Core Viewpoint - The commercial vehicle sector experienced a slight increase of 0.01% on November 26, with CIMC Vehicles leading the gains, while the overall market showed mixed results with the Shanghai Composite Index down by 0.15% and the Shenzhen Component Index up by 1.02% [1] Group 1: Market Performance - The closing price for CIMC Vehicles was 9.90, reflecting a rise of 1.96% with a trading volume of 123,100 shares and a transaction value of 121 million yuan [1] - Yutong Bus closed at 31.06, up by 0.55%, with a trading volume of 76,200 shares and a transaction value of 236 million yuan [1] - JAC Motors closed at 49.02, increasing by 0.22%, with a trading volume of 236,500 shares and a transaction value of 1.158 billion yuan [1] - Foton Motor remained unchanged at 2.75, with a trading volume of 840,200 shares and a transaction value of 232 million yuan [1] - Hanma Technology closed at 6.22, unchanged, with a trading volume of 223,800 shares and a transaction value of 139 million yuan [1] - Golden Dragon Bus decreased slightly by 0.13% to 15.34, with a trading volume of 175,000 shares and a transaction value of 270 million yuan [1] Group 2: Fund Flow Analysis - The commercial vehicle sector saw a net outflow of 77.49 million yuan from institutional investors, while retail investors experienced a net outflow of 12.79 million yuan [2] - Conversely, speculative funds recorded a net inflow of 90.28 million yuan [2] - The detailed fund flow for specific stocks indicates that China National Heavy Duty Truck had a net inflow of 6.327 million yuan from institutional investors, while Foton Motor saw a net inflow of 5.674 million yuan [3] - Ankai Bus experienced a significant net outflow of 8.657 million yuan from institutional investors, indicating a negative sentiment towards the stock [3]

10月份，国内牵引车终端销量同比大增80%，收获一波同比 "7连增"。10月过后，2025年 牵引车累计销量同比增长40%，较去年同期净增长超10万辆。 请看第一商用车网的分析报道。 10月实销4.3万辆，环比下降16%，同比增长80% 根据第一商用车网最新掌握的终端销量数据，2025年10月份，国内牵引车实销4.27万辆（交 强险口径，不含出口和军品，下同），环比今年9月份下降16%，同比增长80%，同比增速较 上月（+124%）有所缩窄，比去年10月份多销售约1.9万辆。10月份，重卡整体实销同比增 长57%，牵引车80%的同比增速比重卡整体增速高23个百分点，继续跑赢重卡市场"大盘"。 2025年10月份，解放以9514辆蝉联牵引车月榜第一，重汽销售8192辆紧随其后排名次席； 福田、陕汽和东风分别销售5929辆、5363辆和5102辆，排名3-5位。 2025年10月份牵引车终端销量一览（单位：辆） 上图可见，10月份的牵引车终端市场分成了明显的三级：稳居前两位的解放和重汽；激烈拼 抢前三的福田、陕汽和东风；以及苦苦追赶的其他企业。 10月份，牵引车终端实销同比增长 80%，主流牵引车生产企业有增有降 ...

智通财经APP获悉，西部证券发布研报称，10月重卡行业生产、批发、零售及出口数据均超预期。该行 预计25年11月重卡批发销量10.3万辆左右，同比增长50%。看好国四政策刺激下全年板块行情。推荐中 国重汽(000951.SZ，03808)+潍柴动力(000338.SZ)，重视一汽解放(000800.SZ)+福田汽车(600166.SH)业 绩改善弹性。 东吴证券主要观点如下： 数据总览 批发：10月重卡批发销量10.6万辆，同环比分别为+60.0%/+0.6%，超该行预期。终端：10月重卡终端销 量7.0万辆，同环比分别为+56.6%/-15.9%，超该行预期。出口：10月重卡出口销量3.3万辆，同环比分别 为+43.8%/+4.8%，超该行预期。库存：渠道库存增加0.32万辆，当前行业总库存11.5万辆。展望：该行 预计25年11月重卡批发销量10.3万辆左右，同比增长50%。 10月格局：潍柴份额位居第一，环比上升 发动机格局：潍柴份额位居第一，环比上升。1)整体：终端口径下，10月潍柴/康明斯/锡柴/重汽/玉柴市 占率分别20.5%/17.1%/14.7%/9.3%/11.4%，较24年全年分别-7.0 ...

