上图可见，近五年1月份的商用车市场走出一个降-降-增-降-增的趋势，最近五年1月份商用车市场销量大致呈现三个级别：低于20万 辆水准（2023年）、20-30万辆水准（2025年），以及超30万辆水准（2022年、2024年和2026年）。单从数字上看，2026年1月 份商用车市场35.87万辆的销量在近五年里是最高水平，比2025年1月份多销售接近7万辆，比五年最低的2023年1月份则高出接近18 万辆，几乎是当年1月份销量的2倍。如果把时间轴拉长到近十年来看，2026年1月份35.87万辆的销量也能排在第2位（仅低于2021年 1月份的45.93万辆）。从这一角度看，2026年商用车市场的开局表现很是不错。 自2025年6月份起，我国商用车市场同比一直保持增长态势，截止到2025年12月份已是"7连增"。 进入2026年，商用车市场的连增势头能否继续？一众商用车企业谁又能在2026年首月商用车销量榜上登顶？ 请看第一商用车网的分析报道。 第一商用车网最新获悉，根据中汽协数据（企业开票数口径，非终端实销口径，下同）， 2026年1月份，我国商用车市场销售35.87万 辆 ，环比2025年12月份下降16%， ...

每经AI快讯，中国重汽发布公告称，2026年2月11日10:00-11:00、2026年2月12日15:00-16:00，中国重汽 接受浦银安盛等投资者调研，公司IR胡啸、何炳易参与接待，并回答了投资者提出的问题。 每经头条（nbdtoutiao）——打造百万元级尊界的江淮，迎来葛卫东、方文艳联手投资：两人各掏10亿 元，公司股价应声大涨！复盘历史：牛散参与定增有赚也有亏 （记者 张明双） ...

Group 1: Company Performance - In January 2026, China's heavy truck market sold approximately 105,400 units, representing a year-on-year growth of about 46% [2][4] - The company maintains a good operational status, with overall production and sales scale achieving growth compared to the same period last year [2][4] - The company continues to strengthen product competitiveness and actively expand market share, remaining a leader in the heavy truck industry [3][4] Group 2: New Energy Heavy Trucks - The new energy heavy truck market in China is experiencing strong growth, with new sales reaching 20,600 units in January 2026, a significant year-on-year increase of 184% [4] - Supported by favorable policies and technological innovations, the new energy heavy truck sector is entering a new development cycle [4] - The company plans to deepen its focus in this area, optimizing product mix and market strategies to enhance overall competitiveness [4] Group 3: Export Performance - The company has achieved continuous growth in its export business, maintaining the industry’s leading position for 21 consecutive years [5] - The export markets primarily include Africa, Southeast Asia, Central Asia, and the Middle East, covering over 150 countries and regions globally [5] - The company is making breakthroughs in emerging markets, contributing to its strong export performance [5] Group 4: Axle Company Operations - The axle company is a subsidiary in which the company holds a 51% stake, ensuring stable market demand and revenue through close cooperation with the group’s vehicle production units [6] - The axle company has been recognized as a high-tech enterprise, allowing it to benefit from relevant tax incentives [6] - It continues to operate steadily with good profitability levels [6] Group 5: Natural Gas Heavy Trucks - In 2025, the cumulative sales of natural gas heavy trucks reached 12,000 units, reflecting a year-on-year growth of 31% [7] - The performance of natural gas heavy trucks is steadily improving in terms of range and power, narrowing the gap with diesel vehicles [7] - The company remains optimistic about the natural gas heavy truck market and plans to enhance product competitiveness and long-term strategic layout [7]

