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：2025-62 中国重汽集团济南卡车股份有限公司 关于控股子公司认定为山东省高新技术企业的公告 根据高新技术企业认定管理工作网于 2025 年 12 月 26 日发布的 《对山东省认定机构2025年认定报备的第一批高新技术企业进行备 案的公告》（具体情况详见高新技术企业认定管理工作网"公示公告" http://www.innocom.gov.cn/gqrdw/c101460/202512/a10521e5f95c40df8 0441f50f2eb18a5.shtml），中国重汽集团济南卡车股份有限公司（下 称"本公司"）控股子公司重汽（济南）车桥有限公司（下称"重汽车 桥公司"）列入"山东省认定机构 2025 年认定报备的第一批高新技术 企业备案名单"。证书编号：GR202537001776。 根据《中华人民共和国企业所得税法》以及国家对高新技术企 业的相关税收规定，重汽车桥公司通过高新技术企业认定后，将连 续三年享受国家关于高新技术企业的相关税收优惠政策。 特此公告。 中国重汽集团济南卡车股份有限公司董事会 二〇二 ...

证券代码：000951 股票简称：中国重汽 编号：2025-61 中国重汽集团济南卡车股份有限公司 中国重汽集团济南卡车股份有限公司 会议决议公告 1、会议召开时间 二〇二五年第七次临时股东会决议公告 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。 重要提示： 1、本次临时股东会未出现否决议案的情形。 2、本次临时股东会未涉及变更以往股东会已通过的决议。 （1）现场会议召开时间：2025 年 12 月 29 日（星期一）下午 2:50。 一、会议的召开和出席情况 （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 2025 年 12 月 29 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 2025 年 12 月 29 日 9:15 至 15:00 的任意时间。 （一）召开情况： 本次会议的召开符合《中华人民共和国公司法》《上市公司股东 会规则》《深圳证券交易所上市公司股东会网络投票实施细则》及《公 司章程》等法律、法规及规范性文件的规定。 （二）出席现场会议及网络投票 ...

致：中国重汽集团济南卡车股份有限公司 中国北京市建国门外大街 1 号国贸写字楼 2 座 12-15 层 100004 12-15th Floor, China World Office 2, No.1 Jianguomenwai Avenue, Beijing 100004, China 电话 Tel: +86 10 6563 7181 传真 Fax: +86 10 6569 3838 电邮 Email: beijing@tongshang.com 网址 Web: www.tongshang.com 北京市通商律师事务所 关于中国重汽集团济南卡车股份有限公司 2025 年第七次临时股东会的 法律意见书 根据《中华人民共和国律师法》《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》《上市公司股东会规则》（以下简称"《股 东会规则》"）、《深圳证券交易所上市公司股东会网络投票实施细则》（以下 简称"《网络投票实施细则》"）等法律、法规和规范性文件以及《中国重汽集团 济南卡车股份有限公司章程》（以下简称"《公司章程》"）的规定，北京市通商 律师事务所（以下简称"本所"）接受中国重汽集团济 ...

证券之星消息，12月29日商用车板块较上一交易日下跌0.33%，中集车辆领跌。当日上证指数报收于 3965.28，上涨0.04%。深证成指报收于13537.1，下跌0.49%。商用车板块个股涨跌见下表： 从资金流向上来看，当日商用车板块主力资金净流出1.85亿元，游资资金净流入651.62万元，散户资金净 流入1.79亿元。商用车板块个股资金流向见下表： | 代码 | 名称 | | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 600686 | 金龙汽车 | | > 290.77万 | 1.17% | 1878.38万 | 7.58% | -2169.14万 | -8.75% | | 000800 | 一汽解放 | | 182.52万 | 2.60% | -150.26万 | -2.14% | -32.26万 | -0.46% | | 000550 江铃汽车 | | | -114.89万 | -2.23% | 352.19万 ...

