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 · 远东 — 供董事会汇报 Heavy CV · Trailers · Mining Vehicles IntelligenceAxle / fifth-wheel / coupling lens · Far East — for board reporting

2026 · W27
2026-06-23 → 06-29
来源 国际 RSS + 中国行业网站 + 远东区域源 + 宏观初级源（统计局 / 央行 / 部委）。 处理 本周抓取 338 条 → 正/负向打分（剔除空壳 17、软文 1、低分 218）+ 跨源去重 → 候选 93 条 → GNews 中转链还原（69 条还原 67、剔 2 条未还原）→ 候选 91 条 → 按收录纪律精选。 去重 与 W26 重叠的存量大事件（新能源重卡方案、采埃孚 AxTrax 2、美国挂车 +237%、MJ Transport、CIMC、印尼 5 月 CV）已在上周报告，本期仅取净增。 缺口 第一商用车网（cvworld.cn）境外封锁需 VPN；微信（阶段 3）本周未导入。 Sources Intl RSS + China trade sites + Far East regional + macro primary sources (statistics bureaus / central banks / ministries). Pipeline 338 pulled → +/− scoring (17 empty, 1 PR, 218 low dropped) + dedup → 93 candidates → GNews resolution (67/69 resolved, 2 dropped) → 91 candidates → curated. Dedup Events overlapping W26 (NEV-HDV plan, ZF AxTrax 2, US trailer +237%, MJ Transport, CIMC, Indonesia May CV) reported last week; only net-new carried. Gap cvworld.cn geo-blocked (needs VPN); WeChat (Phase 3) not imported.
本周主线Bottom Line

结构性大新闻落地后的「兑现周」：电驱桥对传统车轴的替代，在销量与产品两端同步坐实——这是车轴产品线当前的首要监测项。

A "delivery week" after the structural headlines: the substitution of e-axles for traditional axles is now confirmed on both volume and product fronts — the top monitoring item for the axle line right now.

宏观Macro

背景分化：中国货运边际回暖（6 月制造业 PMI 50.3，连续第三个月扩张、新订单重回扩张 51.2）+ 柴油两连降利好运营；印尼加息 +100bp、镍矿配额砍约 1/3，需求与矿区运量两端承压；越南靠创纪录公共投资撑住投资支出。

Mixed: China's freight cycle warming at the margin (June manufacturing PMI 50.3 — third straight month of expansion, new orders back above 50 at 51.2) with two diesel cuts; Indonesia tightening (+100bp, nickel quota ↓⅓) pressures demand and haulage; Vietnam leans on record public investment.

信号Signal

电驱桥替代加速：新能源重卡 1–5 月 10.26 万辆（同比 +67.6%、渗透 30.89%）坐实放量；继采埃孚后，中国重汽推 513kWh 车电一体电驱桥牵引车，替代从外资扩散到国产 OEM。

E-axle substitution accelerating: NE heavy trucks 102,600 units Jan–May (+67.6% YoY, 30.89%); after ZF, Sinotruk launched a 513 kWh vehicle-battery-integrated e-axle tractor — substitution spreading from foreign to Chinese OEMs.

需求Demand

矿业设备 capex 偏暖且向电动化/自动化倾斜（Volvo A30 Electric 全球首装、柳工 DR50CE 纯电刚性矿卡亮相 Hillhead、易控智驾 EACON 赴港 IPO、Liebherr 澳洲扩队），支撑矿卡及配套；日系格局重组（戴姆勒整合扶桑、成立 ARCHION）。

Mining capex firm and tilting to electric/autonomous (Volvo A30 Electric world-first, LiuGong's DR50CE battery rigid at Hillhead, EACON's HK IPO, Liebherr fleets in Australia), supporting mining trucks/components; Japanese landscape reshuffling (Daimler's Fuso integration into ARCHION).

结论Verdict

把电驱桥渗透节奏列为车轴产品线首要监测项；印尼关注"利率逆风 vs 本地化利好"的对冲，越南关注基建脉冲的持续性。

Make e-axle penetration the axle line's top monitoring item; in Indonesia watch the "rate headwind vs localization benefit" offset, in Vietnam the durability of the infrastructure pulse.

本周要点Key Takeaways
01宏观与政策环境Macro & Policy5
已传导Transmitted置信 中Confidence Mid

中国 6 月柴油两连降，重卡运营成本下行China cuts diesel twice in June — HDV operating costs ease1

国家发改委 6 月两次下调成品油价：6/18 起柴油每吨降 495 元，为年内首次「两连降」（前一轮 6/4 降 505 元/吨）。媒体测算 50 吨满载重卡每万公里省约 1,700 元。China's NDRC cut fuel prices twice in June: from 18 Jun diesel fell RMB 495/t — the first back-to-back cut this year (after RMB 505/t on 4 Jun). Media estimate a fully-loaded 50t truck saves ~RMB 1,700 per 10,000 km.

关键数据（事实层）Key data (facts)柴油 −495 元/吨（6/18）Diesel −RMB 495/t (18 Jun)两连降合计约 −1,000 元/吨~−RMB 1,000/t (two cuts)每万公里省≈1,700 元−RMB 1,700/10,000 km
事件Event

6 月连续两轮下调柴油价（合计约 −1,000 元/吨）。Two consecutive June diesel cuts (~−RMB 1,000/t combined).

机制Mechanism

柴油占重卡全生命周期成本约 30–40%，价格下行直接降低 TCO。Diesel is ~30–40% of HDV lifecycle cost; lower price directly cuts TCO.

市场Market

车队盈利改善，购车意愿或提升，柴油重卡需求边际获支撑。Better fleet margins may lift purchase appetite, marginally supporting diesel-HDV demand.

业务Business

柴油牵引车的车桥/牵引座/传动配套或获短期提振；但低油价或推迟 LNG/电动切换，新能源部件供应商承压。Axle/fifth-wheel/driveline fitment for diesel tractors may see a short lift; but cheap diesel may delay the LNG/EV switch, a headwind for NEV-component suppliers.

净判断Net

短期利好柴油存量配套，略微放缓新能源切换（推断）。Short-term net positive for diesel-fitment, mildly slowing the NEV switch (inference).

