智通财经网·2025-12-02 00:29Group 1: Heavy Truck Market Overview - In November 2025, China's heavy truck market is expected to sell around 100,000 units, a decrease of approximately 6% month-on-month from October 2025, but a significant increase of about 46% year-on-year from 68,500 units [1] - The heavy truck market has experienced eight consecutive months of growth from April to November, with an average growth rate of 42% [1] - Strong terminal sales growth, driven by the policy on scrapping old operational trucks, has supported the high wholesale sales in the fourth quarter [1] Group 2: New Energy and Gas Heavy Trucks - New energy heavy trucks have set new records, while natural gas heavy trucks have seen four consecutive months of growth, each exceeding 20,000 units for three months [1] - Domestic diesel heavy truck terminal sales in November are expected to remain stable [1] Group 3: Industry Outlook and Recommendations - CITIC Construction Investment has reported a stable outlook for domestic heavy truck sales and continued growth in exports, highlighting the importance of ongoing domestic subsidies and opportunities for leading companies to exceed performance expectations [1] - The release of replacement demand in 2026 and sustained export growth are expected to support a high and stable industry total [1] Group 4: Company-Specific Insights - China National Heavy Duty Truck Group - In the first half of 2025, China National Heavy Duty Truck Group achieved sales of 9,376 new energy heavy trucks, a year-on-year increase of 220.3%, with a market share of 11.8% [2] - The company plans to distribute a dividend of 0.68 yuan per share, totaling 1.877 billion yuan, maintaining a high dividend payout ratio of 54.8% [2] - In the first half of 2025, heavy truck exports to non-Russian regions reached 143,000 units, a year-on-year increase of 35.8%, supporting overseas demand growth [2] Group 5: Company-Specific Insights - Weichai Power - Weichai Power anticipates a 10% recovery in industry sales in 2025, potentially reaching 1 million units, benefiting from scrapping subsidies [3] - The company delivered 5,000 large-bore engines in the first half of the year, a year-on-year increase of 41%, with a projected median annual sales of 11,000 large-bore engines [3] - The company delivered 10,000 new energy heavy trucks, achieving a market share of approximately 12.6%, with expectations for significant growth in the second half of the year [3]