Group 1 - The core viewpoint of the news is that Shandong Province is committed to strengthening and optimizing state-owned enterprises and capital during the 14th Five-Year Plan period, with significant achievements in developing quality listed companies [1] - As of September 2025, there will be 51 provincial-controlled listed companies with a total market value exceeding 1.2 trillion yuan, and 10 new listed companies will be added during this period [1] - The provincial state-owned assets supervision and administration commission has implemented various policies to support the development of listed companies, including enhancing control, strengthening market value management, and regulating mergers and acquisitions [1][2] Group 2 - The province has focused on capital operations to activate high-quality development platforms, establishing a reserve of quality companies for future listings and guiding them in choosing suitable listing paths [2] - During the 14th Five-Year Plan, 16 provincial-controlled listed companies have conducted refinancing, and 11 provincial enterprises have injected assets into 22 listed companies, enhancing the support role of listed companies [2] - The provincial government has developed specific rules for market value management, aligning the performance assessment of enterprise leaders with market value management, promoting orderly market value management among provincial-controlled listed companies [2] Group 3 - The province has introduced regulations to standardize mergers and acquisitions, encouraging listed companies to focus on their core responsibilities and integrate resources effectively [3] - Seven new listed companies have been added through mergers and acquisitions during the 14th Five-Year Plan, contributing positively to core business focus and new industry layout [3] - Sixteen provincial-controlled listed companies have announced repurchase plans this year, with a total implementation amount of 2.073 billion yuan, emphasizing the importance of risk management alongside development [3]

智通财经APP获悉，西部证券发布研报称，10月重卡行业生产、批发、零售及出口数据均超预期。该行 预计25年11月重卡批发销量10.3万辆左右，同比增长50%。看好国四政策刺激下全年板块行情。推荐中 国重汽(000951.SZ，03808)+潍柴动力(000338.SZ)，重视一汽解放(000800.SZ)+福田汽车(600166.SH)业 绩改善弹性。 东吴证券主要观点如下： 数据总览 批发：10月重卡批发销量10.6万辆，同环比分别为+60.0%/+0.6%，超该行预期。终端：10月重卡终端销 量7.0万辆，同环比分别为+56.6%/-15.9%，超该行预期。出口：10月重卡出口销量3.3万辆，同环比分别 为+43.8%/+4.8%，超该行预期。库存：渠道库存增加0.32万辆，当前行业总库存11.5万辆。展望：该行 预计25年11月重卡批发销量10.3万辆左右，同比增长50%。 10月格局：潍柴份额位居第一，环比上升 发动机格局：潍柴份额位居第一，环比上升。1)整体：终端口径下，10月潍柴/康明斯/锡柴/重汽/玉柴市 占率分别20.5%/17.1%/14.7%/9.3%/11.4%，较24年全年分别-7.0 ...

证券研究报告·行业研究·汽车与零部件 重卡行业10月跟踪月报： 内销与出口共振，景气度持续向好 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 联系电话：021-60199793 2025年11月26日 请务必阅读正文之后的免责声明部分 1 数据总览 ◼ 批发：10 月重卡批发销量 10.6 万辆，同环比分别为+60.0%/+0.6%，超我们预期。 ◼ 终端：10 月重卡终端销量 7.0 万辆，同环比分别为+56.6%/-15.9%，超我们预期。 ◼ 出口：10 月重卡出口销量 3.3 万辆，同环比分别为+43.8%/+4.8%，超我们预期。 ◼ 库存：渠道库存增加0.32万辆，当前行业总库存11.5万辆。 ◼ 展望：我们预计25年11月重卡批发销量10.3万辆左右，同比增长50%。 | | 25M1 | 25M2 | 25M3 | 25M4 | 25M5 | 25M6 | 25M7 | 25M8 | 25M9 | 25M10 | 2025E | | --- | --- | --- | --- | --- | --- | --- | --- ...

（编辑 王雪儿） 证券日报网讯 潍柴动力11月25日发布公告，在公司回答调研者提问时表示，今年前三季度公司M系列 大缸径发动机销售超7700台，同比增长超30%；其中数据中心市场销售超900台，同比增长超3倍，业绩 贡献持续增长。近年来，AI技术快速迭代驱动算力基建加速，由此推动数据中心备用电源市场快速扩 容，进而带动面向该细分领域的高端发动机的需求井喷。公司大缸径发动机启动速度快、加载能力强， 具有更可靠、更高效及更经济的优势，并凭借稳定交付节奏，在国内外多个地区的数据中心项目均已完 成产品交付验收，国内外市场认可度持续提升。后续，公司将积极开拓国内外战略客户，推动市场份额 持续提升。 ...

