Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) has released the 403rd batch of new energy heavy truck models, showcasing a total of 73 new models from 18 companies, indicating a significant push towards electrification in the heavy truck sector in China [1][2][3]. Group 1: Overview of New Models - A total of 73 new energy heavy truck models were announced, with 61 being charging trucks, 8 battery swap trucks, 3 fuel cell trucks, and 1 plug-in hybrid truck [5][6]. - Dongfeng and FAW Jiefang each submitted 11 models, the highest among all manufacturers, followed by China National Heavy Duty Truck Group with 9 models [3][10]. - The majority of the submitted models are three-axle trucks, with 30 models, followed by 18 eight-axle trucks and 13 four-axle trucks [5][7]. Group 2: Key Manufacturers and Their Submissions - Dongfeng's submissions include 9 charging trucks, 1 battery swap truck, and 1 fuel cell truck, indicating a strong commitment to the new energy heavy truck market [10][15]. - FAW Jiefang also submitted 11 models, with a focus on charging trucks, including several dual-motor models with significant power outputs [15][18]. - China National Heavy Duty Truck Group's submissions consist of 9 charging trucks, with a notable emphasis on self-dumping trucks, showcasing a range of battery capacities and driving configurations [19][21]. Group 3: Trends in New Energy Heavy Trucks - Charging trucks dominate the submissions, accounting for over 80% of the total, reflecting the industry's focus on electric solutions [5][6]. - The trend towards larger battery capacities is evident, with several models featuring over 600 kWh, particularly in the tractor category, which is becoming a standard expectation [36][38]. - The introduction of dual-motor configurations is increasing, with multiple manufacturers submitting models that enhance power and efficiency, indicating a shift towards more advanced technology in heavy trucks [31][35]. Group 4: Specific Model Highlights - Dongfeng's notable models include a pure electric self-dumping truck with a range of 200 km and a charging truck with a battery capacity of 279.59 kWh [10][11]. - FAW Jiefang's models feature a self-dumping truck with a range of 740 km and a dual-motor tractor with a peak power of 816 hp [15][18]. - China National Heavy Duty Truck Group's self-dumping trucks can achieve a range of up to 955 km, showcasing advancements in battery technology and efficiency [19][21].

Core Viewpoint - The commercial vehicle industry in China is experiencing a paradox of increasing sales but declining profits, driven by intense competition and a shift towards new energy vehicles [8][10][29]. Group 1: Market Overview - In 2025, the commercial vehicle market in China achieved a total sales volume of 4.296 million units, representing a year-on-year growth of 10.9% [8]. - The heavy truck market, often seen as a barometer of economic activity, sold 1.145 million units, up 27% year-on-year, indicating a recovery in demand [13]. - Despite the growth in sales, the profitability of leading companies has declined, with a total net profit of only 25.74 billion yuan for seven major manufacturers, down 40% year-on-year [13][14]. Group 2: Profitability Challenges - The industry faces a "sell more, earn less" scenario, where increased sales do not translate into higher profits due to price wars and compressed margins [9][24]. - The logistics sector is experiencing a supply-demand imbalance, with the average freight rate index at a historical low of 105.1 points, leading to significant drops in transport fees [17][19]. - The cost of traditional fuel vehicles remains high compared to new energy vehicles, which are driving down market prices and squeezing profit margins for traditional operators [20][22]. Group 3: Transition to New Energy - The penetration rate of new energy commercial vehicles exceeded 25% in 2025, with a total of 95.4 million units sold, marking a 63.7% increase year-on-year [42]. - Companies like Foton Motor have successfully adapted to the new energy landscape, achieving a revenue increase of 27.1% and a net profit surge of 157.4% [41]. - The transition to new energy and smart technologies is seen as essential for future profitability, although the initial costs remain high [25][27]. Group 4: Competitive Landscape - The market is increasingly dominated by a few leading companies, with over 70% market share held by top players like Beiqi Foton and China National Heavy Duty Truck [31]. - Successful companies are leveraging strategic positioning, policy alignment, and market responsiveness to navigate the competitive landscape [34][36]. - The focus is shifting from volume growth to refined competition, emphasizing the importance of understanding market dynamics and customer needs [54]. Group 5: Future Outlook - The commercial vehicle industry must transition from a reliance on one-time sales to a focus on long-term value creation through lifecycle services [56][70]. - Companies are setting ambitious sales targets for 2026, with major players like FAW Jiefang and China National Heavy Duty Truck aiming for significant increases in sales volume [56][59]. - The key to success in 2026 will be the ability to harness policy support, technological advancements, and a focus on customer-centric service models [60][73].

