Core Insights - The 2025 Commercial Vehicle New Drive Conference recognized China National Heavy Duty Truck Group (CNHTC) for its outstanding service, awarding it the titles of "Annual Warm-hearted Service Enterprise" and "Customer Service Gold Reputation Enterprise" [1][10] Group 1: Service Satisfaction Survey - The service satisfaction survey aims to evaluate corporate service levels through user surveys and site visits, promoting industry-wide service upgrades [3][12] - CNHTC's recognition reflects both industry validation of its service system and genuine user appreciation for its "Family Service" approach [3][12] Group 2: Service Brand Development - CNHTC pioneered service branding in the commercial vehicle sector, launching the "Family Service" brand in 1999 to address the industry's focus on production over service [4][12] - Over 20 years, "Family Service" has evolved from basic maintenance to comprehensive lifecycle value services, adapting to market shifts from growth to retention [4][12] Group 3: Service Network and Efficiency - CNHTC has established a comprehensive service network with 1,269 heavy truck service points and 939 light truck service points, achieving a 50-kilometer service radius coverage [4][13] - The company has implemented a tri-channel reporting system via a smart app, WeChat mini-program, and a hotline, ensuring rapid response times of 5 minutes for order acceptance and 15 minutes for dispatch [4][13] Group 4: Quality Control and Innovations - A transparent supervision system allows users to track repair progress and provide feedback, directly influencing service station evaluations [5][14] - The launch of the "Xiao Zhong 1.0" intelligent service system integrates big data, IoT, and AI, enabling proactive fault prediction and personalized service recommendations [5][14] Group 5: Industry Positioning - As the commercial vehicle industry transitions to high-quality development, service has become a core competitive advantage [8][17] - CNHTC's dual recognition underscores its commitment to service excellence, reinforcing its leading sales position in the industry [8][17]

在创新驱动发展战略指引下，中国重汽持续强化自主研发能力，拥有国家级企业技术中心与国家重型汽 车工程技术研究中心，不断攻克行业技术难题，以智能化、绿色化技术升级引领行业转型。同时，公司 积极践行社会责任，在推动产业升级、稳定就业、助力实体经济发展等方面发挥了重要作用，其稳健的 经营理念与可持续的发展模式，为投资者带来了长期稳定的价值回报，也赢得了市场与行业的广泛认 可。 未来，中国重汽将继续聚焦主业、深耕创新，持续提升核心竞争力，在高质量发展的道路上稳步前行， 为资本市场注入更多活力，为"十五五"中国制造实体经济发展贡献更大力量。 "投资价值上市公司"以资本价值与发展潜力为核心评判标准，聚焦财务健康度、行业赛道前景、核心竞 争力、公司治理规范性及可持续发展能力。旨在树立价值投资标杆，推动行业结构优化，引导市场回归 理性投资，构建良性资本市场生态。 中国重汽能够获此殊荣，得益于其在重型汽车行业长期的深耕与积淀。作为国内领先的重卡制造商，中 国重汽不仅创造了中国重型汽车工业的多个第一，更通过战略合作与自主创新，构建起具有世界先进水 平的核心技术体系，形成了全系列商用汽车品牌矩阵，产品覆盖众多细分领域，满足不同场景的 ...

Core Viewpoint - The commercial vehicle sector experienced a slight increase of 0.23% on December 26, with Jinlong Automobile leading the gains, while the overall market indices also showed modest increases [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3963.68, up 0.1%, and the Shenzhen Component Index closed at 13603.89, up 0.54% [1]. - The commercial vehicle sector's individual stock performances varied, with Jinlong Automobile closing at 17.04, up 2.16%, and China National Heavy Duty Truck down 0.18% at 16.82 [1]. Group 2: Trading Volume and Value - Jinlong Automobile had a trading volume of 170,100 shares and a transaction value of 291 million yuan [1]. - Jiangling Motors recorded a closing price of 18.78 with a trading volume of 31,700 shares, resulting in a transaction value of approximately 5.97 million yuan [1]. Group 3: Capital Flow - The commercial vehicle sector saw a net outflow of 226 million yuan from institutional investors, while retail investors contributed a net inflow of 175 million yuan [2]. - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2]. Group 4: Individual Stock Capital Flow - Jianghuai Automobile had a net inflow of 6.35 million yuan from institutional investors, but a net outflow of 2.91 million yuan from retail investors [3]. - China National Heavy Duty Truck experienced a significant net outflow of 5.06 million yuan from institutional investors, while retail investors contributed a net inflow of 16.72 million yuan [3].

