国海证券：摩托车出口保持较高景气度 亚非拉为主要出口地区

Core Viewpoint - Motorcycle exports from China continue to maintain a high level of prosperity, with a year-on-year increase of 10% in October 2025, leading to a "recommended" rating by Guohai Securities [1][2]. Export Volume Summary - In October 2025, a total of 1.41 million motorcycles were exported, reflecting a year-on-year growth of 10%. Among these, motorcycles with a displacement of ≤250cc saw a significant increase, with 1.35 million units exported (yoy +10%), while those with a displacement of >250cc reached 60,000 units (yoy +9%) [2]. Regional Export Performance - The primary export regions for Chinese motorcycles are Latin America, Africa, and Asia, with Africa and Asia showing high growth rates. The export volume by region in October 2025 was as follows: Latin America (563,000 units), Africa (448,000 units), Asia (301,000 units), Europe (60,000 units), North America (33,000 units), and Oceania (4,000 units) [3]. - Year-on-year growth rates for exports in October 2025 by region were: Latin America (-3.7%), Africa (+15.0%), Asia (+42.9%), Europe (-5.9%), North America (+2.9%), and Oceania (-17.5%) [3]. High Growth in Key Export Regions - For motorcycles with a displacement of >250cc, the core export countries or regions and their growth rates in October 2025 were as follows: Latin America (33,836 units, yoy -17%), Europe (21,481 units, yoy +72%), Asia (5,451 units, yoy +48%), North America (958 units, yoy +594%), Africa (1,053 units, yoy +23%), and Oceania (671 units, yoy +36%) [4].