Market Overview - The commercial vehicle sector experienced a decline of 1.28% on September 26, with Hanma Technology leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Notable stock performances included: - Shuguang Co., Ltd. (600303) rose by 9.97% to a closing price of 3.86, with a trading volume of 501,900 shares and a turnover of 190 million yuan [1] - Hanma Technology (600375) fell by 6.13% to a closing price of 7.65, with a trading volume of 1,389,300 shares and a turnover of 1.12 billion yuan [2] - Jianghuai Automobile (600418) decreased by 2.27% to 51.63, with a turnover of 401.7 million yuan [2] Capital Flow - The commercial vehicle sector saw a net outflow of 291 million yuan from institutional investors, while retail investors contributed a net inflow of 234 million yuan [2] - The capital flow for specific stocks included: - Shuguang Co., Ltd. had a net inflow of 82.08 million yuan from institutional investors, but a net outflow of 35.01 million yuan from speculative funds [3] - Zhongtong Bus (000957) experienced a net inflow of 12.51 million yuan from institutional investors [3]

智通财经APP获悉，9月26日，中国汽车流通协会发布，2025年1-8月，商用车新车零售销量为201.40万辆，累计同比增长7.37%。其中8月销量为24.62万 辆，同比增长14.03%，环比下降1.52%。2025年1-8月，商用车出口销量为71.41万辆，累计同比增长23.77%。其中8月出口销量为9.40万辆，同比增长 11.52%，环比下降0.36%。 一、2025年8月零售销量 中国汽车流通协会商用车专业委员会提供的销量数据显示，2025年8月全国商用车零售销量为24.62万辆，同比增长14.03%，环比下降1.52%。 TOP5企业零售销量占比38.11%，依次为福田汽车、上汽五菱、一汽解放、重汽豪沃、江铃汽车。 从不同车型来看，具体如下： 卡车：8月零售销量为20.43万辆，同比增长17.62%，环比下降0.06%。TOP5企业零售销量占比40.47%，依次为福田汽车、上汽五菱、一汽解放、重汽豪 沃、江淮汽车。 客车：8月零售销量为4.19万辆，同比下降0.76%，环比下降8.10%。TOP5企业零售销量占比为56.42%，依次为上汽五菱、吉利远程、上汽大通、江铃汽 车、福田汽车。 二、202 ...

Core Viewpoint - The sales of new energy heavy trucks, particularly charging heavy trucks, have shown significant growth, with charging heavy trucks achieving record monthly sales and maintaining a high market share in the new energy heavy truck segment [1][4][32]. Sales Performance - In August 2025, the domestic new energy heavy truck market sold a total of 17,800 units, marking a 182% year-on-year increase and a 7% month-on-month increase [4]. - Charging heavy trucks accounted for 98.66% of the total sales, with 12,000 units sold in August, representing a 246% year-on-year increase and a 6% month-on-month increase [4][15]. - Charging heavy trucks have achieved a remarkable 20 consecutive months of doubling sales, outperforming the overall new energy heavy truck market for 24 consecutive months [32]. Market Share and Competition - As of August 2025, the cumulative sales of charging heavy trucks reached 75,900 units, a 230% increase compared to the same period last year [18][20]. - The top three companies in the charging heavy truck market are SANY, XCMG, and FAW Jiefang, with market shares of 21.04%, 16.25%, and 15.07% respectively [22]. - The competition among the top players is intense, with SANY leading in sales, followed closely by Jiefang and XCMG, all exceeding 9,000 units sold [26]. Segment Analysis - The charging heavy truck segment is primarily composed of traction trucks and dump trucks, which accounted for 69.68% and 13.07% of sales respectively [10][23]. - The sales of charging traction trucks have increased by 331%, significantly outpacing the overall market growth [23]. - Charging dump trucks, while showing a 112% increase, have not performed as strongly as traction trucks, indicating a disparity in growth rates within the segment [28]. Geographic Distribution - By August 2025, charging heavy trucks have been registered in all 31 provincial-level administrative regions in China, with 313 cities having registered charging heavy trucks [12]. - Major cities such as Shanghai, Shenzhen, and Chengdu have seen significant registration numbers, with 11 cities exceeding 1,000 units [12]. Future Outlook - The remarkable growth trajectory of charging heavy trucks raises questions about whether this trend can be sustained in the final months of 2025 [32].

