行业动态周报Weekly Industry Brief

重型商用车 · 挂车 · 矿用车 情报周报车轴 / 第五轮座 / 连接件 视角 · 亚洲 Heavy CV · Trailers · Mining Vehicles IntelligenceAxle / fifth-wheel / coupling lens · Asia

2026 · W32
2026-07-27 → 08-02
本周主线Bottom Line

霍尔木兹关闭进入第二个月，柴油涨价传到了辖区每个市场：中国 7/31 汽、柴油分别上调 685/655 元/吨（年内第 10 次上调），越南柴油 +7.2% 至 27,620 盾/升、北部一度排队缺供。同一周中国 7 月制造业 PMI 49.2 重回收缩、政治局定调增量政策——需求在退、成本在涨，下半年中国重卡量的下限由 220 亿元置换资金决定，柴油与电价的剪刀差继续把销量结构推向电动。核心区域印尼的能见度反而更低：央行行长 Perry Warjiyo 7/27 辞职、卢比连续第五个月走贬，RKAB 补充批复与矿权部令都压到 8 月。产品端有两件真落地：徐工首个海外新能源基地在印尼 Weda Bay 投产，SPIC AT-150 无驾驶室纯电矿卡在内蒙古投运——上周还是发布稿的无驾驶室平台，本周进入运营。

The Hormuz closure is in its second month and diesel inflation has reached every market in the region: China raised gasoline/diesel by RMB 685/655 per tonne on Jul 31 (10th hike this year); Vietnam's diesel rose 7.2% to VND 27,620/liter with queues and shortages in the north. The same week, China's July manufacturing PMI fell back into contraction at 49.2 and the Politburo signaled incremental stimulus — demand is fading while costs rise, so the floor for H2 China truck volume rests on the RMB 22bn scrappage fund, and the diesel-vs-electricity cost gap keeps pushing the sales mix toward electric. Visibility in Indonesia, our core region, got worse rather than better: central bank governor Perry Warjiyo resigned on Jul 27 and the rupiah logged a fifth straight monthly decline, with the RKAB supplementary approvals and the mining-permit ministerial decree both now pending in August. On the product side, two things actually happened: XCMG's first overseas new-energy plant started production at Weda Bay, Indonesia, and SPIC's cabless battery-electric AT-150 mining truck entered service in Inner Mongolia — the cabless platform that was a press release last week is now working.

宏观Macro

中国 7 月制造业 PMI 49.2（环比 −1.1pp）重回收缩、新订单 48.5、建筑业 47.0；政治局 7/30 部署「两重两新」与增量政策。Brent 7/31 报 87.66 美元/桶（较战前 2 月约 +22%），中国柴油 7/31 上调 655 元/吨，越南柴油 +7.2%。

China's July manufacturing PMI fell to 49.2 (−1.1pp MoM), new orders 48.5, construction 47.0; the Jul 30 Politburo meeting pledged incremental stimulus. Brent closed Jul 31 at $87.66/bbl (~+22% vs pre-war February); China raised diesel RMB 655/t on Jul 31 and Vietnam's diesel rose 7.2%.

信号Signal

印尼央行行长 7/27 辞职、卢比五连贬，RKAB 批复与矿权部令 8 月待决。徐工首个海外新能源基地在 Weda Bay 投产；SPIC AT-150 无驾驶室纯电矿卡投运——无驾驶室平台数周内从发布走到运营，车轴/悬架规格重定义在加速。

Bank Indonesia's governor resigned Jul 27 with the rupiah down five months straight; RKAB approvals and the mining-permit decree are pending in August. XCMG's first overseas new-energy plant started production at Weda Bay; SPIC's cabless battery-electric AT-150 entered service — the cabless platform went from launch to operation within weeks, accelerating the redefinition of axle/suspension specs.

需求Demand

印度 SIAM 一季度（4–6 月）商用车批发 26.5 万辆（+18.3% YoY，历史最高一季度）、Tata 7 月 HCV 卡车 8,973 辆（+33% YoY）；印尼 H1 商用车批发 114,154 辆（+39% YoY）；北美 6 月挂车订单 +144% YoY、Wabash 在手订单环比 +14%——亮点在南亚与挂车周期，中国本土需求转弱。

India: SIAM Q1 (Apr–Jun) CV wholesales hit a record 265k units (+18.3% YoY); Tata's July HCV trucks 8,973 (+33% YoY). Indonesia H1 CV wholesales 114,154 (+39% YoY). North America: June trailer orders +144% YoY and Wabash backlog +14% QoQ — the bright spots are South Asia and the trailer cycle, while China's domestic demand softens.

结论Verdict

首要监测项：8 月上旬中国 7 月重卡销量与新能源渗透率；印尼 ESDM 修订批复总量、矿权部令与 8 月中旬 BI 议息（代理行长主持）；GSO 8/3 越南 7 个月放款；美伊复谈下的 Brent（8/3 已回落至约 84 美元）。产品线上盯两条：无驾驶室矿卡的车轴/悬架定点窗口；柴油-电动 TCO 剪刀差下 9/1 电池消费税生效前的抢装。

Top monitoring items: China's July HDT sales and NEV penetration (early Aug); Indonesia's revised RKAB total, the mining-permit decree and the mid-Aug BI meeting chaired by the acting governor; Vietnam's 7-month disbursement (GSO, Aug 3); Brent under resumed US-Iran talks (already back to ~$84 on Aug 3). On the product line: the axle/suspension design-in window on cabless mining trucks, and pre-buy ahead of the Sep 1 battery consumption tax as the diesel-electric TCO gap widens.

本周要点Key Takeaways
01宏观与政策环境Macro & Policy4
领先指标Leading置信 中Confidence Mid

中国：7 月制造业 PMI 49.2 重回收缩、建筑业跌至 47.0——政治局 7/30 部署「两重两新」与增量政策，下半年重卡的量更依赖置换资金China: July manufacturing PMI back in contraction at 49.2, construction at 47.0 — Jul 30 Politburo pledges incremental stimulus; H2 truck volume leans harder on the scrappage fund1

7 月制造业 PMI 49.2（6 月 50.3，环比 −1.1 个百分点），新订单 48.5（−2.7pp）、生产 49.9（−1.5pp），分类指标全部落回临界点以下；建筑业商务活动指数 47.0（−2.0pp），统计局归因于部分地区高温暴雨洪涝拖累施工。7/30 政治局会议部署「有力推进『两重』建设和『两新』工作」、「及时谋划出台务实管用的增量政策」，并定 10 月召开五中全会研究「十五五」。220 亿元货车报废更新资金已于 7 月下旬下达（河南等省级加码细则在前），本周窗口内无新增全国性细则。July manufacturing PMI printed 49.2 (June 50.3, −1.1pp MoM); new orders 48.5 (−2.7pp), production 49.9 (−1.5pp), with every sub-index below the 50 threshold. The construction business-activity index fell to 47.0 (−2.0pp), which NBS attributed to heat waves and flooding disrupting work. The Jul 30 Politburo meeting pledged to push the 'two major / two new' programs and to 'prepare timely, practical incremental policies', and set the 5th Plenum for October to work on the 15th Five-Year Plan. The RMB 22bn truck-scrappage fund was disbursed in late July (provincial top-ups such as Henan's came earlier); no new nationwide rules landed within this week's window.

