Group 1 - Faraday Future's CEO Jia Yueting stated that achieving a market value of $10 billion is a prerequisite for settling debts in China, which is crucial for investor confidence and stock price [1][2] - The company plans to expand into the Chinese market after success in the US and Middle East, potentially increasing attention on the electric vehicle sector amid intensifying competition [1][2] Group 2 - China National Heavy Duty Truck Group and Toyota signed a strategic cooperation agreement to develop hydrogen fuel cell commercial vehicles, marking a significant milestone in the hydrogen fuel cell market [1][2] - This collaboration is expected to drive technological innovation in green logistics and stimulate investment enthusiasm in related industries, potentially altering the competitive landscape of the commercial vehicle market [2] Group 3 - Contemporary Amperex Technology Co., Ltd. (CATL) announced its first share buyback of 1.0753 million shares, representing 0.0244% of its total share capital, with a total transaction amount of 255 million yuan [3][4] - This buyback reflects the company's confidence in its value and future development, likely enhancing investor confidence and positively impacting the new energy sector [3][4] Group 4 - Porsche announced the completion of a strategic upgrade for its R&D center in Shanghai, which will enhance its local R&D independence and deepen its localization strategy in China [3][4] - This move is expected to promote technological innovation in the high-end automotive industry and reflect the overall market's confidence in foreign investment in China [3][4] Group 5 - BYD reported a significant increase in Q1 2025 net profit, which doubled year-on-year, with revenue reaching 170.36 billion yuan, a 36.35% increase [4] - The growth in revenue and net profit is attributed to the strong demand for new energy vehicles, which may attract more investment in the related industry chain [4]

从左上开始按顺时针 方向依次是：丰田汽车社长佐藤恒治、丰田的氢能卡车、日野汽车社长小木曽聪 日野汽车目前是丰田的子公司，与三菱扶桑统合后，与丰田的关系将变弱。但丰田仍对于和 戴姆勒卡车（三菱扶桑的母公司）的合作表现出积极意愿。丰田正在为普及氢能而推进打造 阵营…… 由于日野汽车与三菱扶桑卡客车已进入经营统合的最终协调阶段，它们各自的母公司丰田与德国戴姆勒 卡车的合作也将全面启动。除了商用车业务的支援外，双方还将在氢能领域开展合作。由于需要应对反 垄断法方面的规定，日野汽车预计将不再是丰田的权益法适用公司，丰田选择优先从合作中获得实际利 益。 "戴姆勒卡车让人感受到他们绝对要实现利用氢能的强烈愿望。关于合作会采用什么形式，包括日野汽 车和三菱扶桑的相关事宜在内，我们正在展开讨论"。丰田的一位高管2月中旬如此表示。当时，两家公 司的经营统合无限期推迟，但丰田仍对于和戴姆勒卡车的合作表现出积极意愿。 日野汽车与三菱扶桑卡客车进行经营统合的消息于2023年5月公布，包括丰田和戴姆勒卡车在内，计划 构建4方合作框架。原来的目标是在2024年内完成经营统合，但由于日野汽车的发动机认证造假以及应 对反垄断法的问题，计划被推 ...

点击蓝字 关注我们 乘联分会&科瑞咨询联合发布 新能源商用车周报 (总第0099期 2025年4月第3周) ▌自录 CONTENTS 僵）行业数据 · 市场:市场:新能源轻卡开局表现强势 企业园 · 远程:醇电时代 冠军升级,远程星智H9M华中区域上市 世 政策法规 · 耐世特:耐世特推出线控制动系统 思特威：思特威推出3MP高性能车规级CMOS图像传感器新品 SC360AT GB 38031－2025《电动汽车用动力蓄电池安全要求》强制性国 家标准 工业和信息化部组织制定的强制性国家标准《电动汽车用动力 蓄电池安全要求》 (GB38031—2025) 近日发布，将于2026年 7月1日起开始实施。新标准主要修订了热扩散测试的技术要求， 由"着火、爆炸前5分钟提供热事件报警信号"修订为"不起火、 不爆炸(仍需报警),烟气不对乘员造成伤害" ,讲一步明确 上下电状态、观察时间、整车测试条件。 了待测电池温度要求、 同时,新标准新增底部撞击测试,考查电池底部受到撞击后的 防护能力;新增快充循环后安全测试,300次快充循环后进行外 部短路测试,要求不起火、不爆炸。 两部门联合印发《加快推进虚拟电厂发展的指导意见》 ...

