（记者 曾健辉） 潍柴动力（000338.SZ）2月5日在投资者互动平台表示，公司持续推进AI农机与智慧农业的融合应用落 地。在智能农机领域，公司围绕智能驾驶、智能座舱和智能网联，构建覆盖农机全作业流程的AI能力 体系，实现作业环境感知、作业决策与精准控制，有效提升作业效率和作业质量，降低驾驶员劳动强 度；在智慧农业领域，公司以农业AI大模型为核心，融合人、农机、农情及作业数据，形成面向农业 生产管理的智慧农业系统，推动农业生产由经验驱动向数据和模型驱动转变，目前已在玉米、小麦等作 业场景中开展部分应用。 每经AI快讯，有投资者在投资者互动平台提问：公司的AI农机在智慧农业中具备哪些亮眼表现，农业 AI大模型是否以落地？ ...

Core Insights - The electric power sector is becoming a new competitive high ground in the equipment manufacturing industry, driven by global energy transition and the booming AI industry [2] - Weichai Power aims to achieve global sales of over 100,000 power generation products by 2025, positioning itself among the top three globally [2] Group 1: Strategic Developments - Shandong Heavy Industry Group has elevated electric power to its seventh core business segment, marking it as a new growth driver for high-quality development [3] - Weichai Power is expanding its capabilities in data center power generation units and solid oxide fuel cells (SOFC), providing integrated power solutions across various critical scenarios [3][4] Group 2: Technological Advancements - Weichai Power has made significant technological breakthroughs in large-bore engines and SOFCs, achieving global leadership in several technical metrics [5] - The company has launched a series of customized solutions for data centers, enhancing operational efficiency and safety, with a 259% year-on-year increase in sales of data center power generation equipment in 2025 [6] Group 3: Market Performance - Weichai Power's electric power business has seen robust growth, with global sales of power generation products expected to exceed 100,000 units by 2025, making it a key player in the global market [10] - The company has successfully penetrated various international markets, including Europe and the Americas, with products meeting stringent environmental standards [10][11] Group 4: Financial Performance - Weichai Power's parent company reported a 14% year-on-year increase in revenue, reaching 355 billion yuan, with the electric power segment being a significant growth engine [12] - The stock prices of Weichai Power's A and H shares have surged, reflecting market confidence in its strategic transformation and growth potential [12]

每经记者｜杨弃非 每经编辑｜杨欢 全国汽车产量前十名省份，再度洗牌。 2025年，安徽汽车产量超过广东位列第一；传统汽车重镇吉林退出十强，湖北也退居第十位；山东、江 苏、浙江、湖南等省份实现了进位。 这是山东首次跨越200万辆大关，以全年261.22万辆的成绩超过江苏，拿下全国第四。其中，青岛贡献 了四成左右的产量——2025年，青岛汽车制造业工业增加值同比增长25.9%，整车产值超过1000亿元； 整车产量达102.2万辆，同比增长44.1%。 早在2018年，青岛汽车产量首次突破100万辆大关，合计生产各类汽车103万辆，创造历史纪录。此后几 年，青岛汽车产量一度稳定在百万辆左右，最高时曾接近120万辆，直到2022年产量跌落，连续三年， 青岛整车年产量保持在七八十万辆。 如今重回造车"百万辆赛道"，青岛将目光进一步投向"世界水平"——此前，新石器无人车联手滴滴送货 在青岛运营的无人送货车突破1200台，使青岛成为车辆部署最密集、运营场景最丰富、订单规模最大 的"全球无人车第一城"，比Waymo（谷歌母公司旗下自动驾驶技术公司）在旧金山布局的无人车数量还 多出50%。而上一个被外界贴上"无人车第一城"标签 ...

