Core Viewpoint - In February, domestic heavy truck sales reached 81,000 units, a year-on-year increase of 36% and a month-on-month increase of 13% [2][4]. Sales Performance - Cumulative sales of domestic heavy trucks from January to February totaled 154,000 units, showing a year-on-year decline of 2% [2][4]. - The sales of natural gas heavy trucks in February were 17,000 units, representing a year-on-year growth of 73% and a month-on-month growth of 72% [3][4]. - The penetration rate of natural gas in heavy trucks was 20% in February, with semi-trailer trucks at 37% [4]. Market Structure - The sales structure of heavy trucks indicates an increase in the proportion of engineering vehicles and a decrease in the proportion of tractor trucks [2][5]. - In February, the sales of semi-trailer trucks were 43,000 units, up 45% year-on-year, while heavy-duty cargo truck sales were 20,000 units, up 6% year-on-year [2][3]. Export Trends - The export performance of various heavy trucks showed divergence, with semi-trailer truck exports remaining flat year-on-year at 10,000 units [3][4]. - Exports of heavy non-complete vehicles reached 5,000 units in February, a year-on-year increase of 24% [3][4]. Natural Gas Heavy Trucks - The sales of natural gas semi-trailer trucks in February were 16,000 units, reflecting a year-on-year increase of 69% [3][4]. - The cumulative sales of natural gas heavy trucks from January to February reached 26,000 units, a year-on-year increase of 9% [3][4]. New Energy Heavy Trucks - In February, the sales of new energy heavy trucks were 10,000 units, a year-on-year increase of 226% [4][5]. - The penetration rate of new energy heavy trucks was 12% in February, with a cumulative penetration rate of 13% from January to February [4][5]. Competitive Landscape - In February, China National Heavy Duty Truck Group ranked first in heavy truck sales, with the top ten companies accounting for 91% of the cumulative market share [4][5]. - The expected heavy truck sales for 2025 are projected to be 1.026 million units, a year-on-year increase of 13% [5]. Investment Recommendations - The industry shows growth potential, particularly in domestic recovery and sustained export growth [5]. - Recommended stocks include Weichai Power, China National Heavy Duty Truck Group, CIMC Vehicles, and Foton Motor, with a suggestion to pay attention to FAW Liberation [5].

撰文 / 张霖郁 设计 / 师 超 2023年初，中国一汽全面宣布红旗新能源战略，推出了HME纯电平台以及HIS电子电气架构，之后的4月8日，又推出了HMP混动平台。这意味着红旗整 个新能源战略的基建已构建完成。 HME和HIS后来有了可爱的名字，一个叫天工纯电平台，一个叫九章智能。 2023年之前，大家的共识是红旗品牌在燃油车领域已完成了品牌向上的任务，但对于新能源智能化领域，红旗的能力如何，还处于未知状态。 实际上，红旗两年前宣布的天工纯电平台HME和九章智能HIS，汇聚了中国一汽在八大技术领域群和115项关键技术领域的重大成果，拥有近1万项专 利、软件著作权等知识产权。 两年时间， 2025年2月，在这一平台架构下推出的红旗天工05，自带光环，含着金钥匙出生。 "15.98万元的起售价，确实是一步到位了！"当红旗天工05公布价格，在场很多人大为感叹。 天工05的意义并不只是"一款价格更亲民的红旗"，甚至也不仅仅是"一款性价比很高的纯电动红旗轿车"。 作为天工系列，它代表了红旗新能源车型全新的智驾以及座舱实力，并在守住安全红线的基础上拉低了购买门槛。 2025年3月的最后一天，红旗又重磅推出了天工06，预 ...

