Core Viewpoint - The domestic heavy truck sales are expected to gradually recover due to economic recovery and the introduction of the "old-for-new" policy in 2025, with projected sales of 1.067 million units, representing an 18% year-on-year increase [1] Group 1: Sales Performance - In August, domestic heavy truck sales reached 92,000 units, a year-on-year increase of 47% and a month-on-month increase of 8% [2] - Cumulative sales from January to August reached 716,000 units, reflecting a 15% year-on-year growth [2] - The "old-for-new" policy has contributed to stable growth in the heavy truck market, leading to five consecutive months of rapid year-on-year growth [2] Group 2: Sales Structure - By August 2025, the sales distribution of semi-trailer trucks, cargo trucks, and incomplete vehicles is projected to be 50.6%, 27.8%, and 21.7% respectively [2] - In August, semi-trailer truck sales were 49,000 units, up 42% year-on-year and 14% month-on-month [2] - Heavy cargo truck sales in August were 24,000 units, showing a 54% year-on-year increase, although down 2% month-on-month [2] - Heavy incomplete vehicle sales reached 19,000 units in August, a 50% year-on-year increase and a 7% month-on-month increase [2] Group 3: Natural Gas Heavy Trucks - In August, domestic natural gas heavy truck sales were 16,000 units, a year-on-year increase of 32% and a month-on-month increase of 30% [3] - Cumulative sales from January to August for natural gas heavy trucks were 116,000 units, down 9% year-on-year [3] - The penetration rate of natural gas in heavy trucks was 17% in August, with 32% for semi-trailer trucks [3] Group 4: New Energy Heavy Trucks - In August, domestic new energy heavy truck sales reached 15,000 units, a significant year-on-year increase of 197% and a month-on-month increase of 13% [3] - Cumulative sales from January to August for new energy heavy trucks were 103,000 units, reflecting a 175% year-on-year growth [3] - The penetration rate of new energy in heavy trucks was 16% in August, with a cumulative rate of 14% from January to August [3]

Core Viewpoint - In February, domestic heavy truck sales reached 81,000 units, a year-on-year increase of 36% and a month-on-month increase of 13% [2][4]. Sales Performance - Cumulative sales of domestic heavy trucks from January to February totaled 154,000 units, showing a year-on-year decline of 2% [2][4]. - The sales of natural gas heavy trucks in February were 17,000 units, representing a year-on-year growth of 73% and a month-on-month growth of 72% [3][4]. - The penetration rate of natural gas in heavy trucks was 20% in February, with semi-trailer trucks at 37% [4]. Market Structure - The sales structure of heavy trucks indicates an increase in the proportion of engineering vehicles and a decrease in the proportion of tractor trucks [2][5]. - In February, the sales of semi-trailer trucks were 43,000 units, up 45% year-on-year, while heavy-duty cargo truck sales were 20,000 units, up 6% year-on-year [2][3]. Export Trends - The export performance of various heavy trucks showed divergence, with semi-trailer truck exports remaining flat year-on-year at 10,000 units [3][4]. - Exports of heavy non-complete vehicles reached 5,000 units in February, a year-on-year increase of 24% [3][4]. Natural Gas Heavy Trucks - The sales of natural gas semi-trailer trucks in February were 16,000 units, reflecting a year-on-year increase of 69% [3][4]. - The cumulative sales of natural gas heavy trucks from January to February reached 26,000 units, a year-on-year increase of 9% [3][4]. New Energy Heavy Trucks - In February, the sales of new energy heavy trucks were 10,000 units, a year-on-year increase of 226% [4][5]. - The penetration rate of new energy heavy trucks was 12% in February, with a cumulative penetration rate of 13% from January to February [4][5]. Competitive Landscape - In February, China National Heavy Duty Truck Group ranked first in heavy truck sales, with the top ten companies accounting for 91% of the cumulative market share [4][5]. - The expected heavy truck sales for 2025 are projected to be 1.026 million units, a year-on-year increase of 13% [5]. Investment Recommendations - The industry shows growth potential, particularly in domestic recovery and sustained export growth [5]. - Recommended stocks include Weichai Power, China National Heavy Duty Truck Group, CIMC Vehicles, and Foton Motor, with a suggestion to pay attention to FAW Liberation [5].