6 证券研究报告 点评报告 2025 年 10 月 10 日 晨会纪要 核[心Ta观bl点e_：Summary] 一、产业综合组： 昨日 A 股上证指数突破 3900 点，再创近 10 年来的新高，成交量也较上一交易日 明显增加。不过中芯国际、佰维存储等半导体龙头公司股价出现明显的高开低走。 虽然盘后传出公司受 PE 超过 300 倍两融折算率均调为零影响，但是港股不受该政 策影响，也先于 A 股调整，且调整幅度更大。我们认为市场有较大的新高后获利 了结的情绪。同时昨日商务部等发布了对稀土、锂电材料、超硬材料等的出口管 制措施，总体可以影响 14nm 及以下的半导体生产，结合最近美国新闻不断报道中 国在今年 5 月以后就停止了每年约 150 亿美元的美国大豆采购，因此也可以看出 近期中美的关税谈判交锋应该是非常激烈。因此我们认为后续市场的走势可能进 入震荡为主的概率较高。 扬杰科技昨日公布了 2025 年第三季度的业绩预告，预计前三季度归属与母公司的 净利润为 93,675.41 万元-100,366.51 万元，比上年同期增长 40%-50%。扣非后 的净利润 86,570.86 万元-93,261.96 ...

Group 1 - The core viewpoint of the article highlights the rapid growth of new energy heavy truck sales, which exceeded 110,000 units from January to August 2025, representing a year-on-year increase of approximately 179% [3] - Huawei is focusing on the development of a megawatt-level ultra-fast charging network, with plans to establish 20 charging stations in Shenzhen by the end of the year and expand to 500 stations in the Bay Area next year [3][4] - The construction cost of the megawatt ultra-fast charging stations is approximately 4.5 million, with the ability to support fast charging for both passenger vehicles and heavy trucks, thereby reducing overall costs [4] Group 2 - The current battery partners of Huawei's ultra-fast charging alliance have launched eight battery models, covering specifications from 300 to 600 kWh, which will drive the demand for related batteries [3][4] - The megawatt ultra-fast charging stations require significant power, potentially reaching tens of megawatts, necessitating upgrades to existing regional power grids [4] - Huawei's integrated energy station for megawatt ultra-fast charging employs a full set of "solar-storage-charging" technology, featuring 4 megawatts of solar power and 30 sets of 215 kWh commercial energy storage [4][5]

谁也没想到，今年新能源增速最快的细分市场，是重卡。 公开数据现实，2025年1-8月，我国新能源重卡累计销售11.36万辆，同比大增191%，就连渗透率也在快速攀升到了2025年6月的26.07%，距离30%的临界 点也仅剩一步之遥。 曾经，因为载重低，续航短，价格高，重卡被认为是最不可能电动化的领域。 随着技术的不断进步，新能源重卡的成熟度已然相对较高，自身已经够"硬"。 政策的强力驱动（国家补贴+地方补贴+部分地方推出强制使用政策），也为新能源重卡的火爆加了一把火。 更重要的是，新能源重卡的经济效益开始愈加显现： 以49吨电动重卡为例，百公里电耗150度、商用电价1.2 元/度，能耗成本仅180 元，比同吨位的柴油重卡加油便宜37%。 2023年下半年以来，随着动力电池成本下降，新能源重卡售价从早期的70万-80万元/台也一路骤降至40万元/台左右，与同级别燃油重卡（约35万-45万元/ 台）基本持平。 车电分离等金融玩法的革新，也让新能源重卡的进场门槛得以快速降低。 但这块蛋糕要怎么分，却被分成了两大阵营： 以宁德时代、启源芯动力、协鑫能科等在内的换电阵营； 以华为、欣旺达等在内的快充阵营。 全球首个百 ...

面对这些挑战，新能源重卡行业亟需推动发展模式转型，从"政策主导、市场辅助"的1.0阶段，迈向"市 场驱动、技术引领"的2.0阶段。过去几年，购置补贴、路权优先、运营补贴等政策红利，有效降低用户 初始购车成本，助力新能源重卡快速完成市场导入。然而，过渡依赖政策扶持并非长久之计，随着补贴 逐步退坡与市场竞争加剧，行业必须尽快回归市场本质，以技术创新驱动发展。这就要求车辆在经济 性、可靠性、适用性等方面真正比肩甚至超越燃油重卡，才能赢得用户认可。在此过程中，尤其要避免 陷入"惟电量论"的误区。单纯堆叠电池容量虽能提升续驶里程，却会导致车身增重、有效载重下降、购 车成本攀升，反而削弱产品竞争力。真正的技术突破，应聚焦提升系统能量效率，通过优化技术手段实 现综合能耗降低，最终构建高效可持续的技术体系。 此外，车企和用户还需改变固有认知，以生态思维构建新能源重卡产业发展新格局。对车企而言，不能 再局限于"生产销售"的单一角色，而应主动牵头搭建产业生态，探索"能源运营商＋车辆制造商＋金融 机构"的协同模式，破解成本、标准、设施建设等核心难题。更关键的是，车企需推动行业标准统一， 在电池尺寸、充电接口、通信协议等方面达成共识 ...