Core Viewpoint - Company reported a positive performance in 2024 with vehicle sales and revenue growth, indicating resilience in the commercial vehicle market despite broader industry challenges [1][4] Sales and Financial Performance - In 2024, the company achieved total vehicle sales of 251,100 units, a year-on-year increase of 3.90% [1] - Heavy-duty truck sales reached 214,000 units, up 4.33% year-on-year, outperforming the overall industry [1] - The company generated operating revenue of 58.581 billion yuan and a net profit of 622 million yuan [1] - By the end of 2024, total assets amounted to 72.749 billion yuan, with net assets attributable to shareholders at 26.318 billion yuan [1] Market Position and Product Development - The company maintained its leading position in traditional vehicles and improved its market share in the heavy-duty truck segment by 1.8 percentage points [1] - In the new energy vehicle sector, sales reached 15,900 units, reflecting a 121% year-on-year increase, marking two consecutive years of doubling growth [1] - Overseas exports totaled 57,000 units, a 27.4% increase year-on-year, achieving record-high export levels for four consecutive years [1] Policy Impact and Strategic Initiatives - The company noted that the new vehicle replacement policy has expanded to include National IV vehicles and natural gas vehicles, which is expected to enhance market stimulation compared to the previous year [2] - The company is actively monitoring regional policy developments to capitalize on industry growth opportunities [2] Cost Management and Profitability - The company aims to improve profitability through scale effects, cost reductions in key components, and self-driven cost management initiatives [2] - The "15333" new energy strategy focuses on developing core components in-house to enhance product competitiveness and cost efficiency [2] International Expansion Strategy - The company plans to establish a wholly-owned subsidiary for international trade in commercial vehicles to support overseas growth and improve profitability [3] - Different market strategies will be employed based on local policies, market capacity, and investment requirements [3] - The company is committed to a dual strategy of high-end market penetration and low-end market coverage to meet diverse overseas demand [3] Future Focus Areas - The company will continue to deepen reforms in four key areas: new energy transition, international expansion, technological innovation, and management transformation [4] - Efforts will be made to enhance market penetration and sales of new energy vehicles while expanding overseas investments and establishing local factories [4] - The company aims to improve operational efficiency through management reforms and cost control measures [4]

Company Overview - In 2024, the company achieved total vehicle sales of 251,100 units, a year-on-year increase of 3.90%, with heavy and medium truck sales reaching 214,000 units, up 4.33%, outperforming the industry average [2] - The company reported an operating revenue of 58.581 billion yuan and a net profit attributable to shareholders of 622 million yuan for the year [2] - As of the end of 2024, total assets amounted to 72.749 billion yuan, with net assets attributable to shareholders at 26.318 billion yuan [2] Business Performance - The traditional vehicle segment remains the leader in the domestic market, with a market share increase of 1.8 percentage points in the heavy and medium truck sector, and a rise in light truck rankings [3] - The new energy vehicle segment saw sales of 15,900 units, a significant year-on-year increase of 121%, marking two consecutive years of doubling growth [3] - Overseas exports reached 57,000 units, reflecting a year-on-year growth of 27.4%, maintaining high growth for four consecutive years [3] - Cost control measures have been implemented, leading to improved profitability through expense management and cost reduction [3] Policy and Market Insights - The company views the newly expanded vehicle trade-in policy positively, which now includes National IV vehicles and natural gas vehicles, anticipating better execution and market stimulation compared to the previous year [4] - The company is actively monitoring regional policy developments to seize growth opportunities in the industry [4] Future Profit Improvement Strategies - Profitability for new energy products will improve through scale effects from increased sales, reduced costs of key components, and internal cost reduction via technological advancements [5] - The company has launched the "15333" new energy strategy, focusing on developing core components to enhance product competitiveness and cost efficiency [5] International Market Strategy - The establishment of the Jiefang International Company aims to integrate resources with a global perspective, emphasizing brand and technology output to penetrate local markets [6] - The company plans to invest in local operations in multiple countries and establish offices to expand its international market presence [7] Core Competitiveness Enhancement - As a leading commercial vehicle manufacturer, the company is focusing on reform and innovation in new energy and intelligent connected vehicles to enhance core competitiveness [7] - Future reforms will concentrate on increasing market penetration of new energy vehicles, expanding international presence, and enhancing technological innovation and management transformation [7] Profit Enhancement Measures - Profit enhancement will be pursued through both revenue growth and cost reduction strategies, including increasing sales in profitable overseas markets and optimizing product structure [9] - A comprehensive cost reduction initiative will be implemented alongside a three-year quality improvement campaign to enhance product quality and reduce post-sale costs [9]

