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 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 司 非 執 行 董 事 為 張 良 富 先 生、 Richard Robinson Smith先生及Michael Martin Macht先 生；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 生。 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」 ...

Core Insights - Weichai Power is making significant advancements in the Solid Oxide Fuel Cell (SOFC) sector, achieving breakthroughs in technology and establishing partnerships with leading companies both domestically and internationally [1][2] - The sales of products related to data centers have increased over threefold year-on-year in the first three quarters, showcasing strong performance in both emerging industries and traditional business sectors [1][2] - The company has fully mastered core technologies across the entire value chain of SOFC, including battery, stack, system, and power station, which positions it well for future commercialization [1] Group 1: SOFC Developments - Weichai Power has signed a technology licensing agreement with Xilis in November 2025, indicating comprehensive mastery of SOFC technology [1] - The company is focusing on key applications such as AI data centers and industrial parks, launching new high-power metal-supported commercial products with significant improvements in efficiency and performance metrics [1] - Partnerships with major enterprises have been established to lay a solid market foundation for future large-scale commercialization of SOFC [1] Group 2: Traditional Business Performance - The sales of M-series large-bore engines exceeded 7,700 units in the first three quarters of 2025, reflecting a year-on-year growth of over 30% [2] - Products aimed at the data center market saw sales surpassing 900 units, marking an increase of over threefold, contributing significantly to overall performance [2] - The rapid growth in the data center industry has driven demand for energy supply upgrades, highlighting the company's competitive advantages in reliability and efficiency [2] Group 3: Strategic Outlook - Weichai Power is committed to a development strategy that combines upgrading traditional businesses with breakthroughs in emerging sectors [2] - The successful implementation of SOFC technology and market expansion, along with explosive growth in the data center market, underscores the company's forward-looking positioning in the new energy sector [2] - As SOFC commercialization progresses and core market demands continue to grow, Weichai Power is expected to strengthen its leading position in the industry, contributing to energy structure transformation and high-end manufacturing upgrades [2]

Core Viewpoint - Weichai Power (000338.SZ) has announced a share buyback program, repurchasing a total of 50,252,475 A-shares, which represents approximately 0.58% of the company's total share capital, in compliance with relevant laws and regulations [1] Summary by Category - **Share Buyback Details** - The company has repurchased shares through a dedicated securities account via centralized bidding [1] - The highest transaction price was RMB 15.43 per share, while the lowest was RMB 14.57 per share [1] - The total amount paid for the buyback was RMB 761,492,999.13, excluding transaction fees [1]

Core Viewpoint - Weichai Power (000338.SZ) has announced the repurchase of A-shares, totaling 50,252,475 shares, which represents approximately 0.58% of the company's total share capital, in compliance with relevant laws and the company's established repurchase plan [1] Summary by Categories - **Share Repurchase Details** - The company has repurchased a total of 50,252,475 A-shares through a centralized bidding transaction [1] - The highest transaction price was RMB 15.43 per share, while the lowest was RMB 14.57 per share [1] - The total amount paid for the repurchase was RMB 761,492,999.13, excluding transaction fees [1] - **Compliance and Regulations** - The repurchase aligns with relevant legal regulations and the company's predetermined share repurchase plan [1]

Core Viewpoint - Weichai Power announced a share buyback plan, indicating a commitment to returning value to shareholders through repurchase of shares [1] Summary by Categories Share Buyback Details - As of November 30, 2025, the company has repurchased a total of 50.2525 million shares, which represents 0.58% of the total share capital [1] - The buyback price ranged from 14.57 CNY per share to 15.43 CNY per share [1] - The total funds used for the buyback amounted to 761 million CNY, excluding transaction costs [1]

证券代码：000338 证券简称：潍柴动力 公告编号：2025-076 潍柴动力股份有限公司（下称"公司"）于2025年4月29日召开 2025年第四次临时董事会会议，于2025年5月20日召开2025年第二次 临时股东大会、2025年第二次A股股东会议和2025年第二次H股股东 会议，审议通过了《关于回购公司部分A股股份方案的议案》，同意 公司使用自有资金和自筹资金以集中竞价交易方式回购公司部分A 股股份，回购股份用于注销并减少公司注册资本，回购价格为不超过 人民币23.57元/股，预计用于回购的资金总额不低于人民币5亿元，不 超过人民币10亿元，回购期限为自公司股东大会审议通过回购股份方 案之日起12个月内。具体内容详见公司分别于2025年4月30日、2025 年5月21日、2025年6月4日在巨潮资讯网（http://www.cninfo.com.cn） 上披露的《潍柴动力股份有限公司关于回购公司部分A股股份的方案》 《潍柴动力股份有限公司2025年第二次临时股东大会、2025年第二次 A股股东会议和2025年第二次H股股东会议决议公告》及《潍柴动力 股份有限公司关于回购公司部分A股股份的报告书》。 另 ...

