Core Viewpoint - The seventh China Western International Investment and Trade Fair showcased the latest breakthroughs in Chongqing's commercial vehicle industry, with Qingling Group unveiling its new ultra-fast charging heavy truck, Lingjie, in collaboration with Huawei Digital Energy, marking a significant step towards the electrification and intelligence of heavy-duty trucks [1][3]. Group 1: Technological Revolution - Qingling Group has partnered with Huawei to launch the Lingjie ultra-fast charging heavy truck, addressing the critical issue of charging anxiety in electric heavy trucks and representing a revolutionary technological advancement in the industry [3][6]. - The application of Huawei's megawatt ultra-fast charging technology allows for a 15-minute charging time, significantly enhancing operational efficiency and reducing costs [5][8]. Group 2: Electric Heavy Truck Popularization - With 9 million heavy trucks in China contributing to 54% of carbon emissions, the need for a green revolution in the industry is urgent, and Qingling aims to lead this transformation through its collaboration with Huawei [6][10]. - The Lingjie heavy truck features multiple technological advantages, including a lightweight design, low wind resistance, and high efficiency, with a system efficiency of 96% and energy consumption of only 1.2 kWh per kilometer when fully loaded [8][10]. Group 3: Strategic Collaborations - A strategic cooperation signing ceremony was held involving Qingling Group and several other companies to promote the construction of megawatt ultra-fast charging stations and demonstration lines, aiming to facilitate the widespread adoption of electric heavy trucks [10]. - The collaboration is expected to not only enhance transportation efficiency but also contribute to the social value under the dual carbon strategy, showcasing the potential for new productive forces in China's modernization efforts [10].

Core Viewpoint - The electric heavy truck industry in China is expected to experience significant growth in the next three years, with a projected electrification rate of 50% due to zero-carbon transformation and cost reduction in logistics [1][2]. Group 1: Market Growth - From 2023 to 2025, the new energy heavy truck market is entering a critical phase of large-scale explosion, with sales expected to reach 82,500 units in 2024, a year-on-year increase of 136.39%, and a market penetration rate nearing 10% [2]. - In the first quarter of 2025, sales of new energy heavy trucks are projected to continue growing rapidly, reaching 30,000 units, representing a year-on-year growth of 176% and a market penetration rate of 11.51% [2]. - The growth in sales of new energy heavy trucks is becoming a crucial support for the sales growth of leading heavy truck manufacturers [2]. Group 2: Factors Driving Growth - The explosion in the new energy heavy truck market is primarily driven by policy support, advancements in product technology, and the economic viability of products [2]. - The core technologies for electric vehicle electrification, such as batteries, electronic controls, and motors, are becoming increasingly mature, supporting the development of the electric heavy truck industry [2]. Group 3: Challenges and Solutions - Despite the growth, the large-scale promotion of electric heavy trucks faces challenges such as insufficient charging infrastructure, high initial purchase costs, and non-standardized battery specifications [3]. - To address these challenges, leading companies in the new energy vehicle sector are launching solutions based on their strengths, such as Ningde Times' "Qiji Battery Swap Solution," which aims for standardization, economic efficiency, and adaptability across various scenarios [3][4]. - The Qiji Battery Swap Solution allows for cost savings, with calculations showing that heavy trucks using this solution can save 0.62 yuan per kilometer compared to traditional fuel trucks, equating to an annual savings of over 60,000 yuan [3]. Group 4: Technological Advancements - Ningde Times' Qiji Battery Swap Solution has achieved "electricity parity" in the heavy truck sector, facilitating the integration of green energy into transportation and road networks through modularization and standardization [4].

Group 1: New Energy Vehicle Manufacturing and Market Expansion - Chongqing's first overseas new energy vehicle factory, Changan Automobile's Thailand Rayong plant, has officially commenced production, representing the most advanced new energy vehicle factory in Southeast Asia with an investment of approximately 10 billion THB (2 billion RMB) [1] - GAC Group has entered the Ethiopian market, planning to launch five new energy vehicle models over the next three years, contributing to Ethiopia's green transportation transformation and China-Ethiopia automotive industry cooperation [1] - Ethiopia's government aims to increase the number of electric vehicles on the road from over 100,000 to 500,000 in the next decade, replacing most fuel vehicles [1] Group 2: Automotive Industry Developments - Xiaomi Automobile has responded to concerns regarding the deformation of the front bumper of the Xiaomi SU7, offering free pickup and repair services for affected vehicles [2] - CATL and Honda China have signed a memorandum to deepen cooperation in lithium iron phosphate batteries, CTB integration technology, supply chain optimization, and the development of 12V and hybrid batteries [3] - CATL's chairman predicts that the electrification penetration rate of heavy-duty trucks in China will reach 50% by 2028, up from 10% in 2024 [4] Group 3: Charging Infrastructure and International Relations - Japan is considering a plan to provide subsidies for the construction of Tesla charging stations during tariff negotiations with the United States, currently only subsidizing CHAdeMO standard charging stations [6]

