1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - By 2035, new energy vehicles will become the mainstream of newly sold vehicles in China, with the net greenhouse gas emissions in the entire economic scope decreasing by 7%-10% from the peak, non-fossil energy consumption accounting for over 30% of the total energy consumption, and other goals to be achieved [1][109][118]. - The penetration rate of the Chinese new energy vehicle market exceeded 30% in 2023 and 50% in 2024. In 2025, high - competitiveness new car products are continuously launched, and price wars are gradually stopped. Overseas markets face trade protectionism in Europe and the United States, so attention should be paid to new growth points such as countries along the Belt and Road and the Middle East. The market share of independent brands continues to expand [3][120]. 3. Summary According to Relevant Catalogs 3.1 Financial Market Tracking - The one - week price changes of related sectors and listed companies are presented in charts. For example, BYD's one - week price decline was 1.65%, while Seres' was 9.48% [12][15]. 3.2产业链数据跟踪 3.2.1 China New Energy Vehicle Market Tracking - **Sales and Exports**: Data on China's new energy vehicle sales, penetration rate, domestic sales, exports, and sales of EV and PHV are presented in charts [16][21][23]. - **Inventory Changes**: Charts show the monthly new additions to new energy passenger vehicle channel inventory and manufacturer inventory [24][25]. - **Delivery Volumes of Chinese New Energy Vehicle Enterprises**: Monthly delivery volumes of enterprises such as Leapmotor, Li Auto, XPeng, NIO, etc., are presented in charts [27][28][32]. 3.2.2 Global and Overseas New Energy Vehicle Market Tracking - **Global Market**: From January to July, global new energy vehicle sales reached 9.233 million, a year - on - year increase of 25.9%. Except for China, Europe and other regions also had significant growth, with year - on - year increases of 29.5% and 53.4% respectively [2]. - **European Market**: Data on European new energy vehicle sales, penetration rate, and sales of EV and PHV in countries like the UK, Germany, and France are presented in charts [44][50][55]. - **North American Market**: In August, US new energy vehicle sales and penetration rate reached record highs. Due to the expiration of the federal electric vehicle tax credit on September 30, high market enthusiasm is expected to continue in September, followed by a sharp decline. Data on North American new energy vehicle sales, penetration rate, and sales of EV and PHV are presented in charts [2][119]. - **Other Regions**: Data on new energy vehicle sales, penetration rate, and sales of EV and PHV in regions such as Japan, South Korea, and Thailand are presented in charts [62][70][72]. 3.2.3 Power Battery Industry Chain - Data on power battery installation volume, export volume, weekly average price of battery cells, material costs, and the operating rates and prices of various battery materials are presented in charts [79][81][85]. 3.2.4 Other Upstream Raw Materials - Data on the daily prices of rubber, glass, steel, and aluminum are presented in charts [102][103][104]. 3.3 Hot News Summaries 3.3.1 China: Policy Dynamics - By 2035, new energy vehicles will become the mainstream of newly sold vehicles in China. From 2026, export license management will be implemented for pure - electric passenger vehicles [109]. 3.3.2 China: Industry Dynamics - From September 1 - 21, new energy vehicle retail sales increased by 10% year - on - year, and cumulative retail sales since the beginning of the year increased by 24%. In the 38th week (September 15 - 21), new energy passenger vehicle retail sales were 299,000, a year - on - year increase of 5.9%, and cumulative retail sales since the beginning of the year were 8.214 million, a year - on - year increase of 23.0% [111][112][113]. 3.3.3 China: Enterprise Dynamics - Chery Automobile was listed on the Hong Kong Stock Exchange, raising HK$9.14 billion. Li Auto and Sunwoda Power jointly established a battery company [114]. 3.3.4 Overseas: Policy Dynamics - Australia announced a 2035 emission reduction target, aiming to reduce emissions by 62 - 70% compared to 2005. The US lowered the import tariff on EU cars to 15%, and Turkey imposed new tariffs on imported passenger cars [114][116][119]. 3.3.5 Overseas: Enterprise Dynamics - BYD's Brazilian factory obtained an international green certificate. Porsche adjusted its product strategy, slowing down electrification and lowering its 2025 performance expectations [117][118]. 3.4 Investment Advice - Pay attention to new growth points such as countries along the Belt and Road and the Middle East. Focus on enterprises with strong product capabilities, smooth overseas expansion, and stable supply [3][120].

