Core Viewpoint - Weichai Power (000338) reported a positive outlook for the heavy truck market in China, driven by a stable increase in sales and the implementation of vehicle replacement policies [1] Industry Summary - In the first half of the year, the cumulative sales of heavy trucks in China reached approximately 539,000 units, representing a year-on-year growth of about 7% [1] - The export market accounted for around 156,000 units sold, with a year-on-year increase of approximately 3%, indicating stable growth [1] - The heavy truck market is showing a positive trend, with August sales reaching 92,000 units, reflecting a year-on-year growth of about 47% and a month-on-month increase of approximately 8% [1] Company Summary - The company is optimistic about the development of the heavy truck industry and plans to enhance product competitiveness and market expansion [1] - The focus is on achieving high-quality business development in response to the growing market demand [1]

第1笔成交价格为14.14元，成交231.41万股，成交金额3,272.19万元，溢价率为0.00%，买方营业部为联 储证券股份有限公司成都洗面桥街证券营业部，卖方营业部为联储证券股份有限公司成都洗面桥街证券 营业部。 进一步统计，近3个月内该股累计发生1笔大宗交易，合计成交金额为3272.19万元。该股近5个交易日累 计下跌3.42%，主力资金合计净流出13.64亿元。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 9月16日，潍柴动力收跌0.70%，收盘价为14.14元，发生1笔大宗交易，合计成交量231.41万股，成交金 额3272.19万元。 责任编辑：小浪快报 ...

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | 2025-09-16 | 000338 | 潍柴动力 | 14.14 | 231.41 | 3,272.19联储证券股份有限 | 联储证券股份有限 | | | | | | | 公司成都洗面桥街 | 公司成都洗面桥街 | | | | | | | 证券营业部 | 证券营业部 | 9月16日，潍柴动力大宗交易成交231.41万股，成交额3272.19万元，占当日总成交额的2.02%，成交价 14.14元，较市场收盘价14.14元持平。 ...

Core Viewpoint - The heavy truck industry is experiencing significant growth, with wholesale sales reaching approximately 87,000 units in August 2025, marking a year-on-year increase of about 40% and a month-on-month rise of 2% from July, making it the second highest figure for the same period in the past eight years [1][2]. Market Performance - The domestic market is benefiting from the "old-for-new" policy, leading to a remarkable year-on-year growth of about 50% in heavy truck sales during the traditionally slow month of August [2][3]. - Cumulatively, from January to August 2025, heavy truck sales reached approximately 711,000 units, reflecting a year-on-year increase of about 14%, with expectations for annual sales to exceed 1 million units [2][3]. Segment Analysis - The demand for natural gas heavy trucks has rebounded significantly, with a month-on-month increase of over 15% and a year-on-year increase of over 30% in August, restoring the domestic penetration rate to around 26%-27% [3]. - The electric heavy truck segment is also showing strong momentum, with expected sales exceeding 16,000 units in August and a penetration rate potentially surpassing 27%, marking a historical high [3]. Company Performance - China National Heavy Duty Truck Group (China National Heavy Truck) maintained its position as the sales leader with a monthly sales figure of 22,000 units, a year-on-year increase of about 29% [4]. - FAW Jiefang (FAW Liberation) achieved monthly sales of approximately 16,500 units, up about 36% year-on-year, while Dongfeng Motor reported a monthly sales figure of about 15,000 units, with a year-on-year increase of approximately 52% [4]. - Foton Motor exhibited the largest year-on-year growth among major companies, with a monthly sales figure of about 12,600 units, reflecting a year-on-year increase of approximately 175% [4]. Investment Outlook - The heavy truck industry is expected to maintain a high level of activity, with sales anticipated to continue rising from September to December, leading to significant revenue and profit growth for related companies [5]. - Beneficiary companies include China National Heavy Truck (000951.SZ), Weichai Power (000338.SZ), Foton Motor (600166.SH), FAW Jiefang (000800.SZ), Tianrun Industrial (002283.SZ), Changyuan Donggu (603950.SH), and Zhongyuan Neipei (002448.SZ) [5].

