Group 1: Legal Framework Development in Shandong - The Shandong Provincial Committee held a meeting to promote comprehensive rule of law in the province, focusing on legislative, administrative, and judicial improvements [1][2] - Emphasis was placed on scientific legislation, optimizing the business environment, and enhancing public legal services [1][2] - The meeting aims to strengthen the rule of law as a foundation for high-quality economic and social development in Shandong [2] Group 2: Government Investment Fund Development - Shandong issued implementation opinions to promote the high-quality development of government investment funds, aligning with national guidelines [3] - The opinions stress a structured approach to fund management, emphasizing risk-sharing and regulatory compliance [3] - The initiative aims to enhance the effectiveness of government investment funds in supporting economic and social development [3] Group 3: Shandong's Top Enterprises - The 2025 list of Shandong's top 200 enterprises shows a total revenue of 10.34 trillion, with Shandong Energy Group leading at 866.48 billion [4][5] - The top ten companies include major players like Weiqiao Pioneering Group and Haier Group, reflecting a strong industrial base [4][5] - Industrial enterprises contribute 76.8% of the revenue among the top 200, highlighting the industrial characteristics of Shandong's economy [4] Group 4: Innovation in Power Generation - The world's first commercial supercritical carbon dioxide power generation unit was successfully commissioned in Guizhou, marking a significant technological milestone [6][7] - This technology improves efficiency by over 50% and reduces water consumption by 50%, showcasing advancements in energy generation [6][7] - The project represents a key step for Jinan Steel Group in transitioning from traditional manufacturing to green technology [7]

Core Viewpoint - On December 22, a total of 18 listed companies will have their restricted shares unlocked, with a total market value of approximately 102.97 billion yuan [1] Group 1: Unlocking Details - Walton Technology (Stock Code: 000920) will unlock 50.62 million shares from a private placement of A-shares [1] - China Hengtian Group (Stock Code: 600252) will unlock 2.36 million shares from equity incentive restrictions [1] - Huadian Energy (Stock Code: 600726) will unlock 4.73 billion shares from a private placement of A-shares [1] - AVIC Heavy Machinery (Stock Code: 600765) will unlock 2.68 million shares from equity incentive restrictions [1] - Nanjing Port (Stock Code: 002040) will unlock 151,800 shares from equity incentive restrictions [1] - Weichai Power (Stock Code: 000338) will unlock 23.48 million shares from equity incentive restrictions [1] - First Capital Securities (Stock Code: 601136) will unlock 2.25 billion shares from pre-issue share restrictions [1] - Anke Technology (Stock Code: 300370) will unlock 237 million shares from other restrictions [1] - Xinya Process (Stock Code: 002388) will unlock 346,550 shares from equity incentive restrictions [1] - Zhaoyi Innovation (Stock Code: 603986) will unlock 64,600 shares from equity incentive restrictions [1] - Ganli Pharmaceutical (Stock Code: 603087) will unlock 164,530 shares from equity incentive restrictions [1] - Yaxiang Co., Ltd. (Stock Code: 301220) will unlock 33.39 million shares with an extended lock-up period [1] - Mousse Co., Ltd. (Stock Code: 001323) will unlock 300 million shares with an extended lock-up period [1] - Sany Heavy Energy (Stock Code: 688349) will unlock 942 million shares [1] - Southern Power Technology (Stock Code: 688248) will unlock 336 million shares [1] - Jingwei Hengrun (Stock Code: 688326) will unlock 118,400 shares [1] - Kangwei Century (Stock Code: 688426) will unlock 434,200 shares [1] - Yuanjie Technology (Stock Code: 688498) will unlock 23.85 million shares [1]

