Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The automotive sector is experiencing significant growth, with a focus on high-end luxury vehicles and electric vehicles, indicating strong future performance potential [7] - The report highlights the rapid delivery milestones achieved by new energy vehicle brands, particularly Hongmeng Zhixing, which reached over one million deliveries in just 43 months [5][13] - The report emphasizes the increasing competition in the automotive market, particularly in the electric vehicle segment, and the need for companies to innovate and adapt to changing consumer demands [7][25] Industry News - Hongmeng Zhixing's "Five Realms and Ten Cars" has achieved over one million deliveries, setting a record for the fastest delivery by a new energy vehicle brand in China [5][13] - Zeekr has announced its entry into the South Korean market, signing agreements with four local dealers to establish a sales and service network [14] - The new Wuling Blue Mountain smart version has begun pre-orders, featuring advanced driving assistance technology [15] - Cao Cao Mobility has upgraded its Robotaxi strategy, planning to cover 100 cities over the next decade [16] - A new national standard for automotive steering systems has been released, supporting steer-by-wire technology and removing mandatory mechanical connections [17][18] Market Performance - The automotive sector's performance this week saw the CSI 300 index increase by 1.28%, with the automotive sector rising by 1.27%, ranking 10th among A-share industries [6][26] - The passenger vehicle index increased by 0.20%, with Xiaomi Group and SAIC Motor leading the gains [6][31] - The commercial vehicle index rose by 2.24%, with Yutong Bus and China National Heavy Duty Truck leading the sector [6][32] - The automotive parts index increased by 1.56%, with Fosa Technology and Aerospace Science and Industry leading the gains [6][33] Investment Recommendations - For passenger vehicles, the report recommends investing in Jianghuai Automobile, Seres, and Xpeng Motors, with Geely Automobile identified as a beneficiary [7] - In the automotive parts sector, companies like Desay SV, Zhejiang Xiantong, and Meili Technology are recommended, with additional beneficiaries including Weichai Power and Baojun Technology [7]

11 月中国乘用车批发销量达 299.2 万辆，前 11 个月汽车以旧 换新超 1120 万辆 [Table_Industry] 汽车周报 [Table_ReportDate] 2025 年 12 月 7 日 2 证券研究报告 行业研究 [Tabl 行业周报e_ReportType] | [Table_StockAndRank] 汽车 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | 赵启政 汽车行业分析师 执业编号：S1500525030004 邮箱：zhaoqizheng@cindasc.com [Table_Title] 11 月中国乘用车批发销量达 299.2 万辆，前 11 个月汽车以旧换新超 1120 万辆 [Table_ReportDate] 2025 年 12 月 7 日 投资要点： | 图 1：本周汽车板块涨 1.38%，涨跌幅位居 A 股申万一级行业第 10 位 4 | | --- | | 图 2：A 股汽车板块本年度涨跌幅申万一级行业排名第 11 位 4 | | 图 3：乘用车板块表现 4 | | 图 4：商用车板块表现 5 | | 图 5：汽车 ...

Core Viewpoint - The establishment of the Yuchai Vietnam factory marks a significant milestone in Yuchai's internationalization strategy and showcases successful cooperation between Chinese and Vietnamese enterprises in the high-end equipment manufacturing sector [1][3]. Group 1: Factory Establishment and Significance - The Yuchai Vietnam factory, located in Hue City, is the second engine factory built overseas by Yuchai, following the one in Thailand [1]. - This factory is the first specialized automotive engine plant in Vietnam, enhancing the market position and brand value of both Jinlong Automobile and Yuchai in Vietnam and the ASEAN market [3]. Group 2: Construction and Production Capabilities - Construction of the factory began in August 2024, with Yuchai leveraging decades of experience in engine manufacturing to provide comprehensive solutions, including production line construction, technical services, and digital system development [5]. - The factory features a globally leading, highly automated engine assembly production line, primarily producing Yuchai's full range of diesel and natural gas engines for various applications, including commercial vehicles, construction machinery, agricultural machinery, ships, and power generation [5]. Group 3: Strategic Cooperation and Future Plans - Yuchai's Chairman, Li Hanyang, emphasized that the factory's completion is a result of strategic cooperation with Jinlong Automobile and reflects the deepening economic and trade relations between China and Vietnam [7]. - The modern factory will serve as a link to strengthen strategic cooperation and promote Yuchai's internationalization efforts, injecting strong "Chinese core" technology into Vietnam's automotive industry [7]. Group 4: Market Performance and Growth - In recent years, Yuchai has actively responded to the Belt and Road Initiative, implementing an international development strategy and establishing a series of significant overseas projects in Southeast Asia and Europe [9]. - From January to November, Yuchai's overseas engine sales increased by over 50% year-on-year, contributing to record highs in several key operational indicators for the year [9].

