Robotics - Lingyi Zhi Zao has signed strategic cooperation agreements with several leading embodied intelligence companies to promote the hardware manufacturing of embodied robots [1] - Luxshare Precision is expected to ship 3,000 humanoid robots this year [1] Batteries - Tiannai Technology claims that single-wall products are the best choice for fast-charging batteries, with fourth-generation and pure single-wall products significantly enhancing battery rate and cycle life [1] - Ninebot reports that fluctuations in lithium carbonate prices have not directly impacted product pricing; the company has preemptively stocked multiple new electric bicycle products that meet new national standards [1] Chips - Xidi Micro has successfully integrated its high-performance power management chip products into the Meta supply chain through ODM manufacturers [1] - Silan Micro has launched four key analog chips for AI computing power [1] Electronics - BOE Technology Group indicates that the overall supply and demand in the industry is under pressure, with a forecasted decline in the shipment volume of foldable products in the second half of the year [1] - Luxshare Precision anticipates mass production of microchannel technology next year [1] - Zhihui Power, as a first-tier supplier to Google, provides mobile-related components through Foxconn and Taiwan's Compal [1] Others - Jinli Permanent Magnet holds indirect shares in Muxi Co., Ltd [1] - Chunhui Zhikong has begun bulk supply of satellite release devices to satellite manufacturers [1] - Nandu Property holds indirect shares in Yundongchu through the Saizhi Zhudragon Fund [1] - Chuangyuan Technology's subsidiary Suzhou Bearing supplies mainly needle bearing products for the commercial aerospace sector, although the supply volume is relatively small [1] - Shengyuan Environmental Protection has indirectly participated in investment in Moore Threads by subscribing to fund shares [1] - Shengyang Co., Ltd has launched full immersion liquid cooling energy storage systems and solutions into the market [1] - Weichai Power does not have a gas turbine business [1]

Core Viewpoint - Weichai Power (000338) expresses confidence in the market potential and application areas of SOFC products, emphasizing its commitment to commercializing these products in response to global customer needs [1] Group 1 - The company highlights the broad market prospects for SOFC products [1] - The company plans to leverage its strong technological foundation to meet market trends [1] - The company aims to continue advancing the mass commercialization of SOFC products [1]

Core Viewpoint - Weichai Power (000338.SZ) does not engage in gas turbine business and its power generation products can be exported to high-end markets such as the United States and Europe, with revenue figures being non-public information [1] Group 1 - The company has clarified that it does not have a gas turbine business [1] - The company's power generation products are eligible for export to high-end markets, including the United States and Europe [1] - Revenue figures related to these products are considered non-public information [1] Group 2 - The company is monitoring international trade policy changes and advises stakeholders to refer to the latest tariff policy documents [1] - The company will continuously pay attention to and comply with policy requirements [1]

Group 1 - Weichai Power (SZ 000338) announced that it will accept a research visit from Temasek on November 26, 2025, with company representatives Wang Li and Li Tingting participating in the reception and answering investor questions [1] - For the first half of 2025, Weichai Power's revenue composition is as follows: 77.74% from transportation equipment manufacturing, 20.63% from agricultural equipment, and 1.62% from other industries [1] - As of the report date, Weichai Power's market capitalization is 147.3 billion yuan [2]

人民财讯11月26日电，潍柴动力（000338）11月26日在互动平台表示，公司没有燃气轮机业务，同时公 司发电产品可出口至美国、欧洲等高端市场，收入体量为非公开信息。 ...

Group 1: Heavy Truck Industry Trends - The heavy truck industry in China is experiencing a robust recovery, driven by the "old-for-new" policy and a booming overseas market, with a total sales volume of approximately 929,000 units from January to October 2023, representing a year-on-year growth of 24% [2]. - The market is diversifying in energy sources, with diesel, natural gas, and electric trucks each suited for different applications. Diesel and natural gas trucks excel in long-distance transport, while electric trucks are more suitable for short-distance and fixed-route scenarios [2]. - Sales of natural gas heavy trucks reached 167,000 units with a penetration rate exceeding 26%, while sales of new energy heavy trucks were 158,000 units, approaching a 25% penetration rate [2]. Group 2: Future Market Outlook - The natural gas price is expected to remain stable due to a relaxed supply-demand balance, leading to broader applications for natural gas trucks and an anticipated increase in market penetration [3]. - With ongoing policy support, technological advancements, and improved infrastructure, the market penetration of new energy heavy trucks is also expected to rise [3]. - The company is optimistic about the heavy truck industry's future and aims to enhance its competitiveness in both traditional and new energy products, providing efficient conversion solutions for various energy forms [3]. Group 3: SOFC Business Development - The company is committed to the SOFC sector, continuously innovating and expanding its market presence. A technology licensing agreement with Xilius was signed in November 2025, allowing the company to master core technologies in batteries and systems [3]. - The company focuses on key applications such as AI data centers and industrial parks, launching a new generation of high-power metal-supported commercial products that significantly improve power generation efficiency and operational reliability [3]. - Collaborations with leading domestic and international companies are being established to lay the groundwork for large-scale commercialization, supporting the dual carbon goals and global energy transition [3]. Group 4: Large Bore Engine and Data Center Market Performance - In the first three quarters of the year, sales of the M series large bore engines exceeded 7,700 units, marking a growth of over 30% year-on-year [3]. - Sales in the data center market surpassed 900 units, reflecting a more than threefold increase compared to the previous year, contributing significantly to overall performance [3]. - The rapid iteration of AI technology is driving the expansion of data center backup power markets, leading to a surge in demand for high-end engines tailored for this niche [3].

