Core Viewpoint - The heavy truck industry in China is experiencing a recovery in sales driven by government subsidies for scrapping old vehicles, structural growth from gas and new energy vehicles, and unexpected export growth [1] Group 1: Industry Insights - The heavy truck industry sales are expected to maintain a scale of around 1.1 million units, supported by natural scrapping demand from National IV and V vehicles, alongside export growth from non-Russian regions [1] - The export market has a potential space of nearly 700,000 units, indicating further growth opportunities for the industry [1] - The third quarter saw rapid year-on-year growth in heavy truck sales, benefiting from the implementation of vehicle replacement policies and increased penetration of new energy heavy trucks [1] Group 2: Company Performance - China National Heavy Duty Truck Group (China National Heavy Duty Truck) shares rose over 3%, reaching HKD 30.28, with a trading volume of HKD 1.28 billion [1] - The company is on track to meet its annual sales target of 300,000 units, as confirmed in a recent call with Bank of America Securities [1] - The company plans to maintain a cautious capital expenditure plan of no more than RMB 2 billion annually from 2025 to 2027, focusing on overseas production base construction in countries like Kazakhstan, Brazil, and Indonesia [1]