关键数据（事实层）Key data (facts)PMI 49.2 · 环比 −1.1ppPMI 49.2 · −1.1pp MoM新订单 48.5 · −2.7ppNew orders 48.5 · −2.7pp MoM建筑业 47.0 · −2.0ppConstruction 47.0 · −2.0pp MoM
事件Event

统计局 7/31 发布 7 月 PMI 49.2、重回收缩；政治局 7/30 部署增量政策与「两新」。NBS released July PMI at 49.2 on Jul 31, back in contraction; the Politburo pledged incremental stimulus and equipment-renewal programs on Jul 30.

机制Mechanism

制造业新订单收缩传导为工业品公路运量走弱；建筑业放缓压制工程自卸车需求；政策端的报废更新资金构成对冲。Contracting factory orders translate into weaker road freight; the construction slowdown weighs on tipper demand; the scrappage fund works as the policy offset.

市场Market

7 月重卡销量（8 月上旬发布）环比或走弱；新能源重卡在资金优先支持下渗透率有望继续抬升。July HDT sales (due early Aug) may soften MoM; NEV heavy-truck penetration is likely to keep climbing on priority subsidy support.

业务Business

传统柴油车轴需求短期承压；置换资金优先新能源货车，电驱桥与新能源配套份额上行更快。Conventional diesel axle demand faces near-term pressure; with the fund favoring NEV trucks, e-axle and NEV-related content gains share faster.

净判断Net

需求在退、政策在顶——下半年中国重卡量的下限由 220 亿元资金决定，结构继续偏向电动。Demand is receding while policy holds the floor — H2 China truck volume bottoms on the RMB 22bn fund, and the mix keeps shifting electric.

前提Premise7 月高温洪涝为一次性扰动而非趋势；置换资金按既定节奏拨付到位。July's weather hit is one-off, not a trend; scrappage funds are disbursed on schedule.
证伪信号Falsifier8 月 PMI 回到 50 以上且 7 月重卡销量环比正增长，则「需求走弱」判断不成立。If August PMI returns above 50 and July HDT sales grow MoM, the 'demand weakening' call fails.
追踪锚点Track8 月上旬第一商用车网 7 月重卡销量与新能源渗透率；8/31 统计局 8 月 PMI。cvworld's July HDT sales and NEV penetration in early Aug; NBS August PMI on Aug 31.
已传导Transmitted置信 高Confidence High

霍尔木兹关闭进入第二个月：Brent 7 月涨约两成——中国柴油 7/31 上调 655 元/吨、越南柴油 +7.2% 且北部一度缺供，辖区重卡 TCO 同步抬升Hormuz closure enters month two: Brent up ~20% in July — China raised diesel RMB 655/t on Jul 31, Vietnam's diesel rose 7.2% with shortages in the north; truck TCO climbs across the region2

美伊冲突下霍尔木兹海峡自 7 月中旬再度大体关闭，Brent 7/31 报 87.66 美元/桶——较战前 2 月下旬约 72 美元累计约 +22%，7 月单月涨约两成，周中一度破 100 美元后因复谈迹象回落。传导已经落地：发改委 7/31 将国内汽、柴油分别上调 685/655 元/吨（年内第 15 次调价、第 10 次上调）；越南 7/30 柴油上调 7.2% 至 27,620 盾/升，北部柴油 7 月日均销量 +41.9% YoY（油企口径）、多地排队缺供，平准基金对柴油每升补贴 1,000 盾；泰国油料基金 7/29–30 削减 B7/B20 柴油补贴费率但零售价暂未变动；马来西亚 BUDI 柴油补贴价 RM2.10/升与市场价 RM4.42/升的缺口继续拉大。With the US-Iran conflict keeping the Strait of Hormuz largely closed since mid-July, Brent closed Jul 31 at $87.66/bbl — up ~22% from ~$72 in pre-war late February and ~20% for July alone, after briefly topping $100 mid-week and easing on signs of renewed talks. The pass-through has landed: China's NDRC raised gasoline/diesel by RMB 685/655 per tonne on Jul 31 (15th adjustment and 10th hike this year); Vietnam raised diesel 7.2% to VND 27,620/liter on Jul 30, with northern daily diesel sales +41.9% YoY (oil-company figures), queues and outages, and a VND 1,000/liter stabilization-fund subsidy; Thailand's fuel fund trimmed B7/B20 diesel subsidy rates on Jul 29–30 while holding pump prices; Malaysia's BUDI subsidized diesel stays at RM2.10/liter against a market price of RM4.42, a widening gap.

关键数据（事实层）Key data (facts)Brent $87.66 · 7 月约 +20%Brent $87.66 · ~+20% in July中国柴油 +655 元/吨China diesel +RMB 655/t越南柴油 +7.2% → 27,620 盾/升Vietnam diesel +7.2% → VND 27,620/l
事件Event

霍尔木兹海峡 7 月中旬起再度关闭，Brent 月涨约两成；中越两国本周先后上调国内柴油价。Hormuz re-closed from mid-July and Brent rose ~20% for the month; China and Vietnam both raised domestic diesel prices this week.

机制Mechanism

柴油占重卡 TCO 约 30–40%，燃料涨价直接压运营利润；补贴国（泰/马）财政负担加重，补贴退坡风险上升。Diesel is roughly 30–40% of a heavy truck's TCO, so fuel inflation directly squeezes operator margins; subsidy regimes (Thailand, Malaysia) carry a heavier fiscal load, raising rollback risk.

市场Market

辖区柴油车队购车意愿或承压、运价谈判趋紧；LNG 与电动重卡的相对经济性改善，切换有望提速。Diesel fleet purchase intent may weaken and freight-rate talks tighten across the region; the relative economics of LNG and electric trucks improve, likely accelerating switching.

