亮点一：防火阻燃性能升级 新规明确电动自行车使用塑料的总质量不应超过整车质量的5.5%，强化非金属材料防火阻燃性能要 求。 在业内人士看来，近年来，电动自行车引发的火灾事故时有发生，主要原因之一就是车辆材料的易燃 性。新国标对此做出了强制性规定，要求电动自行车整车的主要材料需达到相应的阻燃标准。这意味着 电动自行车在遭遇明火时，能有效延缓燃烧速度，为人员逃生争取宝贵时间。 亮点二：全程跟踪电池安全 根据新版强制性国家标准《电动自行车安全技术规范》（简称"新国标"），12月1日起，所有销售的电 动自行车产品均必须符合新标准规定。自此，这版被业界称为"史上最严"的新国标，正式全面取代已施 行多年的旧国标。 在业内人士看来，新国标不仅对生产厂家提出了更高要求，还与每一位骑行者的安全息息相关。新国标 有哪些亮点？将给行业带来哪些变化？上海证券报记者进行详细梳理。 电动自行车的电池铭牌应标明建议使用年限，提醒用户及时更换老化电池。 华南一位行业人士表示，新国标全面实施，将以更高、更细的安全标准，护航行业发展。新国标将有效 遏制非法改装与劣质产品泛滥，从源头降低火灾、交通事故等风险，在保障公众安全的同时，为优秀企 业创造 ...

新京报讯(记者裴剑飞)"电动自行车新国标正式施行了，旧国标的二手电动自行车还可不可以过户登 记？" 从12月1日开始，按照电动自行车强制性新国标《电动自行车安全技术规范》(GB17761-2024)要求，所 有销售的电动自行车产品均必须符合新版强制性国家标准，"旧国标"电动自行车全面禁售。 新国标对电动自行车的防火阻燃、塑料总质量、整车质量上限、北斗定位、脚踏骑行装置等作出了规 定，还增加了电池组与控制器之间的识别和匹配功能，一旦出现不匹配的情况，电动自行车无法骑行。 此外，新国标对车速作出明确规定：电动自行车最高车速不能超过每小时25公里，一旦超速，电动机将 自动停止动力输出。 记者近日走访时发现，随着新国标正式实施，门店内的旧国标车辆已经全部清空，不再售卖，新国标产 品将在近段时间陆续上新。 那么，市民既有的旧国标二手电动自行车还能否办理过户登记？ 记者从交管部门了解到，目前，北京市针对电动自行车新车上牌登记实行目录制，必须是在许可售卖目 录内的产品，交管部门才能办理上牌登记。 但二手电动自行车的转移过户，并不限制车辆属于新国标还是旧国标，也不限定是否在目录内。只要是 需要过户的电动自行车为已经在北京登记 ...

凌晨3点半，广西某市 一群少年骑着改装过的电动自行车 在仍有货车来往的街头飙车炫技 最小的骑手年龄只有15岁 他们告诉记者 车辆都是二手的 上牌后就进行了"爆改" 除了原车架外 几乎所有部件都动过 "时速能破150公里" 11月25日晚，在广西某市街头，一些少年骑着改装过的电动自行车炫技（拼版照片）。 11月25日，在广西某市街头，一名少年骑着改装过的电动自行车逆行炫技，不远处是迎面驶来的大货车。 12月2日是"全国交通安全日" 11月25日晚，在广西某市街头，一些少年骑着改装过的电动自行车炫技。 电动自行车市场恰处 新旧国标交替的阶段 新华社"焦点"栏目记者 在多地调研发现 电动自行车非法改装现象普遍存在 让交通出行"步步惊心" 骑行40余公里 来到这里解除速度限制 "店员告诉我， 11月26日在上海市郊一家电动自行车改装店铺拍摄的待改装车辆。 随着新国标的实施 旧国标电动自行车将全面停售 在为期三月的过渡期内 一些商家为了将旧国标车去库存 宣称"新标车改装门槛高， 旧国标车卖一辆少一辆" "玩"起了"饥饿营销"的套路 面向消费者推出定制化改装服务 通过更换控制器 对蓄电池扩容等方式 将电动车进行改装、解速 ...