Group 1 - The 2025 China Top 500 Enterprises list was released, with the top 10 companies including State Grid, China National Petroleum Corporation, and JD Group [1] - The threshold for entering the 2025 China Top 500 Enterprises reached 4.796 billion yuan, an increase of 57.9 million yuan from the previous year [1] - Total operating revenue for the top 500 companies reached 110.15 trillion yuan, showing an increase compared to the previous year [1] - The net profit attributable to the parent company was 4.71 trillion yuan, reflecting a growth of 4.39% year-on-year [1] - The contribution to total revenue from manufacturing, services, and other industries was 40.48%, 40.29%, and 19.23% respectively [1] - The number of advanced manufacturing enterprises in the list increased from 23 to 32, with notable growth in sectors like new energy equipment manufacturing and semiconductor manufacturing [1] Group 2 - Shandong province had 52 companies on the list, achieving a total operating revenue of 6.904 trillion yuan, an increase of 268.243 billion yuan from 2024 [2] - Among the listed companies, 18 had revenues exceeding 100 billion yuan, with one additional company joining this category compared to last year [2] - The top 10 companies from Shandong included Shandong Energy Group and Haier Group, with significant improvements in their rankings [2] - Shandong's large enterprises, acting as "chain masters," have played a crucial role in stabilizing the economy and enhancing innovation capabilities [2] - More than half of the companies with revenues over 100 billion yuan in Shandong are private enterprises, indicating the strengthening of the private sector [2]

| | ■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） | | | 高盛 郑睿丰 | | 参与单位名称及 | 中投公司 潘秉旭 | | 人员姓名 | 周南 Marshall Wace | | | Point72 张蕊名 | | 时间 | 2025 年 9 月 15 日 15:30-17:00 | | 地点 | 公司科技大楼会议室 | | 上市公司接待人 员姓名 | 李婷婷、袁景 | | | 来访者首先参观了公司一号工厂，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： | | | 1.如何看待重卡行业发展？ | | | 根据中汽协数据，今年上半年中国重卡市场累计销量约 | | | 53.9 万辆，同比增长约 7%，其中出口市场销售约 15.6 万辆， | | | 同比增长约 3%，保持稳定增长。随着以旧换新政策的逐步落地， | | 投资者关系活动 主要内容介绍 | 重卡市场需求环比也呈现出逐步向好的趋势，最 ...

Core Viewpoint - Weichai Power is experiencing significant growth in its data center engine products, driven by the AI boom and the company's successful transformation efforts [1][2][5]. Group 1: Sales Growth - In the first half of 2025, Weichai Power's data center engine product sales increased nearly fivefold year-on-year [1]. - The company sold over 5,000 units of its large-bore engines, marking a 41% year-on-year increase, with data center engines alone reaching nearly 600 units sold, a 491% increase [2][3]. Group 2: Market Dynamics - The global AI wave has led technology companies to significantly increase capital expenditures, boosting demand for data center engines [2]. - IDC predicts that AI data centers will generate $15 trillion in economic value by 2029, with electrical systems, including diesel generator sets, accounting for 40%-45% of data center construction costs [3]. Group 3: Competitive Landscape - In 2024, foreign and joint venture brands are expected to hold about 80% of the market share for large-bore engines in China, while domestic brands will account for approximately 20% [4]. - Weichai Power's competitive advantage in high-end power solutions for data centers is becoming evident, with structural growth in its large-bore engine business [4]. Group 4: Transformation and Future Goals - Weichai Power is transitioning from a traditional internal combustion engine giant to a player in the new energy sector, supported by national policies promoting carbon neutrality [5][6]. - The company's new energy technology business achieved rapid growth, reaching 1.21 billion yuan in the first half of the year, with battery sales increasing by 91% [6]. - Weichai Power aims to double its new energy revenue by 2025, leveraging market opportunities and internal capabilities [7].

