Hong Kong Stock Concept Tracking | Heavy Truck Sales in November Surge, Industry Prosperity Expected to Exceed Expectations Again (Concept Stocks Attached)

According to the preliminary data obtained by the First Commercial Vehicle Network, in November 2025, China's heavy truck market sold a total of about 100,000 units (wholesale caliber, including exports and new energy), a decrease of about 6% compared to October of this year, and a significant increase of about 46% compared to the same period last year. As of now, the heavy truck market has achieved eight consecutive increases, from April to November, with an average growth rate of 42%! The high wholesale sales volume of heavy trucks in the fourth quarter, in addition to exports, is supported by the strong growth in end sales in the domestic market. In terms of end demand, from April to November under the promotion of the policy on "notice on implementation of scrapping and updating of old operating trucks", the end sales volume in the domestic mandatory insurance caliber have been strong. New energy heavy trucks set a new record and reached a new peak; natural gas heavy trucks saw a "four consecutive increase" and surpassed 20,000 units for three consecutive months; in addition, domestic diesel heavy trucks are expected to remain stable in end sales in November. China Securities Co., Ltd. released a research report stating that the domestic replacement demand for heavy trucks is stable and exports continue to grow. We should pay attention to the continuity of domestic subsidies and the opportunity for the industry's performance to exceed expectations. The release of domestic replacement demand in 2026 and continuous export growth are expected to support the industry's high and stable total volume. If subsidy policies continue, the economic outlook may exceed expectations again. At the industry level, it is suggested to pay attention to the continuity of domestic subsidy policies, the intensity of macroeconomic policies to expand domestic demand, and the sustainability of export growth. Heavy truck related industrial chain Hong Kong stocks: Sinotruk Jinan Truck (03808): In 25H1, the company achieved a sales of 9,376 units of new energy heavy trucks, a year-on-year increase of +220.3% (higher than the industry growth rate), with a market share of 11.8%. With the company's comprehensive layout in new energy products, it is expected to achieve new breakthroughs in the future. In terms of dividends, the company plans to distribute a dividend of 0.68 yuan per share, with a total amount of 1.877 billion yuan, a dividend ratio of 54.8%, maintaining a high dividend ratio. According to the data of the General Administration of Customs, in 25H1, China's heavy truck exports outside of Russia totaled 143,000 units, a year-on-year increase of +35.8%, supporting overseas demand growth. FAW Group has established 80 overseas representative offices and offices in more than 110 countries, developed more than 200 distribution networks, established 29 overseas cooperation KD production factories, and formed an international marketing network system that basically covers developing countries in Africa, the Middle East, Central and South America, the Commonwealth of Independent States, Southeast Asia, as well as emerging economies and major mature markets such as BRICS countries and Australia. Weichai Power (02338): Stimulated by the scrap subsidies, the industry's sales in 2025 are expected to rebound by 10% to 1 million units. As a leading supplier of heavy truck engines, the company will benefit from the recovery dividends. In the first half of the year, it delivered 5,000 large bore engines, an increase of 41% year-on-year, and delivered 600 units of data center engines, far exceeding the 300 units delivered last year. Management expects the annual sales volume of large bore engines to be in the middle range of 11,000 units, with data center engine sales at around 1,375 units. The production of data center engines is expected to reach 3,000-4,000 units by the end of the year, with promising prospects. In the first half of the year, the sales volume of new energy heavy trucks reached 79,000 units, with a penetration rate of 15%. The company delivered 10,000 new energy heavy trucks, with a market share of about 12.6%. Management expects the second half of the year to see a 2-3 times increase in new energy products (heavy and light trucks), with a long-term penetration rate of 30-40%. Direct engine exports reached 37,000 units, an increase of 14% year-on-year. Sinotruk Jinan Truck and Shaanxi Heavy Truck account for approximately 60% of the export share of heavy trucks. The company has formulated a plan for deep cooperation from the second half of this year to the first half of next year, and expects further growth in export income.