Core Viewpoint - The commercial vehicle sector experienced a rise of 1.22% on September 29, with Hanma Technology leading the gains. The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1]. Group 1: Market Performance - The commercial vehicle sector saw significant individual stock movements, with Hanma Technology closing at 8.05, up 5.23%, and a trading volume of 963,600 shares, amounting to 773 million yuan [1]. - Other notable performers included Zhongshun Vehicles, which rose 5.00% to 9.45, and Jianghuai Automobile, which increased by 2.85% to 53.10 [1]. - The overall trading volume for the commercial vehicle sector was substantial, with Jianghuai Automobile achieving a transaction value of 3.016 billion yuan [1]. Group 2: Fund Flow Analysis - The commercial vehicle sector experienced a net inflow of 239 million yuan from institutional investors, while retail investors saw a net outflow of 38.64 million yuan [3][4]. - Jianghuai Automobile attracted the highest net inflow from institutional investors at 185 million yuan, while Zhongshun Vehicles had a net inflow of 22.17 million yuan [4]. - Conversely, Yutong Bus faced a net outflow of 35.65 million yuan from retail investors, indicating a shift in investor sentiment [4].

Core Viewpoint - The establishment of the Yuchai Beijing Marketing Center marks a significant step for Yuchai Group in enhancing its market presence and supporting its global strategy, aligning with national policies and industry trends [3][4]. Group 1: Functions of Yuchai Beijing Marketing Center - The center will serve four main functions: 1. Establishing a strategic platform to support Yuchai's global strategy with decision-making based on national policies and industry trends [3]. 2. Acting as a high-end customer service center to provide rapid and professional technical support to key clients in North China and nationwide [3]. 3. Serving as a brand image window to showcase Yuchai's technological strength and corporate image on an international stage [3]. 4. Functioning as a talent and resource hub to attract high-end talent and promote innovation in high-end, intelligent, and green development [3]. Group 2: Significance of the Marketing Center - The opening of the Beijing Marketing Center is seen as a vital move for Yuchai to deepen its domestic market engagement and expand its global market reach [4]. - The center is positioned to leverage Beijing's influence as a political, economic, cultural, and information center, thereby injecting new momentum into Yuchai's sustainable high-quality development [4]. Group 3: Industry Context - The establishment of the marketing center is viewed as a practical implementation of the industry's structural adjustment and a push towards high-quality development [3]. - The center aims to enhance industry chain collaboration and deepen international cooperation, contributing to the advancement of China's power equipment industry towards the high end of the global value chain [3].

Summary of Conference Call Notes on China Machinery: Trucks & Engines Industry Overview - **Industry Focus**: Heavy-Duty Trucks (HDT) and Engines in China - **Key Companies Discussed**: Weichai Power, Sinotruk Jinan Truck, Sinotruk-H Core Insights Domestic HDT Cycle - **2025 Sales Outlook**: Industry participants expect domestic HDT sales volume to be between 700k-800k units, up from previous estimates of 600k-700k units, driven by a stronger-than-expected equipment upgrade program [4][6][7] - **2026 Uncertainty**: There is uncertainty regarding demand in 2026, with expectations of flat or declining sales due to the diminishing impact of the equipment upgrade program [7][8] Near-Term Trends - **Strong Order Momentum**: OEMs reported strong order momentum in 3Q25, with retail sales volume more than doubling year-over-year in early September [6][8] - **Sales Projections for September**: Expected retail sales volume of 75-80k units (up 80%+ YoY) and wholesale volume exceeding 100k units (up 70%+ YoY) [6][8] Export Performance - **3Q25 Export Volume**: Sinotruk reported stronger-than-expected export volumes, with a monthly run-rate of ~13k units, primarily driven by demand from Africa and Southeast Asia [8][10] - **Full-Year Export Expectations**: Industry participants expect full-year HDT export volume to be in the range of 300-310k units [10] Powertrain Dynamics - **Shift Towards LNG and Electrification**: There is a notable comeback of LNG HDTs, with sales volume up +110% YoY in early September. Electrification is accelerating, but concerns remain regarding technology and business models [9][11] - **Electrification Projections**: eHDT penetration could reach 25-26% for the full year, with expectations of continued growth into 4Q25 [11] Competitive Landscape - **Intensified Competition**: Despite better-than-expected demand, competition among truck and engine OEMs has intensified, leading to price reductions and market share shifts [12][13] - **Market Share Changes**: Foton and Dongfeng gained market share, while FAW and Sinotruk lost shares, particularly in the LNG segment [12][13] Regulatory Developments - **China VII Emission Standard**: The draft policy for the China VII emission standard is expected by end-2025 or 1H26, with potential implications for pre-buying and phasing out older models [14] - **GB 1589 Amendment**: Discussions are ongoing regarding increasing the weight limit for eHDTs, which could enhance their economic returns [14] Financial Outlook Weichai Power - **Investment Thesis**: Positive outlook on cyclical recovery for HDTs, with expectations of stronger profitability and robust free cash flow [50][53] - **Valuation**: Target price set at HK$21.00/share, reflecting improving engine earnings prospects [54] Sinotruk - **Investment Thesis**: Concerns over accelerating truck electrification and its impact on competitive landscape and margins [56][57] - **Valuation**: Target price set at HK$20.00/share, reflecting expected margin deterioration due to electrification [60] Key Risks - **Macro Activity**: Slower-than-expected macro activity, particularly in road freight and infrastructure [55][61] - **Electrification Impact**: Risks associated with the shift to higher electrification penetration and lower LNG usage [55][61] Additional Insights - **Channel Inventory**: Healthy channel inventory observed, with sell-in and sell-through trends moving in tandem [6][22] - **LNG Price Dynamics**: Favorable LNG/diesel price spread expected to support LNG HDT sales, despite seasonal price volatility [11]

