SINOTRUK (03808) surged more than 3%, reaching HK$30.28 by the time of writing, with a trading volume of HK$128 million. Analysts noted that the heavy truck industry's sales recovery in recent years was driven by scrappage subsidies phasing out older models (China III & IV), structural demand growth in LNG and new energy vehicles, and stronger-than-expected exports. By 2026, natural replacement demand for China IV and V models is expected to sustain domestic sales at around 700,000 units, while non-Russian export markets could push total sales to approximately 1.1 million. Export potential remains significant, with an addressable market nearing 700,000 units, supporting a positive mid-term outlook for the sector.

Bank of America Securities highlighted SINOTRUK's progress toward its annual sales target of 300,000 units. The company is steadily advancing its 2025 sales and margin goals while maintaining disciplined capital expenditure (below RMB2 billion annually) focused on overseas production bases in Kazakhstan, Brazil, and Indonesia. The bank remains optimistic about SINOTRUK's long-term export growth and strong domestic market position.

Dongxing Securities pointed out that SINOTRUK, as an industry leader, benefits from accelerated Q3 heavy truck sales growth due to trade-in policies, rising new energy truck adoption, robust exports, and a low base effect from last year.