摩根士丹利：中国工业_ 9 月重卡销量同比下降 32% 至 58,000 辆

Investment Rating - The industry investment rating is classified as Attractive [1]. Core Insights - Heavy-duty truck (HDT) sales in September were reported at 58,000 units, reflecting a significant decline of 32% year-on-year and 7% month-on-month, which is below both Morgan Stanley's and market expectations [1]. - Domestic HDT sales reached approximately 34,000 units, down 45% year-on-year and 7% month-on-month, attributed to sluggish demand even during the traditional peak season [1]. - New energy HDT sales showed robust growth, increasing by 110% year-on-year to 6,600 units, with an 18% penetration rate supported by trade-in policies [1]. - LNG HDT retail sales fell to 9,800 units, a decrease of 60% year-on-year and 30% month-on-month, with penetration dropping below 25% from 51% in July [1]. Summary by Sections Sales Performance - Heavy-duty truck sales in September were 58,000 units, down 32% year-on-year and 7% month-on-month [1]. - Domestic sales were approximately 34,000 units, a decline of 45% year-on-year and 7% month-on-month [1]. - New energy HDT sales increased by 110% year-on-year to 6,600 units, achieving an 18% penetration rate [1]. - LNG HDT retail sales were 9,800 units, down 60% year-on-year and 30% month-on-month, with penetration below 25% [1].