Core Viewpoint - The new energy tractor truck market in China has been experiencing explosive growth since 2025, with monthly sales consistently exceeding 10,000 units, particularly highlighted by the rapid increase in new energy tractor trucks, which have outpaced the overall growth of new energy heavy trucks [1][2]. Market Performance - In August 2025, the new energy tractor truck market added 13,100 units, marking a significant year-on-year increase of 196%, despite a slight month-on-month decrease of 1% [5][23]. - The year-to-date cumulative sales of new energy tractor trucks reached 78,300 units by the end of August, reflecting a substantial year-on-year growth of 252% [15][18]. Regional Insights - In August, 29 provincial-level administrative regions in China reported new energy tractor truck additions, with 25 regions adding over 100 units each. Shanghai led with over 3,000 new units [6][8]. Company Performance - Six companies achieved monthly sales exceeding 1,000 units in August, with XCMG leading at 2,342 units, followed by Jiefang with 2,040 units and SANY with 1,680 units [10][11]. - The top ten companies in the new energy tractor truck market all experienced significant year-on-year growth, with XCMG, SANY, and Jiefang being the top three companies, each surpassing 10,000 cumulative sales [15][18]. Competitive Landscape - The competition in the new energy tractor truck market remains intense, with companies frequently changing positions in sales rankings. The market dynamics suggest that further shifts may occur in the upcoming months [22].

Core Viewpoint - In August, China's heavy truck market achieved sales of 87,000 units, marking a nearly 40% year-on-year growth, indicating a strong recovery and potential to exceed 1 million units for the year [1][3][24]. Group 1: Market Performance - The heavy truck market in August saw a slight month-on-month increase of 2% compared to July, and a significant year-on-year increase of approximately 39% from 62,500 units [3][5]. - Cumulatively, from January to August, the heavy truck market reached 711,000 units sold, reflecting a year-on-year growth of about 14% [3][24]. - The August sales figure of 87,000 units is the second highest in the past eight years, only behind August 2020's 130,000 units [3]. Group 2: Factors Driving Growth - The growth in August is attributed to two main factors: a low base from the previous year and the implementation of a vehicle replacement policy for older trucks, which has stabilized the new truck market [5][10]. - Domestic terminal sales of heavy trucks are expected to have increased by nearly 50% year-on-year in August, further expanding from a 39% increase in July [5][8]. Group 3: Segment Performance - Both gas-powered and electric heavy trucks experienced significant year-on-year growth in August, with gas trucks rebounding after five months of decline [8][10]. - Electric heavy trucks saw a remarkable increase in terminal sales, exceeding 16,000 units in August, representing a year-on-year growth of over 160% [10][12]. - Diesel heavy trucks also showed a year-on-year increase of over 25% in August, although they faced a month-on-month decline of approximately 20% [10]. Group 4: Company Performance - China National Heavy Duty Truck Group (CNHTC) sold approximately 22,000 heavy trucks in August, maintaining its position as the market leader with a year-on-year growth of about 29% [12][14]. - FAW Jiefang sold around 16,500 heavy trucks in August, achieving a year-on-year growth of approximately 36% [16]. - Dongfeng Motor Corporation sold about 15,000 heavy trucks, with a notable year-on-year increase of 52% [18]. - Beiqi Foton and XCMG reported the highest growth rates among major companies, with Foton's sales increasing by 175% year-on-year [20][22]. Group 5: Future Outlook - The heavy truck market is on track to exceed 1 million units sold for the year, with an average monthly sales target of 73,000 units needed in the remaining months [24].

Core Viewpoint - The launch of the Huanghe H7 by China National Heavy Duty Truck Corporation (CNHTC) signifies a strong ambition in the high-end heavy truck market, addressing the logistics industry's demand for cost reduction, efficiency, and intelligence [1][22]. Group 1: Product Features and Market Positioning - The starting price of the Huanghe H7 is set at 246,000 yuan, showcasing a comprehensive product matrix and top-tier fuel efficiency [1][19]. - By the first half of 2025, CNHTC aims to sell 150,000 heavy trucks, achieving a market share of 27.6%, indicating its leadership in the industry [3]. - The Huanghe brand, established in 1960, aims to break foreign monopolies and lead China's high-end heavy truck market globally [5]. Group 2: Technological Innovations - The Huanghe H7 features a low drag coefficient of 0.349, which can be reduced to 0.286 with a streamlined trailer, making it the lowest in the global mass-produced heavy truck category [7]. - The truck has achieved a Guinness World Record by traveling 4,871.18 kilometers on a single tank of fuel (945.2 liters), demonstrating its exceptional fuel efficiency [7]. - The H7 is equipped with the fourth-generation S powertrain, with the fuel version's engine efficiency reaching 50% and the gas version at 54.16%, leading the industry in fuel-saving performance [11]. Group 3: Intelligent Driving and Safety Features - The Huanghe H7 is one of the first heavy trucks in China to implement L2+ intelligent driving systems, with over 612 units already on the road and a cumulative mileage exceeding 50 million kilometers without accidents [13]. - The truck's advanced features include high-precision mapping and predictive driving systems that enhance fuel efficiency by an average of 3% [13]. - The cabin has received national CN95 health certification and includes driver monitoring systems, improving safety and comfort [13]. Group 4: Economic Benefits for Customers - The H7 is positioned as a "profit-generating solution" for customers, with potential annual fuel savings of nearly 40,000 yuan for a 4×2 express truck operating in specific routes [15]. - The pricing structure of the H7 is designed to meet the urgent demand for cost reduction in the market, allowing a wide range of users to benefit from its operational efficiency [17][21]. - The entire series supports a maximum of 30 interest-free financing terms, with annual rates as low as 3.5%, significantly lowering the entry barrier for high-end intelligent heavy trucks [21].

