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 ...

Market Overview - The commercial vehicle sector experienced a decline of 3.75% on August 27, with Jianghuai Automobile leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Individual Stock Performance - Jianghuai Automobile (600418) closed at 50.02, down 6.29% with a trading volume of 1.0853 million shares and a transaction value of 561.3 million yuan [1] - Other notable declines included: - Shuguang Co. (600303) down 4.12% to 3.72 with a transaction value of 222 million yuan [1] - Dongfeng Motor (600006) down 3.67% to 7.62 with a transaction value of 827 million yuan [1] - Ankai Bus (000868) down 3.15% to 5.84 with a transaction value of 143 million yuan [1] Capital Flow Analysis - The commercial vehicle sector saw a net outflow of 1.197 billion yuan from institutional investors, while retail investors contributed a net inflow of 788 million yuan [1] - Specific stock capital flows included: - Yutong Bus (600066) with a net inflow of 37.46 million yuan from institutional investors [2] - JMC (000550) with a net outflow of 4.28 million yuan from institutional investors [2] - Ankai Bus (000868) had a significant retail net inflow of 18.78 million yuan despite a net outflow from institutional investors [2]

Core Viewpoint - Dongfeng Motor Corporation is undergoing a significant restructuring through the absorption merger of its direct controlling shareholder, Dongfeng Motor Group Co., Ltd., by its wholly-owned subsidiary, Dongfeng Motor Group (Wuhan) Investment Co., Ltd. This change will not affect the actual control of the company, which remains under the State-owned Assets Supervision and Administration Commission of the State Council [1][4]. Group 1 - The merger agreement was signed on August 22, 2025, between Dongfeng Investment and Dongfeng Group [1]. - Before the merger, Dongfeng Group held 55% of the company's shares, while Dongfeng Investment held none [4]. - Post-merger, Dongfeng Investment will directly hold 55% of the company, and Dongfeng Group will no longer hold any shares [4]. Group 2 - The merger will result in Dongfeng Investment inheriting all assets, liabilities, rights, and obligations of Dongfeng Group [4]. - The actual controller of the company remains unchanged, with both the indirect controlling shareholder and the actual controller being Dongfeng Company [4]. - The company asserts that the merger will not impact its financial status or operations significantly, nor will it harm the interests of minority investors [4].

Group 1 - Dongfeng Motor Corporation's stock price as of August 26 is 7.91 yuan, down 0.37 yuan from the previous trading day, with a trading volume of 9.88 billion yuan [1] - The stock price fluctuated between 7.90 and 8.30 yuan during the day, with a turnover rate of 6.16% [1] - Dongfeng's main business includes the research, production, and sales of commercial vehicles, passenger vehicles, and automotive parts, with products such as light commercial vehicles, SUVs, MPVs, and pickups [1] Group 2 - On August 25, the company announced that Dongfeng Motor Group (Wuhan) Investment Co., Ltd. acquired 55% of Dongfeng's shares through a merger, changing the controlling shareholder to Dongfeng Investment, while the actual controller remains unchanged [1] - The company revealed during the earnings briefing that its collaboration with Huawei may extend from the passenger vehicle sector to the commercial vehicle segment [1] Group 3 - On August 26, there was a net outflow of 2.53 billion yuan in main funds, with a cumulative net outflow of 2.06 billion yuan over the past five trading days [1]

中新网武汉8月26日电 (陈峥月)武汉经开区军山新城东风汽车一体化压铸产业化项目联合厂房近日通过 竣工验收，标志着全球最大吨位一体化压铸工厂正式进入投产倒计时，中国新能源汽车高端制造领域再 添"新地标"。 最大吨位一体化压铸工厂。 陈峥月 摄 "这一设计优化是完全'量身定制'的技术方案，充分考虑了超大型压铸设备的运行特性，实现了工程建 设与高端制造需求的精准对接。"中建三局第二建设工程有限责任公司一体化压铸产业化建设项目项目 经理张蒙表示。 图为全球 据介绍，该项目建成后，东风汽车将拥有全球吨位最大的16000吨及10000吨一体化压铸双产线，预计年 产轻量化部件20万件，不仅标志着中国新能源汽车高端智造迈入"万吨级"技术新阶段，也为武汉经开区 打造世界级汽车产业集群注入强劲动能。该项目可带动武汉经开区上游模具、合金材料及下游整车装备 企业超50家，创造高端技术岗位数千个，预计3年内拉动区域GDP增长数十亿元。(完) 据了解，此次竣工的联合厂房占地面积达47000平方米，是整个产业化项目的核心生产载体。为加快项 目建设进度，保障后续投产节点，项目团队运用BIM技术优化施工工序，最终较合同工期提前25天完成 竣 ...