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]

Core Viewpoint - The heavy truck industry in October exceeded expectations in production, wholesale, retail, and export data, with a forecast of 10.3 million units in wholesale sales for November 2025, representing a 50% year-on-year increase [1][2]. Data Overview - Wholesale: In October, heavy truck wholesale sales reached 106,000 units, with year-on-year and month-on-month changes of +60.0% and +0.6% respectively, surpassing expectations [2]. - Terminal Sales: Heavy truck terminal sales in October were 70,000 units, with year-on-year and month-on-month changes of +56.6% and -15.9% respectively, also exceeding expectations [2]. - Exports: Heavy truck export sales in October totaled 33,000 units, with year-on-year and month-on-month changes of +43.8% and +4.8% respectively, again surpassing expectations [2]. - Inventory: Channel inventory increased by 3,200 units, with the total industry inventory at 115,000 units [2]. Industry Structure - By usage, engineering vehicles outperformed logistics vehicles in October. Engineering vehicle terminal sales were 7,400 units, with year-on-year and month-on-month changes of +63.0% and -14.9% respectively [3]. - Logistics vehicle sales were 62,600 units, with year-on-year and month-on-month changes of +55.9% and -16.0% respectively [3]. - Natural gas heavy truck sales reached 21,000 units in October, with year-on-year and month-on-month changes of +137.6% and -10.0% respectively, achieving a penetration rate of 30.1% [3]. Market Share Dynamics - In the domestic market for October 2025, the terminal sales market shares for major manufacturers were as follows: Jiefang 21.5%, Dongfeng 17.9%, Shandong Heavy Industry 17.9%, Shaanxi Heavy Truck 11.0%, and Foton 13.8% [4]. - In exports, the market shares were: Jiefang 18.8%, Dongfeng 9.3%, Shandong Heavy Industry 45.8%, Shaanxi Heavy Truck 18.0%, and Foton 5.4% [4]. Engine Market Dynamics - Weichai held the top market share in the engine sector in October, with a terminal market share of 20.5%, showing a month-on-month increase [5]. - The terminal配套量 for Weichai was 14,000 units, with year-on-year and month-on-month changes of +64.7% and -11.0% respectively [5]. - By fuel type, Weichai's market shares for diesel and natural gas engines were 11.68% and 52.00% respectively, with notable changes from the previous year [5].

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% in the next six months [61]. Core Views - October sales figures for the heavy truck industry exceeded expectations across production, wholesale, terminal sales, and exports, with significant year-on-year growth [5][18]. - The overall industry inventory increased slightly, remaining at a reasonable level, with a total inventory coefficient of 1.8 [19]. - The structural performance showed that engineering vehicles outperformed logistics vehicles in October, with a notable increase in natural gas heavy truck sales and penetration rates [24][27]. Summary by Sections Sales Tracking - In October, the production of heavy trucks reached 104,000 units, with year-on-year and month-on-month growth of 78.4% and 2.6% respectively [5]. - Wholesale sales were 106,000 units, reflecting a year-on-year increase of 60.0% and a month-on-month increase of 0.6% [2][5]. - Terminal sales totaled 70,000 units, with a year-on-year increase of 56.6% but a month-on-month decrease of 15.9% [5][15]. - Exports amounted to 33,000 units, showing a year-on-year increase of 43.8% and a month-on-month increase of 4.8% [5][18]. - The total inventory in the industry increased by 0.09 million units, with a current total of 115,000 units [19]. Market Structure - In terms of vehicle types, engineering vehicles had a terminal sales volume of 7,400 units, with year-on-year growth of 63.0% and a month-on-month decrease of 14.9% [24]. - The penetration rate of natural gas heavy trucks reached 30.1%, with a year-on-year increase of 10.3 percentage points [27]. Competitive Landscape - In the wholesale market, the market shares for major manufacturers in October were as follows: Dongfeng (22.5%), Heavy Truck (26.5%), and Foton (13.1%), with Foton showing the largest year-on-year increase [32]. - In the terminal market, the market shares were: Dongfeng (17.9%), Heavy Truck (17.9%), and Foton (13.8%), with Foton showing a significant year-on-year increase [35]. - For exports, Heavy Truck led with a market share of 45.8%, followed by Dongfeng (9.3%) and Foton (5.4%) [37]. Engine Market - The engine market share in October was led by Weichai with 20.5%, followed by Cummins (17.1%) and Xichai (14.7%) [46]. - Weichai's terminal supply volume was 14,000 units, with a year-on-year increase of 64.7% [51].

（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。 ...