Economic Growth Overview - In 2025, Shandong's 16 cities are experiencing a "reshuffling" of economic growth rates, with a clear trend of regional collaboration and competition [3] - The economic growth rates of various cities are concentrated between 5.0% and 6.1%, indicating both steady progress and strong momentum in certain cities [3] - Yantai leads the province with a GDP of 11,350.98 million yuan, growing by 6.1% year-on-year, supported by significant contributions from all three industrial sectors [3] Key Cities and Contributions - Yantai and Rizhao are the only cities in the province with growth rates exceeding 6%, with Rizhao achieving a GDP of 2,689.96 million yuan, growing by 6% [3] - Major cities like Jinan, Qingdao, Yantai, and Weifang continue to play a crucial role in supporting the provincial economy, contributing over 53% of the total economic growth [4] - Traditional strong cities maintain stable growth around 5.4%, providing solid support for the overall provincial economy [4] Industrial Development - The "number one project" initiative is central to the economic stability and growth of Shandong's cities, focusing on high-end, intelligent, and green transformations [6] - Yantai's industrial output value increased by 13.5% in 2025, driven by key projects in the chemical and non-ferrous metal industries [6][8] - Jinan's equipment manufacturing sector saw a remarkable growth of 16.8%, significantly contributing to the overall industrial growth [8] Domestic Demand and Investment - Expanding domestic demand and promoting consumption are vital for economic growth in 2025, with cities implementing targeted actions to boost consumer spending [10] - For instance, Liaocheng's retail sales reached 1,388 million yuan, growing by 5.9%, while Rizhao's retail sales increased by 6.5% [10] - Investment in strategic emerging industries such as new energy and high-end equipment is on the rise, fostering a positive cycle of investment driving industry, which in turn supports consumption [12] International Trade and Economic Resilience - Shandong's total import and export value is projected to reach 35,300.3 million yuan in 2025, growing by 4.5%, surpassing the national average [12] - The province is actively expanding international markets and enhancing trade resilience through various initiatives [12] - The combined efforts of major cities, industrial foundations, and activated domestic markets showcase Shandong's robust economic resilience and commitment to high-quality development [12]

Core Viewpoint - Weichai Power (000338.SZ) has experienced a strong stock performance, with a 37.79% increase in January 2026, driven by the global rise in AI computing infrastructure stocks and a strategic upgrade in its power energy business, marking its transition from a power equipment provider to a comprehensive energy solutions leader [2][3]. Group 1: Business Transformation - Weichai Power is transitioning to a comprehensive energy solutions provider, establishing power energy as its seventh core business segment, aligning with national strategies for a clean, low-carbon, and efficient energy system [2][3]. - The company has strategically invested in solid oxide fuel cell (SOFC) technology and has developed a diverse energy portfolio, integrating traditional, clean, and new energy sources [3][4]. Group 2: Market Position and Growth - In 2025, Weichai's global sales of power generation products surpassed 100,000 units, positioning it among the top three in the global power energy market, with established partnerships with leading internet companies and data center service providers [4][5]. - The company has identified a structural change in market demand for reliable and flexible power solutions, leading to a strategic focus on full-scenario solution capabilities across various sectors [5][6]. Group 3: Product and Technology Development - Weichai has developed a comprehensive product matrix, including the world's first 5 MW high-speed diesel generator set, and has achieved significant advancements in SOFC technology, with efficiency exceeding 65% [6][7]. - The company is also pioneering hydrogen internal combustion engine technology, which is included in the national "14th Five-Year Plan" as a key direction for zero-carbon combustion [6][7]. Group 4: Global Service and Supply Chain - Weichai has established a global service network with 52 overseas offices and over 1,100 service points, ensuring rapid response capabilities and comprehensive customer support [7][8]. - The company has implemented a robust supply chain management system to ensure product reliability and timely delivery of spare parts, enhancing its competitive edge in the market [7][8]. Group 5: Future Development Plans - Weichai plans to expand its production capacity in traditional power generation and aims to complete the iteration of a new generation of SOFC products by 2030, focusing on cost reduction and market competitiveness [7][8].

