Core Insights - The seminar on green freight held in Beijing highlighted the importance of urban logistics, short-haul heavy loads, and medium to long-haul transportation in promoting green freight initiatives [1] - In the first three quarters of this year, China's road freight volume reached 319.1 billion tons, marking a 4.9% year-on-year increase [1] - The rapid development of new energy commercial vehicles, with sales reaching 649,000 units in the first ten months of 2025, is a significant support for green freight [1] - Challenges such as insufficient regional collaboration, an incomplete industrial chain coordination mechanism, and lagging infrastructure development hinder the growth of green freight [1] Urban Logistics - Light-duty trucks account for over 70% of urban last-mile logistics demand, and their greening directly impacts traffic congestion, air quality, and the carbon footprint of the logistics system [1] - The greening of light-duty trucks has transitioned from concept promotion to practical implementation, focusing on three main areas: energy structure transformation, innovative operating models, and technology-driven efficiency improvements [1] - A successful transition in light-duty truck greening relies on an ecosystem built on policy guidance, enterprise leadership, technological support, and industrial chain collaboration [1] Challenges in New Energy Light-Duty Trucks - New energy light-duty trucks face multiple challenges in urban logistics, including battery range, load limitations, and insufficient charging infrastructure, particularly affecting reliability in winter [2] - Recommendations include developing customized models for specific scenarios like cold chain and supermarkets, accelerating the standardization of battery swapping, and improving cost-sharing mechanisms through models like battery banks [2] Medium to Long-Haul Transportation - The medium to long-haul sector faces challenges such as the need for clear definitions and market size assessments, as well as significant regional and industry differences [3] - There is an urgent need for deep governance of mobile sources to improve air quality in large cities, while high construction costs for electrification require policy breakthroughs to reduce service fees and alleviate user burdens [3]

Core Viewpoint - The green transformation of the freight industry is crucial for high-quality development in the context of achieving China's "dual carbon" goals, with road freight playing a foundational role in the logistics system [3]. Group 1: Industry Overview - In the first three quarters of this year, China's road freight volume reached 319.1 billion tons, reflecting a year-on-year growth of 4.9%, indicating strong resilience in the sector [3]. - The rapid development of new energy commercial vehicles is a significant support for green freight, with domestic sales reaching 649,000 units in the first ten months of 2025, marking a year-on-year increase of 60.2% [3]. Group 2: Challenges and Solutions - The development of green freight faces challenges such as insufficient regional collaboration, an imperfect industrial chain coordination mechanism, and lagging infrastructure construction [3]. - The green transformation of urban logistics, particularly through light-duty trucks, is essential as they account for over 70% of urban last-mile logistics demand, directly impacting traffic congestion, air quality, and carbon footprint reduction [3]. Group 3: Key Practices and Innovations - The green transformation of light-duty trucks has progressed from concept promotion to practical implementation, focusing on three main areas: energy structure transformation, innovative operating models, and technology-driven efficiency improvements [5]. - Key experiences in the transformation include policy "combination punches" to unblock transition bottlenecks, activating ecological vitality through the role of leading enterprises, and breaking through technical and resource bottlenecks via industrial chain collaboration [5]. Group 4: Sector-Specific Insights - In the short-haul heavy-duty transport sector, the rapid adoption of new energy heavy trucks is evident, particularly in the steel industry, which accounts for about half of the market share [5][7]. - The promotion of new energy heavy trucks in the steel industry is driven by policy guidance, continuous technological advancements, and significant reductions in acquisition costs [7]. Group 5: Urban Logistics and Technology - Urban logistics delivery is a critical link between production and consumption, with the green transformation directly affecting emission reduction targets and urban ecological optimization [10]. - Challenges in the operation of new energy light-duty trucks include battery range, load limitations, and insufficient refueling infrastructure, particularly in winter [10]. Group 6: Long-Distance Transport - The clean transformation of medium and long-distance transport is vital for the green development of the industry, with a focus on diverse technological pathways [16]. - Hydrogen fuel cell heavy trucks are highlighted for their unique advantages in medium and long-distance scenarios, requiring national-level planning for hydrogen energy corridors to promote coordinated development [18].

