Group 1 - The core viewpoint of the article indicates that the performance of the Chinese automotive market in 2023 will exhibit a mixed trend reminiscent of both 2018 and 2025 [1] - The overall passenger car market growth has fallen into negative territory, similar to the situation in 2018, suggesting a potentially weak industry performance for the year [1] - Market fluctuations throughout the year may intensify due to new model releases, seasonal trends, and changes in profit expectations, akin to the dynamics observed in 2025 [1] Group 2 - The ability to achieve absolute or relative returns will depend on whether corporate earnings can exceed expectations, which is expected to be more challenging amid rising costs [1] - The preferred stocks identified by the bank are Geely Automobile (00175) and China National Heavy Duty Truck Group (03808) [1] - The bank also sees potential investment opportunities in BYD Company (01211), Leap Motor (09863), Xpeng Motors (09868), and NIO Inc. (09866) that may arise in March or the second quarter of this year [1] - Conversely, the rating for Ideal Automotive (02015) has been downgraded to "Reduce" [1]

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% over the next six months [35]. Core Insights - The report highlights a recovery in the passenger vehicle sector, driven by the implementation of subsidy policies and a shift in consumer demand. It emphasizes the importance of focusing on high-end electric vehicle manufacturers that are less sensitive to policy fluctuations, such as Jianghuai Automobile and Geely [25][26]. - In the heavy truck segment, the report anticipates a positive outlook for 2026, projecting domestic sales to reach 800,000 to 850,000 units, a year-on-year increase of 3% [30][28]. - The bus market is expected to see growth in 2026, with a conservative estimate of 40,000 units sold, reflecting a 40% year-on-year increase, supported by the continuation of subsidy policies [30][29]. - The motorcycle sector is projected to achieve total sales of 19.38 million units in 2026, a 14% increase year-on-year, with a significant focus on the large-displacement motorcycle market [26]. Summary by Sections Passenger Vehicles - Short-term recovery is anticipated in the passenger vehicle sector due to established subsidy policies, with a focus on high-end electric vehicles and companies less affected by policy changes [25][26]. - Key companies to watch include Jianghuai Automobile, Geely, Great Wall Motors, and BYD, among others [25]. Heavy Trucks - In 2025, wholesale heavy truck sales reached 1.144 million units, a 26.8% increase year-on-year, with domestic sales of 799,000 units, up 32.8% [30]. - The report recommends leading heavy truck manufacturers such as China National Heavy Duty Truck Group, Weichai Power, and FAW Jiefang [30][28]. Buses - The bus market saw a slight decline in 2025, with sales of 29,000 units, down 6% year-on-year. However, a rebound is expected in 2026, with a projected 40% increase in sales [30][29]. - Recommended companies include Yutong Bus and King Long [30]. Motorcycles - The motorcycle industry is forecasted to grow, with total sales expected to reach 19.38 million units in 2026, a 14% increase year-on-year, driven by large-displacement models [26]. - Recommended companies include Chunfeng Power and Longxin General [26].

Group 1 - A major client from Indonesia visited China National Heavy Duty Truck Group (CNHTC) and successfully signed a cooperation intention agreement, securing an order for 500 vehicles [1][3]. - The client conducted on-site inspections at CNHTC's Laiwu factory, transmission plant, and special vehicle company, gaining insights into the company's scale, capacity layout, and quality control system, and was impressed by CNHTC's advanced manufacturing capabilities [3]. - During the meeting, both parties engaged in in-depth discussions regarding product technology, after-sales parts support, and financial assistance, laying a solid foundation for future cooperation [3]. Group 2 - The signing of the agreement marks a significant step in CNHTC's efforts to expand its market presence through high-quality products and comprehensive services [3].

Group 1: Industry Overview - The 11th Senegal International Building, Renovation and Infrastructure Exhibition and the 5th Senegal International Power and New Energy Exhibition were held from February 5 to 7 in Dakar, showcasing a variety of products and solutions tailored to local needs [1] - Chinese companies displayed a strong presence, with products ranging from engineering vehicles and building materials to power distribution equipment and smart metering [1] Group 2: Company Strategies - Hangzhou Haixing Electric Power Technology Co., Ltd. has established a significant market share in Senegal's residential electricity metering sector and has partnered with local distribution companies to localize production [1] - China Liansu Group has set up production bases in multiple countries, including Tanzania and Angola, to better respond to local demands [2] - Shandong Hongtai Metal Technology Co., Ltd. plans to establish a factory in Africa to shorten logistics distances and better serve local customers [2] Group 3: Market Reception - Senegalese companies have positively responded to Chinese suppliers, appreciating their ability to provide tailored solutions based on budget and quality [2] - The acceptance of Chinese heavy-duty vehicles in Senegal has increased, with Chinese brands capturing nearly 60% of the local market share for large vehicles [2] - The establishment of after-sales services, including maintenance workshops and training for local drivers, is seen as essential for long-term customer relationships [3]

