证券代码：000951 证券简称：中国重汽 1 耕这一领域，紧密跟随技术发展脉络与市场趋势变化，持续 提升产品竞争力与市场响应速度，推动业务实现更高质量、 更可持续的稳健发展。 2、请谈一下公司近期的出口情况。 投资者关系活动记录表 编号：20260211 | 投资者关系活动 | ■特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | 参与单位名称 | 国金证券 陆强易、李文韬 | | 及人员姓名 | 永盈基金 沈平虹 | | 时 间 | 2026 年 2 月 11 日 13:30-14:30 | | 地 点 | 公司会议室 | | 上市公司 | 董事会秘书 张 欣 | | 接待人员姓名 | 公司 IR 何炳易 | | | 公司董事会秘书张欣女士简要介绍了公司情况，并就投 | | | 资者关心的问题进行了沟通和交流。主要内容如下： | | | 1、公司如何看待新能源重卡未来的发展。 | | | 在营运货车以旧换新补贴政策推动、市场需求持续释放 | | ...

登录新浪财经APP 搜索【信披】查看更多考评等级 一、会议的召开和出席情况 （一）召开情况： 证券代码：000951 股票简称：中国重汽 编号：2026-04 1、会议召开时间 中国重汽集团济南卡车股份有限公司 二〇二六年第一次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 重要提示： 1、本次临时股东会未出现否决议案的情形。 2、本次临时股东会未涉及变更以往股东会已通过的决议。 本次会议的召开符合《中华人民共和国公司法》《上市公司股东会规则》《深圳证券交易所上市公司股 东会网络投票实施细则》及《公司章程》等法律、法规及规范性文件的规定。 （二）出席现场会议及网络投票股东情况 截至股权登记日（2026年2月4日）深圳证券交易所交易结束时，公司股份总数为1,174,869,360股，其中 有表决权股份总数1,168,994,951股。 参加本次股东会现场会议及网络投票的股东及授权代表共计346人，代表公司股份705,960,555股，占公 司有表决权股份总数的60.3904%。其中： （1）出席现场会议的股东及股东授权代表共计4人，代表有表决 ...

中国重汽集团济南卡车股份有限公司 会议决议公告 证券代码：000951 股票简称：中国重汽 编号：2026-04 中国重汽集团济南卡车股份有限公司 二〇二六年第一次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 重要提示： 1、本次临时股东会未出现否决议案的情形。 2、本次临时股东会未涉及变更以往股东会已通过的决议。 一、会议的召开和出席情况 （一）召开情况： 1、会议召开时间 （1）现场会议召开时间：2026 年 2 月 10 日（星期二）下午 2:50。 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的 具体时间为 2026 年 2 月 10 日 9:15-9:25，9:30-11:30，13:00-15:00；通 过深圳证券交易所互联网投票系统投票的具体时间为 2026 年 2 月 10 日 9:15 至 15:00 的任意时间。 2、会议召开地点：山东省济南市高新区华奥路 777 号公司未来 科技大厦会议室。 3、会议召开方式：现场表决和网络投票相结合的方式。 5、会议主持人：刘洪勇先生。 本次会议的召开符合《中华人民共和国 ...

中国北京市建国门外大街 1 号国贸写字楼 2 座 12-15 层 100004 12-15th Floor, China World Office 2, No.1 Jianguomenwai Avenue, Beijing 100004, China 电话 Tel: +86 10 6563 7181 传真 Fax: +86 10 6569 3838 电邮 Email: beijing@tongshang.com 网址 Web: www.tongshang.com 北京市通商律师事务所 关于中国重汽集团济南卡车股份有限公司 2026 年第一次临时股东会的 法律意见书 致：中国重汽集团济南卡车股份有限公司 根据《中华人民共和国律师法》《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》《上市公司股东会规则》（以下简称"《股 东会规则》"）、《深圳证券交易所上市公司股东会网络投票实施细则》（以下 简称"《网络投票实施细则》"）等法律、法规和规范性文件以及《中国重汽集团 济南卡车股份有限公司章程》（以下简称"《公司章程》"）的规定，北京市通商 律师事务所（以下简称"本所"）接受中国重汽集团济 ...