此次重申战略规划，汉马科技透露了更为具体的计划。该公司提到，将从今年12月31日起在国内市场停 售传统燃油整车，同时强调将持续对国内市场的原有传统燃油车提供服务，车联网、售后服务、配件等 业务不受影响，以保障已有燃油车用户的正常用车。 对于海外市场存在的传统燃油车需求情况，汉马科技表示，为了持续对海外市场增量订单的获取，公司 将持续生产出口传统燃油车。并持续为海外市场提供对应服务和备品配件和生态合作。这一安排针对海 外市场（中国境外市场），且不影响公司国内市场的停产传统燃油车计划。 这意味着，对于未来的产品销售计划，汉马科技将采取"国内新能源+海外双轨制"的差异化策略。（中 国汽车报） 【#汉马科技明年起国内停售燃油车#】11月17日，汉马科技在回应投资者提问时表示，自2025年12月31 日起，汉马科技将全面停止在中国境内市场的传统燃油整车的生产与销售，再次重申了其战略转型规 划。 汉马科技是安徽省新能源汽车产业集群七家"链主"企业中唯一一家商用车企业，最早以混凝土搅拌车、 散装水泥车、混凝土泵车等工程类专用车为核心业务，在重卡领域奠定了坚实的制造基础与市场口碑。 2020年，吉利入主汉马科技，新能源重卡逐 ...

Group 1: Overall Operational Performance - In October 2025, China's heavy truck market sold a total of 18,10,10.62 thousand units, with a year-on-year growth of 60% and a month-on-month increase of 1% [2][3] - Cumulative sales from January to October 2025 reached a total of 1,10 thousand units, representing a year-on-year increase of 92.90% [2][3] - The company has achieved better growth compared to the industry average, with a robust order backlog [2] Group 2: Export Performance - The company's products are primarily exported through Sinotruk International, maintaining a strong growth trend in exports [3] - Key export markets include Africa, Southeast Asia, Central Asia, and the Middle East, covering over 150 countries and regions [3] Group 3: New Energy Heavy Truck Development - In 2025, cumulative sales of new energy heavy trucks in China reached 15.78 thousand units, reflecting a significant year-on-year growth of 178% [3] - The company is capitalizing on market opportunities in the new energy sector, with growth rates exceeding the industry average [3] - Future strategies include focusing on sustainable development in the new energy sector, aligning with policy and technological trends [3]

Macroeconomic Overview - In October, the industrial added value of large-scale enterprises in China grew by 4.9% year-on-year, a decrease of 0.6 percentage points from September, while the market expectation was 5.5% [4] - The cumulative year-on-year growth from January to October was 6.1%, down 0.1 percentage points from January to September [4] - Fixed asset investment showed a cumulative year-on-year decline of 1.7% from January to October, marking the lowest level since June 2020, and significantly below the market expectation of -0.7% [4] - Retail sales of consumer goods in October nominally grew by 2.9%, continuing a decline for five consecutive months, and was below the market expectation of 2.7% [5] Industry Insights - Huawei is set to release a breakthrough technology in the AI field on November 21, which could increase the utilization rate of GPU and NPU resources from the industry average of 30%-40% to 70%, significantly enhancing hardware potential [9] - Ganfeng Lithium's chairman predicts that global lithium carbonate demand will reach 1.55 million tons in 2025, with supply capacity at over 1.7 million tons, indicating a potential surplus [10] - The sales of new energy heavy trucks in October reached 20,290 units, a year-on-year increase of 144%, indicating strong market demand [12] - The pet health products industry is expected to see a surge in demand due to the aging pet population, with a shift from preventive to essential health care products [14] Market Trends - The S&P 500 index volatility increased by 3.9% last week, reflecting cautious market sentiment amid concerns over AI tech stocks and potential interest rate changes by the Federal Reserve [16] - The domestic market is experiencing a "high-low cut" sentiment, with consumer indices rising while high P/E indices are declining, indicating a shift in investor focus [16] Bond Market Analysis - The bond market experienced minor fluctuations last week, with short-term yields rising slightly due to unstable funding conditions, while the overall economic data released was weak but within market expectations [18]

