未经许可，不得转载或者引用。 投资要点 7月销量：产批零符合预期，出口超预期 行业总量：7月产批零符合预期，出口超预期。1）产量： 7月重卡产量8.1万辆，同环比分别为 +58.4%/-17.4%； 2）批发： 7月重卡批发销量8.5万辆，同环比分别为+45.6%/-13.3%； 3）上 险： 7月重卡终端销量6.4万辆，同环比分别+38.3%/-7.2%； 4）出口： 7月重卡出口销量2.7万 辆，同环比分别为+25.4%/-7.5%； 5）库存： 7月重卡企业库存-0.40万辆，渠道库存-0.64万 辆。根据我们测算，当前行业总库存13.3万辆，库存处于合理水平。 国内重卡行业复苏不及预期，天然气价格上涨超出预期。 行业结构：新能源重卡环比下降，天然气重卡持续下滑。 7月新能源重卡销量1.67万辆，同环 比分别+152%/-7.6%，新能源渗透率25.8%，同环比分别+11.6/-0.1pct。7月天然气重卡销量1.4 万辆，同环比分别-21.7%/+4.0%，天然气重卡渗透率21.8%，同环比分别-16.7/-2.3pct，7月平均 油气价差2.1元，环比6月+0.3元。 7月格局：东风/福田内销份额同 ...

高天超先生已获委任为本公司联席公司秘书，自2025年8月27日起生效。郭家耀先生将继续担任本公司 公司秘书，与高先生一同担任本公司联席公司秘书。 中国重汽(03808)发布公告，于委任期限届满后，梁青先生将不寻求独立非执行董事的任期重续，因此 将不再为独立非执行董事及薪酬委员会成员，自2025年9月1日起生效。 ...

证券研究报告·行业研究·汽车与零部件 重卡行业7月跟踪月报： 景气度持续向好 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 联系电话：021-60199793 2025年8月27日 请务必阅读正文之后的免责声明部分 1 数据总览 数据来源：中汽协，交强险，东吴证券研究所 2 25M1 25M2 25M3 25M4 25M5 25M6 25M7 2024 2025E 批发销量/万辆 7.2 8.1 11.1 8.8 8.9 9.8 8.5 90.2 105.0 Yoy -25.5% 36.1% -3.7% 6.5% 13.6% 37.1% 45.6% -1.0% 16.4% 环比 -14.3% 12.7% 37.0% -21.4% 1.3% 10.2% -13.3% 终端销量/万辆 3.4 4.8 7.2 6.9 6.3 6.9 6.4 60.3 75.0 Yoy -0.5% 81.9% -4.4% 5.9% 17.6% 47.0% 38.3% -1.7% 24.5% 环比 -51.4% 42.9% 49.1% -4.3% -8.2% 9.7 ...

2025年7月份，新能源重卡整体销量同比大增152%，达到1.66万辆！其中新能源牵引车、充 电重卡等细分领域同比增幅均超过190%，销量双双保持超万辆的高水准，此前多月跑输市 场"大盘"，表现一直不那么亮眼的新能源自卸车呢？ 请看第一商用车网的分析报道。 7月实销2094辆，环比、同比双增，创史上最高月销量 根据第一商用车网掌握的终端销量数据（交强险口径，不含出口和军车），2025年7月份，国 内新能源重卡销售1.66万辆，环比今年6月份下降8%，同比增长152%，其中新能源自卸车 销售2094辆，环比增长5%，同比增长67%，交出一份环比、同比双增的成绩单（新能源重 卡、新能源牵引车均是环比降、同比增）。同比增幅较上月（+32%）扩大35个百分点。7月 份，同比增长67%的新能源自卸车市场比新能源重卡整体增速低了85个百分点，继续跑输新 能源重卡市场"大盘"（本文中的"自卸车"均指"重型自卸车"，编者注）。 2025年7月份，新能源自卸车在新能源重卡市场占到12.57%的比重，较上月（11.02%）有 所提升。今年1-7月，新能源自卸车在新能源重卡市场占到12.89%的比重，低于2024年全年 16.03 ...

