Core Viewpoint - The domestic natural gas heavy truck market showed signs of recovery in August 2025, with sales reaching 16,700 units, a year-on-year increase of 36%, ending a five-month decline [1][4][13]. Group 1: Market Performance - In the first eight months of 2025, cumulative sales of natural gas heavy trucks reached 122,200 units, representing a year-on-year decline of 12%, with a net decrease of approximately 16,700 units compared to the same period last year [1][17]. - The sales of natural gas heavy truck engines in August 2025 were 16,700 units, marking a 36% increase year-on-year, and surpassing the sales from August 2024 by over 6,600 units [4][13]. Group 2: Engine Specifications - The main displacement ranges for natural gas heavy truck engines in the first eight months of 2025 were 12-13L and 14-15L, accounting for 42.60% and 40.07% respectively, while engines over 15L accounted for 3.80% [6]. - In terms of horsepower, the primary ranges were 400-500 horsepower and 500-600 horsepower, comprising 37.34% and 44.76% of the market, with super high horsepower (≥600 horsepower) models accounting for 15.48% [9][10]. Group 3: Market Share and Competitors - In August 2025, five companies sold over 1,000 units of natural gas heavy truck engines, with Weichai leading with 9,048 units and a market share of 54.17%, marking its eighth consecutive month at the top [15]. - For the first eight months of 2025, Weichai sold 63,400 units, holding a market share of 51.88%, while Cummins (Fukang + Dongkang) sold 24,100 units with a market share of 19.75% [21]. Group 4: Future Outlook - The natural gas heavy truck market has shown signs of recovery in August, but the cumulative decline of 12% raises questions about the potential for a turnaround in the remaining months of 2025 [27]. - The market currently has only eight active participants, prompting speculation about the possibility of new entrants in the future [27].

自1926年成立以来，康明斯以可靠的产品和深度合作伙伴关系在全球矿业书写传奇。1975年，第一台康 明斯发动机进入中国矿山设备，开启了与中国工程机械行业携手发展的历程。 9月23日，在中国(北京)国际工程机械、建材机械及矿山机械展览会(BICES2025)上，康明斯正式发布面 向非道路市场的全新低碳动力解决方案，并全面展示其全系矿山动力国产化的最新成果，以创新技术赋 能中国工程机械行业，构建可持续发展的本土行业生态。 深耕中国50载全系大马力矿山动力实现国产化 深耕中国50年，康明斯持续推进本土化战略深化与升级，真正实现以中国市场需求为导向的定制化服 务。针对本地客户对效率、成本和可靠性的核心需求，康明斯已实现全系矿山动力国产化，涵盖19L至 60L排量，覆盖600-3000hp马力段，满足从国三/Tier2至国五/Tier4F等多重排放标准，在排放严格、宽松 乃至无排放法规的地区都是主力担当。 通过与主机厂专家深度合作，康明斯结合高原、高寒、复杂油品等矿山实际环境，进行系统级定制开 发，本土化大马力发动机燃油消耗率平均降低10%，结合矿山环境升级滤芯材质及过滤系统设计，长效 分流离心滤清器，维护保养周期平均 ...

全球柴发由外资主导，供不应求下国产替代可期 根据东吴证券测算，24年国内柴发市场外资+合资共占比83%，内资占比仅17%，国产替代空间广阔， 且基本尚未开启出口替代。国内厂商潍柴、玉柴、上柴通过合资、收购海外品牌等方式实现技术积累， 在柴发产品力上与外资厂商持续收窄。在当前全球柴发需求爆发，海外厂商排期紧张且扩产谨慎，康明 斯部分订单交付周期达12-18个月，卡特/MTU订单排期到26年，供不应求下柴发价格持续上行。东吴证 券认为，国产柴发厂商在扩产速度+价格+响应速度上具备优势，有望率先在国内数据中心实现国产替 代，并有望走向海外实现全球替代。 智通财经APP获悉，东吴证券发布研报称，24年起AI技术突破带动全球CSP CAPEX加速提升，预计北 美四大CSP25年CAPEX合计约3400亿美元，同比+49%，国内五大CSP25年CAPEX合计约4280亿元，同 比+69%，2026年有望延续高增长趋势。根据测算，25年国内柴发市场规模125亿元，同比+53%，28年 市场规模有望达182亿元，24-28年CAGR22%。根据测算，24年国内柴发市场外资+合资共占比83%，内 资占比仅17%，国产替代空间广 ...