Core Viewpoint - The commercial vehicle industry in China is undergoing a transformation driven by energy changes, technological iterations, and market restructuring, shifting from "scale expansion" to "value creation" [1] Group 1: 2025 Performance - Major commercial vehicle manufacturers demonstrated resilience in 2025, achieving stable growth despite challenges such as weak demand and price wars [1] - FAW Jiefang reported total sales exceeding 280,000 units, a year-on-year increase of over 10%, with heavy-duty truck sales reaching 255,000 units, up 23.3% [2] - China National Heavy Duty Truck Group achieved a record-breaking heavy-duty truck sales of over 300,000 units, becoming the global sales champion for the first time, with a projected revenue exceeding 225 billion yuan [4] - Dongfeng Commercial Vehicle's wholesale sales reached 131,000 units, a 24% increase, with new energy vehicle sales surpassing 10,000 units, up 98% [6] - Shaanxi Heavy Duty Truck maintained its top three position with projected sales of 195,000 units, a 16.7% increase, and significant growth in natural gas and new energy vehicles [8] - Foton Motor's core business saw rapid growth, with sales of its Ouman brand reaching nearly 84,000 units, nearly doubling year-on-year [10] Group 2: 2026 Market Goals - FAW Jiefang is cautiously optimistic, predicting a stable demand for heavy-duty trucks at 1.25 million units in 2026, with light truck demand increasing by 8% to 700,000 units [11] - China National Heavy Duty Truck Group set a core sales target of 340,000 units for 2026, with heavy-duty trucks at 170,000 units and light trucks at 150,000 units [12] - Dongfeng Commercial Vehicle's forecast is more conservative, expecting the heavy-duty truck market to decline to 1.1 million units, with a sales target of 176,000 units [12] - Shaanxi Heavy Duty Truck aims to maintain its position with a target of over 110,000 units, while Foton Motor focuses on new energy and exports, aiming for 200,000 units [14] Group 3: New Energy and Overseas Expansion - New energy vehicles are a key growth driver, with FAW Jiefang predicting a penetration rate of 26% for heavy-duty trucks by 2025, while China National Heavy Duty Truck aims for 50% penetration by 2030 [17] - Overseas markets are becoming essential, with FAW Jiefang aiming to deepen localized operations, and China National Heavy Duty Truck targeting 300,000 units in exports by 2030 [19] - Dongfeng Commercial Vehicle plans for overseas sales to exceed 30% of total sales, focusing on seven global regions [19] Group 4: Product Planning - The competition among leading manufacturers has evolved from individual product pricing to comprehensive lifecycle solutions based on deep understanding of operational scenarios [20] - FAW Jiefang showcased a wide range of vehicles and advanced technologies, including the new Eagle series and intelligent driving systems [20] - Dongfeng Commercial Vehicle presented nearly 60 models tailored to specific operational scenarios, emphasizing diverse power options [22] - Shaanxi Heavy Duty Truck highlighted its integrated product advantages and collaborative innovations with industry partners [22] - Foton Motor's showcase included a significant proportion of new energy vehicles, focusing on technological advancements and intelligent features [25] Conclusion - The competition in the commercial vehicle industry has shifted towards strategic foresight, ecosystem integration, and technological depth, with a focus on customer value and sustainable solutions [25]

上述会议决议及公告等相关文件的具体内容详见公司指定的信息披露媒体及巨潮资讯网 （http://www.cninfo.com.cn/）。 一、使用部分闲置募集资金进行现金管理到期赎回情况 公司于2025年9月分别与中国银行股份有限公司、交通银行股份有限公司签订《结构性存款协议》，购 买了相应的结构性存款产品。截至本公告日，该等产品已到期，且公司已按《结构性存款协议》的约定 将相关产品全部赎回，并将本金和收益共计人民币60,277.57万元全额存入募集资金账户。具体情况如 下： 单位：人民币万元 登录新浪财经APP 搜索【信披】查看更多考评等级 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。 中国重汽集团济南卡车股份有限公司（以下简称"公司"）于2025年8月15日召开的第九届董事会2025年 第五次临时会议，审议并通过了《关于使用部分暂时闲置募集资金继续进行现金管理的议案》。 根据上述会议决议，同意公司使用额度不超过人民币60,000万元（含本数）的闲置募集资金在确保不影 响募集资金投资项目进度、不影响公司正常生产经营及确保资金安全的情况下继续进行现金管理，用于 ...