Group 1 - The core viewpoint of the report highlights the positive momentum in the automotive industry, supported by government policies aimed at stabilizing growth from 2025 to 2026 [1][2] - The report notes that the A-share automotive sector outperformed the broader market, with the Shanghai and Shenzhen 300 Index rising by 1.38% and the automotive sector increasing by 1.74% [1][2] - Key developments in the industry include the release of the "Automotive Industry Stabilization Growth Work Plan (2025-2026)" by the Ministry of Industry and Information Technology and other departments, as well as significant advancements in electric vehicle sales and technology [2][3] Group 2 - The report suggests focusing on various companies within the automotive sector, including BYD, Great Wall Motors, and Li Auto, among others, indicating a diverse range of investment opportunities [3] - In the commercial vehicle segment, companies such as China National Heavy Duty Truck Group and FAW Jiefang are highlighted as potential investment targets [3] - The automotive parts sector is also emphasized, with recommendations for companies like Midea Group and Fuyao Glass, showcasing a broad spectrum of investment prospects across the industry [3]

Core Viewpoint - Weichai Power is achieving dual breakthroughs in high-end and new energy sectors through precise strategic layout, capitalizing on the booming demand for AI data centers and the growth in new energy vehicle sales [1][3]. Group 1: AI Data Center and Large Bore Engine Growth - The demand for large bore engines used in data centers has surged, with sales increasing nearly fivefold year-on-year [1]. - The market for large bore diesel engines in China's data centers is expected to approach 10 billion yuan by 2025, with the global market surpassing 40 billion yuan by 2026 [1]. - Weichai Power has sold over 5,000 large bore engines in the first half of 2025, marking a 41% year-on-year increase, with data center engine sales reaching nearly 600 units, up 491% [2]. Group 2: New Energy Business Expansion - Weichai Power's new energy business revenue reached 1.21 billion yuan in the first half of 2025, a 37% increase year-on-year, with battery sales growing by 91% [3]. - The company aims to double its new energy revenue by 2025, driven by the increasing penetration of new energy in heavy trucks, light trucks, and construction machinery [4]. - The production capacity for new energy vehicles is being bolstered by the launch of the Yantai New Energy Power Industrial Park, which supports the full industrial chain layout [3][4]. Group 3: Technological Diversification and Market Adaptability - Weichai Power has diversified its technology routes across pure electric, hybrid, and fuel cell sectors, enhancing its market adaptability [4]. - The company is focusing on significant upgrades in battery technology, including high capacity, fast charging, and long cycle life [4]. - The strategic focus on new energy is expected to mitigate the cyclical fluctuations of traditional business and unlock growth potential [4][5].

Core Insights - The demand for high-power diesel generator sets has reached unprecedented heights due to the boom in Artificial Intelligence Data Centers (AIDC), leading to explosive growth in products from Weichai Power Co., Ltd [2] Market Demand - Weichai Power delivered 15 units of 2000kW Weichai 12M55 diesel generator sets to the largest data center in Zhejiang, and also received orders from Latin America for 3 units of Weichai 16M55 generator sets [3] - The company reported a nearly 5-fold year-on-year increase in sales of data center engine products in the first half of the year, driven by strong domestic and rapid overseas market expansion [3] - Weichai's high-end products, including large-bore engines, saw sales exceed 5,000 units, a 41% increase year-on-year, while data center engines sold nearly 600 units, marking a 491% increase [3] Market Size and Growth - The large-bore engine segment accounts for approximately 70% to 80% of the total cost of diesel generator sets, with the Chinese market for large-bore diesel engines for data centers expected to approach 10 billion yuan by 2025, and the global market projected to exceed 40 billion yuan by 2026 [4] Global Market Share - The market for large-bore engines for data centers has been dominated by foreign brands, which held about 80% of the market share in China in 2024 [5] - Domestic manufacturers, including Weichai Power, are expected to increase their global market share due to technological advancements and limited short-term capacity from foreign competitors [5] - Weichai Power has established a strong competitive position in the data center backup power market through a decade-long development of its entire series of large-bore high-speed engines [5] Competitive Advantages - Rapid delivery capability has become a significant advantage for domestic brands, with Weichai Power's intelligent production line enabling quick turnaround times [6] - The company can deliver products in less than two months, compared to over ten months for foreign brands, enhancing its competitiveness in a market with compressed construction cycles [6] - The AIDC market's high growth is shifting the competitive landscape from technology monopolies to speed of response, with Weichai Power leading the charge in electric and intelligent technology [6] Product Development - Weichai Power has completed the full product lineup for data center generator sets, with maximum power reaching 5MW [7] - Recent successful tests of the 2600kW containerized high-pressure generator set demonstrated high reliability, including 240 hours of testing under various load conditions [7]