证券之星消息，10月24日地摊经济板块较上一交易日上涨0.55%，鹏辉能源领涨。当日上证指数报收于 3950.31，上涨0.71%。深证成指报收于13289.18，上涨2.02%。地摊经济板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300438 | 鹏辉能源 | 38.39 | 12.19% | 67.50万 | 25.28亿 | | 002963 | 豪尔赛 | 18.56 | 6.30% | 10.34万 | 1.89亿 | | 300075 | 数字政通 | 16.65 | 5.65% | 37.69万 | 6.22亿 | | 002768 | 国恩股份 | 51.25 | 5.17% | 4.35万 | 2.20亿 | | 603766 | 隆幸通用 | 13.46 | 2.36% | 20.65万 | 2.77亿 | | 601777 | 千里科技 | 11.33 | 1.80% | 44.57万 | 5.01亿 | | 002617 | 露実科技 | 8.4 ...

隆鑫通用所属申万行业为：汽车-摩托车及其他-摩托车。所属概念板块包括：通用航空、储能、新能 源、预盈预增、农机等。 截至6月30日，隆鑫通用股东户数2.98万，较上期减少1.16%；人均流通股68931股，较上期增加1.17%。 2025年1月-6月，隆鑫通用实现营业收入97.52亿元，同比增长27.21%；归母净利润10.74亿元，同比增长 82.26%。 分红方面，隆鑫通用A股上市后累计派现36.05亿元。近三年，累计派现11.91亿元。 机构持仓方面，截止2025年6月30日，隆鑫通用十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股1.07亿股，相比上期减少1353.36万股。广发创新升级混合（002939）位居第八大流通股 东，持股1552.72万股，为新进股东。 10月24日，隆鑫通用盘中上涨2.05%，截至09:59，报13.42元/股，成交7442.04万元，换手率0.27%，总 市值275.59亿元。 资金流向方面，主力资金净流入473.43万元，特大单买入102.55万元，占比1.38%，卖出114.93万元，占 比1.54%；大单买入1619.66万元，占比21.76%，卖出 ...

Core Viewpoint - The article highlights the impressive growth of Longxin General (隆鑫通用) in the motorcycle industry, particularly in terms of profit and market share, following its restructuring and the strategic leadership of Zuo Zongshen, a prominent figure in the motorcycle sector [4][9][11]. Group 1: Financial Performance - Longxin General expects a net profit of 1.52 billion to 1.62 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 69.13% to 80.26% [4]. - In contrast, Chuncheng Power (春风动力) reported a net profit of 1.42 billion yuan for the same period, showing a year-on-year growth of 30.9% [6]. - Longxin General's revenue for the first half of 2025 reached 9.75 billion yuan, a year-on-year increase of 27.2%, with a net profit of 1.07 billion yuan, reflecting an 82.3% growth [17]. Group 2: Market Position and Strategy - Longxin General, along with Chuncheng Power and Qianjiang Motorcycle (钱江摩托), is recognized as one of the "three strong" players in the domestic motorcycle market, with a market share of 14.3% in the 250cc and above segment [13]. - The company has maintained its position as the leading exporter of motorcycles for 19 consecutive years, with a market share of 14.2% in the 250cc and above category, an increase of 5 percentage points from 2022 [12][13]. - Longxin's high-end motorcycle brand "Wuji" has successfully established a foothold in the market, contributing to its export strength and overall performance [14][15]. Group 3: Global Market Opportunities - The domestic market for mid-to-large displacement motorcycles is experiencing significant growth, with a year-on-year increase of 38.7% in sales during the first four months of 2025 [19]. - The global market for motorcycles with a displacement of 250cc and above is estimated to be around 5.5 million units in 2024, providing substantial opportunities for domestic manufacturers to expand internationally [19]. Group 4: Cash Flow and Dividends - Longxin General has consistently maintained positive operating and free cash flows, with a strong cash conversion capability reflected in its financial statements [21][25]. - As of mid-2025, the company reported nearly 8.6 billion yuan in cash, with minimal short-term and long-term debt [28]. - The company has increased its dividend payout significantly, with a total dividend of 820 million yuan in 2024, representing a payout ratio of 73.3%, which is notably higher than the previous average of around 30% [32].

