各地矿山正积极寻找能源安全与绿色转型、传统产业与新质生产力之间的结合点，推动煤炭行业的高端化、清洁化、智能化发展迈入 新阶段。 近期，全国多地公布"十五五"规划建议，内蒙古、山西、陕西、贵州等煤炭大省（区）针对矿山发展提出新要求、指明新路径。 作为国民经济的基础产业和能源安全的重要支撑，矿山正进入转型发展关键时期。其中，煤炭开采面临如何从增量扩张到提质转型，如 何跳出"挖煤—卖煤"传统路径向科技和绿色要发展，以及如何推进智能矿山建设让智能设备运转更常态化等一系列问题。 综合各地的规划建议文本，可以看出各地矿山正积极寻找能源安全与绿色转型、传统产业与新质生产力之间的结合点，推动煤炭行业的 高端化、清洁化、智能化发展迈入新阶段。 "向新延链"，培育转型动能 "绿色矿山"也成为各资源大省（区）规划建议中频繁强调的内容。山西、内蒙古、山东等地均提出加快绿色矿山建设，推动废弃矿山生 态修复和采煤沉陷区综合治理。 目前，我国已建成省级以上绿色矿山超5100家，占持证在产矿山的40.8%。各主要煤炭产地正致力于进一步降低绿色矿山技术装备应用 门槛，使其更易于推广，让更多矿山能跳出传统路子，向绿色要发展。 比如，针对建设特色 ...

Core Viewpoint - The heavy truck industry in China achieved significant growth in 2025, with total sales reaching 1.137 million units, marking a year-on-year increase of approximately 26% [1][19]. Group 1: Monthly Sales Performance - In December 2025, approximately 95,000 heavy trucks were sold, representing a month-on-month decline of about 16% but a year-on-year increase of around 13% compared to 84,200 units in December 2024 [1][3]. - The average growth rate for the heavy truck market from April to December 2025 was as high as 41%, indicating a strong upward trend throughout the year [1][3]. - The total sales for 2025 marked the highest level in the last four years, with a total of 1.137 million units sold [1]. Group 2: Export and Terminal Sales - Heavy truck exports in December 2025 are expected to increase by nearly 20%, with total exports for the year projected at around 330,000 units, setting a new historical record [5]. - Domestic terminal sales for heavy trucks in December are estimated to grow by about 11%, with total terminal sales for 2025 expected to approach 800,000 units, reflecting a year-on-year increase of over 30% [5]. Group 3: New Energy and Gas Heavy Trucks - New energy heavy truck sales in December 2025 are projected to exceed 37,000 units, representing a year-on-year increase of over 140%, with a monthly penetration rate nearing 50% [7]. - For the entire year, new energy heavy truck sales are expected to reach approximately 224,000 units, a year-on-year increase of over 170% [7]. - In contrast, gas heavy truck sales in December 2025 are expected to decline by nearly 40% month-on-month, with a year-on-year growth rate of about 26% [9]. Group 4: Major Players in the Market - China National Heavy Duty Truck Group (重汽) sold over 22,000 heavy trucks in December 2025, maintaining its position as the industry leader with a market share of approximately 26.7% [11]. - Dongfeng Motor Corporation (东风) sold about 19,000 heavy trucks in December, ranking second in the industry with a market share of around 16% [13]. - Foton Motor (福田) achieved the highest growth rate among major companies, with December sales increasing by approximately 113% year-on-year [15]. Group 5: Future Outlook - The heavy truck market in 2026 is expected to experience a slight domestic decline while maintaining steady growth in exports, influenced by the continuation of the old truck replacement policy [19].

● 12月重卡销量增13%！全年定格多少万辆？2026年走势如何？| 光耀评车 ● 福田/宇通/奇瑞/徐工/远程等重卡批量交车 ● 12月新能源重卡破3.4万辆抢疯了！徐工/三一/解放/陕汽/重汽超4000，谁斩销冠？| 头条 ● 一汽解放2025全年成绩单公布！ ● 上海现新能源环卫车采购大单！预算3403万元！ ...