Core Viewpoint - Daiwa has identified key preferred stocks in China's industrial and transportation sectors, with a stronger outlook on AI and automation-related stocks compared to transportation stocks [1] Group 1: Industry Outlook - The firm is particularly optimistic about sectors such as humanoid robots, semiconductor production equipment (SPE), and automation and gas engines (AIDC theme) [1] - A cautious stance is taken towards heavy trucks, shipping rates, aviation, and the overall logistics sector [1] Group 2: Investment Recommendations - Daiwa expects AI-related stocks to face profit-taking pressure by the end of the year but maintains a positive outlook on the AI theme and localization trends until 2026, aligning with the "14th Five-Year Plan" [1] - Preferred stock includes Weichai Power (02338) due to its AIDC power supply theme (large-bore engines + solid oxide fuel cells) and low valuation [1] - The firm is also optimistic about Zoomlion Heavy Industry (01157) for its growth in non-excavator construction machinery [1] Group 3: Specific Stock Picks - Recommended stocks under the AI theme include: - Yujian (02432) - UBTECH Robotics (09880) - Huace Navigation (300627.SZ) - Geek+ (02590) - Northern Huachuang (002371.SZ) in the A-share market [1] - Yangtze River Shipbuilding is also recommended due to promising order recovery prospects [1]

大和发表报告，在中国工业与运输业各子领域中，相较于运输类股，该行更看好AI与自动化相关标的 ——尤其是人形机器人、半导体生产设备(SPE)、自动化与燃气引擎(AIDC主题)等领域，对重卡、航运 运价、航空及整体物流领域持更谨慎态度。该行预期AI相关股票在年底前将面临获利了结压力，但持 续看好AI主题及本土化趋势至2026年，此为"十五五"规划的关键方向。 该行的首选标的为潍柴，主因其AIDC电力供应题材(大缸径发动机+固体氧化物燃料电池)及低估值。该 行亦看好中联重科非挖掘机工程机械业务的增长。在AI相关主题下，该行推荐越疆、优必选、华测导 航、极智嘉，以及北方华创。 ...

Group 1 - The article highlights the top 20 stocks in the S&P China A-Share Dividend Opportunity Index, showcasing their daily and year-to-date performance along with dividend yields [1] - 常宝股份 (002478.SZ) leads with a daily increase of 6.26% and a year-to-date increase of 53.96%, with a dividend yield of 2.97% [1] - 德业股份 (605117.SH) and 沪农商行 (601825.SH) also show strong performance, with year-to-date increases of 39.92% and 16.03% respectively, and dividend yields of 4.89% and 4.74% [1] Group 2 - The list includes companies with varying performance, such as 森马服饰 (002563.SZ) which has a year-to-date decrease of 5.67% but a high dividend yield of 8.45% [1] - Other notable mentions include 思维列控 (603508.SH) with a year-to-date increase of 44.43% and a dividend yield of 11.71%, indicating strong investor interest [1] - The overall trend suggests a positive sentiment in the market, as indicated by the MACD golden cross signal formation, which is associated with bullish stock movements [3]

Investment Rating - The report maintains a "Recommendation" rating for the automotive sector, indicating a positive outlook for investment opportunities in the coming quarters [5]. Core Insights - The automotive sector is expected to stabilize in Q4 2025, with potential upward movement in Q1 2026, driven by policy direction, profit expectations, and valuation adjustments [1]. - Recent retail performance has been subdued due to the impact of trade-in incentives, and the Guangzhou Auto Show has had limited effect on new car sales [1]. - The report highlights the rebound of state-owned enterprises in vehicle manufacturing, influenced by catalyst factors [1]. Data Tracking - In late November, the discount rate for vehicles increased slightly to 10.1%, with a month-on-month rise of 0.1 percentage points and a year-on-year increase of 1.6 percentage points [3]. - October wholesale vehicle sales reached 2.96 million units, a year-on-year increase of 7.5% and a month-on-month increase of 3.6% [3]. - Retail sales in October were 2.09 million units, reflecting a year-on-year decline of 9.2% and a month-on-month decline of 6.4% [3]. Market Performance - The automotive sector saw a weekly increase of 3.33%, ranking 11th among sectors [9]. - The overall market indices also showed positive movement, with the Shanghai Composite Index rising by 1.40% and the ChiNext Index increasing by 4.54% [9]. Industry News - As of October 2025, the automotive industry reported a profit of 389.5 billion yuan, a year-on-year increase of 4.4%, with total revenue reaching 8,877.8 billion yuan [29]. - The inventory level for passenger vehicles at the end of October was 3.41 million units, indicating a seasonal increase in stock [29]. - New energy vehicle company Li Auto announced plans to release AI-powered accessories, indicating a trend towards integrating advanced technology in vehicles [29].