2022年1月1日，《区域全面经济伙伴关系协定》(RCEP)正式生效，并于2023年6月2日在15个成员方全 面实施。随着RCEP关税减让幅度的不断扩大、企业对原产地累积规则等协定条款运用能力进一步提 升，政策红利也在持续释放。在当前国际经济形势不确定性、不稳定性进一步增强的大背景下，鲁企对 RCEP的利用成效有哪些新变化？RCEP对于鲁企产业链供应链带来了什么影响？ 降税范围扩大，企业开拓多元化市场 近年来，在共建"一带一路"倡议的带动下，东盟已稳居我国第一大外贸市场，去年前11个月，我国与东 盟贸易总值达6.82万亿元，增长8.5%，占我国外贸总值的16.6%。 临沂山松生物制品有限公司是一家主要从事大豆蛋白产品研发、生产、销售的农业产业化国家重点龙头 企业，其产品远销东盟等海外市场。 公司外贸部经理张广前介绍，当前我国企业出口东盟可以适用RCEP和中国-东盟自贸协定两种贸易协定 项下优惠。RCEP生效以来，临沂山松生物制品有限公司出口大豆蛋白到东盟相关国家市场的关税减让 幅度已经达到5个百分点。"借助关税减让带来的价格优势，我们的出口订单实现稳步增长。"张广前介 绍，2025年，公司共申办了36份RCE ...

Core Viewpoint - China National Heavy Duty Truck Group aims to achieve a total commercial vehicle sales target of 800,000 units and an export target of 300,000 units by 2030, with specific sales goals for 2026 set at 340,000 units domestically, including 170,000 heavy trucks and 150,000 light trucks [1][12]. Group 1: 2025 Achievements - In 2025, China National Heavy Duty Truck's heavy truck production and sales exceeded 300,000 units, maintaining its position as the leading heavy truck manufacturer in China for four consecutive years and becoming the world's number one heavy truck brand [3]. - The company expects a total revenue of over 225 billion yuan in 2025, representing a 17% year-on-year increase, with total vehicle sales projected to surpass 450,000 units, a 25% increase from the previous year [4][10]. Group 2: Export Performance - Heavy truck exports are projected to exceed 150,000 units in 2025, marking an 11% year-on-year growth, while light truck exports saw a significant increase of 161% [4]. - The company has established a strong export presence, accounting for a substantial share of China's heavy truck exports for 21 consecutive years [4]. Group 3: Technological and Strategic Developments - China National Heavy Duty Truck has invested approximately 3 billion yuan annually in R&D, supported by national-level research centers and a workforce of over 3,000 R&D personnel [6][9]. - The company is focusing on six major transformations: green, digital, service-oriented, international, diversified, and high-end, aiming to lead in high-end commercial vehicle products [10][12]. Group 4: Future Goals and Market Outlook - For 2026, the company anticipates a stable demand in the commercial vehicle market, with a total market capacity of 800,000 heavy trucks and 700,000 light trucks [14]. - To achieve its sales target of 340,000 units in 2026, the company plans to invest over 3.4 billion yuan in product upgrades and enhance its supply chain collaboration [14].

Core Insights - The "Heavy Truck First Influence Index" for October 2025 shows a total score of 2566 points for nine major heavy truck brands in China, marking a 17.4% increase from September and a slight 4.8% decrease from the same period last year [1] - The month of October has proven to be a strong sales period for heavy truck brands, with significant marketing efforts during the National Day and Mid-Autumn Festival holidays [3][5] - Leading brands such as FAW Jiefang and China National Heavy Duty Truck Group achieved their best performance of the year in October [5][9] Brand Performance - FAW Jiefang topped the index with a score of 665, breaking the 650-point barrier for the first time this year, indicating strong market presence [5][12] - China National Heavy Duty Truck Group ranked second with a score of 523, benefiting from various promotional activities and strategic partnerships [12][9] - Dongfeng Commercial Vehicle and Dongfeng Liuqi also saw significant sales, with Dongfeng securing a large order of 600 units during a promotional event [14][11] Major Events and Collaborations - FAW Jiefang announced a strategic partnership with Lingong Group to enhance its non-road vehicle market presence [7] - China National Heavy Duty Truck Group held its 2025 Global Partner Conference and signed multiple large orders, including a strategic agreement for 1000 units of the HOWO TX7-PRO [9][12] - Dongfeng Commercial Vehicle launched three models tailored for the Saudi market and participated in various promotional events, showcasing its commitment to international collaboration [14][11] Market Trends - The heavy truck market in October experienced a notable increase in promotional activities and sales, reflecting a robust recovery and competitive spirit among brands [11][18] - The "Golden September and Silver October" period has been characterized by significant marketing efforts and product launches, contributing to the overall growth in the heavy truck sector [3][18] - The index indicates a positive trend in brand influence and market engagement, with several brands making substantial gains in visibility and sales performance [1][12]