Core Viewpoint - GAC Honda is facing significant challenges due to semiconductor shortages, leading to production halts and a downward revision of sales targets for the fiscal year 2026, indicating deeper issues related to demand decline and lagging electrification efforts [1][2][7]. Production and Sales Impact - GAC Honda confirmed a two-day production halt at the end of December due to semiconductor supply issues, but customer deliveries will not be affected [2]. - The company has lowered its global vehicle sales target for fiscal year 2026 from 3.62 million to 3.34 million units, a year-on-year decline of 10.1% [2]. - Cumulative production from January to November 2025 reached 317,600 units, a year-on-year decrease of 14.83%, with November production alone dropping by 16.03% [2]. - GAC Honda's total production capacity in China has been reduced from 1.49 million to 1.2 million units to adapt to market changes [2]. New Energy Initiatives - A new 3.5 billion yuan factory with an annual capacity of 120,000 units is set to begin operations in November 2024, focusing on electric vehicle production [3]. - The first model from this factory, the electric SUV P7, has seen disappointing sales, with only 437 units sold in April and a 67% month-on-month decline in May [3]. Market Performance - GAC Honda's cumulative sales for the first eleven months of 2025 were 300,900 units, down 22.97% year-on-year [4]. - The popular model Fit (飞度) recorded zero sales in November, with only three units sold in October, indicating a significant decline in demand [4]. - The Fit model has been discontinued and is expected to be relaunched in March at a lower price point [4]. Product Strategy and Challenges - GAC Honda's current lineup is primarily focused on gasoline vehicles, with only one new energy model, the P7, launched this year [5]. - The P7's sales have been boosted by significant price reductions, with a current discount of 50,000 yuan, but future production of this model is uncertain due to poor sales performance [5]. - The P7's advanced driving assistance system requires an additional cost of 14,000 yuan for upgrades, which may deter potential buyers [6]. Strategic Recommendations - Industry experts suggest that GAC Honda's issues stem from a mismatch in demand and a lag in electrification, with recommendations to focus on reducing ineffective gasoline vehicle production and increasing capacity for hybrid and electric models [7]. - The company is advised to leverage local supply chains to reduce costs and enhance competitiveness in the Chinese market, ultimately aiming to establish a dual focus on hybrid and electric vehicles [7].

12月20日，潍柴动力股份有限公司发布关于独立非执行董事变更的公告。公告显示，潍柴 动力董事会于近日收到赵福全提交的书面辞职申请，因个人工作安排原因，赵福全申请辞去 公司独立非执行董事、董事会审核委员会和薪酬委员会委员等职务。辞去上述职务后，赵福 全将不再担任公司（含控股子公司）任何职务。 经公司2025年第七次临时董事会会议审议通过，同意增补张伟丽为公司第七届董事会独立 非执行董事候选人，该事项尚需提交公司股东会审议，任期自股东会决议作出之日起至第七 届董事会届满之日止。因赵福全的原定董事任期至第七届董事会届满之日止，其辞职将导致 公司独立非执行董事人数低于董事会成员总数的三分之一，为确保公司董事会各项工作的正 常开展，根据《中华人民共和国公司法》《深圳证券交易所上市公司自律监管指引第 1 号 ——主板上市公司规范运作》和《潍柴动力股份有限公司章程》等相关规定，赵福全先生的 辞职待上述增补新的独立非执行董事程序履行完毕后生效。在此之前，赵福全将继续履行其 独立非执行董事及在董事会专门委员会中的职责。 截至本公告披露日，赵福全未持有公司股份，不存在应当履行而未履行的承诺事项。公司董 事会对赵福全在任职期间为公 ...