（编辑 王雪儿） 证券日报网讯 潍柴动力11月25日发布公告，在公司回答调研者提问时表示，今年前三季度，公司新能 源动力系统业务实现收入19.7亿元，同比增长超80%。公司全力提速新能源业务发展，统筹推进新能源 相关技术研发与产品落地，加速市场开拓与产品交付，力争全年业务收入达到40亿元，实现同比翻番以 上增长。从产品布局角度而言，公司已完成电池、电机、电控等产品的全面布局，以充电速度快、重量 轻、寿命长、可靠性高等优异产品性能居于行业领先地位；从客户拓展角度而言，公司已实现集团内外 客户的全面对接与商用车、工程机械等细分市场的配套应用，配套率实现持续提升。 ...

每经头条（nbdtoutiao）——688496，被证监会立案！刚上市业绩就变脸，亏损超1亿元；核心产品受重 创：第一大客户"自产自用"，减少采购 （记者 张海妮） 2025年1至6月份，潍柴动力的营业收入构成为：交通运输设备制造业占比77.74%，农业装备占比 20.63%，其他行业占比1.62%。 每经AI快讯，潍柴动力（SZ 000338，收盘价：16.6元）发布公告称，2025年11月21日、24日，潍柴动 力接受博时基金等投资者调研，公司李婷婷、刘涵参与接待，并回答了投资者提出的问题。 ...

Core Insights - On November 24, a total of 17 companies were investigated by institutions, with 10 companies being surveyed by funds, indicating a strong interest in specific stocks [1] - Among the surveyed companies, 6 attracted more than 5 funds, with Crystal Morning Technology being the most popular, receiving attention from 35 funds [1] - The total market capitalization of the surveyed A-shares includes 1 company with a market cap over 500 billion yuan, and 6 companies with market caps below 100 billion yuan [1] Company Summaries - **Crystal Morning Technology (688099)**: Received the highest interest with 35 funds participating in the survey, latest closing price at 92.72 yuan, and a 5-day price increase of 15.68% [1] - **Weili Transmission (300904)**: Attracted 19 funds, latest closing price at 69.20 yuan, with a 5-day price decrease of 2.40% [1] - **Haiyou New Materials (688680)**: Surveyed by 8 funds, latest closing price at 39.17 yuan, experiencing a significant 5-day price drop of 14.83% [1] - **Sanyuan Bio (301206)**: Engaged 7 funds, latest closing price at 27.32 yuan, with a 5-day decline of 5.07% [1] - **Dayilong (002209)**: Also received attention from 7 funds, latest closing price at 14.39 yuan, with a 5-day decrease of 5.95% [1] - **Yongdong Shares (002753)**: Participated by 5 funds, latest closing price at 8.01 yuan, with a slight increase of 3.35% over 5 days [1] - **Hengyi Petrochemical (000703)**: Surveyed by 3 funds, latest closing price at 6.96 yuan, with a 5-day decline of 7.94% [1] - **Weichai Power (000338)**: Engaged 2 funds, latest closing price at 16.60 yuan, with a 5-day decrease of 6.21% [1] - **Zhongsheng Pharmaceutical (002317)**: Attracted 1 fund, latest closing price at 24.08 yuan, with a 5-day decline of 9.20% [1] - **Meirui New Materials (300848)**: Also surveyed by 1 fund, latest closing price at 14.89 yuan, with a 5-day drop of 10.52% [1]