Core Viewpoint - The proposal by former President Trump to terminate strict fuel economy standards set by the Biden administration poses a significant challenge to Europe's aggressive policies on banning fuel vehicles, highlighting a shift in the automotive industry's dynamics towards a more sustainable and diversified future led by China's oil-electric hybrid strategy [1][9]. Group 1: Policy Changes and Impacts - Trump's proposal aims to reduce the average cost of purchasing new cars by $1,000, potentially saving Americans $109 billion over five years [3]. - The new fuel efficiency standard proposed by Trump's administration requires vehicles to achieve approximately 34 miles per gallon by 2031, compared to Biden's target of 50 miles per gallon [2]. Group 2: Industry Dynamics - The automotive industry's core profits are derived from fuel vehicles, and the transition to electric vehicles represents a significant restructuring of interests, with traditional automakers facing survival pressures due to lost profits from engine manufacturing and after-sales services [4]. - The shift in stance among U.S. automakers from supporting electric vehicle initiatives to opposing stringent regulations reflects the industry's struggle with profit erosion amid changing policies [4]. Group 3: European Market Challenges - European automakers are under severe pressure from the EU's legislation to ban fuel vehicles by 2035, which is seen as overly ambitious and detrimental to businesses [5]. - The EU's "Fit for 55" plan aims for a 55% reduction in new car carbon emissions by 2030, with a complete transition to zero emissions by 2035, but this has led to some companies planning to abandon engine development altogether [5]. Group 4: Global Automotive Trends - The trend of oil-electric hybrid strategies is gaining traction globally, with Asian automakers, particularly Chinese brands like BYD, Geely, and Chery, significantly increasing their market share [7][8]. - The global automotive market remains predominantly fuel-based, with 73% of vehicles still using fuel, indicating that a rapid transition to electric vehicles is unlikely in the short term [8]. Group 5: China's Strategic Position - China's oil-electric hybrid strategy is viewed as a successful model, with the recent release of the 3.0 roadmap emphasizing the continued importance of internal combustion engines alongside electric vehicles [10]. - By 2040, it is projected that 85% of new passenger vehicles in China will be electric, with a significant market still remaining for non-pure electric models, positioning Chinese automakers as key players in the global automotive technology landscape [10].

天眼查资料显示，中国重汽集团济南动力有限公司，成立于2006年，位于济南市，是一家以从事汽车制 造业为主的企业。企业注册资本723959.5万人民币。通过天眼查大数据分析，中国重汽集团济南动力有 限公司共对外投资了19家企业，参与招投标项目3718次，专利信息5000条，此外企业还拥有行政许可89 个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 财经频道更多独家策划、专家专栏，免费查阅>> 国家知识产权局信息显示，中国重汽集团济南动力有限公司取得一项名为"四驱系统传动轴休眠控制方 法及装置"的专利，授权公告号CN119160153B，申请日期为2024年9月。 ...