Core Viewpoint - The automotive industry is at a new crossroads in 2026, with the end of the electric vehicle (EV) boom and the rise of smart technology. Investment opportunities lie in commercial vehicles and two-wheeled vehicles, focusing on finding resilient alpha varieties and embracing the next industrial trends of smart technology and robotics/AIDC [4][10]. Group 1: Automotive Sector Investment Strategy - The automotive industry should reference the years 2011 and 2018 for strategic insights. The focus is on finding resilient alpha varieties and embracing the next industrial trends, particularly in smart technology and robotics/AIDC [4][10]. - The total domestic demand for passenger vehicles in 2026 is expected to be 22 million units, a decrease of 3.5% year-on-year, while the demand for new energy vehicles is projected to reach 13.2 million units, an increase of 6.4% [5][10]. - The wholesale sales of heavy trucks are forecasted to be 1.16 million units in 2026, with a year-on-year increase of 1.5%. Domestic sales are expected to decline by 5.5% to 770,000 units, while exports are projected to rise by 18.8% to 390,000-400,000 units [5][27]. Group 2: Key Investment Opportunities - In the bus sector, the top picks are Yutong Bus and Jinlong Automobile. For motorcycles, the preferred choices are Chunfeng Power and Longxin General. In the heavy truck sector, China National Heavy Duty Truck and Weichai Power are favored. For passenger vehicles, BYD is the primary choice, with Jianghuai Automobile as a secondary option. In the parts sector, Fuyao Glass, Xingyu Co., and Minth Group are recommended [6][10]. - The L4 RoboX investment opportunities focus on the B-end software sector over C-end hardware. Preferred stocks include XPeng Motors, Horizon Robotics, and others in the H-share market, while A-share selections include Qianli Technology and Desay SV [7][10]. - The robotics and AIDC investment opportunities are highlighted, with a focus on the upcoming Optimus V3 overseas and the rapid development of domestic robotics. Key selections include Top Group for robotics and liquid cooling, and Junsheng Electronics for robotics [7][10]. Group 3: Market Forecasts - The passenger vehicle market is expected to see a total sales volume of 22 million units in 2026, with a year-on-year decrease of 3.5%. New energy vehicle sales are projected to reach 13.2 million units, an increase of 6.4% [5][17]. - The heavy truck market is forecasted to have a wholesale volume of 1.16 million units in 2026, with domestic sales declining by 5.5% to 770,000 units, while exports are expected to rise by 18.8% [5][27]. - The bus sector is anticipated to maintain a strong export growth rate of over 30%, with domestic sales expected to reach 81,000 units, a year-on-year increase of 3% [5][32]. Group 4: Motorcycle Market Insights - The motorcycle industry is projected to have total sales of 19.38 million units in 2026, a year-on-year increase of 14%. The large-displacement motorcycle segment is expected to reach 1.26 million units, a 31% increase [5][34]. - Domestic sales of large-displacement motorcycles are expected to reach 430,000 units, a 5% increase, while exports are projected to be 830,000 units, a 50% increase [5][35]. Group 5: Future Trends and Innovations - The penetration rate of smart driving technology in new energy vehicles is expected to rise to 40% by 2026, with significant growth in the use of domestic chips [22][23]. - The heavy truck export market is expected to recover, with significant growth in regions such as Southeast Asia and Africa, driven by local infrastructure and mining demands [28][29].

Core Viewpoint - Weichai Power (02338) announced a collaboration with financing leasing companies to accelerate capital recovery and reduce operational risks through financing leasing services [1] Group 1: Financing Leasing Collaboration - Weichai Power's subsidiary, Weichai Lovol Smart Agriculture Technology Co., Ltd. (referred to as "Weichai Lovol"), will partner with Huayin Financing Leasing Co., Ltd. and Industrial and Commercial Bank of China (Thailand) Leasing Co., Ltd. to provide financing leasing services [1] - The financing leasing companies are reputable and meet the financing conditions, ensuring no related party transactions with Weichai Power or its subsidiaries [1] Group 2: Guarantee Responsibilities - In the event of customer default during the financing leasing contract, Weichai Lovol and its subsidiaries will assume repurchase guarantee responsibilities as per the contract [1] - The maximum guarantee amount is set at RMB 4 billion, effective from January 1, 2026, to December 31, 2026 [1] Group 3: Board Meeting and Approvals - A temporary board meeting was held on December 19, 2025, where the proposal for the financing leasing business was approved [1] - Relevant parties signed agreements stipulating the repurchase guarantee responsibilities [1]

