Core Viewpoint - The article discusses the recent developments in the domestic heavy truck market, particularly focusing on the new energy sector, as various brands prepare for the traditional sales peak in September and October. The Ministry of Industry and Information Technology released the 399th batch of new product announcements, highlighting a total of 148 new energy heavy truck models submitted for approval, indicating a strong trend towards electrification in the industry [1][2]. Summary by Sections New Energy Heavy Trucks Overview - A total of 148 new energy heavy truck models were announced in the 399th batch, with a slight decrease of one model compared to the previous batch [1]. - The majority of the submissions were for charging heavy trucks, accounting for 73.65% (109 models), followed by battery swap trucks (17 models), fuel cell trucks (15 models), and plug-in hybrid trucks (7 models) [2][3]. Breakdown of Charging Heavy Trucks - Among the 109 charging heavy trucks, the most common configuration was the 4×2 model with 69 submissions, followed by 8×4 (23 models) and 6×4 (17 models) [2]. Conventional Heavy Trucks - In the 399th batch, 53 conventional heavy truck models were submitted, a decrease of 7% from the previous batch. The most common type was the new energy tractor with 26 models [6]. Notable Submissions by Major Brands - China National Heavy Duty Truck Group submitted 16 models, including 9 charging trucks, 4 battery swap trucks, and 3 fuel cell trucks [11]. - FAW Jiefang submitted 3 new 4×2 charging trucks, all equipped with a peak power of 171 kW [21]. - SANY Group submitted 6 new models, including 3 charging trucks, 1 battery swap truck, and 2 fuel cell trucks, with the highest power reaching 748 horsepower [23][25]. Other Brands' Submissions - Several other brands, including Yuchai, Dongfeng, and Shaanxi Automobile, also submitted new energy heavy trucks, with Dongfeng submitting 10 models, including 7 charging trucks and 2 fuel cell trucks [42][56]. - The article highlights the competitive landscape as various brands accelerate their new energy heavy truck offerings, indicating a robust market response to the growing demand for electrification in the heavy truck sector [33][58].

Core Viewpoint - The event "Driving the Yellow River, Winning the Future" marks a significant milestone for China National Heavy Duty Truck Corporation (CNHTC) in deepening its presence in the East China market and supporting logistics upgrades in the Yangtze River Delta region [1]. Group 1: Product Features and Benefits - The Yellow River H7 truck, leveraging over 60 years of heavy-duty truck manufacturing experience, addresses key challenges in cost, efficiency, and reliability for logistics companies with its core values of "extreme, intelligent, and profitable" [3]. - The H7 model features a racing-level aerodynamic design and is equipped with a WP15NG engine, integrated transmission, and efficient axles, achieving fuel consumption of 2-3 kg per 100 km, which helps logistics companies reduce operational costs [5]. - The H7's cabin has received "national-level" CN95 health cabin 5A certification, providing a spacious and comfortable driving experience that alleviates fatigue during long drives, and includes an industry-first L2+ level human-machine interaction system to enhance operational efficiency [6]. Group 2: Strategic Partnerships and Market Impact - A strategic cooperation signing ceremony took place during the event, marking a new phase of collaboration between CNHTC and leading local logistics companies in Anhui, aimed at upgrading regional logistics transportation equipment [8]. - User representatives highlighted the low fuel consumption and comfort of the Yellow River H7, which is comparable to imported vehicles, indicating a positive impact on operational costs and driver satisfaction [8]. - The deployment of the first batch of 20 Yellow River H7 trucks, along with two strategic partnerships, is expected to inject new momentum into Hefei's logistics network, enhancing connectivity across the Yangtze River Delta and beyond [10].

Group 1 - The stock of China National Heavy Duty Truck Group (03808.HK) increased by over 4% on October 9, reaching a price of 24.32 HKD [1] - The trading volume for the stock was 24.1759 million HKD at the time of reporting [1]

Core Viewpoint - China National Heavy Duty Truck Group (China National Heavy Truck) shares rose over 4%, reflecting positive market sentiment driven by strong sales data in the heavy truck sector [1] Industry Summary - As of September 2025, the heavy truck market in China sold approximately 105,000 units, marking a month-on-month increase of 15% and a year-on-year surge of about 82% [1] - The heavy truck market has experienced six consecutive months of growth, indicating a robust recovery [1] - The introduction of the "old-for-new" policy for heavy trucks in 2025 is expected to further boost domestic sales [1] - The heavy truck industry still has growth potential, supported by the recovery of domestic demand and continuous growth in exports [1] - The development of natural gas heavy trucks is anticipated to raise industry entry barriers, which may enhance the profitability of leading companies [1]