Macroeconomic Overview - In October, the industrial added value of large-scale enterprises in China grew by 4.9% year-on-year, a decrease of 0.6 percentage points from September, while the market expectation was 5.5% [4] - The cumulative year-on-year growth from January to October was 6.1%, down 0.1 percentage points from January to September [4] - The fixed asset investment year-on-year growth rate from January to October was -1.7%, marking the lowest level since June 2020, and significantly below the WIND expectation of -0.7% [4] - The retail sales of consumer goods in October nominally grew by 2.9%, continuing a decline for five consecutive months, and was lower than the WIND expectation of 2.7% [5] Industry Insights - Huawei is set to release a breakthrough technology in the AI field on November 21, which could increase the utilization rate of GPU and NPU resources from the industry average of 30%-40% to 70%, significantly enhancing hardware potential [9] - Ganfeng Lithium's chairman predicts that global lithium carbonate demand will reach 1.55 million tons in 2025, with supply capacity at over 1.7 million tons, indicating a potential price increase if demand grows beyond 30% in 2026 [10] - The sales of new energy heavy trucks in October reached 20,290 units, a year-on-year increase of 144%, indicating strong market demand [12] - The pet health products industry is expected to see increased demand due to the aging pet population, with a shift from preventive to essential health products as pet owners prioritize their pets' health [14] Market Strategy and Configuration - The SP500 index volatility increased by 3.9% last week, reflecting cautious market sentiment amid concerns over AI tech stocks and potential interest rate changes by the Federal Reserve [16] - The domestic market is experiencing a "high-low cut" sentiment, with consumer indices rising while high P/E indices fell, indicating a shift in market dynamics [16] Bond Market Analysis - The bond market experienced minor fluctuations last week, with short-term yields rising slightly due to unstable funding, while the overall economic data released was weak but within market expectations [18]

业内人士普遍认为，渗透率超过30%，则预示着新能源商用车 将从政策驱动转向市场驱动。 作者：邹永勤 封图：本报资料室 汽车领域的新能源转型发力点，或已悄然从乘用车领域向商用车领域倾移。 根据中国汽车工业协会（下称"中汽协"）发布的最新统计数据，2025年前10个月，新能源汽车国 内销量1092.90万辆，同比增长25.70%；其中，新能源乘用车国内销量1028万辆，同比增长 24%；新能源商用车国内销量64.90万辆，同比增长60.20%。 单就10月份而言，新能源乘用车国内销量137.70万辆，同比增长10.30%；新能源商用车国内销 量8.20万辆，同比增长52.40%，新能源商用车国内销量占商用车国内销量的比例（即渗透率）为 30.90%。 这已经是新能源商用车渗透率指标连续两个月站稳在30%上方。业内人士普遍认为，渗透率超过 30%，则预示着新能源商用车将从政策驱动转向市场驱动。 群雄逐鹿 作为商用车领域"老牌劲旅"的东风股份（600006.SH），近年来业绩表现低迷而急需寻求突破 口。此次他们不但携旗下商用车领域全品系重磅车型亮相，更现场举行了"新品牌、新产品、新战 略"的发布会，提出了"到2030 ...

经济观察报记者 邹永勤 汽车领域的新能源转型发力点，或已悄然从乘用车领域向商用车领域倾移。 根据中国汽车工业协会（下称"中汽协"）发布的最新统计数据，2025年前10个月，新能源汽车国内销量1092.90万辆，同比增长25.70%；其中，新能源乘用 车国内销量1028万辆，同比增长24%；新能源商用车国内销量64.90万辆，同比增长60.20%。 单就10月份而言，新能源乘用车国内销量137.70万辆，同比增长10.30%；新能源商用车国内销量8.20万辆，同比增长52.40%，新能源商用车国内销量占商用 车国内销量的比例（即渗透率）为30.90%。 这已经是新能源商用车渗透率指标连续两个月站稳在30%上方。业内人士普遍认为，渗透率超过30%，则预示着新能源商用车将从政策驱动转向市场驱动。 群雄逐鹿 就在我国商用车迎来新能源化拐点的关键时刻，11月10日至11月13日，两年一届的中国国际商用车展（2025）在武汉举行。根据经济观察报记者现场了解， 新能源车型成为车企和观众关注的核心焦点。主办方提供的数据亦显示，本届展会新能源与燃油展车的比例达到2:1。 比亚迪（002594.SZ）虽然在新能源乘用车领域稳居龙 ...