业务Business

柴油每涨一轮，电动重卡替代逻辑多一分——电驱桥与新能源配套需求受益；传统柴油车换购或推迟。Every diesel hike adds to the electric-substitution case — e-axle and NEV content benefit, while diesel replacement purchases may be deferred.

净判断Net

油价是本周辖区唯一的共同变量，方向利空柴油车销量、利多电动化渗透。Oil is the one variable shared by every market this week: bearish for diesel truck sales, bullish for electrification.

前提Premise海峡关闭与高油价至少延续一个调价周期；各国未大规模加码燃油补贴对冲。The closure and elevated prices persist for at least one more adjustment cycle; no large-scale new fuel subsidies offset the rise.
证伪信号Falsifier美伊复谈达成、海峡全面重开——8/3 Brent 已因复谈重启回落逾 4% 至约 84 美元，若回到 75 美元下方则本条传导减弱。A US-Iran deal fully reopens the strait — Brent already fell >4% to ~$84 on Aug 3 as talks resumed; below $75 this transmission fades.
追踪锚点Track中国下一个调价窗口（约 8 月中旬）；越南下期调价（约 8/10）；Brent 周线与新加坡 gasoil 裂解。China's next pricing window (~mid-Aug); Vietnam's next adjustment (~Aug 10); weekly Brent and the Singapore gasoil crack.
领先指标Leading置信 中Confidence Mid

印尼：央行行长 Perry Warjiyo 7/27 辞职、卢比连续第五个月走贬——RKAB 补充批复与矿权部令仍未落地，8 月 HBA 环比 −5.6%Indonesia: BI governor Perry Warjiyo resigned Jul 27 as the rupiah fell a fifth straight month — RKAB approvals and the mining-permit decree still pending; August HBA −5.6% MoM3

印尼央行行长 Perry Warjiyo（任期本至 2028 年）以个人原因辞职，7/27 官宣，高级副行长 Destry Damayanti 出任代理行长；卢比当周贬约 0.5% 至约 18,027/美元，连续第五个月走贬，BI 表示以干预与 SRBI 等工具稳汇。供给侧两个待决项依旧悬着：镍矿 RKAB 修订申请 7/31 截止，批复结果与新总量截至 8/3 未公布（ESDM 7 月表态「镍不加量、只补冶炼厂缺口」；H1 冶炼厂矿耗 120.6 百万湿吨，仅为配额上限约 46%）；矿权选拔部令也未发布。8/1 公布的 8 月上期 HBA 煤炭参考价 124.44 美元/吨，环比 −5.6%。Bank Indonesia governor Perry Warjiyo (term originally to 2028) resigned for personal reasons, announced Jul 27, with senior deputy Destry Damayanti as acting governor; the rupiah slipped ~0.5% on the week to ~18,027/USD, a fifth consecutive monthly decline, and BI says it is defending the currency with intervention and SRBI issuance. Both supply-side items remain open: nickel RKAB revision applications closed Jul 31 with no approvals or new total published as of Aug 3 (ESDM's July line: 'no added nickel volume, only topping up short smelters'; H1 smelter ore consumption of 120.6 million wet tonnes is only ~46% of the quota ceiling), and the mining-permit selection decree is still unpublished. The first-half-August HBA coal reference price, released Aug 1, is $124.44/t, −5.6% MoM.

关键数据（事实层）Key data (facts)卢比 ≈18,027/USD · 五连贬Rupiah ≈18,027/USD · 5th monthly fallHBA $124.44 · 环比 −5.6%HBA $124.44 · −5.6% MoMRKAB 批复未出RKAB approvals pending
事件Event

央行行长辞职、卢比走贬，叠加 RKAB 批复、矿权部令、HBA 三项矿业变量集中压到 8 月。The governor's resignation and a sliding rupiah stack on top of three mining variables — RKAB approvals, the permit decree and HBA — all now landing in August.

机制Mechanism

央行换帅加大 8 月议息不确定性，商用车融资利率短期难下；卢比走贬抬高进口件成本；配额未定使矿区运力扩张观望。The leadership change raises uncertainty around the mid-Aug rate meeting, keeping CV financing rates sticky; a weaker rupiah inflates imported-parts costs; undecided quotas keep mine haulage expansion on hold.

市场Market

印尼商用车需求短期仍由物流复苏支撑（H1 卡车批发 +39% YoY），矿用车增量购置或推迟至配额落地后。Near-term CV demand still rides the logistics recovery (H1 truck wholesales +39% YoY); incremental mining-truck purchases are likely deferred until quotas land.

业务Business

车轴/挂车配套的印尼基本盘未变，但矿卡与矿区运输相关订单的下单时点后移；卢比走贬不利进口件报价、有利本地化（TKDN）路线。The Indonesian base for axle/trailer content is intact, but mining-truck and haulage-related orders slip to the right; the weak rupiah hurts imported-part pricing and favors localization (TKDN).

净判断Net

印尼供给侧能见度比上周更低——增量决策等 8 月三件事落地，基本盘靠物流不靠矿。Supply-side visibility in Indonesia is lower than last week — incremental decisions wait on three August events, while the base case runs on logistics, not mining.

前提Premise代理行长延续现行政策框架；RKAB 批复在 8 月内落地。The acting governor keeps the current policy framework; RKAB approvals land within August.
证伪信号Falsifier新行长快速获提名且市场解读为宽松转向、卢比企稳回升；或 RKAB 批复超预期放量。A quick governor nomination read as dovish with the rupiah stabilizing, or RKAB approvals surprising on the upside.
追踪锚点Track8 月中旬 BI 议息（代理行长主持）；ESDM 修订批复总量与矿权部令；8/15 HBA 下期。The mid-Aug BI meeting under the acting governor; ESDM's revised approval total and the permit decree; the Aug 15 HBA update.
领先指标Leading置信 中Confidence Mid

越南：公共投资上半年放款完成计划 35.5%、绝对额同比多放 38.4 万亿盾——301 关税无变动，美海关罕见赴越北检查中资工厂Vietnam: H1 public investment disbursed 35.5% of plan, VND 38.4tn more than a year ago — no change to the 301 tariff, but US customs made a rare inspection of Chinese-invested factories in the north4