Investment Rating - The report assigns an "Accumulate" rating to Weichai Power with a target price of 38.52 CNY [5]. Core Insights - Weichai Power is expected to transition from a heavy-duty truck powertrain manufacturer to a comprehensive supplier of AIDC power generation equipment, driven by the rapid growth of global AIDC investments and the ongoing electricity shortages in the U.S. [10][14]. - The company is projected to achieve net profits attributable to shareholders of 12.4 billion CNY in 2025, 15.3 billion CNY in 2026, and 17.7 billion CNY in 2027, with corresponding EPS of 1.43 CNY, 1.75 CNY, and 2.03 CNY respectively [10][14]. - The report highlights the significant growth potential in the AIDC power generation sector, particularly for Weichai Power's gas engine generator sets and SOFC technology, as demand for distributed power generation equipment is expected to rise sharply [10][21]. Financial Summary - Total revenue is forecasted to grow from 213.96 billion CNY in 2023 to 277.18 billion CNY in 2027, reflecting a compound annual growth rate (CAGR) of approximately 7.3% [4]. - Net profit attributable to shareholders is expected to increase from 9.01 billion CNY in 2023 to 17.72 billion CNY in 2027, representing a CAGR of about 16.2% [4]. - The company's return on equity (ROE) is projected to improve from 11.4% in 2023 to 16.1% in 2027 [4]. Business Segments - The intelligent logistics segment is expected to generate revenues of 91.39 billion CNY, 98.70 billion CNY, and 103.63 billion CNY in 2025, 2026, and 2027 respectively, with corresponding gross profits of 24.60 billion CNY, 27.23 billion CNY, and 28.95 billion CNY [15][17]. - The agricultural equipment segment is projected to achieve revenues of 20.18 billion CNY, 21.19 billion CNY, and 22.25 billion CNY in the same years, with gross profits of 2.68 billion CNY, 2.81 billion CNY, and 2.95 billion CNY [15][18]. - The complete vehicles and key components segment is anticipated to see revenues of 103.25 billion CNY, 115.64 billion CNY, and 127.20 billion CNY, with gross profits of 20.83 billion CNY, 23.33 billion CNY, and 25.66 billion CNY [15][18]. Market Outlook - The global data center power demand is expected to grow significantly, with total installed capacity projected to increase from 97 GW in 2024 to 226 GW by 2030, reflecting a CAGR of 15% [21]. - The U.S. is facing a power supply shortage, with a projected gap of approximately 1.5 GW in 2025, which could expand to nearly 7 GW by 2030, creating substantial opportunities for Weichai Power's gas engine generator sets and SOFC technology [10][35]. - The report emphasizes that the demand for distributed power generation equipment will be driven by the increasing electricity needs of data centers, particularly in the U.S. [21][30].

全国汽车产量前十名省份，再度洗牌。 2025年，安徽汽车产量超过广东登顶第一；传统汽车重镇吉林退出十强，湖北也退居第10位；山东、江 苏、浙江、湖南等省份实现了进位。 如今重回"百万赛道"，青岛将目光进一步投向"世界水平"——此前新石器无人车联手滴滴送货在青岛运 营无人送货车突破1200台，使青岛成为车辆部署最密集、运营场景最丰富、订单规模最大的"全球无人 车第一城"，比Waymo在旧金山布局的无人车数量还多出50%。而上一个被外界贴上"无人车第一城"标 签的城市还是深圳。 回顾过去几年，几乎每年都有城市因新能源汽车"晋位"，今年"主角"终于轮到青岛了？ 百万辆 这是山东首次跨越200万辆大关，以全年261.22万辆的成绩超过江苏，拿下全国第四。这其中，青岛贡 献了四成左右的产量——2025年，青岛汽车制造业工业增加值同比增长25.9%，整车产值超过1000亿 元；整车产量达102.2万辆，同比增长44.1%。 早在2018年，青岛汽车产量首次突破100万辆大关，合计生产各类汽车103万辆，创造历史纪录。此后几 年，青岛汽车产量一度稳定在百万辆左右，最高时曾接近120万辆，直到2022年跌落，连续三年，青岛 ...