前提Premise油价维持低位，运价与货量不进一步走弱。Diesel stays low; freight rates/volumes don't weaken further.
证伪信号Falsifier若运价/货量走弱，盈利改善被抵消，购车不增。If rates/volumes weaken, the margin gain is offset and purchases don't rise.
追踪锚点Track后续月度重卡销量、公路货运运价指数。Monthly HDV sales; road-freight rate index.
已传导Transmitted置信 高Confidence High

印尼央行 6 月两次加息共 +100bp 至 5.75%——卡车融资成本承压Bank Indonesia hikes +100bp to 5.75% in June — truck financing costs rise2

印尼央行 6/9 临时会议加息 25bp 至 5.50%、6/17–18 例会再加 25bp 至 5.75%，六周内累计 +100bp（2025 年 5 月以来最高），意在稳卢比。印尼商用车多依赖分期/融资购置，利率直接传导购置决策。BI raised the rate +25bp to 5.50% (off-cycle, 9 Jun) and +25bp to 5.75% (17–18 Jun) — +100bp in six weeks (highest since May 2025) to defend the rupiah. Indonesian CV purchases are largely credit-financed, so rates transmit directly.

关键数据（事实层）Key data (facts)BI-Rate 升至 5.75%（6/18）BI-Rate to 5.75% (18 Jun)六周累计 +100bp+100bp in 6 weeks2025/5 以来最高highest since May 2025
事件Event

BI 六周内 +100bp 至 5.75% 以保汇率。BI +100bp to 5.75% in six weeks to defend the rupiah.

机制Mechanism

政策利率上行抬高车队融资/租赁利率，卢比走弱同时推高 CKD 件与进口车轴钢成本。Higher policy rate lifts fleet financing/leasing rates; a weak rupiah raises CKD-kit and imported axle-steel costs.

市场Market

利率敏感的重卡车队资本开支或推迟、需求承压；进口含量高的车型面临汇率成本压力。Rate-sensitive HDV fleet capex may be deferred, demand under pressure; import-heavy models face FX cost strain.

业务Business

近端订单面临下行风险；但卢比贬值抬高进口件成本，反而利好 TKDN 本地化——在印尼本地化车轴/连接件/挂车件的供应商相对受益。Near-term orders face downside risk; yet a weak rupiah raises import costs and favours TKDN localization — locally-producing axle/coupling/trailer suppliers relatively benefit.

净判断Net

整车需求短期承压，但方向性利好本地产能布局（推断）。Vehicle demand pressured short-term, but directionally favours local production footprint (inference).

前提Premise无对冲性财政补贴或定向信贷宽松落地。No offsetting fiscal subsidy or targeted credit easing.
证伪信号Falsifier若政府推购车补贴/定向信贷，需求承压被对冲。If purchase subsidies/targeted credit appear, the demand pressure is offset.
追踪锚点Track下期 GAIKINDO 商用车月报；印尼车贷利率走势。Next GAIKINDO CV report; Indonesian auto-loan rates.
领先指标Leading置信 中Confidence Mid

印尼 2026 镍矿配额砍约 1/3 至 260–270 Mt，6 月底已触顶Indonesia cuts 2026 nickel-ore quota ~⅓ to 260–270 Mt; ceiling hit by end-June3

据 ESDM，2026 年镍矿 RKAB 开采配额定为 260–270 Mt，较 2025 年核准的 379 Mt 减约三分之一（同比 −29~31%）；至 6 月底核准量已触年度上限，补充配额修订窗口开放至 7/31。Per ESDM, the 2026 nickel-ore RKAB quota is 260–270 Mt, down ~one-third from 379 Mt in 2025 (−29 to −31% YoY); approvals hit the ceiling by end-June, with a supplementary window open to 31 Jul.

关键数据（事实层）Key data (facts)2026 配额 260–270 Mt2026 quota 260–270 Mt2025 为 379 Mt（约 −1/3）vs 379 Mt 2025 (~−⅓)7/31 补充窗口31 Jul window
事件Event

镍矿配额同比砍约 1/3；6 月底触顶。Nickel quota cut ~⅓ YoY; ceiling hit end-June.

机制Mechanism

允许开采吨位下降 → 镍带（苏拉威西/哈马黑拉）矿石运量与矿卡 tonne-km 减少。Lower permitted tonnage → less ore haulage and tipper tonne-km in the nickel belt (Sulawesi/Halmahera).

市场Market

2026 镍区矿卡利用率与置换需求承压/下行风险，部分被冶炼/HPAL 建设期车辆需求对冲。2026 nickel-region truck utilization and replacement under pressure / downside risk, partly offset by smelter/HPAL construction-vehicle demand.

业务Business

镍区重型车轴与自卸挂车拉动或推迟。Heavy-axle and tipper-trailer pull in the nickel belt may be deferred.

净判断Net

镍区矿卡需求承压，但建设车辆与煤炭配额放松部分对冲（推断）。Nickel-region truck demand pressured, partly offset by construction vehicles and coal-quota easing (inference).

前提Premise7/31 补充配额不大幅回补；镍价不刺激超额生产。The 31 Jul top-up doesn't largely restore the cut; nickel prices don't spur overproduction.
证伪信号Falsifier若 7/31 补充配额显著回补，承压缓解。If the 31 Jul top-up restores much of the cut, the pressure eases.
追踪锚点Track7/31 补充配额结果；镍带矿区车队动态；煤炭配额。31 Jul top-up outcome; nickel-belt fleet activity; coal quotas.
领先指标Leading置信 中Confidence Mid

越南创纪录公共投资加速放款——工程/重卡需求近端拉动Vietnam's record public investment accelerates — near-term pull for construction/heavy trucks4

截至 6/4，越南公共投资放款 227.2 万亿越南盾（约 87.3 亿美元）、达计划 22.4%，单周放款约为前一周的 1.8 倍；2026 全年计划创纪录约 1.08 千万亿盾（隆城机场、高铁、环线、高速）。利率须分清口径：政策再融资利率维持 4.50%，但车队实际承担的商业 VND 贷款利率约 6.5–8.9%（SBV 最新口径，远高于政策利率），上半年被行政引导走低、下半年受汇率防御与信贷快于存款影响偏上行。By 4 Jun, Vietnam disbursed VND 227.2tn (~US$8.73bn) of public investment, 22.4% of plan, weekly ~1.8× the prior week; the 2026 plan is a record ~VND 1.08 quadrillion (Long Thanh airport, HSR, ring roads, expressways). Note the rate distinction: the SBV policy refinancing rate held at 4.50%, but the commercial VND lending rate fleets actually bear is ~6.5–8.9% (latest SBV data, far above the policy rate) — administratively guided lower in H1, with upward pressure in H2 from FX defence and credit outpacing deposits.

