Group 1: Company Performance - In January 2026, China's heavy truck market sold approximately 105,400 units, representing a year-on-year growth of about 46% [2][4] - The company maintains a good operational status, with overall production and sales scale achieving growth compared to the same period last year [2][4] - The company continues to strengthen product competitiveness and actively expand market share, remaining a leader in the heavy truck industry [3][4] Group 2: New Energy Heavy Trucks - The new energy heavy truck market in China is experiencing strong growth, with new sales reaching 20,600 units in January 2026, a significant year-on-year increase of 184% [4] - Supported by favorable policies and technological innovations, the new energy heavy truck sector is entering a new development cycle [4] - The company plans to deepen its focus in this area, optimizing product mix and market strategies to enhance overall competitiveness [4] Group 3: Export Performance - The company has achieved continuous growth in its export business, maintaining the industry’s leading position for 21 consecutive years [5] - The export markets primarily include Africa, Southeast Asia, Central Asia, and the Middle East, covering over 150 countries and regions globally [5] - The company is making breakthroughs in emerging markets, contributing to its strong export performance [5] Group 4: Axle Company Operations - The axle company is a subsidiary in which the company holds a 51% stake, ensuring stable market demand and revenue through close cooperation with the group’s vehicle production units [6] - The axle company has been recognized as a high-tech enterprise, allowing it to benefit from relevant tax incentives [6] - It continues to operate steadily with good profitability levels [6] Group 5: Natural Gas Heavy Trucks - In 2025, the cumulative sales of natural gas heavy trucks reached 12,000 units, reflecting a year-on-year growth of 31% [7] - The performance of natural gas heavy trucks is steadily improving in terms of range and power, narrowing the gap with diesel vehicles [7] - The company remains optimistic about the natural gas heavy truck market and plans to enhance product competitiveness and long-term strategic layout [7]

龙蟠科技(02465)涨超3%，截至发稿，涨3.58%，报11.27港元，成交额3205.87万港元。 本次双方合作聚焦的新能源重卡领域，目前正处于快速发展阶段。终端上牌数据显示，2025年我国新能 源重卡累计销量达23.11万辆，同比大增182%，远高于新能源商用车整体增速。其中12月销量为4.53万 辆，创单月销量历史新高。业内人士认为，伴随着成本下降、技术迭代以及补能设施完善，新能源重卡 将逐步从短倒场景向中长途干线物流领域渗透，未来仍具备较大增量空间。 消息面上，据证券时报报道，2月9日，龙蟠科技下属子公司锂源科技与法恩莱特签署战略合作协议。据 悉，本次双方合作将聚焦磷酸铁锂技术路线，围绕重卡新能源项目开展深度协同，组建专项合作小组， 构建"材料+电解液"联合研发与应用体系。锂源科技表示，未来双方将以重卡项目为切入点，持续深化 磷酸铁锂路线技术创新与场景应用。 ...

消息面上，据证券时报报道，2月9日，龙蟠科技下属子公司锂源科技与法恩莱特签署战略合作协议。据 悉，本次双方合作将聚焦磷酸铁锂技术路线，围绕重卡新能源项目开展深度协同，组建专项合作小组， 构建"材料+电解液"联合研发与应用体系。锂源科技表示，未来双方将以重卡项目为切入点，持续深化 磷酸铁锂路线技术创新与场景应用。 智通财经APP获悉，龙蟠科技(02465)涨超3%，截至发稿，涨3.58%，报11.27港元，成交额3205.87万港 元。 本次双方合作聚焦的新能源重卡领域，目前正处于快速发展阶段。终端上牌数据显示，2025年我国新能 源重卡累计销量达23.11万辆，同比大增182%，远高于新能源商用车整体增速。其中12月销量为4.53万 辆，创单月销量历史新高。业内人士认为，伴随着成本下降、技术迭代以及补能设施完善，新能源重卡 将逐步从短倒场景向中长途干线物流领域渗透，未来仍具备较大增量空间。 ...