财政部口径：上半年公共投资放款超 356 万亿盾（约 135 亿美元），完成总理下达计划的 35.5%——比率与 2025 年同期持平，但 2026 年计划总额 1.01 千万亿盾为史上最高，绝对额同比多放 38.4 万亿盾；7 个月全国数字待 GSO 8/3 公报（截至发稿未上线）。美国 301「强迫劳动」关税（越南 12.5% 档）7/24 生效后，本周无税率或豁免变动，但美海关官员赴越南北部检查中资工厂（Vietnam Weekly 称此为极罕见动作）；越方第 292/2026/ND-CP 号议定（禁止强迫劳动产品进口）9/5 生效。中国 OEM 借越南产能出海的路径，面临更严的原产地与用工合规审查。Ministry of Finance figures: H1 public investment disbursement topped VND 356 trillion (~$13.5bn), 35.5% of the PM-assigned plan — the same ratio as H1 2025, but with the 2026 plan a record VND 1.01 quadrillion, the absolute amount is VND 38.4tn higher YoY; the national 7-month number awaits the GSO bulletin due Aug 3 (not yet posted at time of writing). After the US Section 301 forced-labor tariff (Vietnam in the 12.5% tier) took effect Jul 24, this week brought no rate or exemption changes, but US customs officials made a rare inspection tour of Chinese-invested factories in northern Vietnam (per Vietnam Weekly); Vietnam's Decree 292/2026/ND-CP banning imports of forced-labor goods takes effect Sep 5. For Chinese OEMs, the route of going global via Vietnamese capacity now faces tighter origin and labor-compliance scrutiny.

关键数据（事实层）Key data (facts)H1 放款 356 万亿盾 · 计划 35.5%H1 disbursed VND 356tn · 35.5% of plan绝对额 +38.4 万亿盾 YoY+VND 38.4tn YoY in absolute terms301 对越 12.5% · 无变动301 on Vietnam 12.5% · unchanged
事件Event

公投放款半程完成 35.5%；301 关税执法以工厂检查的形式落到中资供应链。Public investment reached 35.5% of plan at mid-year; 301 enforcement reached Chinese-invested supply chains in the form of factory inspections.

机制Mechanism

放款进度决定基建开工与工程车队购置节奏；301 合规审查抬高中资在越工厂的运营与出口不确定性。Disbursement pace sets the rhythm of construction starts and works-fleet purchases; 301 compliance scrutiny raises operating and export uncertainty for Chinese-invested plants in Vietnam.

市场Market

越南工程自卸/搅拌车需求有支撑但弹性有限（放款比率仅与去年持平）；出口制造业相关投资决策或放缓。Demand for tippers and mixers is supported but capped (the disbursement ratio merely matches last year); export-manufacturing investment decisions may slow.

业务Business

工程车配套需求平稳；中国整车厂经越南转口的路线受审查，反而强化 CBU 直发的价格替代——对我们在越挂车/车轴配套的竞争压力不减。Works-vehicle component demand holds steady; with the Vietnam trans-shipment route under scrutiny, direct CBU exports from China gain relative appeal — competitive pressure on our trailer/axle content in Vietnam does not ease.

净判断Net

放款给量、301 给变数——下半年越南看点在放款能否提速，而非关税本身。Disbursement supplies the volume, 301 supplies the variance — H2 Vietnam hinges on whether disbursement accelerates, not on the tariff itself.

前提Premise越美磋商维持现状、12.5% 档年内不再上调；放款下半年按惯例加速。US-Vietnam talks hold the status quo with the 12.5% tier unchanged this year; disbursement accelerates in H2 as it usually does.
证伪信号Falsifier301 知识产权调查（裁定期限 11/29）升级为新关税；或前 7 个月放款比率明显低于去年同期。The separate 301 IP investigation (ruling due Nov 29) escalates into new tariffs, or the 7-month disbursement ratio clearly lags last year.
追踪锚点TrackGSO 8/3 公报（7 个月放款、IIP、货运量）；越美磋商与 11/29 裁定节点。The GSO Aug 3 bulletin (7-month disbursement, IIP, freight volume); US-Vietnam talks and the Nov 29 ruling deadline.
02重卡 / 商用车市场Trucks & Commercial Vehicles2

新能源重卡上半年约 14 万辆（+77% YoY）、6 月单月渗透率 44.75%——政策再加码：3 万公里零碳货运通道、3,000 余座重卡充换电站NEV heavy trucks: ~140k units in H1 (+77% YoY), June penetration at 44.75% — policy adds 30,000 km of zero-carbon freight corridors and 3,000+ charging/swap stations5

第一商用车网口径：上半年新能源重卡累计约 14 万辆、同比约 +77%；6 月单月 3.74 万辆（+108% YoY）、当月渗透率 44.75%。政策组合在 220 亿元置换资金之外继续加码：交通运输部等 11 部门《推动新能源重卡规模化应用实施方案》配套打造 3 万公里零碳货运通道、新增 3,000 余座重卡充换电站（据 cv.ce.cn 报道转述，政策内核自厂商稿中剥离）。厂商端，一汽解放 H1 新能源销量超 2.17 万辆（保险口径）、市占率 7.2%，6 月单月破 6,500 辆，并推出 8.9 吨极致轻量化产品（整车结构优化＋自主电驱桥协同匹配）。Per cvworld (No.1 CV Network) figures, NEV heavy-truck sales reached ~140k units in H1, up ~77% YoY; June alone was 37.4k (+108% YoY) with monthly penetration at 44.75%. Policy keeps stacking on top of the RMB 22bn scrappage fund: the 11-ministry implementation plan for scaling NEV heavy trucks adds 30,000 km of zero-carbon freight corridors and 3,000+ heavy-truck charging/battery-swap stations (policy core extracted from an OEM-centric cv.ce.cn feature). On the OEM side, FAW Jiefang sold 21.7k+ NEV units in H1 (insurance-registration basis) for a 7.2% share, topped 6,500 in June alone, and launched an 8.9-tonne ultralight product built on structural optimization plus its in-house e-axle.

关键数据Key dataH1 约 14 万辆 · +77% YoYH1 ~140k units · +77% YoY6 月渗透率 44.75%June penetration 44.75%解放 H1 2.17 万辆 · 市占 7.2%Jiefang H1 21.7k · 7.2% share
直接关切Directly material对业务的含义Implication

新能源重卡从补贴单点走向「资金＋通道＋补能」体系化，头部厂商把自主电驱桥当轻量化卖点——电驱桥对传统驱动车轴的替代在销售与产品定义两端同时推进，配套产品路线图需对齐 2026–27 干线电动化节奏。

NEV heavy trucks are moving from one-off subsidies to a system of funding + corridors + charging, and the lead OEM markets its in-house e-axle as a lightweighting feature — e-axle substitution of conventional drive axles is advancing in both sales and product definition; component roadmaps need to align with the 2026–27 trunk-line electrification cadence.

