每经讯 中汽协最新数据显示，11月我国重型货车销量11.3万辆，同比增长65.4%。至此，重卡销量自今 年4月起已实现八连涨。中国重汽集团党委委员、副总经理王德春预测，明年国内重卡销量预计80万 辆，增长2.6%。中国重汽的一位销售负责人告诉每经记者，现在重卡订单供不应求，客人直接到工厂 催单。从2024年10月到现在，厂线就没闲过。原先的一班制生产满足不了需求，部分地区生产车间已经 改成两班制。"订单太多，但产能供不上，我们只能优先保障核心客户的需求。"他说。 每经记者｜周逸斐 每经编辑｜陈星 ...

智通财经APP获悉，根据第一商用车网初步掌握的数据，2025年11月份，我国重卡市场共计销售10万辆 左右（批发口径，包含出口和新能源），环比今年10月下降约6%，比上年同期的6.85万辆大幅增长约 46%。 截止到目前，重卡市场已经实现了八连涨，从4月份一直涨到11月份，平均增速高达42%！ 新能源重卡刷新纪录，再创新高；天然气重卡"四连涨"并且连续三个月突破2万辆；此外，国内柴油重 卡11月份终端销量预计基本持平。 中信建投发布研报称，重卡内销前景稳健+出口持续增长，关注国内补贴延续性与龙头业绩超预期机 会。2026年国内置换需求释放，出口持续增长，有望支撑行业总量高位稳健。若补贴政策延续，景气度 有望再超预期。行业层面建议关注国内补贴政策延续情况、宏观扩内需政策力度以及出口增长持续性。 重卡相关产业链港股： 中国重汽(03808)：25H1公司实现新能源重卡销量9376辆，同比+220.3%（高于行业增速），市占率达 11.8%。伴随公司在新能源产品的全面布局，后续仍有望迎来新突破。分红方面，公司拟每股派息0.68 元，总金额为18.77亿元，分红比例54.8%，保持较高分红比例。海关总署数据，25H1 ...

Core Viewpoint - The heavy truck market in China is experiencing significant growth, driven by policies such as the old-for-new program, with expectations for continued strong performance as the year ends [2][8]. Group 1: Sales Performance - In November, heavy truck sales reached approximately 100,000 units, marking a 46% year-on-year increase despite a 6% month-on-month decline [2][5]. - Cumulatively, from January to November, heavy truck sales exceeded 1 million units, achieving a 26% year-on-year growth [5]. - The average growth rate from April to November has been around 42%, indicating a robust market performance [2]. Group 2: Policy Impact - The heavy truck market's growth is significantly influenced by the old-for-new policy, which has been a key driver since April [8]. - Some local governments have paused or modified their subsidy programs due to fiscal constraints, but the release of final subsidy funds has reignited some support for purchases [8] [10]. Group 3: Export Trends - Heavy truck exports are also on the rise, with November exports expected to increase by nearly 20%, contributing to an anticipated total of over 320,000 units for the year [10]. Group 4: Segment Performance - In November, natural gas heavy trucks surpassed 20,000 units in sales, while electric heavy trucks reached record highs, driven by strong terminal demand [11][16]. - The terminal sales of new energy heavy trucks are projected to reach 26,000 units in November, reflecting a year-on-year growth of nearly 160% and a market penetration rate exceeding 30% [16].

Core Viewpoint - The heavy truck market in China has shown strong performance in August, defying traditional seasonal trends, with sales reaching approximately 84,000 units, marking a 35% year-on-year increase and indicating a potential for annual sales to exceed one million units [2][5][15]. Sales Performance - In August 2025, the heavy truck market sold around 84,000 units, a slight decrease of 1% from July but a significant increase of 35% compared to the same month last year [2][5]. - Cumulatively, from January to August 2025, heavy truck sales exceeded 708,000 units, reflecting a year-on-year growth of approximately 13% [5][15]. - The sales figures for August represent the second-highest level in the past eight years, only lower than August 2020 [5]. Market Drivers - The growth in sales is attributed to two main factors: a low base from the previous year and supportive government policies, particularly the implementation of differentiated subsidies for scrapping older trucks [5][11]. - The domestic terminal sales of heavy trucks are expected to have increased by nearly 50% year-on-year in August, further contributing to the overall market growth [5]. Export Trends - Heavy truck exports in August are projected to have increased by around 10% year-on-year, indicating a robust performance in this segment as well [7]. Segment Analysis - The natural gas heavy truck segment has shown signs of recovery, with terminal demand increasing by over 30% year-on-year in August, driven by stable LNG prices and government policies promoting vehicle upgrades [11]. - Electric heavy trucks have experienced explosive growth, with terminal sales expected to exceed 16,000 units in August, representing a year-on-year increase of over 160% [11]. - Diesel heavy trucks are projected to have seen a year-on-year increase of over 25% in terminal sales, although there is a notable month-on-month decline [13]. Future Outlook - With the current market conditions, the heavy truck industry is on track to achieve annual sales exceeding one million units, a milestone not reached in three years [15].