公司在SOFC 领域持续深耕，通过一系列技术创新与市场布局，不断推动这一战略性新兴产业的发展。 2026年1月9日，潍柴动力披露接待调研公告，公司于1月8日接待淡水泉、华泰资管等2家机构调研。 调研情况显示，在大缸径及数据中心业务方面，AI技术迭代推动算力基建加速，带动数据中心备用电 源市场扩容及高端发动机需求增长。公司大缸径发动机因启动速度快、加载能力强、可靠高效经济等优 势，已完成国内外多个数据中心项目交付验收，市场认可度持续提升，后续将积极开拓国内外战略客户 以提升市场份额。 在SOFC业务发展规划上，公司持续深耕该战略性新兴产业，2025年11月与希锂斯签订电池电堆技术许 可协议，全面掌握电池、电堆、系统、电站核心技术。公司聚焦AI数据中心、工业园区等核心场景， 推出新一代大功率金属支撑商业化产品，在发电效率、体积功率密度等性能上显著提升，已与国内外多 家头部企业达成意向合作，将继续推进技术创新与应用拓展，助力"双碳"目标和全球能源转型。 在新能源动力总成方向，公司加快新业态、新能源、新科技业务布局，统筹推进纯电动力系统、燃料电 池、混动等技术路线的研发与产品落地，以应对不同市场区域和应用场景的差异化 ...

潍柴动力股份有限公司投资者关系活动记录表 | 2025 | 年 | 11 | 月，公司与希锂斯在电池电堆层面签订了技术 | | | | | --- | --- | --- | --- | --- | --- | --- | | 许可协议，这意味着公司可全面掌握电池、电堆、系统、电站 | | | | | | | | 的核心技术。近年来，公司聚焦 | AI | 数据中心、工业园区等核心 | | | | | | 场景，对标国际竞品推出新一代大功率金属支撑商业化产品， | | | | | | | | 在发电效率、体积功率密度、可启停次数及启动速度等方面均 | | | | | | | | 有显著提升，凭借性能优势已与国内外多家头部企业达成意向 | | | | | | | | 合作，为规模化商用奠定基础。公司将继续致力于技术创新与 | | | | | | | | 应用拓展，发挥在 | SOFC | 领域的技术引领作用，为客户提供高可 | | | | | | 靠性产品，助力实现"双碳"目标和全球能源转型。 | | | | | | | | 3.公司在新能源动力总成方向的布局和规划 | | | | | | | | 公司持续加快 ...

Group 1: SOFC Business Development - The company is continuously deepening its SOFC (Solid Oxide Fuel Cell) business through technological innovations and market deployment, aiming to drive the development of this strategic emerging industry [2] - In November 2025, the company signed a technology licensing agreement with Xilius, enabling full mastery of core technologies related to batteries, stacks, systems, and power stations [2] - The company has launched a new generation of high-power metal-supported commercial products, significantly improving power generation efficiency, power density, start-up speed, and operational reliability, establishing a foundation for large-scale commercialization [2] Group 2: Heavy Truck Industry Trends - According to the China Association of Automobile Manufacturers, from January to November this year, the cumulative sales of heavy trucks in China reached 1.042 million units, a year-on-year increase of 27.5% [3] - Heavy truck exports totaled 308,000 units, reflecting a year-on-year growth of 15.1%, indicating a diversified energy structure in the domestic heavy truck market [3] - The company is optimistic about the future of the heavy truck industry and is laying out multiple technological routes to adapt to short- and medium-term industry trends [3] Group 3: Large Bore Engine and Data Center Business Progress - In the first three quarters of this year, the sales of the M series large bore engines exceeded 7,700 units, representing a growth of over 30% [3] - Sales in the data center market surpassed 900 units, showing a year-on-year increase of over 300%, contributing significantly to the company's performance [3] - The rapid iteration of AI technology is driving the expansion of the data center backup power market, leading to a surge in demand for high-end engines in this segment [3]

证券代码：000338.SZ/2338.HK 证券简称：潍柴动力 潍柴动力股份有限公司投资者关系活动记录表 1 | | 球能源装备市场提供"中国方案"。 | | --- | --- | | | 2.公司 SOFC 业务发展规划 | | | 公司在 SOFC 领域持续深耕，通过一系列技术创新与市场布 | | | 局，不断推动这一战略性新兴产业的发展。 | | | 2025 年 11 月，公司与希锂斯在电池电堆层面签订了技术 | | | 许可协议，这意味着公司可全面掌握电池、电堆、系统、电站 | | | 的核心技术。近年来，公司聚焦 AI 数据中心、工业园区等核心 | | | 场景，对标国际竞品推出新一代大功率金属支撑商业化产品， | | | 在发电效率、体积功率密度、可启停次数及启动速度等方面均 | | | 有显著提升，凭借性能优势已与国内外多家头部企业达成意向 | | | 合作，为规模化商用奠定基础。公司将继续致力于技术创新与 | | | 应用拓展，发挥在 SOFC 领域的技术引领作用，为客户提供高可 | | | 靠性产品，助力实现"双碳"目标和全球能源转型。 | | | 3.公司在新能源重卡方向的布局和规划 ...

格隆汇12月11日丨潍柴动力(000338.SZ)在互动平台表示，公司大缸径发动机和SOFC产品可广泛应用于 数据中心等细分市场。 ...