新能源重卡市场正迈入高速发展新阶段。中国汽车工业协会数据显示，2025年上半年，新能源重卡销量 达79710辆，同比激增184.68%。今年以来，其月度渗透率已连续4个月突破23%。 整体向好的发展态势下，新能源重卡的市场渗透仍存在明显的场景分化。 中长途干线物流领域新能源重卡不足0.1%的渗透率，凸显出补能网络滞后的核心瓶颈。当前，纯电重 卡应用仍集中于中短途和封闭场景(如沙石料、煤炭、钢厂运输)。单纯增大电池容量难以满足未来重卡 对续航和经济性的双重要求，快速补能成为其向全场景(尤其是长途重载)拓展的关键障碍。 徐工新能源汽车副总经理庄明兴认为，当前主流技术路线(如超充、快换)已较为成熟，不存在路线之 争，最大挑战在于充换电基础设施的建设与布局。建设补能站涉及电力、安全、交通等多部门，跨地区 审批流程繁琐，需打通从省级到区县级的流程堵点，方能推动重卡新能源化向零碳化迈进。庄明兴呼 吁，在法规层面给予新能源车型质量补偿，解决因整备质量高导致的"亏吨"问题。并强调，应尽快完善 换电标准的细化与执行，遏制"假换电"等不合规现象，促进行业规范化、高质量发展。 陕重汽技术管理部部长张轩分析，在短途或封闭场景中，纯电 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600006 | 东风股份 | 8.28 | -2.36% | 187.25万 | | 15.77亿 | | 000550 | 江铃汽车 | 20.72 | -0.43% | 6.68万 | | 1.38亿 | | 600686 | 金龙汽车 | 12.73 | -0.31% | 22.90万 | | 2.91亿 | | 600375 | 汉马科技 | 6.95 | -0.29% | - 32.93万 | | 2.29亿 | | 600303 | 曙光股份 | 3.69 | -0.27% | 19.31万 | | 7104.70万 | | 000868 | 安凯客车 | 5.95 | -0.17% | 23.24万 | | 1.38亿 | | 000957 | 中通客车 | 11.39 | 0.18% | 21.86万 | | 2.48(Z | | 000800 | 一汽解放 | 7.30 | 0.27% | 46.42万 | | ...

Core Viewpoint - The article highlights the significant growth and market dynamics of the new energy commercial vehicle sector, particularly focusing on the sales performance of new energy heavy-duty trucks and the impact of government policies on logistics and transportation infrastructure [6][18][21]. Policy and Regulations - The Ministry of Transport has released a new action plan aimed at improving rural road infrastructure, which is expected to benefit logistics and express delivery services [8][12]. - The plan includes the construction of 300,000 kilometers of new roads by 2027, enhancing freight transport capabilities and focusing resources on village-level road construction [9][12]. - Recent changes in old truck scrapping subsidies have been observed in various regions, with some areas suspending the acceptance of applications for scrapping subsidies for older vehicles [13][14]. Market Insights - From January to July 2025, sales of new energy heavy-duty dump trucks in China reached 12,000 units, marking a year-on-year increase of 71.2%, with a penetration rate of 34.7% [18][21]. - Pure electric vehicles dominate the new energy heavy-duty truck market, accounting for over 95% of sales, with significant growth concentrated in the southwestern region, particularly in cities like Guangzhou and Kunming [21][24]. - The top three companies in the market, XCMG, SANY, and China National Heavy Duty Truck Group, have all sold over 2,000 units, indicating a competitive landscape [31][27]. Company Monitoring - Dongfeng Liuzhou Motor has launched the "Chenglong" series of new energy trucks tailored for express delivery, cold chain, and parts transportation [32][33]. - JAC Motors has introduced three electric commercial vehicles in the Indonesian market, marking its entry into Southeast Asia [35][37]. - Sensata Technologies has developed a multi-combination high-efficiency contactor that enables seamless charging compatibility for electric vehicles at both 400V and 800V [32].

