合并协议显示，新控股公司将由丰田与戴姆勒卡车各持股25%，但表决权结构中戴姆勒占26.7%、丰田占19.9%，意味着日野将脱离丰田子公司身份。新 公司总部设在东京，CEO由三菱扶桑现任CEO卡尔・德彭担任，计划2026年4月在东京证券交易所主板上市。 6月27日，据《日刊汽车新闻》透露，正在与三菱扶桑推进合并的日野汽车已明确设定财务目标：2026财年（2026年4月-2027年3月）将营业利 润率提升至5%，2030财年（2030年4月-2031年3月）进一步提升至8%。与此同时，日野在合并正式落地前已启动效率优化计划，核心措施包括将发 动机、变速器等关键零部件种类削减50%。 合并之路一波三折 这一系列动作背后，既是日野汽车从排放造假危机中突围的自救之举，也是日本商用车产业在全球竞争格局中重塑竞争力的关键布局。 日野与三菱扶桑的合并计划可追溯至2023年5月，当时双方在各自母公司丰田汽车与戴姆勒卡车的推动下签署基本协议，原计划2024 年底前完成整合。 不过，这一进程因日野排放造假丑闻的持续发酵被迫搁置。 据悉，2022年3月曝光的发动机尾气排放与油耗测试数据造假事件，不仅导致日野2021财年、2022财年 ...

6月26日，"陆地航班﹒V你而来 —— 长安凯程V919全球上市发布会"在重庆举行。全球首款纯电动后驱宽体轻客、首款K01架构商用 车型、首款新央企数智商用车、首款接轨乘用车体验轻客——长安凯程V919，以"四大首发"实力强势上市，凭"陆地航班"之空间和舒 适度，颠覆燃油轻客市场，售价为8.99-22.59万元，为新世代生意人带来全新的"低能耗、大收益"解决方案及智慧物流新生态。 作为新央企的首款新车，长安凯程V919不仅自带重塑市场的实力，还重磅推出五大上市专属权益，以满满诚意为用户提供高价值产品体 验。 长安汽车董事长朱华荣先生讲到，当前全球轻型商用车市场稳步增长，中国新能源轻客大有可为！作为长安商用车战略的承载者，长安 凯程正向"数智新能源商用车科技品牌"转型，V919纯电宽体轻客凭借"方正大空间、后驱大承载、低耗大收益"优势，助力用户"装得 多、拉得多、赚得多"。长安汽车将在资金、技术、人才等方面支持长安凯程做强做优做大，并抓住新央企机遇将长安凯程打造为世界 一流商用车品牌。 车内主副驾联通座椅，让用户工作之余在前排通铺轻松休息，四向调节乘坐更舒适。双手机固定充电位，接单、生活两不误。豪华独立 座椅、 ...

Core Viewpoint - The launch of the Great Wall G series hybrid heavy-duty truck marks a significant step in the company's strategy to innovate within the commercial vehicle sector, focusing on cost reduction and efficiency improvements for logistics operations [1][5][9] Group 1: Product Launch and Features - The Great Wall G1050 hybrid heavy-duty truck is officially launched with a starting price of 536,600 yuan, featuring a self-developed "power brain" chip and a dual-motor DHT hybrid transmission, delivering 1,050 horsepower and reducing fuel consumption by 15%-25% [1][6] - The upcoming G970 model is designed to cater to diverse logistics needs, particularly for general cargo and high-efficiency express delivery scenarios [3] Group 2: Market Context and Strategy - The commercial vehicle market in China is experiencing intense competition, with a reported 9% decline in overall sales and a 5% drop in truck sales in 2024, attributed to weak domestic demand and excess capacity [3][5] - Great Wall Motors' chairman, Wei Jianjun, emphasizes that the company's entry into the heavy-duty truck market represents a second entrepreneurial venture, aiming for long-term growth despite current market challenges [3][5] Group 3: Value Proposition and Innovation - Great Wall Motors is redefining the heavy-duty truck concept by focusing on a comprehensive value chain approach, aiming to reduce costs for owners, simplify operations for managers, and ease driving for operators [5][6] - The hybrid technology is positioned as a key differentiator, utilizing advanced features such as a low-drag design and intelligent coasting to lower operational and maintenance costs [5][6] Group 4: Competitive Advantages and Market Positioning - The G series hybrid heavy-duty truck has demonstrated a fuel efficiency improvement of 8.4 liters per 100 kilometers compared to high-end imported trucks, achieving a total fuel savings rate of 19.8% [6] - Great Wall Motors is introducing attractive sales incentives, including a "money-back guarantee" for fuel savings, three years of comprehensive maintenance, and a guarantee that the vehicle's residual value will not fall below 50% after three years [6][9]

