Hong Kong stock concept tracking | Heavy truck market sales exceed expectations Leading enterprises profit improvement (with concept stocks)

According to the statistical data from the First Commercial Vehicle Network, in March of this year, China's heavy truck market sales were approximately 132,000 units (wholesale basis, including exports and new energy vehicles), an 80% increase from the previous month and an 18% increase year-on-year, reaching a new high in sales for the same period in the past five years. It was reported that a senior executive of a leading domestic heavy truck company stated, "The increase in sales starting in March is a long-standing trend in the heavy truck market, but the sales volume in March this year did indeed exceed industry expectations." Since the beginning of this year, domestic heavy truck sales have continued to rise, with the process of green transport capacity replacement accelerating. By 2025, wholesale sales of heavy trucks will reach 1.145 million units, returning to the scale of millions of units. In 2026, the heavy truck market will continue to grow vigorously, with cumulative sales of heavy trucks reaching 317,900 units in the first quarter, an increase of about 20% year-on-year. Among them, cumulative sales of new energy heavy trucks reached 43,908 units, a 45% increase year-on-year, with a cumulative penetration rate exceeding 26.7%. In April, domestic wholesale sales of heavy trucks exceeded 120,000 units. Stocks related to the heavy truck industry: Sinotruk Jinan Truck (03808): In 2025, the company's sales of heavy trucks reached 304,900 units, with a market share of 26.6%. Not only has it remained the industry leader in China for four consecutive years, but it also rose to the top spot in global heavy truck sales for the first time, further consolidating its leading position in the industry. In terms of exports, the company's products continue to maintain a good performance, with overseas markets becoming important growth drivers. Looking ahead to 2026, the company set a revenue target of 122.5 billion yuan (up 12% year-on-year) at the performance briefing, demonstrating management's confidence in future development. With the overall improvement in macroeconomic conditions and the recovery in demand for logistics heavy trucks, combined with the strong momentum in exports, the outlook for the heavy truck industry's recovery is clear. The company will seize opportunities in the international market, increase market share in high-end markets such as the Middle East and Latin America, establish a competitive advantage in the high-end segment market dominated by European and American brands; focus on niche markets such as gas trucks and high-power vehicles, accelerate product optimization and upgrades, and drive continuous growth in production and sales volume, further improving profitability. Weichai Power (02338): Weichai Power benefits from investors shifting their focus from traditional heavy truck engines to electrification, as well as strong quarterly performance and upward revisions in guidance from global peers.