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） 獨立非執行董事退任 及 委任聯席公司秘書 獨立非執行董事退任 董事會謹此宣佈，於委任期限屆滿後，梁青先生將不尋求獨立非執行董事的任期 重續，因此將不再為獨立非執行董事及薪酬委員會成員，自2025年9月1日起生 效。 委任聯席公司秘書 董事會謹此宣佈，高天超先生已獲委任為本公司聯席公司秘書，自2025年8月27 日起生效。郭家耀先生將繼續擔任本公司公司秘書，與高先生一同擔任本公司聯 席公司秘書。 獨立非執行董事退任 委任聯席公司秘書 中國重汽（香港）有限公司（「本公司」，連同其附屬公司統稱為「本集團」）董事（「董 事」）會（「董事會」）宣佈，於委任期限屆滿後，梁青先生因希望有更多時間投入家庭 及其個人事宜，將不尋求獨立非執行董事的任期重續。因此，梁青 ...

证券研究报告·行业研究·汽车与零部件 重卡行业7月跟踪月报： 景气度持续向好 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 联系电话：021-60199793 2025年8月27日 请务必阅读正文之后的免责声明部分 1 数据总览 数据来源：中汽协，交强险，东吴证券研究所 2 25M1 25M2 25M3 25M4 25M5 25M6 25M7 2024 2025E 批发销量/万辆 7.2 8.1 11.1 8.8 8.9 9.8 8.5 90.2 105.0 Yoy -25.5% 36.1% -3.7% 6.5% 13.6% 37.1% 45.6% -1.0% 16.4% 环比 -14.3% 12.7% 37.0% -21.4% 1.3% 10.2% -13.3% 终端销量/万辆 3.4 4.8 7.2 6.9 6.3 6.9 6.4 60.3 75.0 Yoy -0.5% 81.9% -4.4% 5.9% 17.6% 47.0% 38.3% -1.7% 24.5% 环比 -51.4% 42.9% 49.1% -4.3% -8.2% 9.7 ...

Core Viewpoint - Shandong Province is making significant strides in the new energy vehicle (NEV) industry, showcasing a complete industrial chain and achieving systematic breakthroughs in the sector [1][6]. Industry Development - Shandong has actively seized opportunities for NEV development, implementing the "5567" enhancement project, which has led to notable progress in the industry [3]. - The province has established a complete industrial ecosystem, covering lithium mining, battery material production, electric systems, component manufacturing, vehicle production, and after-sales services [3]. Company Innovations - China National Heavy Duty Truck Group (CNHTC) has developed a smart product matrix covering L1 to L4 platforms, with a 245% year-on-year increase in NEV sales in the first half of the year due to breakthroughs in high-pressure electric control systems [4]. - Weiqiao Automobile Technology has created a closed-loop system from aluminum production to vehicle recycling, achieving weight reduction and improved range while reducing carbon emissions [4]. - Telecharge has established a charging network across 366 cities with nearly 800,000 charging terminals, enabling rapid charging capabilities [4]. - Fengyuan Lithium Energy is advancing in cutting-edge battery materials, optimizing fast charging and long-range capabilities with high-density lithium iron phosphate materials [4]. Market Performance - Shandong's NEV commercial vehicle production increased by 50% year-on-year, while passenger vehicle production surged by 140%, with total NEV output reaching 532,000 units, a 107.1% increase, elevating the province to 4th place nationally [5].

山东是汽车产业大省，体系完备、链条健全，近年来新能源转型步伐持续加快，产业发展质效稳步提升。 8月20日，山东省政府新闻办在中国重汽莱芜厂区举行"产业链上的山东好品牌"系列现场记者见面会"'链'出新能源"专场，邀请4家企业负责人，分享山东 新能源汽车产业链上实力过硬的优质产品，共话产业发展新趋势、绿色出行新未来。 链主：加速形成新能源汽车产业集群 中国重汽济南卡车公司党委副书记、总经理赵海介绍，作为山东省汽车产业链的"链主"企业，面对新能源和智能网联商用车的爆发式增长，中国重汽实现 了全场景覆盖与核心系统自研自控，突破了新能源商用车高压电控系统、高效电驱动系统等一批"卡脖子"技术，带动整个新能源产业生态在山东落地生 根。2025年上半年，整个中国重汽新能源产品销量1.5万辆，同比增长245%，其中新能源重卡1万辆，同比增长226%。 从国内首条AGV柔性总装线，到有驾驶室焊接100%自动化的"黑灯工厂"，再到有比肩高端乘用车漆面品质的杜尔涂装线，中国重汽在莱芜区投资建设"智 能网联（新能源）重卡项目"，不仅有力带动了区域经济增长，更为当地创造了3000多个优质就业岗位。 此外，中国重汽对上下游产业链有巨大带动 ...

