Core Viewpoint - The electric two-wheeler market in China has undergone significant evolution, with various phases of growth and stabilization, influenced by technological advancements, regulatory changes, and market dynamics [3][4][8]. Market Development Stages - The electric two-wheeler industry can be divided into several stages: 1. **Initial Stage (2000-2003)**: Performance improvements led to the replacement of motorcycles, supported by policies limiting motorcycle use, resulting in initial sales growth [3]. 2. **Rapid Growth and Stabilization (2004-2018)**: Legal recognition as a non-motor vehicle in 2004 led to increased consumer acceptance, with sales rising from millions to 30-40 million units, stabilizing around 30 million post-2013 due to intensified competition [4]. 3. **New National Standards Catalyzing Expansion (2019-2023)**: The introduction of new standards in 2019 accelerated the replacement of non-compliant models, with sales reaching 55 million units in 2023, a 49.46% increase from 2019 [4]. 4. **New Standards Revision and Trade-in Policies (2024-Present)**: Anticipated regulatory changes and market challenges are expected to lead to a 9.10% decline in sales in 2024, but recovery is projected with the implementation of revised standards and trade-in incentives in 2025 [4]. Market Players and Competition - Major players in the electric two-wheeler market include Yadea, Aima, New Day, and Tailg, with Yadea and Aima leading in market share and retail revenue. The market has seen increased concentration post-2019, with stronger players gaining significant market share as weaker competitors exit [7][8]. Regulatory Environment - The upcoming revision of national standards and the introduction of trade-in policies are expected to enhance market regulation and promote higher industry standards. The "one vehicle, one ticket" system will enforce stricter quality controls, leading to the elimination of substandard products [8][9]. Trade-in Policies - The implementation of trade-in policies by the Ministry of Commerce and other departments aims to boost sales by providing subsidies for consumers who exchange old electric two-wheelers for new ones. This initiative is set to continue into 2025, with local governments encouraged to align subsidy standards with previous years [9].

1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View The report presents the top ten convertible bonds in January 2026, including their credit ratings, closing prices at the end of December, conversion premium rates, and the trailing twelve - month price - to - earnings ratios (PE - TTM) of their underlying stocks. It also details the business profiles, financial performance, and key highlights of the companies corresponding to these convertible bonds [2][4][6]. 3. Summary by Company 3.1 Zhongte Convertible Bond - **Company Overview**: A globally leading specialized special - steel material manufacturer with an annual production capacity of about 20 million tons of special - steel materials. It has multiple production and raw - material bases, forming a coastal and riverside industrial chain layout [11]. - **Financial Performance**: In 2024, its operating income was 109.203 billion yuan (YoY - 4.22%), net profit attributable to the parent company was 5.126 billion yuan (YoY - 10.41%). In the first three quarters of 2025, operating income was 81.206 billion yuan (YoY - 2.75%), and net profit attributable to the parent company was 4.33 billion yuan (YoY + 12.88%) [11]. - **Company Highlights**: It is one of the world's most comprehensive special - steel enterprises in terms of variety and specification. It has a complete industrial chain, leading cost - control ability, and is seeking external expansion opportunities [12]. 3.2 Shanlu Convertible Bond - **Company Overview**: Focuses on road and bridge engineering construction and maintenance, and is expanding into other fields. It has a complete business and management system [29]. - **Financial Performance**: In 2024, its operating income was 71.348 billion yuan (YoY - 2.3%), net profit attributable to the parent company was 2.322 billion yuan (YoY + 1.47%). In the first three quarters of 2025, operating income was 41.354 billion yuan (YoY - 3.11%), and net profit attributable to the parent company was 1.41 billion yuan (YoY - 3.27%) [29]. - **Company Highlights**: It has the concept of China - specific valuation, potential for improvement in balance sheet and orders, benefits from regional infrastructure plans, and is exploring overseas markets [30]. 3.3 Hebang Convertible Bond - **Company Overview**: Has advantages in resource supply and has completed a basic layout in the chemical, agricultural, and photovoltaic fields, with four major business segments [44]. - **Financial Performance**: In 2024, its operating income was 8.547 billion yuan (YoY - 3.13%), net profit attributable to the parent company was 31 million yuan (YoY - 97.55%). In the first three quarters of 2025, operating income was 5.927 billion yuan (YoY - 13.02%), and net profit attributable to the parent company was 93 million yuan (YoY - 57.93%) [44]. - **Company Highlights**: Its phosphate mines and salt mines contribute profits, and its liquid methionine production is a major profit - contributor [45]. 