关键数据（事实层）Key data (facts)放款 227.2 万亿盾（达 22.4%）VND 227.2tn (22.4% of plan)全年约 1.08 千万亿盾（创纪录）~VND 1.08 quadrillion (record)商业贷款 6.5–8.9%（政策利率仅 4.50%）Lending 6.5–8.9% (policy only 4.50%)
事件Event

创纪录公共投资计划、6 月初放款提速；政策利率 4.50% 未动，但商业贷款利率 6.5–8.9% 仍高。Record public-investment plan accelerating in early June; policy rate held at 4.50% but commercial lending still 6.5–8.9%.

机制Mechanism

基建放量直接拉动自卸/牵引/工程重卡和挂车；高商业利率本应压融资购置，但被财政与廉价中国 CBU 盖过。Infrastructure volume directly pulls dump/tractor/construction HDVs and trailers; high commercial rates would normally curb financed purchases, but are overridden by fiscal stimulus and cheap Chinese CBU.

市场Market

越南商用车需求未被利率压住——靠财政刺激与中国廉价 CBU（东风/重汽/福田），而非便宜信贷；基建相关需求 Q2/Q3 有望获脉冲。Vietnam CV demand not cooled by rates — driven by fiscal stimulus and cheap Chinese CBU (Dongfeng/Sinotruk/Foton), not cheap credit; infrastructure-linked demand may get a Q2/Q3 pulse.

业务Business

本地工程/物流车配套需求或短期回暖；但真正风险是中国 CBU 价格替代——抢的正是远东要守的份额，利率越高、买家越看单车价、替代越强（与印尼 CBU 进口替代同一逻辑）。Local fitment demand may warm up; but the real risk is Chinese-CBU price substitution — taking exactly the Far East share we defend; the higher rates go, the more price-sensitive buyers shift to cheaper Chinese chassis (same logic as Indonesia's CBU import-substitution).

净判断Net

基建近端托住配套需求，但结构性威胁是中国 CBU 价格替代（高利率下尤甚），而非利率本身（推断）。Infrastructure cushions near-term fitment demand, but the structural threat is Chinese-CBU price substitution (worse under high rates), not the rate per se (inference).

前提Premise放款持续、项目实际开工；中国 CBU 价格优势延续。Disbursement persists and projects break ground; Chinese-CBU price edge persists.
证伪信号Falsifier若财政放款回落、或中国 CBU 因关税/汇率失去价格优势，则两条逻辑都需重估。If disbursement falls, or Chinese CBU loses its price edge to tariffs/FX, both threads need re-rating.
追踪锚点Track公投放款进度；VAMA 月报；中国品牌在 ≥2 吨段市占爬升；VNIBOR（FX 防御压力）。Disbursement; VAMA reports; Chinese-brand share gains in the ≥2t segment; VNIBOR (FX-defence pressure).
领先指标Leading置信 中Confidence Mid

硫磺年内涨超 100%，下游转向硫铁矿制酸——矿区运输的间接拉动Sulphur up >100% YTD pushes acid makers to pyrite — an indirect pull on mining haulage5

硫磺年初 3,661 元/吨、6 月 8 日 8,033 元/吨（年内 +119%）；镇江/大丰港固硫现货峰值 11,600 元/吨、年内涨幅超 210%，为 2008 年以来最强。4 月中国硫磺进口 29.55 万吨、−72.39% YoY。磷化工与钛白下游转向硫铁矿制酸替代：川恒股份新建硫铁矿制酸装置、惠云钛业采购硫铁矿自制硫酸；行业新增硫酸产能中硫铁矿制酸占比超 30%（智研）。硫铁矿制酸多布局在硫铁矿产区（安徽 / 江西 / 广东 / 湖南）。Sulphur rose from RMB 3,661/t at the start of the year to RMB 8,033/t on 8 Jun (+119% YTD); port spot for solid sulphur peaked at RMB 11,600/t, up over 210% YTD — the strongest since 2008. China's April sulphur imports were 295,500 t, -72.39% YoY. Phosphate-chemical and TiO2 downstreams are switching to pyrite-based acid: Chuanheng is building a pyrite acid plant and Huiyun Titanium is buying pyrite to make its own acid; pyrite routes are over 30% of the industry's new sulfuric-acid capacity (Zhiyan). Pyrite acid plants cluster near pyrite mining areas (Anhui / Jiangxi / Guangdong / Hunan).

关键数据（事实层）Key data (facts)硫磺 +119%（年初→6/8）Sulphur +119% (YTD to 8 Jun)固硫现货峰值 11,600 元/吨（+210%）spot peak RMB 11,600/t (+210%)4 月进口 −72.39%YoYApr imports -72.39%YoY硫铁矿制酸占新增产能 >30%pyrite >30% of new capacity
事件Event

硫磺年内涨超一倍（固硫现货一度涨超 210%），进口锐减、库存去化。Sulphur more than doubled YTD (spot solid sulphur briefly up >210%) on collapsing imports and destocking.

机制Mechanism

硫磺制酸成本飙升 → 磷化工/钛白转向硫铁矿制酸（川恒新建装置、惠云钛业采购硫铁矿，新增硫酸产能中硫铁矿制酸占 >30%）→ 硫铁矿产区（安徽/江西/广东/湖南）开采与短倒运输需求上行。Soaring sulphur-acid costs push phosphate/TiO2 makers to pyrite-based acid (Chuanheng's new plant, Huiyun's pyrite buying, pyrite >30% of new acid capacity), lifting mining and short-haul demand in pyrite areas (Anhui/Jiangxi/Guangdong/Hunan).