Core Viewpoint - The article discusses the strategic goals and implementation paths of seven major commercial vehicle companies in China for the "15th Five-Year Plan," focusing on the transformation towards electrification, intelligence, and globalization in the commercial vehicle industry. Group 1: FAW Jiefang - FAW Jiefang aims to enter the "world-class commercial vehicle camp" by 2030, with a focus on "international Jiefang, green Jiefang, and technological Jiefang" [2] - The company targets a total sales volume of 320,000 units in 2026, with 75,000 units being electric vehicles and 80,000 units for overseas sales [4] Group 2: Dongfeng Motor Corporation - Dongfeng aims to regain its position as the industry leader with a total sales target of 750,000 commercial vehicles by 2030 [5] - The company plans to achieve industry-leading positions in total sales, heavy-duty trucks, and new energy trucks during the "15th Five-Year Plan" [8] Group 3: China National Heavy Duty Truck Group (CNHTC) - CNHTC targets to exceed 800,000 units in total sales and achieve a revenue of 400 billion yuan by 2030 [11] - The company has proposed a "six transformations" strategy focusing on green, digital, service, international, diversified, and high-end development [12] Group 4: Shaanxi Automobile Group - Shaanxi aims to maintain a top-three position in the industry and targets a sales volume of 100,000 heavy-duty trucks in 2026 [14] - The company emphasizes a unified development strategy called "One Shaanxi" to enhance overall competitiveness [18] Group 5: Foton Motor - Foton aims for a 50% penetration rate of new energy vehicles and 300,000 units in overseas sales by 2030 [20][22] - The company has set ambitious targets for 2026, aiming for 200,000 units in both exports and new energy vehicles [22] Group 6: Yuantong New Energy Commercial Vehicles - Yuantong aims to become the domestic sales leader and the global leader in new energy commercial vehicles by 2030, targeting 1 million units in annual sales [24][26] - The company plans to launch a comprehensive product matrix covering various vehicle types by 2026 [26] Group 7: Chery Commercial Vehicles - Chery targets to achieve 1 million units in sales by 2030, with a focus on becoming the leading brand in China's new energy commercial vehicle sector [28] - The company plans to invest over 10 billion yuan in heavy-duty truck research and development in the coming years [31]

Core Viewpoint - The report from JPMorgan indicates that the performance of the Chinese automotive market in 2023 will exhibit a mixed trend reminiscent of both 2018 and 2025, with overall passenger vehicle market growth expected to decline into negative territory, similar to 2018, while market volatility may increase due to new model releases and seasonal trends, akin to 2025 [1] Market Performance - The overall performance of the automotive industry is anticipated to be relatively weak due to the decline in market growth [1] - The potential for absolute or relative returns will depend on whether corporate earnings can exceed expectations, which is expected to be more challenging amid rising costs [1] Investment Recommendations - The preferred stocks identified by the firm are Geely Automobile (00175) and China National Heavy Duty Truck Group (03808) [1] - Companies such as BYD Company (01211), Leap Motor (09863), Xpeng Motors-W (09868), and NIO Inc. (09866, NIO.US) may present noteworthy investment opportunities in March or the second quarter of this year [1] - Conversely, the rating for Li Auto-W (02015) has been downgraded to "Reduce" [1]

Group 1 - The core viewpoint of the article indicates that the performance of the Chinese automotive market in 2023 will exhibit a mixed trend reminiscent of both 2018 and 2025 [1] - The overall passenger car market growth has fallen into negative territory, similar to the situation in 2018, suggesting a potentially weak industry performance for the year [1] - Market fluctuations throughout the year may intensify due to new model releases, seasonal trends, and changes in profit expectations, akin to the dynamics observed in 2025 [1] Group 2 - The ability to achieve absolute or relative returns will depend on whether corporate earnings can exceed expectations, which is expected to be more challenging amid rising costs [1] - The preferred stocks identified by the bank are Geely Automobile (00175) and China National Heavy Duty Truck Group (03808) [1] - The bank also sees potential investment opportunities in BYD Company (01211), Leap Motor (09863), Xpeng Motors (09868), and NIO Inc. (09866) that may arise in March or the second quarter of this year [1] - Conversely, the rating for Ideal Automotive (02015) has been downgraded to "Reduce" [1]

