中信证券：电动自行车上游安全材料、中游头部整车及下游配套服务赛道迎来结构性投资机会

Core Viewpoint - The implementation of the new national standards for electric bicycles and delivery platforms marks a significant transition in the industry, leading to a phase of "new national standards" that will address current market disputes related to safety and practicality [1] Industry Trends - The industry is experiencing a phase of "standard first, supporting measures follow," which is causing temporary challenges that are expected to resolve as infrastructure and regulatory measures are established [1] - There is an anticipated increase in industry concentration and a trend towards high-end products, benefiting leading companies that have advantages in compliance, product innovation, and channel barriers [1] Investment Opportunities - Structural investment opportunities are expected to arise in the upstream safety materials, midstream leading vehicle manufacturers, and downstream supporting service sectors as the industry evolves [1]