Core Insights - SANY Heavy Truck has experienced a remarkable "V" shaped revenue curve, with annual revenue dropping from 6 billion to over 1 billion and then surpassing 10 billion, largely due to proactive strategic decisions [1][2] - The company has fully transitioned to electric vehicle (EV) production, ceasing the manufacture of fuel trucks in 2021, despite initial skepticism from both internal and external stakeholders [2][3] - SANY Heavy Truck's commitment to technology and service excellence has positioned it as a leader in the electric heavy truck market, achieving a market share of 125% growth in domestic sales by 2025 [2][3][4] Revenue and Market Position - In 2020, SANY Heavy Truck's revenue reached 6 billion, but by 2021, it fell to over 3 billion and then to over 1 billion in 2022, marking a significant decline [3] - By 2023, the company rebounded with a valuation of 14 billion and was included in the "Hurun Global Unicorn List" for the first time [3] - The company aims to achieve annual revenue of 50 billion within five years, focusing on technology leadership and globalization [9] Strategic Decisions - The decision to pivot to electric trucks was made in 2021, with the company halting fuel truck production to focus entirely on electric vehicle development [2][3] - SANY Heavy Truck has invested heavily in building a production base for electric trucks and recruiting talent for EV research and development [3][5] Technological Innovation - The company has emphasized technological innovation, with over 50% of its 400 R&D personnel focused on key electric vehicle technologies [6] - SANY Heavy Truck has achieved significant milestones, including a world record for the longest range of an electric semi-truck at 817.5 kilometers on a single charge [6][7] Service Excellence - SANY Heavy Truck has adopted a direct sales and service model, deploying over 600 service engineers to provide customized solutions and rapid response to customer needs [7][8] - The company has a strong focus on customer service, with a commitment to resolving issues within 15 minutes of customer contact and ensuring customer satisfaction [8] Global Expansion - SANY Heavy Truck is expanding its sales and service network globally, with interest in electric trucks from international markets such as the UAE, Brazil, and Australia [8]

Core Viewpoint - The heavy-duty truck industry in China has started 2026 on a strong note, with major manufacturers like FAW Jiefang, China National Heavy Duty Truck Group, Dongfeng Commercial Vehicle, and others achieving significant sales and delivery milestones, both domestically and internationally [1][27]. Group 1: FAW Jiefang - FAW Jiefang secured a strategic cooperation agreement for the purchase of 1,000 trucks in Indonesia, with new orders exceeding 3,300 units in January 2026 [1]. - The launch event for the J6 PRO model showcased 23 vehicles, with new vehicle reservations reaching 3,315 since late December 2025 [3]. Group 2: China National Heavy Duty Truck Group - China National Heavy Duty Truck Group signed a contract for 100 Yellow River H7 trucks, marking a significant delivery event [5]. - The company also delivered 300 energy dump trucks to a major customer in Xinjiang, emphasizing its commitment to the dual carbon strategy [7]. Group 3: Dongfeng Commercial Vehicle - Dongfeng Commercial Vehicle signed a strategic agreement for 200 energy vehicles and delivered the first 50 units, marking the introduction of new energy heavy trucks in the Fengyang region [9]. - The company also delivered 100 Dongfeng Tianlong trucks and signed a strategic procurement agreement for 200 units, highlighting the efficiency of its "Dragon Power 3.0" engine [8][10]. Group 4: Foton Motor - Foton's Ouman Galaxy series launched in Shanxi, achieving sales of 166 units, showcasing its advancements in the new energy heavy truck sector [10][12]. Group 5: XCMG - XCMG delivered 100 pure electric trucks to a steel logistics customer, demonstrating its capabilities in harsh operational conditions [15]. - The company also delivered 100 pure electric dump trucks to overseas clients, supporting green transformation in coal transportation [17]. Group 6: Remote New Energy Commercial Vehicles - Remote New Energy delivered 150 units of the Starry Sky G super electric trucks in Shanghai and signed an additional order for 200 units, marking a significant step in their collaboration [19]. Group 7: DeepWay - DeepWay delivered 100 units of its Starry Sky new energy trucks to Shentong Express, indicating a move towards large-scale operations in the express delivery sector [21]. Group 8: Strategic Collaborations - Times Qi Ji and Ping An Leasing signed a strategic cooperation agreement to promote 5,000 battery-swappable heavy trucks, aiming to enhance the new energy heavy truck market [22][25]. - Zhiyu Weike delivered 100 electric heavy trucks in Shanxi, contributing to the region's low-carbon logistics transformation [24].

