4月重卡销量重回正增长，电动化或成竞争关键

Investment Rating - The industry investment rating is "Recommended," indicating a favorable outlook for the industry with expectations that the industry index will outperform the benchmark index [24]. Core Insights - In April 2025, the heavy truck market in China saw sales of approximately 90,000 units, reflecting a year-on-year growth of about 9.4%. This growth is attributed to the positive impact of the policy issued on March 18 regarding the scrapping and updating of old operational trucks [4][5]. - The sales of new energy heavy trucks reached between 12,500 and 13,000 units in April, marking a year-on-year increase of over 170%, with an industry penetration rate of around 20%. This rapid growth in new energy heavy trucks suggests that electrification is becoming a key competitive factor in the industry [10][11]. - The implementation of the policy for scrapping old operational trucks is expected to accelerate heavy truck sales growth, as the actual rollout of the policy may lag behind its announcement [15]. - Economic indicators for the first quarter of 2025 show improvements, with fixed asset investment reaching 10.3 trillion yuan, a year-on-year increase of 4.2%. This includes a 5.8% growth in infrastructure investment, which is beneficial for heavy truck sales [19]. Summary by Sections 1. April Heavy Truck Sales Recovery - In April 2025, heavy truck sales in China rebounded to approximately 90,000 units, a 9.4% increase year-on-year, contrasting with a 2.7% decline in the first quarter [4][5][6]. 2. New Energy Heavy Truck Growth - New energy heavy truck sales in April are estimated at 12,500 to 13,000 units, with a year-on-year growth exceeding 170% and a penetration rate of about 20% [10][11]. 3. Policy Implementation and Sales Growth - The rollout of the old truck scrapping policy is expected to take time, which may lead to a delayed reflection of its effects on heavy truck sales in April [15]. 4. Economic Data Supporting Heavy Truck Demand - The first quarter of 2025 showed a 4.2% increase in fixed asset investment, with significant growth in sectors like agriculture and water management, which are likely to boost heavy truck demand [19].