The heavy-duty truck industry is likely to exceed expectations in the whole year, especially with the relaxation of macro-credit and investment rebound expectation, the truck industry with the properties of mid-stream investment products deserves special attention.
The Olympic Games had a negative impact on the passenger car market. The basic car continued to show a negative growth month-on-month in August, and its single-month sales had a negative year-on-year growth for the first time since February 2005. The only positive factor was that the inventory of the auto factories we monitored finally turned down and fell by 7% from the previous quarter.
After experiencing a sharp decline in July, the rapid recovery of heavy-duty truck sales in August was unexpected. In the month, 33,096 heavy-duty trucks were sold, a year-on-year decline of 9%, but the chain has rebounded by 14%. China National Heavy Duty Truck ranks first in the industry with 9,485 units, which is a year-on-year increase of 12% and an increase of 59% compared with the previous period. In July, the road freight volume still maintained a rapid growth of 15%. The transportation market entered the off-season and did not result in the adjustment of road freight. In August, the price index of road freight increased by 2.3% month-on-month and 5.4% year-on-year, indicating that the downstream of heavy trucks was still in healthy development. in. According to Guojin Securities, the heavy-duty truck industry is expected to hit sales of 600,000 vehicles throughout the year, and the industry is still exceeding expectations.
From September 16, 2008, the central bank cut loan interest rates and deposit reserve ratios for the first time since 2002, and Guo Jin Securities estimates that the interest rate cut will have a net profit impact of only 0.25% on the entire automotive industry in 2009. Among key listed companies, the companies that benefited most from this rate cut are Fuyao Glass and Weifu Hi-Tech. The impact on 2009 net profit was 1.23% and 1.21%, respectively. Most of the listed companies had little impact.
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