Zhi Tong Cai Jing·2025-09-16 06:41Core Viewpoint - The heavy truck industry is experiencing significant growth, with wholesale sales reaching approximately 87,000 units in August 2025, marking a year-on-year increase of about 40% and a month-on-month rise of 2% from July, making it the second highest figure for the same period in the past eight years [1][2]. Market Performance - The domestic market is benefiting from the "old-for-new" policy, leading to a remarkable year-on-year growth of about 50% in heavy truck sales during the traditionally slow month of August [2][3]. - Cumulatively, from January to August 2025, heavy truck sales reached approximately 711,000 units, reflecting a year-on-year increase of about 14%, with expectations for annual sales to exceed 1 million units [2][3]. Segment Analysis - The demand for natural gas heavy trucks has rebounded significantly, with a month-on-month increase of over 15% and a year-on-year increase of over 30% in August, restoring the domestic penetration rate to around 26%-27% [3]. - The electric heavy truck segment is also showing strong momentum, with expected sales exceeding 16,000 units in August and a penetration rate potentially surpassing 27%, marking a historical high [3]. Company Performance - China National Heavy Duty Truck Group (China National Heavy Truck) maintained its position as the sales leader with a monthly sales figure of 22,000 units, a year-on-year increase of about 29% [4]. - FAW Jiefang (FAW Liberation) achieved monthly sales of approximately 16,500 units, up about 36% year-on-year, while Dongfeng Motor reported a monthly sales figure of about 15,000 units, with a year-on-year increase of approximately 52% [4]. - Foton Motor exhibited the largest year-on-year growth among major companies, with a monthly sales figure of about 12,600 units, reflecting a year-on-year increase of approximately 175% [4]. Investment Outlook - The heavy truck industry is expected to maintain a high level of activity, with sales anticipated to continue rising from September to December, leading to significant revenue and profit growth for related companies [5]. - Beneficiary companies include China National Heavy Truck (000951.SZ), Weichai Power (000338.SZ), Foton Motor (600166.SH), FAW Jiefang (000800.SZ), Tianrun Industrial (002283.SZ), Changyuan Donggu (603950.SH), and Zhongyuan Neipei (002448.SZ) [5].