Core Viewpoint - The heavy-duty truck market in China achieved a strong start in January 2026, with sales reaching 105,400 units, representing a year-on-year growth of 46%, marking the tenth consecutive month of growth [1][2][12]. Group 1: Market Performance - In January 2026, the total truck market (including chassis and tractors) sold 323,500 units, showing a month-on-month decline of 10% but a year-on-year increase of 28% [3]. - The heavy-duty truck segment sold 105,400 units in January, with a month-on-month increase of 3% and a year-on-year increase of 46%, which is a significant improvement from the 22% growth in December 2025 [7][12]. - The January 2026 sales figure of 105,400 units is the fourth highest in the past decade and the highest in the last five years, indicating a strong market recovery [5][12]. Group 2: Company Performance - In January 2026, five companies sold over 10,000 units, with the top two being Heavy Truck (29,100 units) and Jiefang (20,500 units) [6][7]. - The top five companies accounted for 90.8% of the market share, with Heavy Truck leading at 27.6%, followed by Jiefang at 19.5%, and others like Shaanxi Automobile, Dongfeng, and Foton [9]. - Notably, companies like Dongfeng and Foton saw significant year-on-year growth rates of 83% and 86%, respectively, outperforming the overall market growth [9][11]. Group 3: Market Dynamics - The heavy-duty truck market's competitive landscape saw changes in rankings, with Chery returning to the top ten, and Jiefang moving up to second place [11]. - The market dynamics in January 2026 were characterized by intense competition, with several companies making significant gains in their rankings compared to December 2025 [11]. - The overall market sentiment remains positive, with expectations for continued strong performance in the coming months [12].

Core Viewpoint - The engineering machinery sector is experiencing significant growth driven by strong domestic and export demand, with sales data for excavators in January 2026 showing a 49.5% year-on-year increase, indicating a clear improvement in the industry's fundamentals [2][3]. Group 1: Market Performance - As of February 12, the Shanghai Composite Index rose by 0.02%, the Shenzhen Component Index increased by 0.32%, and the ChiNext Index gained 0.48%, with sectors like power equipment and small metals leading the gains [2]. - The Engineering Machinery ETF (E Fund, 159138) saw a rise of 1.27%, with constituent stocks such as Linde Co. (605060.SH) and China National Heavy Duty Truck Group (000951.SZ) increasing by over 5% [2]. Group 2: Industry Demand and Growth Drivers - The demand for engineering machinery is supported by factors such as increased construction activity, a rebound in iron ore and non-ferrous metal mining, and rising forestry investments, alongside a low base from the previous year [3]. - The domestic market is expected to see a mild recovery, bolstered by ongoing equipment renewal policies and the implementation of new industrialization and infrastructure initiatives [3]. Group 3: Global Market Dynamics - The global supply chain for mineral resources is being reshaped by increasing geopolitical tensions, leading to a heightened demand for mining companies to enhance their capital expenditures [3]. - Chinese manufacturers are expected to gain a larger share of the global market due to their cost-effectiveness and customized service capabilities, particularly in the context of the Belt and Road Initiative [3]. Group 4: Future Outlook - The domestic engineering machinery market is projected to continue its mild recovery into 2026, with core product sales expected to remain positive [4]. - The overseas sales growth of engineering machinery is anticipated to remain robust, particularly in Africa and countries along the Belt and Road, although competition and trade barriers may intensify [4].

Group 1 - Heavy machinery stocks in Hong Kong continued to rise, with China National Heavy Duty Truck Corporation (中国重汽) surging by 14% to reach a new historical high [1] - The China Construction Machinery Industry Association reported that in January 2026, a total of 18,708 excavators were sold, representing a year-on-year increase of 49.5%, with domestic sales at 8,723 units (up 61.4%) and exports at 9,985 units (up 40.5%) [1] - The strong sales data exceeded market expectations, indicating a clear improvement in the fundamentals of the industry, which served as a core catalyst for the sector's rise [1] Group 2 - In January 2026, China National Heavy Duty Truck Corporation exported over 16,000 heavy trucks, marking another historical high after surpassing 15,000 units for the first time in September of the previous year [1] - Dongguan Securities noted that the strong excavator sales in January were partly due to the impact of the Spring Festival holiday, and the year-on-year decline in domestic sales was significantly narrowed compared to the same period last year, reflecting signs of recovery in domestic demand for construction machinery [1]

Group 1 - Heavy machinery stocks in the Hong Kong market continue to rise, with China National Heavy Duty Truck Group (中国重汽) experiencing a significant intraday surge of 14%, reaching a new historical high [1] - Other notable performers include Sany International (三一国际) and Zoomlion Heavy Industry Science and Technology Co., Ltd. (中联重科), both increasing by 2.2%, while First Tractor Company (第一拖拉机股份) rose by 2.6% and Senson International (森松国际) gained 5.5% [1]