市场Market

硫铁矿产区的矿石短倒与散货运输需求或边际受提振，量级有限、属中端间接传导。Ore short-haul and bulk transport in pyrite areas may see a marginal lift; the effect is small and mid-chain/indirect.

业务Business

对硫铁矿产区的自卸/散货牵引及其车桥/连接件配套是边际利好（推断）；落点限于有制酸项目落地的产区，未落地产区标「待证实」，不普适。A marginal positive for tippers/bulk tractors and their axle/coupling fitment in pyrite areas (inference); confined to areas with actual acid projects, unconfirmed areas flagged "to verify", not general.

净判断Net

替代传导带来结构性边际利好，但量级有限、落点待证实（推断）。Substitution gives a structural marginal positive, but small and with landing still to verify (inference).

前提Premise硫磺高价延续，硫铁矿制酸经济性维持，相关装置如期投产。Sulphur stays high, pyrite-acid economics hold, and the plants come online as planned.
证伪信号Falsifier若硫磺回落或进口恢复，硫铁矿替代逻辑减弱，运输提振消退。If sulphur falls back or imports recover, the pyrite-substitution logic weakens and the haulage lift fades.
追踪锚点Track硫磺/硫铁矿价差；硫铁矿制酸新增产能投产进度；安徽/江西/广东/湖南硫铁矿产区开工与运输。Sulphur-vs-pyrite spread; pyrite-acid capacity coming online; mining/haulage in Anhui/Jiangxi/Guangdong/Hunan pyrite areas.
02重卡 / 商用车市场Trucks & Commercial Vehicles2

新能源重卡 1–5 月销量 10.26 万辆、同比 +67.6%，渗透率突破 30%NE heavy-truck sales 102,600 units Jan–May, +67.6% YoY, penetration above 30%6

据中国商用汽车网，2026 年 1–5 月新能源重卡累计销量 10.26 万辆、同比 +67.6%，累计渗透率 30.89%。换电车型成主流，需求集中于港口、矿场、钢厂等封闭固定线路场景（回本周期 1–2 年），干线物流仍受续航/补能/初始成本制约。此为上周 11 部门实施方案后的首个行业销量验证。Per cv.ce.cn, NE heavy-truck sales totalled 102,600 units in Jan–May 2026, +67.6% YoY, 30.89% penetration. Battery-swap dominates; demand concentrates in closed fixed-route settings — ports, mines, steel mills (1–2 yr payback) — while long-haul is constrained by range/charging/cost. First sales read-through after last week's 11-ministry plan.

关键数据Key data10.26 万辆（1–5 月）102,600 (Jan–May)YoY +67.6%YoY +67.6%渗透率 30.89%30.89% penetration
直接关切Directly material对业务的含义Implication

电动重卡放量直接拉动新动力总成链（电驱桥/三电）配套，同时挤压传统车轴存量需求；应按月跟踪渗透率斜率，并据「封闭场景先行」对接矿场/港口车队配套机会。

E-HDV volume pulls new-powertrain content (e-axle/3-electric) while squeezing legacy axle demand; track the penetration slope monthly and target mine/port fleets per the "closed-scenario-first" cadence.

长城 G970 混动重卡批量交付中通快递；干线混动初落地Great Wall's G970 hybrid heavy truck delivered in volume to ZTO Express7

6/26 长城商用车 G970 混动重卡批量交付中通快递，继韵达、顺丰后再拿头部物流客户。单驱版搭载 Hi4-G 超级混动架构、自研双电机 DHT 变速箱、康明斯 M10 混动专用发动机，综合功率最高 970 马力，主打油/气价波动下的干线降本。On 26 Jun Great Wall's G970 hybrid was delivered in volume to ZTO Express, after Yunda and SF. The single-drive G970 uses the Hi4-G architecture, an in-house dual-motor DHT and a Cummins M10 hybrid engine, up to 970 hp — pitched at long-haul cost savings amid volatile diesel/LNG prices.

关键数据Key data综合 970 马力970 hp combinedHi4-GHi4-G康明斯 M10 混动机Cummins M10
对业务的含义Implication

混动为干线提供「不依赖补能网络」的降本路径，与纯电/换电并行——在动力多元化下押注分散，配套件需兼容多动力平台。

Hybrids offer a long-haul cost-cut path not dependent on charging networks, parallel to pure-EV/swap — powertrain diversification spreads bets, so components must fit multiple platforms.

03挂车 / 零部件与竞争对手Trailers, Components & Competitors1

中国重汽推 513kWh「车电一体」电驱桥牵引车：国产电驱桥再上一城Sinotruk launches a 513 kWh vehicle-battery-integrated e-axle tractor8

中国重汽汕德卡 513kWh 电驱桥牵引车主打「车电一体」与轻量化：电池底置不占车架后部空间，厂商称整车减重约 400 公斤、货箱实际容积较传统外置电池车型多 5–7%（厂商口径，未独立核实）。剥离软文后，内核是国产主机厂把电驱桥+车电一体作为标载场景的载货优势卖点。Sinotruk's SITRAK 513 kWh e-axle tractor centres on vehicle-battery integration and lightweighting: an underfloor battery freeing rear-frame space, with the vendor claiming ~400 kg lower kerb weight and 5–7% more cargo volume (vendor figures, unverified). Stripped of marketing, the core is a Chinese OEM positioning the e-axle as a payload advantage under standard-load rules.

关键数据Key data513 kWh 电驱桥513 kWh e-axle减重约 400kg（厂商称）~400 kg lighter (vendor)货箱 +5–7%（厂商称）+5–7% vol. (vendor)
直接关切Directly material对业务的含义Implication

电驱桥从外资（采埃孚）向国产主机厂自研/集成扩散，意味着传统车轴的可被替代市场加速收窄；应评估「配套电驱桥 vs 自研」的路线选择与时间窗。

E-axles spreading from a foreign supplier (ZF) to in-house Chinese OEM designs — the addressable market for traditional axles narrows faster; assess the "supply vs build in-house" route and timing.

