证券代码：000800 证券简称：一汽解放 一汽解放集团股份有限公司投资者关系活动记录表 编号：2025-005 3、公司加速深化拓展国际业务，请展望国际市场趋势，以及公司 出口业务的结构和目标。 答：公司在非洲、东南亚、拉美等区域实现销量快速增长，海外出 口向市场均衡方面发展。未来公司在海外业务方面将采取以下措施：一 是加快对于潜力市场的布局；二是聚焦在"一带一路"项目有布局的央 国企单位进行业务拓展；三是强化海外业务的服务和金融支持的拓展， 并根据海外市场的独特需求，开发更适合本地化的产品。 4、请介绍公司后市场业务的开展情况。 答：公司的后市场业务将为公司带来新的业务增量。公司的产品在 国内市场保有量较大；未来公司的后市场业务可为用户提供更多的配 件、油品等，能够为客户安全、经济地使用车辆提供更多的产品和服务， 并有望进一步提升公司的利润水平。 | 投资者关系活动 | □特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | ☑ | 其他 | | 参与单位名称及 | 汇丰晋信基金、华泰自营、 ...

以下文章来源于卡车空间站 ，作者卡车空间站 答案仍然是否定的。请看第一商用车网的分析报道。 7月销1.4万辆同比下降22%，遭遇"5连降" 根据第一商用车网掌握的终端销量数据（交强险口径，不含出口和军品），2025年7月份，国 内天然气重卡实销1.40万辆，环比今年6月份增长4%，终于止住销量逐月下滑的态势，但同 比仍出现下滑，降幅为22%，较上月（-17%）扩大5个百分点，遭遇"5连降"。 由最近五年国内天然气重卡终端销量月度走势图可见，1月份和2月份，代表2025年的红色柱 体比之前任何一年都高，但自3月份开始，红色柱体比代表2024年的蓝色柱体明显要矮许多。 今年3月份、4月份、5月份、6月份和7月份销量，在近五年里均排在第2高位（1月份和2月份 都是五年最高），从数字上看，最近五个月天然气重卡市场可以用持续低迷来形容。 卡车空间站 . 致力于为您提供新鲜及时、专业的卡车资讯、卡车评测、卡车产品、卡车技术和新能源卡车信息！ 自2025年3月份起，我国天然气重卡市场已遭遇"4连降"，3-6月平均同比降幅达到28%，6 月过后累计销量降幅达到16%。 下半年第一个月，天然气重卡市场能摆脱下滑的厄运吗？ 7月 ...

Core Viewpoint - In July, domestic heavy truck sales reached 85,000 units, representing a year-on-year increase of 46% but a month-on-month decline of 13% [1][2]. Sales Performance - Cumulative sales of domestic heavy trucks from January to July totaled 624,000 units, showing an 11% year-on-year growth [1][2]. - The sales structure indicates that in July, the proportions of semi-trailer trucks, cargo trucks, and incomplete vehicles in the overall heavy truck sales were 50.1%, 28.0%, and 21.9% respectively, compared to 51.9%, 25.3%, and 22.7% in 2024 [2]. - In July, semi-trailer truck sales were 43,000 units (up 29% year-on-year, down 12% month-on-month), while heavy cargo truck sales were 25,000 units (up 83% year-on-year, down 11% month-on-month) [2]. - Heavy incomplete vehicle sales in July reached 17,000 units, marking a 50% year-on-year increase but a month-on-month decline of 18% [2]. Natural Gas Heavy Trucks - In July, domestic natural gas heavy truck sales were 12,000 units, down 7% year-on-year and 3% month-on-month [3]. - Cumulative sales of natural gas heavy trucks from January to July were 100,000 units, reflecting a 14% year-on-year decline [3]. - The penetration rates for natural gas in heavy trucks and semi-trailer trucks were 14% and 27% respectively in July [3]. New Energy Heavy Trucks - In July, domestic new energy heavy truck sales reached 13,000 units, showing a significant year-on-year increase of 159% but a month-on-month decline of 10% [3]. - Cumulative sales of new energy heavy trucks from January to July were 88,000 units, representing a 172% year-on-year growth [3]. - The penetration rate for new energy heavy trucks was 16% in July, with a cumulative rate of 14% for the first seven months [3]. Investment Strategy and Recommendations - With economic recovery and the introduction of the "old-for-new" policy for heavy trucks in 2025, domestic heavy truck sales are expected to gradually rebound, with a forecast of 1.067 million units in 2025, an 18% year-on-year increase [4]. - The technology for domestic new energy heavy trucks has matured, and costs have decreased rapidly, indicating significant potential for penetration rate growth, expected to reach 15% by 2025 [4]. - The heavy truck industry still has growth potential, driven by domestic recovery and continuous export growth [4]. - Recommended stocks include Weichai Power (000338.SZ), China National Heavy Duty Truck Group (000951.SZ, 03808), CIMC Vehicles (301039.SZ), and Foton Motor (600166.SH), with FAW Jiefang (000800.SZ) identified as a beneficiary [4].

