Core Viewpoint - The company has successfully acquired two plots of state-owned land use rights for a total of RMB 956 million, aimed at expanding production capacity for fuel and electric two-wheelers, aligning with its strategic goals to enhance competitiveness and profitability [1] Group 1: Land Acquisition Details - The company’s wholly-owned subsidiary, Jihuo Intelligent Equipment, won the bidding for two plots of land in Tongxiang City, with prices of RMB 786 million and RMB 170 million respectively [1] - The land is designated for Class III industrial use with a usage period of 50 years [1] Group 2: Strategic Implications - The land acquisition is intended to support the expansion of production capacity for fuel and electric two-wheelers, which is in high alignment with the company's strategic objectives [1] - This move is expected to enhance the company's market competitiveness and profitability while effectively diversifying operational risks [1] - The acquisition lays a solid foundation for the company's long-term stable development [1]

数据来源：中国汽车工业(摩托车)产销快讯，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 上市公司：钱江摩托（000913），信隆健康（002105），征和工业（003033），久祺股份（300994）， 林海股份（600099），上海凤凰（600679），中路股份（600818），力帆科技（601777），春风动力 （603129），爱玛科技（603529），隆鑫通用（603766），永安行（603776），新日股份（603787）， 绿通科技（301322），涛涛车业（301345），华洋赛车（834058） 根据中国汽车工业(摩托车)产销快讯数据显示：2025年10月浙江春风动力股份有限公司摩托车产量为 44116辆，同比增长27.03%，销量为44741辆，同比增长68.69%，产销率为101.42%，清仓625辆。 近一年浙江春风动力股份有限公司摩托车产销情况统计图 相关报告：智研 ...

Group 1 - The core viewpoint of the articles highlights the performance of the CSI 500 Quality Growth Index and its constituent stocks, indicating a positive trend in the market with a 0.81% increase as of December 22, 2025 [1] - The CSI 500 Quality Growth ETF (560500) has shown a recent increase of 0.85%, with significant trading activity, averaging daily transactions of 8.55 million yuan over the past week [1] - The report from Galaxy Securities notes a "super central bank week," with mixed monetary policy actions from major global central banks, leading to increased volatility in capital markets, including A-shares [1] Group 2 - The A-share market is entering a critical window for cross-year layout, with expectations for structural opportunities driven by policy guidance and industry prosperity, particularly in early 2026 [2] - The CSI 500 Quality Growth Index closely tracks 100 high-profitability, sustainable, and cash-rich companies, providing diverse investment options for investors [2] - As of November 28, 2025, the top ten weighted stocks in the CSI 500 Quality Growth Index account for 21.53% of the index, with notable companies including Huagong Technology and Kaiying Network [2]

01 事件概述 1）125cc（不含）以上： 11 月销量 63.3 万辆，同比 +5.2% ，环比 +5.0% ，主要增量来自于 125-150cc 及 500-800cc ，春风动力、隆鑫通用等头部企业均贡献 明显增量； 2）250cc（不含）以上： 11 月销量 6.1 万辆，同比 +11.3% ，环比 +0.2% 。 1-11 月累计销量 88.3 万辆，同比 +28.3% 。其中： 出口： 250cc+摩托车 11 月出口 4.3 万辆，同比 +43.2% ，环比 +17.4% ， 1-11 月累计出口 49.2 万辆，同比 +57.6% 。 据中国摩托车商会数据， 2025 年 11 月 250cc （不含）以上摩托车销量 6.1 万辆，同比 +11.3% ，环比 +0.2% 。 1-11 月累计销量 88.3 万辆，同比 +28.3% 。 02 分析判断 ►行业：中大排月度销量稳健 增长 出海持续提速 内销： 250cc+摩托车 11 月内销 1.8 万辆，同比 -28.3% ，环比 -26.5% 。 1-11 月累计内销 39.1 万辆，同比 +3.9% 。 ► 结构：500cc+排量车型增长 ...

