SINOTRUK (HONG KONG) LIMITED 中 國 重 汽（ 香 港 ）有 限 公 司 （於香港註冊成立的有限公司） （股份代號：03808） 持續關連交易 2028年提供擔保協議 董事會宣佈，於2026年1月30日，本公司（為其本身及代表其附屬公司）與中國重 汽（為其本身及代表中國重汽集團）就提供擔保訂立 2028年提供擔保協議，期限自 2026年1月1日起至2028年12月31日止，協議更多詳情於本公告闡述。 上市規則涵義 中國重汽為本公司的控股股東。因此，本集團與中國重汽集團之間於2028年提供 擔保協議項下擬進行的交易構成本公司的持續關連交易。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內 容而引致的任何損失承擔任何責任。 由於根據上市規則計算的有關2028年提供擔保協議項下擬進行的交易的最高百分 比率（按年度基準）超過0.1%惟所有均低於5%，故根據上市規則第14A章，有關 交易須遵守申報、公告及年度審閱規定，惟獲豁免遵守獨立股東批准規定。 – 1 – I. ...

Domestic News - The State Council has issued a plan to promote innovation in the automotive circulation and consumption sector, focusing on the development of the automotive aftermarket and supporting pilot projects in selected cities [4] - As of now, 25 key automotive chips have completed certification reviews, with a cumulative installation volume exceeding 20 million units, helping vehicle manufacturers reduce selection and verification costs by approximately 40% [5] - The Ministry of Transport announced measures to ensure charging demand for new energy vehicles during the Spring Festival, including the installation of 71,500 charging guns in highway service areas by the end of 2025 [6] - By 2028, Yunnan aims to develop its new energy battery and phosphorus industries into new trillion-yuan industries, with a focus on high-value utilization of phosphorus resources [8] - Volkswagen China has successfully delivered its regional control electronic architecture (CEA) designed for the Chinese market, with plans to launch five new models based on this architecture in 2026 [9][10] - GWM has launched the WEY G9 Hi4 PHEV in Malaysia, marking a significant step in its new energy strategy for the ASEAN market [11] - Black Sesame Intelligence has signed a strategic cooperation agreement with Baidu's autonomous driving service platform, focusing on the development of autonomous driving technology [13] International News - Canada and South Korea have signed a memorandum of understanding to enhance cooperation in the automotive sector, including traditional vehicles, electric vehicles, battery manufacturing, and hydrogen commercial vehicles [15] - Tesla has received approval to test its fully autonomous driving system across Sweden, which will help improve the technology's performance in real-world conditions [16] - Vietnam's automobile imports are projected to grow by 18.6% in 2025, with a total of 205,630 vehicles imported, reflecting an increase in high-value models [17] - NVIDIA and Mercedes-Benz are advancing their plans to launch autonomous taxi services in major cities globally, with Uber joining the collaboration [19] Commercial Vehicles - Zhejiang Yuantong New Energy and GAC Group have signed a strategic cooperation agreement to promote the intelligent transformation of commercial vehicles [20] - Dongfeng Liuzhou and Guilin University of Electronic Technology have made significant breakthroughs in key technologies for medium and heavy commercial vehicle control chassis [21] - Chery Commercial Vehicles has established its European headquarters in Liverpool, UK, marking its first headquarters project in Europe [22] - China National Heavy Duty Truck Corporation's market value has surpassed 100 billion HKD, indicating a significant milestone in the commercial vehicle industry's valuation [24]

Core Insights - The Chinese refrigerated truck industry is experiencing a significant increase in bidding events, primarily focused on product procurement [1][3]. Group 1: Bidding Events Overview - The majority of bidding events in the Chinese refrigerated truck industry are centered around product procurement [1]. - As of December 2025, the number of bidding events is projected to reach approximately 3,873, up from 2,993 in 2024, indicating a steady annual increase from 2020 to 2024 [3]. - The bidding amounts are predominantly concentrated below 200,000, with 1,969 events (about 34% of total events) falling within this range [6]. Group 2: Demand and Participants - Government-related entities, including party and government agencies, represent a significant portion of the bidding participants, with a combined total of 5,224 and 4,653 events, accounting for over 60% of the total bidding events [8]. - The bidding events are concentrated in economically developed coastal provinces such as Guangdong, Zhejiang, and Jiangsu, with additional activity noted in Sichuan and Xinjiang [10].

