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 - The recovery of the heavy truck market in June is attributed to the efforts of major manufacturers in communication and marketing strategies, despite a year-on-year decline in the "Heavy Truck First Influence Index" [1][4]. Group 1: Market Performance - In June 2025, the total score of the "Heavy Truck First Influence Index" for nine major brands was 2180 points, a slight increase of 1.3% month-on-month but a decrease of 4% year-on-year [1]. - The top three brands in the index were FAW Jiefang with 514 points, China National Heavy Duty Truck with 432 points, and Dongfeng Commercial Vehicle with 315 points [2][16]. Group 2: Brand Activities and Events - FAW Jiefang had significant events in June, including the delivery of 50 new energy trucks and the launch of the T-shift 12-speed AMT transmission, which is considered a benchmark in the heavy truck AMT field [9]. - China National Heavy Duty Truck launched the G7H 720 horsepower gas tractor and reported a 20.3% year-on-year increase in heavy truck sales, totaling 24,553 units in May [12][13]. - Dongfeng Commercial Vehicle signed multiple large contracts, including a strategic cooperation agreement for 50 hazardous chemical tractors and the delivery of 1,600 gas heavy trucks to the African market [15][18]. Group 3: Competitive Landscape - The competition between FAW Jiefang and China National Heavy Duty Truck is intensifying, with the gap in their influence scores narrowing [7]. - Dongfeng Commercial Vehicle's marketing activities and large orders have contributed to its strong performance in the index, showcasing its strategic initiatives [20][23].

Core Insights - The commercial vehicle market in China is navigating through policy-driven changes and energy transitions, with a focus on balancing "stock competition" and "incremental expansion" to achieve "high-end survival" [1] - In the first half of 2025, China's heavy truck market sold approximately 539,160 units, marking a 6.9% increase year-on-year, with China National Heavy Duty Truck Corporation (CNHTC) leading the market with a 27.6% share [1][2] - CNHTC's sales in June reached 24,625 units, reflecting a significant year-on-year growth of 29.6%, achieving five consecutive months of growth [1][2] Market Performance - The heavy truck segment is experiencing a rapid transformation, driven by the scrapping and replacement of old operational vehicles in Shandong Province and the increasing penetration of new energy commercial vehicles [2] - The market is focusing on addressing pain points in logistics efficiency and urban distribution scenarios, with CNHTC's growth attributed to its strategic alignment with policy benefits and market needs [2] Product Development - CNHTC has launched multiple benchmark products in the first half of 2025, enhancing its full-spectrum product matrix to meet diverse operational scenarios [3] - The new HOWO TS7 dump truck and the Shandeka G7H gas tractor are highlighted for their superior performance and energy efficiency, catering to high-intensity operational environments [3] Brand and Market Positioning - CNHTC is actively showcasing its brand strength and technological capabilities at major international events, enhancing its visibility and reputation in the global market [9][11] - The company has successfully delivered 154 high-performance engineering vehicles to the Philippines, underscoring its growing influence and recognition in overseas markets [13] Customer Service and Community Engagement - CNHTC emphasizes a "family-like" service approach, providing comprehensive support and emergency services during natural disasters, thereby enhancing its brand loyalty and customer satisfaction [15][17] - The "Family Home" service system aims to improve the quality of life for truck drivers, offering various free amenities to create a supportive industry ecosystem [17] Strategic Outlook - CNHTC's leadership in heavy truck sales reflects a broader industry shift from "scale competition" to "value competition," driven by policies for old vehicle replacement and the acceleration of new energy transitions [19]