【环球时报驻英国特约记者 纪双城 环球时报记者 丁雅栀】"中国汽车制造商瞄准英国。"英国《金融时报》日前以此为题报道称，蔚来、埃安和 极氪在内的中国车企纷纷计划于今年在英国推出相关车型。报道认为，对于希望拓展海外市场的中国汽车制造商而言，英国市场至关重要，因为 英国并未对中国制造的电动汽车征收更高的关税。此外，由于缺乏本土的大众市场汽车制造商，英国消费者也更容易接受新品牌。 然而，前往英国市场对于中国车企来说也面临一些挑战，比如需要面临特斯拉、大众等欧美电动汽车的激烈竞争。另外，钟师提醒，中国新能源 车出口英国与出口欧洲其他国家并无本质区别，核心挑战仍集中在售后服务与文化融入层面。英国消费者对首次接触的中国品牌服务要求更高， 而日韩车企已在欧洲深耕多年，拥有成熟完善的服务体系，中国车企要想立足，需搭建起高效、到位的售后服务架构；同时，在市场推广、品牌 传播等方面，如何更好地结合当地文化，也是中国车企需要突破的重要课题。 为什么中国汽车厂商瞄准英国市场？汽车行业专家钟师26日接受《环球时报》记者采访时表示，英国脱欧后，其市场准入规则、监管体系及相关 流程已与欧盟形成一定的差异，拥有独立的政策考量和执行路径。此外 ...

本报讯 （记者贾丽）近日，"奇驭山河·嗨驰天下"上海一嗨汽车租赁有限公司（以下简称"一嗨租车"） 与奇瑞汽车战略签约暨5000台新车交付仪式举行，奇瑞汽车股份有限公司（以下简称"奇瑞汽车"）董事 长尹同跃，一嗨租车创始人、董事长兼CEO章瑞平，奇瑞汽车常务副总裁张国忠，一嗨租车车务副总裁 唐宇钧，浦银金租总裁魏强，奇瑞汽车总裁助理张炳凤等嘉宾莅临现场。 奇瑞汽车向一嗨租车交付钥匙 作为国内直营连锁租车行业领军企业，一嗨租车此次与奇瑞汽车的深化合作，是基于前期合作的良好积 淀与战略契合。在前期合作中，奇瑞汽车旗下车型凭借出色的可靠性、低维保成本及高用户满意度，充 分验证了其综合运营价值，为本次合作规模的跨越式增长及战略合作的达成奠定了基础。此次交付的 5000台新车覆盖SUV、轿车等多元品类，涵盖瑞虎8、捷途旅行者、艾瑞泽5等明星车型，精准匹配家庭 出游、商务出行、经济型短租等多元场景需求。 本次合作实现了从车辆交付到生态共建的进阶，奇瑞汽车以强大的自主研发实力和供应链体系提供高品 质车型支撑，一嗨租车则依托覆盖全国500余座城市的直营服务网络承接价值，在车辆定制化开发、智 能化服务升级等领域深化协同，为用户带 ...

2026 年 2 月·北京 1 股票简称：福田汽车 股票代码：600166 目 录 2 北汽福田汽车股份有限公司 2026 年第一次临时股东会会议资料 议案一、《关于2026年度公司融资授信额度的议案》 议案二、《关于2026年度向非关联方提供担保计划的议案》 议案三、《关于2026年度向关联方提供关联担保计划的议案》 议案一： 北汽福田汽车股份有限公司 关于 2026 年度公司融资授信额度的议案 各位股东： 《关于 2026 年度公司融资授信额度的议案》已于 2026 年 1 月 19 日经公司 董事会审议通过，现就本议案向股东会做汇报。 一、公司融资战略 银行融资作为支持福田汽车整车生产经营业务、金融服务业务以及公司投资 需求的基本融资方式，其筹资速度快、弹性强，在为公司提供资金支持，保障资 金足额、及时到位方面发挥了重要的作用。目前银行融资仍是公司主要的融资方 式，董事会批准的融资授信额度则是公司资金足额到位的有效保障。 福田汽车在资金投入来源方面将坚持：满足资金安全性、流动性、收益性需 要的基本原则；采用多渠道、多方式资金筹集策略，积极配合公司资金投放战略 决策要求；优化资本结构，严控融资成本，以满足 ...

