人民财讯12月11日电，中国铁物（000927）12月11日公告，公司与中储集团、物流股份、中国包装、中 储智运、时代骐骥、地上铁拟于近日签署《出资人协议》，拟共同投资设立合资公司，旨在打造具有核 心竞争力的新能源运力解决方案提供商，为客户提供高效、环保、智能的运输服务。合资公司注册资本 5亿元，其中公司出资金额2500万元，持股比例5%。合资公司成立后，将致力于整合股东方优势资源， 聚焦新能源重卡全生命周期运营。初期通过购置新能源重卡开展"运租结合业务"，面向矿山、基建工程 等中短途、特定封闭区域，以及陕西至云贵川煤炭运输、内蒙古进港煤炭运输等中长途干线运输通道， 为客户提供物流运输服务及经营性租赁服务；中长期为新能源重卡的使用方、承租方提供新能源重卡补 能、维保、电池梯次利用等配套服务，以及围绕车辆调度管理、安全管理、充电、运营管理等环节提供 绿色运力数字化解决方案。 ...

徐工汽车又一款重磅新品问世！ 11-2 高效全能十十 H ++ 极致容间 9米8超长货厢, 67m³超大容积, 大一点, 赚更多 可选高顶双卧驾驶室，大空间大容量，增加驾驶舒适 性,满足多空间储物需求。 超大容积 67m3 9:01 强悍承载+ 1860mm超宽轮距搭配3/7+6多片悬架 工况适应性强,复杂场景出入自如,轻松应对各种 装卸挑战,保障货物安全高效运输。 轻量化、高性能的集成式电驱桥 搭载永磁同步电机，峰值功率250kW，效率可达 97%以上，经济性、动力性、轻量化水平俱佳。 续航天计扩十 400.61kW·h大电量 搭配多档位能量回收技术，传递效率更高，轻松覆盖 500公里城际干线运输场景需求。 DEMIAN 峰值功率 atal and 400-6KW == 05 安全司章 集成式电池液冷液热技术,保护电池安全 高压互锁,主动断电,可选多项智能辅助驾驶,整车 超600项试验验证，安全可靠。 攻在超600 试验验证 电池液冷 液热技术 play 超长续航 超强承载 跑赢客 t물 r 型 @ F 大一点 · 騰更多 (24)时服务热线 400 780 6018 ● 2026重卡预计销113万辆 潍柴 ...

Core Viewpoint - In November 2025, the sales of new energy heavy trucks and traction vehicles reached record highs, with significant year-on-year growth, indicating a robust market trend in the new energy commercial vehicle sector [1][4][22]. Group 1: Sales Performance - In November 2025, new energy traction vehicles sold 19,800 units, marking a year-on-year increase of 185% and a month-on-month increase of 48% [4][5]. - The total sales of new energy heavy trucks reached 24,000 units in November, reflecting a year-on-year increase of 176% [1]. - Cumulatively, from January to November 2025, new energy traction vehicle sales reached 129,600 units, representing a year-on-year increase of 230% [15]. Group 2: Market Dynamics - All 31 provincial-level administrative regions in China reported new energy traction vehicle sales in November, with 24 regions exceeding 100 units sold [6]. - The top-selling regions included Shanghai with over 3,000 units and Shanxi with over 2,000 units sold [6]. - The market for new energy traction vehicles has maintained strong momentum since 2025, with significant sales growth across various provinces [6][7]. Group 3: Company Performance - The leading companies in new energy traction vehicle sales for November included Jiefang with 3,313 units and Xugong with 3,236 units, both achieving substantial year-on-year growth [9][11]. - Notably, companies like Xugong, Heavy Truck, and Shaanxi Automobile saw year-on-year increases of 250%, 276%, and 220% respectively [13]. - Cumulatively, Jiefang and Xugong have each surpassed 20,000 units in sales, with figures of 21,500 and 20,600 units respectively [15][17]. Group 4: Market Share - The market share of the top five companies in new energy traction vehicles exceeds 10%, with Jiefang at 16.60% and Xugong at 15.93% [20]. - The overall market dynamics indicate that the leading companies are not only increasing their sales but also enhancing their market presence significantly [20]. Group 5: Future Outlook - The strong sales performance in November suggests that the new energy traction vehicle market may continue to grow in December 2025, potentially achieving even higher sales and growth rates [22].

