Core Insights - The commercial vehicle market in China is expected to see significant growth in 2025, driven by the strong performance of new energy vehicles (NEVs) and supportive policies for vehicle upgrades [1][7][12] - In December 2025, the sales of commercial vehicles reached 300,000 units, marking a 5% year-on-year increase and a 15% month-on-month increase [7][12] - The penetration rate of new energy commercial vehicles is projected to reach 46% by December 2025, a substantial increase from 29% in December 2024 [12][14] Commercial Vehicle Market Analysis - The total sales of commercial vehicles in China for 2025 are forecasted to be 3.1 million units, representing a 9% year-on-year growth compared to the stable period since 2022 [1][7] - The market showed a strong upward trend from March to December 2025, with December achieving a historical high for the month [5][7] - The sales of new energy commercial vehicles in December 2025 are expected to hit 140,000 units, reflecting a 71% year-on-year increase and a 49% month-on-month increase [1][8] New Energy Vehicle Performance - The penetration rate of new energy commercial vehicles has increased significantly, from approximately 3% in 2019-2021 to 46% in December 2025 [12][14] - The sales of new energy commercial vehicles for the entire year of 2025 are projected to reach 910,000 units, a 57% increase compared to the previous year [1][8] - The growth in new energy vehicle sales is attributed to strong demand and government incentives, particularly in the commercial vehicle sector [10][12] Market Structure and Competition - The market for commercial vehicles is characterized by a stable structure, with significant contributions from light and heavy-duty trucks [14][18] - Key players in the commercial vehicle market include Beiqi Foton, SAIC-GM-Wuling, and China National Heavy Duty Truck Group, which dominate the light truck, heavy truck, and bus segments respectively [15][18] - The performance of heavy-duty trucks has improved significantly due to subsidy policies, with notable growth in electric heavy-duty trucks in regions like Beijing, Tianjin, and Shanghai [16][17] Regional Market Dynamics - The light truck market is particularly strong in regions such as East China and South China, with increasing sales in these areas [18][19] - The penetration of new energy vehicles in the truck segment reached 38% in December 2025, while the bus segment saw a penetration rate of 78% [14][18] - The market for new energy light trucks is primarily concentrated in East China and South China, with significant growth observed in these regions [19][21]

Core Viewpoint - In December 2025, China's new energy heavy truck sales reached a record high, totaling 231,100 units for the year, representing a year-on-year growth of 182% [1]. Group 1: December Sales Performance - In December 2025, domestic new energy heavy trucks sold 45,300 units, a year-on-year increase of 198%. The breakdown includes 40,800 pure electric trucks, 4,202 fuel cell trucks, and 284 hybrid trucks, with respective month-on-month growth rates of 50%, 610%, and 139% [2]. - Fuel cell and hybrid heavy trucks showed significant year-on-year growth compared to November, where fuel cell trucks and hybrid trucks had growth rates of 20% and 31%, respectively [2]. - The strong performance in December indicates that the surge in new energy heavy trucks is not solely driven by pure electric models but is a comprehensive market boom [2]. Group 2: Market Presence of Fuel Cell and Hybrid Trucks - Throughout 2025, the presence of fuel cell and hybrid heavy trucks was relatively weak, with notable months being March, September, and November, where their market shares were 4.71%, 2.34%, and 2.12%, respectively [4]. - In December, the market share of fuel cell trucks increased to 9.28%, while hybrid trucks maintained a low share of 0.63% [5]. Group 3: Annual Sales and Market Share - For the entire year of 2025, fuel cell and hybrid heavy trucks accounted for 3.15% and 0.55% of the new energy heavy truck market, respectively, totaling 3.7%, with pure electric models making up the remaining 96.3% [7]. - The hybrid heavy truck market saw a total sales volume of 1,274 units, reflecting a year-on-year growth of 145%, although this growth rate was lower than the overall new energy heavy truck market [10][14]. - The leading company in the hybrid heavy truck market was YuanCheng, with 777 units sold, capturing a market share of 61.0%, an increase of 8.7 percentage points from 2024 [16].