Core Insights - In September, Sinotruk exported 15,000 heavy trucks, setting a new record for monthly exports in the domestic heavy truck industry [2] - For the first nine months of the year, Sinotruk reported total revenue of $22.89 billion, a year-on-year increase of 14.9%, and vehicle sales of 335,000 units, up 22.8% [2] Group 1: Export Performance - Sinotruk has maintained its position as the leading exporter in the domestic heavy truck industry since its overseas expansion began in 2004 [2] - The company plans to export 250,000 heavy trucks, 100,000 light trucks, 50,000 light vehicles, and 3,000 mining trucks by 2030, with a target of $1 billion in overseas aftermarket revenue [13] Group 2: Market Expansion Strategies - Sinotruk has established 35 service stations in Vietnam and plans to expand its overseas dealership network to 400 by 2030 [3] - The company has successfully implemented localized solutions, including training for local maintenance and driving personnel, to ensure stable vehicle operation [3] Group 3: Aftermarket Development - Sinotruk's aftermarket parts sales revenue increased by 59% year-on-year in the first nine months of the year [4] - The company plans to establish 63 parts distribution centers overseas and invest $5 million in parts to offer more precise and flexible service policies [4] Group 4: Production Capacity and Efficiency - Sinotruk has 10 major vehicle production bases in China, with a maximum monthly production capacity of 30,000 heavy trucks [5] - The company aims to enhance its production capabilities by building more intelligent and green "lighthouse factories," targeting a 60% automation rate in key processes [5] Group 5: Innovation and R&D - In the first nine months, Sinotruk's sales in the African and Southeast Asian markets grew by 37.4% and 41.5%, respectively [6] - The company plans to invest over $4 billion in R&D over the next five years and establish a specialized R&D team of over 8,000 members [6] Group 6: Global Partnerships and Collaboration - Sinotruk is leveraging its position within the Shandong Heavy Industry Group to collaborate with sister companies for international market expansion [11] - The company is actively forming partnerships with global strategic suppliers to enhance resource sharing and collaborative innovation [11] Group 7: Community Engagement and Local Development - Sinotruk opened its first official authorized showroom in Libya to provide one-stop solutions for local customers [12] - The company is committed to localizing talent and has initiated training programs for foreign trainers to contribute to their home countries' development [12]

Core Viewpoint - The new energy heavy truck market experienced significant growth in November 2025, with a year-on-year increase of 178%, reaching a record sales volume of 28,000 units, driven by strong performance in sub-segments like new energy tractors and charging heavy trucks [1][4]. Group 1: Market Performance - In November 2025, the sales of new energy heavy trucks reached 28,000 units, a month-on-month increase of 39% and a year-on-year increase of 178% [4]. - New energy dump trucks sold 2,606 units in November, achieving a year-on-year growth of 105% and marking the highest monthly sales in the history of new energy dump trucks [4][5]. - The penetration rate of new energy dump trucks surpassed 50% for the first time, indicating a strong market acceptance [4][11]. Group 2: Market Share and Competition - In the new energy heavy truck market, new energy dump trucks accounted for 9.32% of total sales in November, a decline from 11.07% in the previous month, marking the first time this segment fell below 10% [7]. - The cumulative sales of new energy dump trucks from January to November 2025 reached 21,700 units, representing an 86% year-on-year increase, with several companies achieving over 100% growth [22][24]. - Major players in the new energy dump truck market include XCMG, China National Heavy Duty Truck Group, and SANY, with XCMG leading with a market share of 22.91% [22][24]. Group 3: Technological Trends - The majority of new energy dump trucks are pure electric models, with 97% of the total new energy dump trucks sold being pure electric [13]. - The distribution of new energy dump trucks across regions remains uneven, with the top eight provinces accounting for over 60% of total sales [13]. Group 4: Future Outlook - The new energy dump truck market is expected to remain competitive, with ongoing interest from manufacturers, as indicated by the increase in market participants from 25 to 26 companies [20]. - The period from March to November 2025 has been the highest for new energy dump truck sales, suggesting a robust market environment [26].