凌晨3点半，广西某市 11月25日晚，在广西某市街头，一些少年骑着改装过的电动自行车炫技（拼版照片）。 一群少年骑着改装过的电动自行车 在仍有货车来往的街头飙车炫技 最小的骑手年龄只有15岁 他们告诉记者 车辆都是二手的 上牌后就进行了"爆改" 除了原车架外 几乎所有部件都动过 "时速能破150公里" 11月25 日晚，在广西某市街头，一些少年骑着改装过的电动自行车炫技。 11月25 日，在广西某市街头，一名少年骑着改装过的电动自行车逆行炫技，不远处是迎面驶来的大货车。 12月2日是"全国交通安全日" 电动自行车市场恰处 新旧国标交替的阶段 新华社"焦点"栏目记者 在多地调研发现 电动自行车非法改装现象普遍存在 让交通出行"步步惊心" 11月26日在上海市郊一家电动自行车改装店铺拍摄的待改装车辆。 随着新国标的实施 旧国标电动自行车将全面停售 在为期三月的过渡期内 一些商家为了将旧国标车去库存 宣称"新标车改装门槛高， 旧国标车卖一辆少一辆" "玩"起了"饥饿营销"的套路 面向消费者推出定制化改装服务 通过更换控制器 对蓄电池扩容等方式 将电动车进行改装、解速 11月14 日在上海市郊一家电动自行车销售店铺拍 ...

Core Insights - The new national standard for electric bicycles has led to a price increase of 500 to 1,000 yuan, with some reports indicating an increase of 300 to 500 yuan in certain regions [4][6]. - The implementation of the new standard aims to enhance safety features, addressing long-standing safety concerns associated with electric bicycles [4][6]. Group 1: Price Changes and Market Response - The discontinuation of old standard products has resulted in stock shortages for several brands, with some stores reporting limited availability of new standard electric bicycles [2]. - Industry insiders predict that production costs for electric bicycles will gradually decrease due to scaling production and rapid technological advancements [4]. Group 2: Key Features of the New Standard - The new standard significantly improves fire safety by limiting the total weight of plastic components to 5.5% of the vehicle's weight and requiring the use of flame-retardant materials for critical parts [6]. - A new mechanism for vehicle, battery, charger, and QR code matching has been introduced to prevent illegal modifications, making it difficult to alter the vehicle's specifications [7]. - The braking performance has been enhanced, reducing the maximum braking distance, particularly improving safety during rainy conditions [8]. - The weight limit for vehicles using lead-acid batteries has been increased from 55 kg to 63 kg, allowing for larger battery capacities and potentially extending the range by 15 to 20 kilometers [9]. Group 3: Consumer Concerns - Consumers who have purchased electric bicycles under the old standard will not be forced to replace their vehicles, as those already registered will remain valid [9]. - Companies have committed to providing maintenance and parts for old standard vehicles for at least five years, addressing concerns about service availability [9].

Core Insights - The transition from old to new national standards for electric bicycles has led to a significant inventory clearance of old models, with new models expected to be launched soon [2][5][6] - The new standards impose stricter requirements on safety, quality, and technology, resulting in price increases of 500 to 1000 yuan for new models compared to old ones [2][10] - Major companies in the industry, such as Aima Technology, Ninebot, and New Day, have reported double-digit revenue and profit growth in the first three quarters of 2025, indicating a positive market response to the new standards [13][14] Industry Transition - The new national standard, GB 17761-2024, was officially implemented on December 1, 2025, with a focus on safety and quality improvements, including speed limits and battery compatibility [4][5] - Companies are facing challenges in adapting their manufacturing systems and supply chains to meet the new standards, but many have already begun production of compliant models [6][12] - The market is shifting from price competition to a value-based competition centered on technology, safety, and intelligence [15] Market Dynamics - The demand for electric bicycles is expected to rise due to increased consumer awareness of safety features and the availability of government subsidies [13][14] - The industry is experiencing a significant transformation, with a focus on smart features and enhanced safety measures, which are becoming key selling points for consumers [12][15] - Companies like Aima and Ninebot are expanding their product lines to include a variety of models that cater to different consumer needs, indicating a strategic response to the new market conditions [7][14]

Core Viewpoint - The new mandatory national standard for electric bicycles (GB17761-2024) requires all electric bicycle products sold to comply with the updated regulations, leading to a complete ban on the sale of products that meet the old standard [1] Group 1: Regulatory Compliance - All electric bicycle operators must adhere to the new national standard and ensure compliance during the sales process [1] - Operators are required to implement strict incoming inspection systems, verifying the certification and CCC certification of new standard electric bicycles [1] - It is necessary for operators to retain complete purchase documents, supplier qualifications, and product compliance certificates [1] Group 2: Prohibited Practices - The provincial market supervision bureau warns against any form of illegal modifications, assembly, or additions, particularly altering speed limits or replacing batteries and motors with higher power versions [1] - Operators must accurately inform consumers about vehicle performance, configurations, and standard requirements, avoiding false advertising or misleading information [1]