丨证券研究报告丨 行业研究丨点评报告丨汽车与汽车零部件 [Table_Title] 重卡单车补贴金额维持不变，板块低估值高分红 建议重点配置 报告要点 [Table_Summary] 2026 年以旧换新政策落地，货车方面，继续支持报废国四及以下排放标准营运货车更新为低排 放货车，优先支持更新为电动货车，补贴标准继续维持 2025 年补贴水平。展望明年：总量上， 政策持续托底内需，重卡出口持续增长；结构上，新能源重卡加速渗透，规模效应下板块有望 迎来盈利修复。当下重卡板块整体估值较低，高分红属性提高较好安全边际，看好重卡板块投 资机遇，重点推荐：潍柴动力、中国重汽。 分析师及联系人 [Table_Author] SAC：S0490517060001 SFC：BUW101 高伊楠 吴优 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 汽车与汽车零部件 cjzqdt11111 [Table_Title 重卡单车补贴金额维持不变，板块低估值高分 2] 红建议重点配置 [Table_Summary2] 事件描述 2025 年 12 月 30 日，国家发展改革委、财政部正 ...

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Insights - The implementation of the new national subsidy policy for vehicle replacement is expected to boost passenger car demand in Q1 2026 [2][6] - The report indicates that the adjustment of subsidies from fixed amounts to percentage-based will likely enhance the proportion of mid-to-high-end passenger cars [6][7] - The continuation of subsidies for scrapping old commercial vehicles is expected to stabilize market confidence and potentially exceed expectations for heavy truck demand in 2026 [7] Summary by Sections Industry Performance - The automotive sector showed a performance increase of 5.7% over the last month, a decrease of 3.2% over the last three months, and a significant increase of 24.2% over the last year [3] Policy Impact - The new subsidy policy for 2026 includes support for scrapping and replacing vehicles, with specific subsidies for purchasing new energy vehicles and fuel-efficient cars [6] - The maximum subsidy for purchasing new energy vehicles is 12% of the vehicle price (up to 20,000 yuan), while for fuel-efficient cars, it is 10% (up to 15,000 yuan) [6] Market Outlook - The report suggests that the automotive industry will continue to see opportunities in high-end self-owned brands and the acceleration of smart technology integration [7] - Recommended companies include Jianghuai Automobile, Great Wall Motors, Geely, BYD, BAIC Blue Valley, and SAIC Group [7] - The report also highlights potential growth in the heavy truck sector, with expected sales of over 86,000 units in 2026 [7]

2025年的最后一个月，重卡行业呈现出终端零售和批发销量双双收窄的态势。其销量，究 竟会定格在多少？2025年全年累计销量突破110万辆了吗？2026年的走势，到底会如何？ 请看第一商用车网带来的分析报道。 12月重卡销量同比上涨13%，全年累计超113万辆 2019-2025年我国重卡市场销量月度走势图（单位：辆） 2025年12月，重卡市场同比增速明显收窄。 根据第一商用车网初步掌握的数据，2025年12月份，我国重卡市场共计销售9.5万辆左右 （批发口径，包含出口和新能源），环比2025年11月下降约16%，比上年同期的8.42万 辆增长约13%。纵观2025年全年，我国重卡市场实现了九连涨，从4月份一直涨到12月 份，平均增速高达41%！ 9.5万辆放在最近八年来看，属于"中上水平"，低于2020年12月的11万辆，略高于2019 年12月销量。累计来看，2025年全年，我国重卡市场总销量达成了最近四年来的新高—— 113.7万辆，同比增长约26%。 2015-2025年我国重卡行业销量年度走势图（单位：万辆） 2025年12月，我国重卡行业批发销量同比增长约13%，国内终端销量情况又是如何的呢？ 同 ...

● "黑箱"首秀、15项行业领先，关于奇瑞商用车大VAN的一些剧透！| 头条 ● 客车领域近7亿元大单揭晓！谁中标？ ● 12月新能源重卡破3.4万辆抢疯了！徐工/三一/解放/陕汽/重汽超4000，谁斩销冠？| 头条 ● 近3000万元环卫车大单落定！解放/中车/长城/宏宇均在列 ● 100辆600度纯电重卡交付钢铁大客户 谁家车？ ...

