According to data from First Commercial Vehicle Network, China's heavy-duty truck market sold approximately 132,000 units in March this year (wholesale basis, including exports and new energy vehicles), representing an 80% increase month-over-month and an approximately 18% year-over-year rise. This marks the highest March sales figure in nearly five years. An executive from a leading domestic heavy-duty truck manufacturer reportedly stated, "While a sales uptick starting in March is a long-standing pattern in the heavy-duty truck market, the sales volume this March indeed surpassed general industry expectations." It is understood that domestic heavy-duty truck sales have been on a continuous upward trend this year, with the transition to green transportation capacity accelerating comprehensively. In 2025, wholesale heavy-duty truck sales reached 1.145 million units, returning to the million-unit level. The heavy-duty truck market maintained strong growth momentum in 2026, with cumulative first-quarter sales reaching 317,900 units, a year-over-year increase of approximately 20%. Within this total, new energy heavy-duty truck sales accounted for 43,908 units, a 45% year-over-year increase, with a cumulative penetration rate exceeding 26.7%. Domestic wholesale heavy-duty truck sales in April exceeded 120,000 units. Related Hong Kong-listed heavy-duty truck industry chain stocks include: SINOTRUK (03808): In 2025, the company's heavy-duty truck sales reached 304,900 units, securing a 26.6% market share. This not only marks its fourth consecutive year as the domestic industry leader but also represents its first time ranking first globally in heavy-duty truck sales, further solidifying its leading position. Regarding exports, the company's product export performance remains robust, with overseas markets becoming a significant growth driver. Looking ahead to 2026, the company set a target revenue of 122.5 billion yuan (a year-over-year increase of 12%) during its performance briefing, reflecting management's confidence in future development. As the macroeconomic environment generally improves and demand for logistics heavy-duty trucks recovers, coupled with sustained strong export momentum, the recovery trend in the heavy-duty truck industry is evident. The company will seize international market opportunities, increase its market share in high-end markets such as the Middle East and Latin America, and establish a competitive edge in premium segments traditionally dominated by European and American brands. It will focus on segments like gas-powered vehicles and high-horsepower models, accelerating product optimization, upgrades, and structural adjustments to drive continuous growth in production and sales, thereby further enhancing profitability. WEICHAI POWER (02338): WEICHAI POWER benefits from shifting investor focus from traditional heavy-duty truck engines towards the electrification transition, as well as from the strong quarterly performance and upward guidance revisions of its global peers.
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