电动两轮车：以旧换新进度加快，需求提振可期

Investment Rating - The report indicates a positive outlook for the electric two-wheeler industry, with expectations of demand recovery driven by the old-for-new exchange program [6][13]. Core Insights - The old-for-new exchange program for electric bicycles is gaining momentum, with participation increasing significantly across the country. As of December 19, a total of 1.023 million old bicycles were exchanged, generating new vehicle sales of 2.73 billion yuan [6][7]. - The number of participating stores has risen from 26,000 in early October to 41,000, marking a 57.7% increase. Additionally, the number of exchange events has surged from 532 to 3,534, a 564.3% increase [6][7]. - The program is now implemented across all 31 provinces and regions, with a focus on optimizing the exchange process to enhance consumer participation [7][13]. Summary by Sections Event Description - As of December 19, the old-for-new exchange program has facilitated the exchange of 1.023 million electric bicycles, leading to new sales worth 2.73 billion yuan. The monthly exchange figures have shown a consistent upward trend, with December alone accounting for 375,000 exchanges [6]. Event Commentary - The report highlights the successful implementation of the old-for-new exchange model, which is expanding in scope and accelerating in progress. The increase in participating stores and events indicates a growing acceptance and operational efficiency of the program [6][7]. - Local governments are actively addressing challenges in the exchange process, with various measures being taken to streamline subsidy distribution and enhance consumer engagement [7]. Future Outlook - The report anticipates that the old-for-new exchange policy will continue into 2025, potentially boosting demand in the electric two-wheeler sector. The combination of new standards, increased barriers for smaller manufacturers, and consumer subsidies is expected to enhance market concentration and demand [13].