According to the CITIC Construction Investment Research Report, heavy trucks use logistics and engineering as the main application scenarios, and sales fluctuations are highly related to factors such as macroeconomic markets, replacement and renewal requirements, and subsidy/elimination policies. Looking ahead to 2026, CITIC Construction Investment believes that the natural scrapping and renewal demand from country 4 plus country 5 will support a domestic sales scale of 700,000, combined with non-Russian regions to drive export growth, and total sales will remain around 1.1 million units. From 2027 to 2028, the National Five will become the main model for scrapping heavy trucks, and its huge holdings of more than 4 million units will support the continuous improvement of the domestic sales center. Exports can reach nearly 700,000 units of market space, and there is still potential for further volume growth, so we are optimistic about the mid-term upward trend in the industry cycle.

According to the CITIC Construction Investment Research Report, heavy trucks use logistics and engineering as the main application scenarios, and sales fluctuations are highly related to factors such as macroeconomic markets, replacement and renewal requirements, and subsidy/elimination policies. Looking ahead to 2026, CITIC Construction Investment believes that the natural scrapping and renewal demand from country 4 plus country 5 will support a domestic sales scale of 700,000, combined with non-Russian regions to drive export growth, and total sales will remain around 1.1 million units. From 2027 to 2028, the National Five will become the main model for scrapping heavy trucks, and its huge holdings of more than 4 million units will support the continuous improvement of the domestic sales center. Exports can reach nearly 700,000 units of market space, and there is still potential for further volume growth, so we are optimistic about the mid-term upward trend in the industry cycle.