理念契合，共谋发展新篇 诚泰租赁副总经理徐照权在致辞中高度评价福田欧曼的实力："欧曼作为领先的中重型商用车 制造商，拥有完善的销售与服务网络。2025年上半年双方在50台新能源重卡交付及区域化协 同上的成功合作，让我们深刻体验到欧曼'以客户为中心'的高品质服务理念，这与诚泰的经营 理念高度契合。"徐总进一步表示："2025年上半年，诚泰租赁已完成全国商业布局，下半年 图：福田欧曼与诚泰租赁双方高层领导出席战略合作签约仪式 2025年6月19日，福田欧曼与诚泰租赁在北京超级卡车体验中心隆重举行2025年度战略合作 签约仪式，双方达成500辆欧曼新能源重卡采购合作。福田欧曼营销副总裁兼营销公司总经理 刘刚、市场战略副总经理徐东亮、新能源营销公司副总经理陈冰冰、客户价值开发部高级经理 朱红旭，以及诚泰租赁副总经理徐照权、采购总监邵晓盼、市场总监刘书攀等领导，共同见证 这一开启绿色运力新篇章的重要时刻。 此次座谈会，双方围绕重点合作区域、核心渠道策略、采购交付流程、后市场保障等核心议题 进行了深入探讨并达成重要共识。双方未来将依托福田欧曼覆盖全国12个省份的30家核心渠 道网络，共同推进经营性租赁业务落地。 基于座谈 ...

2025 年 06 月 26 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn 证券研究报告 1、最新报告摘要 1.1、卫龙美味（9985.HK）深度报告：魔芋十年磨剑迎爆发，中式辣味零食 龙头发展提速--卫龙美味/休闲食品(09985/213408) 公司 PPT 报告（港股美 股） 分析师：刘洁铭 S0350521110006 分析师：秦一方 S0350523120001 联系人：黄诗汶 S0350124040004 辣味零食龙头，行业地位稳固。作为中国辣味休闲食品行业领军企业，公司凭借二十余年深耕构筑起竞争壁垒， 通过前瞻性的供应链布局与品牌战略，公司成功实现从传统作坊式生产向现代化食品企业的跨越式发展：2004 年率先完成工业化生产基地建设，奠定行业规范化生产标杆；2010 年起实施品牌战略升级，通过明星代言+ 系列品牌及营销策略+包装升级完成品牌价值重塑，推动产品结构实现从低价辣条向高端辣味零食的跃迁。组 织体系方面，核心管理团队人员稳定，且通过外部人才引进构建高效运营机制，配合多层次激励机制持续释放 组织动能。 [Table_Title] ...

