格隆汇9月12日丨隆鑫通用(603766.SH)在互动平台表示，公司亦在第一时间关注到墨西哥关税相关新 闻，相关新闻提及"摩托车整车出口到墨西哥将面临从15%关税增加到35%的风险"。公司目前出口到墨 西哥的摩托车均通过零部件方式出口，公司初步估计2025年墨西哥业务占整体营收的比例不及15%。鉴 于摩托车部分核心零部件出口到墨西哥也面临被加征关税的可能，公司将密切关注墨西哥关税改革事件 的最后落地情况和以及可能对公司的影响，同时积极与进口商客户商议相关应对方案。公司目前生产经 营一切正常，各项自主品牌业务保持良好增长。 ...

Group 1 - The report highlights the impact of the "Federal Reserve independence shock" on the U.S. economy, emphasizing direct and indirect interference with the Fed's operations [3] - It suggests that the traditional economic tools to suppress inflation may be compromised, potentially leading to a "re-inflation" scenario in the U.S. economy [3] - The report indicates that the dollar's status as a reserve currency and the credibility of U.S. institutions may be affected, with commodity markets, especially precious metals, likely benefiting from global investment diversification trends [3] Group 2 - The report discusses the August inflation data, noting a negative CPI of -0.4% and a narrowing PPI decline of -2.9%, indicating a divergence in inflation trends [5][25] - It points out that the core CPI has shown resilience, with a continuous increase over four months, reflecting a mild recovery in domestic demand [5][25] - The report emphasizes that the negative inflation implies a passive rise in real interest rates, which may prompt the central bank to lower financing costs for the real economy [5][25] Group 3 - The report on Hangzhou Oxygen Plant (杭氧股份) indicates a steady performance in H1 2025, with revenue of 73.27 billion and a net profit of 4.79 billion, reflecting a year-on-year growth of 8.92% and 9.61% respectively [19][40] - It highlights the industrial gas segment's revenue growth of 14% and a gross margin of 21.18%, suggesting a potential bottom reversal in the industrial gas market [19][41] - The equipment segment shows promising results, with a significant increase in orders for petrochemical equipment, indicating successful overseas expansion [19][42] Group 4 - The report on Youyou Green Energy (优优绿能) emphasizes the company's focus on high-power charging modules, projecting revenues of 13.5 billion, 16.2 billion, and 19.5 billion for 2025-2027, with a net profit forecast of 2.0 billion, 3.0 billion, and 4.1 billion respectively [11][35] - It notes the strong overseas market performance, with a gross margin of 50.2% for international sales, significantly higher than domestic margins [11][33] - The report highlights the company's commitment to R&D, with a focus on product innovation and a high R&D expense ratio compared to sales and management costs [11][34] Group 5 - The report on Longxin General (隆鑫通用) indicates a robust performance in H1 2025, with revenue of 97.52 billion and a net profit of 10.74 billion, marking a year-on-year increase of 27.21% and 82.26% respectively [12][36] - It highlights the successful overseas expansion of the "Wuji" brand, with significant growth in sales and a strong marketing presence across various platforms [12][37] - The report projects an upward revision of profit forecasts for 2025-2027, estimating net profits of 19.06 billion, 23.07 billion, and 27.13 billion, reflecting the company's strong growth trajectory [12][39]

Group 1 - The core viewpoint of the report indicates that Longxin General achieved a net profit attributable to shareholders of 1.074 billion yuan in the first half of the year, representing a year-on-year increase of 82.26% [1] - In Q2, the net profit attributable to shareholders was 567 million yuan, showing a year-on-year growth of 70.99% and a quarter-on-quarter increase of 11.93% [1] - The sales revenue from the self-owned brand Wujie series products reached 1.98 billion yuan in the first half of 2025, marking a year-on-year growth of 30.23% [1] Group 2 - Export sales revenue amounted to 1.19 billion yuan, reflecting a significant year-on-year increase of 83.31% [1] - The company launched new models in overseas markets, focusing on travel and scooter models, including DS625X, DS800XRally, and SR16 [1] - Longxin has established a total of 1,292 overseas sales outlets, with a strong focus on the European market, where the number of outlets has reached 957 [1] Group 3 - In the three-wheeler segment, sales revenue reached 879 million yuan, showing a year-on-year increase of 38.68%, with domestic sales contributing 390 million yuan, up by 4.55% [1] - The company is optimistic about its overseas expansion and has raised its profit forecast for 2025-2027, expecting net profits of 1.906 billion, 2.307 billion, and 2.713 billion yuan respectively [1] - The previous profit estimates were 1.805 billion, 2.116 billion, and 2.425 billion yuan [1]