Investment Rating - The report maintains a "Recommended" rating for the automotive industry [1] Core Views - The automotive industry is expected to benefit from the continuation of the vehicle replacement policy in 2025, supporting upward consumption trends. The industry is also experiencing a structural shift towards high-end and intelligent upgrades, which presents investment opportunities [18] Summary by Sections Recent Developments - Chery Automobile has successfully listed on the Hong Kong Stock Exchange, raising HKD 9.14 billion with a record oversubscription of 238 times. The company's revenue is projected to grow from CNY 92.618 billion in 2022 to CNY 269.899 billion by 2024, with a compound annual growth rate (CAGR) of 70.7% [5][13] - The Ideal i6 was launched at a price of CNY 249,800, featuring advanced technology and performance specifications [14] - The Shangjie H5 was launched with a starting price of CNY 159,800, offering both electric and range-extended versions [15] - The all-new Wanjie M7 was launched with a price range of CNY 279,800 to CNY 379,800, providing multiple powertrain options [17] Market Performance - From September 22 to September 26, the automotive sector underperformed compared to the Shanghai Composite Index, with the automotive index remaining flat while the overall index rose by 0.2% [19] - The automotive sector's weekly trading volume decreased, indicating a potential decline in investor interest [19] Investment Opportunities - The report highlights several companies poised to benefit from the industry's transition to high-end and intelligent vehicles, including Ideal Auto, Jianghuai Automobile, Geely, BYD, and Great Wall Motors [18] - The report also identifies opportunities in high-level intelligent driving technologies, recommending companies like XPeng Motors and Huayang Group [18] - In the commercial vehicle sector, it anticipates a recovery in heavy truck demand in 2025, recommending leading companies such as Foton Motor and China National Heavy Duty Truck Group [18] Key Company and Earnings Forecasts - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for several key companies, indicating a bullish outlook for firms like Yiyuan Co., Baolong Technology, and Xinyu Co. [8]

Core Viewpoint - The article highlights the advantages of the Yuchai K15N gas heavy truck, emphasizing its fuel efficiency, powerful performance, and comfort, which make it a preferred choice for logistics operators in a challenging market environment [1][14]. Group 1: Performance and Efficiency - The Yuchai K15N gas engine has a displacement of 14.8 liters, a maximum power of 570 horsepower, and a maximum torque of 2600 Nm, providing strong performance for various road conditions [4]. - The truck's fuel consumption is notably low, averaging 28 kg of gas per 100 km, which allows operators to save significantly on fuel costs compared to diesel trucks [9]. - The operator reported a time savings of 4 hours on the same route with the Yuchai K15N compared to a previous diesel truck, indicating improved efficiency [6]. Group 2: Economic Impact - In the current market, where freight rates have decreased by about 25% compared to previous years, the low fuel consumption of the Yuchai K15N helps maintain profitability [9]. - The operator noted that switching to the Yuchai K15N resulted in a cost difference of over 0.8 yuan per kilometer compared to the previous diesel vehicle, enhancing overall earnings [9]. Group 3: Comfort and Safety - The Yuchai K15N gas truck offers a quieter driving experience, reducing fatigue during long hauls, which is crucial for maintaining efficiency [10]. - The truck is equipped with high-power cylinder brakes and a hydraulic retarder, enhancing safety during downhill driving and reducing concerns about brake wear [12]. Group 4: Market Adaptation - The operator's decision to switch to a gas truck reflects a broader trend in the logistics industry, where cost-saving measures are essential for survival amid rising operational costs [7][14].