Core Viewpoint - Longgao Motor continues to lead the industry with efficient and reliable product performance and excellent environmental adaptability, as evidenced by its recent award for "2025 Annual Heavy Truck Motor Quality Award" [1][10]. Group 1: Product Quality and Reliability - Longgao Motor adheres to the philosophy that "reliability is the lifeline," implementing strict quality management throughout the entire product development and manufacturing process [4]. - During the product design phase, Longgao Motor follows the "four modernizations" principle—series, standardization, generalization, and modularization—utilizing methods such as FMEA and thermal design optimization to ensure design reliability from the source [5]. - The company has established a mistake-proofing process system and zero-defect control for key processes, significantly reducing the risk of human error through automation and mistake-proofing technologies [5]. Group 2: Market Performance and Recognition - Longgao Motor's products have successfully entered multiple overseas markets, including Northern Europe, the Middle East, Southeast Asia, and South America, achieving bulk shipments and gaining widespread recognition from international customers for their excellent environmental adaptability and operational stability [8]. - As of January to October 2025, Longgao Motor's new energy heavy truck motor shipments have exceeded 50,000 units, with a comprehensive product architecture that meets diverse customer needs and deep cooperation established with several large well-known manufacturers [10].

在商用车行业转型与降本增效需求的双重压力下，零一电驱桥重卡或掀起新一轮变革浪潮。 根据第一商用车网掌握的最新数据（交强险实销口径，不含出口和军车），2025年10月， 国内共销售新能源重卡2.01万辆，同比大涨144%；1-10月，国内新能源重卡累计销售 15.79万辆，累计增幅达178%。可见，在"双碳"目标及行业转型的持续推进下，国内新能 源重卡销售持续火热。 不过，话说回来，虽然新能源重卡市场火热，但是也不容忽视传统能源重卡所具备的优势 ——运营场景更广泛、无惧补能焦虑、运输效率更高……这些，也正是制约新能源重卡发展 的痛点。然而，零一汽车却打破了这一市场"定律"，其搭载正向自研矩石2.0电驱桥的新能 源重卡或将成为行业"颠覆者"。 电驱桥重卡有望成为新能源重卡未来发展趋势？ 不过，近年来，随着电驱桥技术的迭代升级，这些制约新能源重卡推广的因素或将很快被打 破，电驱桥技术不仅运输效率更高，同时还可拉低运营总成本。那么，电驱桥重卡会成为未 来新能源商用车行业发展趋势吗？ 说到这里，有些读者自然会谈及中央驱动新能源重卡。业内众多专家及从业者更是表示，电 驱动重卡将慢慢取代中央驱动重卡，成为电动重卡主流技术路 ...

Investment Rating - The report assigns a "Buy" rating for the company, Manbang Group (YMM), as a first-time coverage [2]. Core Insights - The report highlights that the digital freight platform market in China is expected to grow significantly, with Manbang Group leading the market with a 45% share. The company is projected to achieve revenues of 124.28 billion RMB in 2025, with a compound annual growth rate (CAGR) of 35% from 2024 to 2027 [8][9]. - The report emphasizes the company's strong growth potential driven by its extensive capacity pool, operational advantages, and increasing commission rates, which are expected to enhance profitability [8][9]. Summary by Sections Industry Background - The freight market in China is highly fragmented, with digital freight platforms emerging to improve matching efficiency. The market is projected to reach a scale of approximately 1.5 trillion RMB by 2027, with a CAGR of about 21% from 2024 to 2027 [8][9]. - The report notes that the freight market is primarily composed of truckload and less-than-truckload segments, with the truckload segment accounting for about 56% of the market in 2024 [12][16]. Manbang Group Overview - Manbang Group is recognized as a leading digital freight platform in China, with a revenue forecast of 112 billion RMB for 2024. The company has experienced a CAGR of 35% from 2019 to 2024 [8][9][41]. - The company operates various business segments, including freight information publishing, freight brokerage, transaction services, and value-added services, with transaction services expected to be a significant growth driver [8][9][41]. Business Expansion and Technology Empowerment - The report indicates that Manbang Group is expanding its business into less-than-truckload and same-city services, leveraging its established network and operational experience [8][9]. - The integration of new technologies, such as the penetration of new energy heavy trucks and the commercialization of autonomous driving, is expected to enhance cost efficiency and profitability for the company [8][9]. Financial Projections - The financial forecasts for Manbang Group indicate a steady increase in revenue and net profit, with projected revenues of 124.28 billion RMB, 144.45 billion RMB, and 173.84 billion RMB for 2025, 2026, and 2027, respectively [8][9]. - The report anticipates a significant increase in net profit, reaching 4.34 billion RMB in 2025, with a corresponding price-to-earnings (PE) ratio of 19.36 [8][9].

