电动两轮车行业事件点评报告：电动两轮车以旧换新方案出台，重视产业链投资机会

Industry Investment Rating - The report maintains an "Overweight" rating for the electric two-wheeler industry [1] Core Views - The introduction of the "Electric Bicycle Replacement Program" by the Ministry of Commerce and other departments is expected to drive the replacement of old electric bicycles with new ones, creating investment opportunities in the industry [1] - Lead-acid battery manufacturers are expected to benefit from the policy, as the program encourages consumers to replace old lithium-ion battery electric bicycles with lead-acid battery ones, with increased subsidies [1] - The electric two-wheeler industry is characterized by high cost-effectiveness and an optimized competitive landscape, with a total sales volume of approximately 50 million units in 2023 and a social ownership of 370 million units [1] Key Points by Section Policy Impact - The "Electric Bicycle Replacement Program" aims to subsidize consumers who replace old electric bicycles with new ones, particularly those that meet industry standards [1] - The policy supports collaboration between electric bicycle sales companies, manufacturers, and recycling companies to offer additional discounts to consumers [1] Lead-Acid Battery Market - Lead-acid batteries account for nearly 80% of the electric bicycle battery market due to their safety and affordability [1] - The top two lead-acid battery manufacturers hold a combined market share of 49%, with the top six accounting for 77.5% [1] - Tianneng Power holds the leading position in the domestic electric light vehicle lead-acid battery market, with a market share exceeding 45% [1] Industry Competitive Landscape - Electric light vehicles are favored for their low cost and high safety, making them an attractive option for short-distance travel [1] - The implementation of the "Electric Bicycle Industry Standard Conditions" and related regulations is expected to further optimize the industry structure, with the Ministry of Industry and Information Technology planning to release a "white list" of qualified companies [1] Investment Recommendations - The report recommends focusing on companies in the electric two-wheeler battery sector, such as Tianneng Power and Chaowei Power [1] - It also suggests paying attention to electric two-wheeler manufacturers, including Ninebot-WD, Yadea Group, Aima Technology, Xinri E-Vehicle, and Luyuan Group [1]