HK Stock Market Move | Sinotruk Jinan Truck (03808) fell more than 5% in the afternoon, with heavy truck sales in February decreasing compared to the previous month. Institutions predict that the annual decline will be limited.

Sinotruk Jinan Truck (03808) fell more than 5% in the afternoon, falling 5.1% to HK$34.64 at the time of writing, with a turnover of HK$91.6492 million. On the news front, according to data from the China Association of Automobile Manufacturers, a total of 240,400 trucks were sold in the Chinese truck market in February, a decrease of 26% from January and a 14% decrease year-on-year. Among them, the sales of heavy truck market were 73,600 units, a decrease of 30% from the previous month and a decrease of 10% year-on-year. Guotai Haitong believes that the "Spring Festival month" is the main reason for the month-on-month decline in wholesale sales of heavy trucks in February, with the sales peak season expected to arrive after the Lantern Festival. The bank pointed out that with the confirmation of the implementation of the "scrappage for new" policy for heavy trucks in 2026, domestic sales of heavy trucks are expected to reach 760,000 units in 2026, a decrease of 5.3% year-on-year. The effect of the scrappage for new policy in 2025 is significant, and the base of heavy truck sales is relatively high. However, the domestic logistics industry is still in a good condition. With a high base of replacement from 2017 to 2021, the bank expects a limited decrease in heavy truck sales. Overall, wholesale sales are expected to reach 1.16 million units in 2026, an increase of 1.5% year-on-year, with exports expected to maintain growth.