留白 · 存量大新闻已在 W26 报告　采埃孚 AxTrax 2 全球首产、美国 5 月挂车订单 ≈20,700（+237% YoY / +7% MoM）、MJ Transport 增购 50 台 Schmitz、CIMC 星辰计划年报——均已在上周报告，本期不重复。Blank · major items already in W26.　ZF AxTrax 2's first production, US May trailer orders ≈20,700 (+237% YoY / +7% MoM), MJ Transport's 50 Schmitz, the CIMC annual report — all reported last week, not repeated.
04矿用车 & 矿业Mining Vehicles & Mining5

Volvo A30 Electric 铰接式矿卡全球首装（挪威 LNS）World-first deployment of the Volvo A30 Electric articulated hauler (LNS, Norway)9

Volvo CE 向挪威承包商 LNS 交付全球首批 A30 Electric 纯电铰接式自卸车，用于 Hafslund 水电项目。Volvo CE 指出该电动铰接车（ADT）在矿业与采石场亦具显著潜力，是矿用设备电动化的又一步。Volvo CE delivered the world's first A30 Electric battery-electric articulated haulers to Norwegian contractor LNS for a Hafslund hydropower project, noting significant potential in mining and quarrying.

关键数据Key data全球首装world-firstA30 Electric 纯电 ADTA30 Electric battery ADT
对业务的含义Implication

纯电铰接自卸车进入实地运营，预示矿用/采石场运输车电动化提速；底盘/车桥/制动配套规格将随之改写。

Battery-electric ADTs in field operation signal faster electrification of mining/quarry haulage; chassis/axle/brake specs will be rewritten.

Schlam 推矿卡车斗/铲斗安装套件三年计划，兼容主流 OEMSchlam launches a three-year install-kit program for mining truck beds & buckets10

矿用装载/运输附件专家 Schlam 推出自研矿卡车斗与挖掘机铲斗整套安装套件，作为三年产品开发计划的一部分，兼容各主流 OEM 矿用设备，主打「供货+安装」端到端方案。Attachment specialist Schlam launched in-house install kits for mining truck beds and excavator buckets, part of a three-year program compatible with all major OEM equipment, offering an end-to-end supply-plus-install solution.

关键数据Key data三年开发计划3-year program兼容主流 OEMall major OEMs
对业务的含义Implication

矿卡车斗/铲件的「整套件+安装」捆绑是后市场销售的可复制模式；连接/承载件供应商可关注同类「成套交付」机会。

Bundling beds/attachments as "complete kit + install" is a replicable aftermarket model; coupling/load-bearing suppliers can watch for similar plays.

澳洲矿企持续扩充 Liebherr 设备队（MACA、Thiess）Australian miners keep expanding Liebherr fleets (MACA, Thiess)11

Liebherr-Australia 向 Thiess 旗下 MACA 在 Duketon 金矿交付首批 3 台 PR 776 G8 推土机，年内再交 2 台 R 9300 挖掘机；Thiess 在昆州 Lake Vermont 煤矿增加第 4 台 R 9800 挖掘机。两笔均为矿业承包商持续设备资本开支的信号。Liebherr-Australia delivered MACA (a Thiess company) its first three PR 776 G8 dozers at the Duketon gold project, with two R 9300 excavators to follow; Thiess mobilised a fourth R 9800 at the Lake Vermont coal mine (Queensland). Both signal sustained mining-contractor capex.

关键数据Key dataMACA: 3×PR 776 + 2×R 9300MACA: 3×PR 776 + 2×R 9300Thiess: 第 4 台 R 9800Thiess: 4th R 9800
对业务的含义Implication

矿业设备资本开支保持偏暖，是矿卡整车与配套需求的领先指标；澳洲金/煤矿装载产能扩张利好运输车队后续补充。

Firm equipment capex is a leading indicator for mining-truck and component demand; loading-capacity expansion at Australian gold/coal mines bodes well for haul-fleet additions.

柳工 DR50CE 纯电刚性矿卡亮相英国 Hillhead 2026——首台纯电刚性矿卡LiuGong's DR50CE battery rigid hauler debuts at UK Hillhead 2026 — a first of its kind12

据 International Mining，柳工 50t 载重的 DR50CE 纯电刚性自卸矿卡亮相英国 Hillhead 2026 展会，为该展首台纯电刚性矿卡；该车已在欧洲（挪威 Rental Group 等）少量投运，整车在柳州（广西）生产。报道指出柴油价格波动正令英国硬岩采石场把电动化关注点从装载机/挖机延伸到运输环节，而目前市场上几无竞品纯电刚性矿卡。Per International Mining, LiuGong's 50t-payload DR50CE battery-electric rigid hauler debuted at the UK's Hillhead 2026 — the show's first all-battery rigid truck. It is already in limited European use (e.g. Rental Group, Norway) and is built in Liuzhou, Guangxi. The report notes diesel-price turbulence is extending UK hard-rock quarries' electrification focus from loaders/excavators to haulage, with virtually no competing battery rigid currently on sale.

关键数据Key data50t 纯电刚性矿卡50t battery rigid展会首台纯电刚性矿卡show's first battery rigid柳州（广西）制造made in Liuzhou
直接关切Directly material对业务的含义Implication

纯电刚性矿卡商用化把电驱/电池架构推进到刚性矿卡这一传统机械桥/重型车轴的腹地——与本期「电驱桥替代」主线同向，传统重型车轴的可被替代范围进一步外扩；同时是中系 OEM（柳工）在欧洲细分市场卡位的信号，配套商需评估纯电刚性矿卡的桥/制动/承载件规格变化。

Commercialising battery rigids pushes e-drive/battery architecture into the rigid-hauler heartland of traditional mechanical/heavy axles — same direction as this week's e-axle-substitution thread, widening the addressable range being displaced; also a signal of a Chinese OEM (LiuGong) staking out a European niche. Suppliers should assess the axle/brake/load-bearing spec shift for battery rigids.