电池政策连续收紧：9/1 恢复征收消费税在即，工信部第 20 号公告废止「梯次利用」——退役动力电池只许再生利用Battery policy tightens again: with the Sep 1 consumption tax looming, MIIT's Announcement No. 20 abolishes 'echelon utilization' — retired EV batteries may only be recycled6

工信部 2026 年第 20 号公告（7 月底印发）：废止《新能源汽车废旧动力电池综合利用行业规范条件（2024 年本）》中「梯次利用」有关条款，停止梯次利用企业公告管理并将已公告企业移出名单；废旧动力电池只能走拆解、破碎、分选、冶炼的再生利用路径，禁止整体或重组后用于电动自行车等领域。叠加 9/1 起动力电池恢复征收 2% 消费税（2027 年 9 月升至 4%，上期跟踪项），电动重卡的电池全生命周期成本两头受压：购置端加税、残值端梯次利用渠道关闭。MIIT Announcement No. 20 of 2026 (issued late July) abolishes the 'echelon utilization' clauses in the 2024 industry-standard conditions for retired EV-battery utilization, ends the certified-enterprise listing regime and delists already-certified firms; retired traction batteries may only follow the dismantle-crush-sort-smelt recycling route, and reassembled packs are banned from e-bikes and other restricted uses. Combined with the battery consumption tax returning Sep 1 at 2% (rising to 4% in Sep 2027 — tracked last issue), the battery lifecycle cost of electric trucks is squeezed at both ends: taxed at purchase, and stripped of the second-life residual channel.

关键数据Key data消费税 9/1 · 2% → 4%（2027）Tax Sep 1 · 2% → 4% (2027)梯次利用公告管理废止Echelon-use certification abolished
对业务的含义Implication

电动重卡 TCO 模型中的电池残值假设需下调；电池资产由运营商持有的换电/租电模式相对优势扩大——关注 9/1 前的抢装与其后渗透率斜率的变化。

Battery residual-value assumptions in electric-truck TCO models need marking down; battery-swap/leasing models where operators hold the asset gain relative advantage — watch the pre-buy before Sep 1 and the penetration slope after.

03挂车 / 零部件与竞争对手Trailers, Components & Competitors2

采埃孚上半年：销售额 193 亿欧元（名义 −2.0% YoY、有机 +0.5%）、调整后 EBIT 利润率 4.3% → 5.0%——减员、收投资换盈利，全年指引维持ZF H1: sales EUR 19.3bn (−2.0% YoY nominal, +0.5% organic), adjusted EBIT margin up from 4.3% to 5.0% — headcount and capex cuts buy profitability; full-year guidance kept7

采埃孚 7/30 发布上半年财报：销售额 193 亿欧元（2025 年同期 197 亿，名义 −2.0%，剔除汇率并购后有机 +0.5%）；调整后 EBIT 9.64 亿欧元（同期 8.53 亿）、利润率 5.0%（同期 4.3%），处于全年 4.0–5.0% 指引区间上限；调整后自由现金流 9.89 亿欧元（同期 4.65 亿）。全球员工 149,675 人、较 2025 年底减超 2%（德国本土 −4% 至 47,068 人），研发与资本开支同步收缩。全年指引维持：销售额超 380 亿欧元、调整后自由现金流超 10 亿欧元。ZF reported H1 on Jul 30: sales of EUR 19.3bn (vs 19.7bn a year earlier, −2.0% nominal; +0.5% organic ex-FX/M&A); adjusted EBIT of EUR 964m (vs 853m) for a 5.0% margin (vs 4.3%), at the top of the 4.0–5.0% full-year guidance band; adjusted free cash flow of EUR 989m (vs 465m). Global headcount is 149,675, down more than 2% from end-2025 (Germany −4% to 47,068), with R&D and capex trimmed in parallel. Guidance is unchanged: sales above EUR 38bn and adjusted FCF above EUR 1bn.

关键数据Key data营收 €193 亿 · 名义 −2.0% YoYSales €19.3bn · −2.0% YoY nominal调整后 EBIT 率 5.0% · +0.7pp YoYAdj. EBIT margin 5.0% · +0.7pp YoY调整后 FCF €9.89 亿Adj. FCF €989m
对业务的含义Implication

头部零部件对手正在用减员和收缩投资换现金流，而非扩产能——短期竞争烈度不升，同时行业低迷期的资产剥离与并购标的供给增加，值得持续盯采埃孚的业务组合动作。

A top component competitor is trading headcount and capex for cash flow rather than expanding capacity — near-term competitive intensity does not rise, while the downturn increases divestiture and M&A deal flow; ZF's portfolio moves deserve continued watching.

北美挂车需求拐点：Wabash 在手订单 9.56 亿美元、环比 +14%（公司史上首个二季度环比增长）——ACT：6 月挂车订单 +144% YoYNorth American trailer demand inflects: Wabash backlog $956m, +14% QoQ (first Q2 backlog growth in company history) — ACT: June trailer orders +144% YoY8

Wabash 7/29 称二季度挂车需求变化为公司成立 40 年来未见：客户为消化三年车队老化，从递延转向确认订单；期末在手订单 9.56 亿美元、环比 +14%，为公司历史上首次二季度环比增长，并提前开放 2027 年干货车订单簿，但当季仍净亏 2,260 万美元。ACT Research 月度订单：4 月 +126% YoY、5 月 +12% YoY、6 月 +144% YoY（6 月环比 5 月 +133%）。北美挂车周期回暖，对中国挂车与零部件出口链亦是领先信号。Wabash said on Jul 29 that Q2 trailer demand shifted in a way unseen in its 40-year history: customers moved from deferral to committed orders to work off three years of fleet aging. Quarter-end backlog reached $956m, +14% QoQ — the first Q2 backlog growth in company history — and the 2027 dry-van order book opened early, though the quarter still carried a $22.6m net loss. ACT Research monthly orders: April +126% YoY, May +12% YoY, June +144% YoY (June +133% vs May). The North American trailer upturn is also a leading signal for China's trailer and component export chain.