Investment Rating - The report maintains a "Buy" rating for the motorcycle industry, particularly recommending companies such as Chuanfeng Power, Longxin General, and Qianjiang Motorcycle due to the rapid expansion of the mid-to-large displacement motorcycle market [19][20]. Core Insights - The mid-to-large displacement motorcycle market is experiencing robust growth, driven by new model launches and an increase in motorcycle culture. The report anticipates that domestic brands will be the biggest beneficiaries of the rising demand [19]. - Exports of motorcycles, especially those above 250cc, have shown significant growth, with November exports reaching 43,000 units, up 43.2% year-on-year [4][19]. - The report highlights the strong performance of leading companies in the industry, with Chuanfeng Power maintaining the top position in sales and market share [6][19]. Summary by Sections Sales Performance - In November, sales of motorcycles above 125cc reached 633,000 units, a year-on-year increase of 5.2% and a month-on-month increase of 5.0%. The growth was primarily driven by the 125-150cc and 500-800cc segments [4]. - For motorcycles above 250cc, November sales were 61,000 units, up 11.3% year-on-year and 0.2% month-on-month. Cumulatively, from January to November, sales reached 883,000 units, a 28.3% increase year-on-year [4][5]. Structural Insights - The report notes strong growth in the 500cc+ segment, with November sales of 13,000 units, a year-on-year increase of 55.7% and a cumulative increase of 121.1% for the year [5]. - The 250cc to 400cc segment saw November sales of 35,000 units, up 12.6% year-on-year, while the 400cc to 500cc segment experienced a decline of 16.8% year-on-year [5]. Competitive Landscape - The top three companies in the 250cc+ segment for November were Chuanfeng Power, Longxin General, and Qianjiang Motorcycle, with a combined market share of 46.7% [6]. - Chuanfeng Power's November sales were 12,000 units, a 40.1% increase year-on-year, while Longxin General's sales also increased by 51.7% year-on-year [6]. Future Outlook - The report projects continued growth in both domestic and export sales for mid-to-large displacement motorcycles, supported by the expansion of supply and the efforts of leading manufacturers [5][19]. - The introduction of new models, particularly in the 450cc and 650cc categories, is expected to drive sales further [13][19].

Group 1 - The State Council of China held a meeting to discuss safety production and solid waste management, approving the draft implementation regulations for the Value-Added Tax Law and the Commercial Mediation Regulations [4] - The U.S. stock market saw all three major indices rise, with the Dow Jones up 0.38%, Nasdaq up 1.31%, and S&P 500 up 0.88%, driven by gains in large tech stocks [4] - International oil prices increased, with WTI crude oil rising 0.96% to $56.54 per barrel and Brent crude oil up 1.01% to $60.10 per barrel [7][8] Group 2 - The People's Bank of China released the "Management Measures for the Identification of Beneficial Owners of Financial Institution Clients," effective January 20, 2026, emphasizing the balance between anti-money laundering and optimizing financial services [9] - The Ministry of Commerce of China filed a complaint with the WTO against India's tariffs on information and communication products and solar subsidies, claiming these measures violate multiple WTO obligations [10] - China Shenhua announced a major acquisition plan involving assets from its controlling shareholder, with a total transaction value of 133.598 billion yuan, covering coal, power, and chemical industries [19] Group 3 - Guizhou Securities Regulatory Bureau imposed penalties on Guizhou BaiLing for financial fraud, resulting in a fine of 10 million yuan and warnings to responsible individuals [16][17] - Spring Wind Power initiated a service guarantee plan for first-generation T-BOX vehicles due to the upcoming discontinuation of 2G networks, affecting smart connected services [20] - Ford recalled over 270,000 electric and hybrid vehicles in the U.S. due to parking function issues that could lead to rollaway risks [27]