Core Viewpoint - China National Heavy Duty Truck Group (China National Heavy Duty Truck) shares rose nearly 4%, indicating positive market sentiment towards the company and the heavy truck industry [1] Company Performance - In the first half of the year, China National Heavy Duty Truck achieved revenue of approximately 50.878 billion yuan, representing a year-on-year growth of 4.21% [1] - The company's net profit attributable to shareholders was about 3.427 billion yuan, an increase of 4.03% year-on-year [1] - The interim dividend declared was 0.74 HKD per share, reflecting a stable dividend policy [1] Industry Outlook - According to preliminary data, the heavy truck market in China sold around 84,000 units in August 2025, a slight decrease of 1% month-on-month but a significant increase of approximately 35% year-on-year from 62,500 units [1] - The heavy truck market has experienced five consecutive months of growth since April this year [1] - Guolian Minsheng Securities suggests that with the industry entering the peak season of September and October, the possibility of annual heavy truck wholesale sales exceeding 1 million units has increased [1] - The outlook for the heavy truck industry remains positive for September and Q4, with expectations of sales recovery [1]

Investment Rating - The report maintains a positive outlook on the automotive industry, particularly on intelligent autonomous vehicles, robot components, and leading heavy-duty truck manufacturers [4][6]. Core Insights - The automotive industry is experiencing a recovery in demand, with wholesale sales of passenger vehicles reaching 7.11 million units in Q2 2025, a year-on-year increase of 13% and a quarter-on-quarter increase of 10.8% [4][8]. - The penetration rate of new energy vehicles (NEVs) reached a record high of 51.1% in Q2 2025, with wholesale sales of NEVs hitting 3.63 million units, up 33.6% year-on-year and 25.2% quarter-on-quarter [4][8]. - The performance of major automakers such as Xiaopeng and Leap Motor exceeded expectations, while most others met forecasts [4][15][19]. Summary by Sections 1. Passenger Vehicles - Q2 2025 saw a steady recovery in passenger vehicle sales, with wholesale and retail volumes increasing significantly compared to Q1 [4][8]. - The demand for NEVs continues to grow, with a notable increase in sales and market penetration [4][8]. 2. Auto Parts - The auto parts sector is experiencing a divergence in profitability, with some companies outperforming while others struggle due to increased competition and supply chain pressures [4][6]. - Companies like Fuyao Glass and Shanghai Yalong reported better-than-expected performance in Q2 2025 [4][6]. 3. Heavy-Duty Trucks - The domestic market for heavy-duty trucks remains robust, with Q2 2025 sales of heavy trucks reaching 201,000 units, a year-on-year increase of 21% [4][6]. - Exports are recovering, particularly in non-Russian regions, despite a decline in sales to Russia [4][6]. 4. Investment Recommendations - The report recommends focusing on intelligent autonomous vehicles, robot components, and leading heavy-duty truck manufacturers, highlighting specific companies such as Xiaopeng, Geely, and Leap Motor for passenger vehicles, and China National Heavy Duty Truck and Weichai Power for heavy-duty trucks [4][6].

| 截至月份: | 2025年8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9月2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 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 | 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 | | | 2,760,993,339 | | 0 | | 2,760,993,339 | | 增加 / 減少 (-) | | ...

Core Viewpoint - Goldman Sachs has raised its earnings per share forecast for China National Heavy Duty Truck Group (03808) for 2025 to 2027 by 2% to 7%, reflecting better-than-expected non-operating income and the positive impact of increased engine self-supply rate on profit margins [1] Financial Performance - In the first half of the year, the net profit of China National Heavy Duty Truck Group was 3.43 billion RMB, representing a year-on-year growth of 4%, which is 5% higher than Goldman Sachs' expectations, mainly driven by non-operating income [1] - EBIT increased by 5% year-on-year, which is 3% lower than Goldman Sachs' expectations, due to revenue growth falling short of expectations, with only a 4% year-on-year increase [1] Market Dynamics - The growth in heavy truck sales was offset by a decline in average selling prices both domestically and internationally [1] - Despite the positive adjustments in earnings forecasts, the company maintains a "Sell" rating due to high valuations, structural pressure on profit margins, and weak future earnings outlook, with a slight increase in target price from 19 HKD to 20 HKD [1]