一个链，推出具有行业突破性的"超级动力联盟"计划。"2025年力争实现拉美整体销量5万辆，2030年15万辆，领跑拉美商用车市场。" 为支撑这一目标实 现，北汽福田向巴西及拉美市场推出"超级动力联盟"计划，整合全球前沿技术资源，与宁德时代以及特来电、康明斯、采埃孚等企业一道开发更高效可靠的 动力解决方案，以及从新能源整车到智慧补能、从核心动力到智慧服务的立体化解决方案，实现从单点突破到生态协同的全面升级。 一面旗，以南美最大"零碳"公交车队助力新能源化转型。截至目前，北汽福田在智利的电动公交车队规模将达到近1400辆，是智利电动公交行业市场占有率 第一的品牌。新能源供应链整合、属地技术人才培养、产业链协同出海……北汽福田正深度参与南美国家新能源化转型步伐。从全系新能源产品矩阵到"车- 能-路-云"立体生态，北汽福田不仅以绿色电流点亮亚马逊流域的物流动脉，更以可持续能源解决方案为纽带，构建起中国智慧与世界市场共振的零碳未 来。 据介绍，北汽福田将依托全系列商用车产品矩阵及智能网联、自动驾驶领域创新优势，构建起覆盖研发、制造、服务的全球化生态体系，深度融入巴西社会 发展。（文智） 4月18日，巴西政商代表团到访北 ...

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% in the next six months [77]. Core Views - March sales show resilience in domestic demand, while exports perform better than expected [9][11]. - The overall industry volume in March meets expectations, with exports exceeding forecasts [11][20]. - The market structure indicates a decline in the market share of Weichai, maintaining its leading position [12][39]. Summary by Sections Sales Tracking - In March, wholesale sales of heavy trucks reached 111,000 units, with year-on-year and month-on-month changes of -3.7% and +37%, respectively [8]. - Terminal sales for March were 72,000 units, with year-on-year and month-on-month changes of -4.4% and +49.1%, respectively [8]. - Export sales in March were 28,000 units, with year-on-year and month-on-month changes of +12.3% and +22.7%, respectively [8]. - The total industry inventory increased by 12,000 units, with the current total inventory at 161,000 units [8]. Market Structure Tracking - In March, the market share for terminal sales among major manufacturers was as follows: Jiefang 21.3%, Dongfeng 21.4%, Heavy Truck 18.1%, Shaanxi Heavy Truck 12.8%, and Foton 10.3% [10]. - For exports, the market share was: Jiefang 18.5%, Dongfeng 9.4%, Heavy Truck 41.6%, Shaanxi Heavy Truck 16.3%, and Foton 9.4% [10][50]. Profitability Tracking - The heavy truck production volume in March was 116,000 units, with year-on-year and month-on-month changes of -0.4% and +33.7%, respectively [11]. - The structure of the industry shows a significant increase in new energy heavy trucks, with sales of 14,000 units in March, reflecting a year-on-year increase of 183% [11]. - The penetration rate for new energy heavy trucks reached 19.9%, an increase of 13.2 percentage points year-on-year [11]. Engine Market Structure - In March, the market share for engines was as follows: Weichai 24.1%, Cummins 16.2%, Xichai 14.3%, Heavy Truck 8.4%, and Yuchai 14.5% [12][59]. - Weichai's terminal matching volume was 17,000 units, with year-on-year changes of -38.1% and +26.7% [65]. Investment Recommendations - The report recommends stocks such as China National Heavy Duty Truck and Weichai Power, highlighting the performance improvement potential of Jiefang and Foton [12][72].