3.4 Huayuan Convertible Bond - **Company Overview**: Focuses on building a complete vitamin D3 upstream - downstream industrial chain, with products in the vitamin and chemical - preparation fields [56]. - **Financial Performance**: In 2024, its operating income was 1.243 billion yuan (YoY + 13.58%), net profit attributable to the parent company was 309 million yuan (YoY + 60.76%). In the first three quarters of 2025, operating income was 936 million yuan (YoY - 0.2%), and net profit attributable to the parent company was 234 million yuan (YoY - 3.07%) [56]. - **Company Highlights**: It has leading products in the market, is expanding its product matrix, and has a strong layout in the pharmaceutical manufacturing field [57]. 3.5 Xingye Convertible Bond - **Company Overview**: One of the first joint - stock commercial banks in China, evolving into a modern financial service group with multiple financial licenses [70]. - **Financial Performance**: In 2024, its operating income was 212.226 billion yuan (YoY + 0.66%), net profit attributable to the parent company was 77.205 billion yuan (YoY + 0.12%). In the first three quarters of 2025, operating income was 161.234 billion yuan (YoY - 1.82%), and net profit attributable to the parent company was 63.083 billion yuan (YoY + 0.12%) [70]. - **Company Highlights**: It has stable asset quality and scale growth, with a large number of customers [71]. 3.6 Aima Convertible Bond - **Company Overview**: The leading enterprise in the electric two - wheeled vehicle industry, producing and selling electric bicycles, scooters, and motorcycles [80]. - **Financial Performance**: In 2024, its operating income was 21.606 billion yuan (YoY + 2.71%), net profit attributable to the parent company was 1.988 billion yuan (YoY + 5.68%). In the first three quarters of 2025, operating income was 21.093 billion yuan (YoY + 20.78%), and net profit attributable to the parent company was 1.907 billion yuan (YoY + 22.78%) [80]. - **Company Highlights**: It may benefit from government subsidies, new national standards, and has potential for improving gross margins [81]. 3.7 Chongyin Convertible Bond - **Company Overview**: The earliest local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China, listed on the Hong Kong Stock Exchange and included in the "Leading Sheep" plan [90]. - **Financial Performance**: In 2024, its operating income was 13.679 billion yuan (YoY + 3.54%), net profit attributable to the parent company was 5.117 billion yuan (YoY + 3.8%). In the first three quarters of 2025, operating income was 11.74 billion yuan (YoY + 10.4%), and net profit attributable to the parent company was 4.879 billion yuan (YoY + 10.19%) [90]. - **Company Highlights**: It benefits from the regional economic development, has stable asset - scale growth, and actively adjusts its business strategies [91][94]. 3.8 Tianye Convertible Bond - **Company Overview**: The first industrial enterprise of the Xinjiang Production and Construction Corps, a leading enterprise in the chlor - alkali chemical industry with an integrated circular economy industrial chain [103]. - **Financial Performance**: In 2024, its operating income was 11.156 billion yuan (YoY - 2.7%), net profit attributable to the parent company was 68 million yuan (YoY + 108.83%). In the first three quarters of 2025, operating income was 7.97 billion yuan (YoY + 2.2%), and net profit attributable to the parent company was 7 million yuan (YoY - 28.79%) [103]. - **Company Highlights**: It has cost - advantage in caustic soda production and plans to increase dividend frequency and has coal - mine projects in progress [106]. 3.9 Aorui Convertible Bond - **Company Overview**: A company focusing on the R & D, production, and sales of complex APIs and preparations, leading in several technical fields [119]. - **Financial Performance**: In 2024, its operating income was 1.476 billion yuan (YoY + 16.89%), net profit attributable to the parent company was 355 million yuan (YoY + 22.59%). In the first three quarters of 2025, operating income was 1.237 billion yuan (YoY + 13.67%), and net profit attributable to the parent company was 354 million yuan (YoY + 24.58%) [119]. - **Company Highlights**: It is optimizing its distribution network, expanding its overseas market for preparations, and has high - quality customer resources [120]. 3.10 Yushui Convertible Bond - **Company Overview**: The largest water supply and drainage integrated enterprise in Chongqing, with a monopoly position in the local market [133]. - **Financial Performance**: In 2024, its operating income was 6.999 billion yuan (YoY - 3.52%), net profit attributable to the parent company was 785 million yuan (YoY - 27.88%). In the first three quarters of 2025, operating income was 5.568 billion yuan (YoY + 7.21%), and net profit attributable to the parent company was 779 million yuan (YoY + 7.1%) [133]. - **Company Highlights**: It has a high market share, is expanding its business regionally, and has achieved cost control through intelligent applications [134].

