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 ...

Investment Rating - The industry investment rating is "Recommended," indicating a favorable outlook for the industry with expectations that the industry index will outperform the benchmark index [24]. Core Insights - In April 2025, the heavy truck market in China saw sales of approximately 90,000 units, reflecting a year-on-year growth of about 9.4%. This growth is attributed to the positive impact of the policy issued on March 18 regarding the scrapping and updating of old operational trucks [4][5]. - The sales of new energy heavy trucks reached between 12,500 and 13,000 units in April, marking a year-on-year increase of over 170%, with an industry penetration rate of around 20%. This rapid growth in new energy heavy trucks suggests that electrification is becoming a key competitive factor in the industry [10][11]. - The implementation of the policy for scrapping old operational trucks is expected to accelerate heavy truck sales growth, as the actual rollout of the policy may lag behind its announcement [15]. - Economic indicators for the first quarter of 2025 show improvements, with fixed asset investment reaching 10.3 trillion yuan, a year-on-year increase of 4.2%. This includes a 5.8% growth in infrastructure investment, which is beneficial for heavy truck sales [19]. Summary by Sections 1. April Heavy Truck Sales Recovery - In April 2025, heavy truck sales in China rebounded to approximately 90,000 units, a 9.4% increase year-on-year, contrasting with a 2.7% decline in the first quarter [4][5][6]. 2. New Energy Heavy Truck Growth - New energy heavy truck sales in April are estimated at 12,500 to 13,000 units, with a year-on-year growth exceeding 170% and a penetration rate of about 20% [10][11]. 3. Policy Implementation and Sales Growth - The rollout of the old truck scrapping policy is expected to take time, which may lead to a delayed reflection of its effects on heavy truck sales in April [15]. 4. Economic Data Supporting Heavy Truck Demand - The first quarter of 2025 showed a 4.2% increase in fixed asset investment, with significant growth in sectors like agriculture and water management, which are likely to boost heavy truck demand [19].