在老旧货车以旧换新政策的持续驱动下，2025年9月的重卡行业交出了10.5万辆、同比涨 超8成的"成绩"，可谓含金量十足。 在这个如期到来的"金九"旺季里，几个主要重卡企业的销量和份额如何？谁更抢眼？ 请看第一商用车网的分析报道。 9月重卡销10.5万辆，燃气车翻倍，电动重卡创纪录 根据第一商用车网最新掌握的数据，2025年9月份，我国重卡市场共计销售约10.5万辆 （批发口径，包含出口和新能源），环比上涨15%，比上年同期的5.8万辆大幅增长约 82%。截止到目前，重卡市场已经实现了六连涨，近六个月的平均增速高达39%。 10.5万辆放在最近八年来看，只低于2020年9月的15.1万辆，比其他年份的9月份销量都 要高，市场整体表现超预期。累计来看，今年1-9月，我国重卡市场累计销量超过了80万 辆——达到约82.1万辆，同比增长约20%。 "金九"销量同比大涨的原因，一是去年同期销量基数较低；二是公路货运小旺季到来，用 户购车需求增长；三是国三及国四营运货车以旧换新政策的推动。与此同时，下半年以来， 我国重卡出口也保持了稳健增长——今年9月中国重卡出口批发销量预计同比上涨6%左 右，让全球汽车业看到了"中国 ...

可以看到，今年4-9月份重卡批发销量与国内终端销量的表现基本是同步的，月销量同比增幅呈现出明显的加速度。 2015-2025年我国重卡行业销量年度走势图（单位：万辆） 智通财经APP获悉，10月8日，第一商用车网发文称，在淡季不淡、同比大增的7、8月份过后，重卡行业迎来了"金九"。根据第一商用车网初步掌握的数 据，2025年9月份，我国重卡市场共计销售10.5万辆左右（批发口径，包含出口和新能源），环比今年8月上涨15%，比上年同期的5.8万辆大幅增长约 82%。 截止到目前，重卡市场已经实现了六连涨——4月份销量同比增长6.5%，5月份同比增长13.6%，6月份同比增长37%，7月份销量同比增长46%，8月份销量 同比增长47%，9月份则同比上涨了82%，4-9月份近六个月的平均增速高达39%。 10.5万辆放在最近八年来看，属于第二高水平，只低于2020年9月的15.1万辆，比其他年份的9月份销量都要高，市场整体表现超预期。累计来看，今年1-9 月，我国重卡市场累计销量超过了80万辆——达到82.1万辆，同比增长约20%，全年销量超过100万辆毫无悬念，并且按照这个趋势来看的话，2025年的 重卡行业很有 ...

最近几个月的重卡市场，已经不是同比涨不涨的问题，而是涨多少的问题。 在淡季不淡、同比大增的7、8月份过后，重卡行业迎来了"金九"。在9月份这个旺季里，重卡 市场交出了什么成绩单？会刷新大家的眼球吗？ 请看第一商用车网带来的分析报道。 9月重卡狂飙10万+，全年有机会冲110万辆？ 在老旧货车以旧换新政策的驱动下，2025年的9月份，含金量十足。 根据第一商用车网初步掌握的数据，2025年9月份，我国重卡市场共计销售10.5万辆左右 （批发口径，包含出口和新能源），环比今年8月上涨15%，比上年同期的5.8万辆大幅增长 约82%。截止到目前，重卡市场已经实现了六连涨——4月份销量同比增长6.5%，5月份同比 增长13.6%，6月份同比增长37%，7月份销量同比增长46%，8月份销量同比增长47%，9 月份则同比上涨了82%，4-9月份近六个月的平均增速高达39%。 2019-2025年我国重卡市场销量月度走势图（单位：辆） 10.5万辆放在最近八年来看，属于第二高水平，只低于2020年9月的15.1万辆，比其他年份 的9月份销量都要高，市场整体表现超预期。累计来看，今年1-9月，我国重卡市场累计销量 超过了80 ...

