公司在SOFC 领域持续深耕，通过一系列技术创新与市场布局，不断推动这一战略性新兴产业的发展。 2026年1月9日，潍柴动力披露接待调研公告，公司于1月8日接待淡水泉、华泰资管等2家机构调研。 调研情况显示，在大缸径及数据中心业务方面，AI技术迭代推动算力基建加速，带动数据中心备用电 源市场扩容及高端发动机需求增长。公司大缸径发动机因启动速度快、加载能力强、可靠高效经济等优 势，已完成国内外多个数据中心项目交付验收，市场认可度持续提升，后续将积极开拓国内外战略客户 以提升市场份额。 在SOFC业务发展规划上，公司持续深耕该战略性新兴产业，2025年11月与希锂斯签订电池电堆技术许 可协议，全面掌握电池、电堆、系统、电站核心技术。公司聚焦AI数据中心、工业园区等核心场景， 推出新一代大功率金属支撑商业化产品，在发电效率、体积功率密度等性能上显著提升，已与国内外多 家头部企业达成意向合作，将继续推进技术创新与应用拓展，助力"双碳"目标和全球能源转型。 在新能源动力总成方向，公司加快新业态、新能源、新科技业务布局，统筹推进纯电动力系统、燃料电 池、混动等技术路线的研发与产品落地，以应对不同市场区域和应用场景的差异化 ...

南财智讯1月9日电，潍柴动力在投资者关系活动中表示，公司大缸径发动机因启动速度快、加载能力 强，具备更可靠、更高效及更经济的优势，已成功完成国内外多个数据中心项目的交付验收，市场认可 度持续提升。后续公司将积极开拓国内外战略客户，推动市场份额进一步增长。 ...

潍柴动力股份有限公司投资者关系活动记录表 | 2025 | 年 | 11 | 月，公司与希锂斯在电池电堆层面签订了技术 | | | | | --- | --- | --- | --- | --- | --- | --- | | 许可协议，这意味着公司可全面掌握电池、电堆、系统、电站 | | | | | | | | 的核心技术。近年来，公司聚焦 | AI | 数据中心、工业园区等核心 | | | | | | 场景，对标国际竞品推出新一代大功率金属支撑商业化产品， | | | | | | | | 在发电效率、体积功率密度、可启停次数及启动速度等方面均 | | | | | | | | 有显著提升，凭借性能优势已与国内外多家头部企业达成意向 | | | | | | | | 合作，为规模化商用奠定基础。公司将继续致力于技术创新与 | | | | | | | | 应用拓展，发挥在 | SOFC | 领域的技术引领作用，为客户提供高可 | | | | | | 靠性产品，助力实现"双碳"目标和全球能源转型。 | | | | | | | | 3.公司在新能源动力总成方向的布局和规划 | | | | | | | | 公司持续加快 ...

Group 1: SOFC Business Development - The company is continuously deepening its SOFC (Solid Oxide Fuel Cell) business through technological innovations and market deployment, aiming to drive the development of this strategic emerging industry [2] - In November 2025, the company signed a technology licensing agreement with Xilius, enabling full mastery of core technologies related to batteries, stacks, systems, and power stations [2] - The company has launched a new generation of high-power metal-supported commercial products, significantly improving power generation efficiency, power density, start-up speed, and operational reliability, establishing a foundation for large-scale commercialization [2] Group 2: Heavy Truck Industry Trends - According to the China Association of Automobile Manufacturers, from January to November this year, the cumulative sales of heavy trucks in China reached 1.042 million units, a year-on-year increase of 27.5% [3] - Heavy truck exports totaled 308,000 units, reflecting a year-on-year growth of 15.1%, indicating a diversified energy structure in the domestic heavy truck market [3] - The company is optimistic about the future of the heavy truck industry and is laying out multiple technological routes to adapt to short- and medium-term industry trends [3] Group 3: Large Bore Engine and Data Center Business Progress - In the first three quarters of this year, the sales of the M series large bore engines exceeded 7,700 units, representing a growth of over 30% [3] - Sales in the data center market surpassed 900 units, showing a year-on-year increase of over 300%, contributing significantly to the company's performance [3] - The rapid iteration of AI technology is driving the expansion of the data center backup power market, leading to a surge in demand for high-end engines in this segment [3]

