2025年12月份，新能源重卡市场同比暴涨198%，整体销量再创新高，其中充电重卡销量接近3万辆，同步刷新史上最高销量纪录。 此前表现一直不如充电重卡，并连续多月跑输市场"大盘"的换电重卡表现如何？2025年走完，换电重卡行业格局有何新变化？ 请看第一商用车网的分析报道。 根据第一商用车网掌握的最新数据，2025年12月份，国内新能源重卡市场共计销售4.53万辆（注：本文数据来源为交强险实销口径， 不含出口和军车，下同），环比2025年11月份增长62%，同比增长198%。12月份，纯电动重卡（包括换电和充电）销售4.08万辆， 占比高达90.09%，虽较上月（97.46%）有所下滑，但仍是新能源重卡最重要的组成部分。这其中，换电重卡（本文所述的"换电重 卡"，包括租赁电池并在日常运营中在换电站更换电池的纯电动重卡，以及租赁电池但在实际运营中并不换电、而是充电补能的纯电动 重卡）销售1.15万辆，环比增长56%，同比也继续实现增长，增幅达到106%，同比增幅较上月（+147%）有所缩窄。12月份，换电 重卡106%的同比增速继续跑输新能源重卡市场"大盘"。 12月份，换电重卡在纯电动重卡销量中的占比为28.1 ...

Group 1: Report Overview - The research object is China National Heavy Duty Truck Group Co., Ltd., belonging to the automobile manufacturing industry [17] - The research was conducted on January 23, 2026, with the company's board secretary Zhang Xin and investor relations specialist He Bingyi receiving the visit [17] - Participating research institutions include CICC, Huaneng Guocheng Trust, Galaxy Securities, Dunhe Asset Management, etc. [2] Group 2: Core Views - In 2025, China's heavy - truck market total sales volume was 1.145 million vehicles, a year - on - year increase of 27%. The company maintained good growth in overall production and sales compared to the previous year [23] - The company's production and operation are stable, with sufficient orders on hand, and its market share ranks among the top in the heavy - truck industry [24] - In 2025, natural gas heavy - trucks sold 198,700 vehicles, a year - on - year increase of 12%. The company is optimistic about the natural gas heavy - truck market and will continue to enhance product competitiveness [24][25] - In 2025, the domestic new - energy heavy - truck market maintained strong growth. The annual cumulative sales were 231,100 vehicles, a year - on - year increase of 182%. In December 2025, 45,300 vehicles were sold, a year - on - year increase of 189%. The company will continue to develop in this field [25][26] - The company's affiliated axle company and after - market company operate stably and have good profitability [26][28] - The company's export business has maintained good growth, ranking among the top in the industry, with products exported to more than 150 countries and regions [29] Group 3: Directory Summaries 01. Research Basic Situation - The research object is China National Heavy Duty Truck, and the reception time is January 23, 2026. The reception staff are board secretary Zhang Xin and investor relations specialist He Bingyi [17] 02. Detailed Research Institutions - Participating institutions include CICC (securities company), Huaneng Guocheng Trust (trust company), Galaxy Securities (securities company), and Dunhe Asset Management (asset management company) [18] 03. Research Institution Proportion - No relevant content provided 04. Main Content Data - The company's production and sales in 2025 maintained good growth, with stable operations and sufficient orders [23][24] - The company is optimistic about the development of natural gas heavy - trucks and will make long - term strategic arrangements [24][25] - The new - energy heavy - truck market has strong growth momentum, and the company will continue to develop in this field [25][26] - The axle company is a subsidiary with a 51% stake, supplying products to the group's vehicle production units and enjoying tax incentives. The after - market company is a wholly - owned subsidiary responsible for truck after - market services [26][27] - The company's export business has a good layout, ranking first in the industry for 21 consecutive years, with products exported to many countries and regions [29]