在智利安托法加斯塔港，一台巨大的港口起重机正将一批喷涂醒目"GREAT WALL"标识的长城皮卡精准吊装至远洋货轮，这批车辆即将穿越太平洋 驶向澳大利亚广袤的内陆；在沙特阿拉伯利雅得酷热的沙漠边缘，一群当地车主正围着一位中国工程师了解新交付的江淮电动皮卡的充电操作和越野性能 要点；在泰国罗勇府繁忙的工业园内，比亚迪新建的皮卡生产线正加紧调试，为即将到来的东南亚订单做足准备......这些场景是中国皮卡产业在全球市场 强势崛起、出口动能澎湃的生动缩影。 中国汽车工业协会（以下简称"中汽协"）数据显示，我国皮卡海外出口又一次反超国内市场，成为销量增长的关键引擎。7月，国内皮卡终端销量为 20157辆，同比下降6.5%；国产皮卡出口22948辆，同比增长12.9%。1-7月，国内皮卡累计销量达158140辆，累计同比下降4.1%；国产皮卡出口180467 辆，同比增长27.6%。 | 2025年7月皮卡车分企业出口情况表 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 品牌 | 7月出口 | 1-7月出口 | 2024年1-7 月出口 | 环比 ...

"产业链上的山东好品牌"记者见面会上，4家企业讲述汽车大省如何驶入"新"征途 上半年山东新能源车产量翻番 1960年，原济南汽车制造厂制造的第一批黄河牌JN150载货汽车出厂，结束了我国不能生产重型汽 车的历史。65年后的今天，新能源汽车作为山东产业链上的好品优品走进千家万户。 8月20日，省政府新闻办在中国重汽莱芜厂区举办"产业链上的山东好品牌"——新能源汽车产业链 记者见面会，从中国重汽、魏桥汽车科技、特来电、丰元锂能4家企业所讲述的创新历程中，可以找到 汽车大省稳稳驶入"新"征途的"密码"。 从一块电池到一辆整车的全链突破 山东新能源汽车产业能以"一己之力"拉动上下游发展，不光因为会造车，更有锂矿等资源开采、零 部件制造、整车生产制造及后续服务等全链条多环节的系统突破。"想让新能源汽车畅行无忧，充电网 络必不可少。"特来电新能源股份有限公司副总裁赵健带来一组数据：特来电的充电网络已遍布366个城 市，有近80万个充电终端。而山东丰元锂能科技有限公司近十年来持续专注于锂电正极材料的生产研 发，确保新能源汽车能有一颗"强心脏"：丰元锂能董事万福信介绍，其锂电正极材料已建成及在建产能 31.5万吨，产能规模稳 ...

Investment Rating - The report maintains a positive outlook on the electric heavy truck industry, indicating significant growth potential driven by policy support and economic advantages [2][4]. Core Insights - The domestic electric heavy truck market is experiencing rapid growth, with sales reaching 79,200 units in the first half of 2025, representing a penetration rate of 22% [3][15]. - The report highlights the increasing penetration of electric heavy trucks in both domestic and European markets, with projections indicating that by 2028, China's electric heavy truck sales could reach 500,000 units, driving a demand for 250 GWh of batteries [3][4]. - The electric heavy truck industry chain is becoming more integrated, with a concentrated market structure that enhances profit elasticity across various segments [5][8]. Summary by Sections Domestic Electric Heavy Truck Market - The penetration rate of electric heavy trucks has rapidly increased due to government policies and economic advantages, with significant sales growth observed in recent years [14][15]. - The report notes that the electric heavy truck market is primarily focused on regional logistics applications, with specific use cases in construction, mining, and municipal services [18][20]. European Electric Heavy Truck Market - The European market for electric light and medium trucks is advancing quickly, with electric heavy trucks identified as a blue ocean opportunity [3][4]. - By 2026, European electric heavy truck sales are expected to reach 17,000 units, with a penetration rate projected to rise to 5% [3][4]. Industry Chain and Profitability - The electric heavy truck industry chain is increasingly collaborative, with a focus on specialized products across various segments, including vehicle, battery, and motor development [5][8]. - The report emphasizes the importance of focusing on key segments within the electric heavy truck industry chain, including manufacturers, battery suppliers, and component producers [4][5]. Investment Recommendations - The report suggests monitoring key players in the electric heavy truck sector, including Foton Motor, China National Heavy Duty Truck Group, and FAW Jiefang for vehicle production [4][5]. - Battery manufacturers such as CATL and Guoxuan High-Tech are highlighted as potential investment opportunities due to the expected surge in demand for electric heavy truck batteries [4][5].

