Core Viewpoint - The heavy truck market in China experienced a significant year-on-year increase of 46% in July 2025, marking the fourth consecutive month of growth, with sales reaching 84,900 units [4][18]. Sales Performance - In July 2025, the total sales of trucks (including chassis and tractors) amounted to 264,400 units, reflecting a 14% year-on-year increase but a 16% decrease compared to June [4]. - The heavy truck segment alone sold 84,900 units in July, which is 13% lower than June but 46% higher than the same month last year, with the growth rate expanding by 9 percentage points compared to June's 37% [4][10]. - July 2025's heavy truck sales surpassed the historical average of 70,800 units for the month over the past decade, achieving the highest sales figure for July in the last five years [6]. Cumulative Sales Data - From January to July 2025, the cumulative sales of heavy trucks reached 624,000 units, representing an 11% increase compared to the same period last year [8][14]. - The average monthly sales for the first seven months of 2025 were nearly 90,000 units, significantly higher than the average monthly sales of 75,000 units in 2024 and 76,000 units in 2023 [8]. Market Share and Competition - In July 2025, five companies achieved sales exceeding 10,000 units, with the top five companies accounting for over 90% of the market share [10][12]. - The leading companies in July included Heavy Truck (22,700 units), Jiefang (15,900 units), Dongfeng (13,400 units), Shaanxi Automobile (13,000 units), and Foton (11,500 units) [10]. - The market concentration has increased, with the top ten companies holding a combined market share of 98.05%, and the top five companies alone accounting for 90.83% [17]. Growth Trends - Most companies in the top ten by cumulative sales experienced growth, with notable increases from companies like Foton (134%), Xugong (100%), and Chery (551%) in July [12][15]. - The market share of Foton increased significantly, rising by 4.85 percentage points compared to the previous year, indicating strong competitive performance [17]. Future Outlook - The heavy truck market is expected to continue its growth trend into August 2025, which is traditionally a slow season, with a low base from the previous year [18].

Core Viewpoint - The heavy truck market in China is showing signs of recovery despite the traditional off-season in July, driven by the "two new" policies, with the "Heavy Truck First Influence Index" reflecting a significant increase in brand influence scores compared to previous months and the same period last year [1][4]. Group 1: Heavy Truck Influence Index - In July 2025, the total score of the "Heavy Truck First Influence Index" for nine major heavy truck brands reached 2556 points, a 17.25% increase from June and a 20.34% increase year-on-year [1]. - The average weekly score for July showed a slight decline compared to the previous month, which is considered normal due to seasonal factors and extreme weather conditions [1]. Group 2: Brand Performance - The top three brands in the July "Heavy Truck First Influence Index" were: 1. FAW Jiefang with a score of 575 2. China National Heavy Duty Truck Group (CNHTC) with a score of 528 3. Dongfeng Commercial Vehicle with a score of 354 [2][16]. - FAW Jiefang announced investments totaling 498 million RMB in eight countries and reported a projected net profit of 22 million RMB for the first half of 2025 [6]. - China National Heavy Duty Truck Group achieved significant growth in all operational indicators and delivered 200 units of the V7-X new energy heavy truck in Chengdu [8]. Group 3: Industry Developments - Dongfeng Commercial Vehicle held various events, including a skills competition and a significant vehicle delivery for a coal transportation project, showcasing its commitment to quality and service [10][12]. - XCMG Automotive made strides in the new energy sector, establishing a strategic alliance for innovation in the new energy commercial vehicle industry [17]. - The heavy truck industry is expected to see renewed activity in August, as brands prepare for the peak season [20].