Investment Rating - The report provides a positive investment outlook for the automotive industry, particularly focusing on smart vehicles, new energy vehicles, commercial vehicles, and humanoid robots, indicating significant growth potential in these sectors [1][2]. Core Insights - The automotive industry is entering a transformative phase driven by policies that support the development of smart vehicles and the expansion of new energy vehicles. The report highlights the acceleration of intelligent driving technology and the increasing market penetration of new energy vehicles [3][4]. Summary by Relevant Sections Smart Vehicles - The report emphasizes that the intelligent vehicle sector is experiencing rapid advancements due to policy support, with L3 vehicle standards expected to be implemented by 2026. The adoption of advanced driving assistance systems (ADAS) is increasing, with new vehicle models showing significant growth in features like highway and urban NOA (Navigation on Autopilot) [4][68]. - The financing landscape for autonomous driving is booming, with 35 companies in the sector raising over 582 billion yuan in 2025, nearly three times the amount raised in 2023 [4][80]. New Energy Vehicles - The continuation of vehicle replacement policies is expected to bolster sales, with wholesale volumes of new energy passenger vehicles projected to reach 18.16 million units in 2026, a year-on-year increase of 18% [4][34]. - Exports of new energy vehicles have shown remarkable growth, with a 102.5% year-on-year increase in 2025, indicating strong demand in international markets [4][34]. Commercial Vehicles - The heavy truck sector is supported by ongoing vehicle replacement policies, with sales expected to reach 1.196 million units in 2026, reflecting a year-on-year growth of 4.6% [4][34]. - The report notes that the heavy truck market is benefiting from both domestic and international demand, with significant growth anticipated due to the continued penetration of new energy heavy trucks [4][34]. Humanoid Robots - The humanoid robot sector is poised for rapid growth, with applications in automotive manufacturing expected to enhance production efficiency. The report forecasts a compound annual growth rate of approximately 85% in humanoid robot shipments from 2024 to 2035 [4][34]. - The cost of humanoid robots is expected to decrease significantly, with projections indicating that the price of a standard humanoid robot could drop from $80,000-$90,000 to $15,000-$20,000 by 2030 [4][34]. Policy Environment - The report highlights a favorable policy environment that is increasingly supportive of the automotive industry's transition towards smart and electric vehicles. Key policies include the approval of L3 autonomous vehicle models and the establishment of unified standards for vehicle replacement subsidies [4][53]. Market Trends - The automotive market is witnessing a shift towards intelligent and electric vehicles, with consumer preferences evolving towards higher levels of automation and connectivity in vehicles. The report indicates that the penetration rate of intelligent driving features is expected to increase significantly in the coming years [4][68]. Capital Market Activity - The report notes a surge in investment activity within the autonomous driving sector, indicating a strong belief in the future growth of this industry. The capital market's enthusiasm is reflected in the substantial funding raised by various companies, signaling a robust outlook for the sector [4][80].

Investment Rating - The report assigns an "Overweight" rating for the heavy truck industry [4]. Core Insights - In December, domestic heavy truck sales reached 103,000 units, representing a year-on-year increase of 22% but a month-on-month decrease of 9% [2][4]. - The total sales of domestic heavy trucks for the year amounted to 1.144 million units, showing a year-on-year growth of 27% [4]. - The report highlights that the heavy truck industry has achieved nine consecutive months of year-on-year growth, with sales exceeding 100,000 units for four consecutive months [4]. - The report anticipates that the domestic heavy truck sales in 2026 will reach 760,000 units, a year-on-year decrease of 5.3%, while wholesale sales are expected to reach 1.16 million units, a year-on-year increase of 1.5% [4]. Summary by Sections Heavy Truck Sales - December saw domestic natural gas heavy truck sales of 13,000 units, a year-on-year increase of 19% but a month-on-month decrease of 33% [4]. - Cumulative sales of domestic natural gas heavy trucks for the year reached 190,000 units, also a year-on-year increase of 19% [4]. - The penetration rate of natural gas in heavy trucks was 12% in December and 17% for the entire year [4]. New Energy Heavy Trucks - December recorded domestic new energy heavy truck sales of 27,000 units, a year-on-year increase of 139% and a month-on-month increase of 12% [4]. - Cumulative sales of domestic new energy heavy trucks for the year reached 192,000 units, reflecting a year-on-year growth of 175% [4]. - The penetration rate of new energy in heavy trucks was 26% in December and 17% for the entire year [4]. Company Recommendations - The report recommends several companies for investment, including Weichai Power, China National Heavy Duty Truck Group, Foton Motor, CIMC Vehicles, and FAW Jiefang [4].