Core Viewpoint - The article discusses the recent leadership changes and strategic focus within Dongfeng Commercial Vehicle's marketing division, emphasizing the importance of enhancing service capabilities, particularly in the new energy sector, and adhering to management principles and integrity in operations [1][3][5]. Group 1: Leadership Changes - Dongfeng Commercial Vehicle held a meeting to announce key personnel changes within its marketing division, including the appointment of Sheng Qiguang as the head of the Customer Support Department and Xu Yong as the deputy head of the Domestic Marketing Department, focusing on new energy marketing [6][7]. - Xu Yong expressed his commitment to quickly adapt to the new role and contribute to the development of the new energy sector while maintaining integrity and self-discipline [9]. Group 2: Strategic Focus - Sheng Qiguang outlined a dual focus: immediate enhancement of service capabilities and rapid resolution of market issues, alongside a long-term goal of creating a competitive service business that integrates traditional and new energy operations [11]. - The marketing division aims to innovate service management strategies to improve operational effectiveness and provide reliable business value within the company's value chain [11]. Group 3: Expectations and Requirements - The marketing division's leadership emphasized the need for new executives to prioritize business logic, adhere to management principles, and maintain a strong work ethic in line with central regulations [13]. - Liu Yi, the marketing division's head, set expectations for Sheng Qiguang to strengthen service foundations and improve customer satisfaction, while urging Xu Yong to quickly familiarize himself with the marketing system and enhance market share in the new energy sector [15].

Core Viewpoint - The heavy truck market in China has experienced a significant increase in sales, with July showing a year-on-year growth of 42%, marking the fourth consecutive month of growth and indicating a strong market momentum for the second half of the year [1][5][20]. Sales Performance - In July, approximately 83,000 heavy trucks were sold, representing a 15% decrease from June but a 42% increase compared to the same month last year [5][7]. - Cumulatively, from January to July, the heavy truck market recorded sales of about 622,000 units, reflecting an 11% year-on-year growth [7]. Market Drivers - The primary driver for the sales increase is the implementation of environmental policies, particularly the "old truck scrapping and replacement" initiative launched in March, which has stimulated demand for new heavy trucks [8][20]. - The export of heavy trucks also saw a significant increase, with expectations of over 20% year-on-year growth in July [9]. Segment Analysis - The domestic terminal sales of heavy trucks also showed a year-on-year increase of over 20% in July, although the growth rate was lower than in June due to seasonal demand fluctuations [7][14]. - Electric heavy trucks continued to perform well, with July sales exceeding 15,000 units, a year-on-year increase of over 120%, despite a noticeable month-on-month decline [16]. - Diesel heavy trucks are expected to see a year-on-year growth of over 25% in July, although they also experienced a significant month-on-month decline [18]. Future Outlook - The heavy truck market is anticipated to maintain its upward trajectory in the third quarter, with projections indicating a potential year-on-year growth rate of over 50% in September [20].