Core Viewpoint - The collaboration between Dongfeng Commercial Vehicle and ZTO Express is deepening, focusing on enhancing transportation efficiency and operational reliability through the delivery of 300 units of the Dragon Power 3.0 integrated intelligent and efficient power chain express traction vehicles [3][5]. Group 1: Strategic Cooperation - Dongfeng Commercial Vehicle and ZTO Express have reached a strategic consensus to address core needs such as transportation efficiency, operational reliability, and energy conservation [3]. - Following the previous purchase of 400 intelligent traction vehicles, ZTO Express has again opted for a large-scale acquisition of 300 units of the Dragon Power 3.0, which includes both fuel and gas power types [3][5]. Group 2: Product Performance and Market Validation - The Dragon Power 3.0 has demonstrated reliability in efficient transportation and energy-saving operations, with over 50,000 units deployed and a cumulative operational mileage exceeding 10 billion kilometers [5]. - The product has received high recognition from customers, supported by Dongfeng's comprehensive service system that alleviates customer concerns [5]. Group 3: Technical Advancements - The Dragon Power 3.0 integrates eight core technologies, achieving an industry-leading thermal efficiency of 51.08%, showcasing adaptability and stability under various transportation routes and complex working conditions [9]. - The integrated design allows for coordinated control between the engine and transmission, enhancing reliability, durability, and overall vehicle efficiency compared to traditional models [9]. Group 4: Future Outlook - With the delivery of 300 Dragon Power traction vehicles, ZTO Express aims to further enhance efficiency and profitability in express trunk transportation, contributing to the high-quality and green development of the logistics industry [12]. - Dongfeng Commercial Vehicle will continue to adhere to a customer-centric strategy, leveraging the advantages of the Dragon Power 3.0 and comprehensive service offerings to support the sustainable development of the express delivery sector [12].

9月27日，中国重汽集团济南卡车股份有限公司发布关于选举职工董事的公告。中国重汽集 团济南卡车股份有限公司（简称"公司"）为完善公司治理结构，根据《中华人民共和国公 司法》等有关规定，于2025年9月25日召开公司职工代表大会。经与会职工代表认真审议 并表决，同意选举王军为公司第九届董事会职工董事（简历见附件），其任期至公司第九届 董事会任期届满之日止。 王军具备职工董事任职资格和条件，不存在《中华人民共和国公司法》《公司章程》中规定 的不得担任董事的情形，亦不存在被中国证监会确定为市场禁入者且尚未解除的情况。其任 职为公司职工董事后，公司第九届董事会成员数量不发生变动，其中兼任公司高级管理人员 以及由职工代表担任的董事人数总计未超过公司董事总数的二分之一，符合相关法律法规的 要求。 附：个人简历 王军，男，汉族，1975年1月出生，中共党员，本科学历，经济师。曾任泰安五岳公司总 经理、公司首席营销官（CMO）、销售部副总经理、威海商用车公司董事长、济南商用车 销售部总经理等职。现任公司党委委员，公司销售部总经理。2023年7月任本公司董事。 王军与公司控股股东及实际控制人不存在关联关系，与其他持有公司5%以 ...

Core Points - The company held a staff representative meeting on September 25, 2025, to elect Mr. Wang Jun as the employee director of the ninth board of directors [1] - Mr. Wang Jun meets the qualifications and conditions for the position of employee director and does not fall under any disqualifying conditions as per relevant laws [1] - The number of members on the ninth board of directors remains unchanged following Mr. Wang's election, complying with legal requirements [1] Summary of Mr. Wang Jun's Profile - Mr. Wang Jun, born in January 1975, is a member of the Communist Party and holds a bachelor's degree, with a professional title of economist [2] - He has held various positions including General Manager of Tai'an Wuyue Company, Chief Marketing Officer, and Chairman of Weihai Commercial Vehicle Company [2] - Mr. Wang has no related party relationships with major shareholders or other board members and has not been penalized by regulatory authorities [2]

证券日报网讯 9月26日晚间，中国重汽（000951）发布公告称，同意选举王军先生为公司第九届董事会 职工董事。 ...