请问一下行业销量：25Q2行业内外销表现超预期亮眼

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请问一下行业销量：25Q2行业内外销表现超预期亮眼

2025-8-0

行业销量：25Q2行业内外销表现超预期亮眼◼ 25Q2行业内外销表现均亮眼。25Q2行业批发销量27.4万，同比+18.3%。终端：25Q2略超预期，国四以旧换新政策Q2逐步落地，Q2终端销量20.1万，同比+21.4%。出口： 25Q2超预期，25Q2出口同环比+5.2%/+9.9%，俄罗斯拖累下实现同环比增长，超预期。库存：季节性去库符合预期。25Q2去库0.8万台，符合季节性。（图：重卡行业销量表现（万辆）数据来源：中汽协，交强险，东吴证券研究所73批发/万辆YoyMom/Qoq上险/万辆25M17.2-25.6%-14.3%3.4-0.9%-51.4%0.8YoyMom/Qoq其中：天然气重卡YoyMom/Qoq20.5%-19.7%天然气渗透率 22.8%1.90.7-19.6%-57.3%其中：柴油类重卡YoyMom/Qoq其中：电动重卡99.5%YoyMom/Qoq-51.7%纯电渗透率 20.8%出口/万辆YoyMom/Qoq渠道库存变动值2.4-7.9%4.3%1.525M28.135.6%12.7%4.885.3%42.9%1.884.5%130.6%36.7%2.252.0%18.2%0.8298.8%14.0%16.6%2.3-6.1%-5.9%1.125M311.1-3.7%37.0%7.2-4.4%49.1%2.2-26.2%22.2%30.1%3.6-11.0%59.7%1.4183.1%78.6%19.9%2.812.3%22.7%1.225M48.86.5%-21.4%6.95.9%-4.3%1.7-35.2%-21.0%24.9%3.66.5%0.3%1.6257.7%9.4%22.7%2.60.8%-7.2%-0.725M58.913.6%1.3%6.317.6%-8.2%1.4-33.6%-18.3%22.1%3.425.0%-5.1%1.5215.1%-4.2%23.7%2.7-6.4%3.5%-0.125M62025Q12025Q29.837.1%10.2%6.947.0%9.7%1.3-16.8%-3.5%19.4%3.860.7%11.5%1.8168.4%17.9%25.5%2.923.8%10.5%-0.126.5-2.8%21.0%15.413.7%-10.2%4.73.8%57.8%30.6%7.7-1.8%-27.7%2.9177.3%-7.5%19.0%7.4-0.7%7.5%3.727.418.3%3.5%20.121.4%30.8%4.4-30.0%-5.4%22.1%10.827.6%39.9%4.8207.4%64.6%24.0%8.15.2%9.9%-0.8

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