Core Viewpoint - The heavy truck industry showed slight growth in production, wholesale, and export in May, exceeding initial expectations [2][15][28] Volume Tracking - In May, heavy truck production reached 84,000 units, with year-on-year and month-on-month growth of 18.8% and 6.8% respectively [2][15] - Wholesale sales for May were 89,000 units, reflecting a year-on-year increase of 13.6% and a month-on-month increase of 1.3% [2][15] - Terminal sales totaled 63,000 units, with a year-on-year increase of 17.6% but a month-on-month decrease of 8.2% [2][15] - Export sales were 26,500 units, showing a year-on-year decline of 6.4% but a month-on-month increase of 3.5% [2][15] - The total industry inventory is currently at 144,000 units, which is considered a reasonable level [2][15] Structural Tracking - New energy heavy trucks saw significant growth, with sales of 15,000 units in May, representing a year-on-year increase of 192% [2][15] - The penetration rate for new energy trucks reached 23.8%, up 14.2% year-on-year [2][15] - Natural gas heavy truck sales were 14,000 units, down 33.6% year-on-year, with a penetration rate of 22.1% [2][15] Market Share Tracking - In May, the market share for major manufacturers in terminal sales was as follows: Jiefang 19.8%, Dongfeng 21.9%, Heavy Truck 16.5%, Shaanxi Heavy Truck 11.2%, and Foton 12.9% [3][14] - For exports, the market shares were: Jiefang 15.1%, Dongfeng 7.6%, Heavy Truck 47.9%, Shaanxi Heavy Truck 16.1%, and Foton 9.0% [3][14] Engine Market Tracking - Weichai maintained the highest market share at 18.4%, despite a decline from previous months [4][18] - In May, Weichai's terminal matching volume was 12,000 units, down 33.4% year-on-year [4][18] - The market share for Weichai's diesel and natural gas engines was 13.7% and 49.8% respectively [4][18] Investment Recommendations - The company is optimistic about the heavy truck sector's recovery driven by the National IV policy, projecting domestic sales to reach 700,000 units, a year-on-year increase of 16% [5][18] - Recommended stocks include leading heavy truck manufacturers with high market share and good profit realization, specifically China National Heavy Duty Truck Group and Weichai Power [5][18]

Group 1 - The core viewpoint indicates that the retail sales of passenger cars in China reached 1.269 million units from June 1 to June 22, representing a year-on-year increase of 24% and an 8% increase compared to the previous month [1] - Cumulative retail sales for the year have reached 10.086 million units, showing an 11% year-on-year growth [1] - The retail sales of new energy vehicles (NEVs) during the same period totaled 691,000 units, marking a 38% year-on-year increase and an 11% increase from the previous month, with a market penetration rate of 54.5% [1] - Cumulative NEV retail sales for the year stand at 5.049 million units, reflecting a 35% year-on-year growth [1] Group 2 - According to Galaxy Securities, the combination of domestic demand and exports is expected to drive a 6.7% increase in annual passenger car sales [1] - The sales proportion of vehicles priced below 300,000 yuan is anticipated to continue rising, with "high-level intelligent driving equality" further concentrating the competitive landscape [1] - Supportive policies such as trade-in programs, NEV promotion in rural areas, and the expiration of the tax exemption for NEVs at the end of the year are expected to bolster domestic demand [1] - The competitive landscape is shifting, with increased costs related to intelligent driving technology and a focus on R&D capabilities among automakers [1] Group 3 - The report suggests focusing on specific companies within the passenger car sector, recommending BYD (002594) and Li Auto-W, with beneficiaries including Geely, Xpeng, and Leap Motor [2] - In the motorcycle sector, recommended beneficiaries include Chunfeng Power (603129) and Longxin General (603766) [2] - For commercial vehicles, beneficiaries include China National Heavy Duty Truck (000951) and Yutong Bus (600066) [2] - In the intelligent components sector, recommended companies include Sutech (002920), Desay SV (002920), and others [2] - The humanoid robot sector highlights Top Group (601689) and Jingzhan Technology (300258) as recommended companies, with additional beneficiaries listed [2]

近日，在G240国道湖南永兴县境内，一场突发的交通事故中，卡车司机李宝红不顾个人安危、挺身救人的英勇事迹引发了广泛关注。我们有幸采访到 李宝红师傅，探寻这位"商丘好人"与可靠伙伴东风商用车之间的动人故事。 临危不惧，本能救援彰显军人担当 2025年6月10日，细雨中的G240湖南省永兴县太和镇乌萝村路段，路面湿滑、道路狭窄。卡车司机李宝红驾驶着东风天龙KX旗舰520货车，正驶向广东 阳江。突然，对面一辆车为避让小车操作不当发生侧翻，引发前方车辆追尾相撞。李师傅毫不犹豫，立即停稳车辆，与另两名陌生卡友冲向事故现场展开救 援。面对被方向盘卡在驾驶室内，手臂鲜血喷涌的卡友，李师傅凭借在部队学到的车辆构造知识和急救技能，迅速用毛巾加压止血，并小心拆解方向盘，避 免二次伤害。他的果断和专业，为伤者赢得了宝贵的抢救时间。在等待救援的漫长时间里，一直陪伴在伤者身边，直到救援人员抵达接手才放心离开，全然 未顾及现场 50 米内的加油站，以及事故车辆中还有油车和气罐车等潜在的爆炸风险。"我也是跑车的，特别能体会他的痛苦，当时唯一的念头就是尽快减少 他的伤痛。" 李师傅回忆道。 善行义举不断，坚守人间正道 李师傅的善举并非偶然。 ...