易控智驾 EACON 启动港股 IPO，紫金矿业/徐工任基石，公司称占中国矿用 AHS 55.5%EACON launches HK IPO; Zijin/XCMG as cornerstones; company cites 55.5% of China's mining-AHS market13

据港交所公告，易控智驾（EACON）启动 H 股全球发售，拟发行约 2,613.2 万股、目标募资约 21.2 亿–23.0 亿港元；基石投资者含紫金矿业、徐工（XCMG）、富达、摩根资产管理（亚太）等 11 家，基石认购达发行约 50% 上限。公司自述为全球最大矿区自动驾驶解决方案提供商、占中国矿用自动驾驶（AHS）市场 55.5%（公司口径，未独立核实），将成全球首家上市的矿用自动驾驶卡车公司。Per an HKEX filing, EACON launched the global offering of its H-shares — ~26.13m shares targeting HK$2.12–2.30bn gross. Eleven cornerstone investors include Zijin Mining, XCMG, Fidelity and J.P. Morgan AM (APAC), taking cornerstones to the ~50% regulatory cap. The company describes itself as the world's largest mining-area autonomous-driving solutions provider with 55.5% of China's mining AHS market (company figure, not independently verified) and would be the first listed autonomous-mining-truck company.

关键数据Key data募资 21.2–23.0 亿港元HK$2.12–2.30bn raise基石含紫金/徐工Zijin/XCMG cornerstones中国矿用 AHS 55.5%（公司口径）55.5% China AHS (company)
对业务的含义Implication

矿区无人驾驶进入资本化阶段、且绑定徐工（矿用车 OEM）与紫金（矿企）产业资本——印证矿用运输向「自动化 + 电动化」结构性转移；自动化改变的是运营模式而非车桥承载本身，但 AHS 车队对底盘可靠性/线控制动/重型车桥的要求更高，是配套规格升级的中端机会。

Autonomous mining haulage is reaching capital-markets scale, anchored by industrial capital from XCMG (mining-truck OEM) and Zijin (miner) — confirming a structural shift in mining haulage toward automation plus electrification. Automation changes the operating model rather than the axle itself, but AHS fleets demand higher chassis reliability/brake-by-wire/heavy-axle spec — a mid-chain opportunity for component upgrades.

05亚洲市场Asia Markets5
东亚East Asia

日本：戴姆勒卡车完成三菱扶桑整合，成立 ARCHION CorporationJapan: Daimler Truck completes Mitsubishi Fuso integration into new ARCHION Corporation14

戴姆勒卡车完成对子公司三菱扶桑的整合，并入新成立的 ARCHION Corporation；新公司接替日野与扶桑在商用车合资体 CJPT 的席位，日系商用车主体格局重组。Daimler Truck completed the integration of Mitsubishi Fuso into the newly formed ARCHION Corporation, which also replaces Hino and Fuso at the CV joint venture CJPT — a restructuring of the Japanese CV landscape.

关键数据Key data成立 ARCHION Corp.ARCHION Corp. formed接日野/扶桑于 CJPTreplaces Hino/Fuso at CJPT
对业务的含义Implication

扶桑/日野是印尼等东盟市场主力 OEM，母体重组牵动中长期产品/采购体系；ARCHION 的供应链取向直接影响本地车轴/连接件配套的对接窗口。

Fuso/Hino are dominant OEMs in ASEAN markets like Indonesia; the parent restructuring shapes medium-term product/sourcing — ARCHION's orientation directly affects the window for local axle/coupling fitment ties.

韩 / 台 / 港 · 留白　本周无新 CV 月度数据；KAMA / TTVMA 月报按月度节奏更新。Korea / Taiwan / HK · blank.　No new monthly CV data this week; KAMA / TTVMA reports run monthly.
东南亚Southeast Asia
留白 · 本周无新 CV 月度数据　东盟各国 CV 细分为月度节奏，本月深更已在 W26 逐国核实；本周区域媒体多为总市场口径（含乘用车），按收录纪律不列。Blank · no new monthly CV data.　ASEAN CV breakdowns run monthly and were caliber-verified in W26. This week's regional items were total-market (incl. passenger cars), excluded per inclusion discipline.
南亚South Asia

印度 5 月卡车：塔塔中重卡 +7%、Ashok Leyland −13% 分化；FY26 商用车批发 +12.6%India May trucks: Tata M&HCV +7%, Ashok Leyland -13% diverge; FY26 CV wholesale +12.6%15

5 月印度商用车零售（FADA）83,823 辆，同比 +5.29%、环比 −15.62%；中重卡零售同比 +1.9%。批发口径分化：塔塔中重卡 14,596 辆 +7% YoY，Ashok Leyland 中重卡 8,966 辆 −13% YoY（龙头中唯一下滑），VECV 重卡 1,620 辆 +7.9%。FY2025-26 全年商用车批发 1,079,871 辆、+12.6% YoY（SIAM）。塔塔另宣布自 7/1 起全系商用车提价至多 2.5%，以部分对冲原材料与投入成本上行（成本传导，非需求信号）。印度为本土 OEM 主导、关税高、中国整车几无渗透。India CV retail (FADA) was 83,823 units in May, +5.29% YoY and -15.62% MoM; M&HCV retail +1.9% YoY. Wholesale diverged: Tata M&HCV 14,596 units +7% YoY, Ashok Leyland M&HCV 8,966 -13% YoY (the only major OEM down), VECV heavy trucks 1,620 +7.9%. FY2025-26 CV wholesale was 1,079,871 units, +12.6% YoY (SIAM). Tata also announced a CV price increase of up to 2.5% from 1 July to partly offset rising raw-material and input costs (cost pass-through, not a demand signal). India is domestic-OEM-led, high-tariff, with near-zero Chinese-vehicle penetration.