Core Viewpoint - China National Heavy Duty Truck Group (China National Heavy Duty Truck) shares rose over 4%, reaching HKD 24.32, with a trading volume of HKD 24.1759 million, indicating positive market sentiment towards the company [1] Industry Summary - As of September 2025, the heavy truck market in China is expected to sell approximately 105,000 units (wholesale, including exports and new energy), representing a month-on-month increase of 15% and a year-on-year growth of about 82% [1] - The heavy truck market has experienced six consecutive months of growth, reflecting a recovery in economic conditions [1] - Guotai Junan Securities suggests that with the economic recovery and the introduction of the "old-for-new" policy for heavy trucks in 2025, domestic heavy truck sales are likely to gradually rebound [1] - The growth potential in the heavy truck industry remains, driven by domestic market recovery and continuous growth in exports [1] - The development of natural gas heavy trucks is expected to raise industry entry barriers, which may enhance the profitability of leading companies [1]

Core Viewpoint - In September 2025, China's monthly sales of new energy heavy trucks exceeded 20,000 units for the first time, marking a year-on-year increase of 252% [1]. Group 1: Market Performance - In September, the new energy tractor truck segment saw an addition of 17,900 units, representing a year-on-year surge of 279% and a month-on-month increase of 37% [5]. - The new energy tractor truck market achieved a record monthly sales figure, with a total of 17,900 units sold, which is approximately 3.8 times the sales from September of the previous year [5][20]. - The growth rate of 279% in September for new energy tractor trucks outpaced the overall market growth of 252% for new energy heavy trucks [5]. Group 2: Regional Insights - In September, 30 provincial-level administrative regions in China reported new additions of new energy tractor trucks, with 25 regions adding over 100 units each [6]. - Shanghai led the regions with over 3,000 new energy tractor trucks added in September, continuing a three-month streak of surpassing this figure [6]. Group 3: Company Performance - Seven companies achieved monthly sales exceeding 1,000 units in September, with Jiefang leading at 3,426 units, followed by Xugong with 2,926 units and Sany with 2,348 units [10][11]. - The top ten companies in the new energy tractor truck market all experienced significant year-on-year growth, with Jiefang, Xugong, and Sany being the top three competitors [12][14]. - Cumulatively, from January to September 2025, new energy tractor truck sales reached 96,200 units, reflecting a year-on-year increase of 257% [14]. Group 4: Market Share - The top five companies in the new energy tractor truck market hold market shares exceeding 10%, with Jiefang at 16.85%, Xugong at 15.72%, and Sany at 14.26% [18]. - The competition in the new energy tractor truck market remains intense, with companies frequently changing positions in the rankings [18].

2 025年，新能源重卡在传统销售淡季的7月份和8月份同比分别暴涨了185%和169%，其 中7月份创造了史上最高月销量纪录。 淡季都如此之旺，进入真正的销售旺季呢？ 当然是更火爆了。 请看第一商用车网带来的新能源重卡市场观察。 解放/徐工/三一超3000辆争冠，联合重卡暴涨9.5倍 根据北斗入网新增统计，2025年9月份，有13家企业新能源重卡销量超百辆，其中有11家 企业销量超过300辆，月销量破千的企业都有7家（与上月持平）。排名前三位的企业销量 均超过3000辆，解放斩获月榜销冠，销量达到3832辆；排名月榜第2、3位的徐工、三一 销量分别达到3492辆和3171辆；排名月榜4、5位的重汽和陕汽销量也双双超过2000辆， 分别达到2444辆和2355辆；福田和东风排名月榜第6、7位，分别销售1830辆和1243 辆；远程销售943辆排名第8位；联合重卡和江淮分列9、10位，9月份分别销售412辆和 366辆。 9月新能源重卡新增2.16万辆，同比大涨252% 根据第一商用车网掌握的最新数据，2025年9月份，全国共新增新能源重卡2.16万辆（本 文数据来源为重型货车北斗营运证入网销量口径，非交强险销量 ...

