Core Viewpoint - The new mandatory national standard for electric bicycles (GB 17761—2024) has been implemented since September 1, 2024, aiming to enhance safety and quality in the electric bicycle industry, which has approximately 380 million units in circulation in China, equating to one electric bicycle for every four people [1]. Group 1: Safety and Compliance - The new standard mandates that electric bicycles must not exceed a maximum speed of 25 kilometers per hour, with automatic power cut-off for violations [2]. - To combat illegal modifications, the standard introduces technical specifications for battery packs, controllers, and speed limiters, along with a traceable identification system linking vehicles, batteries, and chargers through a unique QR code [2]. Group 2: Technological Enhancements - The new standard incorporates advanced features such as BeiDou positioning, communication, and dynamic safety monitoring, allowing consumers to receive real-time safety alerts regarding their electric bicycles [3]. - The communication module will upload vehicle data to management platforms, ensuring prompt alerts for any detected safety hazards, while adhering to national information security standards [3]. Group 3: Transition for Existing Vehicles - Electric bicycles produced under the old standard will have a three-month sales transition period until November 30, 2025, after which all sales must comply with the new standard [4]. - Consumers with existing non-compliant vehicles will not be forced to replace them immediately, as local governments may implement policies to facilitate upgrades [4].

Core Viewpoint - The new mandatory national standard for electric bicycles, effective from September 1, enhances safety and intelligence features, including the integration of Beidou positioning and communication modules for dynamic safety monitoring [1][3]. Group 1: New Standards Implementation - The new standard requires electric bicycles to be equipped with Beidou positioning and communication modules to collect and monitor vehicle data such as location, speed, and battery status [3][5]. - All newly produced electric bicycles must comply with the new standards and obtain mandatory product certification before leaving the factory [11]. Group 2: Safety and Monitoring Features - The Beidou module will collect data on vehicle coordinates, speed, and battery conditions, which will be transmitted via a 4G communication module to a management platform for real-time monitoring [7][9]. - The communication module must adhere to national information security standards to ensure safe data transmission and comply with personal information protection laws [9]. Group 3: Transition Period and Consumer Guidance - Electric bicycles produced under the old standards can be sold until November 30, 2025, after which all sales must comply with the new standards [13]. - Consumers are advised to choose electric bicycles that meet the new safety standards for better reliability during the transition period [13].

Core Points - The new national standard for electric bicycles, GB 17761—2024, will be implemented on September 1, 2024, introducing significant changes to enhance safety and performance [1][3]. Group 1: Key Changes in the New Standard - The new standard strengthens fire resistance requirements for non-metal materials [1]. - The total mass of plastic used in electric bicycles must not exceed 5.5% of the total vehicle weight [1]. - New requirements for low-speed torque of electric motors have been added [1]. - Enhanced anti-tampering requirements for battery packs, controllers, and speed limiters are included [1]. - The braking performance requirements have been improved, aiming to reduce braking distance by half and prevent skidding in wet conditions [2]. - The weight limit for electric bicycles using lead-acid batteries has been increased from 55 kg to 63 kg to improve range [1][2]. - Manufacturers are required to provide quality assurance capabilities and product consistency [1]. - Electric bicycles must be equipped with BeiDou positioning, communication, and dynamic safety monitoring functions [1][2]. - The installation of pedal riding devices is no longer mandatory for all models, while the installation of rearview mirrors is encouraged [1]. - Manufacturers must specify the recommended service life of electric bicycles on the nameplate and product certificate [1]. Group 2: Transition and Compliance - All newly produced electric bicycles must comply with the new standard by September 1, 2025, with a three-month sales transition period for vehicles produced under the old standard [3]. - Consumers who have already purchased non-compliant vehicles will not be forced to discard them; local governments may implement policies to encourage upgrades [4]. Group 3: Consumer Guidance for Purchasing - Consumers should look for CCC certification on electric bicycles, indicating compliance with mandatory national standards [5]. - Each electric bicycle must have a product certificate, allowing consumers to verify the model and vehicle identification number [7]. - To confirm the authenticity of the product certificate and CCC certification, consumers can scan the QR code on the certificate or visit the national certification information platform [7].

Group 1 - The first World Lakes Day is celebrated on August 27, highlighting China's dynamic management of over 140,000 rivers and more than 3,000 lakes [1] - The Ministry of Water Resources has developed an integrated monitoring system using advanced technologies such as high-resolution satellite remote sensing, artificial intelligence, and Beidou positioning [1] - The AI recognition accuracy for illegal constructions and other key land features exceeds 85%, and the Beidou system can monitor underwater sand extraction depth to a centimeter level [1] Group 2 - Efforts to restore river and lake flood storage capacity have been made, including the recovery of over 1,300 square kilometers of lake area, equivalent to more than 200 West Lakes [1] - A total of 29,400 issues related to illegal occupation, extraction, dumping, and construction have been addressed, with over 15 million square meters of illegal buildings demolished and more than 1 billion tons of waste cleared [1] - The first round of national river and lake health evaluations has been organized, establishing health records for 21,600 rivers and lakes, promoting the construction of "happy rivers and lakes" [2]

Investment Rating - The report maintains an "Outperform" rating for the heavy truck industry [7] Core Insights - The report focuses on the upgrade of the heavy truck industry chain driven by the mandatory installation of Beidou systems and the digitalization of insurance, with significant policy support expected to generate large-scale installation demand [4][11] - The heavy truck market is entering a structural recovery phase, with a year-on-year sales growth of 5.8% in the first half of 2025, indicating a gradual recovery trend since February [8][22] - The integration of Beidou technology is expected to enhance operational efficiency and data monetization, creating a sustainable business model from policy-driven installation to data value realization [30][38] Summary by Sections 1. Beidou Positioning and Heavy Truck Industry Upgrade - The mandatory installation of Beidou systems is transforming vehicle management from manual experience to real-time data, supporting dynamic scheduling and safety improvements [15] - The heavy truck market is experiencing a recovery with increasing concentration among leading companies, driven by demand recovery and policy support [16][24] - The new Beidou terminal solutions offer significant advantages in cost, precision, and safety, becoming the mainstream choice for heavy trucks [30][35] 2. Heavy Truck Insurance Challenges and Digital Solutions - The heavy truck insurance market faces a supply-demand imbalance, with high accident risks leading to reduced underwriting by insurance companies [9][44] - Digital transformation is essential for the heavy truck insurance market, leveraging high-frequency data from Beidou terminals to enhance risk management and pricing accuracy [10][42] - The report suggests a shift towards a usage-based insurance (UBI) model, which could improve risk assessment and reduce claims costs [53][57] 3. Investment Recommendations - The heavy truck industry is poised for structural opportunities driven by the dual forces of mandatory Beidou installation and insurance digitalization, with leading companies like Weichai Power and China National Heavy Duty Truck Group expected to benefit [11][61] - The report emphasizes the importance of companies that actively promote the large-scale application of Beidou technology, highlighting their potential for data monetization and enhanced operational efficiency [11][61]