2025年11月份，我国新能源重卡整体销量再创新高，同比继续交出翻倍增长的成绩单。 作为当前新能源重卡领域的"小众"赛道，氢燃料电池重卡与混合动力重卡在11月份双双跑输 新能源重卡市场"大盘"。 请看第一商用车网的分析报道。 氢能重卡增长20%，混动重卡增长31%，双双跑输"大盘" 根据第一商用车网掌握的最新数据，2025年11月份，国内新能源重卡共计销售2.80万辆 （注：本文数据来源为交强险实销口径，不含出口和军车，下同），同比增长178%，其中纯 电动、燃料电池和混动动力（包括柴油混合动力、甲醇混合动力和天然气混合动力，下同）车 型分别销售2.72万辆、592辆和119辆，环比分别增长38%、168%和-22%，同比分别增长 188%、20%和31%，燃料电池重卡同比增速实现转正（10月份下降57%），混合动力重卡 增速较上月大幅缩窄（10月份增长103%），双双跑输新能源重卡市场"大盘"。就这一角度而 言，11月份新能源重卡的大爆，很大程度上只是纯电重卡"一个人的狂欢"，不过跑输市场"大 盘"的氢能和混动重卡，同样不乏看点和亮点。 根据第一商用车网的观察，混合动力重卡和氢燃料电池重卡今年的"存在感"都 ...

中金表示，燃料电池处于快速技术进步与降本阶段，预计2028年后燃料电池重卡全生命周期成本有望逐 步平价。重塑能源作为燃料电池龙头，拓展重卡、离网超充桩等市场化应用，远期具备较大发展潜力。 后续潜在催化剂包括：国家出台氢能支持政策，燃料电池行业销量放量。 国金证券发布研报称，上游制氢端开始大规模供应，加氢站数量提升，产业链配套实现逐步到位。此 外，针对性政策的不断落地也将加速落地进程，免除高速公路费用将加速燃料电池重卡应用和经济性显 现，带来燃料电池汽车放量确定性增强，从而驱动板块景气度回暖，并且相关燃料电池头部企业均上 市，开始形成板块效应。 智通财经APP获悉，重塑能源(02570)午后涨超4%，截至发稿，涨3.36%，报69.15港元，成交额6636.14 万港元。 ...

国金证券发布研报称，上游制氢端开始大规模供应，加氢站数量提升，产业链配套实现逐步到位。此 外，针对性政策的不断落地也将加速落地进程，免除高速公路费用将加速燃料电池重卡应用和经济性显 现，带来燃料电池汽车放量确定性增强，从而驱动板块景气度回暖，并且相关燃料电池头部企业均上 市，开始形成板块效应。 重塑能源(02570)午后涨超4%，截至发稿，涨3.36%，报69.15港元，成交额6636.14万港元。 中金表示，燃料电池处于快速技术进步与降本阶段，预计2028年后燃料电池重卡全生命周期成本有望逐 步平价。重塑能源作为燃料电池龙头，拓展重卡、离网超充桩等市场化应用，远期具备较大发展潜力。 后续潜在催化剂包括：国家出台氢能支持政策，燃料电池行业销量放量。 ...

Core Insights - In October 2025, China's overall sales of new energy heavy trucks remained above 20,000 units, with significant variations in the performance of different segments [1][3]. Sales Performance - A total of 20,100 new energy heavy trucks were sold in October 2025, representing a year-on-year increase of 144%. The breakdown includes 19,700 pure electric trucks, 221 fuel cell trucks, and 152 hybrid trucks, with respective year-on-year growth rates of 191%, -57%, and 103% [3][5]. - The sales of fuel cell trucks saw a significant decline, with a month-on-month drop of 61% and a year-on-year decrease of 57%. In contrast, hybrid trucks experienced a year-on-year increase of 103% [5][9]. Market Share Analysis - From January to October 2025, fuel cell and hybrid trucks accounted for only 1.58% and 0.55% of the new energy heavy truck market, respectively, totaling just 2.13%. The remaining 97.87% were pure electric models, indicating a growing dominance of pure electric trucks compared to previous years [6][12]. - The competition among fuel cell truck manufacturers is intense, with 17 players in the market as of October 2025, down from 23 the previous year. Only 12 companies achieved double-digit sales [12][16]. Manufacturer Performance - In October, Dongfeng led the fuel cell truck sales with 110 units, followed by SANY with 75 units and XCMG with 30 units. The overall market for fuel cell trucks is characterized by a stark contrast in performance among manufacturers, with some experiencing significant growth while others faced steep declines [9][12]. - SANY surpassed Heavy Truck in cumulative sales, ranking first with 648 units sold and a market share of 26.05%. Heavy Truck followed closely with 592 units and a 23.79% market share. Dongfeng's market share reached 20.78%, reflecting a notable increase from the previous year [16].