关键数据Key dataCV 零售 83,823（+5.29%YoY）CV retail 83,823 (+5.29%YoY)塔塔中重卡 +7%Tata M&HCV +7%Ashok Leyland −13%Ashok Leyland -13%FY26 CV +12.6%（SIAM）FY26 CV +12.6% (SIAM)塔塔 CV 7/1 涨价 ≤2.5%Tata CV +≤2.5% (1 Jul)
直接关切Directly material对业务的含义Implication

印度是亚洲唯一结构性增长的大型卡车市场，但本土三大 OEM（塔塔/Ashok Leyland/VECV）主导、高关税挡住中国整车——配套机会绑定本土 OEM 体系，跟随中系出海的打法在此不适用；切入须走本地认证 + 本地配套路线，与我方在东南亚/中亚的跟随式打法不同。

India is the only structurally growing large truck market in Asia, but the three domestic OEMs (Tata/Ashok Leyland/VECV) dominate and high tariffs keep Chinese vehicles out — fitment is locked to the domestic-OEM system, so the follow-the-Chinese-export playbook does not apply; entry needs local certification + local fitment, unlike our follow-on play in Southeast/Central Asia.

巴基斯坦本地组装卡车 FY26 +73% YoY、多为中系合资品牌；斯里兰卡解禁后货车清关回补Pakistan locally-assembled trucks +73% YoY in FY26 (mostly Chinese-JV); Sri Lanka goods-vehicle clearances rebound post-ban16

巴基斯坦本地组装卡车 FY26（2025/7–2026/5）6,534 辆、+73% YoY（PAMA 一手），主力为福田、JAC 等中系合资品牌，反映中系重卡借本地组装在巴渗透。斯里兰卡 2024 末解除进口禁令后回补需求释放，至 2025/10/14 已清关货车 7,331 辆（Newswire.lk）。两国均无中国整车被高关税挡在外的壁垒，属中系 CBU/SKD 可进入市场。Pakistan's locally-assembled trucks were 6,534 units in FY26 (Jul 2025–May 2026), +73% YoY (PAMA primary), led by Chinese-JV brands like Foton and JAC — reflecting Chinese-HDV penetration via local assembly. Sri Lanka, after lifting its import ban in late 2024, released pent-up demand, clearing 7,331 goods vehicles YTD to 14 Oct 2025 (Newswire.lk). Neither market walls out Chinese vehicles with high tariffs — both are open to Chinese CBU/SKD.

关键数据Key data巴基斯坦卡车 6,534（+73%YoY）Pakistan trucks 6,534 (+73%YoY)多为福田/JAC 中系合资mostly Foton/JAC (Chinese-JV)斯里兰卡货车清关 7,331Sri Lanka goods veh. 7,331
对业务的含义Implication

与印度的高关税封闭格局相反，巴/斯是中系重卡可直接进入的市场——对跟随中系 OEM 出海的车桥/连接件/挂车配套是顺风；本地组装上量意味着配套件本地化（SKD/CKD）窗口逐步打开，可作为跟随陕汽/福田等布点的次级市场监测。

Unlike India's high-tariff fortress, Pakistan and Sri Lanka are open to Chinese HDVs — a tailwind for axle/coupling/trailer fitment that follows Chinese OEMs abroad; rising local assembly gradually opens a localization (SKD/CKD) window for components, worth tracking as secondary markets behind Shacman/Foton footprints.

孟加拉 / 尼泊尔 · 留白　无可靠 2026 卡车口径数据，待海关/媒体补充。Bangladesh / Nepal · blank　no reliable 2026 truck-specific data; pending customs/media.
中亚Central Asia

中亚承接中国卡车出口转移：乌兹别克卡车产量 +30.4%，俄罗斯渠道 −30%Central Asia absorbs China's export pivot: Uzbek truck output +30.4% as the Russia channel falls -30%17

乌兹别克 1–4 月卡车产量 1,867 辆、+30.4% YoY（stat.uz）；哈萨克 1–5 月卡车产量 2,396 辆、−13.1% YoY，总新车市场 84,002 辆、−1.8%。中国商用车 1–5 月出口 53.2 万辆、+29.5%（货车 46.4 万、+31.4%，CAAM），中国重汽单家出口 8.2 万辆、占行业约 47%；陕汽在中亚五国中系重卡品牌份额 >40%。同期俄罗斯重卡上牌 Q1 8,932 辆、−30% YoY（3 月东风首登在俄外资品牌第一）。Uzbekistan produced 1,867 trucks in Jan-Apr, +30.4% YoY (stat.uz); Kazakhstan made 2,396 trucks Jan-May, -13.1% YoY, with a total market of 84,002 units, -1.8%. China's CV exports were 532,000 units Jan-May, +29.5% (trucks 464,000, +31.4%, CAAM), with Sinotruk alone exporting 82,000 (~47% of industry); Shacman holds >40% share among Chinese HD-truck brands across the five Central Asian states. Over the same window Russian heavy-truck registrations were 8,932 in Q1, -30% YoY (Dongfeng became the #1 foreign brand in March).

关键数据Key data乌兹别克卡车产量 +30.4%Uzbek truck output +30.4%中国货车出口 +31.4%（1–5月）China truck exports +31.4% (Jan-May)陕汽中亚份额 >40%Shacman Central Asia >40%俄重卡上牌 −30%（Q1）Russia HCV regs -30% (Q1)
对业务的含义Implication

中国货车出口洪流从坍塌的俄罗斯改道中亚，陕汽领跑、本地组装产量同步上行——对跟随中系 OEM 出海的车桥/连接件/挂车配套是结构性顺风；中亚（乌兹别克 2025 已是中国商用车第三大目的地）是中系重卡及其配套的主场。

China's truck-export surge is rerouting from a collapsing Russia to Central Asia, with Shacman leading and local assembly rising — a structural tailwind for axle/coupling/trailer fitment that follows Chinese OEMs abroad; Central Asia (Uzbekistan was China's #3 CV destination in 2025) is home turf for Chinese trucks and their fitment.

西亚 / 中东West Asia / Middle East

土耳其 1–5 月卡车市场 −14%、重商用车 −11%；产量逆势 +7%（出口导向）Turkey Jan-May truck market -14%, HCV -11%; output up +7% on exports18

土耳其 1–5 月重商用车市场 15,369 辆、−11% YoY，其中卡车 13,114 辆、−14% YoY；同期重商用车产量 +8%（卡车 +7%）——内销走弱、出口导向产量上行。总车市 −7.5%（OSD）。Turkey's HCV market was 15,369 units in Jan-May, -11% YoY, of which trucks 13,114, -14% YoY; HCV production rose +8% (trucks +7%) — domestic sales down, export-oriented output up. Total vehicle market -7.5% (OSD).