Investment Rating - The report maintains a "Buy" rating for Foton Motor, with a target price of 4.74 CNY, up from the previous 3.56 CNY [5][12]. Core Insights - Foton Motor's heavy truck sales have doubled, significantly outperforming industry growth rates. The company is committed to its new energy transition strategy, reinforcing its leadership position in the commercial vehicle sector [2][12]. - The company expects a net profit attributable to shareholders of 1.33 billion CNY for 2025, representing a year-on-year increase of approximately 1551% [12]. - Heavy truck sales are projected to reach 1.145 million units in 2025, with a year-on-year growth of 26.98%. The company achieved a remarkable 103.6% increase in heavy truck sales, significantly outpacing industry growth [12]. Financial Summary - Total revenue for 2023 is reported at 56,097 million CNY, with projections of 51,262 million CNY for 2025, reflecting a 7.5% increase from the previous year [4]. - Net profit attributable to shareholders is expected to rise from 81 million CNY in 2024 to 1,327 million CNY in 2025, marking a substantial recovery [4]. - Earnings per share (EPS) is projected to be 0.17 CNY in 2025, with a price-to-earnings (P/E) ratio of 18.50 [4][12]. Market Data - The stock has a market capitalization of 24,544 million CNY, with a current price of 3.10 CNY and a 52-week price range of 2.29 to 3.28 CNY [6]. - The company has a net asset value per share of 1.94 CNY, with a price-to-book (P/B) ratio of 1.6 [7]. Sales and Production Insights - The new energy vehicle segment is expected to achieve sales of 101,000 units in 2025, representing an 87.2% increase year-on-year [12]. - Foton Motor has established 32 localized factories globally, enhancing its international presence and supporting its export strategy [12].

当前时点如何看消费顺周期？20260129 摘要 房地产市场：预计 2027 年接近底部，短期一线城市二手房成交量回升， 价格跌幅收窄，政策稳定预期，显示边际向好信号。关注未来超常规政 策如房贷结构性工具、公积金降息及城市更新货币化安置。 货币政策与流动性：央行维持低利率，定期存款到期或转向理财及权益 市场，活期存款增加，资金更易流入资本市场。地产板块持仓比例仅 0.4%，刷新历史新低，估值修复迅速。 财政政策与消费：财政支出倾斜社保民生等领域，多地发放消费券支撑 春节消费，1 月政府债同比多增，表明财政前置发力。2026 年一季度经 济量价预计整体提升。 通胀预期：春节临近及季节性因素致蔬菜、水果、白酒价格上涨，国际 金属价格上行推动 PPI 向 CPI 传导，预计 2026 年 CPI 中枢高于去年。 白酒板块持仓降至新低，有望迎来反弹。 消费品市场：大众品复苏节奏超前于白酒，连锁业态维持高景气，规模 效应提升利润率。调味品板块库存消化完毕，进入发货周期，餐饮供应 链复苏，经销商备货积极。 Q&A 当前如何看待消费顺周期的表现？ 当前消费顺周期的表现主要受到几个因素的影响。首先，从地产层面来看，我 们总结 ...