Core Viewpoint - In July 2025, domestic tractor truck sales experienced a significant year-on-year increase of 32%, marking a "four consecutive months of growth" trend. Cumulatively, tractor truck sales from January to July 2025 increased by 20% compared to the same period last year, with a net increase of approximately 38,000 units [1][4][29]. Sales Performance - In July 2025, the actual sales of tractor trucks reached 35,000 units, representing a month-on-month decrease of 8% but a year-on-year increase of 32%. The growth rate compared to the previous month (49%) has narrowed [4][6]. - The overall heavy truck market saw a year-on-year sales increase of 39%, with tractor trucks lagging behind by 7 percentage points [4][11]. - The market share of tractor trucks in the heavy truck segment was approximately 54.41% in July, slightly down from 54.97% in June but up from 53.10% in 2024 [6][15]. Brand Performance - The leading brand, FAW Jiefang, sold 8,373 units in July, maintaining the top position. Other notable brands included China National Heavy Duty Truck and Foton, with sales of 5,964 and 5,527 units, respectively [9][11]. - Among the top 12 brands, 11 experienced sales growth in July, with Xugong, SANY, and Jianghuai achieving over 100% year-on-year growth [13][14]. Cumulative Sales Data - From January to July 2025, cumulative tractor truck sales reached 227,100 units, reflecting a 20% year-on-year increase. The cumulative growth rate improved by 1 percentage point compared to the previous month [17][19]. - The top ten brands accounted for 96.55% of the total market share in July, with the top five brands exceeding 10% each [15][21]. Market Trends - The market for new energy tractor trucks is expanding, with their share increasing from 17.43% in 2024 to 31.32% in the first seven months of 2025 [25][27]. - Diesel tractor truck sales grew by 23% year-on-year, while natural gas tractor trucks saw an 18% decline. New energy vehicles, particularly pure electric trucks, experienced a significant increase in sales [23][25]. Conclusion - The tractor truck market has shown resilience with a "four consecutive months of growth" trend, and the new energy segment continues to thrive. The dynamics between new energy and traditional fuel types will be crucial for future market developments [29].

Core Viewpoint - Shandong's new energy vehicle (NEV) industry is characterized by a complete industrial chain, significant leadership from key enterprises, continuous optimization of industrial layout, and steady improvement in research and innovation capabilities [2][3]. Industrial Chain Overview - The NEV industry in Shandong includes four key companies: China National Heavy Duty Truck Group, Weiqiao New Energy, Telai Electric, and Fengyuan Lithium Energy, which cover upstream, midstream, and downstream sectors of the industrial chain [2]. - Shandong's NEV production reached 532,000 units in the first half of 2025, a year-on-year increase of 107.1%, ranking fourth nationally [3]. Vehicle Manufacturing Progress - China National Heavy Duty Truck is transitioning from traditional fuel vehicles to NEVs, implementing multiple technology routes including charging, battery swapping, plug-in, and hybrid systems [5]. - The company sold 9,400 units of new energy heavy trucks in the first half of 2025, a 221% increase year-on-year [5]. Aluminum Material Integration - Weiqiao New Energy aims to leverage its extensive aluminum industry chain to enter the NEV market, highlighting the advantages of aluminum in energy efficiency and vehicle weight reduction [6][7]. - The cost of aluminum is currently a challenge, being approximately double that of steel, but economies of scale are expected to reduce costs over time [7]. Battery Material and Charging Infrastructure - Fengyuan Lithium Energy provides critical materials for the NEV industry, with a production capacity of 315,000 tons of lithium battery cathode materials, ranking among the top in the industry [9]. - Telai Electric operates a smart charging network that supports over 90% of China's NEVs, emphasizing the importance of charging infrastructure for safety and efficiency [10][11]. Industry Development and Future Outlook - Shandong has over 100,000 enterprises in the NEV industry chain, with significant innovation and development in both commercial and passenger vehicles [14]. - The province plans to enhance the business environment and support for technology upgrades in the NEV sector, focusing on electric motor, control, and battery systems [15].

Group 1 - The company will hold a half-year performance briefing on August 28, 2025, from 16:00 to 17:00 via a conference call [2][3][4] - The briefing will address common investor concerns within the limits of information disclosure [3][4] - The company will disclose its 2025 half-year report and summary on the same day through various media outlets [2][6] Group 2 - Investors must register by sending their phone numbers to the specified email by 12:00 on August 28, 2025, to join the whitelist for the call [5] - The conference call can be accessed through multiple phone numbers for different regions, along with a web link [5] - Contact information for inquiries includes a phone number and the same email address for sending questions [6]