历任东风汽车股份有限公司总经理办公室副主任，东风汽车股份有限公司总经理办公室主任、品牌广宣 部部长，东风裕隆汽车销售有限公司党委书记、执行副总经理，东风裕隆汽车销售有限公司总经理、党 委书记，东风轻型商用车营销公司总经理，东风汽车股份有限公司总经理助理，湖北省襄阳市副市长 （挂职），东风特种商用车有限公司副总经理，东风汽车集团有限公司（党委、董事会）办公室主任、 董事会秘书，东风商用车有限公司总经理，东风汽车集团股份有限公司商用车事业部总经理、党委书记 等职。 中国经济网北京1月28日讯 据"中国一汽"微信公众号消息，近日，中国第一汽车集团有限公司召开会 议，宣布领导班子成员任职决定：根据中央组织部关于集团公司领导班子成员任职通知，张小帆同志任 中国第一汽车集团有限公司党委常委、副总经理。 张小帆，男，1970年3月生，1995年6月加入中国共产党，1992年7月参加工作，武汉钢铁学院机械系冶 金机械专业，大学学历，工学学士学位，高级经济师，现任中国第一汽车集团有限公司党委常委、副总 经理。 (责任编辑：朱晓航) ...

据 中国第一汽车集团有限公司 官网信息显示， 张小 帆 ，男 ， 1 9 7 0 年 3月 生 ， 江苏 南 京 人，1995年6月加入中国共产党，1992年7月参加工作，武汉钢铁学院机械系冶金机械专 业，大学学历，工学学士学位，高级经济师。 张小帆 历任东风汽车股份有限公司总经理办公室副主任，东风汽车股份有限公司总经理 办公室主任、品牌广宣部部长，东风裕隆汽车销售有限公司党委书记、执行副总经理，东 风裕隆汽车销售有限公司总经理、党委书记，东风轻型商用车营销公司总经理，东风汽车 股份有限公司总经理助理，湖北省襄阳市副市长（挂职），东风特种商用车有限公司副总 经理，东风汽车集团有限公司（党委、董事会）办公室主任、董事会秘书，东风商用车有 限公司总经理，东风汽车集团股份有限公司商用车事业部总经理、党委书记等职。 来源：中国一汽微信公众号、 中国第一汽车集团有限公司官网 张小帆任中国第一汽车集团有限公司党委常委、副总经理 。 据中国一汽微信公众号 1月2 7日 消息，近日，中国第一汽车集团有限公司召开会议，宣 布领导班子成员任职决定： 根据中央组织部关于集团公司领导班子成员任职通知，张小 帆同志任中国第一汽车集团有 ...

Core Insights - The State-owned Assets Supervision and Administration Commission (SASAC) announced that by the end of 2025, the total assets of central enterprises will exceed 95 trillion yuan, with a profit of 2.5 trillion yuan and fixed asset investment of 5.1 trillion yuan, contributing significantly to the economic and social development goals of China [1][7] - Central enterprises are making progress in technology innovation, industrial renewal, and deepening reforms, with a focus on restructuring and integrating enterprises, particularly in strategic emerging industries [1][3] Group 1: Financial Performance - By the end of 2025, central enterprises' total assets will surpass 95 trillion yuan, with an annual growth rate of 6.9% during the 14th Five-Year Plan period [2][8] - The total profit achieved is 12.7 trillion yuan, reflecting a 56.2% increase compared to the previous five-year period [9] - Labor productivity increased from 594,000 yuan to 836,000 yuan per employee, with an annual growth rate of 7.1% [9] Group 2: Investment and Innovation - Over the past five years, central enterprises have invested more than 5 trillion yuan in research and development, with a 0.27 percentage point increase in R&D intensity [9] - By 2025, revenue from strategic emerging industries is expected to exceed 12 trillion yuan, with an investment of 2.5 trillion yuan, accounting for 41.8% of total investments [5][11] Group 3: Restructuring and Integration - The SASAC is focusing on the strategic restructuring of central enterprises to enhance their roles in national energy security and green development [3][10] - New enterprises have been formed, such as the China Yajiang Group and the China Chang'an Automobile Group, which are reshaping competitive landscapes [10] Group 4: AI and Data Resource Development - The SASAC is advancing the "AI+" initiative, aiming to enhance capabilities in key areas such as application, computing power, and data [6][13] - There is a push for the open development of data resources in key sectors like transportation logistics, smart energy, and financial services to support high-quality industrial development [6][13]

据中国一汽消息，近日，中国第一汽车集团有限公司召开会议，宣布领导班子成员任职决定：根据中央 组织部关于集团公司领导班子成员任职通知，张小帆同志任中国第一汽车集团有限公司党委常委、副总 经理。相关职务任免，按有关法律规定办理。 ...

