2025年11月份，重卡市场整体销量同比大增65%，创造年内最高销量，表现比"金九银 十"旺季还要旺。 9月份和10月份均跑赢重卡市场"大盘"的牵引车市场表现如何？会不会也比"金九银十"更 旺？2025年仅余最后一个月的时候，牵引车行业格局还会不会有新变化？ 请看第一商用车网的分析报道。 11月销售6.2万辆，环比增长5%，同比增长85% 第一商用车网最新获悉，根据中汽协数据（企业开票数口径，非终端实销口径，下同）， 2025年11月份，我国重卡市场共计销售11.32万辆，环比增长7%，同比增长65%。这其 中，作为重卡市场中最受关注的细分领域，牵引车市场在11月份同步实现环比、同比双 增，交出的成绩单为：销售6.17万辆，环比增长5%，同比增长85%，收获一波同比"7连 增"。11月份，牵引车市场85%的同比增幅较上月小幅扩大，比重卡市场整体65%的同比 增速高出20个百分点，连续三个月跑赢重卡市场"大盘"。 纵观近五年11月份牵引车市场销量及增幅走势图，最近五年的11月份，牵引车市场走出一 个降-降-增-降-增的走势（与重卡市场整体走势完全相同），五年中仅有一年11月份销量 超过5万辆，就是2025年11 ...

Core Viewpoint - In September 2025, the heavy truck market experienced a significant year-on-year sales increase of 83%, with the tractor truck segment outperforming the overall market by achieving a remarkable 95% growth, marking a turnaround after six months of underperformance [1][27]. Market Performance - In September 2025, the total sales of heavy trucks reached 105,600 units, reflecting a month-on-month increase of 15% and a year-on-year increase of 83% [3][4]. - The tractor truck market sold 56,300 units in September, also showing a month-on-month growth of 15% and a year-on-year growth of 95%, achieving five consecutive months of year-on-year increases [3][11]. - The tractor truck's year-on-year growth rate of 95% exceeded the overall heavy truck market's growth rate by 12 percentage points [4]. Historical Context - An analysis of the tractor truck market over the past five years shows a fluctuating trend with two years exceeding 50,000 units in September, including the current year's sales, which is the second highest in five years [6]. - Cumulatively, from January to September 2025, the tractor truck market sold 419,800 units, ranking second in the last five years, with a year-on-year increase of 16% compared to 362,200 units in the same period last year [8][19]. Company Performance - In September 2025, two companies, China National Heavy Duty Truck Group and FAW Jiefang, each sold over 10,000 units, with sales of 14,400 and 13,000 units respectively, maintaining a market share of over 20% [10][11]. - The top ten companies in the tractor truck market accounted for 98.31% of the total sales, with the top five companies holding nearly 90% of the market share [17]. Competitive Landscape - The market share of the top five companies in September 2025 was as follows: China National Heavy Duty Truck Group (25.56%), FAW Jiefang (23.16%), Shaanxi Automobile Group (17.53%), Foton Motor (12.15%), and Dongfeng Motor (10.48%) [17][18]. - Notably, companies like XCMG and Foton saw significant year-on-year growth rates of 164% and 62% respectively, indicating a competitive shift in the market [22]. Future Outlook - The heavy truck market is projected to continue its growth trajectory, with the tractor truck segment aiming to catch up in cumulative sales by the end of 2025, as the overall market has shown a cumulative growth of 20% in the first nine months [27].

Group 1: Production and Sales Performance - In the first eight months of 2025, China's heavy truck market recorded cumulative sales of approximately 71.1 thousand units, representing a year-on-year growth of about 14% [2] - The company maintained a good growth trend in production and sales compared to the same period last year, outperforming the industry average [2] - In August, the heavy truck market sold about 8.7 thousand units, showing a month-on-month increase of 2% and a year-on-year increase of approximately 39% [2] Group 2: Export Performance - The company's export performance in the first half of 2025 was better than the industry average, with exports accounting for nearly 50% of total sales [3] - The export business continues to develop well, maintaining a leading market share in key regions such as Africa, Southeast Asia, Central Asia, and the Middle East [3] Group 3: New Energy Heavy Trucks - In the first eight months of 2025, cumulative sales of new energy heavy trucks reached 113.7 thousand units, with a year-on-year growth of 180% [4] - The company’s sales growth in new energy heavy trucks exceeded the industry average, driven by continuous technological upgrades, policy support, and market demand [4] - The company plans to continue focusing on the new energy heavy truck sector, adapting to technological advancements and market needs [4] Group 4: Dividend Policy - The company has consistently increased its dividend payout ratio in recent years, emphasizing shareholder returns [4] - For the first half of 2025, the company plans to continue cash dividends and aims to balance long-term sustainable development with shareholder returns [4] - Future dividend policies will consider factors such as current share capital, operational performance, future funding needs, and development plans [4]

