Investment Rating - The report gives an "Overweight" rating for the electric two-wheeler industry, indicating a positive outlook compared to the overall market performance [2]. Core Insights - The third batch of the white list for electric two-wheeler manufacturers has been announced, with a total of 19 brands and 44 factories included, indicating a growing industry concentration [2]. - The new national standards are expected to accelerate industry sales and enhance concentration, with a significant increase in the market share of leading players from 26% in 2017 to 48% in 2023 [2]. - The "old-for-new" policy is a key driver for demand, with substantial subsidies in 2025, leading to a projected increase in sales volume [2]. - The report highlights that 2024 will be a transitional year, while 2025 will see the full impact of new standards and policies, with a focus on enforcement [2]. Summary by Sections Industry Overview - The electric two-wheeler industry is experiencing a shift due to new regulations and policies aimed at enhancing compliance and safety [2]. - The report notes that the enforcement of new standards will likely stimulate replacement demand, with changes in weight limits and battery requirements [2]. Market Dynamics - The report emphasizes the importance of the "old-for-new" program, which has shown significant results, with 8.465 million units exchanged by mid-2025, a 6.1-fold increase from 2024 [2]. - The report anticipates that the sales will continue to accelerate as the peak sales season approaches and remaining national subsidies are allocated [2]. Company Recommendations - The report recommends investing in companies that are undergoing internal reforms and quality improvements, such as Yadea Holdings, Aima Technology, and Ninebot [2][3].