智通财经APP获悉，开源证券发布研报称，2025年中国重卡行业复苏动能强劲，内需受"以旧换新"政策 与自然置换周期驱动，国内销量增长34.4%。新能源重卡爆发式增长，年销23.11万辆，渗透率超28%。 出口约33万辆创历史新高，全球化进程深化。持续看好重卡行业景气度提升带来的板块性投资机会。内 需回暖与出口长牛将显著增厚相关企业营收和利润。 开源证券主要观点如下： 行业复苏动能切换，内需政策双轮驱动 国内市场稳健增长，以旧换新与自然置换共振。据第一商用车网数据，2025年全年重卡批发销量约为 114.4万辆，同比增长约27%，成功跨越百万辆大关；国内重卡批发销量81.9万辆，同比增长34.4%。 2025年"以旧换新"补贴范围扩大至国四及以下车辆，并首次将天然气重卡纳入补贴，拉动内需回暖。同 时随着2017-2021年行业高峰期购入的重卡进入8年置换周期，2026年重卡更新主波峰将至，确立行业内 生复苏的底层逻辑。 细分品类百花齐放，重卡出海迈向全球化长牛 新能源重卡爆发式增长，渗透率创历史新高。2025年国内新能源重卡实销达23.11万辆，同比增长 182%。12月新能源重卡销量达4.53万辆，单月渗透率 ...

Investment Rating - The industry investment rating is "Overweight" indicating an expectation for the industry to outperform the overall market [7]. Core Insights - The commercial vehicle industry is experiencing a robust recovery driven by domestic demand policies and a significant increase in heavy truck sales, with wholesale sales expected to exceed 1.144 million units in 2025, representing a year-on-year growth of approximately 27% [3]. - The penetration rate of new energy heavy trucks has reached a historical high, with sales in 2025 reaching 231,100 units, a year-on-year increase of 182% [4]. - The heavy truck export market is thriving, with exports reaching approximately 330,000 units in 2025, marking a record high and indicating a shift towards direct investment and localized operations in overseas markets [4]. Summary by Sections Market Performance - In 2025, the domestic heavy truck wholesale sales reached 819,000 units, showing a year-on-year growth of 34.4% [3]. - The "old-for-new" subsidy program has expanded to include vehicles meeting National IV standards and below, boosting domestic demand [3]. Segment Analysis - The new energy heavy truck segment has seen explosive growth, with a monthly penetration rate exceeding 38% in December 2025 [4]. - Natural gas heavy trucks have also shown steady demand, with a significant recovery in the second half of 2025, achieving a year-on-year growth of 138% in October [4]. Company Performance - China National Heavy Duty Truck Group maintained its position as the industry leader with annual sales of 305,000 units, a year-on-year increase of approximately 26.7% [5]. - Foton Motor achieved a remarkable year-on-year growth of 102.7%, with annual sales reaching 142,000 units, marking a doubling in sales [5]. Investment Opportunities - The report highlights several companies as beneficiaries of the industry's recovery, including China National Heavy Duty Truck A+H, Weichai Power, Foton Motor, and others [6].

中国汽车工业协会常务副会长兼秘书长付炳锋做了总结发言，对各位领导莅临指导工作表示了衷心 感谢。 协会副秘书长李邵华、柳燕、杨中平，秘书长助理李桂新，专务副秘书长何毅，监事会监事长姚 杰，中汽协中汽信息总经理胡绍航等参加了会议。 中国汽车工业协会于 2026 年 1 月 23 日在北京召开政府座谈会，会议由中国汽车工业 协会副秘书长陈士华主持。国家发展和改革委员会产业发展司、工业和信息化部装备工业一 司、工业和信息化部电子信息司、公安部交通管理局、生态环境部大气环境司、商务部市场运 行和消费促进司、商务部合作司、国家市场监督管理总局认证监督管理司、国家统计局工业 司、国家能源局电力司、商务部配额许可证事务局等政府部门、机构负责领导出席了会议，中 国一汽党委常委、总会计师方世力、东风汽车集团战略规划部副总经理宋汉明、上汽集团质量 和技术管理部总经理张坚俊、重庆长安战略规划部高级总监谢光、北汽集团运营管理部部长、 总部党委书记彭进等 5 家企业领导作为协会轮值会长单位代表参加了会议，中国机械工业联 合会总经济师兼副秘书长佘伟珍作为协会党建主管部门领导出席了会议。 中国汽车工业协会副秘书长陈士华对"十四五"以来中国汽 ...