Group 1 - The article emphasizes the importance of timely and professional information interpretation in investment decision-making [1] - The company has successfully launched a composite metal tendon for humanoid robots and has entered trials with multiple robotics-related enterprises, securing small batch orders [1] - The SOFC (Solid Oxide Fuel Cell) product is advancing towards mass commercialization, with the data center business experiencing over a threefold growth in the first three quarters [1]

Core Viewpoint - Weichai Power (000338) expresses confidence in the market potential and application areas of SOFC products, emphasizing its commitment to commercializing these products in response to global customer needs [1] Group 1 - The company highlights the broad market prospects for SOFC products [1] - The company plans to leverage its strong technological foundation to meet market trends [1] - The company aims to continue advancing the mass commercialization of SOFC products [1]

Group 1: Heavy Truck Industry Trends - The heavy truck industry in China is experiencing a robust recovery, driven by the "old-for-new" policy and a booming overseas market, with a total sales volume of approximately 929,000 units from January to October 2023, representing a year-on-year growth of 24% [2]. - The market is diversifying in energy sources, with diesel, natural gas, and electric trucks each suited for different applications. Diesel and natural gas trucks excel in long-distance transport, while electric trucks are more suitable for short-distance and fixed-route scenarios [2]. - Sales of natural gas heavy trucks reached 167,000 units with a penetration rate exceeding 26%, while sales of new energy heavy trucks were 158,000 units, approaching a 25% penetration rate [2]. Group 2: Future Market Outlook - The natural gas price is expected to remain stable due to a relaxed supply-demand balance, leading to broader applications for natural gas trucks and an anticipated increase in market penetration [3]. - With ongoing policy support, technological advancements, and improved infrastructure, the market penetration of new energy heavy trucks is also expected to rise [3]. - The company is optimistic about the heavy truck industry's future and aims to enhance its competitiveness in both traditional and new energy products, providing efficient conversion solutions for various energy forms [3]. Group 3: SOFC Business Development - The company is committed to the SOFC sector, continuously innovating and expanding its market presence. A technology licensing agreement with Xilius was signed in November 2025, allowing the company to master core technologies in batteries and systems [3]. - The company focuses on key applications such as AI data centers and industrial parks, launching a new generation of high-power metal-supported commercial products that significantly improve power generation efficiency and operational reliability [3]. - Collaborations with leading domestic and international companies are being established to lay the groundwork for large-scale commercialization, supporting the dual carbon goals and global energy transition [3]. Group 4: Large Bore Engine and Data Center Market Performance - In the first three quarters of the year, sales of the M series large bore engines exceeded 7,700 units, marking a growth of over 30% year-on-year [3]. - Sales in the data center market surpassed 900 units, reflecting a more than threefold increase compared to the previous year, contributing significantly to overall performance [3]. - The rapid iteration of AI technology is driving the expansion of data center backup power markets, leading to a surge in demand for high-end engines tailored for this niche [3].

Group 1: SOFC Business Development - The company is continuously deepening its SOFC (Solid Oxide Fuel Cell) business through technological innovations and market deployment, driving the development of this strategic emerging industry [2] - In November 2025, a technology licensing agreement was signed with Xilis, allowing the company to fully master core technologies related to batteries, stacks, systems, and power stations [2] - The company has launched a new generation of high-power commercial products targeting AI data centers and industrial parks, achieving significant improvements in power generation efficiency and power density [2][3] Group 2: Large Bore Engine and Data Center Market Performance - In the first three quarters of the year, sales of the M series large bore engines exceeded 7,700 units, representing a year-on-year growth of over 30% [4] - Sales in the data center market surpassed 900 units, showing a year-on-year increase of over 300%, contributing significantly to overall performance [4] - The rapid iteration of AI technology is driving the expansion of the data center backup power market, leading to a surge in demand for high-end engines [4] Group 3: New Energy Power Business Outlook - The new energy power system business achieved revenue of 1.97 billion yuan in the first three quarters, with a year-on-year growth of over 80% [5] - The company aims for annual revenue to reach 4 billion yuan, targeting more than double the growth compared to the previous year [5] - The product layout includes comprehensive development of batteries, motors, and electronic controls, with industry-leading performance in charging speed, weight, lifespan, and reliability [5] Group 4: Dividend Policy and Shareholder Returns - The company actively returns value to shareholders through cash dividends and share buybacks, with a mid-year dividend increase to 57% in 2025 [6] - Since 2021, the total cash dividends have exceeded 19 billion yuan [6] - Future dividend policies will consider shareholder expectations and market conditions while maintaining a proactive and stable approach [6]

AIDC 下全球电力设备大周期 20251121 摘要 全球电力需求预计到 2030 年将显著增长，其中数据中心电力消耗翻倍， 尤其以美国增速最为显著，年均增速高达 22%，其数据中心电力增量占 全球总量的 40%以上，对现有电力基础设施构成挑战。 美国和欧洲能源结构差异显著，美国依赖天然气，欧洲倾向新能源。美 国发电量增速缓慢（年均 0.1%），AI 数据中心集中建设加剧了局部地 区电力供需紧张，尤其是在算力需求集中的东部和南部德州。 AI 数据中心引发局部缺电的核心原因是时间、地域和技术错配。AI 建设 周期短（12-18 个月），而电网并网周期长（5-10 年），加之算力需求 激增，使得原本紧平衡的区域出现显著缺电现象。 为缓解供需矛盾，美欧积极投资新能源及基础设施建设，但面临变压器 短缺、特高压设备需求增加以及土地征用等问题，导致并网进展缓慢， 下游算力扩张速度超过上游基础设施建设速度。 AI 时代数据中心单体规模和 GPU 算力功率大幅提升，英伟达 GPU 单机 功率高达 120 千瓦，远超传统 CPU 的 10-12 千瓦。为适应 AI 训练高波 动性，800 伏高压直流架构逐渐取代 400 伏交 ...