电动两轮车行业更新报告：新标准全面推进，格局加速优化

Investment Rating - The report assigns an "Accumulate" rating for the electric two-wheeler industry, maintaining the previous rating of "Accumulate" [6]. Core Viewpoints - The new 3C certification standards for electric two-wheelers will be fully implemented starting November 1, 2024, leading to accelerated market differentiation, with leading brands expected to benefit significantly [7][18]. - The supply-side reform is accelerating as smaller brands struggle with certification, resulting in shortages at retail outlets and a shift towards leading brands like Aima Technology and Yadea Holdings, which have completed over 100 model certifications [11][18]. - The new national standards are anticipated to be officially released by the end of 2024, which will likely increase average selling prices (ASP) and market share concentration due to higher production costs and stricter quality control requirements [11][15]. - The "old-for-new" policy is expected to support lead-acid products, with subsidies ranging from 10% to 20% of the selling price, generally between 400 to 600 yuan, and additional incentives for recycling old lithium battery products [15][17]. Summary by Sections 1. Industry Update - The electric two-wheeler industry is undergoing significant changes with the implementation of new 3C certification standards, which are expected to enhance the supply structure and benefit leading manufacturers [11][12]. - The report highlights that leading brands have sufficient SKU reserves to meet the new certification requirements, while smaller brands face challenges [11][12]. 2. Investment Recommendations - The report recommends focusing on leading companies such as Aima Technology and Yadea Holdings, as they are likely to see improved sales performance due to the new certification standards and market dynamics [18]. - The expected increase in ASP due to new national standards and the shift towards OBM (Original Brand Manufacturer) models will further enhance the competitive landscape [15][18]. 3. Policy Implications - The "old-for-new" policy is gradually being rolled out across various regions, with significant subsidies aimed at encouraging consumers to upgrade to new electric two-wheelers [15][17]. - The report provides a detailed overview of subsidy programs in different regions, indicating a strong governmental push to support the transition to new standards [17].