Group 1 - CATL aims for a 50% penetration rate of new energy in heavy trucks within three years, introducing a standard battery and battery swap solution [1] - The battery swap solution is expected to address issues of short range and slow charging, potentially lowering costs in the commercial vehicle sector [1] - This strategic move signifies CATL's deepening involvement in the commercial vehicle market and may drive industry standards and electric vehicle adoption [1] Group 2 - Xiaomi responded to rumors regarding the SU7 model, clarifying that minor deformation issues are due to installation gaps and offering free repair services [2] - The company refuted claims of a sales collapse due to cancellations, attributing delivery limitations to production capacity issues [2] - Xiaomi's proactive communication reflects its commitment to consumer concerns and brand image maintenance [2] Group 3 - Changan Automobile's new electric vehicle factory in Thailand marks a significant step in its global strategy, enhancing competitiveness in Southeast Asia [3] - The factory, with an investment of approximately 2 billion RMB, showcases advanced manufacturing and supply chain management capabilities [3] - This development exemplifies the global influence of Chinese manufacturing and aligns with the Belt and Road Initiative [3] Group 4 - BYD announced the establishment of its European headquarters in Hungary to strengthen its market presence and service efficiency [4] - The new center will create 2,000 jobs and will serve as a hub for sales, after-sales, testing, and localized vehicle development [4] - This move reinforces BYD's strategic expansion in Europe amid increasing competition in the electric vehicle market [4] Group 5 - China FAW Group signed a strategic cooperation agreement with New Ziguang Group to enhance domestic chip applications and supply chain resources [5] - The collaboration aims to develop a comprehensive automotive-grade chip ecosystem, covering design, manufacturing, and application [5] - This partnership highlights the deep integration of the automotive and semiconductor industries, improving self-innovation capabilities [6]

Core Viewpoint - The event held on May 18 announced the launch of the 75 standardized battery swap block and a comprehensive battery swap solution for heavy-duty trucks, aiming for a 50% market penetration rate within three years and a nationwide battery swap network by 2030 [1][3]. Group 1: Industry Development - Shanxi province is accelerating the electrification of heavy-duty trucks and the battery swap industry to support energy transformation [3]. - The Ministry of Transport emphasizes policy support to promote the integration of transportation and energy [3]. - The industry is expected to experience explosive growth in the next three years, achieving a 50% electrification rate in the heavy-duty truck sector [3]. Group 2: Product Features - The 75 standardized battery swap block has three core advantages: lowest lifecycle cost per ton-kilometer, highest safety standards, and perfect adaptation to standardized battery swap needs [3]. - The Qiji battery swap solution aims for standardization, economic efficiency, and compatibility with 95% of mainstream models, showcasing a future super hub station capable of over 700,000 kWh of daily battery swaps [5]. Group 3: Economic Benefits - Heavy-duty trucks using the Qiji battery swap system can save 0.62 yuan per kilometer compared to diesel trucks, translating to an annual savings of over 60,000 yuan [7]. - Compared to LNG trucks, the savings are 0.2 yuan per kilometer, leading to an annual saving of over 20,000 yuan [7]. Group 4: Infrastructure Development - By 2025, the goal is to establish 300 battery swap stations in 13 core regions, covering major transport routes [7]. - The plan includes a nationwide battery swap network by 2030, covering 80% of trunk transport capacity with a total length of 150,000 kilometers [7]. Group 5: Collaborative Efforts - The company is collaborating with various stakeholders to accelerate the construction of the battery swap ecosystem, including partnerships with transportation departments and financial institutions [9]. - The "Datong Declaration" was released, committing to industry upgrades and the promotion of battery swap standardization and networking [10].

Core Viewpoint - The article discusses the launch of a standardized battery swapping solution for heavy-duty electric trucks by CATL, aiming to achieve a 50% market penetration within three years and establish a nationwide battery swapping network by 2030 [1]. Group 1: Industry Developments - The event was co-hosted by the China Transportation Association and CATL, highlighting the importance of collaboration in the electric heavy-duty truck sector [1]. - CATL announced the development of a standardized 75 battery swapping block and a comprehensive battery swapping solution for various scenarios [1]. Group 2: Economic Benefits - CATL claims that using the Qiji battery swapping system can save 0.62 yuan per kilometer compared to traditional diesel trucks, leading to an annual profit increase of 60,000 yuan for trucks running 100,000 kilometers a year [1]. - Compared to LNG trucks, the savings amount to 0.20 yuan per kilometer, resulting in an additional annual profit of 20,000 yuan [1]. - The stability of electricity prices is emphasized, as it is less affected by fluctuations in gas prices, making electric trucks more economically viable [1]. Group 3: Future Outlook - The company aims to further reduce energy consumption and expand the battery swapping network, which is expected to shift the preference towards electric trucks over LNG [1]. - The core competitiveness of new energy heavy-duty trucks is highlighted as being reflected in the cost per ton-kilometer, which the 75 battery is designed to enhance [1].