Core Insights - The Xinjiang Avenue Special Equipment Co., Ltd. has officially launched its medium-thick plate container carrier project in Urumqi, marking a significant development in the automotive equipment sector in Xinjiang [1] - This project is the first "shared factory" in Xinjiang, aimed at bridging key gaps in the equipment manufacturing industry [1] Group 1 - The "shared factory" features advanced automation with over 85% automation rate, including fully automated equipment for cutting, welding, and logistics [1] - The project occupies 287 acres with a building area of approximately 110,000 square meters, focusing on critical components for dump trucks, mining trucks, and municipal sanitation vehicles [1] - The factory supports flexible customization for small batches and various products, facilitating rapid prototype development and innovation [1] Group 2 - Shaanxi Automobile Xinjiang Co., Ltd. anticipates that local sourcing rates will increase from 3% to 30% due to the shared factory, which will lower production costs for both manufacturers and heavy truck customers [2] - The Urumqi Economic and Technological Development Zone aims to leverage the shared factory to enhance local industries, targeting the introduction of 50 external cooperation enterprises within three years [2] - The initiative is part of a broader strategy to reshape the industrial system in Xinjiang, focusing on shared resources in research, technology, talent, and market access [2]

Core Viewpoint - Sany Heavy Industry (06031.HK) plans to globally offer approximately 580 million H-shares, with a pricing range of HKD 20.30-21.30 per share, aiming to raise around HKD 119.26 billion in net proceeds from the offering [2][11]. Group 1: Offering Details - The company will offer 58.04 million shares in Hong Kong and approximately 522 million shares internationally, with the subscription period from October 20 to October 23, 2025, and the expected pricing date on October 24, 2025 [2]. - The cornerstone investors have agreed to subscribe for shares totaling approximately USD 758 million (or about HKD 58.99 billion) based on a mid-range price of HKD 20.80 per share [2][3]. Group 2: Company Overview - Founded in 1994, Sany Heavy Industry is a leading global player in the engineering machinery industry, focusing on the research, manufacturing, sales, and service of a full range of construction machinery products [4]. - According to Frost & Sullivan, Sany is the third-largest engineering machinery company globally and the largest in China, with products sold in over 150 countries and regions [4][5]. Group 3: Financial Performance - For the fiscal year 2024, the company reported a total revenue of RMB 783.83 billion, with overseas revenue contributing RMB 488.62 billion, accounting for 62.3% of total revenue [10]. - The company's net profit for 2024 was RMB 60.93 billion, reflecting a growth from RMB 46.06 billion in 2023 [10]. Group 4: Research and Development - Sany Heavy Industry has invested significantly in R&D, with a cumulative expenditure of RMB 18.168 billion, and maintains 21 R&D centers globally [9]. - The company has established two "lighthouse factories" certified by the World Economic Forum, showcasing its commitment to innovation and smart manufacturing [9]. Group 5: Global Expansion - The company has established eight overseas regions and 31 country-level platforms, employing 6,784 overseas staff to better understand local market needs [7]. - Sany's overseas sales network includes approximately 1,900 outlets and 425 dealers across about 100 countries, enhancing its global marketing and service capabilities [7][11].

Core Viewpoint - Sany Heavy Industry Co., Ltd. has officially launched its IPO process, with a pricing date set for October 24 and expected listing on October 28, aiming to list on the main board of the Hong Kong Stock Exchange [1] Group 1: IPO Details - The total number of shares to be offered globally is 580,424,600 H-shares, subject to adjustments and the exercise of the over-allotment option [1] - The number of shares available for public offering in Hong Kong is 58,042,600 H-shares, which may be reallocated [1] Group 2: Company Overview - Sany Heavy Industry is a leading global enterprise in the engineering machinery industry, focusing on the R&D, manufacturing, sales, and service of a full range of engineering machinery products, including excavators, concrete machinery, cranes, pile machinery, and road machinery [1] - The company boasts a diversified product matrix that meets various operational needs of customers, covering major categories such as excavators, concrete machinery, cranes, pile machinery, and road machinery, as well as rapidly developing products like dump trucks and fire trucks [1] Group 3: Innovation and Market Position - Sany Heavy Industry is at the forefront of the digital and low-carbon transformation in the engineering machinery sector, continuously driving product innovation to respond to customer demands and seize market growth opportunities [1] - In 2024, the company plans to launch over 40 new energy products, including excavators, loaders, and pump trucks [1] - The company has developed comprehensive solutions for various scenarios, such as intelligent solutions for open-pit mining, foundational construction solutions for pump trucks, smart operation solutions for cranes, intelligent tunnel construction solutions, and smart paving solutions [1]