Group 1 - The heavy machinery stocks in Hong Kong continue to rise, with China National Heavy Duty Truck Corporation (中国重汽) surging by 14% to reach a new historical high, while other companies like Sany International (三一国际) and Zoomlion Heavy Industry Science and Technology Co., Ltd. (中联重科) also saw significant gains [1] - According to the China Construction Machinery Industry Association, in January 2026, a total of 18,708 excavators were sold, representing a year-on-year increase of 49.5%. Domestic sales reached 8,723 units, up 61.4%, while exports totaled 9,985 units, increasing by 40.5% [1] - The strong sales data for excavators in January exceeded market expectations, indicating a clear improvement in the fundamentals of the industry, driven by both domestic and international demand [1] Group 2 - Dongguan Securities noted that the sales of excavators in January marked a strong start to the year, with the increase in domestic sales primarily attributed to the disruptions caused by the Spring Festival holiday [1] - The domestic sales decline compared to the previous year has significantly narrowed, reflecting signs of recovery in domestic demand for construction machinery [1] - In January, China National Heavy Duty Truck Corporation's heavy truck export sales exceeded 16,000 units, marking another historical high after surpassing 15,000 units in September of the previous year [1]

Core Viewpoint - China National Heavy Duty Truck Group (China National Heavy Duty Truck, 03808) experienced a significant increase in stock price, opening over 14% higher before stabilizing at a 4.33% increase, reflecting strong market interest and positive performance indicators [1][1]. Sales Performance - In January, China National Heavy Duty Truck's heavy truck export sales exceeded 16,000 units, marking a historical high and continuing the momentum from September of the previous year when sales first surpassed 15,000 units [1][1]. - The company is projected to achieve total vehicle sales of over 440,000 units in 2025, representing a year-on-year growth of 22.5%. Heavy truck sales are expected to reach 300,000 units, maintaining the leading position in China's heavy truck industry for four consecutive years [1][1]. Export Growth - Heavy truck exports are anticipated to exceed 150,000 units for the year, with a year-on-year growth rate of over 14%, indicating robust demand in international markets [1][1]. - UBS has released a report highlighting the strong performance of China National Heavy Duty Truck's export business and the continuous optimization of its product structure, which is expected to be a major driver of profit growth in 2026 [1][1]. Corporate Structure - It is important to note that China National Heavy Duty Truck H and A shares are both referred to as "China National Heavy Duty Truck," but they have distinct ownership structures and asset compositions. The H shares hold 51% of the A shares, indicating a hierarchical relationship in ownership [1][1].

Core Viewpoint - The launch of the new generation HOWO KS heavy truck by China National Heavy Duty Truck Group (CNHTC) marks a significant step towards a greener, smarter, and more efficient era in the commercial vehicle industry, responding to the demands of high-quality development and the national "dual carbon" strategy [2][3]. Group 1: Industry Benchmark and Market Strategy - The HOWO brand has established itself as a leader in the global heavy truck market over the past 22 years, with the new HOWO KS representing a culmination of technological advancements and market insights [3]. - The launch event in Suzhou, a logistics hub, emphasizes CNHTC's strategic focus on key markets to enhance the modernization of China's logistics system [5]. Group 2: Product Features and Innovations - The HOWO KS features a Weichai NG4.0 gas engine with a thermal efficiency exceeding 54%, promising significant operational cost advantages for fuel-sensitive customers [6]. - The truck incorporates advanced aerodynamic technologies, achieving a drag coefficient of 0.45Cd, which positions it among the best in its class for fuel efficiency [8]. - A new high-end electrical architecture reduces the complexity of the vehicle's electrical system, enhancing reliability and uptime [8]. - The truck's design includes ergonomic improvements for driver comfort, advanced fatigue monitoring systems, and comprehensive safety features, including a braking system that meets stringent European safety standards [10]. Group 3: Economic Impact and User Experience - The introduction of the HOWO KS is seen as a transformative opportunity for truck drivers and logistics companies, shifting the perception of trucks from cost centers to wealth-generating assets [11]. - Users report significant reductions in total lifecycle costs due to the truck's low drag design and high thermal efficiency, leading to improved fuel economy and reduced maintenance downtime [13]. - Enhanced driver comfort and safety features contribute to a better working environment, while supportive financial policies make the truck more accessible to a broader range of customers [13].