Group 1 - The State Council of China held a meeting to discuss safety production and solid waste management, approving the draft implementation regulations for the Value-Added Tax Law and the Commercial Mediation Regulations [4] - The U.S. stock market saw all three major indices rise, with the Dow Jones up 0.38%, Nasdaq up 1.31%, and S&P 500 up 0.88%. Major tech stocks also saw gains, with Nvidia rising nearly 4% [4] - International oil prices increased, with WTI crude oil rising 0.96% to $56.54 per barrel and Brent crude oil up 1.01% to $60.10 per barrel [7][8] Group 2 - The People's Bank of China released the "Management Measures for the Identification of Beneficial Owners of Financial Institutions," effective January 20, 2026, requiring financial institutions to verify beneficial owners using reliable evidence [10] - The Ministry of Commerce of China filed a complaint with the WTO against India's tariffs on information and communication products and solar subsidies, claiming these measures violate multiple WTO obligations [11] - China Shenhua announced a major acquisition plan involving assets from its controlling shareholder, with a total transaction value of 133.598 billion yuan, reflecting a 59.52% increase in asset valuation [19][20] Group 3 - Guizhou Securities Regulatory Bureau imposed penalties on Guizhou Bailin for financial fraud, resulting in a cumulative profit inflation of 655 million yuan from 2019 to 2021 [17] - Spring Power announced a service guarantee plan for first-generation T-BOX vehicles due to the upcoming discontinuation of 2G networks, affecting smart connectivity services [21] - Pingtan Development experienced a significant stock price fluctuation, dropping 7.48% after a high opening, reflecting market volatility and investor sentiment [22]

Core Viewpoint - The automotive industry is at a new crossroads in 2026, with the end of the electric vehicle (EV) boom and the rise of smart technology. Investment opportunities lie in commercial vehicles and two-wheeled vehicles, focusing on finding resilient alpha varieties and embracing the next industrial trends of smart technology and robotics/AIDC [4][10]. Group 1: Automotive Sector Investment Strategy - The automotive industry should reference the years 2011 and 2018 for strategic insights. The focus is on finding resilient alpha varieties and embracing the next industrial trends, particularly in smart technology and robotics/AIDC [4][10]. - The total domestic demand for passenger vehicles in 2026 is expected to be 22 million units, a decrease of 3.5% year-on-year, while the demand for new energy vehicles is projected to reach 13.2 million units, an increase of 6.4% [5][10]. - The wholesale sales of heavy trucks are forecasted to be 1.16 million units in 2026, with a year-on-year increase of 1.5%. Domestic sales are expected to decline by 5.5% to 770,000 units, while exports are projected to rise by 18.8% to 390,000-400,000 units [5][27]. Group 2: Key Investment Opportunities - In the bus sector, the top picks are Yutong Bus and Jinlong Automobile. For motorcycles, the preferred choices are Chunfeng Power and Longxin General. In the heavy truck sector, China National Heavy Duty Truck and Weichai Power are favored. For passenger vehicles, BYD is the primary choice, with Jianghuai Automobile as a secondary option. In the parts sector, Fuyao Glass, Xingyu Co., and Minth Group are recommended [6][10]. - The L4 RoboX investment opportunities focus on the B-end software sector over C-end hardware. Preferred stocks include XPeng Motors, Horizon Robotics, and others in the H-share market, while A-share selections include Qianli Technology and Desay SV [7][10]. - The robotics and AIDC investment opportunities are highlighted, with a focus on the upcoming Optimus V3 overseas and the rapid development of domestic robotics. Key selections include Top Group for robotics and liquid cooling, and Junsheng Electronics for robotics [7][10]. Group 3: Market Forecasts - The passenger vehicle market is expected to see a total sales volume of 22 million units in 2026, with a year-on-year decrease of 3.5%. New energy vehicle sales are projected to reach 13.2 million units, an increase of 6.4% [5][17]. - The heavy truck market is forecasted to have a wholesale volume of 1.16 million units in 2026, with domestic sales declining by 5.5% to 770,000 units, while exports are expected to rise by 18.8% [5][27]. - The bus sector is anticipated to maintain a strong export growth rate of over 30%, with domestic sales expected to reach 81,000 units, a year-on-year increase of 3% [5][32]. Group 4: Motorcycle Market Insights - The motorcycle industry is projected to have total sales of 19.38 million units in 2026, a year-on-year increase of 14%. The large-displacement motorcycle segment is expected to reach 1.26 million units, a 31% increase [5][34]. - Domestic sales of large-displacement motorcycles are expected to reach 430,000 units, a 5% increase, while exports are projected to be 830,000 units, a 50% increase [5][35]. Group 5: Future Trends and Innovations - The penetration rate of smart driving technology in new energy vehicles is expected to rise to 40% by 2026, with significant growth in the use of domestic chips [22][23]. - The heavy truck export market is expected to recover, with significant growth in regions such as Southeast Asia and Africa, driven by local infrastructure and mining demands [28][29].

