电动两轮车：以旧换新补贴流程逐步优化，看好龙头α与行业β共振

Investment Rating - The report maintains a positive outlook on the electric two-wheeler industry, particularly highlighting the benefits of the old-for-new subsidy program optimization [2][10]. Core Insights - The optimization of the old-for-new subsidy process is expected to enhance consumer willingness to upgrade their electric bicycles, with various regions implementing more accessible subsidy conditions [7][9]. - The report anticipates a rebound in sales and inventory replenishment in the electric two-wheeler sector, driven by favorable policies and a low inventory backdrop [10]. Summary by Sections Event Description - On November 25, 2023, the Shenzhen Municipal Bureau of Commerce issued revised guidelines for the old-for-new subsidy program, allowing both registered and unregistered old bicycles to qualify for subsidies [7]. - The subsidy standards generally range from 20% to 30%, with maximum amounts between 300 to 1000 yuan per vehicle, typically around 500 to 600 yuan [7]. Policy Optimization - The focus is on streamlining the subsidy process to eliminate bottlenecks and enhance consumer participation [8]. - The new guidelines simplify the application process, allowing consumers to submit materials after purchasing a new vehicle, rather than requiring prior approval [9]. Market Outlook - The report predicts that the electric two-wheeler industry will benefit from three key policy drivers: enhanced subsidy conditions, new national standards, and increased consumer demand for replacements [10]. - The report expresses confidence that leading companies in the sector will experience sales acceleration and market share growth in 2025 due to these favorable conditions [10].