11月重卡销量同比降幅收窄，新能源重卡表现亮眼

Investment Rating - The report suggests a positive outlook for the heavy truck industry, with an expected sales volume of 960,000 units in 2024, representing a year-on-year growth of 6% [17]. Core Insights - The heavy truck market is experiencing a narrowing year-on-year decline in sales, with new energy trucks showing significant growth, particularly in November where sales reached 8,000 units, a 141% increase year-on-year [7][68]. - The penetration rate of natural gas in heavy trucks is increasing, with a notable 22% for semi-trailers and 11% for heavy trucks in November [2]. - The report highlights the importance of the gas-diesel price ratio as a key indicator affecting natural gas heavy truck sales [4]. Summary by Sections Heavy Truck Sales - In November, the total sales of heavy trucks were 68,000 units, showing a year-on-year decline of 4% but a month-on-month increase of 3% [60]. - The cumulative sales of heavy trucks from January to November reached 208,000 units, with a year-on-year decline of 5% [60]. Natural Gas Heavy Trucks - November sales of natural gas heavy trucks were 7,000 units, reflecting a year-on-year decrease of 54% [62]. - The cumulative sales of natural gas heavy trucks from January to November were 14,800 units, down 54% year-on-year, but showing a month-on-month increase of 3% [78]. Market Share and Key Players - The top ten heavy truck manufacturers accounted for 88% of the cumulative market share in 2024, with China National Heavy Duty Truck Group and FAW Group leading the market [9]. - The report emphasizes the growth potential in the heavy truck sector, driven by domestic recovery and continuous export growth [19]. Future Outlook - The report anticipates that the penetration rate of natural gas heavy trucks will continue to rise, supported by policies promoting equipment upgrades and the economic advantages of using natural gas [82].