Core Viewpoint - The article emphasizes the ongoing efforts of market regulatory authorities in China to combat trademark infringement and counterfeiting, highlighting the importance of protecting intellectual property rights and creating a favorable environment for brand value preservation [1]. Group 1: Case Summaries - Case 1: Li and others were found to have sold counterfeit "Nanfu" batteries, with a total purchase value of over 2.48 million yuan and sales amounting to 1.39 million yuan from 2017 to 2024 [2][3][4]. - Case 2: A wedding car rental company was penalized for using counterfeit "Rolls-Royce" cars, resulting in fines totaling over 710,000 yuan for 15 companies involved [5][6][7]. - Case 3: A joint operation in Guangdong led to the dismantling of 27 counterfeit shoe production sites, seizing 21,000 pairs of counterfeit products with a total value of 216 million yuan [8][9][10]. - Case 4: A significant case involving the sale of counterfeit "Arc'teryx" jackets across nine provinces, with a total value exceeding 300 million yuan, resulted in the arrest of 42 individuals [11][12][13]. - Case 5: A business in Jilin was fined for using a similar name to "City Hero" while infringing on the trademark, leading to a fine of 49,000 yuan [14][15][17]. - Case 6: A company in Gansu was penalized for selling automotive products falsely labeled as "China First Automobile Group" products, resulting in a fine of 50,000 yuan [18][19][20]. - Case 7: A karaoke hall in Guizhou was reported for unauthorized use of the "Hilton" trademark, generating revenue of 11.14 million yuan [21][22][23]. - Case 8: A tourism company in Yunnan was fined 75,000 yuan for using a similar peacock logo without authorization [24][26]. - Case 9: A food counterfeiting operation in Sichuan was dismantled, with a total value of over 20.1 million yuan in counterfeit products seized [27][28][29]. - Case 10: A tea shop in Hainan was fined 76,000 yuan for continuing to use the "Yihe Tang" trademark despite a prior court ruling against them [30][31][32]. - Case 11: A packaging materials store in Ningxia was penalized for printing unauthorized packaging for "Ningxia Goji Berries," resulting in fines totaling 4,770 yuan [33][34]. - Case 12: A tea shop in Guangxi was found selling counterfeit "Sanhe" tea, leading to criminal charges [35][36]. - Case 13: A case involving counterfeit "Shede" liquor resulted in the seizure of 3,026 bottles and over 2.57 million yuan in value [38][39][40]. - Case 14: A company in Xinjiang was found producing counterfeit liquor, with a total value of 61,500 yuan [41][42]. - Case 15: A brewery in Henan was penalized for producing beer with a label similar to "Wusu Beer," resulting in a fine of 470,000 yuan [43][44]. - Case 16: A brewery in Hebei was found to have used a similar trademark to "Budweiser," leading to fines of over 250,000 yuan [46][47][49]. - Case 17: A brewery in Heilongjiang was penalized for using a similar trademark, resulting in a fine of 26,000 yuan [50][51]. - Case 18: A case involving counterfeit alcoholic beverages with a total value exceeding 20 million yuan was reported, highlighting the challenges of tracking down unlicensed vendors [52][53].

