股票研究 /[Table_Date] 2026.01.23 12 月重卡顺利收官，收获同比"九连增" [Table_Industry] 汽车 2025 年 12 月重卡行业月报 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘一鸣(分析师) | 021-23154145 | liuyiming@gtht.com | S0880525040050 | | 张予名(研究助理) | 021-23154145 | zhangyuming@gtht.com | S0880125042241 | 本报告导读： 总量上看，12 月国产重卡销量 10.3 万台，同比增长 22%，环比下降 9%。12 月国 产天然气重卡销量 1.3 万台，同比增长 19%，环比下降 33%；12 月国产新能源重卡 销量 2.7 万台，同比增长 139%，环比增长 12%。 行 业 跟 踪 投资要点： [Table_Report] 相关报告 汽车《AI 的重要应用，智驾的质变时刻》 2026.01.20 汽车《中国新能源车出口关税形势改善》 2026.01. ...

Investment Rating - The report assigns an "Overweight" rating for the heavy truck industry [4]. Core Insights - In December, domestic heavy truck sales reached 103,000 units, representing a year-on-year increase of 22% but a month-on-month decrease of 9% [2][4]. - The total sales of domestic heavy trucks for the year 2023 amounted to 1.144 million units, showing a year-on-year growth of 27% [4]. - The report anticipates that the domestic heavy truck sales in 2026 will reach 760,000 units, a decrease of 5.3% year-on-year, while wholesale sales are expected to reach 1.16 million units, reflecting a 1.5% increase [4]. Summary by Sections Heavy Truck Sales Performance - December saw domestic natural gas heavy truck sales of 13,000 units, up 19% year-on-year but down 33% month-on-month [2][4]. - Cumulative sales of domestic natural gas heavy trucks for 2023 reached 190,000 units, also a 19% increase year-on-year [4]. - The penetration rate of natural gas in heavy trucks was 12% in December and 17% for the entire year [4]. New Energy Heavy Truck Sales - December recorded domestic new energy heavy truck sales of 27,000 units, a significant year-on-year increase of 139% and a month-on-month increase of 12% [2][4]. - Cumulative sales of domestic new energy heavy trucks for 2023 reached 192,000 units, marking a 175% year-on-year growth [4]. - The penetration rate for new energy heavy trucks was 26% in December and 17% for the year [4]. Company Recommendations - The report recommends several companies for investment, including Weichai Power, China National Heavy Duty Truck Group, Foton Motor, CIMC Vehicles, and FAW Jiefang [4].

Core Viewpoint - In December 2025, domestic tractor sales experienced a significant year-on-year increase of 54%, marking a continuous growth trend with a total annual sales figure of 458,700 units, representing a 43% increase compared to the previous year [1][31]. Sales Performance - December 2025 saw actual sales of 51,600 units, reflecting a month-on-month growth of 10% and a year-on-year growth of 54%, although the growth rate slightly decreased from the previous month [2][3]. - The overall heavy truck market also grew by 21% year-on-year, with tractor sales outpacing this growth by 33 percentage points [3][5]. - The cumulative sales for tractors in 2025 reached 458,700 units, with a net increase of nearly 140,000 units compared to 2024 [1][21]. Market Share and Regional Sales - In December 2025, tractor sales accounted for approximately 61.44% of the total heavy truck market, slightly up from 61.31% in November [5][18]. - Key regions for tractor sales included Guangdong and Shandong, each exceeding 42,000 units sold, with Shanghai and Hebei also contributing significantly [7][18]. Leading Brands - The top-selling brands in December 2025 were Jiefang with 8,831 units and China National Heavy Duty Truck with 8,129 units, followed by Shaanxi Automobile, Dongfeng, and Foton [10][12]. - Notably, XCMG and SANY approached the top five rankings with sales of 4,576 and 4,026 units, respectively [12][18]. Growth of New Energy Vehicles - The market for new energy tractors saw substantial growth, with sales of pure electric tractors increasing by 228% year-on-year, contributing to a significant rise in the overall share of new energy vehicles in the tractor market [27][29]. - By December 2025, new energy vehicles accounted for 67.2% of the tractor market, indicating a strong shift towards electrification [27][31]. Competitive Landscape - The competition in the tractor market remains intense, with several companies achieving significant year-on-year growth, particularly in the new energy segment [25][29]. - The top ten companies in the tractor market held a combined market share of 91.4% in December, with the leading four companies each exceeding 10% market share [18][23].

