Group 1 - The core viewpoint of the article highlights the increasing presence of pension funds in the secondary market, with a total of 13 stocks appearing in the top ten circulating shareholders list by the end of the third quarter, including 8 new entries and 2 increased holdings [1] - By the end of the third quarter, pension funds held a total of 122 million shares across these stocks, with a combined market value of 4.192 billion yuan [1] - The stock with the highest pension fund holdings is Haiyou Development (600968), with a total of 65.3843 million shares held by two pension fund combinations, ranking as the fourth and ninth largest circulating shareholders [1] Group 2 - The pension fund's holdings are primarily concentrated in the automotive and electronics sectors, with 3 and 2 stocks respectively [2] - Among the stocks held by pension funds, 10 companies reported net profit growth in their third-quarter reports, with Dingtong Technology achieving the highest growth rate of 125.39%, reaching a net profit of 176.572 million yuan [2] - The longest-held stock by pension funds is Chuanfeng Power (603129), which has appeared in the top ten circulating shareholders list for 14 consecutive reporting periods, maintaining a holding of 7.9514 million shares [2]

Investment Rating - The report maintains a "Recommended" rating for the motorcycle industry [1] Core Insights - The motorcycle industry shows a strong export performance, with a year-on-year increase in sales [12] - The overall motorcycle sales from January to September 2025 reached 12.79 million units, representing a 17% year-on-year growth [18] - Domestic sales have decreased slightly by 3% year-on-year, while exports have increased by 22% [18] Industry Data Update - Total motorcycle sales (domestic + export) for January to September 2025: 12.79 million units, up 17% YoY - Domestic sales: 3.37 million units, down 3% YoY - Export sales: 9.42 million units, up 22% YoY - Sales of motorcycles with displacement >250cc: 761,000 units, up 33% YoY - Sales of motorcycles with displacement ≤250cc: 12.03 million units, up 13% YoY [18][19] Company Data Update Chuanfeng Power - Total sales of fuel motorcycles: 196,000 units, up 0.3% YoY - Sales of motorcycles with displacement >250cc: 155,000 units, up 36% YoY - Electric motorcycle sales: 225,000 units, up 620% YoY [26] Qianjiang Motorcycle - Total sales of fuel motorcycles: 304,000 units, down 12% YoY - Sales of motorcycles with displacement >250cc: 101,500 units, down 4% YoY [34] Longxin General - Total sales of fuel motorcycles: 1.06 million units, down 10% YoY - Sales of motorcycles with displacement >250cc: 108,000 units, up 30% YoY [11]

Core Viewpoint - The motorcycle industry is experiencing steady growth in the mid-to-large displacement segment, with significant export acceleration and a focus on high-end domestic production [5][18]. Sales Performance - In September 2025, sales of motorcycles above 250cc reached 87,000 units, representing a year-on-year increase of 13.1% and a month-on-month increase of 2.5%. Cumulative sales from January to September totaled 761,000 units, up 32.9% year-on-year [2]. - The export of motorcycles above 250cc in September was 53,000 units, a year-on-year increase of 39.0% and a month-on-month increase of 13.6%. Cumulative exports for the first nine months reached 412,000 units, up 65.4% year-on-year [3]. - Domestic sales for September were 33,000 units, down 12.7% year-on-year and 11.2% month-on-month, with cumulative domestic sales of 350,000 units, up 8.0% year-on-year [4]. Market Structure - The growth of motorcycles with a displacement of 500cc and above is strong, with leading companies like Chuanfeng Power, Longxin General, and Qianjiang Motorcycle enhancing their export capabilities [5]. - The top three companies in the 250cc+ segment in September were Chuanfeng Power, Qianjiang Motorcycle, and Longxin General, with a combined market share of 44.2% [6]. Company Insights - Chuanfeng Power's total two-wheeler sales in September were 49,000 units, up 41.5% year-on-year, while cumulative sales for the first nine months reached 423,000 units, up 86.4% year-on-year [6]. - Qianjiang Motorcycle's sales in September were 38,000 units, down 20.9% year-on-year, with cumulative sales of 305,000 units, down 13.2% year-on-year [12]. - Longxin General's motorcycle sales in September were 130,000 units, down 22.7% year-on-year, with cumulative sales of 1.282 million units, down 3.6% year-on-year [15]. Future Outlook - The motorcycle market is expected to continue expanding, driven by new models and brands from leading companies, with a focus on high-end products and international market penetration [18]. - Chuanfeng Power plans to launch new models in the 450cc and 650cc categories, which are anticipated to boost sales [11]. - Qianjiang Motorcycle is enhancing its product definition capabilities and aims to introduce new models to stimulate growth [14].