Core Viewpoint - The article emphasizes the increasing competition in the new energy heavy truck market, highlighting the importance of core components, particularly the electric drive axle, in determining the performance and efficiency of these vehicles [1]. Group 1: Electric Drive Axle Products - Dongfeng Dana EP35D electric drive axle features a highly integrated design that reduces weight significantly while achieving system efficiency over 94% [5][6]. - The HanDe HDE11.5t electric drive axle supports an 800V high-voltage system, improving charging efficiency compared to traditional 500V platforms, and enhances efficiency by 2%-6% over competitors [7][9]. - The Fastec Blue Chariot FS2EA500 electric drive axle is designed for medium and heavy trucks, offering a maximum output power of 700 kW and a torque of 50,000 Nm, ensuring performance in heavy load conditions [10][13]. - The FAW Jiefang integrated electric drive axle outputs a torque of 30,000 Nm, achieving a 3.7% efficiency improvement and a B10 lifespan of 1 million kilometers [14][16]. - The China National Heavy Duty Truck MCE12ZQ electric drive axle features a "dual-machine dual-link" design, achieving over 94.5% system efficiency and allowing for automatic adjustment of gear ratios based on load conditions [17][19]. - The TeBaJia KEA210-3S40K electric drive axle is adaptable for various scenarios, with a rated/peak power of 210/310 kW and a maximum output torque exceeding 50,000 Nm, catering to diverse operational needs [20][23]. Group 2: Market Trends and User Considerations - The demand for electric heavy trucks is expected to surge post-2025, making the choice of electric drive axle brands and models a critical factor for users during the purchasing process [23].

Core Insights - The commercial vehicle sector experienced a 0.81% increase on September 30, with Dongfeng Motor leading the gains [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Commercial Vehicle Sector Performance - Dongfeng Motor (600006) closed at 8.06, with a rise of 6.05% and a trading volume of 1.23 million shares, amounting to a transaction value of 972 million [1] - Other notable performers included: - Zhongjun Vehicles (301039) at 9.61, up 1.69% [1] - Shuguang Co. (600303) at 3.91, up 1.56% [1] - Jianghuai Automobile (600418) at 53.90, up 1.51% [1] - The sector saw a net inflow of 248 million in main funds, while retail investors experienced a net outflow of 206 million [3][4] Fund Flow Analysis - Main funds showed significant net inflows in several companies: - Dongfeng Motor: 218 million, accounting for 22.41% of the total [4] - Yutong Bus (600066): 93.02 million, 17.44% [4] - Jianghuai Automobile: 58.23 million, 1.77% [4] - Retail investors showed net outflows in various companies, with notable outflows from: - Yutong Bus: 6.89 million, -12.93% [4] - Jiangling Motors: 14.95 million, -11.50% [4] - China National Heavy Duty Truck (000951): 15.97 million, -9.42% [4]

Core Viewpoint - The sales of new energy heavy trucks in August 2025 saw a significant year-on-year increase of 182%, reaching 17,800 units, with specific segments like new energy tractors and charging heavy trucks exceeding 200% growth [1][2]. Sales Performance - In August 2025, the domestic sales of new energy heavy trucks were 17,800 units, representing a month-on-month increase of 7% and a year-on-year increase of 182%. The sales of new energy dump trucks were 1,895 units, showing a month-on-month decline of 10% but a year-on-year increase of 113% [2][3]. - The market share of new energy dump trucks in the new energy heavy truck market was 10.67% in August, down from 12.57% the previous month. For the first eight months of the year, the market share was 12.55%, lower than the 16.03% share in 2024 and down over 7 percentage points compared to the same period last year [5][9]. Market Trends - The monthly sales data for new energy dump trucks from recent years indicates that the sales in January and February 2025 were significantly higher than previous years, while the sales from March to August were the highest in history for this segment [7]. - The overall heavy truck sales in August 2025 were 66,800 units, with dump trucks accounting for 4,252 units, a year-on-year increase of 44%. The market penetration of new energy in dump trucks has not fallen below 20% since August of the previous year [9]. Fuel Types and Distribution - The technology route for new energy dump trucks in 2025 is primarily pure electric, with 96.33% of the 14,300 new energy dump trucks registered being pure electric models. The distribution of these vehicles across provinces remains uneven, with the top six provinces accounting for over 50% of the total sales [11]. Competitive Landscape - The top three companies in the new energy dump truck market, XCMG, SANY, and China National Heavy Duty Truck Group, have consistently led the monthly sales rankings. In August 2025, XCMG sold 365 units, followed by SANY with 351 units and China National Heavy Duty Truck Group with 336 units [14][18]. - The market share of new energy dump trucks for the top companies in the first eight months of 2025 shows XCMG leading with 22.83%, followed by SANY at 19.01% and China National Heavy Duty Truck Group at 18.37% [24]. Conclusion - The period from March to August 2025 marks the highest sales for new energy dump trucks to date, indicating a robust market. The competition among leading companies remains fierce, particularly between XCMG, SANY, and China National Heavy Duty Truck Group, with potential for new entrants in the future [28].