Group 1: Real Estate Sector - Recent performance of AH real estate stocks has outperformed market indices, with the Hong Kong real estate index rising by 7.3% and the A-share real estate index increasing by 5.5% from January 19 to 29 [2] - The valuation recovery of real estate stocks is driven by low valuations and multiple factors, including improved liquidity in Hong Kong and expectations of marginal improvement in the real estate fundamentals [2] - The period until March is seen as a window for policy and market recovery, which may support continued valuation recovery for real estate stocks [2] Group 2: Consumer Services - The State Council has issued a plan to accelerate the cultivation of new growth points in service consumption, focusing on six key areas and three potential sectors [3] - The plan aims to enhance service consumption, which is expected to drive a shift from online to offline spending, benefiting related industries such as dining, tourism, and retail [3] - The long-term outlook for service consumption in China is positive, with significant growth potential as consumer demand continues to evolve [3] Group 3: Fixed Income and Convertible Bonds - The convertible bond market has seen a resurgence, with a 7.69% increase in the convertible bond index, outperforming major stock indices [4] - The market is benefiting from seasonal stock market trends and inflows into "fixed income plus" products, indicating a strong trading environment for convertible bonds [4] - The focus is shifting towards trading attributes as the investment value in convertible bonds diminishes [4] Group 4: Utilities Sector - The demand for natural gas in China's manufacturing sector is expected to grow moderately, with a 2% annual growth rate from 2026 to 2028, but with significant structural differentiation [6] - Emerging manufacturing sectors are projected to see the highest demand growth, while traditional high-energy-consuming industries are expected to decline [6] - The transformation of the city gas industry towards comprehensive energy services presents core opportunities for companies capable of adapting to these changes [6] Group 5: Pharmaceutical Sector - Zai Lab is recognized as a leading player in the T-cell engager (TCE) field, with its product ZG006 expected to achieve significant domestic and international sales [7] - The company has four innovative drugs already on the market, providing a sustainable cash flow to support ongoing research and development [7] - The target price for Zai Lab is set at 166.16 yuan, reflecting strong growth potential in the TCE market [7] Group 6: Electric Equipment and New Energy - TBEA is expected to benefit from a favorable market environment in 2026, with multiple business segments entering a growth phase [8] - The company is projected to see increased demand for its power transmission and transformation equipment due to global shortages [8] - The target price for TBEA is set at 33.31 yuan, indicating strong earnings potential in the coming years [8] Group 7: Social Media Sector - Meta's Q4 2025 revenue grew by 24% year-on-year to $59.9 billion, driven by significant improvements in advertising efficiency due to AI [9] - The company expects Q1 2026 revenue to reach between $53.5 billion and $56.5 billion, exceeding market expectations [9] - The introduction of new AI-driven products is anticipated to further enhance revenue growth in 2026 [9] Group 8: Education Sector - TAL Education reported a 27% year-on-year revenue increase in Q3 FY26, driven by strong growth in its K12 business [11] - The company has maintained a high operating profit margin, significantly exceeding market expectations [11] - The outlook for TAL Education remains positive, with continued growth anticipated in its educational services [11] Group 9: Agriculture Sector - Shennong Group is expected to face a decline in net profit for 2025 due to falling pig prices, but maintains a strong growth outlook due to cost advantages [10] - The company is positioned as a rare growth and financially stable entity within the current pig cycle [10] - The target price for Shennong Group remains favorable, reflecting its potential for recovery and growth [10]

证券研究报告 港股通 中国重汽 (3808 HK) 聚力开门红，出口拓宽成长路 2026 年 1 月 29 日│中国香港 商用车 进入 26 年，公司全力冲刺"开门红"，为新一年的销量增长打下坚实基础。 展望 26 年，行业端受益于两新政策快速衔接（内销）和亚非拉地区重点突 破（出口），我们看好重卡行业保持高景气度。公司作为头部重卡企业或率 先受益，维持"买入"评级。 25 年交出亮眼答卷，26 年"开局即冲刺" 王立献* 研究员 SAC No. S0570525020001 wanglixian@htsc.com +(86) 755 8249 2388 2025 年，中国重汽集团整车销量突破 44 万辆，其中重卡销量 30 万辆，不 仅连续 4 年销量稳居国内重卡行业第一公司，更成为全球重卡销量龙头。我 们认为公司取得亮眼成绩，主要原因系：①强大生产制造能力支撑；②国内 市场充分受益于两新政策范围扩大（扩大至国四）和快速衔接；③海外市场 的持续耕耘（12 月与哈萨克斯坦卡拉干达州州长举行会见并签约）。进入 26 年，集团召开"新征程·谋新篇·势夺首季开门红"的生产经营大会。 我们认为该会议为公司 Q1 开门 ...