Investment Rating - The report maintains a "Buy" rating for the motorcycle industry, specifically recommending companies such as Chuanfeng Power, Longxin General, and Qianjiang Motorcycle [5][15]. Core Insights - The motorcycle industry is experiencing steady growth in sales, particularly in the mid-to-large displacement segment, with exports accelerating [4][5]. - The overall sales of motorcycles above 250cc reached 87,000 units in September 2025, marking a year-on-year increase of 13.1% and a cumulative sales of 761,000 units from January to September, up 32.9% year-on-year [3][4]. - The report highlights the strong performance of leading companies in the industry, with Chuanfeng Power maintaining its top position in sales [6][9]. Summary by Sections Sales Performance - In September 2025, sales of motorcycles above 125cc reached 751,000 units, a year-on-year increase of 5.5% and a month-on-month increase of 12.2% [4]. - Exports of motorcycles above 250cc in September were 53,000 units, up 39.0% year-on-year, while domestic sales were 33,000 units, down 12.7% year-on-year [4]. Market Structure - The report notes significant growth in the 500cc and above segment, with sales of 1,700 units in September, a year-on-year increase of 351.5% [5]. - The 250cc to 400cc segment saw sales of 53,000 units in September, up 3.8% year-on-year, while the 400cc to 500cc segment experienced a decline of 24.1% [5]. Competitive Landscape - The top three companies in the 250cc and above segment are Chuanfeng Power, Qianjiang Motorcycle, and Longxin General, with a combined market share of 44.2% in September [6][8]. - Chuanfeng Power's market share was 15.3% in September, while Qianjiang Motorcycle's market share was 15.0%, reflecting a year-on-year increase of 84.8% in sales [6][8]. Future Outlook - The report anticipates continued growth in the mid-to-large displacement motorcycle market, driven by new model launches and increased export activities from leading manufacturers [5][15]. - Chuanfeng Power is expected to focus on new models in the 450cc and 650cc categories, which are anticipated to boost sales significantly [11].

Core Viewpoint - The pension funds have actively invested in the secondary market, appearing in the top ten circulating shareholders of nine stocks by the end of the third quarter, with six new entries and two increased holdings [1][2]. Group 1: Pension Fund Holdings - By the end of the third quarter, pension accounts held a total of 103 million shares across nine stocks, with a combined market value of 3.281 billion yuan [1]. - The largest holding was in Haiyou Development, with pension funds holding 65.3843 million shares, making them the ninth and fourth largest shareholders [1]. - The second largest holding was in Guoyao Shares, with 20.318 million shares held by pension funds, ranking as the fourth largest shareholder [1]. Group 2: Stock Performance and Changes - Among the stocks held by pension funds, four had a market value exceeding 100 million yuan, including Chuncheng Power, Guoyao Shares, and Haiyou Development [1]. - The stock with the highest net profit growth in the third quarter was Dingtong Technology, achieving a net profit of 176.572 million yuan, a year-on-year increase of 125.39% [3]. - The pension fund's longest-held stock is Chuncheng Power, which has appeared in the top ten shareholders for 14 consecutive reporting periods, maintaining a holding of 7.9514 million shares [2]. Group 3: Sector Distribution - The pension fund's holdings are distributed across different boards, with five stocks on the main board, one on the Sci-Tech Innovation Board, and three on the Growth Enterprise Market [3]. - The pension fund's holdings include stocks from various industries, such as oil and petrochemicals, pharmaceuticals, automotive, basic chemicals, telecommunications, electronics, mechanical equipment, beauty care, and construction decoration [3].

证券代码：603129 证券简称：春风动力 公告编号：2025-076 浙江春风动力股份有限公司 关于调整向不特定对象发行可转换公司债券方案 本次可转债的发行规模为不超过人民币 250,000.00 万元（含本数），发行完 成后累计债券余额占公司最近一期末净资产额的比例不超过 50%。具体发行数额 提请股东大会授权董事会或董事会授权人士在上述额度范围内确定。 及相关文件修订情况说明的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 浙江春风动力股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召开 第六届董事会第五次会议、第六届监事会第五次会议，并于 2025 年 6 月 27 日召 开 2025 年第一次临时股东大会审议通过了《关于公司向不特定对象发行可转换 公司债券方案的议案》《关于提请股东大会授权董事会或其授权人士全权办理本 次向不特定对象发行可转换公司债券相关事宜的议案》等与向不特定对象发行可 转换公司债券（以下简称"本次发行"）相关的议案。公司股东大会授权董事会 及其授权人士全权办理本次发行的具体 ...