2025年11月份，新能源重卡市场劲销2.4万辆，让"金九"旺季创造的销量纪录仅仅保持了2个 月；但11月份"史上最高"纪录保持时间更短，仅仅保持了1个月： 刚刚过去的12月份，新能 源重卡销量首次超过3万辆，达到创新高的3.45万辆，比11月份足足多了1万余辆。 请看第一商用车网带来的新能源重卡市场观察。 12月新能源重卡新增3.45万辆，"史上最高"再度被刷新 根据第一商用车网掌握的最新数据， 2025年12月份，全国共新增新能源重卡3.45万辆（本 文数据来源为重型货车营运证入网销量口径，非交强险销量口径，不含出口和军车，下同）， 环比增长44%，同比增长191%，创造了新的月销量纪录。 从增幅来看，12月份新能源重卡 继续呈现环比、同比双增的趋势，月销量较2025年11月份提升约1.05万辆，同比2024年12 月则增长了超2.27万辆，约是2024年同期销量的2.91倍。 新能源重卡需求越来越受市场驱动，叠加"旺季"效应及补贴政策截止前的年底"冲量"，最近 几个月市场持续火热。 政策+市场双重驱动下，2025年1-12月新能源重卡平均月销量超过 1.6万辆，其中3-12月份连续八个月销量破万，下半年 ...

提升企业本地配套率 本报记者 梁 乐 通讯员 李 丽 前不久，位于乌鲁木齐经开区（头屯河区）两河高端制造科技产业园的中厚板容器载具项目正式投产。 这标志着乌鲁木齐装备制造业打通关键堵点，补齐了乌鲁木齐乃至全疆装备制造配套短板。 作为新疆装备制造的核心承载区，近年来，乌鲁木齐经开区（头屯河区）聚焦装备制造业这一主业，着 力补齐产业链短板，优化产业布局，发挥龙头引领作用，重点突破汽车及零部件、农牧机械、专用设备 和纺织机械等核心领域，不断提升装备制造产业集群核心竞争力，为区域经济高质量发展注入强劲动 力。 由新疆大道实业投资有限公司（以下简称"新疆大道实业"）投资建设的两河高端制造科技产业园，计划 三年内建设成为千亿级装备制造产业园。 "中厚板容器载具项目的投产，有效化解了新疆自卸车产业链长期存在的堵点。"乌鲁木齐经开区（头屯 河区）装备制造业发展促进会（产业联盟）会长、新疆大道实业董事长杨森介绍，该项目建成自卸车 厢、方舱、改装车、集装箱4条智能化生产线，自动化率达95%，可满足汽车、工程机械等行业"小批 量""多品种"需求，填补新疆车辆上装领域的空白。 "项目投用后，两河高端制造科技产业园冲压模具、零部件制造 ...

Investment Rating - The report maintains a "Positive" investment rating for the heavy truck industry [3] Core Insights - The heavy truck industry continues to show high prosperity, driven by policies encouraging vehicle replacement and increasing demand for new energy vehicles [10][51] - The report highlights three main drivers of growth: low oil and gas price differentials, a surge in new energy vehicle sales due to year-end purchasing incentives, and strong export demand, particularly from Africa [30][48][71] Summary by Sections Overall Performance - In November 2025, wholesale heavy truck sales reached 113,000 units, a year-on-year increase of 65.3% and a month-on-month increase of 6.6% [10] - Heavy truck registration sales were 77,000 units, up 34.4% year-on-year and 9.4% month-on-month [10] - Heavy truck exports totaled 34,000 units, reflecting a year-on-year increase of 38.2% but a month-on-month decrease of 8.3% [10] Key Drivers - **Oil and Gas Price Differential**: The oil and gas price differential remains low, with liquefied natural gas priced at 4,213.7 RMB/ton and diesel at 6,883.8 RMB/ton, resulting in a differential of 2,670 RMB/ton [33] - **New Energy Vehicle Surge**: The new energy heavy truck registration reached 28,000 units in November 2025, marking a 192.6% increase year-on-year and a 40.8% increase month-on-month [51] - **Export Demand**: Heavy truck exports to Africa reached 14,111 units, a significant year-on-year increase of 99.7% [76] Market Segmentation - **By Purpose**: In November 2025, logistics vehicle registration was 60,000 units, up 39.7% year-on-year, while engineering vehicle registration was 17,000 units, up 18.6% year-on-year [13][23] - **By Energy Type**: Natural gas heavy truck registrations were 19,000 units, up 70.7% year-on-year, while new energy heavy trucks accounted for 28,000 units, with a penetration rate of 36.4% [51][38] Company Performance - The top three heavy truck manufacturers in November 2025 were China National Heavy Duty Truck Group, FAW Group, and Dongfeng Motor, with sales of 29,000, 24,000, and 17,000 units respectively [13][27] - The market shares for these companies were 25.5%, 21.0%, and 15.2%, showing varying changes compared to the previous year [27] Inventory Trends - Both enterprises and channels are increasing inventory levels, with a slight rise in inventory by 0.1 thousand units for enterprises and 0.3 thousand units for channels in November 2025 [14]