增持后，JPMorgan Chase & Co.最新持好仓数目为157,232,959股，持好仓比例由7.99%上升至8.09%。 | 股份代號: | 02338 | | --- | --- | | 上市法國名稱: | 濰柴動力股份有限公司 | | 日期 (日 / 月 / 年): | 04/01/2026 - 04/02/20 A .. . | 格隆汇2月4日丨根据联交所最新权益披露资料显示，2026年1月30日，潍柴动力(02338.HK)获JPMorgan Chase & Co.以每股均价26.4212港元增持好仓189.46万 股，涉资约5005.78万港元。 | 不在地球 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 | | --- | --- | --- | --- | --- | --- | --- | | | 股份到量 | | | | 請參閱 上亦 * 註 | 有投票楼股(日/月/年) | | | | | | | | 优自分比 | | CS20260204E00266 | JPMorgan ...

Core Insights - SAIC Motor Corporation has achieved impressive sales performance, reaching 327,000 vehicles in January 2026, a year-on-year increase of 23.9%, making it the only company to surpass the 300,000 sales mark in the current market [1][24] - The overall automotive market in January 2026 showed a slight decline, with retail sales of narrow passenger vehicles around 1.8 million, down 20.4% month-on-month and only a 0.3% increase year-on-year [1][24] Sales Performance - The sales growth is attributed to a solid foundation from 2025, where the net profit is expected to be between 9 billion to 11 billion yuan, reflecting a year-on-year increase of 438% to 558% [3][24] - The growth is driven by three main segments: domestic brands, new energy vehicles, and overseas markets, showcasing a comprehensive strategy of "technology + user" [3][24] Domestic Brand Growth - The domestic segment was the core driver of growth, with January sales reaching 214,000 units, a year-on-year increase of 39.6%, accounting for 65.3% of total sales, up 7.3 percentage points from the previous year [5][26] - Key brands such as SAIC Passenger Cars, SAIC Maxus, and SAIC-GM Wuling contributed significantly, with respective sales increases of 53.8%, 18.2%, and 37% [5][26] New Energy Vehicle Performance - New energy vehicle sales reached 85,000 units in January, a year-on-year increase of 39.7%, solidifying its position in the industry [5][26] - Notable performances include a 576.9% increase in SAIC Passenger Cars' new energy vehicle sales, and a 316.1% increase for SAIC-GM's new energy vehicles [5][26] Overseas Market Expansion - Sales in overseas markets reached 105,000 units in January, a year-on-year increase of 51.7%, with SAIC MG continuing to lead as the top-selling Chinese brand in Europe for 11 consecutive years [8][29] - In January 2026, nearly 26,000 units were delivered in Europe, marking a 15% year-on-year growth [8][29] User Services and Promotions - SAIC has launched a comprehensive user service initiative in response to government policies, including tax subsidies and various customer benefits, enhancing the overall customer experience [10][31] - The initiative includes over 5,000 service points offering a full range of services, reinforcing the company's commitment to customer satisfaction [10][31] Product Matrix and Future Plans - SAIC has established a comprehensive product matrix covering all price ranges, with new models set to launch across various brands, including the new Roewe i6 and MG's upcoming electric models [11][34] - The company plans to introduce several new models in 2026, including the industry-first mass-produced four-wheel steering SUV, the Zhiji LS9 Hyper [14][35] Joint Ventures and Collaborations - SAIC-GM is set to launch the Zhijing E7 SUV, aiming to redefine luxury in the 200,000 yuan segment, while SAIC Volkswagen plans to introduce seven new energy models to meet diverse consumer needs [19][42] - The commercial vehicle segment will also see updates, with new models from SAIC Maxus designed to meet both commercial and recreational needs [22][43]

香港联交所最新资料显示，1月30日，摩根大通增持潍柴动力（000338）(02338)189.4609万股，每股作 价26.4212港元，总金额约为5005.78万港元。增持后最新持股数目约为1.57亿股，持股比例为8.09%。 ...