Core Viewpoint - The establishment of the Yuchai Vietnam Engine Manufacturing Plant in Hue City marks a significant milestone in Yuchai's internationalization strategy and showcases successful collaboration between Chinese and Vietnamese enterprises in high-end equipment manufacturing [2][3]. Group 1: Factory Overview - The Yuchai Vietnam Engine Manufacturing Plant is the second overseas engine factory built by Yuchai, following the one in Thailand, and is the first specialized automotive engine manufacturing facility in Vietnam [2][3]. - The factory was constructed in 15 months, demonstrating "Chinese speed" and "Yuchai efficiency," and is equipped with globally leading, highly automated engine assembly production lines [3]. Group 2: Production and Products - The plant will primarily produce a full range of Yuchai diesel and natural gas engines, serving applications in commercial vehicles, construction machinery, agricultural machinery, shipping, and power generation [3]. - The first batch of products includes key engine models such as K11 and Y24 [3]. Group 3: Strategic Importance - The establishment of the plant is seen as a fruitful outcome of the strategic cooperation between Yuchai and Golden Dragon Automobile, reflecting the deepening economic and trade relations between China and Vietnam [3]. - Yuchai aims to strengthen its international presence and enhance brand value in the ASEAN market through this facility [2][3]. Group 4: Market Performance - In the first 11 months of this year, Yuchai's overseas engine sales increased by over 50% year-on-year, contributing to record-high performance in several key operational metrics for the year [4].

Core Insights - The logistics industry is transitioning from a broad approach to a more refined one, with a focus on how technological innovation can empower diverse operational scenarios. China National Heavy Duty Truck Corporation (CNHTC) aims to address core logistics challenges through continuous technological breakthroughs, emphasizing user standards of "ease of use, durability, and practicality" in specific scenarios [1] Group 1: Technological Innovations - CNHTC has made significant advancements in the core three-electric system for new energy commercial vehicles, launching efficient solutions tailored to diverse global applications. The flagship product, the Shandeka G7H pure electric 6X4 tractor, boasts over 1100HP and an 800kWh battery system, providing a range exceeding 450 km, thus supporting the large-scale application of electric heavy trucks [1] - In the large infrastructure construction sector, CNHTC has developed fully customized equipment targeting core needs, such as the HOWO TX PRO dump truck, which has seen a 30% increase in load capacity and a 25% improvement in rear suspension stiffness, making it suitable for extreme conditions [3] Group 2: Specialized Equipment for Extreme Conditions - For the mining sector, CNHTC has created specialized equipment like the Yellow River 135 mining truck, which features a reinforced structure and a powerful WP15H engine, ensuring stability in high-load and steep-slope scenarios [5] - In specialized transport and unique operational environments, CNHTC offers tailored solutions such as the Shandeka 6X6 all-wheel drive tractor, designed for superior adaptability and efficiency in challenging conditions [7] Group 3: Comprehensive Logistics Solutions - Addressing the "end-to-end" transportation needs of modern logistics hubs, CNHTC has developed the Shandeka C9H tractor, which utilizes top-tier components for safety and stability, and the Shandeka C3 pure electric light truck, which enhances delivery efficiency in urban logistics [9] - The company has also focused on modular technology and customized solutions to tackle the fragmented and variable demands of comprehensive logistics, exemplified by the HOWO T3H refrigerated truck, which achieves over 11.8% fuel savings across all operating conditions [13] Group 4: Commitment to User-Centric Solutions - CNHTC's journey extends beyond product coverage to value creation and enhancement driven by technological breakthroughs. The company aims to provide not only high-quality vehicles but also operational confidence and sustainable competitiveness for users across various logistics scenarios [15]