编号：20260204 证券代码：000951 证券简称：中国重汽 中国重汽集团济南卡车股份有限公司 投资者关系活动记录表 | 投资者关系活动 | ■特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | 参与单位名称 及人员姓名 | 华创证券 李昊岚 | | 时 间 | 2026 年 2 月 4 日 15:30-16:30 | | 地 点 | 公司会议室 | | 上市公司 接待人员姓名 | 公司 IR 胡啸、何炳易 | | | 公司 胡啸女士简要介绍了公司情况，并就投资者关心 IR | | | 的问题进行了沟通和交流。主要内容如下： | | | 1、请简单介绍一下公司近期运营情况。 | | 投资者关系活动 | 年 月份，我国重卡市场 根据第一商用车网数据，2026 1 | | 主要内容介绍 | 共计销售约 10.1 万辆，同比增长约 40%。 | | | 目前，公司生产经营情况良好，且在手订单较为充裕。 | | | 整体的产销情况与去年同期相比依然保 ...

Core Viewpoint - DeepWay has officially launched its pure electric heavy trucks in Thailand, marking a significant milestone in its Southeast Asia strategy and contributing to the green transformation of the transportation sector in the region [1][4]. Group 1: Market Demand and Product Features - Thailand's growing demand for efficient and low-carbon freight equipment positions it as a logistics hub in Southeast Asia, making the transition from traditional fuel trucks to pure electric heavy trucks promising [2]. - The DeepWay heavy trucks have been optimized for Thailand's road conditions, climate, and driving habits, enhancing local user experience while maintaining core advantages in intelligence and efficiency [2]. - The trucks are equipped with an L2 level intelligent driving assistance system, providing safety for long-distance transport and optimizing performance in intercity transport and logistics distribution [2]. Group 2: Strategic Partnerships and Technological Collaboration - DeepWay's collaboration with CATL (Contemporary Amperex Technology Co., Limited) emphasizes deep technological synergy, with CATL's batteries designed to withstand 8 years and 4500 cycles with less than 30% degradation, supporting over 400 km of driving range [6]. - The partnership aims to build a localized service network, ensuring reliable lifecycle support for users and responding to the specific demands of the Southeast Asian market [6][8]. Group 3: Future Plans and Regional Expansion - The signing of the strategic cooperation agreement outlines a path for DeepWay to establish a sales and service network across key regions in Thailand, enhancing local operational systems [8]. - DeepWay aims to leverage its technological innovations and localized collaborations to create a win-win ecosystem, facilitating the green transition in logistics across more ASEAN countries [9].