2、多只龙头宽基ETF披露2024年年报，中央汇金的持仓动向随之曝光。以持有ETF总市值计算， 截至2024年末，中央汇金投资有限责任公司持有ETF总 市值为6616.97亿元，中央汇金资产管理有限责任公司持有ETF总市值为3821.84亿元，两家公司合计持有ETF总市值突破万亿元。 3、银行消费贷利率或将迎来重要变化。 部分股份行、国有大行地方分行人士透露，接到总行通知称，消费贷利率4月起上调，3%以下产品或被叫停。 今 年消费贷市场竞争激烈，个别银行产品利率低至2.4%，近期多家银行密集跟进政策举措，"松绑"相应消费贷产品。 // 热点聚焦 // 1、 交通银行、中国银行、建设银行和邮储银行齐齐发布公告称，董事会通过了向特定对象发行A股股票的议案，并对外发布关于财政部战略投资该行的 公告。财政部将以现金方式认购中国银行、建设银行全部新发行股份，并包揽交通银行、邮储银行超过九成的新发行股份，合计出资规模达5000亿元。 四家银行此番集中公告意味着财政部发行特别国债补充大行资本落地在即。交行特别指出，本次发行完成后，财政部持股比例超过30%，将成为该行控股 股东。而在本次发行完成前，交行无控股股东、实际控制人 ...

Core Insights - The company achieved stable performance in 2024 despite challenges in the commercial vehicle industry, with significant breakthroughs in the new energy vehicle sector [1][2] Financial Performance - In 2024, the company's revenue reached 58.581 billion yuan, with a net profit attributable to shareholders of 622 million yuan and basic earnings per share of 0.13 yuan [1] - The total vehicle sales for the year were 251,100 units, representing a year-on-year increase of 3.90%, with heavy and medium truck sales reaching 214,000 units, up 4.3%, and a market share of 20.9%, an increase of 0.7 percentage points [1] New Energy Vehicle Development - The company reported a remarkable 121% year-on-year growth in new energy vehicle sales, totaling 15,900 units [2] - The company is diversifying its technology routes, covering natural gas, pure electric, hybrid, and other types, catering to various market segments [2] - The company emphasizes technological innovation as a core driver of development, with significant advancements in research and development [2] International Expansion - The company has actively pursued internationalization, establishing "Jiefang International" and acquiring "FAW Africa Investment Co., Ltd." to enhance overseas capabilities [3] - In 2024, the company exported 57,000 units to over 80 countries and regions, marking a 27.4% increase in export volume [3] Social Responsibility and Future Outlook - The company is committed to sustainable development and social responsibility, engaging in various public welfare initiatives [3] - Looking ahead, the company aims to maintain its strategic goal of being "China's first, world-class," focusing on technological and product leadership to enhance market competitiveness [3]

2024 年度独立董事述职报告 根据《公司法》《上市公司独立董事管理办法》等有关法律、法规和《公司 章程》等有关规定，本人（毛志宏）作为一汽解放集团股份有限公司独立董事， 2024 年度勤勉尽职，忠实、独立地履行独立董事职责，充分发挥独立董事的作 用，促进公司规范运作，切实维护全体股东尤其是中小股东的合法权益。现将 2024 年度工作情况述职如下： 一、基本情况 独立董事述职报告 一汽解放集团股份有限公司 本人毛志宏，自 2020 年 4 月至今担任公司独立董事，博士研究生学历，博 士学位。现任吉林大学商学与管理学院会计系教授、博士生导师。 本人作为公司独立董事，任职符合《上市公司独立董事管理办法》规定的独 立性要求，不存在影响独立性的情况。 二、年度履职情况 （一）出席董事会次数、方式及投票情况，出席股东会次数 2024 年，本人任期内共召开了 13 次董事会，各次董事会会议的召集、召 开、审议程序均合法有效。本人出席会议情况如下： | 独立董事 | 本年应参加 | 亲自出席次 | 委托出席次 | 缺席次数 | 是否连续两次未 | 列席股东大 | | --- | --- | --- | --- | --- ...