1月23日，中欧协会智能网联汽车分会正式发布2025年度中国商用车品牌影响力指数报告。报告依据中国汽车工业协会数据，以及商用车市场特有的政 策导向与工具属性，采用差异化的科学评估模型，对重卡、皮卡、轻卡、轻客四大核心细分领域进行了全景式量化分析。 东风汽车与中国重汽则分别以709.85分和699.35分的成绩位列第二、三名，三者共同构成了重卡市场难以撼动的第一梯队：东风凭借领先行业的网络声 量规模与全年零投诉的卓越纪录，展现了其深入市场的广泛影响力与过硬的质量管控体系；中国重汽则依托超过30万辆的年度销量，牢固占据细分市场销量 榜首，其中海外出口业务贡献突出，连续多年的出口领先彰显了其强大的全球化竞争实力。 这些头部企业无一例外地通过发布新一代高效智慧动力链、攻坚氢燃料发动机等零碳动力核心技术，持续推动产品向着更节油、更可靠、更智能的方向 进化，精准响应了现代物流行业对于降本增效的核心诉求。 细分市场龙头依托专业口碑与场景深耕巩固护城河 在皮卡、轻卡、轻客等其他商用车细分领域，领军品牌则凭借数十年如一日积累的专业口碑、对细分市场需求的深度洞察以及对应用场景的极致深耕， 构建了其他品牌短期内难以逾越的竞争护城河 ...

驾控的优雅，离不开智能的默契相伴。LEX平台依托EEA 5.1电子电气架构不仅重构了整车智能逻辑， 更将硬核技术转化为用户可感可知的实际便利，打造出"不打扰"的优雅全场景智能出行体验。包括 APA/RPA自动泊车辅助/遥控泊车辅助、VPD端到端泊车、H-NOA高速导航辅助、全场景道路自适应等 在内的智驾场景，从容应对多元出行需求。涵盖高品质音响、双层镀银玻璃、水负离子净化等在内的5 维感官科技，搭配多种智能情景模式，让舒适与优雅时刻随行。 LEX凭借"多动力兼容、全球市场适配"的优势，突破单一纯电或混动平台的局限，通过汇聚全球技术体 系能力打造，能快速衍生出纯电、混动等多种能源形式的产品，既聚焦研发资源、丰富了产品线，又能 精准适配全球不同市场的政策与用户需求，彰显出行业领先的战略广度。未来，基于LEX新能源平台开 发的LEPAS L8、LEPAS L6、LEPAS L4等车型将陆续上市，从时尚灵动到优雅奢享，覆盖多元细分市 场，满足全球用户多样化需求。 LEX平台标志着LEPAS的整车智能水平进入跨代领先新阶段。LEX平台不止于技术参数的整合，更是对 "优雅驾控" 品类的系统化定义——通过技术实现操控的从容 ...