Core Insights - In September 2025, China's new energy heavy truck sales reached a record high of 24,100 units, with significant growth across various segments, including hydrogen fuel cell trucks, which had previously seen a decline [1][4]. Sales Performance - The total sales of new energy heavy trucks in September 2025 were 24,100 units, representing a year-on-year increase of 206%. The breakdown includes 23,500 units of pure electric trucks, 565 units of fuel cell trucks, and 78 units of hybrid trucks, with respective year-on-year growth rates of 210%, 96%, and 212% [4][5]. - Fuel cell trucks ended a five-month decline with a 249% month-on-month increase in September, selling 565 units. Dongfeng ranked first in sales for the month, followed by SANY, with significant contributions from other manufacturers [11][18]. Market Share and Trends - For the first nine months of 2025, fuel cell trucks accounted for only 1.65% of the new energy heavy truck market, while hybrid trucks held a mere 0.52%, indicating a strong dominance of pure electric models at 97.83% [7]. - The competitive landscape for fuel cell trucks has intensified, with five different manufacturers achieving monthly sales leadership throughout the year, highlighting a dynamic and competitive market environment [13][19]. Company Performance - In terms of cumulative sales from January to September 2025, China National Heavy Duty Truck Group (重汽) led with 592 units sold, capturing a market share of 26.11%. SANY followed closely with 573 units and a 25.28% market share, both showing significant year-on-year increases [18][19]. - The market for fuel cell trucks has shown a stark contrast in performance among manufacturers, with some experiencing substantial growth while others faced significant declines, illustrating a bifurcated market landscape [18][19].

Core Viewpoint - The domestic new energy heavy truck market in China continues to perform strongly, with total sales reaching approximately 17,800 units in August 2025, marking a year-on-year increase of 182% [1][4]. Summary by Sections New Energy Heavy Truck Market Performance - In August 2025, the new energy heavy truck market sold 17,800 units, with pure electric trucks being the dominant segment, accounting for 97.94% of total sales [4][7]. - Sales figures for different types of new energy trucks include 17,500 pure electric trucks, 162 fuel cell trucks, and 76 hybrid trucks, with year-on-year growth rates of 208%, -72%, and 145% respectively [4][5]. Fuel Cell and Hybrid Truck Insights - Fuel cell trucks have experienced a decline for five consecutive months, with a year-on-year decrease of 72% in August [5][7]. - Hybrid trucks, while showing a significant year-on-year increase of 145%, still lag behind the overall growth rate of the new energy heavy truck market [5][11]. Market Share and Company Performance - From January to August 2025, hybrid truck sales totaled 641 units, reflecting a year-on-year increase of 170%, but the growth rate has slowed compared to previous months [11][15]. - The leading company in hybrid truck sales is "远程" (Yuan Cheng), with a market share of 70.05%, followed by 福田 (Foton) at 9.83% and 河北长征 (Hebei Changzheng) at 8.58% [15][16]. - Notably, "远程" has achieved a remarkable year-on-year growth of 345%, while 福田 and 河北长征 have also shown substantial increases of 473% and 288% respectively [15][16].