Group 1 - The core focus of Huace Testing is on performance verification of aerospace materials and reliability testing of core components, primarily serving private aerospace enterprises [10][11] - The company plans to enhance its service capabilities in the aviation sector, expanding into lifecycle testing services for new aircraft types such as drones and flying cars [10][11] - Huace Testing is strategically positioning itself in emerging sectors like AI, humanoid robots, silver economy, and low-altitude economy, with a focus on electric vehicle testing and semiconductor chip testing [10][11] Group 2 - Huace Testing has successfully integrated its acquisitions, with a focus on maintaining business continuity through complementary advantages, ensuring smooth collaboration between domestic and international teams [11] - The company has completed the acquisition of Safety SA, Emicert, Openview, and MIDAC laboratory, which are now officially consolidated into its financial statements [10][11] Group 3 - The average stock price of companies under institutional research increased by nearly 1% in the past week, with notable gains from companies like Huazhi Electromechanical, which saw a weekly increase of over 36% [14][15] - Huazhi Electromechanical has established a business partnership with Blue Arrow Aerospace in the commercial aerospace sector, while also focusing on potential applications in the aerospace and satellite fields [14][15] - The company has developed a "N+1+3" structure in its robotics business, indicating a diversified approach to core components and application scenarios [14][15] Group 4 - Companies like Aima Technology, Juxing Agriculture, LiuGong, and Xiangyu Medical have also attracted significant institutional interest, with over 50 institutions conducting research on them [13] - LiuGong reported balanced revenue distribution across nine major overseas regions, with a strong outlook for growth in the global construction machinery market by 2026 [13] - Xiangyu Medical is exploring both invasive and non-invasive brain-machine interface technologies, aiming for a unified approach to treatment effectiveness [14][15]

Event Overview - The 2026 (6th) Qidian Lithium Battery Two-Wheeled Vehicle Battery Swap Conference and the Luban Award Ceremony for Lightweight Power Batteries will be held on April 10, 2026, in Shenzhen [2][4] - The theme of the event is "Co-creating a New Chapter in Lightweight Power and Leading the Future of Two-Wheeled Battery Swapping" [2] Agenda Highlights - The conference will feature a forum opening ceremony and the Luban Award ceremony for lightweight power batteries [3] - Specialized sessions will cover topics such as battery swap and technology, including the release of the "2026 China Lightweight Power/Two-Wheeled Vehicle Battery Swap TOP20 Ranking and Industry White Paper" [3][5] - Discussions will focus on innovations in battery swap business models, lifecycle management of batteries, and the development trends of battery connector technology [5] Participating Companies - Over 400 enterprises and 600 guests are expected to attend, including major players in the electric two-wheeled vehicle and battery swap sectors such as Yadi, Aima, and Niu Technologies [6] - More than 150 companies involved in lightweight power and battery swap technologies will participate, including leading battery manufacturers like BYD and CATL [6][7] Registration and Participation - Various registration options are available, including SVIP for 3188 RMB, VIP for 2188 RMB, and a free option contingent on social media promotion [9] - The registration deadline is March 31, 2026, and on-site registration will not be accepted [9]