一汽解放｜000800｜商用车 2025 年 04 月 17 日 新能源市场再现龙头本色：全面布局纯电、混动、燃料电池三大技术路线， 销量连续两年实现翻倍增长，2025 年有望延续高增速。"支持政策+成本降 低"驱动新能源应用场景范围扩大，以旧换新补贴侧重新能源车型。公司 "15333"新能源战略布局完整技术路线新能源车型，已覆盖钢铁园区、冷 链物流、港口、工业园区等应用场景。公司新能源车型销量连续两年实现翻 倍增长，2024 年行业排名快速提升至第 3。 智能网联技术多场景布局领先行业：积极局智能驾驶战略，"数据+AI"云 平台助力下，2025 年有望加速多各场景的商业化落地。智能网联技术可降 低运营成本提高安全系数，政策支持下示范项目陆续开展。公司 L2、L2+、 L4 级产品已在矿山、港口、物流、环卫、口岸等场景实现应用，2025 年多 个智驾新产品将继续落地。同时，公司自主研发"车联网大数据云脑平台"， 通过"数据+AI"进一步驱动向智能化、低碳化转型。 证券研究报告 一汽解放首次覆盖：新周期下民族龙头品牌有望 续写发展新篇章 [Table_Author] 刘浩 分析师 Email:liuhao3@l ...

一汽解放｜000800｜商用车 2025 年 04 月 17 日 证券研究报告 一汽解放首次覆盖：新周期下民族龙头品牌有望 续写发展新篇章 [Table_Author] 刘浩 分析师 Email:liuhao3@lczq.com 证书:S1320523080001 投资要点： "解放"卡车的诞生标志着中国现代汽车工业的开始，产品历经七代更迭 已实现细分市场全覆盖，品牌价值连续多年行业居首。根据 2024 年年报， 一汽解放在 9 个细分市场中夺得行业第一，包括国内中重卡连续 9 年销量 第一、牵引车连续 18 年销量第一、载货连续 4 年销量第一、燃气车连续 4 年销量第一、轻型车增速行业第一、新能源中重卡头部品牌增速行业第一 以及海外销量复合增长率行业第一。 新能源市场再现龙头本色：全面布局纯电、混动、燃料电池三大技术路线， 销量连续两年实现翻倍增长，2025 年有望延续高增速。"支持政策+成本降 低"驱动新能源应用场景范围扩大，以旧换新补贴侧重新能源车型。公司 "15333"新能源战略布局完整技术路线新能源车型，已覆盖钢铁园区、冷 链物流、港口、工业园区等应用场景。公司新能源车型销量连续两年实现翻 倍增长 ...