Core Viewpoint - The article highlights the emergence of a new logistics channel, referred to as the "New Yellow River," which consists of 107 sea-rail intermodal trains and over 360 global shipping routes, facilitating the export of goods from the Yellow River basin to international markets [2][6]. Group 1: Logistics Development - The logistics network has transformed the export capabilities of inland companies, allowing them to overcome previous challenges related to transportation and shipping costs [3][5]. - The establishment of inland ports and sea-rail intermodal services has significantly reduced logistics costs, with transportation fees decreasing by 22% and port fees by 44% for companies like Shaanxi Yanchang Rubber [5][8]. - The integration of big data technology has improved operational efficiency, enabling real-time synchronization of cargo data between inland transport and port operations [8][9]. Group 2: Economic Impact - The logistics advancements have led to a surge in exports from the Yellow River basin, with companies like Shaanxi Yanchang Rubber expanding their market reach to over 100 countries [5][11]. - The total export revenue for Shandong Heavy Industry is projected to exceed 1 trillion yuan in 2023, marking a fourfold increase since 2020 [11][12]. - The collaboration between coastal and inland enterprises is fostering a new trend of "industrial westward migration," enhancing competitiveness through shared resources and capabilities [11][12]. Group 3: Future Prospects - The logistics network is expected to continue expanding, with Shandong's port throughput projected to exceed 2.1 billion tons by the end of 2025, driven largely by goods from the Yellow River basin [6][12]. - The ongoing development of trade routes is anticipated to strengthen Shandong's position as a leading hub for international trade, with over 260 foreign trade routes connecting to more than 700 ports worldwide [9][12]. - The strategic focus on high-quality development and ecological protection in the Yellow River basin is set to enhance regional economic growth and global market integration [2][12].

Core Viewpoint - The commercial vehicle industry in 2025 has undergone significant leadership changes across major companies, indicating a strategic shift in management amidst intense market competition [1][46]. Group 1: Major Company Leadership Changes - FAW Jiefang appointed Li Sheng as the new chairman, replacing Wu Bilei, and also saw a significant marketing leadership change with Yu Guangjiang taking over as the head of the marketing headquarters [1][9]. - China National Heavy Duty Truck Group (CNHTC) saw multiple leadership adjustments, with Liu Hongyong becoming chairman and Liu Zhengtai appointed as president [9][10]. - Dongfeng Motor Corporation experienced a series of leadership changes, including Zhang Xiaofan becoming chairman and Liu Liceng taking over as general manager [15][16]. - Weichai Power's president, Li Pengcheng, resigned due to work changes [17]. - Anhui Jianghuai Automobile Group announced a new leadership team with Xiang Xingchu as chairman and Li Ming as general manager [18]. Group 2: Other Notable Changes - The China Ordnance Industry Group appointed Zhou Zhiping as chairman [20]. - Beiben Heavy Truck Group appointed Liu Xiaodong as general manager [23]. - Foton Motor renewed the contract of its general manager, Wu Xibin [23]. - Guangzhou Automobile Group saw Feng Xingya take over as chairman, succeeding Zeng Qinghong [25]. - Changan Automobile Group was established as a new central enterprise, with Zhu Huarong as chairman and Zhao Fei as vice chairman [28]. Group 3: International and Joint Ventures - Cummins China announced several managerial changes across its joint ventures, including new appointments for general managers in various subsidiaries [40]. - Volvo Group China appointed Francis Sum as president, overseeing strategic planning and operations [41]. - ZF Group announced a leadership change with Matthias Miedreich becoming the new chairman [42]. - MAN Truck & Bus appointed Andrew O'Brooks as the new president for Greater China [43].