Market Overview - On September 11, the motorcycle and other sectors experienced a slight decline of 0.12%, with Longxin General leading the drop [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Stock Performance - Notable gainers in the motorcycle sector included: - Yong'an Xing: closed at 20.99, up 3.50% with a trading volume of 122,000 shares and a turnover of 255 million yuan [1] - Xinlong Health: closed at 7.46, up 2.75% with a trading volume of 236,000 shares and a turnover of 176 million yuan [1] - Ninebot Company: closed at 68.19, up 1.81% with a trading volume of 170,300 shares and a turnover of 1.145 billion yuan [1] - Conversely, Longxin General saw a decline of 3.00%, closing at 12.28 with a trading volume of 543,100 shares and a turnover of 668 million yuan [2] Capital Flow - The motorcycle and other sectors experienced a net outflow of 181 million yuan from main funds, while retail investors saw a net inflow of 146 million yuan [2] - The capital flow for key stocks showed: - Ninebot Company had a main fund net inflow of 47.44 million yuan, while retail investors contributed a net inflow of 33.44 million yuan [3] - Yong'an Xing experienced a main fund net inflow of 26.01 million yuan but a retail net outflow of 32.02 million yuan [3] - New Day Shares had a main fund net inflow of 18.40 million yuan, with retail investors contributing a net inflow of 20.38 million yuan [3]

智通财经APP获悉，民生证券发布研报称，本田摩托的成功路径显示，摩企全球化需同步打造"技术护 城河+产品爆品力+文化适应力"。当前，自主摩企站在转型与突围的关键节点，以春风动力、隆鑫通 用、钱江摩托等为代表的自主摩企通过不同路径探索全球化发展，预计2025年中大排摩托车出口超50万 辆，同比+50.4%，海外份额为9%，自主摩企聚焦中大排产品平台、热门产品模型复利、区域突破策略 与品牌文化叙事，逐步从"制造导出"转向"体系输出"，有望走出可持续的全球化升级路径。 产品维度：经典铸就传奇 本田摩托如何定义工业标杆？ 自成立以来，本田摩托始终站在全球摩托车技术与市场演进的前沿，通过热门车型实现多次增长。 Super Cub系列凭借低油耗与高耐用性，10年内带动公司全球销量翻倍；Gold Wing系列切入大排量长途 巡航市场，提升高端产品利润率；CBR系列开创民用大排量仿赛细分市场，扩大年轻用户群。当前产品 矩阵覆盖踏板、街车、仿赛、巡航等领域，既保持入门车型的销量规模，又以高端车型提升品牌形象。 战略维度：本田摩托的全球化协同，单点突破到系统化战略如何演绎？ "性能领先+成本控制"的组合优势，使得本田摩托有信心将 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17]. Core Views - The company has reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 9.752 billion yuan, up 27.21% year-on-year, and net profit at 1.074 billion yuan, up 82.26% year-on-year [1][5]. - The company's self-owned brand "Wuji" is experiencing strong growth in overseas markets, with sales revenue of 1.980 billion yuan in the first half of 2025, a year-on-year increase of 30.23%, and exports reaching 1.190 billion yuan, up 83.31% [3]. - The company is expanding its global presence with a focus on all-terrain vehicles and tricycles, achieving sales revenue of 273 million yuan and 879 million yuan respectively in the first half of 2025, with significant growth in export markets [4]. Financial Performance Summary - For the first half of 2025, the company achieved a gross margin of 18.94%, a net profit margin of 11.02%, and a non-recurring net profit margin of 10.62% [1]. - In Q2 2025, the company reported revenue of 5.106 billion yuan, a year-on-year increase of 16.83%, and a net profit of 567 million yuan, up 70.99% year-on-year [2]. - The company has adjusted its profit forecast for 2025-2027, expecting net profits of 1.906 billion yuan, 2.307 billion yuan, and 2.713 billion yuan respectively, reflecting strong growth expectations [5]. Market Expansion and Brand Development - The company has established 1,292 overseas sales outlets, with a focus on the European market, where it has 957 outlets [3]. - The marketing strategy for the "Wuji" brand includes a combination of online and offline efforts, resulting in a total overseas brand exposure of 9.27 million times in the first half of 2025, a year-on-year increase of 70.85% [3]. - The company is actively responding to the "Belt and Road" initiative, deepening its global layout and achieving coverage in key regions of Africa and expanding into Central and Western Asia [4].

Core Viewpoint - Longxin General has shown a significant increase in revenue and net profit for the first half of 2025, indicating strong business performance and growth potential [2]. Group 1: Stock Performance - On September 5, Longxin General's stock rose by 5.05%, with a trading volume of 489 million yuan [1]. - The financing buy-in amount for Longxin General on the same day was 32.69 million yuan, while the financing repayment was 37.87 million yuan, resulting in a net financing buy-in of -5.18 million yuan [1]. - As of September 5, the total balance of margin trading for Longxin General was 382 million yuan, with the financing balance accounting for 1.43% of the circulating market value, which is below the 30% percentile level over the past year [1]. Group 2: Financial Performance - For the period from January to June 2025, Longxin General achieved an operating income of 9.75 billion yuan, representing a year-on-year growth of 27.21% [2]. - The net profit attributable to the parent company for the same period was 1.07 billion yuan, reflecting a year-on-year increase of 82.26% [2]. Group 3: Shareholder Information - As of June 30, 2025, Longxin General had 29,800 shareholders, a decrease of 1.16% from the previous period [2]. - The average circulating shares per person increased by 1.17% to 68,931 shares [2]. - Cumulatively, Longxin General has distributed 3.605 billion yuan in dividends since its A-share listing, with 1.191 billion yuan distributed in the last three years [3].

