Core Viewpoint - China National Heavy Duty Truck Group (CNHTC) has achieved remarkable sales milestones, with a strong performance in both domestic and international markets, showcasing its leadership in the heavy-duty truck industry and setting the stage for future growth [1][3][5]. Group 1: Sales Performance - In January, CNHTC's heavy truck exports exceeded 16,000 units, marking a new industry record just four months after surpassing 15,000 units for the first time [1][5]. - For the entire year of 2025, CNHTC reported total vehicle sales of over 440,000 units, a year-on-year increase of 22.5%, with heavy truck sales reaching 300,000 units, maintaining its position as the top seller in China's heavy truck market for four consecutive years and becoming the global leader in heavy truck sales [3][5]. Group 2: Export Achievements - CNHTC has consistently led the heavy truck export market for 21 years, with annual heavy truck exports surpassing 150,000 units, reflecting a year-on-year growth of over 14% [5]. - The company has established a strong export performance, with January exports continuing to show high growth, contributing to a significant increase in market presence [5][10]. Group 3: Domestic Market Success - In the domestic market, CNHTC has achieved the top position in ten sub-sectors, with significant increases in market share for new energy and high-end intelligent driving products [7]. - The company received over 28,600 orders in January alone, indicating robust demand and market confidence [7]. Group 4: Production and Quality - CNHTC emphasizes product quality and has established leading production capabilities, with its Laiwu factory alone achieving a production capacity of over 110,000 units in 2025 [8]. - The company is committed to maintaining high standards in manufacturing while expanding its service network, with over 700 service points and spare parts centers established globally [12]. Group 5: Global Strategy and Future Plans - CNHTC is actively pursuing a localization strategy, with 37 KD assembly plants in 27 countries, enhancing its market penetration and service efficiency [10]. - The company aims to deepen its global presence by upgrading its product offerings and service networks, targeting a comprehensive transformation to enhance competitiveness in the global market [14][16].

Core Insights - In 2025, both Jinan and Hefei achieved a GDP of 1.421 trillion yuan, ranking them 18th nationally, marking a significant milestone for Hefei [1][3] - Hefei aims to surpass a GDP of 2 trillion yuan in the next five years, while Jinan has not specified a concrete target [14] Group 1: Economic Growth and Performance - Hefei's GDP growth rate is projected at 6.1% for 2025, surpassing Jinan's 5.4%, making it the second highest among trillion-yuan cities [5] - From 2012 to 2021, Hefei's GDP increased by 2.7 times, ranking it 19th nationally, a rise of 13 positions over ten years [5] - Hefei's industrial output is expected to exceed 1.4 trillion yuan by 2025, with strategic emerging industries accounting for over 60% of this output [5] Group 2: Industrial and Sectoral Contributions - Hefei leads in the production of new energy vehicles, with an output of 1.371 million units in 2025, representing 8.3% of the national total [6] - Jinan's secondary industry growth is slower, with a projected increase of 4.4% in 2025, which is below its overall GDP growth [6] - Jinan has strong foundations in steel, electronics, and equipment manufacturing, but is still transitioning to new growth drivers [6] Group 3: Service Sector Dynamics - Jinan's tertiary industry is expected to generate 916.26 billion yuan in 2025, growing at 6.0%, which is higher than Hefei's 864.97 billion yuan and 4.4% growth [8] - Jinan's service sector revenues are over 35% higher than Hefei's, with significant advantages in transportation, culture, education, and real estate [9][12] - Despite a larger population, Hefei's consumer spending is lower than Jinan's, indicating potential weaknesses in its service sector [12] Group 4: Future Strategies and Goals - Hefei's "14th Five-Year Plan" emphasizes the development of strategic emerging industries while addressing service sector shortcomings [14] - Jinan's "14th Five-Year Plan" focuses on strengthening its manufacturing base and developing high-end industries without specific GDP targets [14] - Both cities are expected to continue competing closely, with Hefei aiming for higher economic rankings and Jinan focusing on manufacturing excellence [15]

（文章来源：证券日报） 证券日报网2月6日讯 ，中国重汽在接受调研者提问时表示，车桥公司是公司的控股子公司，公司持有 其51%的股权。车桥公司产品供集团公司旗下整车生产单位使用。得益于与集团整车生产单位的紧密合 作，确保了其稳定的市场需求和收入来源，同时该公司于 2025 年底通过高新技术企业认定，将享受相 关税收优惠政策。后市场公司为公司的全资子公司，主要负责卡车后市场业务，包括配件、油品、售后 服务等，专注于做好为客户服务等相关工作。上述公司均在各自领域保持着稳健的运营和良好的盈利水 平。 ...

