Core Viewpoint - The "Heavy Truck First Influence Index" for November 2025 shows a total score of 2220 points for nine major heavy truck brands in China, reflecting a 13.5% decrease from October and a slight 3.4% decline year-on-year, indicating a competitive market landscape despite the drop in scores [1][4]. Group 1: Brand Performance - FAW Jiefang continues to lead the index with a score of 588, maintaining its position for 11 consecutive months, suggesting strong brand influence and market presence [7][8]. - China National Heavy Duty Truck ranks second with a score of 433, demonstrating significant sales performance during promotional events [12][8]. - Dongfeng Commercial Vehicle and XCMG Automotive follow with scores of 262 and 204 respectively, showcasing their competitive strategies in the market [8][12]. Group 2: Market Events and Promotions - The November 2025 "Heavy Truck First Influence" event statistics highlight significant promotional activities, including FAW Jiefang's successful livestream sales event, which generated over 6000 orders [10][12]. - China National Heavy Duty Truck's "Double Eleven" sales event resulted in 1219 orders, indicating strong market demand and brand recognition [12][8]. - Dongfeng showcased its strategic advancements at the Wuhan Commercial Vehicle Exhibition, emphasizing its commitment to high-end, intelligent, and green vehicle solutions [13][12]. Group 3: Industry Trends - The heavy truck market is experiencing a competitive environment, with brands focusing on innovative technologies and customer engagement strategies to enhance their market positions [21][19]. - The penetration rate of new energy heavy trucks has surpassed 35%, reflecting a growing trend towards sustainable transportation solutions within the industry [25]. - Strategic partnerships, such as XCMG's collaboration with JD.com, are expanding the scope of logistics and digital technology services in the heavy truck sector [17][16].

Core Insights - China National Heavy Duty Truck Group (CNHTC) maintains its leadership in the heavy truck industry with achievements such as being the world's largest heavy truck manufacturer and leading in export sales for 21 consecutive years [1][2] - The upcoming 2026 Partner Conference on December 18 will focus on the theme "Technology Leading, Win-Win for the Whole Chain," emphasizing the importance of new energy and new business models in the commercial vehicle sector [1][3] Group 1 - CNHTC's market insights and commitment to technological innovation have positioned it as a benchmark in the industry, with top sales in ten market segments [1] - The conference aims to create a collaborative platform that focuses on the entire lifecycle value of users, enhancing value creation across the entire ecological chain [1][2] Group 2 - The event will feature an immersive exhibition layout showcasing CNHTC's latest achievements in new energy and digital intelligence, covering a full range of vehicle models [2] - The conference will serve as a deep dialogue between traditional logistics and a green future, highlighting the connection between innovation and product implementation [2][3]

在"金九银十"两月连续交出超2万辆成绩单的新能源重卡市场，在刚刚过去的11月又刷新了多 项纪录！ 2025年11月份，新能源重卡在重卡市场终端销量的占比达到36.45% ，较上月占比 （28.65%）提升不少，高于2024年全年占比（13.61%），比去年同期渗透率（17.61%） 高了接近20个百分点。上图还可见，自2025年3月份开始，重卡市场新能源渗透率再也没有 低于过20%，自6月份起均超过25%，刚刚过去的11月份渗透率首次突破30%，并一举超过 35%。 2025年1-11月，重卡市场新能源渗透率达到25.95% （去年同期渗透率为 12.54%），用气势如虹来形容2025年，尤其是最近几月的新能源重卡市场毫不夸张。 2025年1-11月，全国31个省（市、区）都有新能源重卡上牌。 具体到城市来看，截止到11 月份，今年全国已有326座城市有新能源重卡上牌（11月新增2城），其中上海、深圳、广 州、成都、长沙、郑州、昆明、天津、西安、昌吉、石家庄、临汾、晋城、北京和重庆等17 座城市上牌量已超过2000辆，上牌量超过4000辆的城市都有5座（如下图）。 爆！可以说是2025年11月份新能源重卡市场 ...

