据香港交易所披露，贝莱德（BlackRock）对潍柴动力股份有限公司 - H股的多头持仓比例于2025年12月 10日从6.99%增至7.26%。 ...

Core Viewpoint - The internal combustion engine market in China is experiencing growth, with significant sales figures reported for November 2025, indicating a positive trend in both month-on-month and year-on-year comparisons [1][4][15]. Sales Performance - In November 2025, internal combustion engine sales reached 4.8525 million units, marking a month-on-month increase of 7.06% and a year-on-year increase of 4.81%. Cumulatively, from January to November, sales totaled 49.0877 million units, reflecting a year-on-year growth of 14.10% [1]. - Diesel engine sales in November 2025 were 444,100 units, with a month-on-month growth of 11.29% and a year-on-year growth of 10.53%. Cumulative sales from January to November reached 4.6696 million units, showing a year-on-year increase of 6.35% [4]. - The multi-cylinder diesel engine segment also performed well, with November sales of 355,000 units, a month-on-month increase of 10.66% and a year-on-year increase of 12.17%. Cumulative sales for the year reached 3.7717 million units, up 6.93% year-on-year [7][10]. Market Leaders - The top ten companies in the multi-cylinder diesel engine market accounted for 78.33% of total sales from January to November 2025, with no significant changes in rankings compared to the previous month [7][10]. - Weichai maintained its leading position with cumulative sales of 726,800 units, a year-on-year increase of 4.93%, capturing a market share of 19.27% [10]. - Yuchai ranked second with cumulative sales of 514,800 units, achieving a substantial year-on-year growth of 26.55% and a market share of 13.65% [10]. - Other notable companies include Yunnei, Anhui Quanchai, and Dongfeng Cummins, each showing varying degrees of growth and market share increases [10][19]. Monthly Highlights - In November, Weichai sold 78,300 multi-cylinder diesel engines, achieving a month-on-month growth of 4.67%. Yuchai and Yunnei followed with sales of 40,300 and 28,100 units, respectively [9][17]. - The commercial vehicle market also showed strong performance, with November production and sales reaching 388,000 and 392,000 units, respectively, reflecting year-on-year increases of 18.6% and 24.4% [7]. Future Outlook - The multi-cylinder diesel engine market is expected to continue its upward trajectory as the year 2025 approaches its end, with industry players keenly observing the final sales figures [23].

Investment Rating - The report assigns an "Overweight" rating for the heavy truck industry [4]. Core Insights - The report highlights that in November, domestic heavy truck sales reached 113,000 units, representing a year-on-year increase of 65% and a month-on-month increase of 7%. The cumulative sales from January to November reached 1.041 million units, up 27% year-on-year [2][4]. - The report anticipates a gradual recovery in heavy truck sales due to the economic recovery and the introduction of the "old-for-new" policy in 2025, projecting sales of 1.117 million units for 2025, a 24% increase year-on-year [4]. - The report emphasizes the growing penetration of new energy heavy trucks, expecting the penetration rate to reach 18% by 2025, driven by technological advancements and cost reductions [4]. Summary by Sections Sales Performance - In November, the sales structure of heavy trucks showed that semi-trailer trucks accounted for 51.7%, cargo trucks for 27.0%, and non-complete vehicles for 21.2%. The sales of semi-trailer trucks reached 62,000 units, up 85% year-on-year, while heavy cargo truck sales were 29,000 units, up 61% year-on-year [4]. - The report notes that the sales of domestic natural gas heavy trucks in November were 19,000 units, a significant increase of 154% year-on-year, although it saw a month-on-month decline of 12% [4]. Market Trends - The report indicates that the heavy truck market's high prosperity in November is attributed to the tail effect of the "old-for-new" policy and the continuation of the traditional peak season for heavy trucks [4]. - The report also highlights that the penetration rate of natural gas in heavy trucks was 17% in November, with expectations for further growth due to the economic advantages of natural gas vehicles for high-mileage operations [4]. Company Recommendations - The report recommends several companies for investment, including Weichai Power, China National Heavy Duty Truck Group, CIMC Vehicles, Foton Motor, and FAW Jiefang, based on their growth potential and market positioning [4].

2025年全面迈上新台阶 近年来，潍柴锚定创新驱动，加速构建多元动力产业新格局，持续书写高质量发展答卷，为中国制造业转型升级注入动 能。在2025中国品牌价值榜单上，潍柴品牌价值达830.48亿元，居中国机械装备制造领域第二；2025年9月发布的"2025 中国企业500强"榜单上，潍柴以2024年营业收入3122.9亿元位列第87位。 今年以来，潍柴集团继续保持高质量发展良好态势，为山东重工集团业绩再创新高注入强劲动力。"十五五"期间，潍柴 将开启一个崭新的发展周期，在高端动力升级、数据中心能源动力爆发式增长等因素驱动下，传统动力在未来拥有广阔 的应用场景；潍柴新能源动力经过多年持续研发和产业投入，迎来了快速增长期；山东重工的整车整机和全球市场优势 将为潍柴可持续增长提供坚实基础。 面对未来机遇和挑战，潍柴将携手全球合作伙伴，坚持客户至上，打造技术、质量、成本、服务竞争力，共同为客户创 造价值；聚力向新求变，拓展新能源、高端液压、海外市场等增量空间，培育"第二增长曲线"；深化战略协同，为客户 量身打造一体化解决方案，深挖山东重工全产业链价值；加强互信互促，向风险共担、利益共享、双向赋能的战略命运 共同体升级 ...

