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]

证 券 研 究 报 告 供给回归有序，需求韧性较好，静待周期复苏 2025下半年电新行业投资策略 | 证券分析师：马天一 | A0230525040004 | | --- | --- | | 李冲 | A0230524070001 | | 王艺儒 | A0230523110003 | | 刘宏达 | A0230524020002 | | 研究支持： | 曾子栋 A0230123070004 | 2025.06.09 投资要点 www.swsresearch.com 证券研究报告 2 • 锂电：锂电需求保持韧性，固态及重卡景气度提升。24年全球新能源车渗透率为19%，仍处于较低水平，我们预计25年全球 主要车企有望推出新平台新车型，同时电池成本下降下，未来全球新能源车渗透率有望稳步提升，叠加光储平价驱动储能在 全球范围内需求释放，预计25年动力+储能+消费电池出货达到1.6TWh，同比增长18%。锂电需求保持韧性下，固态电池推 广日趋加快，电动重卡等新场景加速电动化。25年以来，固态上中下游纷纷发布相关固态电池产品及验证进度，目前半固态 电池有望逐步进入大批量量产，全固态电池产品正密集下游测试，固态锂电设备及电 ...