Group 1 - The Ministry of Transport will hold a press conference on January 30, 2026, to discuss the economic operation of the transportation sector in 2025 [2] - The People's Bank of China reported that the weighted average interest rate for newly issued commercial personal housing loans in Q4 2025 was 3.06% [4] - The Industrial and Information Technology Ministry is drafting a water management regulation for industrial enterprises, emphasizing strict water management for large-scale users [4] Group 2 - The State Council has issued a plan to accelerate the cultivation of new growth points in service consumption, focusing on travel and residence services [6] - The total scale of the Kunshan Artificial Intelligence Industry Fund, launched on January 29, 2026, is 5 billion yuan, with an initial scale of 2 billion yuan [4] - The commercial space industry in China is set to upgrade with the development of reusable rockets and heavy-lift launch vehicles, addressing the demand for satellite deployment [9] Group 3 - Beijing's humanoid robot innovation center has launched a testing platform, which is expected to enhance the production and sales of humanoid robots [10] - Companies like Siling Zhidrive and Jinwo Co. are positioned to benefit from the growth in the humanoid robot sector due to their manufacturing capabilities [10] - Foton Motor expects a net profit of approximately 1.33 billion yuan for 2025, a year-on-year increase of about 1551% [13] Group 4 - Century Huatong anticipates a net profit of 5.55 billion to 6.98 billion yuan for 2025, representing a year-on-year growth of 357.47% to 475.34% [15] - Shenghe Resources expects a net profit of 790 million to 910 million yuan for 2025, an increase of 281.28% to 339.20% year-on-year [17] - China Shipbuilding Industry expects a net profit of 7 billion to 8.4 billion yuan for 2025, reflecting a year-on-year increase of approximately 65.89% to 99.07% [19]

Core Viewpoint - The National Energy Administration of China has announced the first batch of hydrogen energy pilot projects, with the Jinan metropolitan area being recognized as one of the nine regional pilots, focusing on collaborative innovation in hydrogen energy [1] Group 1: Pilot Project Overview - The Jinan metropolitan area, led by the Jinan Development and Reform Commission, aims to explore the hydrogen energy industry chain through a model of "Jinan R&D transformation + Dezhou and Binzhou hydrogen supply + comprehensive application scenarios" [2] - The pilot project will focus on clean and low-carbon hydrogen energy development, high-density diversified storage, long-term hydrogen storage operation, and comprehensive applications in the energy sector [2] Group 2: Regional Strengths and Resources - Jinan, Dezhou, and Binzhou have strong chemical industry foundations and abundant wind and solar resources, which provide advantages in innovation chain construction, application scenarios, and project development [3] - Key equipment manufacturing enterprises such as Green Hydrogen, Sike Sais, and China National Heavy Duty Truck Group are being cultivated to supply hydrogen production equipment, fuel cells, and vehicle manufacturing [3] Group 3: Implementation and Coordination - The pilot project will enhance cross-administrative cooperation, with Jinan as the core, leveraging the hydrogen production advantages of Dezhou and Binzhou to expand applications in hydrogen storage, cogeneration, and transportation [4] - The project aims to integrate resources from Jinan's hydrogen equipment manufacturing with the low-cost hydrogen sources from Dezhou and Binzhou, promoting cross-regional collaboration in the innovation and supply chains [4][5] Group 4: Future Prospects - The approval of this pilot project indicates national recognition of the Jinan metropolitan area's hydrogen industry foundation, innovation capabilities, and regional cooperation model [5] - The Jinan metropolitan area is positioned to lead the hydrogen industry development in Shandong Province, contributing to the establishment of a green, low-carbon, and high-quality development model [5]

南财智讯1月29日电，中国重汽在投资者关系活动中表示，公司产品出口主要通过重汽集团旗下的重汽 国际公司实现，该公司已连续21年保持行业第一；目前公司出口业务依然保持稳健增长，市场份额持续 位居行业前列，出口区域主要以非洲、东南亚、中亚、中东等重点市场为主，并覆盖了一百五十多个国 家与地区，在新兴市场不断取得拓展与突破。 ...