关键数据Key data在手订单 $9.56 亿 · 环比 +14%Backlog $956m · +14% QoQ6 月订单 +144% YoY（ACT）June orders +144% YoY (ACT)Q2 净亏 $2,260 万Q2 net loss $22.6m
直接关切Directly material对业务的含义Implication

挂车配套件的订单弹性大于整车——若回暖持续，第五轮座/支腿/车轴等配套的全球需求底部已过，JOST、SAF-Holland 下半年指引有上修空间，亚洲产能的出口订单同步受益。

Component orders swing harder than complete trailers — if the upturn holds, global demand for fifth wheels, landing gear and axles has bottomed; JOST and SAF-Holland have room to raise H2 guidance, and Asian plants' export orders benefit in step.

04矿用车 & 矿业Mining Vehicles & Mining2

无驾驶室矿卡从发布走到投运：SPIC AT-150（136 吨级、纯电＋双向行驶＋无人驾驶）7/30 在内蒙古南露天煤矿上线The cabless mining truck goes from launch to operation: SPIC's AT-150 (136 t, battery-electric, bidirectional, autonomous) entered service at the South open-pit coal mine in Inner Mongolia on Jul 309

国家电投（SPIC）联合北方股份（NHL）与易控智驾（EACON）开发的 AT-150，为中国首台纯电、双向行驶、无人驾驶刚性矿卡，额定载重 136 吨，完全取消驾驶室；依托国内首套双向自动驾驶决策系统，可在狭窄作业面内双向行驶、免调头，实现装载-运输-卸载-避障-停靠的全闭环无人作业。上期报道的三一 SKT145Ei（90 吨级无驾驶室宽体矿卡）尚在发布阶段，本条是同类无驾驶室平台的首个商业化投运。The AT-150, developed by SPIC with OEM Inner Mongolia North Hauler (NHL) and autonomous-haulage firm EACON, is China's first battery-electric, bidirectional, driverless rigid mining truck: 136 t rated payload with the cab eliminated entirely. Running the country's first bidirectional autonomous-driving decision system, it shuttles both ways on narrow benches without U-turns and closes the loop across loading, hauling, dumping, obstacle avoidance and parking. SANY's SKT145Ei (the 90 t-class cabless wide-body covered last issue) is still at the launch stage — this is the first commercial deployment of a cabless platform.

关键数据Key data载重 136 t · 纯电＋无人136 t payload · BEV + autonomous双向行驶 · 免调头Bidirectional · no U-turns7/30 投运In service Jul 30
直接关切Directly material对业务的含义Implication

无驾驶室＋双向行驶重定义整车架构：前后桥趋同、转向与悬架双向对称——矿用车轴/悬架的产品定义窗口正在打开，错过平台定点就错过整个代际。

Cabless plus bidirectional operation redefines vehicle architecture: front and rear axles converge, steering and suspension become symmetric — the definition window for mining axles/suspension is opening now, and missing the platform design-in means missing the generation.

卡特彼勒把宽体矿卡批量交付海外工程车队：Cat 707（66 吨级）交付摩洛哥 STAM——宽体自卸从「中国品类」变成「全球品类」Caterpillar delivers wide-body trucks to an overseas works fleet: Cat 707s (66 t class) go to Morocco's STAM — the WBT shifts from a 'China category' to a global one10

卡特彼勒经销商 Tractafric Equipment Maroc 向摩洛哥基建承包商 STAM 交付一批 Cat 707 宽体矿卡：最大载重 66 吨、40/42 立方米箱容可选，动力可配 400 kW C13B（满足中国非道路第四阶段排放）或 358 kW C13（相当于美国 Tier 3），标配 VisionLink 车队管理。宽体自卸这一由中国厂商定义并长期主导的品类，国际巨头开始正面参与并向海外市场铺货。Caterpillar dealer Tractafric Equipment Maroc delivered a fleet of Cat 707 wide-body trucks to Moroccan infrastructure contractor STAM: 66 t maximum payload, 40 or 42 m³ bodies, powered by either the 400 kW C13B (meeting China Nonroad Stage IV) or the 358 kW C13 (US Tier 3 equivalent), with VisionLink fleet management as standard. The wide-body truck — a category defined and long dominated by Chinese OEMs — now has the global majors competing head-on and shipping it to overseas markets.

关键数据Key data载重 66 t · 40/42 m³66 t payload · 40/42 m³C13B 满足中国非道路 IVC13B meets China Nonroad IV
对业务的含义Implication

Cat 入局验证了宽体矿卡的全球化空间，也会抬高品类的部件规格与服务标准——对中系宽体车的车轴/悬架配套，竞争与升级同时到来。

Cat's entry validates the WBT's global runway and will lift component-spec and service expectations for the category — for axle/suspension suppliers to Chinese wide-bodies, competition and an upgrade cycle arrive together.

05亚洲市场Asia Markets4
东亚East Asia

日本：丰田在重卡领域两笔结构性落子——7/27 签署约束性协议以三方各 33.3% 入股燃料电池合资 cellcentric；ARCHION 二次配售 7/29 交割、丰田/戴姆勒卡车持股各降至 25%Japan: two structural moves by Toyota in heavy trucks — a binding deal signed Jul 27 to join fuel-cell JV cellcentric as an equal 33.3% shareholder, and the ARCHION secondary offering settled Jul 29 with Toyota and Daimler Truck each down to 25%11

丰田与 Daimler Truck、沃尔沃集团 7/27 签署约束性协议，以平等股东（三方各持 33.3%）加入重卡氢燃料电池合资公司 cellcentric，交易待监管批准、预计 2026 年底至 2027 年初交割。同周，日野与三菱扶桑整合后的 ARCHION 完成二次配售交割（7/29）：丰田与戴姆勒卡车各售出约 3.94 亿股、持股由 41.4% 降至 25%，定价 260 日元/股、基础规模约 2,048 亿日元，流通股比例升破 35%（满足东证 Prime 留市要求；配售定价上期已跟踪，本周交割完成）。Toyota signed a binding agreement with Daimler Truck and Volvo Group on Jul 27 to join heavy-truck hydrogen fuel-cell JV cellcentric as an equal shareholder (33.3% each), pending regulatory approval with closing expected between late 2026 and early 2027. The same week, ARCHION — the merged Hino/Mitsubishi Fuso company — settled its secondary offering on Jul 29: Toyota and Daimler Truck each sold ~394 million shares, cutting their stakes from 41.4% to 25% at ¥260/share for a base size of ~¥204.8bn, lifting the free float above 35% (the TSE Prime retention threshold; pricing was tracked last issue, settlement completed this week).

