Key Points - The top three stocks with net inflow of southbound funds are Alibaba-W (09988) with 5.278 billion, Yingfu Fund (02800) with 2.782 billion, and Hang Seng China Enterprises (02828) with 1.566 billion [1] - The top three stocks with net outflow of southbound funds are Xiaomi Group-W (01810) with -0.721 billion, Innovent Biologics (01801) with -0.466 billion, and Pop Mart (09992) with -0.458 billion [1] - In terms of net inflow ratio, Yuexiu Transportation Infrastructure (01052) leads with 63.76%, followed by Crystal International (02232) with 56.34%, and China Resources Gas (01193) with 53.63% [1] - The stocks with the highest net outflow ratio include QuanFeng Holdings (02285) at -59.36%, Yadea Group (01585) at -54.53%, and TCL Electronics (01070) at -54.28% [1] Net Inflow Rankings - The top ten stocks by net inflow include Alibaba-W (09988) with 5.278 billion, Yingfu Fund (02800) with 2.782 billion, and Hang Seng China Enterprises (02828) with 1.566 billion [2] - Other notable stocks in the net inflow list are Meituan-W (03690) with 0.670 billion and Southern Hang Seng Technology (03033) with 0.620 billion [2] Net Outflow Rankings - The top ten stocks by net outflow include Xiaomi Group-W (01810) with -0.721 billion, Innovent Biologics (01801) with -0.466 billion, and Pop Mart (09992) with -0.458 billion [2] - Other significant stocks in the net outflow list are Li Auto-W (02015) with -0.298 billion and China Construction Bank (00939) with -0.254 billion [2] Net Inflow Ratio Rankings - The top three stocks by net inflow ratio are Yuexiu Transportation Infrastructure (01052) at 63.76%, Crystal International (02232) at 56.34%, and China Resources Gas (01193) at 53.63% [3] - Additional stocks with high net inflow ratios include China Ship Leasing (03877) at 49.13% and Jiangsu Ninghu Expressway at 45.49% [3] Net Outflow Ratio Rankings - The stocks with the highest net outflow ratios include QuanFeng Holdings (02285) at -59.36%, Yadea Group (01585) at -54.53%, and TCL Electronics (01070) at -54.28% [3] - Other notable stocks with significant net outflow ratios are Kangji Medical (09997) at -53.77% and QiuTai Technology (01478) at -47.17% [3]

Group 1 - The core viewpoint of the article highlights the increasing international demand for Chinese electric scooters, particularly from markets like the UK, where local consumers appreciate the quality and performance of products from Yadea Technology Group [1][2]. - Yadea has enhanced its overseas R&D capabilities to cater to diverse consumer needs across different markets, leading to differentiated product development [1][2]. - The company has established overseas production and research bases in countries such as Vietnam, Indonesia, Thailand, and Mexico, with products sold in over 100 countries [1][2]. Group 2 - Wuxi's Xishan District, known as the "hometown of electric vehicles" in China, produces over 15 million electric vehicles annually, accounting for one-third of the country's production [2][3]. - The electric vehicle industry cluster in Xishan includes 167 large-scale industrial enterprises by 2025, with major players like Yadea, Tailg, and Aima contributing to significant revenue growth [2]. - The district's electric vehicle industry achieved a revenue of 36.608 billion yuan in the first half of the year, marking a 24.8% year-on-year increase, and an export value of 350 million USD, up 31.9% [2]. Group 3 - Local electric vehicle companies are expanding their international presence, transitioning from merely exporting products to establishing brands and local operations [3]. - Approximately 2,000 overseas sales outlets have been set up by electric vehicle companies in over 40 countries, along with 20 production bases in more than 10 countries, creating a comprehensive supply chain ecosystem [3]. - The article emphasizes the belief that Chinese brands will play a significant role in the global two-wheeled electric vehicle market in the future [3].