（文章来源：证券日报） 证券日报网2月6日讯 ，中国重汽在接受调研者提问时表示，公司产品依托于重汽集团旗下的重汽国际 公司实现出口，该公司已连续21年保持行业第一，并在海外拥有良好的口碑和用户基础。进入2026年， 公司产品出口依然保持较好增长态势，市场份额继续位居行业前列。公司产品的出口区域主要以非洲、 东南亚、中亚、中东等重点市场，并覆盖了一百五十多个国家与地区。同时，在新兴区域不断取得突 破。 ...

（文章来源：证券日报） 证券日报网2月6日讯 ，中国重汽在接受调研者提问时表示，公司始终重视股东回报，坚持实施持续、 稳定的分红政策。近五年来，公司不断提升分红比例，以实际行动回馈广大投资者。2025年半年度，公 司继续在中期进行现金分红。未来，公司将综合考量当前股本规模、经营业绩表现、未来资金需求、发 展规划等多方面因素，继续保持积极、稳健的分红派息政策，并在健康发展、条件允许的情况下，稳步 提升现金分红比例。 ...

近日，中国重汽再传捷报：1月份重卡出口销量超1.6万辆，继去年9月首次突破1.5万辆大关后，仅用4个月便再度刷新由自己保持的行业纪录，又一次创下 历史新高，强势开启新年"开门红"。 "叫座"更"叫好" 产销量登顶全球的背后，是中国重汽对产品质量的极致追求与坚守。中国重汽拥有国内领先、国际一流的生产制造基地，已形成规模化、高效化的生产格 局，2025年，仅中国重汽莱芜工厂产能便突破了11万辆。 新征程 谋新篇 真金炼就"开门红" 在刚刚过去的2025年，中国重汽交出了一份振奋人心的成绩单：全年整车销量突破44万辆，同比增幅达22.5%，其中重卡销量30万辆，连续四年稳居中国 重卡行业第一，并一举拿下全球重卡销量冠军。这一历史性突破，既是市场对中国重汽产品与服务的高度认可，也是整个中国汽车工业的骄傲，充分彰显 了中国智造、中国品牌在全球舞台上的绝对实力。 出口方面，中国重汽不断"超越自我"：全年重卡出口超15万辆，同比增长超14%，连续21年蝉联中国重卡出口冠军；重卡单月出口销量连续3个月突破1.5 万辆，今年1月更是延续高位增长态势，销量超过1.6万辆，短短四个月再次刷新行业纪录。 国内市场表现同样亮眼，不仅在 ...

证券代码：000951 证券简称：中国重汽 借集团公司强大的研发实力，在新能源领域实现迅速突破。 未来，公司将继续聚焦这一领域，紧跟市场趋势，持续推动 其稳健发展。 2、请谈一谈公司旗下的车桥公司和后市场公司近期情 况。 车桥公司是公司的控股子公司，公司持有其 51%的股权。 车桥公司产品供集团公司旗下整车生产单位使用。得益于与 集团整车生产单位的紧密合作，确保了其稳定的市场需求和 收入来源，同时该公司于 2025 年底通过高新技术企业认定， 将享受相关税收优惠政策。 后市场公司为公司的全资子公司，主要负责卡车后市场 业务，包括配件、油品、售后服务等，专注于做好为客户服 务等相关工作。 上述公司均在各自领域保持着稳健的运营和良好的盈利 水平。 3、公司产品的出口近况如何？ 公司产品依托于重汽集团旗下的重汽国际公司实现出 口，该公司已连续 21 年保持行业第一，并在海外拥有良好的 口碑和用户基础。 进入 2026 年，公司产品出口依然保持较好增长态势，市 场份额继续位居行业前列。公司产品的出口区域主要以非洲、 东南亚、中亚、中东等重点市场，并覆盖了一百五十多个国 家与地区。同时，在新兴区域不断取得突破。 4、请 ...