先声明，题目特意用了"工厂"，而不是企业/公司。这家合资企业目前并未破产或注销。 企业主体还在存续期。但是去年有部分媒体报道称，企业业务已经停滞，工厂停工。有该工厂的前员工表示：工厂已经解散。 这家合资公司的名字——北京福田戴姆勒汽车有限公司（简称"福田戴姆勒"），是北汽集团旗下北汽福田（600166）与德国戴姆勒集团的合资公司。 戴姆勒是全球知名汽车集团，旗下整车品牌包括：奔驰、迈巴赫、smart等，也是欧洲工业的代表企业。 透过这家合资公司，应该能大概了解到，欧洲目前的整体工业实力是什么水平。 本文内容来自我对该企业前员工的访谈。以下以第一人称。 高起点 高质量 高标准 戴姆勒集团与北汽福田组建合资公司，最早可以追溯到2003年，属于中德一揽子商务合作的一部分。 2009年福田汽车与戴姆勒签约，2012年福田戴姆勒成立，双方各持股50%。合资公司总投资63.5亿元，规划商用车年产能20万辆，配套发动机年产能4.5万 台。 发动机工厂的组织架构是：项目部、工艺部、质量部、生产部、采购部。每个部门的总负责人是总监，总监往上还有一层，总经理或是类似title，也是外 籍。 我是2014年毕业，毕业后加入发动机工 ...

Group 1 - The commercial vehicle sector saw a slight increase of 0.14% on January 22, with Jinlong Automobile leading the gains [1] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] - Jinlong Automobile's stock price rose by 8.82% to 21.97, with a trading volume of 513,200 shares and a transaction value of 1.087 billion yuan [1] Group 2 - The commercial vehicle sector experienced a net outflow of 5.1958 million yuan from institutional investors, while retail investors saw a net outflow of 24.388 million yuan [3] - Retail investors contributed a net inflow of 29.5837 million yuan, indicating a mixed sentiment among different investor types [3] - The individual stock performance showed varied results, with Jinlong Automobile having a net inflow of 71.1658 million yuan from institutional investors, while Foton Motor and other stocks experienced net outflows [4]

Core Viewpoint - Foton Motor demonstrates strong performance across its product matrix, with significant orders and deliveries in both commercial and new energy vehicle segments, showcasing its leadership in the industry [1][3][5]. Group 1: Commercial Vehicle Deliveries - Foton's Kaweon has secured a strategic partnership with Shenzhen Xiantou Automotive Technology Co., signing a procurement agreement for 150 units of pure electric refrigerated vehicles, with the first batch of 50 already delivered [2][3]. - The Foton Auman Galaxy 5M battery swap heavy-duty trucks have successfully delivered 54 units to Yantian Port, marking a significant market breakthrough in the new energy sector [5][7]. - A total of 21 units of the Auman Zhilan EX·64 new version refrigerated trucks have been delivered to a major customer in Luoyang, aimed at enhancing campus meal delivery services [17][20]. Group 2: New Energy Vehicle Developments - Foton's Tuyano X8 EV and Fengjing G7 EV have completed their first batch of deliveries to leading passenger transport and food companies, marking a strong start to the year in the new energy commercial vehicle market [13][14]. - The Tuyano X8 EV is highlighted for its five core advantages, including safety and long-range capabilities, setting a new benchmark for new energy passenger vehicles [16]. - The Auman Zhilan EX·64 new version features a powerful energy drive system composed of CATL batteries and Foton's self-developed electric drive control, recognized for its low energy consumption and robust performance [20]. Group 3: Strategic Partnerships and Market Positioning - Foton's collaboration with Shenzhen Xiantou in the new energy cold chain transport sector emphasizes its dual advantage of product and service, reinforcing its leadership in urban delivery scenarios [3]. - The delivery of Foton Ouhui buses for the "Two Sessions" in Qidong City showcases the company's commitment to high-quality service for national events, further solidifying its reputation [10][12].