Core Viewpoint - In August, China's heavy truck market achieved sales of 87,000 units, marking a nearly 40% year-on-year growth, indicating a strong recovery and potential to exceed 1 million units for the year [1][3][24]. Group 1: Market Performance - The heavy truck market in August saw a slight month-on-month increase of 2% compared to July, and a significant year-on-year increase of approximately 39% from 62,500 units [3][5]. - Cumulatively, from January to August, the heavy truck market reached 711,000 units sold, reflecting a year-on-year growth of about 14% [3][24]. - The August sales figure of 87,000 units is the second highest in the past eight years, only behind August 2020's 130,000 units [3]. Group 2: Factors Driving Growth - The growth in August is attributed to two main factors: a low base from the previous year and the implementation of a vehicle replacement policy for older trucks, which has stabilized the new truck market [5][10]. - Domestic terminal sales of heavy trucks are expected to have increased by nearly 50% year-on-year in August, further expanding from a 39% increase in July [5][8]. Group 3: Segment Performance - Both gas-powered and electric heavy trucks experienced significant year-on-year growth in August, with gas trucks rebounding after five months of decline [8][10]. - Electric heavy trucks saw a remarkable increase in terminal sales, exceeding 16,000 units in August, representing a year-on-year growth of over 160% [10][12]. - Diesel heavy trucks also showed a year-on-year increase of over 25% in August, although they faced a month-on-month decline of approximately 20% [10]. Group 4: Company Performance - China National Heavy Duty Truck Group (CNHTC) sold approximately 22,000 heavy trucks in August, maintaining its position as the market leader with a year-on-year growth of about 29% [12][14]. - FAW Jiefang sold around 16,500 heavy trucks in August, achieving a year-on-year growth of approximately 36% [16]. - Dongfeng Motor Corporation sold about 15,000 heavy trucks, with a notable year-on-year increase of 52% [18]. - Beiqi Foton and XCMG reported the highest growth rates among major companies, with Foton's sales increasing by 175% year-on-year [20][22]. Group 5: Future Outlook - The heavy truck market is on track to exceed 1 million units sold for the year, with an average monthly sales target of 73,000 units needed in the remaining months [24].

Group 1 - The heavy truck wholesale sales in August reached approximately 84,000 units, showing a slight month-on-month decrease of 1% but a year-on-year increase of about 35%, indicating a strong performance in the off-season [1] - Cumulative wholesale sales of heavy trucks from January to August amounted to approximately 708,000 units, reflecting a year-on-year growth of 13% [1] - The domestic terminal sales of heavy trucks in August are expected to grow by about 50% year-on-year, benefiting from the trade-in policy [1] Group 2 - The demand for gas vehicles has rebounded significantly in August, with terminal sales expected to increase by over 15% month-on-month and over 30% year-on-year, returning to positive growth [2] - The penetration rate of gas vehicles increased from less than 22% in July to 26%-27% in August [2] - The terminal sales of electric heavy trucks are expected to exceed 16,000 units in August, representing a year-on-year increase of over 160% [2] Group 3 - Both China National Heavy Duty Truck Group and Weichai Power reported their Q2 revenues, with China National Heavy Duty Truck at 133 billion and Weichai Power at 557 billion, showing a quarter-on-quarter increase of 3% and a decrease of 3% respectively [3] - The net profits for China National Heavy Duty Truck and Weichai Power were 3.6 billion and 29.3 billion respectively, with quarter-on-quarter increases of 15% and 8% [3] - The heavy truck industry is expected to see an upward trend in the second half of 2025, with leading companies likely to benefit significantly [3] Group 4 - The heavy truck industry is anticipated to recover in 2024, with domestic sales remaining stable and overseas markets continuing to grow [4] - The trade-in policy is expected to stimulate demand for terminal replacements, driving domestic sales towards the central level in 2025 [4] - The increase in export and natural gas sales proportions is expected to optimize the profit structure significantly, with profit elasticity likely to exceed sales elasticity [4]

Core Viewpoint - The heavy truck market in China is experiencing significant growth, with sales expected to exceed 1 million units for the year, marking a return to pre-pandemic levels [1][3]. Group 1: Sales Performance - In August 2025, approximately 84,000 heavy trucks were sold in China, a slight decrease of 1% from July but a 35% increase year-on-year from 62,500 units [1]. - Cumulative sales from January to August 2025 reached nearly 710,000 units, indicating a year-on-year growth of about 13% [3]. - The monthly average sales needed to surpass 1 million units for the year is approximately 73,000 units over the next four months, which is deemed achievable based on current market conditions [1]. Group 2: Market Drivers - The significant year-on-year growth in August's sales is attributed to a nearly 50% increase in domestic terminal sales, driven by low base effects from the previous year and supportive government policies [3]. - The "old-for-new" vehicle replacement policy implemented across various provinces has provided a stable boost to the heavy truck market since mid-May [3]. Group 3: Export and Segment Performance - Heavy truck exports in August are expected to grow by around 10% year-on-year, reflecting a robust performance in this segment [5]. - The natural gas heavy truck segment has shown signs of recovery, with terminal demand increasing by over 30% year-on-year in August, aided by stable LNG prices and regional replacement policies [6]. - Electric heavy trucks have also seen explosive growth, with terminal sales exceeding 16,000 units in August, representing a year-on-year increase of over 160% [7].

这是8月份重卡市场交出的"成绩单"。截止到今年8月份，我国重卡市场已经连续涨了五个月，让行业看到了全年百万辆的曙光和希望。 究竟2025年8月重卡行业销售情况如何？背后的原因何在？ 请看第一商用车网带来的分析报道。 淡季不淡！ 其次，出口继续保持稳健上升。今年8月份，中国重卡出口批发销量预计同比增长10%左右，该细分领域的表现同样超出预期。 作为"传统淡季"的7、8月份，重卡市场的整体表现仍然不错。 根据第一商用车网初步掌握的数据，2025年8月份，我国重卡市场共计销售8.4万辆左右（批发口径，包含出口和新能源），环比今年7 月微降1%，比上年同期的6.25万辆上涨约35%。这也是重卡市场自今年4月份以来的五连涨——4月份销量同比增长6.5%，5月份同比 增长13.6%，6月份同比增长37%，7月份销量同比增长47%，8月份销量则同比增长了35%。 8月重卡销出8.4万辆，全年百万辆已无悬念 2019-2025年我国重卡市场销量月度走势图（单位：辆） 8.4万辆放在最近八年来看，属于第二高水平，只低于2020年8月的13万辆，比其他年份的8月份销量都要高，含金量比较高，市场表现 也小超预期。累计来看，今年1- ...