Core Viewpoint - The upcoming Shandong Heavy Industry China National Heavy Duty Truck Group 2026 Partner Conference emphasizes the theme "Technology Leading, Full Chain Win-Win," highlighting the importance of technological innovation and collaborative industry development [1][2] Group 1: Technological Innovation - China National Heavy Duty Truck Group positions cutting-edge technology as the "engine" for industry upgrades, focusing on areas such as new energy power, intelligent networking, digital manufacturing, and comprehensive operational solutions [1] - The company aims to break through barriers in industrial upgrades through technological advancements, sharing market opportunities with partners to create a sustainable industrial development ecosystem [1] Group 2: Value Philosophy - The conference conveys a value philosophy centered on "sustainable growth," promoting an open collaborative mechanism to empower the industry, positioning the company as both a technology leader and a co-builder of ecological value [1] - The visual representation of "WIN-WIN" at the conference symbolizes the dynamic interplay of technology and future prospects, reflecting the company's commitment to green transformation and low-carbon development [1] Group 3: Industry Collaboration - "Technology Leading" is defined as not just product technology iteration but as a foundational element for reshaping industry chain relationships and empowering all chain partners [2] - Each technological breakthrough serves as a "growth anchor" for partners, clarifying the direction of the industry chain and how each partner can position themselves for new development momentum [2] - "Full Chain Win-Win" signifies a shift from traditional value chain collaboration to a sustainable value ecosystem, fostering an open collaboration core that amplifies the value of each link in the ecosystem [2]

Group 1: Commercial Vehicles - The core conclusion for heavy trucks indicates that exports will surpass domestic sales in 2026, with a focus on leading exporters [2] - In 2025, the total wholesale volume for heavy trucks is expected to reach 1.143 million units, a year-on-year increase of 26.7%, with domestic sales at 814,000 units (+35.2%) and exports at 332,000 units (+14.3%) [11][12] - The penetration rate of electric heavy trucks is projected to rise to 30%-35% in 2026, with natural gas trucks also expected to gain market share [2][11] Group 2: Buses - The bus sector is expected to see stronger external demand than internal demand in 2026, with a projected growth of 3% for domestic sales and 30% for exports [3][22] - The key players in the bus industry, such as Yutong and King Long, are anticipated to benefit from the recovery in both domestic and overseas markets [3][22] - The overall profitability of the bus sector is expected to improve, driven by the recovery in demand and the performance of leading companies [23][39] Group 3: Motorcycles - The motorcycle industry is projected to achieve a total sales volume of 19.38 million units in 2026, a year-on-year increase of 14%, with large-displacement motorcycles expected to grow by 31% [4][29] - Exports of large-displacement motorcycles are expected to reach 830,000 units in 2026, reflecting a 50% increase compared to the previous year [4][29] - Leading motorcycle manufacturers, such as Chunfeng and Longxin, are expected to benefit from the continued growth in exports and large-displacement motorcycle sales [4][30]

Group 1: Company Overview and Market Performance - The heavy truck market in China sold 1.042 million units from January to November 2025, representing a year-on-year growth of 27.5% [2] - In November 2025 alone, approximately 113,000 heavy trucks were sold, showing a significant year-on-year increase of 65.4% [2] - The company maintains a robust operational status with a healthy order backlog and steady improvement in production and sales compared to the previous year [2] Group 2: Export Business - The company has achieved a leading position in the export market for 20 consecutive years through its subsidiary, Heavy Truck International [3] - The export business continues to perform well, covering over 150 countries and regions, with a strong presence in Africa, Southeast Asia, Central Asia, and the Middle East [3] Group 3: Natural Gas Heavy Trucks - From January to October 2025, cumulative sales of natural gas heavy trucks reached 166,800 units, reflecting a year-on-year growth of 6% [3] - The company is optimistic about the future of natural gas heavy trucks, focusing on enhancing product competitiveness and long-term strategic planning [3] Group 4: New Energy Heavy Trucks - The new energy heavy truck market in China has seen rapid growth, with cumulative sales exceeding 161,000 units from January to November 2025, marking a remarkable year-on-year increase of 189% [3] - The company plans to deepen its involvement in the new energy sector, aligning with policy and technological trends to ensure sustainable business development [3]

