小摩发布研报称，将潍柴动力视为2026年工业板块的首选股之一。该行指出创办人兼前董事长谭旭光于 2024年8月宣布退休离任，投资者曾担忧中国重汽与潍柴可能因此战略脱钩，但随着公司前高管王志坚 上月底就任中国重汽与潍柴母企山东重工集团的董事长，预期领导层及企业之间的战略连续性风险将可 缓解。 （原标题：港股异动 | 潍柴动力(02338)尾盘涨近3% 行业需求集中于下半年 小摩看好公司LNG重卡发动 机市场领先地位） 智通财经APP获悉，潍柴动力(02338)尾盘涨近3%，截至发稿，涨1.98%，报20.04港元，成交2.81亿港 元。 此外，小摩指出，中国11月重型卡车需求表现仍然非常强劲，印证今年需求较集中于下半年，憧憬液化 天然气(LNG)卡车销售正在大幅增长，看好潍柴在LNG重卡发动机市场的领先地位，认为具备估值重新 评级的潜力。 据了解，潍柴动力在LNG重卡发动机市场的占有率长期稳居60%以上，2025年1-4月更是突破50%的核 心市场份额占比，在500马力以上的大马力燃气机市场占比达到42%，远超康明斯、解放动力、玉柴集 团等竞争对手。在国内天然气销量排行榜前三的重卡品牌中，潍柴动力的配套份额高达 ...

此外，小摩指出，中国11月重型卡车需求表现仍然非常强劲，印证今年需求较集中于下半年，憧憬液化 天然气(LNG)卡车销售正在大幅增长，看好潍柴在LNG重卡发动机市场的领先地位，认为具备估值重新 评级的潜力。 据了解，潍柴动力在LNG重卡发动机市场的占有率长期稳居60%以上，2025年1-4月更是突破50%的核 心市场份额占比，在500马力以上的大马力燃气机市场占比达到42%，远超康明斯、解放动力、玉柴集 团等竞争对手。在国内天然气销量排行榜前三的重卡品牌中，潍柴动力的配套份额高达70%-90%，成为 头部重卡企业的核心动力供应商。 小摩发布研报称，将潍柴动力视为2026年工业板块的首选股之一。该行指出创办人兼前董事长谭旭光于 2024年8月宣布退休离任，投资者曾担忧中国重汽（000951）与潍柴可能因此战略脱钩，但随着公司前 高管王志坚上月底就任中国重汽与潍柴母企山东重工集团的董事长，预期领导层及企业之间的战略连续 性风险将可缓解。 潍柴动力（000338）(02338)尾盘涨近3%，截至发稿，涨1.98%，报20.04港元，成交2.81亿港元。 ...

智通财经APP获悉，摩根大通发布研报称，将潍柴动力(02338)视为2026年工业板块的首选股之一，维 持"增持"评级，目标价为31港元。该行指出创办人兼前董事长谭旭光于2024年8月宣布退休离任，投资 者曾担忧中国重汽(03808)与潍柴可能因此战略脱钩，但随着公司前高管王志坚上月底就任中国重汽与 潍柴母企山东重工集团的董事长，预期领导层及企业之间的战略连续性风险将可缓解。 小摩又指，中国11月重型卡车需求表现仍然非常强劲，印证今年需求较集中于下半年，憧憬液化天然气 (LNG)卡车销售正在大幅增长，看好潍柴在LNG重卡发动机市场的领先地位，认为具备估值重新评级的 潜力。 （原标题：小摩：视潍柴动力(02338)为明年工业首选股之一 料存在重估潜力 目标价31港元） ...

摩根大通发表研究报告，中国11月重型卡车需求表现仍然非常强劲，印证今年需求较集中于下半年，憧 憬液化天然气(LNG)卡车销售正在大幅增长。该行看好潍柴在LNG重卡发动机市场的领先地位，认为具 备估值重新评级的潜力，维持"增持"评级，目标价为31港元，将其视为2026年工业板块的首选股之一。 ...

Core Viewpoint - Morgan Stanley has identified Weichai Power (000338)(02338) as one of the top picks in the industrial sector for 2026, maintaining an "overweight" rating with a target price of HKD 31 [1] Group 1: Leadership and Strategic Continuity - Concerns regarding potential strategic disconnection between Weichai Power and China National Heavy Duty Truck Group (000951)(03808) due to the retirement of founder and former chairman Tan Xuguang in August 2024 have been alleviated [1] - The appointment of former senior executive Wang Zhijian as chairman of Shandong Heavy Industry Group, the parent company of both Weichai and China National Heavy Duty Truck, is expected to enhance strategic continuity [1] Group 2: Market Demand and Growth Potential - Demand for heavy trucks in China remains very strong as of November, indicating that demand has been concentrated in the second half of the year [1] - There is significant growth in sales of liquefied natural gas (LNG) trucks, with Weichai Power expected to maintain a leading position in the LNG heavy truck engine market [1] - The company is seen as having potential for a re-rating in valuation due to its strong market position [1]