作为北京市大力发展的重点项目之一，新能源汽车市场如何持续"续航"？1月27日，在北京市十六届人 大四次会议期间，市人大代表、北汽集团副总经理常瑞在接受北京商报记者采访时表示，汽车的"新消 费"要在智能网联汽车应用场景中深耕。 在谈及"十五五"期间汽车产业发展方向时，常瑞将智能网联汽车发展看作是新能源汽车市场发展"高 地"之一。"目前新能源汽车市场的智能还处于辅助驾驶阶段，无人驾驶尚未大规模量产，同时相关技术 研发、法规制定等仍在完善阶段。"常瑞表示，无人驾驶车辆仅在Robotaxi、码头、港口、矿山等场景 应用，尚未在生活中全面落地。 据了解，在《汽车驾驶自动化分级》中，驾驶自动化从L0到L5按6级划分，从L3级别开始，车辆控制权 逐渐交由自动驾驶系统，L3级为有条件自动驾驶，L4级为高度自动驾驶，L5级为完全自动驾驶。"从人 才、高科技企业数量上看，北京是国家级甚至国际级的科创中心。基于此，北京市汽车产业发展仍具有 巨大潜力。拥有大量测试、应用场景，是北京推进智能网联新能源汽车发展的优势之一。"常瑞认为。 智能网联新能源汽车板块中，商用车正成为激活市场发展抓手之一。2025年，新能源商用车国内销量同 比增长 ...

作为北京市大力发展的重点项目之一，新能源汽车市场如何持续"续航"？1月27日，在北京市十六届人大四次会议期间，市人大代表、北汽集团副总经理常 瑞在接受北京商报记者采访时表示，汽车的"新消费"要在智能网联汽车应用场景中深耕。 "智能+汽车"满足新需求 "十四五"收官之年，北京新能源汽车交易量持续攀升。数据显示，2025年前11个月，北京市新能源汽车累计交易同比增长17.87%，占新车总交易量的 61.28%。 在谈及"十五五"期间汽车产业发展方向时，常瑞将智能网联汽车发展看作是新能源汽车市场发展"高地"之一。"目前新能源汽车市场的智能还处于辅助驾驶 阶段，无人驾驶尚未大规模量产，同时相关技术研发、法规制定等仍在完善阶段。"常瑞表示，无人驾驶车辆仅在Robotaxi、码头、港口、矿山等场景应 用，尚未在生活中全面落地。 据了解，在《汽车驾驶自动化分级》中，驾驶自动化从L0到L5按6级划分，从L3级别开始，车辆控制权逐渐交由自动驾驶系统，L3级为有条件自动驾驶， L4级为高度自动驾驶，L5级为完全自动驾驶。"从人才、高科技企业数量上看，北京是国家级甚至国际级的科创中心。基于此，北京市汽车产业发展仍具有 巨大潜力。拥 ...

"智能+汽车"满足新需求 作为北京市大力发展的重点项目之一，新能源汽车市场如何持续"续航"？1月27日，在北京市十六届人大四次会议期间，市人大代表、北汽集团副总经理常 瑞在接受北京商报记者采访时表示，汽车的"新消费"要在智能网联汽车应用场景中深耕。 软件定义汽车未来发展，是汽车市场公认的发展趋势。中国汽车流通协会乘用车市场信息联席分会发布的"OTA（空中下载技术）检测月报"显示，2025年12 月，汽车行业共计更新1257项功能，共27个品牌推送OTA，其中行车辅助与语音功能为升级重点。消费者软件更新需求的提升，也让车企非常看重"增值服 务"，并指望卖车后继续通过"付费订阅"高阶功能增加收入。 "十四五"收官之年，北京新能源汽车交易量持续攀升。数据显示，2025年前11个月，北京市新能源汽车累计交易同比增长17.87%，占新车总交易量的 61.28%。 在谈及"十五五"期间汽车产业发展方向时，常瑞将智能网联汽车发展看作是新能源汽车市场发展"高地"之一。"目前新能源汽车市场的智能还处于辅助驾驶 阶段，无人驾驶尚未大规模量产，同时相关技术研发、法规制定等仍在完善阶段。"常瑞表示，无人驾驶车辆仅在Robotaxi、 ...

Group 1 - The commercial vehicle sector experienced a decline of 0.27% on January 28, with Jinlong Automobile leading the drop [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] - Key stocks in the commercial vehicle sector showed varied performance, with China National Heavy Duty Truck rising by 3.71% and Jinlong Automobile falling by 5.29% [2] Group 2 - The net outflow of main funds in the commercial vehicle sector was 73.19 million yuan, while retail investors saw a net inflow of 230 million yuan [2] - The trading volume and turnover for major stocks in the sector varied, with Jianghuai Automobile achieving a turnover of 2.859 billion yuan [1][2] - Detailed fund flow analysis indicated that several companies, including Dongfeng Motor and Ankai Bus, experienced significant net outflows from main funds [3]