关键数据Key datacellcentric 三方各 33.3%cellcentric 33.3% eachARCHION 配售 ¥260/股 · 持股降至 25%ARCHION ¥260/sh · stakes to 25%
对业务的含义Implication

日系重卡格局重排走完关键两步：整车（ARCHION）走向独立市场化，氢动力走向跨 OEM 共享——氢重卡供应链的规格统一会快于预期，配套件按平台而非按品牌开发的趋势强化。

Japan's heavy-truck realignment completed two key steps: the vehicle maker (ARCHION) moves toward independence while hydrogen powertrains move toward cross-OEM sharing — fuel-cell truck supply-chain specs will converge faster than expected, reinforcing platform-based rather than brand-based component development.

东南亚Southeast Asia

印尼：上半年商用车批发 114,154 辆（+39% YoY）——中型卡车 26,744 辆（+55% YoY）领涨，重卡（GVW>24t）细分表仍缺Indonesia: H1 CV wholesales 114,154 units (+39% YoY) — medium-duty trucks led at 26,744 (+55% YoY); the heavy-truck (GVW>24t) breakdown is still missing12

GAIKINDO 上半年批发口径：商用车合计 114,154 辆、+39% YoY，其中中型卡车 26,744 辆（+55% YoY）、轻型商用车 66,004 辆（+51% YoY，轻型口径从简）；总市场 436,564 辆、+16% YoY（2025 年同期 376,707 辆）。重卡 GVW>24 吨细分（上期跟踪项）仍未取得——GAIKINDO 分类报表页对境外访问返回 403，待国内节点直读或月度深更补数。GAIKINDO H1 wholesale figures: commercial vehicles totaled 114,154 units, +39% YoY, with medium-duty trucks at 26,744 (+55% YoY) and light commercial vehicles at 66,004 (+51% YoY; light segment noted only in passing). The total market reached 436,564 units, +16% YoY (vs 376,707 in H1 2025). The GVW>24t heavy-truck breakdown (tracked last issue) remains unavailable — GAIKINDO's category tables return 403 to offshore access; to be filled via a domestic node or the monthly deep-dive.

关键数据Key dataH1 CV 批发 114,154 辆 · +39% YoYH1 CV wholesales 114,154 · +39% YoY中型卡车 26,744 辆 · +55% YoYMedium trucks 26,744 · +55% YoY
对业务的含义Implication

印尼商用车基本盘由物流复苏与中型卡车驱动，与宏观章的供给侧观望并行——需求先行、矿业增量后置的判断维持，车轴/挂车配套按物流车型优先排产。

Indonesia's CV base case is driven by the logistics recovery and medium trucks, running in parallel with the supply-side wait-and-see covered in Macro — demand leads and mining upside lags, so axle/trailer content should prioritize logistics vehicle programs.

南亚South Asia

印度：SIAM 一季度（4–6 月）商用车批发 26.5 万辆、+18.3% YoY 创同期新高——Tata 7 月 CV 39,641 辆（+37% YoY）、HCV 卡车 8,973 辆（+33% YoY）India: SIAM Q1 (Apr–Jun) CV wholesales hit a record 265k units, +18.3% YoY — Tata's July CV sales 39,641 (+37% YoY), HCV trucks 8,973 (+33% YoY)13

SIAM 数据：FY2027 一季度（2026 年 4–6 月）商用车批发 26.5 万辆、+18.3% YoY，为历史最高一季度，SIAM 归因于 GST 下调、融资成本走低与新车型（数据署名 SIAM）。月度端 8/1 公告：Tata Motors 7 月商用车 39,641 辆（+37% YoY，上年同期 28,956 辆），其中 HCV 卡车 8,973 辆（+33% YoY）、国内 MH&ICV 15,435 辆（+25% YoY）、国际业务 5,765 辆（+128% YoY，低基数）。Ashok Leyland 7 月数据截至发稿未公布（6 月 M&HCV 卡车 9,616 辆、+44% YoY 供参照）。SIAM data: CV wholesales in Q1 FY2027 (Apr–Jun 2026) reached 265k units, +18.3% YoY — the highest first quarter on record — which SIAM attributes to the GST cut, lower financing costs and new models (figures credited to SIAM). On the monthly side (Aug 1 releases): Tata Motors sold 39,641 CVs in July (+37% YoY vs 28,956), including 8,973 HCV trucks (+33% YoY), 15,435 domestic MH&ICVs (+25% YoY) and 5,765 international units (+128% YoY off a low base). Ashok Leyland's July release was not out at time of writing (June reference: 9,616 M&HCV trucks, +44% YoY).

关键数据Key dataSIAM Q1 CV 26.5 万辆 · +18.3% YoYSIAM Q1 CV 265k · +18.3% YoYTata 7 月 HCV 卡车 +33% YoYTata July HCV trucks +33% YoY
直接关切Directly material对业务的含义Implication

印度 M&HCV 是当前全亚洲量级与增速兼具的重卡增量市场，连续创高后需求成色待雨季（7–9 月）检验——车轴与挂车配套的印度机会窗仍在扩大，且三一矿卡已用浦那基地供中东，印度产能的区域辐射价值在上升。

India's M&HCV segment currently combines scale and growth like no other Asian truck market; after successive records, the monsoon quarter (Jul–Sep) will test demand quality. The India window for axle and trailer content keeps widening — and with SANY already supplying the Middle East from Pune, Indian capacity is gaining regional reach.

西亚 / 中东West Asia / Middle East

沙特：三一 90 吨级混动矿卡 SKT130S 与 70 吨级 SKT105S 车队已在当地运营——大型工程放缓下，中系宽体矿卡仍在中东铺开Saudi Arabia: SANY's 90 t-class hybrid SKT130S and a fleet of 70 t SKT105S wide-bodies are now operating in-country — Chinese WBTs keep spreading in the Middle East despite the megaproject slowdown14

International Mining 报道：三一 SKT130S（90 吨级柴电混动，潍柴 925 kW 发动机＋轮边电机、液气悬架、128 kWh 电池，较纯柴油机型省油 20–25%，下坡再生制动充电）已在沙特运营，另有 4 台 SKT105S（70 吨级，潍柴 390 kW、同为液气悬架）车队投入使用；SKT130S 由沈阳与印度浦那两地生产。沙特大型工程项目施工放缓，但矿业对中国造宽体矿卡仍是明确的潜力市场。Per International Mining: SANY's SKT130S (90 t-class diesel-electric hybrid with a 925 kW Weichai engine, electric wheel motors, hydro-pneumatic suspension and a 128 kWh battery, saving 20–25% fuel vs diesel-only and recharging via regenerative braking downhill) is operating in Saudi Arabia, alongside a fleet of four SKT105S 70 t wide-bodies (390 kW Weichai, also hydro-pneumatic suspension); the SKT130S is built in both Shenyang and Pune, India. Construction at the Kingdom's megaprojects has slowed, but mining remains a clear potential market for China-built WBTs.

