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Huabao Securities: Hydrogen Price Index sees a decrease in supply and consumer demand, fuel cell vehicle production and sales enter the peak season.
With the implementation of relevant policies and completion of project construction, the market supply and demand for green hydrogen production and co-combustion of green hydrogen/green ammonia are expected to see double growth.
Guolian Securities: Continued Digestion of Heavy Truck Inventories During the Off-Season, Looking Forward to "Gold Nine Silver Ten"
The heavy truck industry has entered the traditional off-season for sales, and overall continuous destocking. In May and June, the industry's inventory decreased by 0.0037 million and increased by 0.0007 million respectively, while the end terminal continues to destock in order to save funds and inventory space for the peak sales season of "Golden September and Silver October", and is expected to release the maximum elasticity.
Great Wall Securities: Raised Weichai Power's (02338) target price to HKD 16, upgraded to "buy" rating.
Jihuan Daihua has raised its net profit forecasts for Weichai Power for 2024 to 2026 by 28%/27%/26%, respectively.
What You Can Learn From Weichai Power Co., Ltd.'s (HKG:2338) P/E
[Brokerage Focus] Minsheng Securities pointed out that the release of the updated regulations for the renewal of old operating trucks will drive the recovery of domestic demand for medium and heavy trucks.
Jingu Finance | Minsheng Securities stated that on July 31st, the Ministry of Transport and Ministry of Finance issued a notice on the implementation of the scrappage and renewal of old commercial vehicles, clarifying the subsidy scope, implementation period, subsidy standards, funding channels, and disbursement methods for the old-for-new policy for medium and heavy trucks. This detailed rule explicitly subsidizes scrapped diesel trucks with National III and below emission standards, scrapped and new-purchased trucks with National VI emission standards or new energy vehicles, and only newly purchased new energy vehicles that meet the criteria. At the same time, the detailed rule specifies that the subsidy funds for scrappage and renewal of old commercial vehicles will be shared by the central and local governments according to a general 9:1 principle.
Guolian Securities: Subsidy details have exceeded expectations, domestic demand for heavy trucks is expected to rise.
At the current node, the heavy truck replacement policy has a strong subsidy and is expected to substantially boost domestic demand and push it back to the central level. The industry leaders are expected to benefit first.
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