Market Performance - The motorcycle and other sectors increased by 2.61% on September 5, with Huafang Racing leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Stock Performance - Huafang Racing (834058) saw a significant rise of 29.98%, closing at 48.52 with a trading volume of 68,000 shares and a turnover of 327 million yuan [1] - Taotao Vehicle (301345) increased by 8.22%, closing at 199.50 with a trading volume of 26,200 shares and a turnover of 514 million yuan [1] - Other notable performers include Jiang Kui General (603766) up 5.05%, Yong'an Xing (603776) up 4.38%, and Lvtong Technology (301322) up 3.59% [1] Capital Flow - The motorcycle and other sectors experienced a net inflow of 124 million yuan from main funds, while retail funds saw a net outflow of 106 million yuan [1] - Specific stocks like Aima Technology (603529) had a main fund net inflow of 56.95 million yuan, while retail funds showed a net outflow of 27.17 million yuan [2] - Jiang Xin General (603766) also had a main fund net inflow of 27.81 million yuan, with retail funds experiencing a net outflow of 17.87 million yuan [2]

Core Viewpoint - The Chongqing Municipal Government has officially issued the "Chongqing Smart Connected Electric Vehicle Industry Development Action Plan (2025-2027)", aiming to establish a global industrial base for smart connected electric vehicles with a focus on high-end, green, digital, and intelligent development [1][2]. Group 1: Industry Development Goals - The action plan targets the domestic electric motorcycle market and aims to expand into overseas markets in Southeast Asia, Africa, and Latin America, with a goal to produce over 15 million electric vehicles annually by 2027, of which electric motorcycles will account for over 80% [2][3]. - By 2024, the total electric vehicle production in Chongqing is expected to reach 3 million units, with a local supply rate exceeding 60% for components such as motors, controllers, and frames [1][2]. Group 2: Key Platforms and Infrastructure - The plan includes the establishment of several key platforms, such as a smart connected electric vehicle industry brain, a national-level manufacturing pilot platform, and a data service system for digital lifecycle management of vehicles [2][4]. - The initiative aims to create a globally influential smart connected electric vehicle manufacturing base, promoting the development of new energy, new materials, and new electronics industries [2][4]. Group 3: Enhancing Manufacturing Capabilities - The action plan emphasizes improving product market competitiveness, smart manufacturing capabilities, global service capabilities, and collaborative development within the industry [3][4]. - Support will be provided for vehicle manufacturers to enhance their smart connectivity through autonomous information technologies and to accelerate digital transformation and upgrades [3][4]. Group 4: Service System Development - The plan focuses on strengthening standardization to drive industry upgrades and establishing a quality service brand for smart connected electric vehicles [4][5]. - It encourages technological innovation and the establishment of innovation platforms to enhance the capabilities across the entire value chain of the electric vehicle industry [4][5].

Market Overview - On September 3, the motorcycle and other sectors fell by 0.9%, with Jiuyi Co. leading the decline [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Stock Performance - Notable stock performances included: - Zhenghe Industrial: Closed at 46.80, up 1.83% with a trading volume of 31,600 shares and a turnover of 148 million yuan [1] - Taotao Vehicle: Closed at 187.20, up 1.07% with a trading volume of 15,800 shares [1] - Qianjiang Motorcycle: Closed at 16.89, up 0.84% with a trading volume of 154,700 shares and a turnover of 264 million yuan [1] - Jiuyi Co.: Closed at 69.83, up 0.47% with a trading volume of 185,800 shares and a turnover of 1.311 billion yuan [1] - Chuncheng Power: Closed at 262.50, down 0.89% with a trading volume of 11,000 shares [1] - Jiuyi Co. (Jiuyi Co. in another context): Closed at 18.92, down 6.57% with a trading volume of 121,700 shares and a turnover of 237 million yuan [2] Capital Flow - The motorcycle and other sectors saw a net inflow of 95.96 million yuan from main funds, while retail funds experienced a net outflow of 56.75 million yuan [2] - The capital flow for specific stocks included: - Jiuyi Co.: Main funds net inflow of 98.78 million yuan, retail funds net outflow of 51.21 million yuan [3] - Qianjiang Motorcycle: Main funds net inflow of 17.53 million yuan, retail funds net outflow of 32.57 million yuan [3] - Zhenghe Industrial: Main funds net inflow of 12.27 million yuan, retail funds net outflow of 10.68 million yuan [3]