Event Overview - The 2026 (6th) Qidian Lithium Battery Two-Wheeled Vehicle Battery Swap Conference and the Luban Award Ceremony for Lightweight Power Batteries will be held on April 10, 2026, in Shenzhen [2][4] - The theme of the event is "Co-creating a New Chapter in Lightweight Power and Leading the Future of Two-Wheeled Battery Swapping" [2] Agenda Highlights - The conference will feature a forum opening ceremony and the Luban Award ceremony for lightweight power batteries [3] - Key topics include the release of the "2026 China Lightweight Power/Two-Wheeled Vehicle Battery Swap TOP20 Ranking and Industry White Paper" and discussions on battery technology trends [3][5] - Afternoon sessions will focus on electric motorcycles and bicycles, covering topics such as lithium iron phosphate cylindrical batteries, fast charging, and battery safety design [5] Participation Scale - The event is expected to host over 400 companies and 600 guests, including major players in the electric two-wheeled vehicle and battery swap sectors [4][6] - Notable participating companies include Yadi, Aima, and Niu Technologies, among others [6] Registration Details - Various registration options are available, including SVIP for 3188 RMB, VIP for 2188 RMB, and a free option with promotional requirements [9] - Registration deadline is March 31, 2026, with no on-site registration allowed [9]

Summary of Key Points from the Conference Call on the Home Appliance Industry Industry Overview - The home appliance industry is expected to have a clear demand space in 2026, but growth momentum is limited, with marginal prosperity and structural changes being key influencing factors [1][3] - Categories with strong demand resilience or improved structures are likely to have higher performance certainty, particularly in the white goods and two-wheeler sectors [1] Core Insights and Arguments White Goods - The white goods sector is primarily driven by replacement demand, with structural growth opportunities in overseas markets. Leading companies are expected to achieve revenue growth of 5-10% [1][5] - Xiaomi's growth has slowed, and its high-end strategy has alleviated price competition, leading to an improved industry structure and increased performance certainty [1][5] - The overall valuation of the white goods sector is relatively low, with leading companies maintaining an upward trend, indicating potential for a strong rebound [3][12] Two-Wheeler Market - The two-wheeler market has essential demand characteristics, supported by inventory updates and structural growth opportunities in the mid-to-high-end market due to new national standards [1][9] - If domestic demand remains strong, the market could achieve single-digit growth [1][9] Black Goods - The black goods sector is experiencing a shrinking demand center but shows a trend of structural upgrades. However, external uncertainties and intense domestic competition may limit profit margin improvements [1][6] Kitchen Appliances and Lighting - Kitchen appliances and lighting are influenced by the real estate sector's post-cycle effects, with short-term demand potentially declining. However, the industry structure is improving, which could benefit leading companies in the medium term [1][7] Small Appliances and Cleaning Equipment - The small appliance sector is diverse and somewhat discretionary, with cleaning equipment being a focal point. Overseas demand is strong, but domestic risks exist due to subsidy factors [1][8] Additional Important Insights - The overall demand for the home appliance industry in 2025 was clear, but significant growth stories were lacking. Key factors include changes in marginal prosperity and industry structure [3] - Leading white goods companies are cash-rich and committed to increasing dividend payouts, with expectations of exceeding 70% [3][18] - The two-wheeler industry is expected to face a demand decline of 5-10% in 2026, but structural growth opportunities remain due to new standards and market dynamics [19][20] - The overseas market, particularly in Southeast Asia, presents significant potential for the two-wheeler industry, supported by favorable policies [21] - Brand expansion into international markets is crucial for future growth, with low penetration rates in emerging categories providing opportunities for Chinese brands [22] Investment Recommendations - Investment strategies for 2026 should focus on two main areas: dividend opportunities in white goods and two-wheelers, and overseas expansion potential in companies with reasonable valuations and strong brand/channel capabilities [29]