Investment Rating - The report maintains a positive outlook on the AIDC diesel generator market, indicating high demand and potential for domestic manufacturers to replace foreign counterparts [2]. Core Insights - Diesel generators are a key growth point for diesel engines, with applications in remote power supply, data centers, and industrial facilities [2][18]. - The demand for diesel generators is expected to accelerate due to increased capital expenditure (CAPEX) in the AI sector, with North American CSPs projected to spend approximately $340 billion in 2025, a 49% year-on-year increase [2][30]. - The domestic diesel generator market is currently dominated by foreign and joint-venture companies, which hold an 83% market share, leaving significant room for domestic manufacturers to grow [2][41]. - Investment recommendations include focusing on companies like Weichai Power, Yuchai International, and Weichai Heavy Machinery, which are well-positioned to benefit from the market dynamics [2]. Industry Trends - The AIDC infrastructure is experiencing high demand, with diesel generators playing a critical role in ensuring power reliability for data centers [5][18]. - The diesel engine market is closely tied to the commercial vehicle cycle, with generator sales showing consistent growth [11][12]. - The market for diesel generators is projected to reach 12.5 billion yuan in 2025, reflecting a 53% year-on-year increase, with a compound annual growth rate (CAGR) of 22% from 2024 to 2028 [34]. Market Dynamics - The global diesel generator market is expected to grow from $3 billion in 2023 to $12 billion by 2030, with a CAGR of 22% [17][34]. - The report highlights that diesel generators account for 2-3% of the capital expenditure for large data centers, emphasizing their importance in infrastructure investment [24][27]. - Domestic manufacturers are expected to gain market share as they improve production capacity and respond to demand more effectively than foreign competitors [2][41]. Supply Chain and Key Players - The supply chain includes three main segments: engines, OEMs, and component suppliers, all of which are expected to benefit from the growing demand for diesel generators [42]. - Key players in the engine segment include Cummins, MTU, and Weichai Power, with significant revenue contributions from diesel generator sales [43][44]. - The report identifies specific companies to watch, including Weichai Heavy Machinery and KOTAI Power, which are focusing on the diesel generator OEM market [65].

增持后，JPMorgan Chase & Co.最新持好仓数目为117,000,189股，持好仓比例由5.84%上升至 6.02%。 格隆汇8月23日丨根据联交所最新权益披露资料显示，2024年8月19日，潍柴动力(02338.HK)获 JPMorgan Chase & Co.以每股均价12.2417港元增持好仓337.15万股，涉资约4127.31万港元。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...

随着中国与东盟国家基础设施互联互通水平稳步提升，东盟国家对基建领域智慧建造与数字化管理 的需求日益提升。 中建五局广西建设有限公司在本届东博会重点展出了"好房子"高标准住宅样板间以及城市生命线运 营管理平台等创新成果。中建五局广西建设有限公司党委书记、总经理刘启才介绍，借助东博会这一重 要平台，公司的品牌影响力和合作空间持续扩大。近年来，公司业务已成功拓展至老挝、越南、泰国等 地，形成跨区域、多业态协同发展的新格局。 位于室外的广西美斯达集团有限公司展区，停放着一台黑绿配色的轮式挖掘机，抓取、装卸样样轻 松，时常有观众前来问询机器的功能、型号。美斯达今年已是连续14年参加东博会。通过东博会，团队 持续收集国内外市场的需求和应用习惯，产品的销路也随之打开。 "东博会的国际吸引力、影响力持续提升，助推中国与东盟经贸合作收获累累硕果。我们的设备进 入印尼、泰国、越南、柬埔寨、老挝等市场，在建筑垃圾资源化利用、矿山开采和尾矿处理等领域发挥 积极作用。"广西美斯达集团有限公司董事长黄康华说。 连日来，第22届中国—东盟博览会暨中国—东盟商务与投资峰会的举办地南宁国际会展中心人头攒 动。智能机器人取豆研磨、冲泡调配，在杯 ...

Summary of Weichai Power Conference Call Company Overview - **Company**: Weichai Power - **Date**: September 19, 2025 Key Points Industry and Market Trends - **Heavy Truck Industry**: Entering a recovery cycle since 2023, driven by vehicle replacement policies, with expected sales growth over the next few years [10][11] - **Data Center Backup Power Market**: Stable growth anticipated, with a projected shipment increase of 20%-30% year-on-year in 2025, reaching over 10,000 units [16][19] Financial Performance and Projections - **2025 Profit Expectations**: Expected to achieve over 13.5 billion in profit, with a slight increase year-on-year, setting a low base for 2026 [19] - **2026 Growth Forecast**: Anticipated profit growth exceeding 15% due to low base effects from 2025 and ongoing operational improvements [4][19] Business Segments - **Large Bore Engine Business**: Key growth driver, focusing on overseas markets and benefiting from increased demand for backup power [2][5] - **Components Business**: Expected export growth of approximately 20%, reaching 250,000 to 260,000 units, supporting stable growth [2][6] - **Kion Business**: Gradual recovery in profitability expected post one-time charges, with potential to exceed 4% profit margin in the coming year [20] Competitive Advantages - **Cost-Effectiveness**: Weichai's products are competitively priced compared to major competitors like Caterpillar and Cummins, enhancing market share in Asia and Africa [18] - **Product Range**: Offers a wide range of engine displacements and power outputs, meeting stringent emission standards while maintaining strong profitability [11] Dividend and Capital Expenditure - **Dividend Policy**: High dividend payout ratio of approximately 55% with a dividend yield close to 6%, indicating strong cash flow and shareholder returns [21] - **Capital Expenditure**: Expected to remain stable with no significant new investments planned, allowing for continued cash flow generation [3][21] Additional Insights - **Synergistic Effects**: Collaboration between main engine manufacturers and Kion-related businesses is expected to enhance overall profitability and competitive positioning [7] - **Agricultural Equipment Performance**: Recent profitability trends in agricultural equipment indicate a positive outlook following recent restructuring efforts [9] This summary encapsulates the essential insights from the Weichai Power conference call, highlighting the company's strategic positioning, market dynamics, and financial outlook.