Core Insights - The domestic new energy heavy truck market maintained a high level in August 2025, with total sales approaching 17,800 units, representing a year-on-year growth of 182% [1][4]. Group 1: Market Overview - The most significant segment in the new energy heavy truck market is the pure electric heavy truck, which accounted for 97.94% of total sales in August 2025 [6]. - Fuel cell heavy trucks and hybrid heavy trucks have seen a decline in market presence, with fuel cell trucks experiencing a five-month consecutive year-on-year decline [4][6]. Group 2: Sales Performance - In August 2025, pure electric heavy trucks sold 17,500 units, while fuel cell and hybrid trucks sold 162 and 76 units, respectively [4]. - Fuel cell heavy truck sales fell by 31% month-on-month and 72% year-on-year, marking a significant downturn in this segment [7][12]. Group 3: Competitive Landscape - SANY maintained its position as the top seller of fuel cell heavy trucks in August, with 136 units sold, followed by Qingling with 20 units [7][11]. - The fuel cell heavy truck market saw 17 active players by August 2025, with only 11 companies achieving double-digit sales figures [12][14]. Group 4: Market Share Analysis - As of August 2025, the cumulative sales of fuel cell heavy trucks showed that Heavy Truck ranked first with a market share of 34.78%, followed by SANY with 27.73% [14]. - The market dynamics for fuel cell heavy trucks have been volatile, with a pattern of decline and growth observed throughout the year, leading to uncertainty about future trends [14].

Core Viewpoint - The domestic new energy heavy truck market in China continues to perform strongly, with total sales reaching 16,600 units in July 2025, representing a year-on-year growth of 152% [1][4]. Summary by Sections Overall Market Performance - In July 2025, the new energy heavy truck market sold 16,600 units, with pure electric trucks being the most significant segment, accounting for 1,630 units sold, while fuel cell and hybrid trucks sold 236 and 86 units respectively [4][10]. - The overall market saw a year-on-year increase of 152%, with pure electric trucks growing by 176%, fuel cell trucks declining by 64%, and hybrid trucks increasing by 139% [4][10]. Fuel Cell Trucks - Fuel cell heavy trucks experienced a "four consecutive months" decline in year-on-year sales, with July sales at 236 units, down 21% month-on-month and 64% year-on-year [10][12]. - The market share of fuel cell trucks in the new energy heavy truck segment was only 1.61% from January to July 2025, indicating a lack of presence compared to pure electric trucks, which dominated with 97.80% market share [6][10]. Hybrid Trucks - Hybrid heavy trucks showed a year-on-year growth of 139%, but this growth rate was still lower than the overall new energy heavy truck market growth [4][10]. - The market share of hybrid trucks was only 0.59% from January to July 2025, highlighting their limited impact in the market [6]. Competitive Landscape - The competition among fuel cell truck manufacturers is intense, with SANY leading the monthly sales chart in July, followed by Shaanxi Automobile and Heavy Truck [12][17]. - The cumulative sales of fuel cell trucks from January to July 2025 reached 1,540 units, a year-on-year decline of 22%, with significant disparities among manufacturers [18][17]. - SANY and China National Heavy Duty Truck ranked first and second in cumulative sales, with market shares of 38.44% and 21.82% respectively, both showing substantial increases compared to the previous year [17][18].

Core Insights - The fuel cell heavy truck has become a major breakthrough for the commercialization of hydrogen energy technology in China, establishing a complete development loop of "technical breakthroughs - scenario validation - model innovation" [1][12] - The industry is expected to see a sales volume of 4,441 fuel cell heavy trucks in 2024, representing a year-on-year growth of 23% [1][14] - Continuous technological innovation is anticipated to lower the costs of fuel cell systems, with key components expected to achieve large-scale cost reductions by 2025 [1][8] Industry Overview - Fuel cell heavy trucks utilize hydrogen fuel cell systems as their main power source, designed for medium to long-distance freight and engineering transport, typically with a load capacity of over 14 tons [2] - The power system consists of four core modules: fuel cell stack, high-pressure hydrogen storage system, power battery pack, and efficient electric drive system, ensuring both power demand and energy efficiency [3] Technical Advantages - Fuel cell heavy trucks can achieve a range of 500-1,000 kilometers on a single hydrogen fill, significantly surpassing the 200-400 kilometers range of current electric heavy trucks [3][4] - Refueling takes only 5-15 minutes, compared to 1-3 hours for electric trucks, providing a substantial efficiency advantage [4] - The energy density of hydrogen (120 MJ/kg) allows for better load capacity compared to lithium batteries (0.5 MJ/kg), making fuel cell trucks more suitable for heavy-duty applications [3][4] Industry Chain - The fuel cell heavy truck industry chain in China has formed a relatively complete upstream, midstream, and downstream collaborative development pattern [6] - Upstream focuses on hydrogen supply, including hydrogen production, storage, and refueling station construction, while midstream centers on key equipment manufacturing [6] - Downstream applications are primarily driven by demonstration projects in logistics and mining, supported by policies promoting commercialization [6] Cost Structure - The cost structure of fuel cell heavy trucks shows that the fuel cell system accounts for 53% of the total cost, with hydrogen storage systems making up 14%, leading to a purchase price 2-2.5 times that of diesel trucks [8] - Current hydrogen fuel costs are 30%-50% higher per kilometer compared to diesel, but significant cost reductions are expected by 2025-2027 [8] Market Development - The fuel cell vehicle market in China is characterized by policy-driven growth, with a significant focus on commercial vehicles [10] - Despite a temporary decline in production and sales in 2024, the industry has maintained a strong long-term growth momentum with annual compound growth rates of over 30% since 2016 [10][12] Competitive Landscape - The competitive landscape is transitioning from fragmented competition to a more concentrated market, with major players like Yutong and Dongfeng leading the market [19][21] - The market share of leading companies is significant, with the top three accounting for over 47% of the total market [19] Future Trends - The fuel cell heavy truck market is expected to experience rapid growth driven by technological advancements, expanded application scenarios, and supportive policies [23] - Key trends include significant cost reductions in fuel cell systems, expansion into new application areas such as long-haul logistics, and improved infrastructure for hydrogen refueling stations [24][25]