Group 1 - The core viewpoint of the news is that Foton Motor has shown fluctuations in stock performance, with a recent increase of 2.21% and a total market capitalization of 21.93 billion yuan [1] - As of June 30, 2025, Foton Motor reported a revenue of 30.37 billion yuan, representing a year-on-year growth of 26.71%, and a net profit attributable to shareholders of 777 million yuan, which is an increase of 87.57% compared to the previous year [2] - The company has a diverse revenue structure, with light trucks contributing 52.40%, medium and heavy trucks 10.08%, light buses 9.75%, engines 8.84%, and other segments making up the remainder [1] Group 2 - Foton Motor has not distributed any dividends in the last three years, with a total payout of 2.44 billion yuan since its A-share listing [3] - The number of shareholders decreased by 18.00% to 123,200, while the average number of circulating shares per person increased by 21.95% to 52,686 shares [2] - Institutional holdings have changed, with Hong Kong Central Clearing Limited becoming the third-largest circulating shareholder, increasing its holdings by 11 million shares [3]

智通财经APP获悉，中国汽车流通协会商用车专业委员会提供的销量数据显示，2025年8月，新能源商用车零售销量为7.34万辆，同比增长45.96%，环比 增长2.69%。1-8月，新能源商用车累计零售销量为50.29万辆，同比增长54.52%。 一、2025年8月新能源商用车零售销量 2025年8月新能源商用车零售销量为7.34万辆，同比增长45.96%，环比增长2.69%。其中96.9%的销量来源于纯电动商用车，销量达到7.11万辆，同比增长 48.82%。 从类型来看，新能源卡车销量为4.73万辆，占比64.4%，同比增长86.23%，环比增长7.75%;新能源客车销量为2.61万辆，占比35.6%，同比增长4.93%，环 比下降5.35%。 从企业/品牌表现来看，TOP5企业/品牌销量占比为41.01%，分别是吉利远程、福田汽车、上汽五菱、上汽大通和徐工汽车。 从企业/品牌表现来看，1-8月TOP5企业/品牌累计销量占比为37.62%，分别是吉利远程、福田汽车(600166.SH)、上汽五菱、徐工汽车和开瑞汽车。 二、2025年1-8月新能源商用车累计零售销量 2025年1-8月新能源商用车累计零售销量为 ...

9月21日，享界S9T在享界超级工厂举行首批用户交付仪式。北汽集团党委书记、董事长张建勇与用户 共同庆祝这一难忘时刻。 在新车密集上市的9月，拥有多个"第一"标签的享界S9T，成为备受瞩目的焦点。 该车搭载华为乾崑智驾ADS 4系统，配备36个高精度传感器，支持"车位到车位领航2.0"，变道、跟车、 躲障如老司机般丝滑。在全新华为途灵平台加持下，享界S9T全系标配5档可调智能空气悬架，转弯侧 倾度降低18%，麋鹿测试成绩达到每小时83.3公里。此外，鸿蒙ALPS健康座舱、25单元华为悦彰音 响、宽温域压缩机冷暖箱等配置，进一步提升享界S9T用户的驾乘体验。 据介绍，享界超级工厂引入了AI大模型监测系统，可建立"一车一档"全流程追溯机制，2843套核心设备 100%联网，确保每台享界S9T品质如一。值得一提的是，该工厂还是国内唯一满足北京水源保护地环保 要求的汽车生产基地，通过绿色硅烷前处理工艺实现"0能耗、0重金属排放"。作为"工业美学与生态保 护"共生的典范，这座汽车工厂已成为北京密云工业旅游的新名片。 "这座超级工厂秀出的智造实力，是给我们快速交付的核心支撑。"一位享界S9T用户在现场感慨说，旅 行车之前 ...

Investment Rating - The report assigns an "Overweight" rating for the heavy truck industry [4]. Core Insights - In August, domestic heavy truck sales reached 92,000 units, representing a year-on-year increase of 47% and a month-on-month increase of 8%. The sales of natural gas heavy trucks were 16,000 units, with a year-on-year increase of 32% and a month-on-month increase of 30% [2][4]. - The report anticipates that heavy truck sales will gradually recover due to economic recovery and the introduction of a "trade-in" policy in 2025, projecting sales of 1.067 million units for 2025, an 18% year-on-year increase. The penetration rate of new energy heavy trucks is expected to reach 15% by 2025 [4]. - The report highlights the growth potential in the heavy truck industry, driven by domestic economic recovery and continuous export growth. The development of natural gas heavy trucks is expected to raise industry entry barriers and enhance the profitability of leading companies [4]. Summary by Sections Sales Performance - In August, the sales structure of heavy trucks showed that semi-trailer trucks accounted for 50.6%, cargo trucks for 27.8%, and non-complete vehicles for 21.7%. The sales of semi-trailer trucks were 49,000 units, up 42% year-on-year, while heavy cargo truck sales were 24,000 units, up 54% year-on-year [4]. - From January to August, cumulative heavy truck sales reached 716,000 units, a 15% year-on-year increase [4]. Natural Gas Heavy Trucks - In August, the sales of domestic natural gas heavy trucks were 16,000 units, with a year-on-year increase of 32%. The penetration rate for natural gas in heavy trucks was 17% [4]. - The report notes that the average operating cost of natural gas trucks is lower for vehicles with an annual mileage exceeding 150,000 kilometers, suggesting potential for increased adoption [4]. New Energy Heavy Trucks - In August, the sales of domestic new energy heavy trucks reached 15,000 units, a significant year-on-year increase of 197%. The penetration rate for new energy heavy trucks was 16% [4]. - Cumulative sales from January to August for new energy heavy trucks were 103,000 units, reflecting a 175% year-on-year increase [4]. Recommended Companies - The report recommends companies such as Weichai Power, China National Heavy Duty Truck Group, CIMC Vehicles, and Foton Motor, with specific mention of benefiting from the performance of FAW Jiefang [4][5].