Core Insights - The electric two-wheeler industry in China, known as "small electric donkeys," is rapidly expanding globally, becoming a new export highlight for Chinese manufacturing [1] - In 2024, China's exports of electric motorcycles and bicycles exceeded 40 billion yuan, with a global production capacity share of over 80% [1] - Wuxi, Jiangsu province, is a key hub for this industry, with companies like Yadea, Niu Technologies, and Aima leading the charge [1] Export Performance - In 2024, Wuxi's electric two-wheeler exports reached 600 million USD, a year-on-year increase of 40.9%, accounting for 8.8% of the region's total exports [1] - By the first half of 2025, the two-wheeler industry in Wuxi achieved an import and export volume of 350 million USD, growing by 31.9% year-on-year [1] Market Expansion - India has become the largest export market for Wuxi's two-wheelers, with exports reaching 180 million USD in 2024, representing 30% of total exports and a growth of 98.3% [2] - Other significant markets include Turkey, the Philippines, and Indonesia, with respective export shares of 11.7%, 11.2%, and 9.2% [2] Company Strategies - Yadea Technology Group, a leading player in the electric two-wheeler sector, has established a presence in over 100 countries and aims to expand its overseas production bases from 5 to around 10 [2] - The company focuses on solidifying its foundation rather than pursuing short-term sales, adapting products to local needs and building a comprehensive supply chain [2] Competitive Advantages - The rapid acceptance of Chinese electric two-wheelers in overseas markets is attributed to five core advantages: high cost-performance ratio, low operating costs compared to fuel motorcycles, convenience, advanced smart features, and the growing global influence of Chinese brands [3] - Many countries still primarily use fuel motorcycles, indicating significant growth potential for electric two-wheelers [3] Environmental Alignment - Chinese electric two-wheelers align with global demands for environmental sustainability and urban management, offering zero pollution and low noise [4] - Countries like Vietnam are implementing policies to phase out fuel motorcycles by 2027 and are encouraging the adoption of electric vehicles through government procurement [4] Industry Leadership - Wuxi's two-wheeler production has ranked first in China for ten consecutive years, accounting for one-third of the national market share [5] - This industrial base not only supports the domestic popularity of electric two-wheelers but also serves as a crucial engine for their global expansion [5]

Core Viewpoint - Nandu Power has signed a strategic cooperation agreement with Yadi to enhance collaboration in solid-state battery technology research and development, product development, and industry chain synergy, aiming to create an innovative solid-state battery ecosystem and accelerate marketization [1] Company Collaboration - The partnership will leverage the strengths of both companies to build an open and innovative solid-state battery industry ecosystem [1] - Both companies will explore diverse cooperation models to establish a comprehensive and multi-level strategic partnership [1]

证券日报网讯 南都电源9月17日在互动平台回答投资者提问时表示，公司与太蓝、雅迪等签署战略合作 协议，各方将发挥各自研发平台优势，通过重点项目合作，整合双方领先的技术研究能力，共同开展相 关技术研发和成果产业化工作，推进固态电池技术创新、技术应用与产品迭代。此外，双方还将充分发 挥各自资源优势、行业优势、产业优势，通过自主谋划、产业带动、资源互换等方式，发挥产业链协同 作用，推进固态电池在储能领域及民用领域规模化应用。 （编辑 王雪儿） ...

21世纪经济报道记者孙燕 无锡报道 在全球两轮电动车产业中，中国是最大的生产国、消费国和出口国。其中，三分之一的两轮电动车产量，都来自无锡市锡山 区。 作为"中国电动车之乡"，锡山区的两轮电动车产业自2000年初起步，至2024年集群营业收入规模已达到667.6亿元。 其间，出海扮演了重要的增量角色。2024年，锡山电动车企业全年完成跨境电商进出口6.1亿元，占电动车外贸总出口的七分之 一。 从2020年锡山区两轮电动车整车出口额首次破1亿美元，到2025年上半年锡山区两轮电动车整车出口额达1.9亿美元、同比增长 19.5%，电动两轮车何以从锡山走向世界？ 出海风起 2020年后，中国两轮电动车企业进入快速出海阶段。在锡山区，两轮电动车产业的"链主"企业——雅迪电动车，于2021年正式 启动大规模出海战略。 雅迪科技集团执行董事沈瑜回忆道，两轮电动车行业原来大部分都在国内发展。但最近几年，一方面国内市场逐渐饱和，另一 方面国内电动车监管政策趋严，不少城市限制电动摩托车上牌、上路。因此，两轮电动车企业逐渐将产能向国外转移。 "我们现在从购车、金融、租赁、服务，到充电系统、换电系统以及二手车交易链，都在建立体系， ...