Core Viewpoint - The new energy heavy truck market in China experienced a strong start in January 2026, with overall sales reaching 20,600 units, a year-on-year increase of 184% [1]. Group 1: New Energy Tractor Truck Market Performance - In January 2026, 15,500 new energy tractor trucks were added, marking a year-on-year increase of 167% but a month-on-month decrease of 46% [2][3]. - The January sales of new energy tractor trucks were approximately 10,000 units higher than in January 2025, representing a 2.67 times increase compared to the same month last year [3]. - The 167% year-on-year growth rate for new energy tractor trucks was 17 percentage points lower than the overall growth rate of the new energy heavy truck market [3]. Group 2: Regional Market Insights - In January, all 30 provincial-level administrative regions in China reported new energy tractor truck additions, with 22 regions adding over 100 units each [4]. - Shanghai led the regions with over 3,000 new energy tractor trucks added, followed by Shanxi, Guangdong, Hebei, and Xinjiang, each with over 1,000 units [4]. Group 3: Company Sales Performance - In January 2026, 14 companies sold over 100 new energy tractor trucks, with 10 companies exceeding 500 units and 6 companies surpassing 1,000 units [8]. - XCMG topped the sales chart with 2,143 units sold, followed by SANY, Heavy Truck, and Jiefang, each selling over 1,500 units [8][9]. - The top ten companies in terms of sales saw significant year-on-year growth, with Dongfeng and United Heavy Truck achieving increases of 170% and 1,706%, respectively [11]. Group 4: Market Share Analysis - In January 2026, four companies held over 10% market share in the new energy tractor truck market, with XCMG at 13.9%, SANY at 12.9%, Heavy Truck at 12.0%, and Jiefang at 11.5% [14]. - The market share of Dongfeng and Shaanxi exceeded 6%, while several other companies maintained shares above 3% [14]. - Changes in rankings were noted, with Jianghuai returning to the top ten list, and SANY, Heavy Truck, and Dongfeng all moving up in the rankings compared to December 2025 [15]. Group 5: Future Outlook - The new energy tractor truck market continued its growth momentum in January 2026, achieving a year-on-year growth rate of 167% [17]. - The sustainability of this growth trend in the coming months remains a point of interest for industry observers [17].

Core Viewpoint - Tianqi Mould (002510) is planning a significant asset restructuring by acquiring shares of Dongshi Automotive Technology Group Co., Ltd. through a combination of issuing shares and cash payment, with trading suspension effective from February 6 [1][4]. Group 1: Transaction Details - The transaction is currently in the planning stage, with the preliminary counterparty identified as Desheng 16 Enterprise Management (Tianjin) Partnership [3]. - Tianqi Mould has signed a "Suspension Intent Agreement" with the major shareholder of Dongshi, agreeing to purchase shares based on an evaluation report from a qualified assessment agency [4]. - The final transaction price will be determined through negotiations based on the assessment results [4]. Group 2: Company Background - Tianqi Mould is a leading enterprise in the domestic automotive mould industry, focusing on the research, design, production, and sales of automotive body covering moulds and related products [3]. - Dongshi operates in the upstream automotive sector, specializing in the research, manufacturing, and sales of automotive parts, with a comprehensive product range across body, chassis, and power systems [3]. Group 3: Financial Performance - For the first three quarters of 2025, Tianqi Mould reported approximately 1.485 billion yuan in revenue, a year-on-year decrease of 22.61%, and a net profit attributable to shareholders of approximately 52.06 million yuan, down 42.41% year-on-year [5].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2026年1月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 中国重汽（香港）有限公司 | | | 呈交日期: | 2026年2月5日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.2.0 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03808 | 說明 | 普通股 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 2,760,993,339 | | 0 | | 2,760,993,339 | | 增加 / 減少 (- ...