"红军不怕远征难，万水千山只等闲。潍柴动力傲群雄，紧跟潍柴奋争先。"在12月6日山东重工潍柴集团2026年商务大会农业装备动力分会现场， 经销商代表白德武用这首自创的打油诗，道出了与潍柴合作25年的心路历程，也预示了潍柴集团农业装备动力在新时代的奋进姿态。 聚焦"更可靠、更高效、更节油"主题，潍柴集团在大会上重磅发布了收获机低转速发动机2.0新品，涵盖WP3.6N、WP4.6N、WP8等主力机型，节 油率≥15%，全面满足小麦、水稻、玉米三大主粮及经济作物的收获需求，精准破解行业痛点难点，为现代化农业收获作业注入新发展动能。 针对低转速收获机动力总成，潍柴进行了专属性能开发，当整机负荷变化时，可维持发动机转速稳定，保证整机作业效率。 可靠性全面升级，通过曲轴材料优化、机体结构强化、增压器科学匹配等技术实现本体强化升级；后取力输出扭矩提升10%，可适配各类复杂负 载，进一步提升整机驱动能力，干活连续不耽误。 收获机低转速发动机2.0重磅发布，引领行业新标杆 深度适配整车工况，实现动力系统与作业场景的高度协同，在原有作业降速的基础上，达成转场降速新突破，节油优势不断拉大，全面提升客户 全流程运营效益。 市场引领： ...

智通财经APP获悉，香港联交所最新数据显示，12月11日，Lazard Asset Management减持潍柴动力 (02338)519.19万股，每股作价20.34港元，总金额约为1.056亿港元。减持后最新持股数目约为9555.26万 股，最新持股比例为4.92%。 （原标题：Lazard Asset Management减持潍柴动力(02338)519.19万股 每股作价20.34港元） ...

香港联交所最新数据显示，12月11日，Lazard Asset Management减持潍柴动力（000338）(02338)519.19 万股，每股作价20.34港元，总金额约为1.056亿港元。减持后最新持股数目约为9555.26万股，最新持股 比例为4.92%。 ...

中信建投（601066）发布研报称，当前市场对汽车明年刺激政策及产销总量预期较弱，汽车顺周期属性 弱化，目前来看预期或已见底，科技属性下机器人及无人驾驶等成长方向仍是核心主线。机器人当前行 情仍处于预期整固后的去伪存真阶段，产业在0-1的趋势兑现前夕，建议积极布局配置高胜率及技术升 级环节。 中信建投主要观点如下： 整车板块，本周中央经济工作会议指出坚持内需主导，建设强大国内市场，优化"两新"政策实施，明确 2026年延续国补政策。近期头部车企销量环比走弱，前期市场预期年末抢装下的"翘尾效应"并未兑现， 部分地区以旧换新补贴已暂停，市场情绪处于低位。我们仍然看好自主乘用车高端化、强势新车周期和 新能源出海头部车企。 机器人板块，当前时点坚定看多。板块自11月末底部震荡反弹，核心交易的是特斯拉产业链小批量(百 台级)订单落地等新进展催化，上周美国人形机器人政策扶持也对行情形成支撑，GaN等新技术应用引 发市场关注。后续新的节点兑现是行情延续关键，包括：12月定点陆续落地，25Q1Gen3定型发布，Q2 进入小批量，下半年进入规模量产阶段等;此外，宇树上市申报或也将成为重要事件催化。当前行情仍 处于预期整固后的去 ...

14 December 2025 | 2:52PM HKT Equity Research Weichai Power (000338.SZ) Key takeaways from recent calls on the topic of data center generators | 000338.SZ | 12m Price Target: Rmb20.30 | Price: Rmb17.98 | Upside: 12.9% | | --- | --- | --- | --- | | 2338.HK | 12m Price Target: HK$21.00 | Price: HK$20.30 | Upside: 3.4% | Over the past week, we hosted three calls, with a generator industry expert, Weichai Heavy Machinery (000880.SZ, Not Covered) - Weichai Power's diesel genset partner, and Yuchai (CYD, Not Cove ...

2025年12月15日 2025年12月15日 标的指数成份股涨幅 TOP20 标普中国 A 股红利机会指数(CSPSADRP) | 序号 | 代码 | 简称 | 車日涨幅 | 年内涨幅 | 股息率(近12个 | | --- | --- | --- | --- | --- | --- | | | | | (%) | (%) | 月) (%) | | 1 | 002478.SZ | 常宝股份 | 10.04 | 64.21 | 2.89 | | 2 | 605090.SH | 九丰能源 | 9.99 | 38.54 | 3.33 | | 3 | 603408.SH | 建霖家居 | 9.98 | 22.34 | 3.75 | | 4 | 002533.SZ | 金杯电工 | 4.34 | 32.69 | 2.03 | | 5 | 002032.SZ | 苏泊尔 | 3.22 | -4.37 | 5.95 | | 6 | 300628.SZ | 亿联网络 | 3.19 | -2.06 | 5.15 | | 7 | 002532.SZ | 天山铝业 | 2.88 | 79.46 | 3.00 | | 8 | 000 ...