由此可见，潍柴动力从传统重卡动力龙头，向数据中心备用电源、高端大缸径发动机、SOFC等AI快速 发展以及美国缺电背景下高附加值领域成功拓展，是其获得"中盘成长+政策红利"标签，并被纳入长期 政策驱动投资组合的关键。随着"十五五"规划将高端制造与能源安全置于核心，潍柴动力多元化的产业 布局，尤其是AI产业里发电系统业务有望持续获得发展动力。 这一判断与潍柴动力自身战略转型的最新进展相互印证。就在本月，潍柴集团在2026年商务大会上宣 布，"十五五"期间将开启崭新发展周期，并特别指出数据中心能源动力将呈现爆发式增长。业务数据显 示，公司的战略新兴业务增长强劲，其中为数据中心供电的大缸径发动机表现尤为突出。2025年上半 年，该产品销量同比增长41%，而其中用于数据中心(AIDC)的发动机销量同比激增近491%，呈现量价 齐升态势。与此同时，公司在新能源领域的布局也开始贡献增量，动力电池销量持续高速增长。 在国际投行高盛最新构建的面向"十五五"规划(2026-2030年)的前瞻性投资组合中，重型装备制造龙头潍 柴动力(000338.SZ/02338.HK)成为其精选的50只核心标的之一。此举表明，在机构视野中，潍柴 ...

格隆汇12月11日丨潍柴动力(000338.SZ)在互动平台表示，公司大缸径发动机和SOFC产品可广泛应用于 数据中心等细分市场。 ...

Core Viewpoint - Daiwa has identified key preferred stocks in China's industrial and transportation sectors, with a stronger outlook on AI and automation-related stocks compared to transportation stocks [1] Group 1: Industry Outlook - The firm is particularly optimistic about sectors such as humanoid robots, semiconductor production equipment (SPE), and automation and gas engines (AIDC theme) [1] - A cautious stance is taken towards heavy trucks, shipping rates, aviation, and the overall logistics sector [1] Group 2: Investment Recommendations - Daiwa expects AI-related stocks to face profit-taking pressure by the end of the year but maintains a positive outlook on the AI theme and localization trends until 2026, aligning with the "14th Five-Year Plan" [1] - Preferred stock includes Weichai Power (02338) due to its AIDC power supply theme (large-bore engines + solid oxide fuel cells) and low valuation [1] - The firm is also optimistic about Zoomlion Heavy Industry (01157) for its growth in non-excavator construction machinery [1] Group 3: Specific Stock Picks - Recommended stocks under the AI theme include: - Yujian (02432) - UBTECH Robotics (09880) - Huace Navigation (300627.SZ) - Geek+ (02590) - Northern Huachuang (002371.SZ) in the A-share market [1] - Yangtze River Shipbuilding is also recommended due to promising order recovery prospects [1]

本文由 Al 算法生成,仅作参考,不涉投资建议,使用风险自担 【12月1日大和报告：更看好AI与自动化相关标的】12月1日，大和发表报告称，在中国工业与运输业 各子领域中，相较于运输类股，更看好AI与自动化相关标的，如人形机器人、半导体生产设备(SPE)、 自动化与燃气引擎(AIDC主题)等领域。对重卡、航运运价、航空及整体物流领域持更谨慎态度。该行 预期AI相关股票年底前将面临获利了结压力，但持续看好AI主题及本土化趋势至2026年，这是"十五 五"规划的关键方向。首选标的为潍柴，因其AIDC电力供应题材(大缸径发动机+固体氧化物燃料电池) 及低估值。该行还看好中联重科非挖掘机工程机械业务的增长。在AI相关主题下，推荐越疆、优必 选、华测导航、极智嘉，以及北方华创。 本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 和讯财经 FOL hexun.con 和而不同 迅达天下 扫码查看原文 ...