Core Viewpoint - The commercial vehicle sector experienced a rise of 2.28% on January 27, with China National Heavy Duty Truck leading the gains, while the Shanghai Composite Index increased by 0.18% and the Shenzhen Component Index rose by 0.09% [1]. Group 1: Market Performance - The commercial vehicle sector's stocks showed varied performance, with China National Heavy Duty Truck closing at 18.60, up by 5.50%, and Jianghuai Automobile at 52.90, up by 4.55% [1]. - The trading volume for Jianghuai Automobile was 703,300 shares, resulting in a transaction value of 3.682 billion yuan [1]. - Other notable performers included Yutong Bus, which rose by 3.65% to close at 32.40, and Zhongtong Bus, which increased by 1.29% to 11.79 [1]. Group 2: Capital Flow - The commercial vehicle sector saw a net inflow of 53.1984 million yuan from institutional investors, while retail investors contributed a net inflow of 78.1087 million yuan [2]. - Conversely, speculative funds experienced a net outflow of 131 million yuan [2]. - The capital flow data indicates that Jianghuai Automobile had a significant net inflow of 91.0266 million yuan from institutional investors, while Foton Motor faced a net outflow of 155.29 million yuan from speculative funds [3].

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) has released the 403rd batch of new energy heavy truck models, showcasing a total of 73 new models from 18 companies, indicating a significant push towards electrification in the heavy truck sector in China [1][2][3]. Group 1: Overview of New Models - A total of 73 new energy heavy truck models were announced, with 61 being charging trucks, 8 battery swap trucks, 3 fuel cell trucks, and 1 plug-in hybrid truck [5][6]. - Dongfeng and FAW Jiefang each submitted 11 models, the highest among all manufacturers, followed by China National Heavy Duty Truck Group with 9 models [3][10]. - The majority of the submitted models are three-axle trucks, with 30 models, followed by 18 eight-axle trucks and 13 four-axle trucks [5][7]. Group 2: Key Manufacturers and Their Submissions - Dongfeng's submissions include 9 charging trucks, 1 battery swap truck, and 1 fuel cell truck, indicating a strong commitment to the new energy heavy truck market [10][15]. - FAW Jiefang also submitted 11 models, with a focus on charging trucks, including several dual-motor models with significant power outputs [15][18]. - China National Heavy Duty Truck Group's submissions consist of 9 charging trucks, with a notable emphasis on self-dumping trucks, showcasing a range of battery capacities and driving configurations [19][21]. Group 3: Trends in New Energy Heavy Trucks - Charging trucks dominate the submissions, accounting for over 80% of the total, reflecting the industry's focus on electric solutions [5][6]. - The trend towards larger battery capacities is evident, with several models featuring over 600 kWh, particularly in the tractor category, which is becoming a standard expectation [36][38]. - The introduction of dual-motor configurations is increasing, with multiple manufacturers submitting models that enhance power and efficiency, indicating a shift towards more advanced technology in heavy trucks [31][35]. Group 4: Specific Model Highlights - Dongfeng's notable models include a pure electric self-dumping truck with a range of 200 km and a charging truck with a battery capacity of 279.59 kWh [10][11]. - FAW Jiefang's models feature a self-dumping truck with a range of 740 km and a dual-motor tractor with a peak power of 816 hp [15][18]. - China National Heavy Duty Truck Group's self-dumping trucks can achieve a range of up to 955 km, showcasing advancements in battery technology and efficiency [19][21].

Core Viewpoint - In December 2025, China's new energy heavy truck sales reached a record high, totaling 231,100 units for the year, representing a year-on-year growth of 182% [1] Group 1: Overall Market Performance - In December 2025, domestic new energy heavy trucks sold 45,300 units, a year-on-year increase of 198%, with pure electric, fuel cell, and hybrid models selling 40,800 units, 4,202 units, and 284 units respectively [2] - The sales growth for fuel cell and hybrid heavy trucks significantly outpaced the overall market, with fuel cell trucks experiencing a year-on-year growth of 623% and hybrid trucks 209% [2][4] - The market for fuel cell and hybrid heavy trucks showed a notable increase in December, with fuel cell trucks accounting for 9.28% of the market share, while hybrid trucks remained low at 0.63% [5] Group 2: Fuel Cell Heavy Truck Performance - In December 2025, fuel cell heavy trucks sold 4,202 units, with a month-on-month growth of 610% and a year-on-year growth of 623%, marking a significant surge in both sales and growth rate [8] - Dongfeng led the sales with 1,592 units, capturing a market share of 37.9%, followed by Yutong and Sinotruk with 625 and 463 units respectively [10] - The competition for monthly sales champions in the fuel cell heavy truck market was intense, with Dongfeng securing the year-end sales champion after consistently leading since September [12] Group 3: Yearly Performance and Market Share - In 2025, the fuel cell heavy truck market saw a total sales volume of 7,282 units, a year-on-year increase of 64%, with significant growth from companies like Sinotruk and GAC, which saw increases of 3,294% and 16,650% respectively [14][17] - Dongfeng achieved the highest annual sales with 2,563 units, capturing a market share of 35.2%, an increase of 19.7 percentage points from 2024 [17] - The market dynamics showed a pattern of fluctuations throughout the year, with a total of five monthly champions emerging, indicating a highly competitive environment [17]