Core Viewpoint - UBS reports that China National Heavy Duty Truck Group (China National Heavy Duty Truck) holds over 40% market share in China's truck export market, indicating a leading advantage and extensive global dealer network [1] Group 1: Market Outlook - The outlook for China's truck exports from now until 2030 is positive, as OEMs are expected to accelerate penetration into the EU market through electric trucks [1] - The electric truck export strategy is anticipated to bring sales growth, increased average selling prices, and improved profit margins [1] Group 2: Company Projections - UBS expects China National Heavy Duty Truck's revenue and net profit to grow at a compound annual growth rate (CAGR) of 13% and 20% respectively from 2024 to 2027 [1] - The firm has set a target price of HKD 31 for China National Heavy Duty Truck and has rated the stock as "Buy" [1]

Core Insights - The domestic heavy truck market is increasingly focusing on high-end and intelligent trends, with the launch of the Huanghe H7 marking a significant step in this direction [1][5] - Huanghe H7 represents a key development in the high-end intelligent heavy truck sector, showcasing the company's technological innovation and deep industry insights [1][5] Group 1: Historical Context and Brand Legacy - The Huanghe brand has a rich history, beginning with the first heavy truck produced in China in 1960, which marked the start of the country's heavy truck manufacturing era [3] - Over 60 years, Huanghe has evolved from a follower to a leader in the heavy truck industry, contributing significantly to national economic development [3] Group 2: Product Features and Innovations - The Huanghe H7 is designed for high efficiency and extreme fuel savings, featuring the fourth-generation S powertrain that reduces fuel consumption by approximately 2 liters per 100 kilometers compared to mainstream competitors [6][8] - The truck's aerodynamic design achieves a drag coefficient as low as 0.349, further enhancing fuel efficiency [6][8] Group 3: Operational Efficiency and Cost Savings - In practical operations, the Huanghe H7 has demonstrated significant fuel savings, with a fuel consumption of 21.54 liters per 100 kilometers on a route from Anhui to Guangdong, saving approximately 37,500 yuan annually [8] - The reliability of the Huanghe H7 is bolstered by using top-tier international suppliers for key components, ensuring a lifespan of over 1.8 million kilometers for major assemblies [8] Group 4: Intelligent Features and Driver Experience - The Huanghe H7 is equipped with an L2+ level human-machine interaction system, enhancing safety and comfort for drivers during long-distance transport [10][11] - The truck also includes advanced telematics and remote OTA capabilities, improving fleet management and operational efficiency [11] Group 5: Market Positioning and Future Outlook - The launch of the Huanghe H7 strengthens the high-end heavy truck product lineup of China National Heavy Duty Truck Group, positioning the brand competitively in the evolving logistics market [5][6] - The focus on high-end, green, and intelligent features aligns with the growing demands of the logistics industry, indicating a promising future for the Huanghe brand [5][10]

Core Viewpoint - The company reported a 4.2% year-on-year increase in revenue to 50.88 billion yuan and a 4.0% increase in net profit to 3.43 billion yuan for 1H25, aligning with expectations [1] Group 1: Performance Overview - The heavy truck industry saw a 7% year-on-year increase in wholesale sales to 539,000 units in 1H25, with the company achieving a 9.2% increase in heavy truck sales to 137,000 units, maintaining the top market share [1] - The company's heavy truck single-unit revenue decreased by 1,540 yuan year-on-year to 320,900 yuan, while single-unit profit decreased by 1,245 yuan to 25,100 yuan, remaining at historically high levels [1] - The company’s gross margin increased by 0.4 percentage points year-on-year to 15.1%, with a slight decrease in expense ratio by 0.1 percentage points to 7.7% [1] Group 2: Business Segment Performance - Heavy truck business revenue increased by 4% year-on-year to 44.2 billion yuan, with an operating profit margin stable at 6.0% [1] - Light truck and bus business revenue increased by 7% year-on-year to 7.3 billion yuan, with an operating loss margin improving by 0.5 percentage points to -2.4% due to increased initial investments in new energy and overseas expansion [1] - Engine business revenue increased by 8% year-on-year to 7.6 billion yuan, with an operating profit margin increasing by 0.5 percentage points to 18.2% [1] - Financial services revenue decreased by 21% year-on-year to 590 million yuan, but the operating profit margin increased by 3.4 percentage points to 49.8% due to adjustments in the financial subsidiary [1] Group 3: Future Outlook - The company expects a 10% year-on-year increase in heavy truck industry sales to 1 million units in 2025, supported by various factors including trade-in policies and strong export demand [2] - The new energy heavy truck segment saw a 186% year-on-year increase in registration volume to 79,000 units in 1H25, with the company achieving a 226% increase to 9,157 units, capturing an 11.6% market share [2] - The company is focusing on electric and intelligent driving technologies, with successful product deliveries in low-speed logistics and high-speed trunk logistics markets [2] Group 4: Profit Forecast and Valuation - The company maintains its profit forecasts for 2025 and 2026, with the current stock price corresponding to 7.9 and 7.0 times the P/E ratio for those years [2] - The target price has been raised by 11.9% to 27.21 HKD, corresponding to 9.7 and 8.6 times the P/E ratio for 2025 and 2026, indicating a potential upside of 23.7% from the current stock price [2]