Market Overview - The motorcycle and other sectors increased by 0.41% on October 23, with Shanghai Phoenix leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Stock Performance - Shanghai Phoenix (600679) closed at 13.46, up 5.73% with a trading volume of 322,700 shares and a turnover of 440 million yuan [1] - Other notable performers include: - Zhonglu Co., Ltd. (600818) at 10.48, up 2.24% [1] - Qianjiang Motorcycle (000913) at 16.79, up 1.70% [1] - New Day Co., Ltd. (603787) at 12.68, up 1.52% [1] Capital Flow - The motorcycle and other sectors saw a net inflow of 5.91 million yuan from main funds, while retail investors experienced a net outflow of 51.65 million yuan [2] - The main funds' net inflow for Shanghai Phoenix was 51.16 million yuan, indicating strong institutional interest [3] Individual Stock Capital Flow - Key stocks and their capital flow include: - Shanghai Phoenix: Main funds net inflow of 51.16 million yuan, retail net outflow of 50.88 million yuan [3] - Longxin General (603766): Main funds net inflow of 27.58 million yuan, retail net outflow of 38.43 million yuan [3] - Ninebot Company (689009): Main funds net inflow of 8.41 million yuan, retail net outflow of 19.88 million yuan [3]

Core Viewpoint - Longxin General experienced a decline in stock price and trading volume, with significant net financing outflows on October 22, indicating potential investor caution [1] Financing and Margin Trading - On October 22, Longxin General had a financing buy-in amount of 20.84 million yuan and a financing repayment of 31.33 million yuan, resulting in a net financing outflow of 10.49 million yuan [1] - The total financing and margin trading balance for Longxin General as of October 22 was 292 million yuan, with the financing balance accounting for 1.09% of the circulating market value, which is below the 10% percentile level over the past year [1] - The company had a margin repayment of 14,500 shares on October 22, with no shares sold short, and a margin balance of 1.13 million yuan, also below the 20% percentile level over the past year [1] Business Performance - For the first half of 2025, Longxin General reported a revenue of 9.75 billion yuan, representing a year-on-year growth of 27.21%, and a net profit attributable to shareholders of 1.07 billion yuan, reflecting an 82.26% increase year-on-year [2] - The company's main business revenue composition includes motorcycles and engines (74.58%), general machinery products (22.41%), high-end components (1.26%), and large commercial generator sets (1.03%) [1] Shareholder Information - As of June 30, 2025, Longxin General had 29,800 shareholders, a decrease of 1.16% from the previous period, with an average of 68,931 circulating shares per shareholder, an increase of 1.17% [2] - Cumulatively, the company has distributed 3.605 billion yuan in dividends since its A-share listing, with 1.191 billion yuan distributed over the past three years [3] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third-largest shareholder with 107 million shares, a decrease of 13.54 million shares from the previous period [3]

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].

Market Overview - The motorcycle and other sectors experienced a decline of 1.42% on October 22, with Longxin General leading the drop [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Stock Performance - Notable gainers included: - Xinlong Health (002105) with a closing price of 7.03, up 1.44% [1] - Huayang Racing (920058) at 37.23, up 1.39% [1] - Linhai Co. (600099) at 11.04, up 1.01% [1] - Significant decliners included: - Jiangkui General (603766) at 13.03, down 2.76% [2] - Ninebot (60006899) at 63.42, down 2.64% [2] - Qianjiang Motorcycle (000913) at 16.51, down 1.43% [2] Capital Flow - The motorcycle and other sectors saw a net outflow of 153 million yuan from institutional investors, while retail investors contributed a net inflow of 101 million yuan [2] - The overall capital flow indicated a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Detailed Capital Flow Analysis - Key stocks with significant capital movements included: - Zhenghe Industrial (003033) with a net inflow of over 939.58 thousand yuan from institutional investors [3] - Taotao Vehicle (301345) saw a net outflow of 1619.06 thousand yuan from institutional investors but a net inflow of 1490.25 thousand yuan from retail investors [3] - Linhai Co. (600099) experienced a net outflow of 511.14 thousand yuan from institutional investors, while retail investors contributed a net inflow of 799.08 thousand yuan [3]

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 - Longxin General has experienced a significant stock price increase of 50.92% year-to-date, but has recently seen a decline of 7.21% over the past five trading days [2] Company Overview - Longxin General Power Co., Ltd. is located in Chongqing and was established on June 8, 2007, with its stock listed on August 10, 2012 [2] - The company's main business includes motorcycles and engines (74.58% of revenue), general machinery (22.41%), high-end components (1.26%), large commercial generator sets (1.03%), and others (0.72%) [2] - As of June 30, 2025, the number of shareholders is 29,800, a decrease of 1.16% from the previous period, with an average of 68,931 circulating shares per person, an increase of 1.17% [2] Financial Performance - For the first half of 2025, Longxin General achieved operating revenue of 9.752 billion yuan, a year-on-year increase of 27.21%, and a net profit attributable to shareholders of 1.074 billion yuan, up 82.26% year-on-year [2] - The company has distributed a total of 3.605 billion yuan in dividends since its A-share listing, with 1.191 billion yuan distributed in the last three years [3] Shareholding Structure - As of June 30, 2025, Hong Kong Central Clearing Limited is the third-largest circulating shareholder, holding 107 million shares, a decrease of 13.536 million shares from the previous period [3] - Guangfa Innovation Upgrade Mixed Fund (002939) is the eighth-largest circulating shareholder, holding 15.5272 million shares as a new shareholder [3]