Core Viewpoint - Weichai Power (02338) announced a collaboration with financing leasing companies to accelerate capital recovery and reduce operational risks through financing leasing services [1] Group 1: Financing Leasing Collaboration - Weichai Power's subsidiary, Weichai Lovol Smart Agriculture Technology Co., Ltd. (referred to as "Weichai Lovol"), will partner with Huayin Financing Leasing Co., Ltd. and Industrial and Commercial Bank of Thailand Leasing Co., Ltd. to provide financing leasing services [1] - The financing leasing companies are reputable and meet the financing conditions, ensuring no related party transactions with Weichai Power or its subsidiaries [1] Group 2: Guarantee Responsibilities - In the event of customer default during the financing leasing contract, Weichai Lovol and its subsidiaries will assume repurchase guarantee responsibilities as per the contract [1] - The maximum guarantee amount is set at RMB 4 billion, effective from January 1, 2026, to December 31, 2026 [1] Group 3: Board Meeting and Approvals - A temporary board meeting was held on December 19, 2025, where the proposal for the financing leasing business was approved [1] - The management of Weichai Lovol is authorized to sign legal documents related to the external guarantee and handle other related matters [1]

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告的內容概不 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 告 全 部或任何部份內容而產生或因依賴該等內容而引起的任何損失承擔任何責任。 濰柴動力股份有限公司 WEICHAI POWER CO., LTD. （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：2338） 海外監管公告 本公告乃根據香港聯合交易所有限公司（「聯交所」）證券上市規則第13.10B條 而 作 出。 茲載列濰柴動力股份有限公司（「本公司」）在 深 圳 證 券 交 易 所 網 站 刊 登 的 公 告， 僅 供 參 閱。中 文 公 告 的 全 文 刊 登 於 聯 交 所 及 本 公 司 網 站。 承董事會命 董事長 馬常海 中國山東濰坊 二零二五年十二月十九日 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、孫少軍先生、 袁 宏 明 先 生 及 馬 旭 耀 先 生；本 公 司 職 工 代 表 董 事 為 黃 維 彪 先 生；本 公 司 非 執 行 董事為張良 ...

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告的內容概不 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 告 全 部或任何部份內容而產生或因依賴該等內容而引起的任何損失承擔任何責任。 濰柴動力股份有限公司 WEICHAI POWER CO., LTD. （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：2338） 海外監管公告 本公告乃根據香港聯合交易所有限公司（「聯交所」）證券上市規則第13.10B條 而 作 出。 关于 潍柴动力股份有限公司 2023年A股限制性股票激励计划 茲載列濰柴動力股份有限公司（「本公司」）在 深 圳 證 券 交 易 所 網 站 刊 登 的 公 告， 僅 供 參 閱。中 文 公 告 的 全 文 刊 登 於 聯 交 所 及 本 公 司 網 站。 承董事會命 董事長 馬常海 中國山東濰坊 二零二五年十二月十九日 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、孫少軍先生、 袁 宏 明 先 生 及 馬 旭 耀 先 生；本 公 司 職 工 代 表 董 ...

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告的內容概不 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 告 全 部或任何部份內容而產生或因依賴該等內容而引起的任何損失承擔任何責任。 濰柴動力股份有限公司 WEICHAI POWER CO., LTD. （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：2338） 海外監管公告 本公告乃根據香港聯合交易所有限公司（「聯交所」）證券上市規則第13.10B條 而 作 出。 二零二五年十二月十九日 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、孫少軍先生、 袁 宏 明 先 生 及 馬 旭 耀 先 生；本 公 司 職 工 代 表 董 事 為 黃 維 彪 先 生；本 公 司 非 執 行 董事為張良富先生、Richard Robinson Smith先生及Michael Martin Macht先生；及本公 司 獨 立 非 執 行 董 事 為 蔣 彥 女 士、遲 德 強 先 生、趙 福 全 先 生、徐 兵 先 生 及 陶 化 安 先 ...