第一章 总则 第一条 为提高中国重汽集团济南卡车股份有限公司（以下简称 "公司"）应对各类舆情的能力，建立快速反应和应急处置机制， 及时、妥善处理各类舆情对公司股价、商业信誉以及正常生产经营 活动造成的影响，切实保护投资者合法权益，根据相关法律、法规 和规范性文件及《公司章程》的有关规定，并结合公司实际情况， 制定本制度。 第二条 本制度所称舆情包括： （一）报刊、电视、网络等媒体对公司进行的负面报道； （二）社会上存在的已经或将给公司造成不良影响的传言或信息； （三）可能或者已经影响投资者投资判断，造成股价异常波动的 信息； 中国重汽集团济南卡车股份有限公司 （四）其他涉及公司信息披露且可能对公司股票及其衍生品交易 价格产生较大影响的事件信息。 舆情管理制度 第三条 本制度所称舆情分为重大舆情与一般舆情： 第四条 公司应对各类舆情实行统一领导、统一组织、快速反应、 协同应对。注重职能部门的响应与协作，提高防范声誉风险和处置声 誉事件的能力和效率。 第五条 公司成立应对舆情管理工作领导小组（以下简称"舆情 工作组"），由公司董事长任组长，成员由公司高级管理人员及相关 职能部门负责人组成。 第六条 舆情工作组是 ...

中国重汽集团济南卡车股份有限公司 募集资金管理制度 为规范中国重汽集团济南卡车股份有限公司（以下简称"公司"） 募集资金的管理和使用，提高募集资金的使用效率，保障投资者的利 益，根据《中华人民共和国证券法》《中华人民共和国公司法》《上 市公司募集资金监管规则》《深圳证券交易所上市公司自律监管指引 第 1 号—主板上市公司规范运作》和《中国重汽集团济南卡车股份有 限公司章程》等要求制定本制度。 第一章 总 则 第一条 本制度所指募集资金是指公司通过发行股票或者其他具 有股权性质的证券，向投资者募集并用于特定用途的资金监管，但不 包括公司为实施股权激励计划募集的资金监管。 本制度所称超募资金是指实际募集资金净额超过计划募集资金 金额的部分。 第二条 募集资金投资项目通过公司的子公司或公司控制的其他 企业实施的，该子公司或受控制的其他企业应遵守本制度。 第三条 公司董事会应当对募集资金投资项目的可行性进行充分 论证，确信投资项目具有较好的市场前景和盈利能力，有效防范投资 风险，提高募集资金使用效益。 第四条 公司应当审慎使用募集资金，保证募集资金使用与发行 申请文件所承诺的一致，不得擅自改变募集资金投向。 第五条 ...

