Core Viewpoint - The rapid iteration of AI technology is driving the acceleration of computing infrastructure, which in turn is expanding the data center power equipment market and significantly increasing the demand for the company's power energy business [1] Group 1: Company Developments - The company has established a comprehensive energy solution capability through various technological routes and collaborative advancements [1] - The company has successfully completed delivery and acceptance in multiple projects across domestic and international markets, with increasing recognition in these markets [1] Group 2: Future Strategy - The company plans to leverage its advantages in delivery, product performance, and product portfolio to expand its strategic customer base both domestically and internationally [1]

Core Viewpoint - Weichai Power is optimistic about the future development of the heavy truck industry, planning to adopt multiple technological routes to adapt to industry trends and changes [1] Industry Summary - According to statistics from the China Association of Automobile Manufacturers (CAAM), the cumulative sales of heavy trucks in China are projected to reach 1.145 million units in 2025, representing a year-on-year growth of 27% [1] - Exports are expected to reach 341,000 units, with a year-on-year increase of 17.4% [1] - The industry is showing a balanced development trend across various energy sources, including diesel, natural gas, and new energy [1] Company Strategy - The company aims to strengthen its product matrix and build comprehensive power solutions for all scenarios and cycles [1] - There is a focus on accelerating the layout of new energy products and enhancing production capacity to meet diverse customer needs [1] - The company plans to deepen its presence in overseas markets by optimizing products and coordinating personnel to seize growth opportunities abroad [1]

Group 1 - The State Intellectual Property Office of China has granted Weichai Power Co., Ltd. a patent for a "Battery Heating System, Method, Equipment, and Program Product," with the authorization announcement number CN120756351B, and the application date is September 2025 [1] - Weichai Power Co., Ltd., established in 2002 and located in Weifang City, primarily engages in the automotive manufacturing industry, with a registered capital of 87,156.71296 million RMB [1] - The company has invested in 64 enterprises, participated in 5,000 bidding projects, holds 738 trademark records, and has 5,000 patent records, along with 778 administrative licenses [1] Group 2 - Weichai New Energy Power Technology Co., Ltd., founded in 2017 and also located in Weifang City, focuses on the manufacturing of chemical raw materials and products, with a registered capital of 1,508.5714286 million RMB [1] - This subsidiary has invested in 2 enterprises, participated in 13 bidding projects, holds 640 patent records, and has 12 administrative licenses [1]

Group 1 - Weichai Power announced that it will conduct investor research on January 22 and 23, 2026, with participation from company representatives Li Tingting, Liu Han, and Yuan Jing to address investor inquiries [1] Group 2 - Local state-owned assets are beginning to "bottom-fish" in the auction housing market, purchasing over 60 properties in the Nansha District of Guangzhou at unit prices around 6,000 to 7,000 yuan, while the average listing price for second-hand homes in the same community exceeds 20,000 yuan [1]

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 amounted to 1.144 million units, showing a year-on-year growth of 27% [4]. - The report highlights that the heavy truck industry has achieved nine consecutive months of year-on-year growth, with sales exceeding 100,000 units for four consecutive months [4]. - The report anticipates that the domestic heavy truck sales in 2026 will reach 760,000 units, a year-on-year decrease of 5.3%, while wholesale sales are expected to reach 1.16 million units, a year-on-year increase of 1.5% [4]. Summary by Sections Heavy Truck Sales - December saw domestic natural gas heavy truck sales of 13,000 units, a year-on-year increase of 19% but a month-on-month decrease of 33% [4]. - Cumulative sales of domestic natural gas heavy trucks for the year reached 190,000 units, also a year-on-year increase of 19% [4]. - The penetration rate of natural gas in heavy trucks was 12% in December and 17% for the entire year [4]. New Energy Heavy Trucks - December recorded domestic new energy heavy truck sales of 27,000 units, a year-on-year increase of 139% and a month-on-month increase of 12% [4]. - Cumulative sales of domestic new energy heavy trucks for the year reached 192,000 units, reflecting a year-on-year growth of 175% [4]. - The penetration rate of new energy in heavy trucks was 26% in December and 17% for the entire 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].