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% over the next six months [62]. Core Views - June sales figures for the heavy truck industry exceeded expectations, with production, wholesale, and export volumes all showing positive growth [5][7]. - The market structure indicates a recovery in domestic sales for Foton, while Jiefang and Dongfeng saw an increase in export market share [6][39]. - The heavy truck segment is experiencing a significant increase in new energy vehicles, while natural gas truck sales are declining [7][28]. Summary by Sections Sales Tracking - In June, wholesale sales of heavy trucks reached 98,000 units, with year-on-year growth of 37.1% and month-on-month growth of 10.2%, surpassing expectations [4][19]. - Terminal sales for June were 69,000 units, showing a year-on-year increase of 47.0% and a month-on-month increase of 9.7%, also exceeding expectations [4][15]. - Export sales in June were 29,000 units, with year-on-year growth of 23.8% and month-on-month growth of 10.5%, again surpassing expectations [4][19]. - The current total industry inventory stands at 144,000 units, with a slight decrease in channel inventory [20]. Market Structure Tracking - The market share for heavy truck manufacturers in June was as follows: Jiefang 19.8%, Dongfeng 21.1%, Heavy Truck 16.9%, Shaanxi Heavy Truck 11.1%, and Foton 13.4% [6][37]. - In the export market, the shares were: Jiefang 17.2%, Dongfeng 13.3%, Heavy Truck 42.7%, Shaanxi Heavy Truck 15.5%, and Foton 7.3% [6][39]. - The penetration rate for new energy heavy trucks reached 25.9%, with a significant year-on-year increase of 159% in sales [7][28]. Engine Market Structure - Weichai maintained the largest market share in the engine segment at 17.9%, although it saw a decline compared to previous periods [8][48]. - The market shares for natural gas engines were reported as follows: Weichai 49.0%, Cummins 19.6%, and others [55]. Investment Recommendations - The report recommends focusing on companies such as China National Heavy Duty Truck Group and Weichai Power, highlighting the potential for performance improvement in FAW Jiefang and Foton [57].

Group 1: Production and Sales Performance - In the first half of 2025, China's heavy truck market recorded cumulative sales of approximately 539,200 units, representing a year-on-year growth of about 7% [2] - In June 2025, the heavy truck market sold around 100,000 units, showing a month-on-month increase of 10% and a year-on-year increase of 47% [2] - The overall production and sales situation of the company has maintained a growth trend compared to the same period last year [2] Group 2: Natural Gas Heavy Truck Market - In the first half of 2025, cumulative sales of natural gas heavy trucks reached 91,500 units, reflecting a year-on-year decline of 16% [3] - The company's sales of natural gas heavy trucks in the first half of 2025 aligned with industry trends [3] - Continuous technological advancements are improving the range and performance of natural gas heavy trucks, narrowing the gap with diesel vehicles [3] - The "old-for-new" policy includes subsidies for natural gas heavy trucks, providing substantial benefits for the industry and users [3] Group 3: Export Performance - The company relies on its subsidiary, Heavy Truck International, to achieve product exports, maintaining the industry's leading position for several consecutive years [3] - The export business continues to perform well, with products primarily covering key regions such as Africa, Southeast Asia, Central Asia, and the Middle East [3] - The company is making progress in emerging markets while focusing on global collaborative development [3]

Core Viewpoint - The heavy truck market in China is showing a positive trend with a cumulative sales of 539,200 units in the first half of 2025, representing a year-on-year growth of 7%, indicating a strong possibility of returning to an annual sales volume of 1 million units [1][4]. Group 1: Market Performance - In the first half of 2025, the heavy truck market experienced a fluctuating sales trend with monthly growth rates of -25%, 36%, -4%, 7%, 14%, and 37%, culminating in a total sales of 539,200 units [4]. - China National Heavy Duty Truck Group (CNHTC) achieved a "six consecutive months" sales victory in the heavy truck segment, with an average monthly sales of 24,800 units, leading to a cumulative sales of 148,800 units and a market share of 27.60% [6][9]. - In the tractor truck segment, CNHTC also maintained a "six consecutive months" sales record, with a cumulative sales of 72,800 units and a market share of 26.96%, marking a year-on-year increase of 0.78 percentage points [11]. Group 2: Export and New Energy Vehicles - In the first half of 2025, China's commercial vehicle exports reached 501,200 units, a year-on-year increase of 10.5%, with CNHTC exporting 74,500 units, representing a growth of 14.4% and accounting for 14.87% of total exports [13]. - The export performance has helped CNHTC mitigate the impact of weak domestic demand in the heavy truck market, particularly in the natural gas segment, while the new energy truck market has emerged as a pure growth area [15]. - CNHTC sold 9,400 units of various new energy heavy trucks in the first half of 2025, marking a significant year-on-year increase of 221% and achieving a market share of 11.84% [15][17]. Group 3: Product Strategy and Market Position - CNHTC has established a competitive product lineup across diesel, natural gas, and new energy segments, with new energy heavy trucks accounting for 15.00% of total sales in the domestic market [19]. - The company has launched high-power natural gas trucks and customized solutions for various applications, achieving a market share of nearly 30% in the 600 horsepower and above natural gas heavy truck segment [20][22]. - The upcoming launch of the new diesel truck model, Shandeka G7M, is expected to capitalize on the recent positive sales trend in the diesel segment [23].