证券研究报告·行业研究·汽车与零部件 重卡行业10月跟踪月报： 内销与出口共振，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11月26日 请务必阅读正文之后的免责声明部分 1 数据总览 ◼ 批发：10 月重卡批发销量 10.6 万辆，同环比分别为+60.0%/+0.6%，超我们预期。 ◼ 终端：10 月重卡终端销量 7.0 万辆，同环比分别为+56.6%/-15.9%，超我们预期。 ◼ 出口：10 月重卡出口销量 3.3 万辆，同环比分别为+43.8%/+4.8%，超我们预期。 ◼ 库存：渠道库存增加0.32万辆，当前行业总库存11.5万辆。 ◼ 展望：我们预计25年11月重卡批发销量10.3万辆左右，同比增长50%。 | | 25M1 | 25M2 | 25M3 | 25M4 | 25M5 | 25M6 | 25M7 | 25M8 | 25M9 | 25M10 | 2025E | | --- | --- | --- | --- | --- | --- | --- | --- ...

Core Insights - In October 2025, China's overall sales of new energy heavy trucks remained above 20,000 units, with significant differences in performance among sub-segments, particularly between hydrogen fuel cell trucks and hybrid trucks [1][4]. Sales Performance - In October 2025, a total of 20,100 new energy heavy trucks were sold, marking a year-on-year increase of 144%. The breakdown includes 19,700 pure electric trucks, 221 fuel cell trucks, and 152 hybrid trucks, with year-on-year growth rates of 191%, -57%, and 103% respectively [4][6]. - Fuel cell trucks experienced a decline after a brief increase in September, while both pure electric and hybrid trucks continued to see substantial growth, with pure electric trucks outpacing the overall growth rate of new energy heavy trucks [4][6]. Market Share Analysis - From January to October 2025, fuel cell and hybrid trucks accounted for only 1.58% and 0.55% of the new energy heavy truck market, respectively, totaling just 2.13%. The remaining 97.87% were pure electric models, indicating a significant increase in the dominance of pure electric trucks compared to the same period in the previous two years [6][4]. Hybrid Truck Performance - In October 2025, hybrid truck sales reached 152 units, representing a year-on-year increase of 103%, marking the tenth consecutive month of growth. The leading company, YuanCheng, sold 110 units, maintaining its position as the monthly sales champion [10][12]. - The cumulative sales of hybrid trucks from January to October 2025 reached 871 units, reflecting a year-on-year growth of 158%. However, this growth rate is lower than the overall growth rate of the new energy heavy truck market [14][16]. Company Rankings - YuanCheng holds a dominant market share of 68.08%, significantly increasing by 18.23 percentage points compared to the previous year. Other notable companies include Foton with a market share of 10.79% and Changzheng with 8.96% [16][17].

11月25日，"2025第一商用车网年度评选"颁奖典礼在北京隆重举行。在众多参评车型中，中国重汽汕德卡C9H凭借卓越的 高端配置与智能科技脱颖而出，成功摘得"2025年度第一推荐高端智能重卡"大奖。 "2025第一商用车网年度评选"活动由第一商用车网、卡车空间站和皮卡空间站联合主办，秉持专业、严谨的评审标准，致力 于发掘商用车行业的优秀产品与品牌，推动行业技术升级与高质量发展。 高效动力+智能传动 轻松应对复杂路况 作为高端重卡中的标杆级车型，汕德卡产品已包含C和G两个系列产品，涵盖了牵引车、载货车、工程车以及各类专用车，车 型种类齐全，是中国高端重卡行业创领者，具有高可靠性、高经济性、高舒适性、高安全性、高智能性等特点。其中，汕德卡 C9H的动力系统尤为出众。该车型搭载MC13高效发动机，能够从容应对山地高原、国道省道等复杂路况。发动机具备智能工 况识别功能，可实现高功率密度与低速大扭矩的高效结合，在燃油经济性与低故障率方面也表现突出。 同时，汕德卡C9H还匹配采埃孚12挡自动变速箱，支持基于工况与货物类型的功能定制，包括蠕行、脱困、液体运输等模 式，使驾驶员在各种复杂场景下也能轻松应对。整车底盘选用国际品 ...