近日，零一汽车在湖北楚能新能源全球总部召开以"矩石力场开，小满好运来"为主题的新车发布会，正式推出纯电重卡"小满好运来"。 这不仅是一款新车的亮相，更代表着零一汽车在新能源重卡领域技术积累的集中爆发，也预示着智能电动重卡正从"可用"迈向"好用、 耐用、省钱"的新阶段。 那么，对于一款重新定义智能电动重卡的标杆式产品，小满好运来如何塑造电桥专家的角色，并以"极致产品、极致技术、极致效率"实 现对传统电动重卡的全方位超越？让我们深入产品内核，一探究竟。 高可靠与超省电 矩石2.0成就电桥专家 犹如传统重卡发动机对于整车性能带来的影响，小满好运来的核心竞争力，便来源于其搭载的矩石2.0集成式电驱桥。有别于市面上采用 外挂方式的电驱桥方案，矩石2.0是行业内唯一真正实现量产的全集成电驱系统，通过将电机、变速箱、取力器和车桥融为一体，不仅大 大节省了底盘空间，更从根本上重构了重卡动力传动的逻辑。 性能的背后是硬核技术的支撑，矩石2.0电驱桥采用油冷扁线电机，六层扁线绕组和油冷直喷技术的应用，使得电机温升比水冷电机低 39℃，高效区占比提升20%，寿命和可靠性均显著增强。而特殊齿轮材料与拓扑修形工艺的使用，增加了齿轮啮合 ...

Core Viewpoint - The article highlights the significant growth potential of SuBao Technology in the electric heavy truck market, particularly following its recent participation in the 25th China International Investment and Trade Fair, where it showcased its flagship electric truck, "Black King Kong," and announced the establishment of its headquarters in Xiamen [1][11]. Market Growth and Context - Since 2025, China's electric heavy truck market has experienced explosive growth, with sales reaching 98,000 units from January to August 2025, marking a year-on-year increase of 188% [2]. - The favorable market conditions, including increasing demand for electric heavy trucks, supportive environmental policies, widening oil-electric price differentials, and declining battery costs, provide a conducive environment for SuBao Technology's growth [2]. Product and Technology Showcase - SuBao Technology's "Black King Kong" electric truck features self-developed core technologies, including a high-adaptability electric drive bridge system, which allows for distributed drive based on load and operational conditions [5][7]. - The truck can output a maximum of 1,175 horsepower and accelerate from 0 to 80 km/h in just 24 seconds, with a practical range of over 300 km on a full load [9]. - The vehicle's integrated thermal management system and energy management solutions optimize performance and energy consumption, achieving a comprehensive energy consumption of less than 1 kWh per kilometer [10]. Strategic Development and Financing - SuBao Technology has announced a "three-in-one" global industrial layout strategy, establishing a research and innovation hub in the Yangtze River Delta and a manufacturing base in Xiamen, while also expanding into Europe [13]. - The company has successfully completed over 1 billion yuan in strategic financing, indicating strong market prospects and investor confidence in its technology and market potential [13][16]. Global Expansion and Market Position - The first European model, eTopas, has received certification and is set to enter trial use, marking SuBao's entry into the global market [16]. - With its innovative technology and strategic positioning, SuBao Technology is poised to become a significant player in the electric heavy truck sector, contributing to China's high-end manufacturing going global [18].

"更省、更强、更可靠"，近日，在零一汽车于湖北孝感举办的小满好运来新品发布会上，零一CEO黄泽铧用这三个词定义了新产品的核 心优势。作为新能源重卡新势力，零一汽车自创立至今，仅用三年时间，累计投放车辆已超1000台，实际运营里程突破3000万公里。 如今，面对客户不断升级的需求和行业激烈竞争，零一汽车推出了全新平台产品——小满好运来，再次以技术迭代和生态协同，重新定 义了"什么才是好的智能电动重卡"。 承载多方期待，小满好运来究竟有何实力，其又将如何助力零一汽车破局新能源重卡的同质化竞争困境，请看第一商用车网的分析报 道。 "做最好的智能电动重卡"，在活动致辞伊始，黄泽铧便重申了零一汽车创立时的初心。三年时间，随着产品在市场中的磨砺，这份初心 逐渐镌刻出零一汽车的成长足迹，并伴随用户的认可儿变得愈发珍贵。 零一汽车CEO黄泽铧 目前，零一汽车惊蛰、小满两大平台车型已进入全国31个省份，75个地市，跑过了3000万公里的真实运输道路，单车最长行驶里程达 到22万公里。不论从能耗表现、车辆可靠性、服务响应速度来看，零一汽车均收获了来自合作伙伴和终端客户的认可，这是零一汽车继 初心不改 好运来开启新起点 续前行的底 ...