Core Viewpoint - The China National Heavy Duty Truck Group (Sinotruk) held its Global Partner Conference, showcasing its strong performance in the heavy truck market and outlining ambitious future goals for international expansion and product development [1][3]. Group 1: Financial Performance - In the first nine months of the year, Sinotruk achieved a consolidated revenue of $22.89 billion, representing a year-on-year increase of 14.9% [3]. - The total vehicle sales reached 335,000 units, marking a 22.8% year-on-year growth [3]. - Heavy truck export sales amounted to 111,000 units, with a significant year-on-year increase of 24.5% [3]. - In September alone, heavy truck exports surpassed 15,000 units, setting a new monthly export record for the Chinese heavy truck industry [3]. Group 2: Strategic Direction - Sinotruk aims to focus on "international transformation" as a core strategy, with a target to export 250,000 heavy trucks, 100,000 light trucks, 50,000 light vehicles, and 3,000 mining trucks by 2030 [7]. - The company plans to achieve $1 billion in overseas aftermarket revenue [7]. - Sinotruk emphasizes five major transformation strategies: green, digital, service-oriented, international, and diversified [3]. Group 3: Product Development and Recognition - The conference awarded partners for excellence in service and marketing, highlighting the importance of collaboration [7]. - Sinotruk showcased over 60 pickup trucks as awards, reflecting its commitment to recognizing outstanding partners [7]. - The company introduced comprehensive solutions across four key areas: new energy, logistics vehicles, engineering vehicles, and light vehicles [7][8]. - A product exhibition featured various models and key components, focusing on seven core application scenarios, including logistics and mining [8].

Core Viewpoint - Sany Heavy Industry has received the备案通知书 from the China Securities Regulatory Commission for its Hong Kong listing, marking a significant milestone after 16 years of attempts [1][3]. Group 1: Listing Plans - The company plans to issue up to 1.083 billion shares on the Hong Kong Stock Exchange, which will be its fourth listed company under the control of Liang Wengeng [1][3]. - The listing is seen as a critical move in Sany's globalization strategy, with the company’s market value nearing 200 billion yuan and the Liang family’s wealth reaching 61.5 billion yuan [3][5]. - Sany's journey towards this listing has been lengthy, with initial attempts dating back to 2009, including a failed H-share issuance in 2011 due to market volatility [3][5]. Group 2: Globalization Strategy - Sany's globalization is driven by survival pressures, as the domestic construction machinery market faces a downturn, with a projected 12% decline in sales in 2024 [7]. - The company has achieved significant overseas revenue, with 26.3 billion yuan generated in the first half of 2025, accounting for 59.1% of total revenue, and a gross margin 9.08 percentage points higher than domestic operations [7][9]. - Sany has established a "1 5 N" global R&D system, with five overseas R&D centers and a focus on localized product development, resulting in over 80 new products launched in overseas markets in the first half of 2025 [9][11]. Group 3: Financial Performance - In the first half of 2025, Sany reported a revenue of 44.534 billion yuan, a 15% year-on-year increase, and a net profit of 5.216 billion yuan, soaring 46% compared to the previous year [9][11]. - The company’s overseas revenue growth is notable, with Africa generating 3.63 billion yuan (up 40.5%) and significant growth in the European and American markets [11]. - Sany has invested over 10 billion yuan in upgrading its factories since 2019, enhancing production efficiency and technology [11][13]. Group 4: Leadership and Management - Liang Wengeng has gradually delegated authority, stepping down as chairman in 2022 while retaining a non-executive director role, with daily operations managed by the team led by Xiang Wenbo [15]. - The company’s leadership structure reflects a philosophy of "dispersed wealth and concentrated talent," with significant compensation for key executives [15].

Core Viewpoint - The transportation of dump trucks from Tianjin Port to Central American countries is a significant step in enhancing municipal engineering projects, showcasing China's manufacturing capabilities and its commitment to the Belt and Road Initiative [1][3]. Group 1: Logistics and Transportation - Tianjin Port provided three shipping plans to ensure timely delivery of the goods, achieving over 20% savings in overall logistics costs through the use of general cargo ships [1]. - The port company organized a pre-shipment meeting to address the specific characteristics and transportation needs of the goods, including operational area division and customs inspection processes [3]. Group 2: Operational Efficiency - The operational plan employed by Tianjin Port included "zoned operations and seamless connections," which was tailored to accommodate the large size and unified scheduling challenges of the dump trucks [3]. - An independent operational area was designated to ensure sufficient vehicle turnover space during the loading and unloading process [3]. Group 3: Strategic Importance - Tianjin Port has established 69 stable operational routes under the Belt and Road Initiative, with over 60% of its foreign trade goods originating from countries and regions along the initiative [3]. - The collaboration between Tianjin Port and SANY Heavy Industry exemplifies how Chinese enterprises are contributing to the development of Belt and Road countries [3].

Group 1 - Sany Group is the largest engineering machinery manufacturer in China and the fifth largest globally [2] - Tianjin Port Group plays a crucial role in Sany Heavy Industry's overseas exports, facilitating the shipment of equipment and vehicles to significant markets in North America, South America, and Oceania [2] - A batch of 120 dump trucks manufactured by Sany Heavy Industry was loaded at Tianjin Port for shipment to "Belt and Road" countries, aimed at accelerating municipal engineering projects in Central American nations [3] Group 2 - Tianjin Port has stabilized 69 "Belt and Road" shipping routes, with over 60% of foreign trade goods originating from countries and regions involved in the initiative [5] - The port provides a more stable and convenient maritime logistics channel for trade between the Beijing-Tianjin-Hebei region and "Belt and Road" countries [5]