Core Viewpoint - Windrose Electric has initiated a C-round financing exceeding $100 million to accelerate the production and delivery of its pure electric heavy trucks globally, following successful certifications in China, the US, and Europe [1][2]. Financing and Support - The C1 round of financing is led by China Mobile Chain Long Fund, with participation from the founder Han Wen and French industrial real estate firm PRD [1]. - Windrose Electric has secured credit support from major state-owned banks, including ICBC, CCB, and ABC, enhancing its diversified financing system [1]. Global Market Expansion - Windrose Electric's pure electric heavy trucks have been launched in 24 countries, with formal deliveries initiated in the US and Europe [1]. - The company aims to establish assembly bases and supporting infrastructure in Belgium, France, and the US [1]. European Market Entry - In January 2026, Windrose Electric successfully registered its first pure electric heavy truck in Belgium, marking a significant milestone for Chinese electric heavy trucks in Europe [2]. - The company has built a global compliance system since 2022, obtaining EU e5 WVTA type approval from the Swedish Transport Agency, allowing sales and registration across 27 EU countries and Norway [2]. Product Reliability and Performance - Windrose Electric's trucks have demonstrated reliability in diverse and challenging environments, including high-altitude regions in Chile and extreme temperatures in Spain [4]. - The Global E700 model features a 700+kWh battery, supporting long-haul needs and rapid charging capabilities [5]. Strategic Vision - Windrose Electric aims to establish itself as a leader in zero-emission long-haul transportation, with a focus on technological and market advancements [6]. - The company has formed partnerships with several international brands and logistics companies, enhancing its market presence [6]. Future Plans - Windrose Electric plans to advance its listing processes in the US and Europe to support its long-term global strategy [9].

Group 1 - Multiple LOFs experienced a collective trading halt for one hour, indicating a surge in arbitrage interest among investors [1] - Fenglong Co. announced the resumption of its stock trading after a halt due to abnormal fluctuations, with a remarkable 456.34% increase in stock price over a period of 18 consecutive trading days [2][19] - Several actively managed equity funds saw their scale increase from less than 100 million to over 1.5 billion within a quarter, capitalizing on investment opportunities in hot sectors like energy storage and resources [3][20] Group 2 - In January, equity ETFs faced a net outflow of nearly 800 billion, with 12 broad-based ETFs experiencing outflows exceeding 11 billion each, totaling 939.74 billion [6][23] - Nearly 80% of investors are optimistic about the market in 2026, with significant profits reported in 2025, particularly from sectors like artificial intelligence [7][24] - The domestic market for duty-free shopping in Hainan has shown strong growth, with cumulative shopping amounts reaching 10.05 billion, a year-on-year increase of 25.32% since the new policy implementation [14][30][31] Group 3 - The 3D printing industry is witnessing a resurgence, with a 52.5% year-on-year increase in equipment production in 2025, driven by advancements in technology and market demand [16][33] - The penetration rate of new energy heavy trucks in China surpassed 50% for the first time, with sales reaching 231,100 units in 2025, marking a 182% increase year-on-year [17][34]

由于张小帆在商用车领域有着丰富的经历，有行业人士分析认为，加入一汽后其将分管中国一汽的商用 车事业。 2025年，中国一汽商用车业务表现良好。一汽解放全年销售整车突破28万辆，同比增长10.3%。在2025 年12月举行的2026全球合作伙伴大会上，一汽解放透露，2026年整车销量目标为32万辆，同比增长 14%；其中，新能源车销量7.5万辆，海外整车销量8万辆。 记者 王帅国 1月28日，中国一汽发布消息称，近日公司召开会议宣布领导班子成员任职决定：根据中央组织部关于 集团公司领导班子成员任职通知，张小帆任公司党委常委、副总经理。 此前张小帆在东风集团任职，由此，中国一汽高管队伍中迎来了第三位来自东风系的人员。其他两位分 别是中国一汽现任董事长、党委书记邱现东和党委常委、副总经理、高级工程师陈彬。 同时，张小帆的到来也补全了中国一汽新一届领导班子最后一个空位。现在，中国一汽新一届领导班子 九位常务委员分别为：邱现东；董事、总经理、党委副书记刘亦功；董事、党委副书记梁贵友；党委常 委、中央纪委国家监委驻中国一汽纪检监察组组长孙继光；党委常委、总会计师方世力；党委常委、副 总经理、正高级工程师吴碧磊；陈彬；党委 ...