Core Viewpoint - Cummins China and Shaanxi Automobile Group announced the appointment of Li Feng as the General Manager of Xi'an Cummins Engine Co., Ltd. starting August 1, 2025, to enhance operational management and drive growth strategies [1][2]. Group 1: Leadership Transition - Li Feng will oversee the operational management of Xi'an Cummins, focusing on strategic execution, long-term growth objectives, and improving customer experience [1][4]. - He will also manage partnership relations to promote a "win-win" business strategy between Cummins and Shaanxi Automobile, expanding collaborative business opportunities [2]. Group 2: Operational Goals - The new role will involve translating long-term strategies into growth-oriented business targets, aiming to meet or exceed business metrics set by Cummins and Shaanxi [4]. - Li Feng will coordinate the operations of Xi'an Cummins, working closely with key stakeholders to achieve performance goals established by the board [5]. Group 3: Customer Focus and Team Development - Strengthening customer relationships and enhancing customer satisfaction will be a priority, with a focus on understanding future customer needs [5]. - Continuous exploration of new business opportunities and the development of high-performance teams will be essential for driving growth [5]. Group 4: Company Background - Xi'an Cummins Engine Co., Ltd. is a joint venture established in 2007 between Cummins and Shaanxi Automobile Group, producing engines that meet national emission standards [6].

Core Viewpoint - The natural gas heavy truck market in China has experienced a continuous decline since March 2025, with significant year-on-year sales drops and a cumulative decrease of 16% by June 2025 [2][33]. Sales Performance - In June 2025, the sales of natural gas heavy trucks reached 13,500 units, marking a 17% year-on-year decline and the fourth consecutive month of decrease [5][10][26]. - The overall heavy truck market saw a significant increase, with total sales of 69,200 units in June, a 47% year-on-year growth, indicating that natural gas heavy trucks are lagging behind the overall market performance [10][12]. - Cumulatively, from January to June 2025, natural gas heavy truck sales totaled 91,500 units, down 16% compared to the same period in 2024 [26][30]. Market Share and Competition - In June 2025, natural gas heavy trucks accounted for 19.45% of the total heavy truck market, a decrease from 22.10% in May [10][24]. - The top three companies in the natural gas heavy truck market by sales volume in June were FAW Jiefang (3,347 units), China National Heavy Duty Truck Group (2,849 units), and Dongfeng Motor Corporation (2,789 units) [20][22]. - The market share of the leading companies showed mixed results, with some companies like Dongfeng and Foton experiencing growth, while others like FAW Jiefang and China National Heavy Duty Truck Group faced declines [20][24]. Regional Sales Trends - The sales distribution of natural gas heavy trucks across China remains uneven, with Hebei, Shanxi, Henan, and Shandong being the top provinces for sales in the first half of 2025 [14][16]. - Some regions, such as Xinjiang and Sichuan, reported growth in sales, while major provinces like Hebei and Shanxi saw significant declines [16][30]. Pricing Factors - Natural gas prices have remained relatively stable in 2025, with fluctuations observed in the first half of the year. However, the price of diesel has decreased more significantly, reducing the competitive advantage of natural gas trucks [12][33]. Future Outlook - The natural gas heavy truck market faces challenges in reversing the downward trend, with questions about when growth can be expected again in the latter half of 2025 [33].