Core Viewpoint - DeepWay, a new energy heavy truck company co-founded by Baidu and Lionbridge, has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to become the first smart heavy truck company to list in Hong Kong. The company has shown significant revenue growth but is still in a loss-making phase, raising questions about its profitability as it seeks to enter the public market [1][31]. Company Overview - DeepWay was established in December 2020 and has quickly positioned itself as a leading player in the new energy heavy truck sector, with a global market share of 2.7% as of 2024 [1]. - The company reported revenues of 426 million yuan, 1.969 billion yuan, and 1.506 billion yuan for the years 2023, 2024, and the first half of 2025, respectively, with year-on-year growth rates of 362.5% and 97.6% [1]. - Despite high revenue growth, DeepWay has incurred significant losses, totaling approximately 1.702 billion yuan from 2022 to the first half of 2025 [1]. Financial Performance - DeepWay's primary revenue source is the sale of new energy heavy trucks, which accounted for 99.9%, 99.6%, and 99.4% of total revenue in 2023, 2024, and the first half of 2025, respectively [1]. - The company's gross margins are concerning, with rates of 0.4%, 0.5%, and 2.9% for 2023, 2024, and the first half of 2025, respectively, while traditional heavy trucks typically have gross margins of 10% to 15% [1][2]. Industry Context - The heavy truck industry is experiencing a price war, leading to a decline in average gross margins below 10% [3][4]. - DeepWay's pricing strategy aligns with industry trends, with suggested retail prices ranging from 470,000 to 700,000 yuan [4]. - The market is increasingly concentrated, with the top five companies holding a market share of 71% as of early 2024, indicating a "Matthew Effect" where larger firms continue to dominate [15][16]. Supply Chain and Customer Concentration - DeepWay's customer base is highly concentrated, with the top five clients accounting for 50.7% of revenue in 2024, and the first client alone contributing about 25% [6][8]. - On the supply side, the top five suppliers represent 92.3% of total procurement in 2024, with the largest supplier accounting for over 60% [7][8]. Technological Development - DeepWay has invested heavily in R&D, with expenditures of 231 million yuan, 352 million yuan, and 365 million yuan for 2022, 2023, and 2024, respectively, and 179 million yuan in the first half of 2025 [9][10]. - The company has developed a full-stack three-electric system, which constitutes over 60% of the vehicle's cost, aiming to control costs and enhance competitiveness [11]. - DeepWay's autonomous driving technology is still in development, focusing on a gradual approach to commercialize its capabilities [12][13]. Market Challenges - The new energy heavy truck market is facing significant challenges, including high competition from established players and the need for new entrants to prove reliability and cost-effectiveness [21][22]. - The narrative around autonomous driving technology does not resonate with commercial vehicle buyers, who prioritize total cost of ownership (TCO) over technological features [24][26]. - DeepWay's reliance on partnerships for manufacturing and technology raises questions about its long-term viability and market positioning [13][31]. Future Outlook - DeepWay aims to expand its international market presence, targeting over 60% of revenue from overseas by 2030, with existing networks in Singapore, Thailand, and the UAE [32]. - The company is focused on reducing manufacturing costs through technological upgrades and is exploring new market opportunities to enhance its competitive edge [31][32].

Core Insights - The heavy-duty truck market is experiencing significant growth driven by the rise of e-commerce, infrastructure upgrades, and the pursuit of efficiency, with global sales expected to reach 2.1 million units and $152.1 billion in revenue by 2024, and projected to grow to 2.8 million units and $249.1 billion by 2030 [1][4] - DeepXiang Technology, a leading company in the new energy heavy-duty truck sector, has submitted an IPO application to the Hong Kong Stock Exchange, aiming to capitalize on the growing market [1][4] Industry Overview - The heavy-duty truck market is essential for efficient goods transportation globally, with various applications including express delivery, port transport, and cold chain logistics [1] - The global new energy heavy-duty truck market is expected to see sales of 95,500 units and a market size of $9.8 billion in 2024, with projections to increase to 703,000 units and $80.6 billion by 2030 [5][6] Company Profile - DeepXiang Technology focuses on new energy heavy-duty trucks and has achieved commercialization since 2023, with over 99% of its revenue coming from heavy-duty truck sales [11][12] - The company has faced significant losses, totaling approximately $1.7 billion over three and a half years, as it invests heavily in R&D and technology [14][20] Market Position - DeepXiang Technology ranks tenth in global new energy heavy-duty truck sales in 2024, distinguishing itself with a focus on forward-defined models [9] - The Chinese new energy heavy-duty truck market is highly concentrated, with the top ten players accounting for over 90% of total sales [8] Financial Performance - The company reported revenues of approximately $4.26 million, $19.69 million, and $15.06 million for 2023, 2024, and the first half of 2025, respectively, while continuing to incur losses [14][15] - DeepXiang Technology's R&D expenses have been substantial, reflecting the high costs associated with developing new energy heavy-duty trucks [14][16] Future Outlook - The company plans to use funds raised from its IPO for R&D, expanding sales and service networks, and general corporate purposes, aiming to improve its market position and financial stability [18][20]