11月25日，商用车行业年末收官级盛事——由第一商用车网、卡车空间站、皮卡空间站联合主办的"2025第一商用车网年度评选"颁奖 典礼在北京圆满收官。作为衡量重卡行业品牌价值与技术实力的重磅荣誉，"2025年度重卡品牌价值引领奖"最终花落中国重汽黄河 H7。这款重卡产品凭借节油、可靠、高效的全能表现，赢得了行业与市场的双重认可。 在硬件配置上，车辆核心部件均以全球顶级标准甄选，搭载600L超高强钢车架，实现了"强"与"韧"的完美平衡——较传统车架，结构 强度提升20%，足以应对长途运输中的复杂路况；关键总成达到IP67最高防水等级，密封性能稳居行业前列，即便穿越暴雨、泥潭等恶 劣环境，核心部件依然能保持干燥稳定，无惧严苛考验。 可靠性的验证，更离不开极限环境的"试炼"。黄河H7历经高温、高原、高寒全区域极限环境验证，关键总成经过超千万公里的极限路况 与耐久性测试，B10寿命高达180万公里，确保车辆在全生命周期内高枕无忧。同时，该车还集成车载智能系统，可实时监控车辆健康 状态，对潜在故障进行预警，变"被动维修"为"主动维护"，最大化减少非计划停运，为用户创造持续价值。 2025第一同用车区 年度评选 2025年 ...

Market Overview - The automotive industry index increased by 14.79% as of November 21, 2025, outperforming the Shanghai Composite Index and CSI 300 Index by 0.38 percentage points and 1.61 percentage points respectively [11][12] - The automotive sector's performance was strong in the first half of 2025 but became more aligned with the broader market in the second half [11][12] - The majority of sub-sectors showed positive growth, with motorcycles and other segments leading the gains [17][18] Financial Performance - The automotive industry achieved a revenue of CNY 36,976.27 billion in 2024, a year-on-year increase of 3.35%, and a net profit of CNY 1,363.61 billion, up 9.98% [30] - In the first three quarters of 2025, the industry reported revenues of CNY 28,712.84 billion, reflecting a 10.73% year-on-year growth, and a net profit of CNY 1,165.36 billion, up 10.72% [30][31] - The industry’s gross margin was 15.83% in the first three quarters of 2025, a slight decline from the previous year, while the net margin improved to 4.29% [33] Passenger Vehicle Segment - The passenger vehicle market is expected to reach record sales in 2025, driven by policy support and increased penetration of new energy vehicles (NEVs) [43] - NEV retail sales reached 10.15 million units from January to October 2025, a year-on-year increase of 21.9%, with a market share of 52.73% [45][50] - The market structure is shifting towards domestic brands, which captured nearly 70% of the market share by September 2025, while foreign brands are losing ground [50][51] Commercial Vehicle Segment - The commercial vehicle market showed signs of recovery in 2025, with production and sales increasing by nearly 10% year-on-year in the first three quarters [5] - The growth in the commercial vehicle sector is driven by policies promoting vehicle replacements and the rising sales of new energy commercial vehicles [5][6] Automotive Parts Sector - The national strategy emphasizes "intelligent and connected" technologies as the main axis for upgrading the automotive industry [5] - The penetration of advanced driver-assistance systems (ADAS) is expected to drive market expansion and domestic substitution in core hardware [5][6] Investment Recommendations - The report maintains a "stronger than market" rating for the automotive sector, recommending key companies in the passenger vehicle segment such as BYD, Changan Automobile, and Great Wall Motors [6] - In the commercial vehicle segment, Yutong Bus is recommended, along with a focus on China National Heavy Duty Truck [6] - For the automotive parts sector, companies like Feilong Co., Top Group, and Desay SV are highlighted as potential investment opportunities [6]