Core Viewpoint - China National Heavy Duty Truck Group (CNHTC) has achieved remarkable sales milestones, with a strong performance in both domestic and international markets, showcasing its leadership in the heavy-duty truck industry and setting the stage for future growth [1][3][5]. Group 1: Sales Performance - In January, CNHTC's heavy truck exports exceeded 16,000 units, marking a new industry record just four months after surpassing 15,000 units for the first time [1][5]. - For the entire year of 2025, CNHTC reported total vehicle sales of over 440,000 units, a year-on-year increase of 22.5%, with heavy truck sales reaching 300,000 units, maintaining its position as the top seller in China's heavy truck market for four consecutive years and becoming the global leader in heavy truck sales [3][5]. Group 2: Export Achievements - CNHTC has consistently led the heavy truck export market for 21 years, with annual heavy truck exports surpassing 150,000 units, reflecting a year-on-year growth of over 14% [5]. - The company has established a strong export performance, with January exports continuing to show high growth, contributing to a significant increase in market presence [5][10]. Group 3: Domestic Market Success - In the domestic market, CNHTC has achieved the top position in ten sub-sectors, with significant increases in market share for new energy and high-end intelligent driving products [7]. - The company received over 28,600 orders in January alone, indicating robust demand and market confidence [7]. Group 4: Production and Quality - CNHTC emphasizes product quality and has established leading production capabilities, with its Laiwu factory alone achieving a production capacity of over 110,000 units in 2025 [8]. - The company is committed to maintaining high standards in manufacturing while expanding its service network, with over 700 service points and spare parts centers established globally [12]. Group 5: Global Strategy and Future Plans - CNHTC is actively pursuing a localization strategy, with 37 KD assembly plants in 27 countries, enhancing its market penetration and service efficiency [10]. - The company aims to deepen its global presence by upgrading its product offerings and service networks, targeting a comprehensive transformation to enhance competitiveness in the global market [14][16].

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: | 2026年1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: | 2026年2月5日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.2.0 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 | 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 (- ...

Group 1 - As of February 4, 100 stocks reached a 52-week high, with METROPOLIS CAP (08621), Asia Backup (08290), and Wenling Tooling (01379) leading the high rate at 74.55%, 63.89%, and 57.48% respectively [1] - METROPOLIS CAP closed at 0.048 with a peak of 0.096, while Asia Backup closed at 0.032 with a peak of 0.059, and Wenling Tooling closed at 3.400 with a peak of 6.000 [1] - Other notable stocks that reached new highs include Asia Internet Technology (00679) at 46.23% and Asia Pacific Financial Investment (08193) at 25.45% [1] Group 2 - The 52-week low rankings show that Gaodi Co. (01676) had the largest decline at -45.71%, followed by Xixiang Group (02473) at -23.42% and Jianfa Xingsheng (00731) at -21.51% [3] - Gaodi Co. closed at 0.243 with a low of 0.171, while Xixiang Group closed at 2.370 with a low of 2.060, and Jianfa Xingsheng closed at 0.137 with a low of 0.135 [3] - Other significant declines include Huaxia SOL-R (83460) at -14.34% and Huaxia SOL-U (09460) at -13.97% [3]

经历了2025年底的"疯狂冲量"后，2026年第一个月的重卡市场呈现出批发走强、零售走弱的发展态势。 1月重卡销量同比上涨4成，市场分化明显 根据第一商用车网最新掌握的数据，2026年1月份，我国重卡市场共计销售约10.1万辆（批发口径，包含出口和新能源），环比2025 年12月基本持平，比上年同期的7.22万辆大幅增长约40%。超10万辆的月销量，也为2026年的重卡市场开了一个好头。 2020-2026年我国重卡市场销量月度走势图（单位：辆） 2026年重卡行业能实现同比大涨的主要原因，其实是主要厂家争"开门红"使然。 首先，1月份国内终端销量表现欠佳（预计不到4万辆，同比约为 -5%—10%），新能源重卡终端销量更是预计环比下降超过80%。这 背后反映出的是重卡市场透支以及春节前的购车需求走弱；但批发仍在增长，核心驱动力是重卡厂家确保2026年"开门红"、鼓舞公司 上下以及产业链合作伙伴信心的营销策略。同时，批发"开门红"也有助于经销体系提前铺货，为传统春节后的销售旺季到来做好准备。 其次，2025年末重卡行业有部分批发销量"结转"到2026年一季度，也在一定程度上推高了1月份的重卡批发销量。受2025 ...

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Core Viewpoint - The engineering machinery sector continues to experience upward momentum, driven by favorable market conditions and strong export performance [1][2] Group 1: Stock Performance - Zhonglian Heavy Industry (01157) increased by 5.37%, reaching HKD 9.03 [1] - China Longgong (03339) rose by 3.83%, reaching HKD 3.25 [1] - Sany International (00631) saw a 2.38% increase, reaching HKD 12.03 [1] - China National Heavy Duty Truck Group (03808) grew by 2.02%, reaching HKD 36.44 [1] Group 2: Trade Data - The total import and export trade value of China's engineering machinery is projected to reach USD 62.743 billion in 2025, marking a year-on-year increase of 13.2% [1] - Import value is expected to be USD 2.575 billion, showing a slight decline of 0.63% year-on-year [1] - Export value is anticipated to be USD 60.169 billion, reflecting a year-on-year growth of 13.8% [1] - Excavators remain the primary export product in the engineering machinery sector, maintaining a favorable market outlook [1] Group 3: Market Outlook - Bohai Securities reports that the engineering machinery sector is experiencing a recovery in market conditions, supported by the rollout of key projects and ongoing large-scale equipment renewal policies [2] - Excavator sales are projected to reach 235,300 units in 2025, representing a year-on-year increase of 17% [2] - Domestic leading manufacturers are increasingly expanding into overseas markets, leveraging strong competitiveness in technology maturity and product cost-effectiveness [2]