Core Insights - The overall brand communication effectiveness of Shandong listed companies in October 2025 shows a slight decline in the average Network Communication Influence Index (INC Index) to 578.32, down 0.78% from September [1][3] - The company with the most significant increase in ranking is Dezhou United Petroleum Technology Co., Ltd., which rose by 222 positions, while Gome Communication Equipment Co., Ltd. saw the largest drop, falling by 168 positions [1] - The top ten companies in the INC Index include Dong'e Ejiao Co., Ltd., Qingdao Beer Co., Ltd., and Haier Smart Home Co., Ltd., among others, with Huaxi Biotechnology Co., Ltd. showing the most significant improvement, rising 5 places [1] Industry Overall Analysis - The average INC Index of 578.32 indicates that most brands in the industry are maturing and gaining more attention, with brand voice and social concern on the rise [3] - The skewness coefficient of the INC Index is 0.866, indicating a moderate right-skewed distribution, where a few units perform exceptionally well, enhancing the overall industry INC level [3] Communication Breadth Analysis - The average communication breadth score is 2.67, categorized as "standard level," suggesting that the overall voice of Shandong listed companies is at a moderate level [5] - 11 companies achieved the highest level (5), while 72 companies reached level 4, indicating a strong performance in communication breadth [5] - 34 companies are at level 2, indicating potential for improvement, and 1 company is at the lowest level [5] Communication Heat Analysis - The average communication heat score is 2.33, also at the "standard level," reflecting moderate engagement on media platforms [6] - 7 companies reached the highest level (5), while 44 companies achieved level 4, indicating strong activity and engagement [7] - 101 companies are at level 2, and 3 companies are at the lowest level, suggesting a need for improved content planning [7] Network Attention Analysis - The average network attention score is 1.52, categorized as "regional attention," indicating that most companies have some recognition within local areas [8] - 80 companies achieved level 3 or above, while 114 companies are at level 2, showing varying degrees of brand awareness [9] - 116 companies are at the lowest level, indicating low search frequency for brand keywords [9] Official Website Presentation Analysis - The average official website presentation score is 1.05, below the "standard level," indicating low frequency and quality of information published on company websites [10] - 2 companies achieved the highest level (5), while 3 companies reached level 4, showing some companies excel in their online presence [11] - 174 companies are at the lowest level, highlighting a significant area for improvement in website quality and content [11]

证券代码：000338.SZ/2338.HK 证券简称：潍柴动力 潍柴动力股份有限公司投资者关系活动记录表 编号：20251124 | | ■特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | ■现场参观 | | | □其他（请文字说明其他活动内容） | | 2025 | 年 11 月 21 日 15:30-17:00 | | | 博时基金 陈曦、王远征 | | 参与单位名称及 | 万泰华瑞投资 张乐 | | 人员姓名 | 明诚基金 兰乔 | | 2025 | 年 月 日 11 24 13:30-15:00 | | | Wellington Management Naveen Venkataramani | | 时间 2025 | 年 11 月 21 日、24 日 | | 地点 | 公司科技大楼会议室 | | 上市公司接待人 | 李婷婷、刘涵 | | 员姓名 | | | | 来访者参观了公司科技展馆和一号工厂，随后在公司会议 | | | 室就关注问题与公司进行了交流，交流主要内容包括： | | | ...

Core Insights - The demand for AIDC is expected to grow significantly, driven by the "power shortage" in the US grid, which is boosting the Onsite Power market [1][2] - SOFC (Solid Oxide Fuel Cell) is identified as the most promising Onsite Power solution due to its advantages over gas turbines, including sufficient capacity, rapid deployment, compact size, and high power density [3][4] - The materials used in SOFC are crucial, with the current industrialization primarily relying on ceramic support structures [4] Group 1: AIDC Demand and Market Dynamics - The US Department of Energy projects that electricity demand from data centers will increase 2-3 times from 2023 to 2028, reaching 325-580 TWh, which will raise its share of total US electricity demand from 6.7% to 12% [1] - The aging US power grid and lengthy construction timelines for new lines are causing delays in AIDC deployment, leading developers to consider self-built power sources [2] - By 2030, the proportion of self-built power data centers is expected to rise significantly from 13% in April 2024 to 30% [2] Group 2: SOFC Technology and Competitive Landscape - SOFC is becoming increasingly important as a primary power source rather than just a backup, with competition primarily between SOFC and gas turbines [3] - SOFC's advantages include rapid deployment and high power density, making it a viable solution for AIDC developers facing long delivery times from traditional suppliers [3] Group 3: SOFC Material Composition and Industrialization - SOFC units consist of four main components: cathode, electrolyte, anode, and interconnect, with the stack cost accounting for 65% of the total cost [4] - The current mainstream industrialization involves ceramic electrolyte supports, with Bloom Energy's fifth-generation technology achieving a power density of 0.7 W/cm² and a lifespan exceeding 80,000 hours [4] Group 4: Relevant Companies - Key players in the SOFC market include Bloom Energy (BE.US), and domestic companies such as Weichai Power (000338.SZ), Sanhuan Group (300408.SZ), Yishitong (688733.SH), Zhongzi Technology (688737.SH), and Fuan Energy (002911.SZ) [5]