12月4日，由来自山东、安徽两大国内物流龙头企业组成的大客户团走进玉柴，现场签下 700台牵引车动力大单。 该批700台签约车辆均为福田欧曼高端燃气牵引车，全部搭载玉柴引领市场的YCK14N、 YCK15N大马力燃气牵引车动力。这不仅是客户对玉柴产品"省气、可靠、强劲"特性的充 分认可，更是对玉柴提供的一体化解决方案与持续价值创造能力的高度肯定。客户坦言，这 不是简单的买卖，而是基于共同发展愿景的战略绑定。玉柴展现的产品底气与全生命周期服 务能力，使我们坚信我们选对了长期合作伙伴。 本次大规模签约既是市场对玉柴可靠产品与优质服务的品质背书，也是玉柴与福田欧曼长期 深度战略合作的成果。双方从前端技术融合开发到后端市场服务网络的无缝衔接，构建了强 大的"黄金价值链"，为客户提供了远超单一产品维度的综合竞争优势，成为赢得市场与客 户信赖的关键基石。 ● 重汽超2.5万 解放涨8成 东风增7成 徐工暴涨1.5倍！11月重卡破10万 | 光耀评车 ● 500辆签约 100辆交付 重卡市场又爆大单！ ● 解放斩单6000辆 重汽/奇瑞/零一千辆订单不断 11月重卡市场战绩大起底！| 头条 ● 跑冷链怎么选车？解放J6F冷 ...

Core Viewpoint - In November 2025, the sales of new energy heavy trucks and traction vehicles reached record highs, with significant year-on-year growth, indicating a robust market trend in the new energy commercial vehicle sector [1][4][22]. Group 1: Sales Performance - In November 2025, new energy traction vehicles sold 19,800 units, marking a year-on-year increase of 185% and a month-on-month increase of 48% [4][5]. - The total sales of new energy heavy trucks reached 24,000 units in November, reflecting a year-on-year increase of 176% [1]. - Cumulatively, from January to November 2025, new energy traction vehicle sales reached 129,600 units, representing a year-on-year increase of 230% [15]. Group 2: Market Dynamics - All 31 provincial-level administrative regions in China reported new energy traction vehicle sales in November, with 24 regions exceeding 100 units sold [6]. - The top-selling regions included Shanghai with over 3,000 units and Shanxi with over 2,000 units sold [6]. - The market for new energy traction vehicles has maintained strong momentum since 2025, with significant sales growth across various provinces [6][7]. Group 3: Company Performance - The leading companies in new energy traction vehicle sales for November included Jiefang with 3,313 units and Xugong with 3,236 units, both achieving substantial year-on-year growth [9][11]. - Notably, companies like Xugong, Heavy Truck, and Shaanxi Automobile saw year-on-year increases of 250%, 276%, and 220% respectively [13]. - Cumulatively, Jiefang and Xugong have each surpassed 20,000 units in sales, with figures of 21,500 and 20,600 units respectively [15][17]. Group 4: Market Share - The market share of the top five companies in new energy traction vehicles exceeds 10%, with Jiefang at 16.60% and Xugong at 15.93% [20]. - The overall market dynamics indicate that the leading companies are not only increasing their sales but also enhancing their market presence significantly [20]. Group 5: Future Outlook - The strong sales performance in November suggests that the new energy traction vehicle market may continue to grow in December 2025, potentially achieving even higher sales and growth rates [22].

美银证券表示，与中国重汽举行了电话会议，管理层方面称，中国重汽全年销量目标30万辆进展顺利。 公司正稳步推进2025年销售与利润率目标，并表示2025-2027年间将维持审慎资本支出计划，每年不超 过20亿元人民币，重点投入海外生产基地建设(如哈萨克、巴西、印尼)。该行仍看好该公司长期出口扩 张的业务故事及稳固的本地市场地位。东方证券认为，受益于以旧换新政策全面落地、新能源重卡渗透 率提升、出口保持较高景气以及去年同期低基数等因素影响，3季度重卡行业销量同比快速增长，公司 作为重卡行业龙头企业受益明显。 消息面上，中信建投（601066）研报指出，近两年重卡行业销量回升，主因报废更新补贴推动国三、国 四等老旧车型淘汰并刺激内需，燃气车&新能源等结构性增量拉动，以及出口超预期增长。展望2026 年，国四+国五的自然报废更新需求将支撑70万级的内销规模，叠加非俄地区拉动出口增长，总销量将 保持在110万左右。出口可触及市场空间近70万，仍有进一步放量潜力，因此看好行业周期上行的中期 趋势。 中国重汽（000951）(03808)涨超3%，截至发稿，涨3.34%，报30.28港元，成交1.28亿港元。 ...