Group 1: Heavy Truck Industry Trends - The heavy truck industry in China is experiencing a robust recovery, driven by the "old-for-new" policy and a booming overseas market, with a total sales volume of approximately 929,000 units from January to October 2023, representing a year-on-year growth of 24% [2]. - The market is diversifying in energy sources, with diesel, natural gas, and electric trucks each suited for different applications. Diesel and natural gas trucks excel in long-distance transport, while electric trucks are more suitable for short-distance and fixed-route scenarios [2]. - Sales of natural gas heavy trucks reached 167,000 units with a penetration rate exceeding 26%, while sales of new energy heavy trucks were 158,000 units, approaching a 25% penetration rate [2]. Group 2: Future Market Outlook - The natural gas price is expected to remain stable due to a relaxed supply-demand balance, leading to broader applications for natural gas trucks and an anticipated increase in market penetration [3]. - With ongoing policy support, technological advancements, and improved infrastructure, the market penetration of new energy heavy trucks is also expected to rise [3]. - The company is optimistic about the heavy truck industry's future and aims to enhance its competitiveness in both traditional and new energy products, providing efficient conversion solutions for various energy forms [3]. Group 3: SOFC Business Development - The company is committed to the SOFC sector, continuously innovating and expanding its market presence. A technology licensing agreement with Xilius was signed in November 2025, allowing the company to master core technologies in batteries and systems [3]. - The company focuses on key applications such as AI data centers and industrial parks, launching a new generation of high-power metal-supported commercial products that significantly improve power generation efficiency and operational reliability [3]. - Collaborations with leading domestic and international companies are being established to lay the groundwork for large-scale commercialization, supporting the dual carbon goals and global energy transition [3]. Group 4: Large Bore Engine and Data Center Market Performance - In the first three quarters of the year, sales of the M series large bore engines exceeded 7,700 units, marking a growth of over 30% year-on-year [3]. - Sales in the data center market surpassed 900 units, reflecting a more than threefold increase compared to the previous year, contributing significantly to overall performance [3]. - The rapid iteration of AI technology is driving the expansion of data center backup power markets, leading to a surge in demand for high-end engines tailored for this niche [3].

Summary of Weichai Power Conference Call Company Overview - **Company**: Weichai Power - **Industry**: Heavy-duty trucks and energy solutions, specifically focusing on Solid Oxide Fuel Cell (SOFC) technology Key Points SOFC Technology and Market Potential - SOFC technology shows significant advantages in data centers with an electricity generation efficiency of 55%-65% and a comprehensive efficiency exceeding 90% [2][3][4] - The modular design of SOFC allows for a construction period of only 3 months, significantly shorter than gas turbines and small nuclear power plants [2][5] - Weichai Power has achieved domestic production and self-research of SOFC auxiliary systems through its investment in Seres, with expected SOFC capacity reaching 60 MW and revenue of 1.26 billion RMB by 2026, and 150 MW with revenue of 3 billion RMB by 2027 [2][6][9] Heavy-duty Truck Market Outlook - The heavy-duty truck market is expected to remain optimistic due to the vehicle replacement policy and the phasing out of National IV standards, with domestic sales projected to reach around 900,000 units in 2025 [2][7][8] - For 2026, domestic heavy-duty truck sales are expected to reach approximately 900,000 units, a 10% increase from 2025 [11] - Despite a decline in the Russian market, demand from developing countries in Asia, Africa, and Latin America is expected to compensate for export shortfalls, with a recovery in Russian exports anticipated by 2026 [2][12] Financial Projections - Weichai Power's profit is projected to be 12.5 billion RMB in 2025, 14.5 billion RMB in 2026, and 16.2 billion RMB in 2027, indicating stable growth in its core business [4][15] - The company aims to achieve a net profit margin of 15%-20% in 2026-2027, with a projected net profit of around 5 billion RMB in 2027 [9][15] - The overall market capitalization potential is estimated to exceed 250 billion RMB by the end of 2027, with a possibility of reaching 300 billion RMB [15] Investment Recommendation - Weichai Power is recommended for investment due to its diversified business layout and growth potential, particularly in SOFC technology and traditional engine business [10] - The company is transitioning from a traditional commercial vehicle enterprise to a growth-oriented emerging energy company, making it a key investment target [10] Additional Insights - The company has a strong position in the engine sector, with about one-third of its sales coming from the heavy-duty truck industry [13] - The demand for large-bore engines in data centers is expected to grow significantly, with projected profits of 1.2 billion RMB in 2026 and at least 1.7-1.8 billion RMB by 2027 [14][15] This summary encapsulates the key insights from the Weichai Power conference call, highlighting the company's strategic direction, market opportunities, and financial outlook.