"当我们实现1万台无人重卡时，零一将成为全球最大的自动驾驶公司之一"，关于新能源重卡的未来畅想有很多，但是零一汽车CEO黄 泽铧却独辟蹊径给出另一种思路。 8月27日，在以"矩石力场开 小满好运来"为主题的年中经销商沟通会及小满好运来新品上市发布会上，零一汽车管理层向与会嘉宾描绘 了关于企业未来发展的宏伟蓝图。作为新能源重卡中的新势力，零一汽车对于未来市场有何研判，伴随全新产品上市，其又向外界呈现 了哪些技术和市场野心，请看第一商用车网的分析报道。 前期靠政策拉动，后续依赖市场驱动。在重卡新能源化的进程中，各方早已意识到市场已经度过了早期的发展阶段。然而，在完全市场 化的竞争中，应该如何找准自身所对应的细分市场，并做好市场容量的预测，零一汽车给出了自己的判断。 "在电动化的运输市场中，一类是电动重卡可以做的，另一类是做不了的。比如，从哈尔滨送一车啤酒到广州，这类场景距离电动化就 比较遥远，然而，在中短途市场，电动重卡有着碾压性的优势。"零一汽车CEO黄泽铧表示，传统大宗运输若采用燃油重卡，一公里的 电动化浪潮不可逆 市场迎来黄金发展期 零一汽车CEO黄泽铧 燃油成本在3元左右，燃气重卡大约是2元，换成电车成本 ...

Core Viewpoint - The strategic partnership between SANY Heavy Truck and Huizhou Yaoan New Energy aims to enhance the green transportation ecosystem in the region through the procurement of 200 electric heavy trucks, marking a significant step towards low-carbon logistics [1][5][11]. Group 1 - The signing ceremony for the strategic cooperation involved the delivery of the first 20 electric heavy trucks, with plans to expand to 200 trucks and 22 charging stations by the end of the year [1][5]. - Huizhou Yaoan New Energy is committed to building a comprehensive green transportation ecosystem in response to the national "dual carbon" policy, focusing on low-carbon transportation transformation in industries such as cement and sand [5][11]. - SANY Heavy Truck has been the national sales champion in the electric heavy truck sector for four consecutive years, highlighting its leadership in the industry [9]. Group 2 - The collaboration is expected to optimize the industrial chain for Huizhou Yaoan New Energy and establish a regional model for green transportation [11]. - Both companies will continue to work together to accelerate the low-carbon transformation of regional logistics and enhance the green transportation ecosystem [11].

Group 1 - The rapid development of new energy heavy trucks in China is driven by both market and policy factors, with a significant increase in sales and penetration rates observed in 2023 [1] - In July 2023, 16,200 new energy heavy trucks were sold, representing a year-on-year growth of 185%, while total sales from January to July reached 82,200 units, up 191% year-on-year [1] - The penetration rate of new energy heavy trucks is projected to rise from 5.69% in June 2023 to 26.07% by June 2025, indicating a strong upward trend in market adoption [1] Group 2 - New energy heavy trucks in China are primarily categorized into hybrid, pure electric (charging/swapping), and fuel cell trucks, with pure electric trucks accounting for over 90% of sales [2] - The sales ratio of charging to swapping electric trucks is approximately 7:3, with both types expected to complement each other in various application scenarios [2] - Companies in the industry are rapidly expanding their operations to capitalize on the electrification of heavy trucks, with CATL launching a standardized battery swapping solution [2] Group 3 - The cost savings of using battery-swapped heavy trucks are significant, with an estimated savings of 0.62 yuan per kilometer compared to traditional fuel trucks, translating to over 60,000 yuan annually for a truck running 100,000 kilometers [3] - GAC Aion's new energy heavy truck T9 focuses on short-distance high-frequency transport scenarios, achieving a low energy consumption of 1.1 kWh per kilometer [3] - The industry is witnessing a variety of battery solutions tailored for heavy trucks, with companies like EVE Energy launching multiple battery products to meet diverse operational needs [3]