華泰證券:下半年重卡景氣度或繼續上行,看好頭部重卡與供應鏈的釋放彈性
華泰證券指出,根據第一商用車網,2025年6月重卡批銷/上牌分別實現9.2萬/約6.4萬輛,同比高增29%/36%,實現4月以來的“批零三連漲”,華泰證券認爲核心驅動力在於“以舊換新”政策效果在全國範圍內加速顯現。展望2025年下半年,預計重卡行業批發量同比增速約23%,景氣度上行有望帶動行業頭部企業和供應鏈利潤釋放。推薦頭部車企,輪胎推薦具備“國內重卡受益”和“非涉案(歐洲雙反調查)基地大產能”屬性的頭部輪胎企業。
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