Core Conclusions - The 2026 automotive industry investment strategy emphasizes "breaking old and establishing new," suggesting that the industry is at a crossroads similar to 2011 and 2018, with the end of the electric vehicle (EV) boom and the rise of smart technology [2][3] - The report predicts a total domestic demand of 22 million vehicles in 2026, a decrease of 3.5% year-on-year, with new energy vehicle (NEV) sales expected to reach 13.2 million, an increase of 6.4% [2][10] - The commercial vehicle sector is expected to see a wholesale volume of 1.16 million units in 2026, with a slight increase of 1.5% year-on-year, while the bus sector is projected to maintain strong export growth [2][19] Passenger Vehicle Sector - The passenger vehicle sector is projected to experience a total sales volume of 22 million units in 2026, with NEV sales expected to reach 13.2 million units, reflecting a year-on-year growth of 6.4% [2][10] - The report highlights the impact of a 5% purchase tax on NEVs starting January 1, 2026, which is expected to support domestic demand [10] - Key investment opportunities include BYD and Jianghuai Automobile in the passenger vehicle sector [2][3] Commercial Vehicle Sector - The heavy truck segment is forecasted to have a wholesale volume of 1.16 million units in 2026, with domestic sales expected to decline by 5.5% to 770,000 units, while exports are projected to grow by 18.8% [2][15] - The bus sector is expected to see a total domestic sales volume of 81,000 units, with exports anticipated to grow by over 30% [2][19] Motorcycle Sector - The motorcycle industry is expected to achieve total sales of 19.38 million units in 2026, representing a year-on-year increase of 14%, with large-displacement motorcycles projected to grow by 31% [2][22] - Domestic sales of large-displacement motorcycles are expected to reach 430,000 units, while exports are projected to grow significantly [22] Investment Opportunities - The report identifies key investment opportunities across various segments, including Yutong Bus and King Long in the bus sector, and Spring Power and Longxin General in the motorcycle sector [2][3] - The focus on L4 RoboX investment opportunities highlights the importance of software over hardware in the autonomous driving sector, with recommended stocks including XPeng Motors and Horizon Robotics [2][3] Growth Trends - The report anticipates a continued focus on smart technology and robotics, with significant growth expected in the L4 RoboX industry and AIDC (Automated Identification and Data Capture) sectors [2][3] - The penetration rate of smart driving technology in new energy vehicles is expected to reach 40% by 2026, with a notable shift in chip supplier market shares [13][14]

春风动力成立于 1989 年，最初从事汽车和摩托车零部件生产，后逐步转向摩 托车产品，并于 2005 年进入全地形车市场。公司目前的主要业务包括全地形 车和摩托车，其中全地形车是最重要的收入来源。2024 年，全地形车业务实 现营收 72 亿元，占总营收的 48%；摩托车业务实现营收 64 亿元，占总营收 的 43%。在摩托车业务中，内销占比 20.6%，外销占比 19.6%。公司产品种 类丰富，涵盖多种排量段，包括 ATV、UTV 和 SSV 三类全地形车，以及各种 类型的摩托车。 公司电动两轮车业务始于 2020 年，2023 年开始放量，目前已覆盖各 价格带。预计 2026 年集合品牌有望冲击百万台规模，实现盈亏平衡， 并计划新增门店以实现更大市场目标。 展望 2026 年，四轮全地形车辆将在新品拉动下迎来良好业绩表现，两 轮车辆出口预计恢复。若美加墨协定完成，利润有望达到 25 亿元，公 司市值有较大上升空间。核心风险点包括新车型上市节奏、贸易环境变 化等。 春风动力 20251216 摘要 春风动力全地形车和摩托车业务是主要收入来源，2024 年分别占总营 收的 48%和 43%。公司通过与 KTM ...