智通财经APP获悉，中信建投发布研报称，8月第三批"以旧换新"国补各地已陆续恢复申领，周度数据 逐步改善，当前新能源车免征购置税3万元，26-27年将调整为减半征收(即从减免最高3万元下调为1.5万 元)，汽车反内卷叠加新能源需求前置催化行业beta亟待上行，利好强势新车周期主机厂以及30万元+高 端品牌;L2智驾国标或落地在即，板块密集催化下产业趋势进一步强化;商用车内需修复和非俄海外出口 景气度上行带来龙头公司上半年业绩连续超预期，稳健低估值属性仍为防御型资金青睐。 中信建投主要观点如下： 乘用车板块 汽车行业反内卷利好强产品周期可以充分定价新车的头部主机厂，江淮尊界S800上市76天后订单破 万，自主高端品牌仍是蓝海市场，2026年将是30万元以上赛道加速自主渗透率提升的一年，新车产品力 及品牌成为胜负手。在流动性充沛的情况下，关注汽车中的稀缺消费品(好格局)+边际改善的整车标的 (好alpha)。 智驾板块 L4智驾行业今年迎来行业成本和技术的拐点，当前技术迭代、行业格局、新商业模式等仍在演变，L2 强标征求意见稿即将发布意味着国家信用背书，智能化成为可定量的品牌力，重点关注智能化检测环节 和L3-L ...

Core Viewpoint - The launch of the hydrogen-powered zero-carbon freight line by Fuyou Trucks marks a significant step towards sustainable logistics in China, utilizing advanced technology to enhance efficiency and reduce emissions [1][2]. Company Summary - Fuyou Trucks, established in 2015, is the only company in the domestic complete vehicle transportation sector listed in the "2025 Global Unicorn List" by Hurun Research Institute, focusing on digitalizing and standardizing the freight transaction chain through big data and AI [1]. - The company has been recognized for its ESG practices, receiving an award at the 2025 Entrepreneur ESG Development Forum [1]. Industry Summary - The newly opened hydrogen-powered freight line spans approximately 450 kilometers, connecting major logistics hubs and aims to replace fuel-powered vehicles with hydrogen fuel vehicles for zero emissions [2]. - The hydrogen heavy trucks used in this operation are jointly developed by China National Heavy Duty Truck Group and Toyota, featuring a 300KW hydrogen fuel cell power system, emphasizing zero carbon emissions and long-range capabilities [2]. - The logistics industry is witnessing a shift towards hydrogen-powered commercial vehicles, with expectations that the hydrogen heavy truck market will grow significantly by 2030 [3]. - Recent reports indicate that hydrogen heavy trucks are becoming economically viable in various transportation scenarios, with increasing market potential and accelerated industry promotion expected by 2025 [4]. - Government initiatives are supporting the hydrogen industry, including exemptions from highway tolls for hydrogen vehicles in Shandong Province, which will last for approximately six more months [4].

Core Viewpoint - The launch of the Shandeka G7M tractor truck marks a significant advancement in the high-end heavy truck sector in China, emphasizing German quality and innovation in design and technology [1][3]. Group 1: Product Features - The G7M series is designed with a focus on logistics and transportation industry upgrades, featuring a TD third-generation high-efficiency engine that balances strong power and low energy consumption, with a B10 lifespan of up to 1.8 million kilometers [5][7]. - The truck's interior is designed for comfort, incorporating luxury airbag seats, spacious sleeping areas, and intelligent air conditioning, catering to drivers' needs for a "mobile home" [5]. - Key components of the G7M are sourced from internationally recognized brands and have undergone rigorous testing, ensuring reliability and performance in various road conditions [7]. Group 2: Market Response - The launch event saw significant enthusiasm, with a total of 1,158 units ordered on-site, reflecting strong market demand and recognition of the G7M's capabilities [9]. - Customer testimonials highlight the G7M's efficiency and comfort, reinforcing the brand's commitment to user satisfaction and product excellence [11]. Group 3: Company Vision and Achievements - Since its first model was launched in 2013, Shandeka has adhered to the philosophy of "German standards, Chinese intelligence," achieving over 10,000 vehicles with a million-kilometer operational milestone [13]. - The company aims to continue innovating and meeting diverse customer needs, driving the heavy truck industry towards intelligent and green development [13].

