重卡市场景气度不减，行业销售实现7连增

Industry Overview - In October 2025, China's truck market (including chassis and tractors) sold a total of 311,100 units, a slight month-on-month decrease of 0.3% but a year-on-year increase of 22% [1] - The heavy truck market (including chassis and tractors) sold 106,200 units in October, with a month-on-month increase of 1% and a year-on-year increase of 60%, marking the seventh consecutive month of growth [1] - The replacement demand for National IV and National V heavy trucks is expected to be significant in 2025-2026, as these vehicles typically have a lifespan of 8-10 years [1] - The total heavy truck sales for 2025 are projected to be 1.02 million units, a year-on-year increase of 13%, with domestic demand accounting for 720,000 units (up 20% year-on-year) and exports at 330,000 units (flat year-on-year) [1] - The demand for natural gas, new energy, and diesel vehicles is expected to be 190,000, 110,000, and 420,000 units respectively [1] Company Performance - China National Heavy Duty Truck Group, a leading heavy truck manufacturer, reported a revenue of 40.49 billion yuan for the first three quarters, a year-on-year increase of 20.55%, and a net profit attributable to shareholders of 1.05 billion yuan, up 12.45% year-on-year [2] - The company's third-quarter revenue and net profit reached the highest levels in nearly five years [2] - FAW Jiefang, another major player in the heavy truck market, holds the second-largest market share in the industry [3]