Core Viewpoint - The "2025 First Commercial Vehicle Network Annual Awards" aims to promote the development of the commercial vehicle industry in China by recognizing outstanding brands and products, with a focus on innovation and quality [1][22]. Group 1: Market Trends and Innovations - Zero One Zhika won the "2025 Annual Recommended Electric Drive Bridge Heavy Truck" award, highlighting its innovative achievements in the new energy heavy truck sector [3]. - The new energy heavy truck market is experiencing rapid growth, but many products are limited to short-distance or fixed scenarios, creating a demand for electric heavy trucks that can handle long-distance transportation while being cost-effective [4][9]. Group 2: Technical Features and Advantages - Zero One Zhika addresses core user pain points with features such as lower energy consumption, lighter weight, stronger climbing ability, and better operational reliability, promoting green upgrades in the industry [9][11]. - The vehicle's lightweight design allows it to be 1 ton lighter than competitors, enhancing payload capacity and operational efficiency [11]. - The vehicle utilizes the Matrix Stone 2.0 electric drive bridge, which integrates the motor, transmission, axle, and power take-off, resulting in higher efficiency and lower energy consumption, with a measured energy consumption of only 0.95 kWh/km, 25% more efficient than central drive systems [12][13]. Group 3: Advanced Technologies - The new model "Jingzhe Leizhenzi" showcases breakthroughs in core technologies, featuring the "Crystal Core Intelligent Control System" that adjusts torque to prevent slipping and tire wear, and supports constant speed downhill driving in mountainous areas [16]. - The intelligent battery management extends battery life by 50% and maximizes operational uptime, contributing to overall operational improvements and value creation for users [18].

Core Insights - In October 2025, China's overall sales of new energy heavy trucks remained above 20,000 units, with significant differences in performance among sub-segments, particularly between hydrogen fuel cell trucks and hybrid trucks [1][4]. Sales Performance - In October 2025, a total of 20,100 new energy heavy trucks were sold, marking a year-on-year increase of 144%. The breakdown includes 19,700 pure electric trucks, 221 fuel cell trucks, and 152 hybrid trucks, with year-on-year growth rates of 191%, -57%, and 103% respectively [4][6]. - Fuel cell trucks experienced a decline after a brief increase in September, while both pure electric and hybrid trucks continued to see substantial growth, with pure electric trucks outpacing the overall growth rate of new energy heavy trucks [4][6]. Market Share Analysis - From January to October 2025, fuel cell and hybrid trucks accounted for only 1.58% and 0.55% of the new energy heavy truck market, respectively, totaling just 2.13%. The remaining 97.87% were pure electric models, indicating a significant increase in the dominance of pure electric trucks compared to the same period in the previous two years [6][4]. Hybrid Truck Performance - In October 2025, hybrid truck sales reached 152 units, representing a year-on-year increase of 103%, marking the tenth consecutive month of growth. The leading company, YuanCheng, sold 110 units, maintaining its position as the monthly sales champion [10][12]. - The cumulative sales of hybrid trucks from January to October 2025 reached 871 units, reflecting a year-on-year growth of 158%. However, this growth rate is lower than the overall growth rate of the new energy heavy truck market [14][16]. Company Rankings - YuanCheng holds a dominant market share of 68.08%, significantly increasing by 18.23 percentage points compared to the previous year. Other notable companies include Foton with a market share of 10.79% and Changzheng with 8.96% [16][17].