南财智讯1月23日电，潍柴动力在投资者关系活动中表示，受AI技术迭代驱动算力基建加速影响，数据 中心电力设备市场快速扩容，带动公司电力能源业务需求井喷；公司已构建覆盖多种技术路线的全谱系 能源解决方案能力，并在国内外多个地区完成项目交付验收，市场认可度持续提升；后续将依托交付能 力、产品性能及组合优势，进一步开拓国内外战略客户。 ...

南财智讯1月23日电，潍柴动力在投资者关系活动中表示，公司在SOFC领域持续推进技术创新与市场布 局，2025年11月与希锂斯签署制造许可协议，拟建设面向固定式发电市场的电池和电堆产线；已推出对 标国际竞品的新一代大功率金属支撑商业化产品，在发电效率、体积功率密度、可启停次数及启动速度 等指标上显著提升，并与国内外多家头部企业达成意向合作，为规模化商用奠定基础。 ...

Group 1: Company Business Development - The company has established a comprehensive energy solution capability, driven by rapid expansion in the power equipment market, with increasing domestic and international project recognition [3] - The company is focusing on strategic customers to enhance business contributions, leveraging delivery, product performance, and product mix advantages [3] Group 2: SOFC Business Development - The company is committed to the SOFC sector, with a manufacturing license agreement signed with Xilis in November 2025 to establish production lines for fixed power generation [4] - Recent innovations have led to significant improvements in power generation efficiency and product performance, facilitating partnerships with leading domestic and international companies [4] Group 3: Heavy Truck Industry Trends - According to the China Association of Automobile Manufacturers, the heavy truck market is projected to sell 1.145 million units in 2025, a 27% year-on-year increase, with exports reaching 341,000 units, up 17.4% [5] - The company is optimistic about the heavy truck industry's future, planning to enhance its product matrix and accelerate new energy layouts to meet diverse customer needs [5] Group 4: Shareholder Returns Outlook - The company aims to optimize profit structure and enhance long-term competitiveness while maintaining a high cash dividend and share buyback policy to improve shareholder returns [6] - Future shareholder return policies will consider various stakeholder expectations and market conditions, ensuring a proactive and stable approach [6]

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].

Group 1 - The Tonghuashun Overseas 50 concept index declined by 0.13%, with notable declines in stocks such as Industrial Fulian, Huadian Co., and Shenghong Technology [1] - Among the stocks in the index, 23 experienced price increases, with Jin Feng Technology, Weichai Power, and Aikodi leading the gains at 10.00%, 5.10%, and 2.60% respectively [1] - The BC battery concept saw the highest increase of 8.56%, while the corn concept experienced a slight decline of 0.14% [1] Group 2 - The net outflow of main funds from the Tonghuashun Overseas 50 concept was 7.677 billion yuan, with 27 stocks experiencing net outflows [1] - Industrial Fulian had the largest net outflow of 2.473 billion yuan, followed by Sanhua Intelligent Control and Huadian Co. with net outflows of 2.084 billion yuan and 1.513 billion yuan respectively [1] - Stocks with the highest net inflows included Jin Feng Technology, Weichai Power, and Luoyang Molybdenum, attracting net inflows of 2.049 billion yuan, 474 million yuan, and 264 million yuan respectively [1] Group 3 - The trading volume for Industrial Fulian was 1.02%, with a price drop of 4.21% and a net outflow of 2.473 billion yuan [2] - Jin Feng Technology had a trading volume of 10.37%, with a significant price increase of 10.00% and a net inflow of 2.049 billion yuan [3] - Weichai Power recorded a trading volume of 4.03%, with a price increase of 5.10% and a net inflow of 474 million yuan [3]