Core Insights - The overall brand communication effectiveness of Shandong listed companies in October 2025 shows a slight decline in the average Network Communication Influence Index (INC Index) to 578.32, down 0.78% from September [1][3] - The company with the most significant increase in ranking is Dezhou United Petroleum Technology Co., Ltd., which rose by 222 positions, while Gome Communication Equipment Co., Ltd. saw the largest drop, falling by 168 positions [1] - The top ten companies in the INC Index include Dong'e Ejiao Co., Ltd., Qingdao Beer Co., Ltd., and Haier Smart Home Co., Ltd., among others, with Huaxi Biotechnology Co., Ltd. showing the most significant improvement, rising 5 places [1] Industry Overall Analysis - The average INC Index of 578.32 indicates that most brands in the industry are maturing and gaining more attention, with brand voice and social concern on the rise [3] - The skewness coefficient of the INC Index is 0.866, indicating a moderate right-skewed distribution, where a few units perform exceptionally well, enhancing the overall industry INC level [3] Communication Breadth Analysis - The average communication breadth score is 2.67, categorized as "standard level," suggesting that the overall voice of Shandong listed companies is at a moderate level [5] - 11 companies achieved the highest level (5), while 72 companies reached level 4, indicating a strong performance in communication breadth [5] - 34 companies are at level 2, indicating potential for improvement, and 1 company is at the lowest level [5] Communication Heat Analysis - The average communication heat score is 2.33, also at the "standard level," reflecting moderate engagement on media platforms [6] - 7 companies reached the highest level (5), while 44 companies achieved level 4, indicating strong activity and engagement [7] - 101 companies are at level 2, and 3 companies are at the lowest level, suggesting a need for improved content planning [7] Network Attention Analysis - The average network attention score is 1.52, categorized as "regional attention," indicating that most companies have some recognition within local areas [8] - 80 companies achieved level 3 or above, while 114 companies are at level 2, showing varying degrees of brand awareness [9] - 116 companies are at the lowest level, indicating low search frequency for brand keywords [9] Official Website Presentation Analysis - The average official website presentation score is 1.05, below the "standard level," indicating low frequency and quality of information published on company websites [10] - 2 companies achieved the highest level (5), while 3 companies reached level 4, showing some companies excel in their online presence [11] - 174 companies are at the lowest level, highlighting a significant area for improvement in website quality and content [11]

Core Insights - The automotive EGR (Exhaust Gas Recirculation) system is recognized as an effective method to reduce nitrogen oxide emissions, gaining rapid adoption in China due to economic benefits and stringent emission regulations [1][3] - The implementation of the National VI emission standard 6b phase starting July 1, 2023, has led to increased demand for automotive EGR systems as pollution control requirements become more stringent [1][7] - The market size for China's automotive EGR system industry is projected to reach 1.772 billion yuan in 2024 and grow to 5.176 billion yuan by 2030 [1][8] Industry Overview - The automotive EGR system works by recirculating a portion of the engine's exhaust back into the intake, which helps lower combustion temperatures and reduce nitrogen oxide emissions [3][4] - There are two main types of EGR systems: internal EGR, which is simpler but less effective, and external EGR, which allows for better control of exhaust parameters [3][4] Industry Chain - The automotive EGR system industry consists of an upstream segment that includes processing parts, electronic components, and plastic parts; a midstream segment focused on EGR systems; and a downstream segment involving automotive and engine manufacturing [5][6] Market Trends - The demand for automotive EGR systems is expected to rise due to increasing vehicle ownership in China, projected to reach 353 million by 2024, alongside growing environmental concerns [7] - The market for light-duty and heavy-duty EGR systems is experiencing a decline due to previous demand surges, but is expected to recover as economic conditions improve [8] - The hybrid passenger vehicle segment is anticipated to see significant growth in EGR system demand, with projections indicating a market size of 4.076 billion yuan by 2030 [9] Competitive Landscape - Domestic companies such as Wuxi Longsheng Technology Co., Ltd. and Zhejiang Yinlun Machinery Co., Ltd. are emerging as key players in the EGR system market, leveraging technological advancements and market experience [10][11] - The industry is witnessing increased competition from both domestic and foreign companies, with a focus on R&D and product performance improvements to meet stricter emission standards [10][11] Future Development Trends - The automotive EGR system industry is expected to evolve towards greater intelligence and precision control, utilizing AI and big data for optimal performance [12] - Lightweight materials and structural innovations are key trends aimed at enhancing fuel efficiency and reducing emissions [13] - Chinese companies are poised to accelerate their international expansion, capitalizing on their cost advantages and improving product competitiveness in the global market [14]