转自：北京日报客户端 近日，北汽集团旗下核心零部件平台海纳川公司自主研发的电动汽车用驱动电机单转子挑战成功55000 转/分钟超高转速，获得相关机构认证，该转子的转速达到当前行业领先水平，这代表着北汽集团的自 主电驱技术实现重大突破，核心零部件自主创新能力再度跃迁。同时，海纳川电机项目也是北京市首个 汽车用电机项目，北汽集团持续为首都科技创新中心建设贡献力量，为京津冀新能源汽车产业高质量发 展与新质生产力发展注入新的产业链价值。 电机的转速是衡量新能源汽车动力系统性能的关键指标之一。更高的转速不仅能提升车辆的最高车速， 还能有效优化电机的体积与重量，进而提高整车高速巡航能力。海纳川此次转子技术突破，体现了企业 在材料研发、结构设计与精密制造等方面的综合实力。 材料方面，海纳川联合供应商成功开发出高性能硅钢材料，通过创新的成分体系设计与热处理工艺，将 材料屈服强度提升至常规材料的2倍以上，为电机高速稳定运行提供了坚实基础。结构与工艺设计方 面，开发过程中，海纳川在超级硅钢、碳纤维缠绕工艺、转子结构拓扑等方面进行了优化和探索，对正 在量产和研发的33000转/分钟电机带来了显著的反哺效应，驱动性能、成本双重收益。 ...

Market Overview - The commercial vehicle sector experienced a decline of 0.25% on September 24, with Hanma Technology leading the drop [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Individual Stock Performance - Jiangling Motors saw a closing price of 21.60, with a rise of 5.11% and a trading volume of 222,100 shares, totaling a transaction value of 486 million [1] - China National Heavy Duty Truck Corporation closed at 17.55, up 3.91%, with a trading volume of 258,800 shares and a transaction value of 447 million [1] - JAC Motors closed at 51.26, increasing by 2.38%, with a trading volume of 693,800 shares and a transaction value of 3.547 billion [1] - Hanma Technology closed at 7.99, down 4.43%, with a trading volume of 1,231,500 shares and a transaction value of 999.7 million [2] Capital Flow Analysis - The commercial vehicle sector saw a net inflow of 195 million from institutional investors, while retail investors experienced a net outflow of 77.42 million [2][3] - Major stocks like JAC Motors had a net inflow of 278 million from institutional investors, while it faced a net outflow of 160 million from retail investors [3] - China National Heavy Duty Truck Corporation had a net inflow of 23.18 million from institutional investors, with retail investors showing a net outflow of 944,800 [3]

Domestic News - The penetration rate of passenger cars with combined driving assistance systems in the new car market has exceeded 60%, with 7.76 million units sold from January to July, an increase of 5.7 million units and 40 percentage points compared to the same period in 2021 [2] - China is accelerating the construction of 20 "vehicle-road-cloud integration" pilot cities, with 17 national-level testing demonstration zones established and over 35,000 kilometers of testing roads opened [3] - Beijing is promoting the development of intelligent connected vehicles, focusing on high-standard construction of "smart" cities and enhancing core technology in key areas such as vehicle-grade chips and complex environment perception [4] - Mercedes-Benz and ByteDance have announced an upgraded strategic cooperation to promote the integration of artificial intelligence technology across various business areas [5] - FAW-Volkswagen has exported its first batch of 554 Magotan and Sagitar vehicles to the Middle East, marking a significant step in its overseas business strategy [6][7] - Ford has established a wholly-owned sales service company in China to manage marketing, sales, and service for its brand vehicles [8] - GAC Toyota's 2026 global car will deeply integrate into Huawei's terminal ecosystem, featuring Huawei's HiCar 5.0 and T-BOX communication module [9] - CATL has established a new company focused on the sales of new energy vehicles and related services [10] International News - Malaysia's new car sales slightly increased in August, rising from 72,580 units to 73,041 units year-on-year, supported by inventory improvements and new model launches [12] - California will not extend its electric vehicle tax credit policy, which could impact the market for electric vehicles in the state [13] - Hyundai plans to launch its first rear-wheel-drive luxury hybrid vehicle next year as part of its mid-to-long-term strategy [14] - Volvo Cars will produce a new model in the U.S. by 2030, adapting to tariff policies and enhancing production capacity [15] Commercial Vehicles - Cummins has launched new low-carbon power solutions for the non-road market, including a new generation hydraulic matching control system and a 19L methanol industrial engine [18] - Shaanxi Automobile has released its new energy light truck, featuring advanced technologies for improved range and reliability [19] - Beiqi Foton has signed an order for 125 heavy-duty trucks with a Southeast Asian mining client, marking a significant step in its market expansion [21] - Volvo Construction Equipment and Jiefang Power have officially launched a cooperation project aimed at enhancing global market presence and technological innovation [24]