Group 1 - The company held its 11th meeting of the 9th Board of Directors on December 11, 2025, with 9 directors invited and 7 present, meeting legal requirements for attendance [2] - The meeting approved the estimated daily related transactions for 2026, with expected sales transactions amounting to approximately 37.85 billion RMB and procurement transactions around 28.22 billion RMB [3][46] - The board also approved several management system improvements, including revisions to the Independent Director System and the establishment of a management system for the departure of directors and senior management [4][5][6] Group 2 - The company plans to hold its 7th extraordinary shareholders' meeting on December 29, 2025, with both on-site and online voting options available [15][21] - The meeting will address proposals that have already been approved by the Board of Directors, including the related transaction proposal, which requires certain shareholders to abstain from voting [28][29] - The company has established a clear process for shareholder registration and voting, ensuring compliance with relevant laws and regulations [31][32][33] Group 3 - The company reported that from January to November 2025, related transactions with associated parties amounted to approximately 27.99 billion RMB for sales and about 21.57 billion RMB for purchases [46] - The company has established pricing principles for related transactions, ensuring fairness and compliance with market standards [56] - The company emphasizes that these related transactions are part of its normal business operations and do not harm the interests of minority shareholders [59][60]

Group 1 - The company, China National Heavy Duty Truck Group (SZ 000951), announced that its 11th meeting of the 9th Board of Directors will be held on December 11, 2025, to review the proposal regarding the expected daily related transactions for 2026 [1] - For the first half of 2025, the company's revenue composition is entirely from the automotive manufacturing sector, accounting for 100.0% [1] - As of the report date, the market capitalization of China National Heavy Duty Truck Group is 19.9 billion yuan [1]

中国重汽集团济南卡车股份有限公司 关联交易制度 第一章 总则 第一条 为规范中国重汽集团济南卡车股份有限公司（以下简称"公 司"）关联交易行为，保障关联交易的公允性与合理性，提高公司规范 运作水平，保护公司和全体股东的合法权益，根据《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》（以下 简称"《证券法》"）《深圳证券交易所股票上市规则》（以下简称"《股 票上市规则》"）《深圳证券交易所上市公司自律监管指引第 1 号—主 板上市公司规范运作》《深圳证券交易所上市公司自律监管指引第 7 号 —交易与关联交易》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》"）等规定，制定本制度。 第二条 公司的关联交易应当遵循以下基本原则： （一）诚实信用、平等、自愿原则； （二）公开、公平、公正、公允原则； （三）关联交易事项应当符合有关法律、法规及《公司章程》的规 定，并遵守公司签署的相关合同或协议的规定，不得损害公司和其他股 东的利益； （四）尽量避免或减少与关联人之间的关联交易; （五）关联董事和关联股东回避表决; （六）公司董事会应当根据客观标准判断该关联交易是否对公司有 ...

中国重汽集团济南卡车股份有限公司 内部审计工作制度 1 总则 1.1 为加强中国重汽集团济南卡车股份有限公司（以下简称"公 司"）内部审计工作，建立健全内部审计流程，规范内部审计行为，根 据《中华人民共和国公司法》《中华人民共和国审计法》《上市公司治 理准则》《深圳证券交易所上市公司自律监管指引第 1 号—主板上市公 司规范运作》等有关法律法规和其他规范性文件以及《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，结 合公司实际情况，制定本制度。 2.3 内部审计应当涵盖公司经营活动中与财务报告和信息披露事 务相关的所有业务环节，包括：销货与收款、采购及付款、存货管理、 固定资产管理、资金管理、投资与融资管理、人力资源管理、信息系统 管理和信息披露事务管理等。内部审计部门可以根据公司所处行业及生 产经营特点，对上述业务环节进行调整。 3 审计部门、人员、职能范围与信息披露 3.1 公司审计工作遵循分级负责、系统管理的原则，依照有关法 律法规设置内部审计部门，配备专职审计人员，不得置于财务部门的领 导之下，或者与财务部门合署办公，建立健全内部审计制度，开展内部 审计工作。 1 3.2 ...