Summary of Conference Call Company and Industry Overview - The conference call primarily focused on the company "瑞铭" (Reiming) and its position in the commercial vehicle safety industry, particularly in relation to the growing demand for safety technologies in commercial vehicles [1][4][10]. Key Points and Arguments 1. **Profit Growth**: The company's profit is projected to be between 280 to 297 million yuan, representing a year-on-year growth of 175% to 191%. This growth is attributed to three main factors: overseas business expansion, increased gross margins due to better competitive positioning in international markets, and improved operational efficiency [3]. 2. **Stock Incentive Plans**: On March 6, the company announced a stock option incentive plan for 137 individuals with an exercise price of 45.63 yuan, alongside a third employee stock ownership plan [3]. 3. **Future Growth Targets**: The company has set ambitious growth targets for the years 2024 to 2027, aiming for a minimum growth rate of 30% in 2024, 50% in 2026, and 70% in 2027, indicating strong confidence in its business planning [4]. 4. **Market Penetration**: The current industry penetration rate is approximately 10%, with significant potential for growth as the market evolves towards integrating AI functionalities into vehicle safety systems [5]. 5. **Regulatory Changes**: The upcoming EU JSR2 standard, effective from July 2024, mandates the installation of six intelligent warning functions in commercial vehicles, which the company is well-prepared to meet [9]. 6. **Product Range**: The company offers a diverse range of products, including camera systems and advanced driver-assistance systems (ADAS), tailored for various commercial vehicle types [10][12]. 7. **Market Dynamics**: The company benefits from a recovering economy post-pandemic, with increased demand for freight services linked to GDP growth. The overseas market, particularly in Europe and the US, shows a stronger purchasing capability compared to domestic markets [14][15]. 8. **Competitive Landscape**: The company competes primarily on cost-effectiveness in the overseas market, where it faces established competitors. Its competitive edge lies in its ability to provide high-quality products at lower prices [16][17]. 9. **Future Outlook**: The company anticipates achieving record revenue and profit in 2024, supported by its established market position and ongoing product development efforts [18][19]. Additional Important Insights - The company has established a factory in Vietnam to mitigate tariff impacts, demonstrating proactive measures to navigate complex trade environments [19]. - The management emphasizes the importance of efficient R&D processes to adapt to the diverse needs of commercial vehicle models, which often have lower production volumes [19]. - The call concluded with an invitation for further inquiries, reinforcing the company's commitment to transparency and investor engagement [20].

而且本身我们觉得今年全年行业最大的贝塔其实是国四政策的效果可能会超预期那么目前来看众志7A其实在年后包括像众志港股其实跌了比较多上周四AI和机器人有了一定的回调之后我们发现众志7A也是有比较迅速的一个反弹包括昨天晚上出了数据之后今天整个众卡板块的一个表现都是比较不错的 我们觉得当前的一个时间点不管是从行业的景气度还是资金的维度包括考虑到后续政策潜在刺激的一个维度对于仲卡板块来说都是比较算好的当前我们从三月份的一个相对收益的角度来讲我们也是提醒各位领导目前从相对收益的角度来讲仲卡这个板块的一个配置是比较具有风险收益比的 而在目前政策还没有落地的一个时间点我们觉得一到二月份甚至于说三月份很有可能并不是全年景气度的一个高点而很有可能是一个低点后续数据有可能会持续的超越期而且目前整个仲卡板块尤其是我们首推的标的仲期A的一个股价并不高从绝对收益的维度来看全年来看我们也觉得目前是一个比较好的一个配置时点 各位投资者大家好,我是东吴汽车组的赖思迅,那么我们昨天其实跟第一商用车网的谢老师开过一个会议来更新众卡的二月初版的一个数据。 那么今天这场会我们主要是对今年一到二月份中卡行业的一个数据去进行一个简单的解读然后也重点提示一 ...

点击蓝字 关注我们 僵）行业数据 · 市场：市场：新能源中重卡迎来强势开局 企业团公 · 比亚迪:场景化电动轻卡再升级,比亚迪轻卡T5劲享版上市 111 NVE14 政策法规 乘联分会&科瑞咨询联合发布 新能源商用车周报 (总第0098期 2025年4月第2周) ▌自強 CONTENTS 东风: 东风车规级MCU芯片DF30完成第一次流片 计划明年量产 上市 谷歌：谷歌发布Android Auto 14.0更新，界面优化并准备车机版 Gemini Al 重庆市人民政府办公厅发布《重庆市新能源汽车便捷超充行动 计划(2024-2025年)》 到2025年,按照"智能便捷、适度超前"的建设原则,中心城 区实现超充基础设施密集布点,建成超充站1340座;主城新区 及万州区实现超充基础设施合理布局和场景全覆盖,建成超充 站430座;两群地区实现超充基础设施基本覆盖,建成超充站 100座;高速公路服务区实现超充基础设施全覆盖,建成超充站 170座。全市建成超充站2040座,建成超充桩4000个。 四川省商务厅等9部门印发《四川省推动汽车后市场高质量发展 的实施方案》 《通知》提到，完善汽车基础设施配套。优化城乡充电设备 ...