Core Insights - The commercial vehicle industry, particularly heavy trucks, is experiencing a strong recovery, with significant sales growth driven by policy support and market demand [2][6]. Group 1: Heavy Truck Sales Performance - In August 2025, wholesale sales of heavy trucks reached approximately 87,000 units, marking a year-on-year increase of about 40% and a month-on-month rise of 2%, making it the second-highest figure for the same month in eight years [1][2]. - From January to August 2025, heavy truck sales totaled approximately 711,000 units, reflecting a year-on-year growth of about 14%, with expectations for annual sales to exceed 1 million units [1][2]. Group 2: Market Dynamics and Policy Impact - The domestic market is benefiting from the "old-for-new" policy, with heavy truck sales in August showing a year-on-year growth rate of about 50%, indicating the sensitivity of sales to policy changes [2][3]. - The upcoming months, particularly September and October, are expected to see a surge in sales due to the seasonal demand and the urgency of policy applications by year-end [2]. Group 3: Segment Performance and Trends - The demand for natural gas heavy trucks has rebounded significantly, with a month-on-month increase of over 15% and a year-on-year increase of over 30% in August, restoring the domestic penetration rate to around 26%-27% [3]. - Sales of new energy heavy trucks exceeded 16,000 units in August, with the industry penetration rate expected to surpass 27%, marking a historical high driven by policy support and economic efficiency [3]. Group 4: Leading Companies in the Market - China National Heavy Duty Truck Group maintained its position as the sales leader with a monthly sales figure of 22,000 units, a year-on-year increase of about 29%, and a market share of approximately 27.2% from January to August [4]. - Foton Motor achieved a remarkable year-on-year growth of about 175% in August, with cumulative sales of approximately 91,000 units from January to August, reflecting a 90% increase [5].

东吴证券研报指出，潍柴动力25Q2实现归母净利润29.3亿元，同环比分别-11.2%/+8.2%，25H1中期分红 率57%，同比+2pct。发动机业务盈利性同比提升，大纲径+新能源+出口+后市场四大战略方向成果亮 眼。25H1发动机销量36.2万台，同比-9.5%，其中重卡发动机12.5万台，同比-22.4%，母公司收入193.4 亿元，同比-13.2%，毛利率32.5%，同比+3.4pct，发动机业务板块盈利性同比提升。此外，陕重汽+雷 沃净利润同比增长。2025年重卡行业迎来复苏，公司作为发动机龙头强者恒强，考虑公司当前估值较低 且龙头地位稳固，维持"买入"评级。 ...

7月重卡销量达8.3万辆，同比大幅增长42.4%，延续高景气态势;环比下降15.2%，主要系行业季节性波 动影响，整体呈现"淡季不淡"特征。分结构来看：1)国内终端需求稳健，同比增长超20%，其中天然气 重卡表现亮眼，渗透率环比提升至24%;2)新能源渗透保持，电动重卡渗透率突破26%，维持高速增长;3) 出口持续发力，预计同比增幅超20%。行业复苏态势明确，销售结构持续优化。 政策落地叠加经济性修复，天然气重卡有望迎来拐点 智通财经APP获悉，方正证券发布研报称，优先关注重卡板块龙头，中国重汽(03808)则受益于内销转暖 与出口持续增长，成本与费用管控持续推进，下半年业绩有望实现高增，考虑板块景气度回升，估值有 望同步扩张，具备双击机会。潍柴动力(02338)天然气发动机边际已开始改善，非重卡的大缸径发动机 产品持续高增，全年有望贡献显著业绩增量，成长性显著优于行业，全年分红有望提升，股息率具备吸 引力。福田汽车(600166.SH)则关注福田戴姆勒拖累减轻，重卡市占率提升带来业绩弹性机会。 事件：根据第一商用车网，7月重卡实现整体销量约8.3万辆，同比增长42.4%，环比下降15.2%;1-7月重 卡实 ...

事件：根据第一商用车网，7月重卡实现整体销量约8.3万辆，同比增长42.4%，环比下降15.2%;1-7月重 卡实现销量62.2万辆，同比增长10.6%。 方正证券主要观点如下： 方正证券发布研报称，优先关注重卡板块龙头，中国重汽（000951）(03808)则受益于内销转暖与出口 持续增长，成本与费用管控持续推进，下半年业绩有望实现高增，考虑板块景气度回升，估值有望同步 扩张，具备双击机会。潍柴动力（000338）(02338)天然气发动机边际已开始改善，非重卡的大缸径发 动机产品持续高增，全年有望贡献显著业绩增量，成长性显著优于行业，全年分红有望提升，股息率具 备吸引力。福田汽车（600166）(600166.SH)则关注福田戴姆勒拖累减轻，重卡市占率提升带来业绩弹 性机会。 相关标的：中国重汽A/H、潍柴动力、福田汽车、一汽解放（000800）、中集车辆（301039）等。 政策落地叠加经济性修复，天然气重卡有望迎来拐点 6月以来，北方地区报废更新政策密集落地，叠加LNG价格下行致油气价差扩大，天然气重卡经济性再 度提升，7月销量环比改善明显，8月有望延续增长态势。上半年受油气价差收窄拖累，行业销量承压 ...

2月重卡数据超市场预期，该月销售水平仅次于2021年2月，主要系春节后开工使物流需求攀升、车企为 迎接开门红准备较多新车库存，考虑到2025年以旧换新政策延续、未来国四淘汰政策有望逐步落地，看 好重卡行业驱动力从LNG+电车变为LNG+电车+油车换新，全年销量有望超过百万台，尤其是内销或保 持较快增长，看好行业头部车企受益此轮周期向上，加强内部控制和降本力度的企业利润弹性或更高。 人民财讯3月11日电，华泰证券研报称，2月我国重卡批售约8万辆，同比、环比分别增长34%、11%。 ...