中国重汽集团济南卡车股份有限公司 委托理财管理制度 为规范中国重汽集团济南卡车股份有限公司（以下简称"公司"） 委托理财业务管理，保障公司资金安全，有效控制资金风险，提高资 金收益，维护公司和全体股东利益，根据《中华人民共和国证券法》 《中华人民共和国公司法》《深圳证券交易所上市公司自律监管指引 第 1 号—主板上市公司规范运作》《深圳证券交易所上市公司自律监 管指引第 7 号－交易与关联交易》和《中国重汽集团济南卡车股份有 限公司章程》等要求制定本制度。 第一章 总 则 第一条 本制度所指"委托理财"是指公司委托银行、信托、证 券、基金、期货、保险资产管理机构、金融资产投资公司、私募基金 管理人等专业理财机构对其财产进行投资和管理或者购买相关理财 产品的行为。 第二条 本制度适用于公司及控股子公司，以资金管理、投资理 财等投融资活动为主营业务的公司控股子公司除外。 第二章 管理原则 第三章 审批权限和决策程序 第六条 公司单次或连续 12 个月内的委托理财额度占公司最近 一期经审计净资产 10%以上且绝对金额超过 1,000 万元人民币的，应 当在投资之前经董事会审议通过并及时履行信息披露义务。公司单次 或 ...

中国重汽集团济南卡车股份有限公司 临时公告 证券代码：000951 股票简称：中国重汽 公告编号：2026-02 中国重汽集团济南卡车股份有限公司 关于增加公司使用部分闲置自有资金 进行现金管理额度的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 1 中国重汽集团济南卡车股份有限公司 临时公告 财，期限不超过12个月。在上述期限和额度内，资金可以滚动使用。 具 体 内 容 详 见 公 司 于 2025 年 12 月 31 日 在 巨 潮 资 讯 网 （www.cninfo.com.cn）披露的《关于使用部分闲置自有资金进行现金 管理的公告》（公告编号：2025-65）。 为提高公司的资金使用效率，进一步增加资金投资收益，结合公 司经营情况和资金使用安排，公司于2026年1月23日召开第九届董事 会2026年第一次临时会议，审议并通过了《关于增加公司使用部分闲 置自有资金进行现金管理额度的议案》。在不影响经营资金需求和确 保资金安全的前提下，同意公司自2026年1月1日起，使用自有闲置资 金进行现金管理，额度由不超过人民币650,000万元（含本数）增加 ...

中国重汽集团济南卡车股份有限公司 临时公告 证券代码：000951 股票简称：中国重汽 编号：2026-03 中国重汽集团济南卡车股份有限公司 关于召开公司 2026 年第一次临时股东会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 重要提示： 公司定于 2026 年 2 月 10 日（星期二）在公司未来科技大厦会议 室召开 2026 年第一次临时股东会。会议具体事项如下： 一、召开会议的基本情况 1、股东会届次：公司 2026 年第一次临时股东会 （1）现场会议时间：2026 年 2 月 10 日 14:50 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的 具体时间为 2026 年 2 月 10 日 9:15-9:25，9:30-11:30，13:00-15:00； 通过深圳证券交易所互联网投票系统投票的具体时间为 2026 年 2 月 2、股东会的召集人：董事会 3、本次会议的召集、召开符合《中华人民共和国公司法》《深 圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指 引第 1 号—主板上市公司规范运作》等法律、行政法规、部门 ...

第九届董事会 2026 年第一次临时会议决议公告 中国重汽集团济南卡车股份有限公司 会议决议公告 证券代码：000951 股票简称：中国重汽 公告编号：2026-01 中国重汽集团济南卡车股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 中国重汽集团济南卡车股份有限公司（以下简称"公司"）第九届 董事会 2026 年第一次临时会议（以下简称"本次会议"）通知于 2026 年 1 月 17 日以书面送达和电子邮件等方式发出，2026 年 1 月 23 日 以通讯方式在公司会议室召开。 本次会议应出席董事 9 人，实际出席董事 9 人。本次会议由公司 董事长刘洪勇先生主持，公司高级管理人员列席了会议。会议的召开 及出席人数符合《中华人民共和国公司法》和《公司章程》的有关规 定。 二、董事会会议审议情况 经与会董事充分讨论后，逐项审议并表决以下议案： 1、关于增加公司使用部分闲置自有资金进行现金管理额度的议 案； 《中国重汽集团济南卡车股份有限公司关于增加公司使用部分 闲置自有资金进行现金管理额度的公告》（公告编号：2026-02 ...