关键数据Key data卡车市场 13,114（−14%YoY）Truck market 13,114 (-14%YoY)重商用车 15,369（−11%）HCV 15,369 (-11%)卡车产量 +7%Truck output +7%总车市 −7.5%Total market -7.5%
对业务的含义Implication

土耳其本土 OEM（福特 Otosan、奔驰土耳其）与 Tırsan 等挂车厂自成体系、出口导向，既是市场更是挂车/连接件的直接竞争对手；内需走弱下短期不构成配套增量，竞争维度的监测价值高于机会价值。

Turkey's domestic OEMs (Ford Otosan, Mercedes Türk) and trailer makers like Tırsan are self-contained and export-led — more a direct competitor in trailers/couplings than a fitment opportunity; with demand softening, near-term it is one to watch on the competitive axis rather than for incremental fitment.

海湾 / 伊朗 / 伊拉克 · 留白　多无官方 CV 协会、无 2026 卡车口径分项；2026 上半年中东受地缘冲突总车市重挫（伊朗产量 −7%、伊拉克 Q1 −33.3%），中国整车 3 月对阿联酋同比 −87%。按「留白 + 中国出口反推」处理。Gulf / Iran / Iraq · blank.　No official CV associations and no 2026 truck-specific splits; H1-2026 Middle East total markets fell on geopolitics (Iran output -7%, Iraq Q1 -33.3%), with China's vehicle exports to the UAE -87% YoY in March. Handled via "blank + China-export inference."
06中国 OEM 出海China OEM Overseas Expansion1

北汽重卡 X9 首批交付墨西哥韦拉克鲁斯（5 辆）BAIC's X9 heavy trucks make first delivery in Veracruz, Mexico (5 units)19

2026-05-27 北汽重卡在墨西哥韦拉克鲁斯港向当地 Glizim 运输公司交付首批 X9 牵引车订单中的 5 辆，定位高端、对标欧标（搭 Smart EBI 制动、欧盟碰撞法规驾驶室）。量级极小，属中国高端重卡进入拉美的滩头试点。On 27 May 2026 BAIC delivered 5 X9 tractors to local carrier Glizim in Veracruz, Mexico — positioned as premium, benchmarked to EU standards (Smart EBI braking, EU-crash-compliant cab). Tiny volume: a beachhead pilot for Chinese premium HDVs in Latin America.

关键数据Key data首批 5 辆first 5 units墨西哥/拉美Mexico / LatAm
对业务的含义Implication

中国高端重卡向拉美渗透的早期信号，单笔体量小、暂不构成配套机会，但可作为 OEM 出海路径监测的一个数据点。

An early signal of Chinese premium HDVs into LatAm; too small to be a component opportunity yet, but worth logging in OEM-overseas tracking.

来源Sources
1国家发改委（新华网 / 新浪财经）NDRC (Xinhua / Sina) 新华网Xinhua新浪Sina2026-06-18
2印尼央行 Bank Indonesia（一手）Bank Indonesia (primary) 6/9 5.50%6/18 5.75%2026-06-18
3印尼能矿部 ESDM（Argus / Mysteel）ESDM (Argus / Mysteel) ArgusMysteel （Argus 需订阅）(Argus paywalled)2026-06
4VietnamPlus（越通社）+ 越南央行 SBV（贷款利率）VietnamPlus + SBV (lending rates) 放款进度disbursement加速acceleratingSBV 贷款利率SBV lending rates2026-06
5硫磺/硫铁矿：新浪财经（年内 +210%）+ 中国金融信息网（川恒/惠云钛业）+ 智研咨询（硫铁矿制酸产能/产区）Sulphur/pyrite: Sina Finance (+210% YTD) + CNFIN (Chuanheng/Huiyun) + Zhiyan (pyrite-acid capacity/areas) 新浪（+210%）中国金融信息网智研咨询2026-06
6中国商用汽车网cv.ce.cn cv.ce.cn2026-06-25
7中国商用汽车网cv.ce.cn cv.ce.cn2026-06-29
8中国商用汽车网cv.ce.cn cv.ce.cn2026-06-29
9International MiningInternational Mining im-mining.com2026-06-26
10International MiningInternational Mining im-mining.com2026-06-27
11International Mining / Australian MiningInternational Mining / Australian Mining MACAThiess2026-06-29
12International MiningInternational Mining im-mining.com2026-06-29
13International Mining（港交所公告转引）International Mining (via HKEX filing) im-mining.com2026-06-29
14Daimler TruckDaimler Truck daimlertruck.com2026-06-26
15SIAM（FY26 商用车批发）+ FADA（5 月零售，经 Rushlane）+ 各 OEM 公告SIAM (FY26 CV wholesale) + FADA (May retail, via Rushlane) + OEM releases SIAM/OutlookFADA/RushlaneTata(AutoPunditz)Ashok Leyland(ScanX)Tata涨价(Business Standard) （SIAM 数据版权所有，已署名）(SIAM data copyrighted; attributed)2026-06
16巴基斯坦 PAMA（一手 PDF）+ 斯里兰卡 Newswire/EconomyNextPakistan PAMA (primary PDF) + Sri Lanka Newswire/EconomyNext PAMA May-2026Sri Lanka2026-06
17乌兹别克 stat.uz（经 UzDaily）+ 哈萨克 KAO（经 bizmedia）+ CAAM 出口 + 中国重汽 + 俄罗斯 Autostat（经 TASS）Uzbekistan stat.uz (via UzDaily) + Kazakhstan KAO (via bizmedia) + CAAM exports + Sinotruk + Russia Autostat (via TASS) UzDailyKAO/bizmediaCAAM/GasgooSinotrukAutostat/TASS2026-06
18土耳其 OSD（一手 PDF）Turkey OSD (primary PDF) OSD 1-5月简报2026-06-15
19卓众商用车bjcv.com bjcv.com2026-06-27