Summary of Key Points from Conference Call Records Industry or Company Involved - **Moutai**: Focus on stable supply and market demand - **Angel Yeast**: Benefiting from cost reductions and market improvements - **Yili**: Anticipating price recovery in dairy products - **Li Ning**: Strategies for inventory and product innovation - **Electric Bicycle Industry**: Focus on leading companies like Yadea and Aima - **Home Appliances**: Impact of subsidy policies - **Pork Farming Industry**: Current market conditions and investment opportunities - **Smart Glasses Market**: Growth expectations and product developments Core Points and Arguments - **Moutai's Strategy**: In 2026, Moutai will maintain stable total supply while reducing high-value product investments and increasing supply of Feitian Moutai to tap into mass market demand, which is expected to stabilize prices in the long term [1][3] - **Angel Yeast's Performance**: Expected to outperform the sector in 2026 due to lower sugar molasses procurement costs and improvements in the domestic restaurant chain [1][4][5] - **Yili's Growth**: Anticipated turning point in milk prices in Q2 and Q3 of 2026, with a focus on product innovation and high-end branding to achieve quality growth [1][5] - **Li Ning's Strategy**: Effective inventory management and product innovation, including new running shoes, are expected to drive revenue recovery, with a projected profit of 2.7 billion yuan in 2026 [1][6][7] - **Electric Bicycle Industry Outlook**: Leading companies like Yadea and Aima are currently undervalued, with a focus on spring sales data to assess market recovery [1][8][9] - **Home Appliance Subsidy Policy**: The renewal of the subsidy policy, totaling 250 billion yuan, is expected to positively impact related sectors, including smart glasses, with projected sales growth of 78% in 2025 [1][11][12] - **Pork Farming Industry**: Continuous reduction in breeding sow capacity presents a window for investment in quality pork stocks, despite recent price recoveries not changing the fundamental supply-demand dynamics [2][31][32] Other Important but Possibly Overlooked Content - **Smart Glasses Market**: Expected domestic shipment of 4.5 million units in 2025, indicating significant growth potential [1][12] - **Investment Recommendations**: Companies like Jimi Technology, TCL Electronics, and Anke Innovation are highlighted for their low valuations and growth potential in the context of new product lines and market recovery [1][14] - **Pork Industry Valuation**: Current valuations in the pork sector are considered severely undervalued, making it a prime area for investment [2][32] - **Poultry Industry Insights**: The yellow feather chicken market shows promising investment opportunities, while the white feather chicken market faces challenges due to seasonal factors [2][33] This summary encapsulates the essential insights and projections from the conference call records, providing a comprehensive overview of the discussed industries and companies.

1. Report's Investment Rating for the Industry - No information provided regarding the industry's investment rating. 2. Core Views of the Report - Bullish on the equity market during the "Spring Rally". With the expected strengthening of underlying stocks and seasonal effects, there is a slight room for convertible bond valuations to increase. When selecting bonds, focus on the performance elasticity of the underlying stocks. For near - maturity convertible bonds, consider participating in the underlying stocks [27]. - In the stock market, in December 2025, the risk appetite was high. Looking ahead, the RMB appreciation expectation is strengthening, and with the end of the year - end ranking assessment of financial institutions, the "Spring Rally" is expected to gradually kick off. In January, if the market adjusts during the intensive performance forecast period, investors can buy on dips and focus on resources, AI computing power, batteries, polyester industry chain, AI edge devices, and securities [27]. - In the convertible bond market, in December 2025, the CSI Convertible Bond Index reached a new high since July 2015. Although the share of convertible bond ETFs continued to decline, the market premium rate increased. In the future, due to seasonal effects, some institutional investors may gradually increase their positions in January, and convertible bond valuations have a slight room for improvement [27]. 