齐鲁晚报·齐鲁壹点 闫聪 8月20日下午在中国重汽莱芜厂区举行"产业链上的山东好品牌"系列现场记者见面会"'链'出新能源"专场，请中国重汽、魏桥汽车科技、特来电、丰元锂能4 家企业负责人与记者见面，介绍山东新能源汽车产业链优质产品，交流山东打造国家新能源汽车重要基地情况。山东重工集团中国重汽济南卡车股份有限公 司党委副书记、总经理赵海介绍"从1960年制造中国第一辆"黄河"重型卡车，到如今新能源产品销量呈倍数增长，中国重型汽车集团有限公司（以下简称"中 国重汽"）正以历史积淀与创新活力，引领着中国商用车产业的新能源化变革。"最新数据显示，2025年上半年，中国重汽新能源产品销量达1.5万辆，同比 飙升245%，其中新能源重卡销量突破1万辆，同比增长226%，展现出强劲的发展势头。 作为我国规模最大、驱动形式和功率覆盖最全的重型汽车企业，中国重汽已构建起覆盖重、中、轻、微、客、特全系列商用车车型的"黄金产业链"。面对产 业变革，企业聚焦"技术自主化、产品多元化、市场全球化战略"，打造了黄河、汕德卡、豪沃三大品牌组成的立体化产品矩阵，并布局充电、换电、插电混 动、燃料电池等多技术路线。 "中国重汽不仅是产品的制造 ...

Core Viewpoint - In July, domestic heavy truck sales reached 85,000 units, representing a year-on-year increase of 46% but a month-on-month decline of 13% [1][2]. Sales Performance - Cumulative sales of domestic heavy trucks from January to July totaled 624,000 units, showing an 11% year-on-year growth [1][2]. - The sales structure indicates that in July, the proportions of semi-trailer trucks, cargo trucks, and incomplete vehicles in the overall heavy truck sales were 50.1%, 28.0%, and 21.9% respectively, compared to 51.9%, 25.3%, and 22.7% in 2024 [2]. - In July, semi-trailer truck sales were 43,000 units (up 29% year-on-year, down 12% month-on-month), while heavy cargo truck sales were 25,000 units (up 83% year-on-year, down 11% month-on-month) [2]. - Heavy incomplete vehicle sales in July reached 17,000 units, marking a 50% year-on-year increase but a month-on-month decline of 18% [2]. Natural Gas Heavy Trucks - In July, domestic natural gas heavy truck sales were 12,000 units, down 7% year-on-year and 3% month-on-month [3]. - Cumulative sales of natural gas heavy trucks from January to July were 100,000 units, reflecting a 14% year-on-year decline [3]. - The penetration rates for natural gas in heavy trucks and semi-trailer trucks were 14% and 27% respectively in July [3]. New Energy Heavy Trucks - In July, domestic new energy heavy truck sales reached 13,000 units, showing a significant year-on-year increase of 159% but a month-on-month decline of 10% [3]. - Cumulative sales of new energy heavy trucks from January to July were 88,000 units, representing a 172% year-on-year growth [3]. - The penetration rate for new energy heavy trucks was 16% in July, with a cumulative rate of 14% for the first seven months [3]. Investment Strategy and Recommendations - With economic recovery and the introduction of the "old-for-new" policy for heavy trucks in 2025, domestic heavy truck sales are expected to gradually rebound, with a forecast of 1.067 million units in 2025, an 18% year-on-year increase [4]. - The technology for domestic new energy heavy trucks has matured, and costs have decreased rapidly, indicating significant potential for penetration rate growth, expected to reach 15% by 2025 [4]. - The heavy truck industry still has growth potential, driven by domestic recovery and continuous export growth [4]. - Recommended stocks include Weichai Power (000338.SZ), China National Heavy Duty Truck Group (000951.SZ, 03808), CIMC Vehicles (301039.SZ), and Foton Motor (600166.SH), with FAW Jiefang (000800.SZ) identified as a beneficiary [4].

智通财经APP获悉，中国汽车流通协会发文称，2025年7月全国重型卡车销量(批发)为8.49万辆，同比增长45.62%，环比下降13.26%;中型卡车销量(批发)为 0.86万辆，同比下降19.01%，环比下降14.07%。 1-7月，重型卡车累计销量(批发)为62.42万辆，同比增长10.97%；中型卡车累计销量(批发)为6.82万辆，同比下降15.74%。 2025年7月全国重型卡车销量(批发)为8.49万辆，同比增长45.62%，环比下降13.26%;1-7月累计销量(批发)为62.42万辆，同比增长10.97%。 当月重型卡车销量(批发)TOP5企业占比90.15%，依次为中国重汽、一汽解放、东风集团、陕西汽车、福田汽车。 1-7月重型卡车累计销量(批发)TOP5企业占比90.82%，依次为中国重汽、一汽解放、陕西汽车、东风集团、福田汽车。 当月牵引车销量(批发)TOP5企业占比88.50%，依次为中国重汽、一汽解放、陕西汽车、福田汽车、东风集团。 2025年7月全国牵引车销量(批发)为4.28万辆，同比增长28.80%，环比下降12.30%;1-7月累计销量(批发)为31.30万辆，同比增长4.68 ...