Global ESG Trends - The global ESG landscape continues to show divergence, with a reported net outflow of $8.6 billion from sustainable funds in Q1 2025, marking the tenth consecutive quarter of outflows in the U.S. and the first outflow in Europe since 2018 [2][21] - As of Q1 2025, the total size of global sustainable funds reached $3.16 trillion, with the U.S. experiencing a net outflow of $6.1 billion and Europe $1.2 billion [2][21] Europe: Regulatory Framework - The EU has established a comprehensive ESG information disclosure framework, including the EU Taxonomy, Corporate Sustainability Reporting Directive (CSRD), and Sustainable Finance Disclosure Regulation (SFDR) [3][4] - The CSRD will be fully implemented by July 2024, requiring large companies and listed firms to disclose "double materiality" data, which includes the financial impact of environmental factors and the company's impact on the environment [4][6] United States: Political and Regulatory Challenges - The U.S. ESG landscape is marked by political division, with federal policies regressing under the Trump administration and states like California and New York pushing for stricter ESG disclosures [8][9] - The SEC's climate-related disclosure rules have faced legal challenges, leading to a decrease in ESG shareholder proposals by 34% in 2025 [9][10] China: Practical Approach to ESG - China's approach to ESG is characterized by a pragmatic strategy linked to national development goals, focusing on energy independence and supply chain resilience [10][11] - By May 2025, China's cumulative installed solar capacity surpassed 1,080 million kilowatts, accounting for over 40% of the global total, while the sales of new energy vehicles reached 5.608 million units, representing 68.3% of global sales [11][12] ESG Investment Products in China - The number of ESG investment products continues to rise, but the scale is beginning to shrink, with the total size of ESG public funds at approximately 504.59 billion yuan as of June 2025, down from 572.6 billion yuan in 2024 [22][21] - Despite the overall decline in scale, over half of passive ESG equity index funds have outperformed the market, and more than 80% of passive ESG bond index funds have shown stable returns [21][38] ESG Reporting and Disclosure in China - As of June 2025, 46.1% of A-share listed companies have published ESG reports, with a notable increase in disclosure rates among large firms [14][16] - The quality of ESG reports has improved, but issues of "formalistic disclosure" remain prevalent, particularly among smaller companies [18][19] Performance of ESG Funds - ESG public funds have shown mixed performance, with a one-year average return of 8.55%, which is on par with the overall public market, but a three-year average return of -20.20%, indicating underperformance [35][36] - In contrast, ESG bond funds have demonstrated more stability, with average returns of 1.11% over the past year and 2.98% over three years [37]

Core Viewpoint - The heavy truck market in China has experienced a significant increase in sales, with July 2025 showing a year-on-year growth of approximately 42%, marking the fourth consecutive month of growth since April 2025 [2][12]. Group 1: Market Performance - In July 2025, approximately 83,000 heavy trucks were sold, a decrease of 15% from June but an increase of about 42% compared to the same month last year [2][3]. - Cumulatively, from January to July 2025, the heavy truck market sales reached approximately 622,000 units, reflecting a year-on-year growth of about 11% [2]. - The sales figures for July 2025 are the second highest in the past eight years, only behind July 2020 [2]. Group 2: Segment Analysis - The sales of electric heavy trucks in July 2025 exceeded 15,000 units, representing a year-on-year increase of over 120% [9]. - The domestic terminal sales of diesel heavy trucks in July 2025 are expected to grow by over 25% year-on-year, despite a significant month-on-month decline [11]. - The gas truck segment saw a recovery in terminal sales, with a domestic penetration rate rising from below 20% in June to approximately 24% in July [7]. Group 3: Company Performance - China National Heavy Duty Truck Group (CNHTC) sold about 22,000 heavy trucks in July 2025, maintaining the highest market share at approximately 27.5% [14]. - FAW Jiefang sold around 15,000 heavy trucks in July 2025, achieving a year-on-year growth of about 42% [16]. - Beiqi Foton reported the highest year-on-year growth among major companies, with sales of approximately 11,500 units in July 2025, reflecting a growth rate of about 134% [20]. Group 4: Future Outlook - The heavy truck market is expected to see significant growth in the third quarter of 2025, driven by the "old-for-new" policy for trucks and the low sales figures from the previous year [24]. - The year-on-year growth rate for September 2025 is anticipated to exceed 50% [24].

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].