Core Viewpoint - The article discusses the rapid growth and potential of the new energy heavy truck (NEHT) industry, highlighting its technological advancements, market dynamics, and supportive government policies that are driving the transition towards greener transportation solutions [3][4][7]. Industry Definition - New energy heavy trucks are defined as heavy-duty trucks powered by new energy technologies, including pure electric, fuel cell, and hybrid models, which contribute to reduced carbon emissions and environmental pollution [3]. - The main technological routes for NEHT include Battery Electric Vehicles (BEV), Fuel Cell Electric Vehicles (FCEV), and Hybrid Electric Vehicles (HEV/PHEV) [3]. Market Performance - In the first ten months of 2024, NEHT sales reached 57,074 units, with a market penetration rate of 7.6%, representing a year-on-year growth of over 140%. The total sales for the year are expected to exceed 70,000 units, with a penetration rate projected to surpass 8% [4]. Industry Chain - The NEHT industry chain consists of upstream key component suppliers, midstream vehicle manufacturers, and downstream application and operation sectors, all of which collaborate to promote the industry's scale and marketization [4][6]. - Upstream components include power batteries, fuel cell systems, motors, and control systems, with power batteries being the most significant cost component for pure electric trucks [5]. - Major vehicle manufacturers include BYD, SANY Heavy Industry, XCMG, Dongfeng Commercial Vehicle, and others, which are developing various NEHT models based on market demand and policy guidance [5]. Infrastructure and Applications - The promotion of NEHTs relies heavily on the development of charging and hydrogen refueling infrastructure, with companies like State Grid and Sinopec actively investing in this area [6]. - Logistics companies such as SF Express and JD Logistics are adopting NEHTs to enhance operational efficiency and reduce costs [6]. Government Policies - In 2024, various government initiatives were launched to support the NEHT industry, including road rights prioritization, financial subsidies, and toll fee discounts for new energy trucks [7]. - The Ministry of Transport and other departments have issued plans to accelerate the replacement of older diesel trucks with new energy models, offering subsidies of up to 140,000 RMB for purchasing NEHTs [7]. Financing Trends - The number of financing events related to NEHTs peaked in 2022 but has since declined, indicating a cautious investment environment influenced by market demand and technological advancements [7][13]. Key Companies - Haipote Technology focuses on hydrogen fuel cell commercial vehicle solutions and has established a comprehensive ecosystem for hydrogen fuel cell vehicle development [8]. - DeepWay is dedicated to applying autonomous driving technology in heavy trucks, with significant funding rounds completed to support its innovations [17]. Recent Developments - In March 2025, Didi Delivery partnered with remote and Weiyou Technology to enhance operational efficiency for freight drivers [21]. - CATL is collaborating with Jinmao Smart Transportation to upgrade the NEHT refueling system [22]. - The first batch of 200kW hydrogen fuel cell heavy trucks was launched in China, marking a significant step in commercializing high-power hydrogen fuel cell trucks [22][23].