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [6] Core Insights - The automotive market is experiencing significant negative growth, with retail sales of passenger vehicles dropping by 28% year-on-year in the first half of January 2026, and wholesale sales declining by 35% [1][19] - The report emphasizes the need for supportive policies to stimulate market recovery and highlights the potential for growth in the overseas electric vehicle market due to favorable policies in countries like Canada and Germany [3][4] - The report suggests that the domestic market may rebound following the implementation of supportive policies, which could positively impact leading brands [4] Summary by Sections Market Overview - As of January 1-18, 2026, retail sales of passenger vehicles in China reached 679,000 units, a decrease of 28% compared to the same period last year, while wholesale sales totaled 740,000 units, down 35% year-on-year [1][19] - In the same period, retail sales of new energy vehicles were 312,000 units, reflecting a 16% decline year-on-year, and wholesale sales were 348,000 units, down 23% [1][19] Policy Developments - Canada announced plans to import 49,000 electric vehicles from China, significantly reducing tariffs from 100% to 6.1% [3] - Germany introduced a new subsidy program for electric vehicles, offering up to 6,000 euros to families purchasing new electric cars, effective from January 1, 2026 [3][44] - The UK government has launched a substantial subsidy program for electric trucks, with a total budget of 318 million pounds [48] Investment Opportunities - The report highlights the potential for Chinese new energy vehicles to expand into overseas markets, driven by favorable international policies [4] - It suggests that the recovery of the domestic automotive market could benefit leading brands significantly [4]

Investment Rating - The report provides a "Buy" rating for several companies in the automotive sector, indicating an expected performance that will exceed the market by more than 10% over the next 12 months [5][22]. Core Insights - The change in subsidy policies has led to the disappearance of the tail effect in Q4 2025, resulting in a reduction of demand overdraw for 2026. In December 2025, the number of insured vehicles was 2.278 million, down 16.4% year-on-year but up 13.6% month-on-month. The total number of insured vehicles for the year reached 23.047 million, a slight increase of 0.6% year-on-year, with the penetration rate of new energy vehicles rising to 54.0%, an increase of 7.1 percentage points year-on-year [4][7][16]. Summary by Sections 1. Changes in Subsidy Policies - The report highlights that the changes in subsidy policies have caused consumers to adopt a wait-and-see approach, leading to a decrease in demand overdraw for 2026. The expectation is that as replacement subsidy application channels open, pent-up demand will materialize, and the domestic terminal market will trend towards "price increase and stable volume" [4][7]. 2. PHEV Market Share Tracking - The focus is on the performance of PHEV market shares, particularly for BYD and Geely, as the "mid-level assisted driving equity" leads to share differentiation. The report emphasizes the importance of monitoring configuration adjustments and terminal discount changes to understand further market share differentiation [9][16]. 3. Recent Report Insights - The report notes that the passenger vehicle inventory saw a slight reduction in December 2025, with an estimated 1.5 million vehicles in demand waiting to be fulfilled. The overall industry theme for 2025 was "emerging from deflation," with a judgment of "stable volume and slow price increase" being validated. The outlook for 2026 remains "price increase and stable volume," differing from market consensus due to regulatory changes and risk-return assessments [16][17]. 4. Investment Recommendations - The report suggests a "shelf-style" investment approach, recommending various companies across the passenger vehicle chain. Right-side targets include Geely, BYD, and others, while left-side targets include Great Wall Motors and Changan Automobile. In the commercial vehicle chain, recommended companies include China National Heavy Duty Truck Group and Weichai Power [17].

2025年12月份，新能源重卡市场同比暴涨198%，整体销量再创新高，其中充电重卡销量接近3万辆，同步刷新史上最高销量纪录。 此前表现一直不如充电重卡，并连续多月跑输市场"大盘"的换电重卡表现如何？2025年走完，换电重卡行业格局有何新变化？ 请看第一商用车网的分析报道。 根据第一商用车网掌握的最新数据，2025年12月份，国内新能源重卡市场共计销售4.53万辆（注：本文数据来源为交强险实销口径， 不含出口和军车，下同），环比2025年11月份增长62%，同比增长198%。12月份，纯电动重卡（包括换电和充电）销售4.08万辆， 占比高达90.09%，虽较上月（97.46%）有所下滑，但仍是新能源重卡最重要的组成部分。这其中，换电重卡（本文所述的"换电重 卡"，包括租赁电池并在日常运营中在换电站更换电池的纯电动重卡，以及租赁电池但在实际运营中并不换电、而是充电补能的纯电动 重卡）销售1.15万辆，环比增长56%，同比也继续实现增长，增幅达到106%，同比增幅较上月（+147%）有所缩窄。12月份，换电 重卡106%的同比增速继续跑输新能源重卡市场"大盘"。 12月份，换电重卡在纯电动重卡销量中的占比为28.1 ...