Core Viewpoint - The new energy light truck market has been experiencing significant growth since 2025, driven by policy incentives and market demand, leading to an accelerated pace of new product launches by automotive companies [1]. Group 1: Market Trends - The 397th batch of new product announcements from the Ministry of Industry and Information Technology shows that 16 companies participated in the application for new energy light truck chassis, with a total of 31 models submitted, indicating high market interest in new energy logistics vehicles [3][4]. - Among the 31 chassis models, pure electric vehicles remain dominant, with 29 models being fully electric, including 3 models designed for battery swapping and 2 models featuring CNG/electric hybrid systems, reflecting a diversification in technology routes for new energy logistics vehicles [7][11]. Group 2: Key Players and Products - Fei Die Automobile leads the application list with 5 new chassis models, followed by Kai Rui Automobile with 4 models, and Jianghuai and Foton with 3 models each [4]. - The competition in the small micro truck market is intensifying, with various manufacturers accelerating their layouts in this segment, as evidenced by the total weight of models submitted ranging from 2510 to 3495 kg [16]. Group 3: Technological Innovations - The introduction of battery swapping technology is gaining traction, with models from Jianghuai, Qingling, and China National Heavy Duty Truck Corporation featuring this capability, indicating a consensus among manufacturers to enhance product offerings in this niche [11]. - The power systems of the chassis models show a trend towards using lithium iron phosphate batteries from CATL, while China National Heavy Duty Truck is innovating with ternary lithium batteries, showcasing competitive advantages in the market [13]. Group 4: Market Dynamics - The competition for battery market share is intensifying, with CATL's influence being challenged by other manufacturers like Yiwei Lithium Energy and Guoxuan High-Tech, indicating a shift in consumer preferences away from relying solely on CATL [20]. - The focus for light truck brands is shifting towards quickly penetrating various market scenarios to capture user interest, as the new energy logistics vehicle market enters a critical phase of competition [23].

中新网福建永安8月6日电 (雷朝良)8月6日，位于福建省永安市的中国重汽集团福建海西汽车有限公司生 产车间内，一辆辆轻型卡车正历经冲压、焊装、涂装、总装四道精密工序，即将发往厦门、上海、青岛 等港口，远销海外市场。 8月6日，中国重汽集团福建海西汽车有限公司焊装车间的智能机器人正在完成卡车驾驶室的精准焊接。 雷朝良摄 据埔岭汽车工业园区管委会副主任黄玉棋介绍，园区已形成以重汽海西为龙头，涵盖商用车、新能源汽 车、专用车的全产业链体系，集聚35家配套企业，其中规上企业10家。 在中国重汽集团福建海西汽车有限公司焊装车间，智能机器人正灵活挥舞机械臂，仅用5分钟就能完成 卡车驾驶室的精准焊接。公司正在推进的M20驾驶室总成建设项目，采用国际先进工艺，投产后可新增 年产5万台产能，助力产品向中高端迈进。 目前，中国重汽集团福建海西汽车有限公司正积极发挥福建侨乡优势，深耕"一带一路"共建国家的广阔 市场。截至2024年底，该公司产品已覆盖全球120多个国家和地区，成为中国重汽集团重要的轻卡出口 基地。 龙头企业的蓬勃发展，也带动了产业链上下游协同发展。在建新轮胎(福建)有限公司的全钢子午线轮胎 智能车间里，全自动生产线 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **China machinery industry**, particularly construction machinery and trucks, with a preview of earnings for 2Q25 and 1H25 [1][19]. Core Insights and Arguments - **Earnings Lagging Demand Shift**: Despite a notable divergence in demand between excavators and trucks, earnings have not yet reflected this shift. Excavators saw a deceleration in demand, while trucks experienced significant acceleration [1][2]. - **Domestic Demand Dynamics**: Truck demand increased by **25% year-over-year (yoy)** in 2Q25 compared to a **-4% yoy** decline in 1Q25, driven by government policy measures. Excavators, however, only grew by **8% yoy** in 2Q25, down from **38% yoy** in 1Q25 [2][18]. - **Export Performance**: Most construction machinery categories maintained positive growth, with notable declines in AWP exports due to US-China trade tensions. However, June saw a recovery in AWP exports, growing **23% yoy** [3][7][18]. - **Earnings Forecast Adjustments**: EPS estimates for coverage companies were revised by **-9% to +40%** based on year-to-date developments. Notable upgrades were made for Lonking (+31-40%) and downgrades for Weichai (-7% to -9%) [1][13][14]. Additional Important Insights - **Construction Machinery Outlook**: The outlook for construction machinery appears vulnerable to a macroeconomic slowdown, while truck demand may remain resilient due to replacement policies [9][10]. - **Sales Volume Expectations**: For 2025, domestic sales volume for trucks is expected to reach approximately **750,000 units**, representing a **26% yoy** increase, while excavator demand growth is projected to moderate [10][11]. - **Profitability Trends**: Higher margins are anticipated for coverage companies due to solid export performance and favorable foreign exchange movements, particularly benefiting Hengli and Dingli [22]. - **Company-Specific Performance**: - **Dingli**: Expected to have flattish top-line growth but benefits from inventory in the US [22]. - **Lonking**: Strong export performance expected, particularly from Shanghai and Fujian [22]. - **Sany**: Anticipated to achieve **10%+ yoy** growth in sales for 2Q25 [25]. - **Hengli**: Expected to see **10%+ yoy** growth in sales for 2Q25 [30]. Conclusion - The China machinery industry is experiencing a mixed demand landscape, with trucks outperforming excavators. Earnings forecasts have been adjusted to reflect these trends, and while some companies are expected to perform well, others face challenges due to unfavorable market conditions.