2020-2025年1-5月中国发动机产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 上市企业：潍柴动力（000338）,动力新科（600841）,全柴动力（600218）,宗申动力（001696）,云内动 力（000903）,航发动力（600893）,隆鑫通用（603766）,广汽集团（601238） 相关报告：智研咨询发布的《2025-2031年中国发动机行业市场全景调研及产业趋势研判报告》 根据国家统计局数据显示：2025年5月中国发动机产量为1.8亿千瓦，同比增长1.9%；2025年1-5月中国 发动机累计产量为9.6亿千瓦，累计下降0.3%。 ...

Group 1 - The core viewpoint of the news is that Weichai Heavy Machinery experienced a decline in stock price, dropping by 5.09% to 32.62 CNY per share, with a trading volume of 600 million CNY and a turnover rate of 8.00%, resulting in a total market capitalization of 15.131 billion CNY [1] - Weichai Heavy Machinery Co., Ltd. is located in Weifang Binhai Economic and Technological Development Zone, Shandong Province, and was established on June 28, 1993, with its listing date on April 2, 1998. The company primarily develops, manufactures, and sells marine power and power generation equipment, including engines ranging from 30 to 12,000 horsepower and integrated power systems [1] - The main business revenue composition includes: generator sets at 51.61%, engines at 33.89%, aftermarket and others at 7.28%, and parts and processing services at 7.23% [1] Group 2 - From the perspective of major fund holdings, data shows that a fund under Bank of China Securities holds a significant position in Weichai Heavy Machinery. The fund, Bank of China Securities New Energy Mixed A (005571), held 35,200 shares in the second quarter, accounting for 3.01% of the fund's net value, ranking as the ninth largest holding [2] - The Bank of China Securities New Energy Mixed A fund was established on August 2, 2018, with a latest scale of 27.0731 million CNY. Year-to-date returns are at 60.25%, ranking 519 out of 8,172 in its category; the one-year return is 106.09%, ranking 459 out of 7,980; and since inception, the return is 103.31% [2]

Core Insights - The article emphasizes the importance of long-term investment strategies, highlighting that companies with sustainable value creation and competitive advantages will ultimately meet market expectations [1] Group 1: Company Overview - Weichai Power is presented as a model of long-termism in the A-share market, with its total market value increasing approximately 30 times since its listing [2] - The company's strategic expansion from a single engine business to various sectors such as power systems, commercial vehicles, and agricultural equipment is crucial for understanding its future direction [2] Group 2: Strategic Business Growth - In the first half of 2025, Weichai Power's strategic business experienced explosive growth, becoming a core driver of performance and valuation, particularly highlighted by the strong sales of large-bore engines [3] - Large-bore engine sales exceeded 5,000 units in the first half of the year, marking a 41% year-on-year increase, with revenue reaching 2.52 billion yuan, a 73% increase [4] Group 3: Market Dynamics - The growth in large-bore engine sales is driven by the high demand in the global AIDC (Artificial Intelligence Data Center) industry and the trend of domestic substitution [5] - The market for large-bore diesel engines in Chinese data centers is projected to approach 10 billion yuan by 2025, with the global market expected to exceed 40 billion yuan by 2026 [5] - Weichai Power has gained a competitive edge in this sector due to its technological advancements and ability to offer better pricing and faster production response compared to international brands [5][6] Group 4: New Energy Transition - Weichai Power is accelerating its transition to new energy, positioning itself as a leader in the sector through a multi-technology approach including pure electric, hybrid, and fuel cell technologies [7][8] - In the first half of 2025, the company's new energy power technology business generated 1.21 billion yuan in revenue, a 37% increase, with battery sales reaching 2.32 GWh, a 91% surge [8] - The company has established a solid foundation for large-scale production in the new energy sector with the launch of its new energy power industry park [8] Group 5: Future Growth Potential - Weichai Power aims to double its new energy revenue by 2025, supported by increasing market penetration in heavy trucks, light trucks, and construction machinery [9] - The company's ability to respond to market demands with tailored products enhances its growth prospects [9] Group 6: Long-term Value and Shareholder Returns - Weichai Power's 30-fold increase in market value is attributed to its commitment to long-term value, demonstrated through diversified business operations and consistent shareholder returns [10][12] - Since its listing in 2004, the company has distributed cash dividends exceeding 38 billion yuan, with current dividend yields of 5.21% for H-shares and 5.03% for A-shares, ranking among the industry's top [10][12] - The high and sustained dividend payouts reflect the company's focus on shareholder interests and the stability of its earnings, making it attractive to long-term investors [12]