Domestic News - In the first seven months of 2025, China's machinery industry maintained a growth trend, with automotive manufacturing increasing by 10.9% and electrical machinery and equipment manufacturing growing by 11.9% [4] - The Ministry of Industry and Information Technology (MIIT) will orderly guide the construction of computing power facilities to enhance the quality of computing resource supply and promote the integration of technological and industrial innovation [5] - China has built the world's largest electric vehicle charging network, with a ratio of 2 charging piles for every 5 vehicles, and renewable energy generation capacity is expected to increase from 40% to around 60% [6] - Hangzhou's industrial added value reached 261.3 billion yuan in the first seven months, with significant growth in the computer communication and automotive manufacturing sectors, at 30.1% and 17.0% respectively [7] - SAIC Audi's smart manufacturing base has officially opened, with an annual production capacity of 360,000 units for Audi models [9] - Chery Group has reduced the average payment period for suppliers to 47 days, alleviating financial pressure on suppliers and promoting a healthy supply chain [10] - Dongfeng Motor Group (Wuhan) Investment Co., Ltd. has acquired a 55% stake in Dongfeng Motor, with no change in the actual controller [11] - Leap Motor's global strategic model, the Leap B10, has officially launched in Europe, with plans for delivery starting September 8, 2025 [12] Foreign News - Thailand's automotive production decreased by 11.39% year-on-year in July due to export demand uncertainties, marking the first decline in three months [14] - NVIDIA has launched the DRIVE AGX Thor developer kit to accelerate the design and deployment of autonomous vehicles and smart transportation solutions [15] - Hyundai Motor Group plans to increase its investment in the U.S. from $21 billion to $26 billion, including the establishment of a factory for advanced robotics [16] - Autonomous driving technology company Nuro has completed a $203 million Series E funding round, achieving a valuation of $6 billion [17] Commercial Vehicles - Dongfeng Motor is exploring extending its collaboration with Huawei into the commercial vehicle sector, focusing on smart connected vehicles [19] - South Africa's ESI company has officially rolled out its 10,000th North Benz heavy truck, marking a significant milestone in local production [20] - Kaiwo Group has officially unveiled its headquarters in Qinghai, showcasing electric vehicles equipped with advanced driver assistance systems [21] - XWANDA has launched the world's largest heavy-duty truck supercharging station, with a total installed capacity of 100,000 kW [22]

从资金流向上来看，当日商用车板块主力资金净流入2.67亿元，游资资金净流出9081.38万元，散户资金 净流出1.76亿元。商用车板块个股资金流向见下表： 证券之星消息，8月26日商用车板块较上一交易日上涨0.77%，曙光股份领涨。当日上证指数报收于 3868.38，下跌0.39%。深证成指报收于12473.17，上涨0.26%。商用车板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600303 | 曙光股份 | 3.88 | 5.15% | 82.24万 | 3.21亿 | | 600418 | 江淮汽车 | 53.38 | 1.71% | 92.57万 | 49.61亿 | | 000957 | 中通客车 | 11.57 | 1.58% | 25.65万 | 2.95 Z | | 000550 | 江铃汽车 | 21.04 | 1.54% | 7.64万 | 1.60亿 | | 000868 | 安凯客车 | 6.03 | 1.34% | 28.02万 | 1.68亿 ...

修订后的《保障中小企业款项支付条例》（以下简称《条例》）实施两个月有余。其中明确规定， 大型企业应当自货物、工程、服务交付之日起60日内支付款项。《条例》发布之初，中国一汽、广汽集 团、北汽集团、蔚来、理想汽车、比亚迪、赛力斯集团等17家车企先后承诺，对供应商的账期不超过60 天。如今，首个60天周期已过，车企承诺落实情况却不尽如人意。 根据央视及工业和信息化部日前的通报，在17家车企中，中国一汽、广汽、赛力斯3家车企已率先实现 60天内支付。此外，东风、长安等央企，上汽、北汽等国企，吉利、长城等民营企业以及理想、小鹏等 新势力企业都在积极响应。 但从数据上看，17家车企中仅3家明确表态兑现"60天账期"承诺，与2个月之前振聋发聩的承诺声相比， 此时的兑现情况无疑略显单薄。但细窥之下，多数车企并未停留于口头承诺，均已将"60天账期"承诺落 实行动。其中，一汽组建了财务、供应链、法务跨部门专项工作组，并成立联合专项工作组；广汽则构 建了覆盖"订单下发—验收入库—对账结算—货款支付"全流程的管控体系；赛力斯则采用"厂中厂"模 式，并推行数字化管理。此外，小鹏也已与部分供应商完成补充协议的签署，"60天账期"承诺正 ...

Core Insights - Dongfeng Motor announced that its Hummer M817 achieved over 1,021 pre-orders in just two days [1] - The Hummer M817 was officially launched on August 17, in collaboration with Huawei, with the Pro version priced at 319,900 yuan and the Max version at 349,900 yuan [1] - The vehicle features a full suite of Huawei's intelligent automotive solutions, including ADS 4, Harmony Cabin 5, and various communication technologies [1] Pricing and Models - The Hummer M817 Pro version is priced at 319,900 yuan [1] - The Hummer M817 Max version is priced at 349,900 yuan [1] Technological Features - The Hummer M817 is equipped with Huawei's intelligent driving solutions, including five major technologies: ADS 4, Harmony Cabin 5, QianKun Car Cloud, QianKun Car Control, and Whale Fin Communication [1] - The vehicle includes six large screens, such as a 10.25-inch instrument screen and a 15.6-inch central control screen [1] - Whale Fin Communication supports dual network standby, enhancing connectivity [1]