关键数据Key dataSKT130S 90 t 级 · 混动省油 20–25%SKT130S 90 t class · hybrid saves 20–25% fuel液气悬架替代钢板弹簧Hydro-pneumatic replaces leaf springs
对业务的含义Implication

液气悬架替代钢板弹簧已是中系高端宽体矿卡的标准配置，且在出口机型上先行——悬架/车轴的规格升级方向明确，应纳入矿用产品规划的参照基线。

Hydro-pneumatic suspension replacing leaf springs is now standard on high-end Chinese WBTs and debuts on export models first — the upgrade direction for suspension/axle specs is clear and belongs in the mining product-planning baseline.

06中国 OEM 出海China OEM Overseas Expansion2

徐工首个海外新能源制造基地在印尼 Weda Bay 投产：首批 XC968-EV 下线交付青山——柳工 5 天前同在印尼破土，镍矿区电动装备属地化成型XCMG's first overseas new-energy plant starts production at Weda Bay, Indonesia: first XC968-EVs roll off the line for Tsingshan — LiuGong broke ground in Indonesia five days earlier as electric equipment localizes in the nickel belt15

7/27 徐工印尼新能源制造基地在 Weda Bay 工业园（IWIP）举行投产仪式，首批产品 XC968-EV 电动装载机下线并交付战略客户青山集团——青山持 Weda Bay Nickel 51.3%（Eramet 37.8%、印尼国企 Antam 10%），该矿为全球最大镍矿；此前 5 天，柳工电动装备工厂在印尼破土。Weda Bay 与 Morowali（IMIP）镍矿区已是中国电动矿用装备的主力用户，徐工 XDR80TE、三一 SKT105E 电动宽体矿卡在役；徐工称该基地兼具供应亚太其他矿业市场的潜力。On Jul 27, XCMG inaugurated its Indonesian new-energy manufacturing base at the Weda Bay Industrial Park (IWIP), with the first XC968-EV electric wheel loaders rolling off the line for strategic customer Tsingshan Group — holder of 51.3% of Weda Bay Nickel (Eramet 37.8%, Indonesian SOE Antam 10%), the world's largest nickel mine. LiuGong had broken ground on its own electric-equipment factory in Indonesia five days earlier. The Weda Bay and Morowali (IMIP) nickel districts are already the main users of Chinese battery-electric mining equipment, with XCMG XDR80TE and SANY SKT105E electric wide-bodies in service; XCMG says the base can also supply other APAC mining markets.

关键数据Key data7/27 投产 · 首批 XC968-EVProduction from Jul 27 · first XC968-EVs青山持股 51.3% · 全球最大镍矿Tsingshan 51.3% · world's largest nickel mine柳工同月破土LiuGong broke ground the same month
直接关切Directly material对业务的含义Implication

中国矿用装备对印尼从整机出口升级为属地制造，供应链本地化门槛同步抬高——矿用车轴/悬架配套若不跟进印尼产能布局，将在 TKDN 要求与交付半径上两头吃亏。

Chinese mining equipment in Indonesia has stepped up from exporting machines to building them locally, raising the localization bar for the whole supply chain — mining axle/suspension suppliers that don't follow with Indonesian capacity will lose on both TKDN compliance and delivery radius.

中国重汽把新能源出海主场设在河内：906 家伙伴、39 国到会——上半年重卡销量 19.6 万辆（+40.3% YoY，厂商发布口径）、展出 26 款新能源车型Sinotruk stages its NEV globalization launch in Hanoi: 906 partners from 39 countries — H1 heavy-truck sales of 196k units (+40.3% YoY, company figures) and 26 NEV models on display16

中国重汽「2026 新能源伙伴大会」7 月下旬在越南河内举行（主题 We Leap, We Link, We Lead），906 家合作伙伴来自 39 个国家和地区，总裁刘伟出席、越南建设部副部长到场。会上公布上半年数据（厂商发布口径）：集团营业收入 110 亿美元（+42% YoY）、整车总销量 27.2 万辆（+27.6% YoY）、重卡 19.6 万辆（+40.3% YoY）、中国国内新能源重卡 2.5 万辆；现场展出 26 款新能源车型（纯电/增程/氢燃料电池，覆盖资源运输、港口、长途物流等六大场景），发布新能源品牌标识 S-EV，称新能源产品已进入 50 余国。同期母公司山东重工在越举办全球伙伴大会，现场签署电动大巴与电动重卡项目。Sinotruk held its '2026 New Energy Partners Conference' in Hanoi in late July (theme: We Leap, We Link, We Lead), drawing 906 partners from 39 countries and regions, with president Liu Wei attending alongside Vietnam's deputy construction minister. Company-reported H1 figures announced at the event: group revenue $11bn (+42% YoY), total vehicle sales 272k (+27.6% YoY), heavy trucks 196k (+40.3% YoY), and 25k domestic NEV heavy trucks. Twenty-six NEV models (BEV, range-extended and hydrogen fuel-cell, spanning six scenarios from resource haulage to ports and long-haul logistics) were displayed, the S-EV new-energy brand mark was launched, and NEV products were said to have entered 50+ countries. Parent Shandong Heavy Industry ran its global partners conference in Vietnam the same week, signing electric bus and electric heavy-truck projects on site.

关键数据Key dataH1 重卡 19.6 万辆 · +40.3% YoYH1 HDT 196k · +40.3% YoY906 伙伴 · 39 国906 partners · 39 countries26 款新能源车型 · S-EV 品牌26 NEV models · S-EV brand
直接关切Directly material对业务的含义Implication

中国 CBU 的价格替代是辖区复发性结构风险，且正从柴油车延伸到电动车——重汽选在越南官宣全球电动攻势，意味着东南亚是第一波主战场；在越南、印尼的挂车/车轴配套份额将直面中系整车自带供应链的挤压。

Chinese CBU price substitution is the region's recurring structural risk, and it is now extending from diesel into electric trucks — Sinotruk choosing Vietnam to announce its global EV push marks Southeast Asia as the first battleground; our trailer/axle content share in Vietnam and Indonesia will face OEMs arriving with their own supply chains.

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