智通财经APP获悉，开源证券发布研报称，2025年中国重卡行业复苏动能强劲，内需受"以旧换新"政策 与自然置换周期驱动，国内销量增长34.4%。新能源重卡爆发式增长，年销23.11万辆，渗透率超28%。 出口约33万辆创历史新高，全球化进程深化。持续看好重卡行业景气度提升带来的板块性投资机会。内 需回暖与出口长牛将显著增厚相关企业营收和利润。 开源证券主要观点如下： 行业复苏动能切换，内需政策双轮驱动 国内市场稳健增长，以旧换新与自然置换共振。据第一商用车网数据，2025年全年重卡批发销量约为 114.4万辆，同比增长约27%，成功跨越百万辆大关；国内重卡批发销量81.9万辆，同比增长34.4%。 2025年"以旧换新"补贴范围扩大至国四及以下车辆，并首次将天然气重卡纳入补贴，拉动内需回暖。同 时随着2017-2021年行业高峰期购入的重卡进入8年置换周期，2026年重卡更新主波峰将至，确立行业内 生复苏的底层逻辑。 细分品类百花齐放，重卡出海迈向全球化长牛 新能源重卡爆发式增长，渗透率创历史新高。2025年国内新能源重卡实销达23.11万辆，同比增长 182%。12月新能源重卡销量达4.53万辆，单月渗透率 ...

Investment Rating - The industry investment rating is "Overweight" indicating an expectation for the industry to outperform the overall market [7]. Core Insights - The commercial vehicle industry is experiencing a robust recovery driven by domestic demand policies and a significant increase in heavy truck sales, with wholesale sales expected to exceed 1.144 million units in 2025, representing a year-on-year growth of approximately 27% [3]. - The penetration rate of new energy heavy trucks has reached a historical high, with sales in 2025 reaching 231,100 units, a year-on-year increase of 182% [4]. - The heavy truck export market is thriving, with exports reaching approximately 330,000 units in 2025, marking a record high and indicating a shift towards direct investment and localized operations in overseas markets [4]. Summary by Sections Market Performance - In 2025, the domestic heavy truck wholesale sales reached 819,000 units, showing a year-on-year growth of 34.4% [3]. - The "old-for-new" subsidy program has expanded to include vehicles meeting National IV standards and below, boosting domestic demand [3]. Segment Analysis - The new energy heavy truck segment has seen explosive growth, with a monthly penetration rate exceeding 38% in December 2025 [4]. - Natural gas heavy trucks have also shown steady demand, with a significant recovery in the second half of 2025, achieving a year-on-year growth of 138% in October [4]. Company Performance - China National Heavy Duty Truck Group maintained its position as the industry leader with annual sales of 305,000 units, a year-on-year increase of approximately 26.7% [5]. - Foton Motor achieved a remarkable year-on-year growth of 102.7%, with annual sales reaching 142,000 units, marking a doubling in sales [5]. Investment Opportunities - The report highlights several companies as beneficiaries of the industry's recovery, including China National Heavy Duty Truck A+H, Weichai Power, Foton Motor, and others [6].

每经讯 "我们2.3GWh半固态电池专用产线已完成调试，计划今年下半年量产。目前，公司已拿到海外 豪华品牌和国内自主品牌的订单。我们将会给自主品牌3-4款新车提供配套服务，其中一款新车将于年 内发布。"日前，一位蜂巢能源工作人员向《每日经济新闻》记者透露了其半固态电池的最新进展。 此外，记者了解到，福田汽车半固态电池已在全新一代中VAN及微车平台实现批量应用，累计出货超1 万套。当前，福田汽车已建成具备6万台/年生产能力的产线，公司的半固态电池已进入从小批量验证迈 向规模拓展的关键阶段。 ...

Core Viewpoint - The commercial vehicle sector experienced a rise of 2.28% on January 27, with China National Heavy Duty Truck leading the gains, while the Shanghai Composite Index increased by 0.18% and the Shenzhen Component Index rose by 0.09% [1]. Group 1: Market Performance - The commercial vehicle sector's stocks showed varied performance, with China National Heavy Duty Truck closing at 18.60, up by 5.50%, and Jianghuai Automobile at 52.90, up by 4.55% [1]. - The trading volume for Jianghuai Automobile was 703,300 shares, resulting in a transaction value of 3.682 billion yuan [1]. - Other notable performers included Yutong Bus, which rose by 3.65% to close at 32.40, and Zhongtong Bus, which increased by 1.29% to 11.79 [1]. Group 2: Capital Flow - The commercial vehicle sector saw a net inflow of 53.1984 million yuan from institutional investors, while retail investors contributed a net inflow of 78.1087 million yuan [2]. - Conversely, speculative funds experienced a net outflow of 131 million yuan [2]. - The capital flow data indicates that Jianghuai Automobile had a significant net inflow of 91.0266 million yuan from institutional investors, while Foton Motor faced a net outflow of 155.29 million yuan from speculative funds [3].