3. Summary of Each Section 3.1 2025 December Convertible Bond Market Review - **Stock and Bond Market Review**: In December, the equity market fluctuated upwards, and the bond market generally fluctuated. The Shanghai Composite Index rose for nearly 10 consecutive trading days in the middle and late - December, closing at 3963.68 on December 26, with a monthly increase of 1.27%. The 10 - year Treasury bond yield closed at 1.838% on December 26, up 0.10bp from the beginning of the month, and the 30 - year Treasury bond yield closed at 2.223%, up 3.32bp from the beginning of the month [4][8]. - **Convertible Bond Market Review**: The convertible bond market generally rose following the equity market. The premium rates of convertible bonds in all parity ranges increased, but convertible bond ETFs continued to face outflow pressure. Five convertible bonds announced downward revisions, one more than the previous month, and 10 convertible bonds announced forced redemptions, two less than the previous month. The CSI Convertible Bond Index closed at 493.2 on December 26, up 2.31% [5][8]. - **Industry Performance**: In the Shenwan industry classification, sectors such as national defense and military industry (+12.25%), communication (+10.55%), and non - bank finance (+8.27%) performed well, while sectors such as media (-4.77%), banks (-3.68%), and coal (-3.62%) declined [8]. 3.2 2026 January Convertible Bond Allocation Strategy - **Stock Market Outlook**: The RMB appreciation expectation is strengthening, and the "Spring Rally" is expected to start. In January, if the market adjusts during the performance forecast period, investors can buy on dips. Focus on resources, AI computing power, batteries, polyester industry chain, AI edge devices, and securities [27]. - **Convertible Bond Outlook**: Due to seasonal effects, some institutions may increase their positions in January. Convertible bond valuations have a slight room for improvement. When selecting bonds, relative - return funds should focus on high - probability sectors with a high - beta underlying stocks, and absolute - return funds should focus on high - odds sectors [27][28]. - **Bond Selection Suggestions**: For relative - return funds, focus on sectors such as lithium - battery materials, semiconductor equipment and materials, power semiconductors, high - quality auto parts, anti - involution industries, and securities. For absolute - return funds, focus on industry leaders with low valuations, sectors such as pig farming, power, and water supply, and convertible bond debt - to - equity conversion [28]. 3.3 2026 January "Top Ten Convertible Bonds" Portfolio | Convertible Bond Code | Convertible Bond Name | Underlying Stock Name | Industry | Balance (Billion Yuan) | Convertible Bond Price (Yuan) | Convertible Bond Parity (Yuan) | Conversion Premium Rate (%) | Rating | Recommendation Reason | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 113043.SH | Caitong Convertible Bond | Caitong Securities | Securities II | 37.99 | 133.52 | 109.71 | 21.70 | AAA | The securities sector will see a double - hit of valuation and profit in a bull market [30]. | | 123254.SZ | EVE Convertible Bond | EVE Energy | Battery | 49.98 | 167.64 | 134.65 | 24.51 | AA+ | The demand for energy storage is strong, and the shipment volume in the third quarter increased significantly year - on - year and quarter - on - quarter [30]. | | 113695.SH | Huachen Convertible Bond | Jiangsu Huachen | Power Grid Equipment | 4.60 | 160.16 | 122.10 | 31.17 | A+ | The company's new production capacity is put into operation just as the demand for energy storage is growing rapidly [30]. | | 113634.SH | Proya Convertible Bond | Proya | Cosmetics | 7.51 | 125.13 | 70.36 | 77.83 | AA | As a domestic beauty leader, its brand and product strength are outstanding, and its valuation at a historical low is expected to be restored [30]. | | 113616.SH | Will Semiconductor Convertible Bond | Will Semiconductor | Semiconductor | 24.32 | 124.07 | 78.35 | 58.36 | AA+ | The company is accelerating its introduction into intelligent driving and emerging markets and has launched new mobile phone products with strong competitiveness [30]. | | 118040.SH | Hongwei Convertible Bond | Hongwei Technology | Semiconductor | 4.30 | 149.72 | 116.17 | 28.88 | A | Power semiconductors benefit from the growth of power supply and energy storage demand [30]. | | 113674.SH | Huashe Convertible Bond | Huashe Group | Engineering Consulting Service II | 4.00 | 129.29 | 89.47 | 44.51 | AA | As a leader in infrastructure design, its main business is stabilizing, and intelligent design and low - altitude economy provide growth points [30]. | | 123222.SZ | Bojun Convertible Bond | Bojun Technology | Auto Parts | 2.44 | 224.63 | 194.72 | 15.36 | A+ | The growth of customer sales and the increase in ASP per vehicle drive up revenue and profit [30]. | | 113666.SH | Aima Convertible Bond | Aima Technology | Motorcycle and Others | 19.99 | 125.11 | 79.63 | 57.12 | AA | The new national standard may promote the market share of the two - wheeled vehicle leader [30]. | | 123247.SZ | Wankai Convertible Bond | Wankai New Materials | Plastics | 19.64 | 172.30 | 150.18 | 14.73 | AA | Under the "anti - involution" of bottle chips, the processing fee is expected to stabilize, and the company is entering the rPET blue - ocean market [30]. |

Core Viewpoint - The electrophoretic paint market in China is characterized by moderate scale, technical intensity, and stable growth, driven by both domestic demand and global industry trends. The market is expected to grow from $1,504.1 million in 2024 to $1,855.5 million by 2031, with a CAGR of 2.80% from 2025 to 2031 [3][9]. Market Size and Growth Trends - The Chinese electrophoretic paint market is projected to reach $1,504.1 million in sales revenue by 2024 and $1,855.5 million by 2031, indicating a stable growth trend with a CAGR of 2.80% from 2025 to 2031 [3]. Demand Analysis - The automotive and home appliance sectors are the primary consumers of electrophoretic paint, with automotive applications requiring high corrosion resistance and compatibility with subsequent coatings. The demand from the home appliance sector is characterized by large-scale, standardized needs [9]. Competitive Landscape - The market features a mix of international giants and local specialized manufacturers. Multinational companies dominate the high-end market due to their advanced formulation technologies and relationships with major automotive manufacturers, while local firms excel in the mid-to-low-end market segments [10][13]. Key Players - Major players in the Chinese market include PPG Industries, BASF, Haolisen, Xiangjiang Kansai, Axalta, Nippon Paint, and Jinlitai, with the top three companies holding approximately 38.63% of the market share in 2024 [13]. Industry Chain Analysis - Upstream - Key raw materials for electrophoretic paint include resins, solvents, additives, and pigments, with the chemical industry being the primary upstream sector. The market is competitive, and product costs are closely linked to fluctuations in crude oil prices [16]. Industry Chain Analysis - Midstream - Foreign brands hold a strong position in the automotive OEM paint sector, with six major companies controlling about 90% of the market share in automotive coatings. Domestic companies are gradually gaining market share in non-passenger vehicle segments [17]. Industry Chain Analysis - Downstream - The downstream industries include automotive manufacturing and other sectors such as engineering machinery, motorcycles, hardware, and home appliances, which are closely tied to macroeconomic conditions and exhibit cyclical characteristics [18]. Development Drivers - Key drivers for the industry include government support for environmentally friendly coatings, advancements in technology leading to diverse and functional products, and stable growth in downstream industries such as automotive and home appliances [21]. Development Constraints - The industry faces challenges such as risks from macroeconomic fluctuations, volatility in raw material prices, and intense competition, particularly from foreign brands in the high-end market [21].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000913 | 钱江摩托 | 15.42 | -1.47% | 3.89万 | 6037.00万 | | 002105 | 信隆健康 | 7.32 | -0.68% | 11.11万 | 8100.39万 | | 601777 | 千里科技 | 10.63 | -0.65% | 14.65万 | 1.56亿 | | 603529 | 爱玛科技 | 29.70 | -0.40% | 2.97万 | 8857.32万 | | 6000689 | 九号公司 | 55.59 | -0.38% | 4.45万 | 2.49 Z | | 301322 | 绿通科技 | 27.48 | -0.29% | 1.24万 | 3414.33万 | | 600679 | 上海凤凰 | 13.43 | -0.15% | 6.26万 | 8376.82万 | | 300994 | 久祺股份 | 15.79 | -0.13% | 1.71万 | 2697.14万 | | 6 ...