香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 佈 全 部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：2338） 濰柴動力股份有限公司 WEICHAI POWER CO., LTD. 股價及成交量之不尋常波動 本聲明乃按香港聯合交易所有限公司（「聯交所」）之 要 求，根 據 聯 交 所 證 券 上 市 規 則（「上市規則」）第13.10條 而 發 出。 濰柴動力股份有限公司（「本公司」）之董事（「董 事」）會（「董事會」）知悉今日本公 司 股 份 價 格 上 升 及 成 交 量 上 升，茲 聲 明，董 事 會 並 不 知 悉 任 何 導 致 上 述 變 動 的 原 因。 承董事會命 馬常海 濰柴動力股份有限公司 於本公告刊發之日，本公司執行董事為馬常海先生、王德成先生、黃維彪先生、 孫 少 軍 先 生、袁 宏 明 先 生 及 馬 旭 耀 先 生；本 公 ...

Industry Overview - The construction machinery sector is experiencing a recovery, with excavator sales maintaining a positive trend and both domestic and international market sales showing rapid year-on-year growth [1] - Non-excavator categories such as truck cranes, crawler cranes, truck-mounted cranes, and pavers are also witnessing significant sales increases [1] - Factors such as favorable downstream projects like hydropower and urban renewal are expected to continue driving demand for construction machinery [1] - The reduction of tariff disturbances in major global regions is enhancing the cost-performance advantage of domestic equipment [1] - The industry is anticipated to maintain a recovery trend due to large-scale equipment renewal policies [1] Export and Production Data - In September 2025, China's construction machinery export value reached $5.271 billion, a year-on-year increase of 29.6%, while import value was $234 million, up 18.5%, leading to a significant trade surplus [1] - The production of industrial robots increased by 28.3% year-on-year, driven by policies promoting equipment renewal and loan subsidies [1] - The "14th Five-Year Plan" emphasizes the development of high-end machine tools, which is expected to accelerate domestic advancements in this area [1] Company Performance - Zoomlion reported revenue of 37.156 billion yuan for the first three quarters of 2025, a year-on-year increase of 8.06%, with net profit attributable to shareholders rising by 24.89% to 3.92 billion yuan [1] - XCMG achieved revenue of 78.157 billion yuan, up 11.61%, and net profit of 5.977 billion yuan, an increase of 11.67% [2] - Hengli Hydraulic's revenue for the same period was 7.790 billion yuan, a 12.31% increase, with net profit rising by 16.49% to 2.087 billion yuan [2] - Hengli Hydraulic's Q3 revenue grew by 24.53% year-on-year, and net profit increased by 30.60% [2] - The cash flow from operating activities for both Zoomlion and XCMG showed significant improvements, with increases of 137.3% and 178.47%, respectively [1][2] Market Indicators - The tower crane rental industry’s utilization rate was reported at 57.3% in September 2025, with a rental price index of 497.31 points, reflecting a month-on-month increase [2] - The construction machinery ETF (560280) saw a strong increase of 2.54% as of November 6, 2025, with significant growth in both scale and share volume over the past three months [3] - The top ten weighted stocks in the ETF accounted for 69.81% of the total, with notable performances from Weichai Power and Hengli Hydraulic [3]

Group 1 - The A-share market is experiencing a strong upward trend, with the Shanghai Composite Index aiming for the 4000-point mark, supported by significant gains in the A500 ETF fund and its constituent stocks [1] - The A500 ETF fund has seen a net subscription of over 500 million yuan in the previous day and has attracted over 2.4 billion yuan in the last 10 trading days, indicating strong investor interest in core assets [1] - The macro outlook for 2026 suggests a continued structural market characterized by low volatility dividends and technology growth, with a focus on companies benefiting from improved external demand and completed capital expenditures [1] Group 2 - The new generation A500 ETF fund (512050) enables investors to easily allocate to core A-share assets, tracking the CSI A500 Index with a balanced industry allocation and leading stock selection strategy [2] - The A500 ETF fund covers all 35 sub-sectors of the market, integrating value dividends and growth attributes, and is overweight in sectors such as AI, pharmaceuticals, renewable energy, and defense, showcasing a natural "dumbbell" investment strategy [2]

方正证券指出，潍柴动力自2018年战略投资Ceres Power并持股20%后，其SOFC技术商业化近期取得关 键进展。伴随海外AI算力投入加大，电力稳定性的战略地位日益凸显。潍柴动力前瞻性布局固态燃料 电池、天然气发动机等清洁能源技术，并于年初携手弗迪设立合资工厂，加速拓展新能源电池业务。公 司清洁能源版图持续深化，有望充分受益于全球电力紧缺趋势。 消息面上，11月5日，Ceres Power宣布与潍柴动力签署固体氧化物燃料电池（SOFC）制造许可协议， 进一步巩固双方既有合作关系。潍柴方面将建立新工厂生产电池与电堆，面向数据中心、商业及工业用 电市场，预计相关收入将于2026财年确认。 潍柴动力（000338）(02338)早盘涨超13%，截至发稿，涨13.34%，报20.22港元，成交额2.85亿港元。 ...

