reached USD 5.505 billion in September 2025, with imports at USD 234 million and exports at USD 5.271 billion [1][1][1] Group 2 - Guoyuan Securities indicates that domestic leading enterprises maintain strong competitive advantages in both supply and demand, suggesting a positive outlook for the engineering machinery industry [1][1][1] - Zheshang Securities forecasts that the performance of leading engineering machinery companies is expected to accelerate in the third quarter, driven by factors such as increased overseas market share and the gradual initiation of domestic replacement cycles [1][1][1]