智通财经网·2025-11-26 06:04Core Viewpoint - The heavy truck industry in October exceeded expectations in production, wholesale, retail, and export data, with a forecast of 10.3 million units in wholesale sales for November 2025, representing a 50% year-on-year increase [1][2]. Data Overview - Wholesale: In October, heavy truck wholesale sales reached 106,000 units, with year-on-year and month-on-month changes of +60.0% and +0.6% respectively, surpassing expectations [2]. - Terminal Sales: Heavy truck terminal sales in October were 70,000 units, with year-on-year and month-on-month changes of +56.6% and -15.9% respectively, also exceeding expectations [2]. - Exports: Heavy truck export sales in October totaled 33,000 units, with year-on-year and month-on-month changes of +43.8% and +4.8% respectively, again surpassing expectations [2]. - Inventory: Channel inventory increased by 3,200 units, with the total industry inventory at 115,000 units [2]. Industry Structure - By usage, engineering vehicles outperformed logistics vehicles in October. Engineering vehicle terminal sales were 7,400 units, with year-on-year and month-on-month changes of +63.0% and -14.9% respectively [3]. - Logistics vehicle sales were 62,600 units, with year-on-year and month-on-month changes of +55.9% and -16.0% respectively [3]. - Natural gas heavy truck sales reached 21,000 units in October, with year-on-year and month-on-month changes of +137.6% and -10.0% respectively, achieving a penetration rate of 30.1% [3]. Market Share Dynamics - In the domestic market for October 2025, the terminal sales market shares for major manufacturers were as follows: Jiefang 21.5%, Dongfeng 17.9%, Shandong Heavy Industry 17.9%, Shaanxi Heavy Truck 11.0%, and Foton 13.8% [4]. - In exports, the market shares were: Jiefang 18.8%, Dongfeng 9.3%, Shandong Heavy Industry 45.8%, Shaanxi Heavy Truck 18.0%, and Foton 5.4% [4]. Engine Market Dynamics - Weichai held the top market share in the engine sector in October, with a terminal market share of 20.5%, showing a month-on-month increase [5]. - The terminal配套量 for Weichai was 14,000 units, with year-on-year and month-on-month changes of +64.7% and -11.0% respectively [5]. - By fuel type, Weichai's market shares for diesel and natural gas engines were 11.68% and 52.00% respectively, with notable changes from the previous year [5].