25W38周观点：摩托车：大排量出口延续高景气-20250921

Investment Rating - The report maintains an "Outperform" rating for the motorcycle industry, indicating a positive outlook compared to the broader market [7]. Core Insights - The motorcycle industry continues to experience high demand, with fuel motorcycle sales reaching 1.5635 million units in August, a year-on-year increase of 12.04%. The sales of large-displacement recreational motorcycles (over 250cc) grew by 23.60% to 84,500 units [3][14]. - Exports of motorcycles in August totaled 1.1242 million units, marking a 20.69% increase year-on-year, with export revenue reaching $759 million, up 31.24% [3][14]. - The report highlights the ongoing recovery in domestic demand supported by policy initiatives, particularly in the home appliance sector, with recommendations to focus on major appliance brands like Midea Group, Haier, and Gree Electric [4][39]. Summary by Sections Motorcycle Industry - The report notes that Changan Power's motorcycle sales reached 50,000 units in August, a 73% increase year-on-year, with exports growing by 49% [14]. - Longxin General's motorcycle sales were 117,000 units, down 25% year-on-year, but large-displacement sales increased by 29% [23]. - Qianjiang Motorcycle's total sales were 34,000 units, with exports surging by 85% year-on-year, indicating strong growth despite a slight decline in domestic demand [33]. Home Appliances - The home appliance sector saw a weekly increase of 1.3%, with specific segments like black appliances and kitchen appliances showing positive trends [4][41]. - The report emphasizes the potential for recovery in consumer demand for large appliances due to trade-in programs, suggesting a focus on brands like TCL and Hisense [4][39]. Investment Opportunities - The report identifies several investment opportunities, including: 1. Large appliances benefiting from trade-in programs, recommending brands like Midea and Haier [4][39]. 2. The pet industry as a resilient sector, with companies like Guibao Pet and Zhongchong Co. highlighted [4][39]. 3. Electric two-wheelers expected to see improved domestic sales, with companies like Ninebot and Yadea recommended [4][39]. 4. The global expansion of Chinese brands in clean appliances and tools, with a focus on companies like Roborock and Kingclean [5][40].