Core Insights - The event held on May 18 in Datong, Shanxi, focused on the launch of the 75 standardized battery swap block and a comprehensive battery swap solution for heavy-duty trucks, aiming for a 50% market penetration of electric heavy trucks within three years [1] - The initiative aims to establish a nationwide battery swap network covering 80% of trunk transport capacity by 2030, with a focus on energy transition and the electrification of heavy-duty trucks [1][4] Group 1 - The 75 standardized battery swap block features three core advantages: lowest lifecycle cost per ton-kilometer, highest safety standards in the industry, and perfect adaptation to standardized battery swap needs [1] - The heavy-duty truck industry is expected to experience explosive growth in the next three years, achieving a 50% electrification rate due to the dual challenges and opportunities of zero-carbon transition and logistics cost reduction [1][3] - The launch of the Qiji battery swap solution aims for standardization, economic efficiency, and compatibility with 95% of mainstream vehicle models, enhancing the overall ecosystem [3] Group 2 - By 2025, the goal is to establish 300 battery swap stations in 13 core regions, connecting major highways and covering 15,000 kilometers of trunk roads by 2030 [4] - The event also marked the opening of the first battery swap highway, the Cangyu Line, with 1,428 vehicles delivered and 6,900 vehicles ordered [4] - The industry is collaborating with various stakeholders to accelerate the construction of the battery swap ecosystem, including partnerships with government agencies and financial institutions [4][6]

Group 1 - The core viewpoint of the article is that the domestic heavy-duty truck market in China is expected to see an electrification penetration rate of 50% by 2028, with a projected rate of 10% in 2024 [1] Group 2 - CATL officially launched the 75 standard battery swap block for medium and heavy-duty trucks during the event [1]

实际上，此前已经有一些地区探索过"白名单"免检机制。2020年，杭州市生态环境局出台政策，对连续接受"云体 检"的车辆，在上一检验周期内OBD联网运行正常且无超标排放逾期未治理记录的，可免于上线排放检验；自 2023年开始，上海把安装污染物排放远程在线监控终端并接入上海市重型柴油车远程在线监控平台，且在上海市 内检验的沪牌重型柴油车，纳入"排放免检"车辆的范围；同样自2023年起，山东省正式实行重型柴油车"黑白名 单"管理政策，依托车辆排放大数据以及日常巡检等情况，环检系统可在车辆年审时，自动判定是否符合纳入"白 名单"的条件。而如果出现OBD远程监控车辆存在车载终端拆除预警、尾气排放超过监控报警值、监控数据与实 车数据不符等情形，则将被纳入"黑名单"管理，在排放定期检验和执法检查环节重点核查车载终端通信和OBD数 据情况。 重卡渗透率或将进一步提升 2022年11月，生态环境部等15部门联合印发《柴油货车污染治理攻坚行动方案》，要求到2025年全国柴油货车排 放检测合格率超过90%，氮氧化物排放量下降12%，新能源和国六排放标准货车保有量占比力争超过40%，铁路货 运量占比提升0.5个百分点。 华夏时报（w ...

证券研究报告 行业研究 2025 年 5 月 13 日 4 月重卡销量重回正增长 电动化或成竞争关键 核心观点： 第一创业证券研究所 风险提示： 请务必阅读正文后免责条款部分 第 1 页 共 6 页 邮箱：guoqiang@fcsc.com 根据第一商用车网披露的数据，2025 年 4 月份我国重卡市场共计销售 9 万辆 左右（批发口径，包含出口和新能源），同比增长约 9.4%。相对于一季度重 卡总计销量约 26.5 万辆，同比减少约 2.7%的情况，4 月份重卡销量的增长表 现较好。说明 3 月 18 日交通运输部、国家发展改革委、财政部发布《关于实 施老旧营运货车报废更新的通知》发布后，对重卡销售的正面刺激已开始。 分析师：郭强 证书编号：S1080524120001 电话：0755-23838533 根据第一商用车网数据，4 月份新能源重卡终端销量预计在 1.25 万-1.3 万辆， 同比增长超过 1.7 倍，创造了该细分领域 4 月销量的新高，行业渗透率在 20% 左右。4 月份天然气重卡月销量降至 2 万辆以下，同比降幅超过 35%，渗透率 在 26-27%左右。从 2023 年开始，新能源重卡销量 ...