Core Viewpoint - LNG is recognized as a clean energy source that effectively reduces automotive exhaust pollutants and greenhouse gas emissions, leading to increased demand for clean energy vehicles, particularly heavy-duty trucks that utilize LNG due to its high storage density and long range [1][7]. LNG Cylinder Industry Overview - LNG vehicle cylinders are high-vacuum insulated containers specifically designed for storing liquefied natural gas (LNG) as fuel, featuring a double-layer structure that minimizes external heat impact [3][4]. - The industry has experienced a decline in sales from 2020 to 2022 due to a drop in heavy-duty truck sales, exacerbated by the pandemic's impact on factory operations and logistics [1][8]. Market Demand and Growth - In 2023, the LNG vehicle cylinder industry in China saw a significant sales increase of 292.7% year-on-year, driven by the advantages of oil and gas price differentials and supportive policies [1][8]. - The industry is projected to continue growing, with sales expected to reach 250,300 units by 2025, reflecting an 8.8% year-on-year increase [1][8]. Industry Chain and Raw Materials - The upstream materials for LNG vehicle cylinders include steel, aluminum alloys, and other insulation materials, which are crucial for safety, manufacturing costs, and supply stability [4][6]. - The production of stainless steel, a key material for LNG cylinders, has shown a recovery trend, with production expected to reach 39.44 million tons in 2024, marking a 7.5% year-on-year increase [6]. Competitive Landscape - The LNG vehicle cylinder industry features a diverse competitive landscape, with leading companies leveraging full industry chain advantages and resource integration to maintain market dominance [9][12]. - Key players include Zhangjiagang Furui Special Equipment Co., Ltd., CIMC Enric Holdings Limited, and Beijing Jingcheng Machinery Electric Company, among others [9][10]. Industry Development Trends - The industry is focusing on lightweight and intelligent designs, utilizing new composite materials and IoT technology for real-time monitoring and predictive maintenance [11][12]. - The demand for LNG vehicle cylinders is expected to expand due to increasing global emphasis on environmental protection and the replacement of older LNG vehicles [11][12]. - The industry is anticipated to undergo consolidation, with stricter regulations raising entry barriers, favoring larger companies with comprehensive product certifications [12].

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% over the next six months [35]. Core Insights - The report highlights a recovery in the passenger vehicle sector, driven by the implementation of subsidy policies and a shift in consumer demand. It emphasizes the importance of focusing on high-end electric vehicle manufacturers that are less sensitive to policy fluctuations, such as Jianghuai Automobile and Geely [25][26]. - In the heavy truck segment, the report anticipates a positive outlook for 2026, projecting domestic sales to reach 800,000 to 850,000 units, a year-on-year increase of 3% [30][28]. - The bus market is expected to see growth in 2026, with a conservative estimate of 40,000 units sold, reflecting a 40% year-on-year increase, supported by the continuation of subsidy policies [30][29]. - The motorcycle sector is projected to achieve total sales of 19.38 million units in 2026, a 14% increase year-on-year, with a significant focus on the large-displacement motorcycle market [26]. Summary by Sections Passenger Vehicles - Short-term recovery is anticipated in the passenger vehicle sector due to established subsidy policies, with a focus on high-end electric vehicles and companies less affected by policy changes [25][26]. - Key companies to watch include Jianghuai Automobile, Geely, Great Wall Motors, and BYD, among others [25]. Heavy Trucks - In 2025, wholesale heavy truck sales reached 1.144 million units, a 26.8% increase year-on-year, with domestic sales of 799,000 units, up 32.8% [30]. - The report recommends leading heavy truck manufacturers such as China National Heavy Duty Truck Group, Weichai Power, and FAW Jiefang [30][28]. Buses - The bus market saw a slight decline in 2025, with sales of 29,000 units, down 6% year-on-year. However, a rebound is expected in 2026, with a projected 40% increase in sales [30][29]. - Recommended companies include Yutong Bus and King Long [30]. Motorcycles - The motorcycle industry is forecasted to grow, with total sales expected to reach 19.38 million units in 2026, a 14% increase year-on-year, driven by large-displacement models [26]. - Recommended companies include Chunfeng Power and Longxin General [26].

丨证券研究报告丨 行业研究丨点评报告丨汽车与汽车零部件 [Table_Title] 2026 年 1 月重卡销量同比高增，新能源有所回 调，板块重点推荐 报告要点 [Table_Summary] 总量上，2026 年 1 月国内重卡批发销量预计为 10 万辆，同比+39%，环比基本持平；其中终 端销量为 3-3.2 万辆，同比减少 5%-10%；出口销量超 2.6 万辆，同比增长超 20%。结构上， 新能源销量明显回落，2026 年 1 月销量低于 0.7 万辆，环比减少约 85%，新能源重卡渗透率 约 21%，环比降低约 33pct。以旧换新政策托底内需，出海助力销量增长，重卡企业业绩有望 保持高增长，叠加高股息，投资价值凸显；同时北美缺电大背景下，国内主+备电源需求景气度 持续，重点推荐：中国重汽、潍柴动力。 分析师及联系人 [Table_Author] 高伊楠 吴优 SAC：S0490517060001 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com [Table_Summary2] 事件描述 2026 年 2 月 2 日，第一商用车网发 ...