11月重卡破10万，同比增幅近五成，以"八连涨"收官淡季。 11月重卡市场呈现"同比高增、环比微降"特征。据最新数据获悉，2025年11月，国内重卡市场销量预计达10.1万辆（批发口径，包含出口和新能源），环 比下降5%，同比增长47%，实现"八连涨"且平均增速43%；2025年1-11月，国内重卡累计销量预计103万辆，同比增长26%，全年冲刺110万辆在即。 请看最新数据分析。 11月：五家企业销量破万辆 两家企业增幅达1.5倍 2025年11月，重卡市场在传统淡季交出了一份超出预期的成绩单——10.1万辆销量同比增长47%，延续了自4月起的"八连涨"态势。这份亮眼数据背后，是 政策红利、出口增长（11月中国重卡出口批发销量预计增长20%）与新能源渗透率提升的多重支撑，也为即将到来的2026年行业转型埋下伏笔。 从终端需求来看，11月，国内终端销量同环比双增——环比预计增长13%，同比预计增长近40%。其中，燃气车终端销量同比增速预计超75%，国内渗透 率在25%左右。在细分市场中，受以旧换新政策截止与2026年新能源购置税减免退坡影响，11月新能源重卡终端销量预计2.6万辆，同比增长1.6倍，单月 渗透 ...

中邮证券指出，风光发电量占比15%是系统成本快速上升的临界点，也是电网景气度提升的时点， 20%则是灵活性资源需求提升的拐点。随着新能源渗透率提高，电力系统安全压力持续加大，传统继电 保护理论难以满足"双高"新型电力系统需求，电网事故风险可能因深度互联和高比例新能源而放大。电 网投资进入成长周期，2024年电网投资同比增15.3%，2025年国网计划投资超6500亿元。电力现货市场 建设加速，将推动电价机制从多轨制向单轨制转变，促进新能源消纳。在清洁和安全目标下，终端电价 可能面临上涨压力。电力系统需构建包含核电、煤电改造、储能等多种灵活性资源的生态体系，电网扩 张本身也是一种重要灵活性资源。全国统一电力市场建设是解决风光资源与负荷中心错配问题的关键。 每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 电网ETF（561380）跟踪的是恒生A股电网设备指数（HSCAUP ...

Core Insights - Multiple provinces in China, including Hebei, Gansu, Ningxia, Shandong, and Inner Mongolia, have introduced capacity pricing and compensation policies, providing strong baseline returns for energy storage [1] - The entry of renewable energy into the market has significantly widened the peak-valley price difference in various provinces, with notable increases in installed capacity in Shandong and Shanxi leading to a marked rise in peak-valley price differences this year [1] - The combination of capacity pricing, compensation policies, and market-based peak-valley arbitrage allows for favorable economics for energy storage projects in several provinces, particularly in Inner Mongolia [1] - The analysis indicates that photovoltaic projects utilizing self-generated storage to shift electricity to high-price periods will demonstrate significant economic viability, with self-generated storage expected to become a trend in regions facing consumption difficulties [1] - Global demand for energy storage is surging, driven by the increasing penetration of renewable energy and declining costs of storage systems, leading to a synchronized demand for energy storage both domestically and internationally, thus ushering the sector into a new cycle [1]

Core Viewpoint - The heavy truck market in China is experiencing a gradual recovery, with sales expected to rise due to economic recovery and the introduction of a "trade-in" policy for heavy trucks in 2025 [1] Group 1: Market Performance - In August 2025, approximately 84,000 heavy trucks were sold in China, reflecting a slight month-on-month decrease of 1% compared to July 2025, but a year-on-year increase of about 35% [1] Group 2: Future Projections - With the implementation of the "trade-in" policy and the recovery of the economy, domestic heavy truck sales are anticipated to gradually increase [1] - The penetration rate of new energy heavy trucks is expected to rise significantly, reaching 15% by 2025, driven by advancements in technology and decreasing costs [1] Group 3: Industry Growth Potential - The heavy truck industry still has growth potential, evidenced by the recovery of domestic market conditions and continued growth in exports [1] - The development of natural gas heavy trucks is expected to raise industry entry barriers, which may enhance the profitability of leading companies [1]

Group 1: Heavy Truck Industry Development - The heavy truck market in China saw cumulative sales of approximately 539,000 units in the first half of 2025, representing a year-on-year growth of about 7% [1] - Sales in the export market reached around 156,000 units, with a year-on-year increase of approximately 3% [1] - In June 2025, heavy truck sales were 98,000 units, showing a year-on-year growth of 37% and a month-on-month increase of 10% [1] Group 2: Company Goals for Large Bore Engines and Data Center Business - The company aims to leverage strong industry demand to boost the production and sales of large bore engines, particularly for data centers [2] - The focus will be on enhancing technical performance, production capacity, and delivery efficiency to meet annual sales targets and expand into strategic high-end markets [2] Group 3: Response to Electrification Trends - The penetration rate of new energy in heavy trucks, light trucks, and engineering machinery is gradually increasing due to policy support and cost reductions [2] - The company plans to launch a full range of new energy power battery products by the end of 2024 and will enhance production capacity [2] - Significant progress has been made in areas such as thermal management and intelligent management of power batteries, with a commitment to improving the performance contribution of new energy businesses [2]

Group 1: Electric Vehicles and Energy Storage - The demand for lithium batteries remains resilient, with solid-state and heavy-duty trucks experiencing increased market activity. In 2024, the global penetration rate of new energy vehicles is expected to reach 19%, with significant growth anticipated in 2025 as major automakers launch new platforms and models, alongside declining battery costs. The total shipments of power, storage, and consumer batteries are projected to reach 1.6 TWh in 2025, an 18% year-on-year increase [4][24][21] - In 2025, the global demand for power batteries is expected to reach 1,173 GWh, a 16% year-on-year growth. The demand for energy storage is driven by improved economic viability and increasing overseas demand, particularly in Europe and the United States [10][17][24] - The domestic market for energy storage is benefiting from the rapid development of wind and solar installations, as well as electricity market reforms. The global energy storage demand is projected to grow significantly, with a focus on peak-valley price differences enhancing economic viability [24][21] Group 2: Wind Power - The wind power industry is experiencing high growth, with significant increases in both volume and price for components. The first quarter of 2025 is expected to see a substantial rise in the output of land-based wind components, while offshore wind projects are anticipated to gain momentum as construction peaks in the second quarter [4][6] Group 3: Photovoltaics - The photovoltaic industry is gradually improving in supply and demand, with a notable increase in component demand driven by policy adjustments and market dynamics. The industry is currently in a critical phase of "supply-demand rebalancing," with short-term improvements observed, although complete resolution of overcapacity will take time [4][6] - The profitability of the photovoltaic sector is expected to improve in the first quarter of 2025, with a focus on leading technology companies in battery production and those benefiting from supply-side reforms [4][6] Group 4: Investment Analysis - The report suggests focusing on three main investment themes for 2025: true growth companies such as CATL and Gotion High-Tech, companies benefiting from cyclical recovery like Hunan Youneng, and new technology firms such as Xiamen Tungsten and Contemporary Amperex Technology [4][6] - The report emphasizes the importance of supply-side reforms and suggests monitoring leading companies in the silicon material and inverter sectors, as well as those with significant export advantages [4][6]