2025年6月22日，一辆宇通氢燃料重卡缓缓启动，满载27吨日用百货一路向南直抵武汉。当 它跨越519公里从黄河之畔抵达长江岸边，中国物流业的经济天平正悄然倾斜。宇通氢燃料重 卡此次实测，全程氢耗仅7.55kg/百公里，在免缴高速通行费的政策加持下，单趟较柴油车的 运营成本净省1200元左右。 作为郑州燃料电池汽车示范应用的牵头企业，宇通以突破性技术实力和规模化运营验证，开创 氢能重卡干线物流新格局。 政策东风催生氢能动脉 当前，全国多地正积极推进氢能高速路网的铺设，河南率先将政策红利转化为产业动能。 2025年，河南省对氢能货车实施省内全年收费公路通行费用减免政策，精准击中了运营成本 这一核心痛点，此举不仅可激活超千亿级干线物流市场，为本地物流企业降本增效提供了有力 的政策支持。 政策的杠杆作用在郑州的中原氢都蓝图中体现得淋漓尽致，正有力地撬动区域经济朝着绿色转 型的方向发展。从绿氢基地的建设，到加氢站网络的不断扩张，再到氢能车辆的推广落地，一 系列举措逐步构建起了完整的产业闭环。河南氢高速政策，以其明确的导向和切实的扶持，为 本地物流企业在降低成本、提高效率方面提供了坚实的保障，助力企业在绿色物流的赛道上 ...

Core Viewpoint - The recent increase in margin trading balances indicates a more optimistic market sentiment and heightened capital activity, suggesting potential upward momentum in the market [1][2]. Margin Trading Data - As of June 23, the total margin trading balance reached 18,168.91 billion yuan, with a financing balance of 18,051.58 billion yuan and a securities lending balance of 117.33 billion yuan [1]. - The margin trading transaction volume on June 23 was 977.56 billion yuan, accounting for 8.52% of the total A-share trading volume, with financing purchases amounting to 972.29 billion yuan [1]. Industry Preferences - From June 9 to June 23, the highest net financing inflow was observed in the chemical pharmaceutical industry, totaling 2.33 billion yuan, followed by the liquor industry at 1.45 billion yuan [2]. - Other industries with significant net financing inflows included batteries (1.30 billion yuan), commercial vehicles (1.28 billion yuan), and software development (1.28 billion yuan) [2]. Individual Stock Performance - The top ten stocks by net financing inflow from June 9 to June 23 included Kweichow Moutai and Jianghuai Automobile, each exceeding 1 billion yuan in net inflow [3]. - The leading ETFs by net financing inflow were the GF CSI Hong Kong Innovation Drug ETF (613 million yuan), Huaxia SSE Sci-Tech Innovation Board 50 ETF (251 million yuan), and Southern CSI 500 ETF (234 million yuan) [3]. Brokerage Activity - As of June 23, 97 brokerages were engaged in margin trading, with individual investors participating numbering 7.47 million, an increase of approximately 240,000 since the beginning of the year [4]. - Margin trading remains a core business for brokerages, with 32 brokerages reporting that margin trading revenue accounted for over 10% of total revenue last year [4]. Strategic Developments - Brokerages are actively expanding their margin trading services while ensuring risk management and business stability [4][5]. - The collaboration between margin trading and wealth management services is seen as a way to enhance client retention and support brokerage performance [6].