Core Viewpoint - The domestic natural gas heavy truck market in China has achieved a record annual sales of 198,700 units in 2025, marking a 12% year-on-year increase compared to 2024, with a notable trend of continuous growth from August to December 2025 [1][28]. Sales Performance - In December 2025, the actual sales of natural gas heavy trucks reached 12,500 units, representing a 31% year-on-year increase but a 35% decrease compared to November 2025 [3][15]. - The overall heavy truck market in December 2025 saw sales of 84,000 units, with natural gas heavy trucks accounting for 14.9% of this total, down from 25.26% in November [7][21]. Monthly Trends - The monthly sales data for the past five years indicates that January and February 2025 had the highest sales figures, while from March to July, sales were the second highest in the last five years [5]. - The months of November and December 2025 recorded the highest sales figures in the last five years for natural gas heavy trucks [5]. Price Influence - Natural gas prices in 2025 fluctuated moderately, with January and February averaging around 4,400 RMB/ton, peaking at nearly 4,600 RMB/ton in March and April, and dropping to just above 4,100 RMB/ton in December [11]. Regional Distribution - In 2025, all 31 provincial-level administrative regions in China had registered natural gas heavy trucks, with significant sales concentrated in resource-rich provinces such as Hebei, Shandong, Shanxi, and Henan [11][13]. - Hebei ranked first with a market share of 14.4%, followed by Shandong, Shanxi, and Henan, each exceeding 16,000 units sold [11]. Company Performance - In December 2025, the top five companies in natural gas heavy truck sales were: FAW Jiefang (3,500 units), China National Heavy Duty Truck Group (2,780 units), Dongfeng Motor Corporation (2,202 units), Foton Motor (1,879 units), and Shaanxi Automobile Group (1,760 units) [17][18]. - For the entire year of 2025, FAW Jiefang sold 55,300 units, maintaining a market share of 27.8%, while other companies like Dongfeng and Foton saw significant growth in their sales [24][26]. Market Share Dynamics - In 2025, five companies held over 10% market share, with FAW Jiefang and China National Heavy Duty Truck Group exceeding 20% [26]. - Compared to 2024, companies like Dongfeng and Foton saw their market shares increase by 3.3 and 3.1 percentage points, respectively, while others experienced declines [26].

1月22日，福田汽车涨5.14%，截至发稿，报3.27元/股，成交5.00亿元，换手率2.00%，总市值258.90亿 元。福田汽车股价已经连续3天上涨，区间累计涨幅5.78%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 资料显示，北汽福田汽车股份有限公司位于北京市昌平区沙河镇沙阳路老牛湾村北，成立日期1996年8 月28日，上市日期1998年6月2日，公司主营业务涉及汽车生产及销售。主营业务收入构成为：轻型车分 部107.24%，海外分部29.69%，管理及研发26.38%，发动机分部10.34%，大中客分部7.50%，其他分部 0.82%。 责任编辑：小浪快报 从基金十大重仓股角度 中信建投中证500增强A（006440）基金经理为王鹏。 截至发稿，王鹏累计任职时间5年260天，现任基金资产总规模14.02亿元，任职期间最佳基金回报 99.64%， 任职期间最差基金回报-7.2%。 数据显示，中信建投基金旗下1只基金重仓福田汽车。中信建投中证500增强A（006 ...