Core Viewpoint - The company has approved the use of idle raised funds for cash management through structured deposit products, ensuring that it does not affect the progress of investment projects or normal operations [1][2]. Group 1: Fund Management Decision - The company will use up to RMB 600 million of idle raised funds for cash management, focusing on high safety, good liquidity, and low-risk investment products [2]. - The investment period is from the date of the board meeting approval until December 31, 2025, with funds allowed to be rolled over within this limit [2]. - The board has authorized the chairman or designated individuals to make investment decisions and sign relevant contracts, with the finance department responsible for implementation [2]. Group 2: Redemption of Structured Deposits - The company signed structured deposit agreements with Bank of China and Bank of Communications, and all products have matured and been redeemed as per the agreements [2]. - The total amount of principal and earnings redeemed is RMB 602.7757 million, which has been fully deposited into the raised funds account [2]. - The company has successfully managed idle raised funds for cash management without exceeding the authorized limits set by the board [2].

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：2025-60 中国重汽集团济南卡车股份有限公司 关于使用部分闲置募集资金购买银行结构性存款产品 到期赎回的公告 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。 中国重汽集团济南卡车股份有限公司（以下简称"公司"）于 2025 年 8 月 15 日召开的第九届董事会 2025 年第五次临时会议，审议并 通过了《关于使用部分暂时闲置募集资金继续进行现金管理的议案》。 根据上述会议决议，同意公司使用额度不超过人民币 60,000 万 元（含本数）的闲置募集资金在确保不影响募集资金投资项目进度、 不影响公司正常生产经营及确保资金安全的情况下继续进行现金管 理，用于购买投资安全性高、流动性好、风险低的投资产品，使用 期限自第九届董事会 2025 年第五次临时会议审议通过之日起至 2025 年 12 月 31 日止。在上述额度和期限内，资金可循环滚动使用。 董事会授权董事长或董事长授权人士在上述额度范围内行使投资决 策权并签署相关合同文件，具体事项由公司财务部门负责组织实施。 ...

Group 1 - The commercial vehicle sector saw a slight increase of 0.05% on December 25, with Shuguang Co. leading the gains [1] - The Shanghai Composite Index closed at 3959.62, up by 0.47%, while the Shenzhen Component Index closed at 13531.41, up by 0.33% [1] - Key stocks in the commercial vehicle sector included Shuguang Co. with a closing price of 3.33, up by 1.22%, and China National Heavy Duty Truck Group with a closing price of 16.85, up by 1.02% [1] Group 2 - The commercial vehicle sector experienced a net outflow of 35.47 million yuan from institutional investors, while retail investors saw a net inflow of 23.6 million yuan [2] - Major stocks with significant net inflows from retail investors included Jianghuai Automobile with 90.02 million yuan and Ankai Bus with 54.19 million yuan [3] - Conversely, stocks like FAW Jiefang and Ankai Bus experienced notable net outflows from institutional investors, with FAW Jiefang seeing an outflow of 8.39 million yuan [3]

Core Viewpoint - The collaboration between China National Heavy Duty Truck Group (CNHTC) and J&T Express Philippines marks a significant step towards the green transformation of the logistics industry in the Philippines through the introduction of electric trucks [1][3]. Group 1 - J&T Express Philippines, a leading player in the logistics sector, is responding to global carbon reduction trends by incorporating electric trucks from CNHTC to establish the country's first electric delivery fleet [3]. - CNHTC provides high-performance and reliable logistics vehicle solutions to J&T Express, aiding in the expansion of its business coverage and achieving low-carbon and intelligent logistics operations [3]. - The partnership represents not only a technological and product alignment but also a fusion of both parties' green development philosophies, with plans for further collaboration on charging infrastructure and smart fleet management solutions [5].

市场表现上，基金调研股中，近5日上涨的有19只，涨幅居前的有安孚科技、广联航空、箭牌家居等， 涨幅为22.30%、15.75%、10.53%；下跌的有3只，跌幅居前的有波长光电、中国重汽、杰瑞股份等，跌 幅为4.89%、2.51%、1.07%。 数据宝统计，基金参与调研股中，近5日资金净流入的有8只，安孚科技近5日净流入资金1.77亿元，主 力资金净流入最多；净流入资金较多的还有冰轮环境、恒帅股份等，净流入资金分别为1.43亿元、 5480.26万元。（数据宝） 昨日基金共对22家公司进行调研，扎堆调研安孚科技、博众精工、茂莱光学等。 证券时报·数据宝统计，12月24日共26家公司被机构调研，按调研机构类型看，基金参与22家公司的调 研活动，其中，10家以上基金扎堆调研公司共6家。安孚科技最受关注，参与调研的基金达18家；博众 精工、茂莱光学等分别获17家、17家基金集体调研。 基金参与调研的公司中，按所属板块统计，深市主板公司有10家，创业板公司有6家，沪市主板公司有1 家，科创板公司有5家。所属行业来看，基金调研的公司共涉及11个行业，所属电子行业最多，有7家公 司上榜；机械设备、医药生物等紧随其后，分别 ...