Core Viewpoint - The heavy truck market in China has experienced a significant increase in sales, with July 2025 showing a year-on-year growth of approximately 42%, marking the fourth consecutive month of growth since April 2025 [2][12]. Group 1: Market Performance - In July 2025, approximately 83,000 heavy trucks were sold, a decrease of 15% from June but an increase of about 42% compared to the same month last year [2][3]. - Cumulatively, from January to July 2025, the heavy truck market sales reached approximately 622,000 units, reflecting a year-on-year growth of about 11% [2]. - The sales figures for July 2025 are the second highest in the past eight years, only behind July 2020 [2]. Group 2: Segment Analysis - The sales of electric heavy trucks in July 2025 exceeded 15,000 units, representing a year-on-year increase of over 120% [9]. - The domestic terminal sales of diesel heavy trucks in July 2025 are expected to grow by over 25% year-on-year, despite a significant month-on-month decline [11]. - The gas truck segment saw a recovery in terminal sales, with a domestic penetration rate rising from below 20% in June to approximately 24% in July [7]. Group 3: Company Performance - China National Heavy Duty Truck Group (CNHTC) sold about 22,000 heavy trucks in July 2025, maintaining the highest market share at approximately 27.5% [14]. - FAW Jiefang sold around 15,000 heavy trucks in July 2025, achieving a year-on-year growth of about 42% [16]. - Beiqi Foton reported the highest year-on-year growth among major companies, with sales of approximately 11,500 units in July 2025, reflecting a growth rate of about 134% [20]. Group 4: Future Outlook - The heavy truck market is expected to see significant growth in the third quarter of 2025, driven by the "old-for-new" policy for trucks and the low sales figures from the previous year [24]. - The year-on-year growth rate for September 2025 is anticipated to exceed 50% [24].

Core Viewpoint - The launch of the Shandeka G7M tractor truck marks a significant event in the logistics and transportation industry, emphasizing customer satisfaction and product strength as core values [2][4]. Group 1: Product Launch - The Shandeka G7M tractor truck was officially launched on August 8, with a nationwide event held across multiple cities [4][8]. - The event featured a "Hundred Cities Linkage" approach, showcasing the truck's capabilities and innovations in logistics transportation [4][8]. Group 2: Industry Context - The logistics and transportation industry is undergoing iterative upgrades, with Shandeka focusing on enhancing product quality to provide efficient solutions for customers [2]. - The company aims to meet the evolving demands of the market by continuously improving its product offerings [2].