独立董事述职报告 一汽解放集团股份有限公司 2024 年度独立董事述职报告 本人（董中浪）自担任一汽解放集团股份有限公司（以下简称"公司"）独 立董事以来，严格按照《公司法》《上市公司独立董事管理办法》等有关法律、 法规和《公司章程》等有关规定，认真审议董事会各项议案，积极出席公司召开 的相关会议，审慎勤勉地履行独立董事职责，充分发挥独立董事的作用，促进公 司规范运作，切实维护全体股东尤其是中小股东的合法权益。现将 2024 年度工 作情况述职如下： 一、基本情况 本人董中浪，自 2020 年 4 月至今担任公司独立董事，本科学历，硕士学位。 历任潍柴控股集团有限公司物流总监、上海钟鼎创业投资管理公司合伙人，现任 珠海隐山资本投资管理有限公司管理合伙人。 本人作为公司独立董事，任职符合《上市公司独立董事管理办法》规定的独 立性要求，不存在影响独立性的情况。 二、年度履职情况 （一）出席董事会次数、方式及投票情况，出席股东会次数 2024 年，本人任期内共召开了 13 次董事会，各次董事会会议的召集、召 开、审议程序均合法有效。本人出席会议情况如下： 2024 年，本人任期内共召开了 10 次独立董事专门会议， ...

一汽解放集团股份有限公司 FAW Jiefang Group Co., Ltd 章 程 2025 年 3 月 1 | 第一章 总则 | 4 | | --- | --- | | 第二章 经营宗旨和范围 | 5 | | 第三章 股份 | 6 | | 第一节 股份发行 | 6 | | 第二节 股份增减和回购 | 6 | | 第三节 股份转让 | 7 | | 第四章 股东和股东大会 | 8 | | 第一节 股东 | 8 | | 第二节 股东大会的一般规定 | 10 | | 第三节 股东大会的召集 | 13 | | 第四节 股东大会的提案与通知 | 14 | | 第五节 股东大会的召开 | 15 | | 第六节 股东大会的表决和决议 | 18 | | 第五章 董事会 | 21 | | 第一节 董事 | 21 | | 第二节 董事会 | 25 | | 第六章 总经理及其他高级管理人员 | 29 | | 第七章 监事会 | 31 | | 第一节 监事 | 31 | | 第二节 监事会 | 32 | | 第八章 公司党委 | 33 | | 第九章 财务会计制度、利润分配和审计 | 34 | | 第一节 财务会计制度 | 34 ...

独立董事述职报告 一汽解放集团股份有限公司 2024 年度独立董事述职报告 本人（韩方明）作为一汽解放集团股份有限公司（以下简称"公司"）独立 董事，在 2024 年度严格按照《公司法》《上市公司独立董事管理办法》等有关法 律、法规和《公司章程》等有关规定，诚实、勤勉、独立的履行职责，积极出席 公司相关会议，参与重大经营决策并对重大事项独立、客观地发表意见充分发挥 独立董事的作用，促进公司规范运作，切实维护全体股东尤其是中小股东的合法 权益。现将 2024 年度工作情况述职如下： 一、基本情况 本人韩方明，自 2020 年 4 月至今担任公司独立董事，博士研究生学历，博 士学位。历任 TCL 集团股份有限公司副董事长、全国政协外事委员会副主任， 现任 TCL 科技集团股份有限公司董事会高级顾问、察哈尔学会会长等。 本人作为公司独立董事，任职符合《上市公司独立董事管理办法》规定的独 立性要求，不存在影响独立性的情况。 二、年度履职情况 （一）出席董事会次数、方式及投票情况，出席股东会次数 2024 年，本人任期内共召开了 13 次董事会，各次董事会会议的召集、召 开、审议程序均合法有效。本人出席会议情况如下： ...