在全球两轮电动车产业中，中国是最大的生产国、消费国和出口国。其中，三分之一的两轮电动车产量，都来自无锡市锡山 区。 作为"中国电动车之乡"，锡山区的两轮电动车产业自2000年初起步，至2024年集群营业收入规模已达到667.6亿元。 其间，出海扮演了重要的增量角色。2024年，锡山电动车企业全年完成跨境电商进出口6.1亿元，占电动车外贸总出口的七分之 一。 从2020年锡山区两轮电动车整车出口额首次破1亿美元，到2025年上半年锡山区两轮电动车整车出口额达1.9亿美元、同比增长 19.5%，电动两轮车何以从锡山走向世界？出海风起 沈瑜指出，当前两轮电动车出海的重点是去当地建立销售网络、售后服务网络，两者是销量增长的根本因素。"之所以日本的燃 油摩托车品牌在东南亚做得好，是因为在偏远地区也有本田、雅马哈的售后服务点。我们也在往这条路上走。" 电动两轮车出海需要完整的本地配套。雅迪计划打通海外产业链，从研发、生产、销售、售后都在当地完成，一方面能够匹配 当地需求，另一方面缩短研发周期、交付时间，降低成本。 "我们现在从购车、金融、租赁、服务，到充电系统、换电系统以及二手车交易链，都在建立体系，从单一的'走出去'到 ...

□ 本报记者付奇李顺顺 这"一快一慢"，既展现了企业的技术能力，也显示出精益求精的态度。雅迪电动车销量连续8年全球第 一，产品已敲开100多个国家的市场，核心竞争力是什么？"当然是质量过硬。"面对记者提问，雅迪科 技集团有限公司高级副总裁王家中脱口而出。拥有超2000项专利、全球十大产研基地，正是其硬实力的 体现。 "用产品说话"的不止雅迪。经过20多年的发展，锡山现有规上整车企业64家，规上零配件企业91家，电 动车国内前十强企业就有6家在这里建厂。从整车到零部件企业均加大研发力度，从远程通信控制、动 态安全监测、北斗定位导航等智能网联技术，到新型三电系统、防火阻燃材料、高性能合金钢，电动车 的科技含量、安全性越来越高。仅今年上半年，无锡电动车产业集群内新增授权专利就达548项。 当"倒车请注意"的提示音在纽约街头响起，当雅迪、台铃等品牌电动车频繁在越南、泰国的小巷中穿 行，"无锡制造"电动车正在征服全球市场。 你可能不会想到，平均每1分钟就有2.4辆电动车走出无锡、走向世界。无锡电动车产业正在以惊人的速 度崛起，向着千亿级产业规模目标稳步迈进。 9月16日，记者跟随"活力中国调研行"团队来到"中国电动车之 ...

Core Viewpoint - The implementation of the new national standard for electric bicycles (GB 17761-2024) has significantly impacted consumer behavior and the market dynamics, leading to a surge in demand for old standard models while creating challenges for manufacturers of new standard models [3][10][15]. Market Dynamics - There has been a noticeable increase in foot traffic at stores selling electric bicycles, particularly brands like Aima, Tailg, and Yadea, as consumers rush to exchange their old models for new ones before the new regulations take full effect [1][10]. - The new regulations impose strict limitations, including a maximum speed of 25 km/h, which has caused anxiety among consumers and manufacturers alike [4][8]. - The old standard models have seen a price increase and heightened demand, contrary to expectations that they would phase out [11][15]. Regulatory Changes - The new regulations aim to eliminate the "gray growth" of electric bicycles over the past two decades, introducing stringent safety measures and technological requirements [4][7]. - Key features of the new regulations include a speed limit that, if exceeded, will cut off power to the vehicle, and the requirement for built-in GPS modules to prevent speed tampering [5][6]. Consumer Behavior - Consumers are exhibiting a "last-minute rush" mentality to purchase old standard models due to fears of future unavailability [10][11]. - Social media discussions around identifying old standard models and high demand for them indicate a shift in consumer focus towards these models [13]. Manufacturer Challenges - Major brands like Tailg, Yadea, and Aima face a dilemma as the popularity of old standard models complicates their transition to new standard models, which are currently not selling well [15][24]. - Manufacturers are concerned about the potential for product stagnation if they rush to produce new standard models without addressing consumer hesitance [15][24]. Strategic Adjustments - Companies are exploring alternative selling points to attract consumers, such as enhancing the smart features of their electric bicycles and focusing on aesthetics to appeal to younger demographics [16][19]. - Safety features are being emphasized as a core selling point, with brands investing in improved braking systems and battery management technologies [20][24]. Future Outlook - The transition to the new standard is expected to be a prolonged and challenging process, with ongoing tensions between regulatory demands, consumer preferences, and manufacturer capabilities [24].

Group 1 - Yadea Technology Group has established a new subsidiary named Shanghai Changxintong Supply Chain Co., Ltd. [1] - The new company is fully owned by Yadea Technology Group and its business scope includes supply chain management services, domestic freight forwarding, and electric vehicle charging infrastructure operations [1]