Core Viewpoint - Foton Motor has shown significant stock performance with an 8.90% increase year-to-date and a notable rise in revenue and profit for the upcoming financial period [1][2]. Group 1: Stock Performance - As of January 22, Foton Motor's stock price increased by 2.25%, reaching 3.18 CNY per share, with a trading volume of 319 million CNY and a turnover rate of 1.28% [1]. - The company has experienced a stock price increase of 8.90% since the beginning of the year, with a 7.43% rise over the last five trading days, 9.28% over the last twenty days, and 13.98% over the last sixty days [1]. Group 2: Financial Performance - For the period from January to September 2025, Foton Motor achieved a revenue of 45.449 billion CNY, representing a year-on-year growth of 27.09%, and a net profit attributable to shareholders of 1.113 billion CNY, which is a 157.45% increase compared to the previous year [2]. Group 3: Shareholder Information - As of November 20, Foton Motor had 120,100 shareholders, with an average of 65,908 circulating shares per shareholder, showing no change from the previous period [2]. - The company has distributed a total of 2.441 billion CNY in dividends since its A-share listing, with no dividends paid in the last three years [3]. - As of September 30, 2025, the third-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 160 million shares, a decrease of 41.5019 million shares from the previous period [3].

Core Viewpoint - The new energy commercial vehicle market in China is expected to experience significant growth in 2025, with sales projected to reach 954,000 units, representing a year-on-year increase of 65.5%, indicating a shift from policy-driven to market-driven growth in the industry [1][2]. Market Penetration - The penetration rate of new energy commercial vehicles has consistently exceeded 30% for four consecutive months, marking a new phase of large-scale application [1][2]. - In 2025, domestic sales of new energy commercial vehicles are expected to reach 871,000 units, a year-on-year increase of 63.7%, accounting for 26.9% of total commercial vehicle sales [2][3]. Sales and Orders - The cumulative sales of new energy heavy trucks in 2025 are projected to reach 231,100 units, a substantial increase of 182% year-on-year, with December alone achieving a record monthly sales of 45,300 units [3]. - Significant orders have been reported, including a strategic cooperation agreement between China National Heavy Duty Truck Group and Bashu Logistics for 1,000 heavy trucks, with the first batch of 200 units to be delivered [4]. Future Market Potential - The overall commercial vehicle market in China is expected to reach 4.25 million units in 2026, with a projected penetration rate for new energy vehicles exceeding 35% [5]. - By 2030, the penetration rate for new energy heavy trucks is anticipated to surpass 50%, with a market size exceeding 450,000 units [5]. Transition to Market-Driven Growth - The industry is moving away from reliance on subsidies, with customers increasingly focusing on product performance and total lifecycle costs [6]. - The decline in battery prices and the adoption of vehicle-to-grid models are making new energy commercial vehicles more affordable [7]. Technological Advancements - The energy density of power batteries has improved, allowing for enhanced range without increasing vehicle weight, with battery capacities primarily in the 400 kWh to 600 kWh range [7]. - The introduction of ultra-fast charging solutions and extensive charging networks is addressing user pain points and facilitating the large-scale deployment of new energy commercial vehicles [8]. Competitive Landscape - The competition in the commercial vehicle sector is evolving, with a focus on smart technology that can deliver economic benefits and reduce marginal costs [9]. - Major manufacturers are investing in intelligent vehicle technologies, with several companies launching models equipped with advanced driver-assistance systems [9]. International Expansion - Overseas markets are viewed as critical growth areas, with companies like Foton aiming for 200,000 units in overseas sales by 2026, and China National Heavy Duty Truck Group targeting 300,000 units by 2030 [11]. - The penetration rate of new energy heavy trucks in international markets remains low, presenting opportunities for early movers [11]. Ecosystem Development - The competition in the commercial vehicle industry is shifting from product-centric to a comprehensive ecosystem approach, focusing on long-term value creation for customers [11].