Core Viewpoint - The newly launched Shandeka C9H 48V micro-hybrid tractor truck emphasizes energy efficiency and operational optimization through advanced micro-hybrid technology and system integration [1]. Group 1: Vehicle Design and Features - The Shandeka C9H 48V micro-hybrid tractor truck features a mainstream 6×4 drive format, enhancing its load capacity [3]. - The cab design incorporates low aerodynamic drag, reducing the drag coefficient by 3%, which improves fuel economy and stability during driving [3]. - The vehicle's exterior combines armor style with sci-fi elements, presenting a robust and futuristic appearance [4]. Group 2: Interior and Comfort - The interior features high-end configurations, including a ventilated and heated airbag driver's seat, enhancing comfort for both short and long-distance transport [6]. - The vehicle is equipped with a 12.3-inch full LCD instrument panel, providing clear visibility of vehicle information and enabling dual-screen interaction with the entertainment system [8]. - The Shandeka C9H includes an ergonomic sleeping area with a width of 1.04 meters, designed for comfort during rest [8]. Group 3: Intelligent Features - The truck is equipped with an AI cockpit that allows for voice commands, enabling hands-free operation for tasks such as opening windows and answering calls [10]. - The vehicle's NVH design minimizes cabin noise, facilitating effective voice recognition even in noisy environments [10]. - Remote control features allow drivers to pre-cool or pre-heat the vehicle via a mobile app, enhancing convenience [10]. Group 4: Fuel Efficiency and Performance - The Shandeka C9H achieves a 5% reduction in fuel consumption through advanced technologies and configurations [11][12]. - The vehicle is powered by the MC13.62 engine, delivering a maximum output of 620 horsepower with a thermal efficiency of 50% [14]. - The integration of the SPS hybrid system, utilizing a 48V platform, further reduces fuel consumption by an additional 2% during specific driving conditions [16]. Group 5: Market Positioning - Shandeka, as a brand under China National Heavy Duty Truck Group, aims to lead the heavy truck market with its innovative products and strong brand heritage [16].

Core Insights - The report maintains a "Recommended" rating for the automotive industry, emphasizing that there are opportunities despite potential challenges in 2026 [1][2] - The automotive sector showed a 20% increase over the past 12 months, outperforming the Shanghai and Shenzhen 300 index, which increased by 16.8% [3] Group 1: Industry Overview - The automotive industry is expected to experience a strong performance in commercial vehicles while passenger vehicles may face challenges in 2026 [4] - The report highlights that the passenger vehicle market in 2025 was supported by trade-in policies, leading to stable performance, but anticipates pressure on total volume in 2026 [4] - The heavy truck segment is projected to see positive growth in 2026, driven by domestic demand recovery and increased exports [4] Group 2: Opportunities in Passenger Vehicles - The report identifies a significant opportunity in the high-end passenger vehicle market, particularly for models priced above 300,000 yuan, which is expected to continue to grow [4][5] - Domestic brands are anticipated to make substantial advancements in the high-end market with new models launching in 2026 [5] Group 3: Heavy Truck Market Insights - The heavy truck market is expected to benefit from a recovery in domestic demand and a favorable export environment, with wholesale volumes projected to grow positively in 2026 [4][5] - The report notes that the penetration rate of electric heavy trucks may stabilize in 2026 after significant increases in 2025, which could positively impact profitability [5] Group 4: Smart Driving and Technology - The report discusses the acceleration of high-level autonomous driving technology penetrating lower-priced models, which is expected to drive volume growth in 2026 [5] - The introduction of new AI-driven cockpit technologies is anticipated to enhance the value of smart cabins, creating additional investment opportunities in related components [5] Group 5: Robotics Sector - The report indicates that the humanoid robotics sector is entering a new phase, with significant growth potential for leading manufacturers and their supply chains [5] - The collaboration between domestic and international manufacturers is expected to enhance production capabilities and technological advancements in humanoid robots [5] Group 6: Investment Recommendations - The report recommends several companies for investment, including Jianghuai Automobile, Top Group, and BYD, highlighting their potential in the evolving automotive landscape [6][9] - Specific recommendations for heavy truck manufacturers include China National Heavy Duty Truck Group and Weichai Power, which are expected to benefit from industry growth [6][9]