Core Viewpoint - The report from Daiwa indicates that the demand for heavy trucks in China is expected to remain sustainable due to the replacement cycle and potentially extended vehicle replacement subsidy policies, with strong demand also observed in emerging markets [1] Group 1: Market Forecast - The forecast predicts that the demand for liquefied natural gas (LNG) heavy trucks will increase, with total heavy truck sales in China expected to grow by 19% year-on-year to 1.07 million units this year [1] - Total sales are projected to rise to 1.12 million units next year, reflecting a year-on-year growth of 4% [1] Group 2: Company Ratings - Daiwa has identified Weichai Power as the preferred stock in the industry, upgrading its target price from HKD 18 to HKD 20.5, citing expectations of benefiting from the recovery of LNG truck demand and growth in high-power engine demand next year [1] - China National Heavy Duty Truck Group has been given an "outperform" rating, with its target price raised from HKD 21.7 to HKD 29.4 [1]

Core Insights - China National Heavy Duty Truck Group (CNHTC) achieved the highest global sales volume of heavy-duty trucks in collaboration with global partners since 2025 [1] Financial Performance - For the period of January to September, CNHTC reported a total revenue of $22.89 billion, representing a year-on-year growth of 14.9% [1] - The total vehicle sales reached 335,000 units, marking a year-on-year increase of 22.8% [1] Export Performance - Heavy-duty truck export sales amounted to 111,000 units, reflecting a year-on-year growth of 24.5% [1] - In September, CNHTC's heavy-duty truck exports exceeded 15,000 units for the first time in a single month, setting a new record for the Chinese heavy-duty truck industry [1] - The company anticipates that the total heavy-duty truck export volume for the year will surpass 150,000 units, further solidifying its leading position in the Chinese heavy-duty truck export sector [1]

Group 1 - The 138th China Import and Export Fair (Canton Fair) is being held in Guangzhou from October 15 to November 4, featuring a record number of 408 booths from Jinan's trading group, benefiting 218 foreign trade enterprises [1] - The fair focuses on "advanced manufacturing," "quality life," and "smart technology," covering a total exhibition area of 1.55 million square meters with 74,600 booths and over 32,000 participating companies, all of which are historical highs [1] - More than 1 million new products will be showcased, including 353,000 smart products and nearly 1.1 million products with independent intellectual property rights, along with 800,000 products making their debut at the fair [1] Group 2 - Jinan's exhibiting companies, such as Jinan Kingway Laser, have seen increased interest from foreign buyers, with expectations of significantly higher transaction volumes compared to previous years [1] - The Design Innovation Award (CF Award) was announced, with Jinan's Joyoung Co., Ltd. winning silver awards for its smart automatic wall-breaking robot Y8 and the non-venting electric pressure cooker Y-50H500S [2] - Jinan's foreign trade has shown rapid growth, with a total import and export value of 178.03 billion yuan in the first eight months of the year, representing a year-on-year increase of 26.2%, the highest growth rate among sub-provincial cities [2]

Core Viewpoint - Morgan Stanley has raised the target price for Weichai Power (02338) from HKD 22 to HKD 22.8, maintaining an "Overweight" rating, citing attractive valuation and improved confidence in the company's third-quarter outlook due to the recovery in the Chinese heavy truck market and the resolution of restructuring issues at Kion [1] Group 1: Company Performance - Weichai Power's stock has underperformed since July, lagging behind major indices and peers, including its subsidiary Kion [1] - The company is expected to benefit from opportunities in heavy trucks, construction machinery engines, and AIDC engines due to increasing tariffs and trade restrictions affecting competitors like Cummins and Caterpillar [1] Group 2: Market Conditions - The Chinese heavy truck market is experiencing a significant recovery, which is expected to positively impact Weichai Power's performance [1] - The focus on US-China tariff issues has returned to the market, positioning Weichai Power favorably against its competitors [1]

Core Viewpoint - Weichai Power (000338) has seen a stock price increase of over 4%, currently trading at 15.24 HKD, with a transaction volume of 150 million HKD. Morgan Stanley's report indicates that the company is well-positioned to benefit from import substitution opportunities in heavy trucks, construction machinery engines, and AIDC engines due to increasing risks of tariffs and trade restrictions faced by major competitors like Cummins and Caterpillar [1][1][1]. Group 1 - The stock price of Weichai Power has performed poorly since July, but the recent focus on US-China tariff issues may provide a favorable environment for the company [1]. - The Chinese heavy truck market is experiencing a significant recovery, which enhances confidence in the company's third-quarter outlook [1][1]. - Morgan Stanley has raised the target price for Weichai Power from 22 HKD to 22.8 HKD, maintaining an "Overweight" rating, citing attractive current valuations [1][1][1].