文/李君 被称为"史上最严"的电动自行车新国标(GB17761-2024)，于12月1日正式结束实施过渡期。新规在车速限制、防篡改设计、防火阻燃、整车重量等一系列 安全指标上大幅收紧，给整个行业释放了一个"安全升级"的重磅信号。然而，这也引发了不少消费者的困惑与疑问——新国标车型是否会因"合规"而牺牲 实用性与体验感？新国标到底是限制行业发展的"枷锁"还是消费者的"保命锁"？ 被误读的新国标 以防火性能提升为例，国家消防救援局数据显示，2021年电动自行车引发的火灾为1.8万起，2023年迅速增加至2.5万起，年均增长约20%。此次新国标明 确规定，塑料件总质量不得超过整车质量的5.5%，关键部件如鞍座、电池盒要采用高阻燃材料，挡泥板升级为铝镁合金，并对弹性软垫材料等分别规定 了防火阻燃指标。通过上述举措，可有效延缓电动自行车火灾蔓延速度，降低燃烧强度，减少火灾发生时有毒气体释放量。 面对新国标，小牛电动的策略很清晰，即以"技术合规+用户需求"双轮驱动，既守住安全底线，又用智能化体验赢得市场。从技术合规方面，新国标对防 篡改、防火阻燃等要求很严，小牛直接给控制器、电机和软件系统做了不可逆的防篡改闭环，还内置了 ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The non - ferrous metals industry is influenced by macro - economic factors such as global GDP growth, China's economic trends, and the Fed's monetary policy. The industry shows strong cyclicality, and there are opportunities and challenges in different segments like gold and copper [14][24][30] - The industry is experiencing several development trends, including digital transformation, globalization of resource allocation, and safety upgrades [65][70][75] - The performance of benchmark non - ferrous metal enterprises has generally improved, with growth in revenue, profit, and efficiency indicators [84][88] Group 3: Summaries by Relevant Catalogs 3.1 Macro - economic Analysis - Global GDP growth was about 3.9% in 2024, with the top ten countries accounting for 45% and a weighted growth rate of 4%. In 2025Q1, China's economy maintained rapid growth, and the full - year outlook is positive, providing a core driving force for industrial demand [11] - In 2025, the global GDP is expected to continue growing, but the growth rate may slow down. China's local governments are confident in economic growth, with most provincial GDP targets set above 5% [14] - China's CPI showed a mild decline in June 2025, but there are positive signals. The PPI of non - ferrous metal mining and smelting industries maintained positive year - on - year growth [18] - In 2025, China's manufacturing and infrastructure investment maintained growth, while real estate investment declined. High - tech manufacturing and infrastructure investment in areas like water conservancy and transportation are strong [21] - The Fed's expected interest rate cuts in the second half of 2024 led to a rise in non - ferrous metal prices, especially gold, which had a significant annual increase [24] 3.2 Industry Competition Pattern - Non - ferrous metals are basic materials for the national economy, and China has a wide variety of non - ferrous metal mineral resources. The industry is at the upstream of the manufacturing chain and is highly cyclical [25][27] - In 2024, the non - ferrous metal industry in China had good development, with total revenue of 9.0 trillion yuan and a profit of 423.9 billion yuan, both increasing by 14% year - on - year [32] - The production of ten non - ferrous metals in China reached 7,919 tons in 2024, a record high, and is expected to reach 100 million tons in 2026, with aluminum accounting for 56% [38] - The concentration of the non - ferrous metal industry is increasing, with the CR5 of listed companies' revenue and net profit rising to 45% and 49% respectively [42] 3.3 Development Trend Prediction - The digital transformation of the non - ferrous metal industry is promoted by policies, aiming to cultivate more than 15 digital transformation benchmark factories by 2026 [65] - Chinese non - ferrous metal enterprises are accelerating the "going - out" strategy, extending the industrial chain overseas from "mining" to "smelting" [70] - With the rise in metal prices, the industry's production capacity is being released. However, deep - mining safety risks are increasing, and new regulations are promoting enterprise safety standardization [75] 3.4 Industry Organization Efficiency Analysis - The "Five - Efficiency" analysis model is used to analyze the organizational efficiency of non - ferrous metal enterprises from five dimensions: human efficiency, yuan efficiency, cost efficiency, asset efficiency, and market efficiency [82] - The performance of benchmark enterprises has generally improved, with revenue and net profit increasing by 25% and 52% respectively in 2024 [84] - In terms of human efficiency, per - capita revenue and per - capita net profit increased by 23% and 46% respectively year - on - year, and the 3 - year CAGR was 12% and 25% respectively [88] - In terms of yuan efficiency, the labor cost efficiency of benchmark enterprises continued to improve, and there was a gradient differentiation pattern among enterprises [95] - In terms of cost efficiency, the gross profit margin and net profit margin of benchmark enterprises increased by 30% and 27% respectively year - on - year [101]