电动两轮车：3C认证龙头优势渐显，小品牌或逐步出清，三重政策叠加下龙头弹性可期

Investment Rating - The report maintains a "Positive" investment rating for the electric two-wheeler industry [10] Core Insights - The implementation of the new 3C certification standards starting November 1 will significantly impact the production, sales, and import of electric bicycles that do not comply with the updated safety requirements [5] - Leading brands such as Aima, Yadea, and Tailg have shown superior performance in the 3C certification process, with a higher number of certified SKUs compared to smaller brands, which may lead to an accelerated exit of smaller players from the market [5][6] - The industry is expected to see a recovery in sales as dealers begin to replenish inventory following the initial impact of the 3C certification and product transitions [6][8] Summary by Sections Event Description - The new 3C certification standards for electric two-wheelers will take effect on November 1, prohibiting the production, sale, and import of non-compliant models [5] Market Performance - Leading brands have shown strong online sales performance during the Double Eleven shopping festival, with Aima achieving 71,700 online orders and a GMV exceeding 188 million yuan, while Yadea's total online sales surpassed 190,000 units [7] Policy Impact - The report highlights three favorable policies: the 3C certification, new national standards, and trade-in subsidies, which are expected to enhance demand and market concentration in the electric two-wheeler industry [8] - The market share of leading companies like Yadea and Aima has increased from 31% to 49% between 2019 and 2023, indicating a trend towards greater market consolidation [8]