证券代码：603129 证券简称：春风动力 浙江春风动力股份有限公司 ZHEJIANG CFMOTO POWER CO.,LTD. （浙江省杭州市临平区临平经济开发区五洲路 116 号） 向不特定对象发行可转换公司债券的 论证分析报告 （修订稿） 二〇二五年十月 第一节 本次发行证券及其品种选择的必要性 浙江春风动力股份有限公司（以下简称"公司"、"发行人"或"春风动力"） 是在上海证券交易所主板上市的公司。结合自身实际情况，根据《中华人民共 和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称 "《证券法》"）、《上市公司证券发行注册管理办法》（以下简称"《注册管理办 法》"）等有关法律、法规和规范性文件的规定，拟通过向不特定对象发行可转 换公司债券（以下简称"可转债"）的方式募集资金。 一、本次发行证券选择的品种 本次发行证券的种类为可转换为公司 A 股股票的可转换公司债券。该可转 债及未来转换的 A 股股票将在上海证券交易所（以下简称"上交所"）上市。 二、本次发行证券的必要性 （一）本次发行证券募集资金的必要性 本次向不特定对象发行可转换公司债券募集资金投资项目均经过公司谨慎 论 ...

证券代码：603129 证券简称：春风动力 浙江春风动力股份有限公司 ZHEJIANG CFMOTO POWER CO.,LTD. （浙江省杭州市临平区临平经济开发区五洲路 116 号） 向不特定对象发行可转换公司债券预案 （修订稿） 二〇二五年十月 发行人声明 1、本公司及董事会全体成员保证本预案内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 2、本次向不特定对象发行可转换公司债券完成后，公司经营与收益的变化 由公司自行负责；因本次向不特定对象发行可转换公司债券引致的投资风险由投 资者自行负责。 3、本预案是公司董事会对本次向不特定对象发行可转换公司债券的说明， 任何与之相反的声明均属不实陈述。 4、投资者如有任何疑问，应咨询自己的股票经纪人、律师、专业会计师或 其他专业顾问。 5、本预案所述事项并不代表审核、注册部门对于本次向不特定对象发行可 转换公司债券相关事项的实质性判断、确认、批准。本预案所述本次向不特定对 象发行可转换公司债券相关事项的生效和完成尚待上海证券交易所发行上市审 核并报经中国证监会注册。 1 释义 注：本预案除特别说明外所有数值 ...

股票简称：春风动力 股票代码：603129 浙江春风动力股份有限公司 （ZHEJIANG CFMOTO POWER CO., LTD.） 浙江省杭州市临平区临平经济开发区五洲路 116 号 向不特定对象发行可转换公司债券 并在主板上市 募集说明书 保荐机构（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） （申报稿） 公告日期：2025 年 10 月 浙江春风动力股份有限公司 向不特定对象发行可转换公司债券并在主板上市募集说明书 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申请 文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的 盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反 的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担证券依法发行后因发行人经营与收益变化或者证券价格变动引致的投资风险。 1-1-1 浙江春风动力股份有限公司 向不特定对象发行可转换公司债券并在主板上市募集说明书 ...

关于浙江春风动力股份有限公司 向不特定对象发行可转换公司债券 申请文件的审核问询函的回复 保荐人（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 公告日期：2025年10月 上海证券交易所： 浙江春风动力股份有限公司（以下简称"公司"、"发行人"或"春风动力"） 收到贵所于2025年8月12日下发的《关于浙江春风动力股份有限公司向不特定对 象发行可转换公司债券申请文件的审核问询函》（上证上审（再融资）〔2025〕 244号）（以下简称"《问询函》"），公司已会同华泰联合证券有限责任公司（以 下简称"华泰联合证券"或"保荐人"）、立信会计师事务所（特殊普通合伙） （以下简称"会计师"）、国浩律师事务所（杭州）（以下简称"律师"）进行了 认真研究和落实，并按照问询函的要求对所涉及的事项进行了资料补充和问题 回复，现提交贵所，请予以审核。 浙江春风动力股份有限公司 与华泰联合证券有限责任公司 除非文义另有所指，本问询函回复中的简称与《浙江春风动力股份有限公 司向不特定对象发行可转换公司债券并在主板上市募集说明书（申报稿）》（以 下简称"募集说明书"）中的释义具有相同涵义。 ...