Core Viewpoint - The heavy truck market in China experienced significant growth in August 2025, achieving a sales volume of 91,600 units, representing a year-on-year increase of 47%, marking the fifth consecutive month of growth [5][10][20]. Sales Performance - In August 2025, the total sales of trucks (including chassis and tractors) reached 271,600 units, with a month-on-month increase of 3% and a year-on-year growth of 17% [3]. - The heavy truck segment alone sold 91,600 units in August, with a month-on-month increase of 8% and a year-on-year increase of 47%, which is an expansion of 1 percentage point compared to July's growth of 46% [10][20]. - Historically, August is typically a slow season for heavy truck sales, with the average sales over the past decade being approximately 68,400 units. The sales in August 2025 are considered a strong performance [3][6]. Cumulative Sales Data - From January to August 2025, cumulative heavy truck sales reached 715,700 units, ranking second in the last five years and sixth in the last decade, with a year-on-year increase of 14% [8][15]. - The average monthly sales for the first eight months of 2025 approached 90,000 units, significantly higher than the average monthly sales in 2024 and 2023, indicating a clear recovery in the heavy truck market [8]. Market Share and Competition - In August 2025, five companies achieved sales exceeding 10,000 units, with the top five companies accounting for 91.34% of the market share [10][12]. - The leading companies in sales for August included Heavy Truck with 25,600 units, followed by Liberation, Dongfeng, Shaanxi Automobile, and Foton [10]. - Cumulatively, the top ten companies accounted for 98.06% of the market share from January to August 2025, with the top five companies holding a combined share of 90.90%, indicating increased industry concentration [17]. Growth Trends - All top ten companies in the heavy truck market reported year-on-year growth in August, with notable increases from Foton and Chery, which saw growth rates of 172% and 237%, respectively [12][15]. - The heavy truck market is expected to continue its growth trend into the traditional peak season of "Golden September and Silver October" [20].

Core Viewpoint - In August, China's heavy truck market achieved sales of 87,000 units, marking a nearly 40% year-on-year growth, indicating a strong recovery and potential to exceed 1 million units for the year [1][3][24]. Group 1: Market Performance - The heavy truck market in August saw a slight month-on-month increase of 2% compared to July, and a significant year-on-year increase of approximately 39% from 62,500 units [3][5]. - Cumulatively, from January to August, the heavy truck market reached 711,000 units sold, reflecting a year-on-year growth of about 14% [3][24]. - The August sales figure of 87,000 units is the second highest in the past eight years, only behind August 2020's 130,000 units [3]. Group 2: Factors Driving Growth - The growth in August is attributed to two main factors: a low base from the previous year and the implementation of a vehicle replacement policy for older trucks, which has stabilized the new truck market [5][10]. - Domestic terminal sales of heavy trucks are expected to have increased by nearly 50% year-on-year in August, further expanding from a 39% increase in July [5][8]. Group 3: Segment Performance - Both gas-powered and electric heavy trucks experienced significant year-on-year growth in August, with gas trucks rebounding after five months of decline [8][10]. - Electric heavy trucks saw a remarkable increase in terminal sales, exceeding 16,000 units in August, representing a year-on-year growth of over 160% [10][12]. - Diesel heavy trucks also showed a year-on-year increase of over 25% in August, although they faced a month-on-month decline of approximately 20% [10]. Group 4: Company Performance - China National Heavy Duty Truck Group (CNHTC) sold approximately 22,000 heavy trucks in August, maintaining its position as the market leader with a year-on-year growth of about 29% [12][14]. - FAW Jiefang sold around 16,500 heavy trucks in August, achieving a year-on-year growth of approximately 36% [16]. - Dongfeng Motor Corporation sold about 15,000 heavy trucks, with a notable year-on-year increase of 52% [18]. - Beiqi Foton and XCMG reported the highest growth rates among major companies, with Foton's sales increasing by 175% year-on-year [20][22]. Group 5: Future Outlook - The heavy truck market is on track to exceed 1 million units sold for the year, with an average monthly sales target of 73,000 units needed in the remaining months [24].