本报记者 袁传玺 电动自行车行业迎来历史性时刻。随着《电动自行车安全技术规范》（GB17761-2024）12月1日起全面 实施，所有在售电动自行车必须符合新标准要求。 企业推动技术迭代 在新国标全面落地的背景下，技术升级成为企业的"必选项"，随之而来的成本压力也愈发凸显。张毅表 示，为满足新国标中关于北斗定位、防篡改系统、防火阻燃材料等强制性安全要求，单辆电动自行车的 生产成本普遍增加600元至900元。 "这部分成本将由上游原材料供应商、整车制造商与终端消费者共同消化。"张毅表示，虽然终端售价会 有小幅上调，但这是保障用户安全、提升产品可靠性的必要投入，长远来看有利于行业健康发展。 在此背景下，具备研发实力和资本优势的上市公司展现出较强的应对能力。绿源集团控股（开曼）有限 公司（以下简称"绿源"）相关负责人在接受《证券日报》记者采访时表示，公司早在新规征求意见阶段 就启动了全面技术响应。 "我们视新国标为行业高质量发展的催化剂。"该负责人透露，绿源已围绕防火阻燃材料应用、塑料部件 占比控制、电子控制系统防篡改等关键指标，对全系产品线进行系统性升级。目前，公司已有两款车型 成为行业内首批通过新版CCC认证的 ...

Core Insights - The report highlights that the home appliance sector has significant investment opportunities in 2026, driven by external sales growth and business expansion despite domestic sales pressures [2][12][27] - The home appliance index has increased by 10% year-to-date as of November 24, 2025, indicating a positive market sentiment [7][12] - The report identifies seven key investment themes for the home appliance industry, focusing on government subsidy impacts, external sales opportunities, and technological advancements in product offerings [12][27] Investment Themes - **Theme 1: Impact of National Subsidy Policies** The report notes that the "old-for-new" policy has been enhanced, leading to significant sales boosts. As of September 30, 2025, over 76 million consumers purchased more than 126 million appliances under this policy, potentially generating sales of approximately 430 billion yuan [12][27][30] - **Theme 2: Growth Opportunities in External Sales** Emerging markets show low penetration rates for air conditioners, refrigerators, and washing machines, suggesting substantial growth potential. If these markets reach China's average ownership levels, demand could increase by 2.3 times for air conditioners [12][27][33] - **Theme 3: Mini LED and Large Size Penetration** The trend towards Mini LED technology and larger screen sizes is expected to enhance the market share of Chinese black appliance brands. The upcoming 2026 FIFA World Cup is anticipated to boost global TV sales, benefiting Chinese brands like TCL and Hisense [12][27][33] - **Theme 4: Electric Bicycle Market Dynamics** The new national standards for electric bicycles are expected to consolidate the market, favoring leading companies. The standards will enhance product quality and profitability, despite short-term inventory pressures [12][27][33] - **Theme 5: Rise of Wet Cleaning Products** The report indicates that the wet cleaning product segment is gaining traction, with market share for leading brands like Ecovacs increasing significantly. However, growth may face challenges due to high base effects from previous subsidies [12][27][33] - **Theme 6: Diversification of Business Operations** Home appliance companies are expanding their business lines, with firms like Midea and Anker exploring new growth avenues through innovative products and services [12][27][33] - **Theme 7: High Dividend Yield Assets** The report emphasizes the strong dividend-paying capabilities of leading home appliance companies, which are expected to enhance shareholder returns as cash flows improve [12][27][33] Company Performance and Valuation - The report provides earnings forecasts and valuations for key companies in the sector, highlighting strong cash flow and dividend potential for leaders like Midea, Haier, and Gree [9][10][12] - The home appliance sector's overall market capitalization is reported at approximately 20,256.05 billion yuan, with a circulation market value of 18,086.47 billion yuan [4][12]

封面图 | 部分正在出售的旧国标电动自行车。 黄琳摄 旧国标的电动自行车或借助二手市场继续流通。 2025.12. 01 本文字数：2730，阅读时长大约4分钟 作者 | 第一财经 黄琳 12月1日，不符合《电动自行车安全技术规范》（下称"新国标"）的电动自行车正式被禁售。第一财 经记者走访台铃、爱玛、雅迪、九号等多家电动自行车线下门店探访，发现部分经销商门店仍有少量 旧国标产品以"零公里二手电动自行车"的名义进行售卖。 "店里已经没有旧国标的电动自行车了，但是有少量旧国标的'零公里'二手电动自行车，需要议价，而 且上牌比较麻烦，需要另外支付一笔800元的过户费。"有广州市区的电动自行车经销商告诉记者， 新、旧国标电动自行车售卖的关键区别在于上牌与否，如果不需要上牌，旧国标的车照样可以卖，只 是无牌车可能会面临罚款的风险。 有专家认为，这些位于灰色地带的手段仍有安全和法律风险，消费者及相关厂商均需慎重考虑，不要 抱有侥幸心理。对违反新规的行为，市场监管部门将依法查处；涉及产品质量违法线索的，还将开展 全链条溯源追责，严厉打击生产、销售环节违法行为。 某头部电动自行车厂家负责人表示，目前新国标电动自行车款式不多 ...