Core Viewpoint - The "2025 Annual Selection of Commercial Vehicles" awards ceremony highlighted the importance of promoting excellent brands and products in the commercial vehicle industry, aiming to drive healthy industry development [1]. Group 1: Product Highlights - The GAC Lingcheng T9 won the title of "2025 Annual Recommended New Energy Heavy Truck" due to its ultra-low energy consumption, extreme lightweight design, and intelligent platform [3]. - The T9 features a comprehensive energy consumption of only 1.1 kWh per kilometer, setting an industry-leading standard [8]. - The vehicle's weight is controlled at 8.9 tons, which is over 1 ton lighter than similar products, addressing the "loss of tonnage" issue commonly faced by electric vehicles [10]. Group 2: Technological Innovations - GAC Lingcheng T9 employs advanced technologies such as an integrated battery pack and chassis, efficient electric drive bridge, and high-strength steel to achieve its lightweight design [10]. - The vehicle is equipped with a self-developed vehicle-cloud dual-engine big data platform, enabling real-time task scheduling, energy replenishment scheduling, and operational monitoring for efficient operations [10]. Group 3: Market Positioning - The starting price of the T9 is set at 439,900 yuan, making it an accessible option for users and breaking the perception that electric vehicles are more expensive than traditional fuel trucks [12]. - GAC Lingcheng aims to build a charging network in collaboration with Huawei, targeting to reduce heavy truck charging time to under 20 minutes [14]. Group 4: Industry Impact - The launch of the GAC Lingcheng T9 represents a significant milestone in the high-quality development of China's commercial vehicle industry, aligning with the country's "dual carbon" goals [17].

Core Viewpoint - 深向科技 is facing significant financial challenges despite its competitive advantages in the new energy heavy truck sector, with a total loss of 17 billion yuan over three and a half years, making its upcoming IPO on the Hong Kong Stock Exchange critical for its survival [2][5][7]. Company Overview - 深向科技 specializes in new energy heavy trucks and intelligent road freight solutions, focusing on "forward-defined" heavy trucks, which are designed from the ground up to use electric power [3][9]. - The company was founded in July 2020 in Hefei, Anhui Province, by Wan Jun's Lion Bridge Logistics and Baidu, with initial shareholding ratios of approximately 51% and 49% respectively [3][4]. Financial Performance - Since its commercialization in 2023, 深向科技 has reported revenues of 4.26 billion yuan, 19.69 billion yuan, and 15.06 billion yuan for 2023, 2024, and the first half of 2025, respectively, while incurring net losses of 3.89 billion yuan, 6.75 billion yuan, and 3.71 billion yuan during the same periods [5][6]. - Cumulatively, the company has lost 17.01 billion yuan over three and a half years, with significant losses attributed to R&D, administrative, and sales expenses [5][6]. Market Position - In the new energy heavy truck market, 深向科技 is considered a "niche" player, with a projected market share of only 3.1% in 2024, despite being ranked among the top ten manufacturers [3][5]. - The company has delivered only two mass-produced models as of June 2023, with sales projections of 509 units in 2023, 3,002 units in 2024, and 2,873 units in the first half of 2025 [3][5]. Investment and Partnerships - 深向科技 has undergone 11 rounds of financing, raising over 2.4 billion yuan, with significant investments from Baidu and other major institutions [4]. - The partnership with Baidu includes licensing agreements for patents and software, with expected payments totaling up to 1.72 billion yuan over the next three years [4][6]. Industry Context - The new energy heavy truck market is projected to grow significantly, with sales expected to reach 703,000 units by 2030, driven by the need to address high carbon emissions and operational costs in the freight industry [8][9]. - The market is currently dominated by a few major players, with the top ten accounting for over 90% of sales, primarily consisting of retrofitted electric vehicles [8]. Strategic Direction - 深向科技 aims to maintain a competitive edge through self-research and production of core components, international expansion, and continuous investment in smart technology [9]. - The company faces pressures from ongoing losses, liquidity issues, and reliance on a limited number of suppliers and customers, necessitating a rapid establishment of a sustainable business model [9].