Core Viewpoint - Ceres Power has signed a solid oxide fuel cell (SOFC) manufacturing license agreement with Weichai Power, enhancing their existing partnership and targeting the data center, commercial, and industrial power markets, with expected revenue recognition in the fiscal year 2026 [2]. Group 1: Company Developments - Weichai Power will establish a new factory to produce batteries and stacks as part of the SOFC manufacturing license agreement with Ceres Power [2]. - The partnership is expected to open a new growth avenue in the power energy sector for Weichai Power [2]. Group 2: Financial Performance - Weichai Power has shown steady growth in its performance this year, with a year-on-year increase of 5% in revenue and 6% in net profit attributable to shareholders in the first three quarters [2]. - The company's annual profit is projected to exceed 12 billion yuan, reinforcing positive financial expectations [2]. - The current price-to-earnings (PE) ratio is below 12 times, placing it in the lower 40% range over the past three years, indicating a high safety margin [2]. Group 3: Market Outlook - The anticipated convergence of new energy heavy truck penetration rates early next year may reverse long-term pessimistic expectations in the main business [2]. - There is considerable potential for valuation recovery for Weichai Power [2].

每经AI快讯，潍柴动力(02338.HK)早盘涨超13%，截至发稿，涨13.34%，报20.22港元，成交额2.85亿港 元。 ...

Core Viewpoint - Weichai Power (02338) saw a significant stock increase of over 13% following the announcement of a manufacturing license agreement with Ceres Power for solid oxide fuel cells (SOFC), indicating strong market confidence in the company's strategic direction and partnerships [1] Group 1: Company Developments - On November 5, Ceres Power announced a manufacturing license agreement with Weichai Power, reinforcing their existing collaboration [1] - Weichai Power plans to establish a new factory to produce batteries and stacks aimed at the data center, commercial, and industrial power markets, with expected revenue recognition in the fiscal year 2026 [1] - Following a strategic investment in Ceres Power in 2018, where Weichai acquired a 20% stake, the commercialization of SOFC technology has made significant progress recently [1] Group 2: Market Context - The increasing investment in overseas AI computing power highlights the growing importance of power stability, which aligns with Weichai's focus on clean energy technologies [1] - Weichai Power is proactively expanding its clean energy portfolio, including solid fuel cells and natural gas engines, and has partnered with Fudi to establish a joint factory to accelerate its new energy battery business [1] - The company's deepening clean energy strategy positions it to benefit from the global trend of electricity shortages [1]

Core Viewpoint - Weichai Power (2338.HK) has seen a strong performance, opening over 5% higher at HKD 18.76, marking the highest stock price since March 2021, driven by a new manufacturing license agreement with Ceres Power for solid oxide fuel cells (SOFC) [1] Company Developments - On November 5, Ceres Power announced a manufacturing license agreement with Weichai Power, reinforcing their existing partnership [1] - Weichai Power plans to establish a new factory to produce batteries and stacks aimed at the data center, commercial, and industrial electricity markets, with expected revenue recognition in the fiscal year 2026 [1] Financial Performance - According to a report from Founder Securities, Weichai Power's acquisition of the SOFC manufacturing license opens up a new growth avenue in the energy sector [1] - The company has shown steady growth in 2023, with a year-on-year revenue increase of 5% and a net profit attributable to shareholders rising by 6% in the first three quarters [1] - The annual profit is projected to exceed RMB 12 billion, further strengthening the positive outlook [1] Valuation Insights - The current price-to-earnings (PE) ratio is below 12 times, which is in the bottom 40% of the past three years, indicating a high margin of safety [1] - As the penetration rate of new energy heavy trucks stabilizes in early next year, the long-term pessimistic outlook for the main business is expected to reverse, suggesting considerable room for valuation recovery [1] - Founder Securities maintains a "recommended" rating for Weichai Power [1]

Group 1 - Ceres Power has signed a manufacturing license agreement for solid oxide fuel cells (SOFC) with Weichai Power, further solidifying their existing partnership [1] - Weichai Power will establish a new factory to produce batteries and stacks aimed at data centers and commercial and industrial power markets, with expected revenue recognition in the fiscal year 2026 [1] - The commercialization of SOFC technology has made significant progress since Weichai's strategic investment in Ceres Power in 2018, with key deliveries planned for 2024 [1] Group 2 - The company has shown steady growth in performance this year, with a 5% increase in revenue and a 6% increase in net profit attributable to shareholders in the first three quarters [2] - The company's full-year profit is expected to exceed 12 billion yuan, reinforcing positive outlooks [2] - Current PE valuation is below 12 times, positioned in the lower 40% of the last three years, indicating a high safety margin and potential for valuation recovery [2] Group 3 - The strategic positioning of power stability is becoming increasingly important due to rising overseas AI computing investments [1] - Weichai Power is proactively investing in clean energy technologies such as solid fuel cells and natural gas engines, aiming to benefit from the global electricity shortage trend [1] - The company’s clean energy portfolio is expected to deepen, enhancing its market position [1]

HSBC将 潍柴动力 A股评级上调至买进，目标价20.40元人民币，即上涨24%。 ...