图源：兰博基尼（中国）自行车 这些跨界品牌的产品，从外观、配置、价格等方面综合推断，是依靠代工厂实现整体产品落地（即贴牌产品）。 骑行，是近年来最火热的运动之一。那么，关于骑行背后的自行车品牌，你认识多少？ 有一定了解的人或许知道中国大陆地区的凤凰、永久、喜德盛，和中国台湾省的美利达、捷安特；经常关注骑行运动的骑友，对国外的Pinarello、 Colnago、Cervelo等品牌自然也不会陌生。这些都是自行车行业多年来的老玩家。但如今，随着中国自行车运动和产业的蓬勃发展，有更多"生面孔"也骑 上了这条赛道。 最典型的入局者来自汽车品牌，包括大众、Jeep、福特、玛莎拉蒂、兰博基尼等；此外还有匹克、361°、NBA等运动品牌或与运动强相关的品牌。据观 察，这些品牌推出的自行车大多主打入门市场，价格以千元档为主，从数百到数千元不等。 汽车品牌做自行车，乍看之下有些突兀。但如果回到行业结构、市场消费趋势以及中国制造的现实基础上来看，它其实具有内在的逻辑。跨界品牌的涌入 只是表象，背后映射的是中国自行车行业生态、供应链结构、营销渠道以及用户结构的深层变化。 跨界玩家贴牌入局 汽车品牌跨界做自行车并非新鲜事，但自研自 ...

相关报告：智研咨询发布的《2026-2032年中国自行车行业市场全景评估及投资前景规划报告》 根据中国海关数据显示：2025年10月中国自行车出口数量为360万辆，同比下降11.3%，出口金额为1.75 亿美元，同比下降13.5%。 数据来源：中国海关，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 近一年中国自行车出口情况统计图 ...

Group 1 - The folding bicycle industry is characterized as a small yet high-growth new consumer sector, driven by its lightweight, portable, and urban lifestyle adaptability [1] - Global demand for folding bicycles is expected to grow significantly, with a retail sales compound annual growth rate (CAGR) of 20.7% and a retail volume CAGR of 13.1% from 2019 to 2024, despite a low global penetration rate of only 2.1% [1] - In China, the retail sales of folding bicycles are projected to increase from 400 million to 1.8 billion, with a CAGR of 35.1% from 2019 to 2024, indicating a strong demand driven by lifestyle and social attributes [1] Group 2 - The Chinese folding bicycle market is highly concentrated, with the top five companies holding a combined market share of 73.7% by retail sales in 2024, led by Dahon with a retail volume share of 26.3% and a retail sales share of 36.5% [2] - The competitive landscape includes Brompton as a high-end market leader with a retail sales share of 25.7%, while Decathlon and traditional brands like Phoenix and Forever dominate the mid-range and mass markets [2] - The industry is experiencing a transformation from a mere sports tool to a lifestyle carrier, driven by portability, diverse usage scenarios, and an expanding consumer base that includes younger and female demographics [2] Group 3 - The global folding bicycle market is relatively fragmented, with the top five companies accounting for 19.4% of retail volume and 12.0% of retail sales, with Dahon leading in volume and Brompton in sales [3] - The U.S. online bicycle market shows a different category structure, with electric bicycles being the largest segment, while folding bicycles hold a smaller share [3] - The trend in overseas markets indicates a growing interest in electric bicycles, with the gap in brand popularity between Dahon and Brompton narrowing [3]

证券研究报告 | 2025年12月05日 | 晨会纪要 | | --- | | 数据日期:2025-12-04 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3875.79 | 13006.71 | 4546.56 | 13937.07 | 3749.90 | 1326.16 | | 涨跌幅度（%） | -0.05 | 0.39 | 0.34 | -0.06 | 0.23 | 1.36 | | 成交金额（亿元） | 6237.12 | 9252.47 | 3487.67 | 3137.25 | 4117.28 | 487.47 | $\frac{\pi\alpha}{\pi\alpha}\pm\frac{\pi\alpha}{\pi\alpha}$ (1998) (200) 行业与公司 计算机行业 2025 年 12 月投资策略暨财报总结-2025Q3：海外大厂业绩均 超预期，资本开支持续上行 北交所 2025 年 11 月月报：北证 50 震 ...

2025年12月04日 证券研究报告 | 户外新消费研究：折叠自行车行业专题 高景气新消费赛道，龙头引领扩容与破圈 行业研究 · 行业专题 耐用消费品 投资评级：优于大市（维持） 0755-81981391 0755-81982606 010-88005446 dingshijie@guosen.com.cn chenweiqi@guosen.com.cn liujiaqi@guosen.com.cn lijing29@guosen.com.cn S0980520040004 S0980520110004 S0980523070003 S0980525080003 证券分析师：丁诗洁 证券分析师：陈伟奇 证券分析师：刘佳琪 证券分析师：李晶 请务必阅读正文之后的免责声明及其项下所有内容 报告摘要： 请务必阅读正文之后的免责声明及其项下所有内容 2 Ø 折叠自行车行业：小而美&高增速的新消费赛道。折叠自行车以轻巧+便携+适应城市生活为核心特点，成为城市通勤及休闲运动的新兴工具； 技术工艺迭代路径从追求便携轻巧到兼具专业性能。2019-2024年全球自行车需求整体平稳，折叠自行车渗透率低、增速快，在全球的销量渗 ...

早在今年10月，第一财经就已独家报道了电动自行车的改装之风，对道路安全及消费者安全带来了较大 的隐患（详见《25km/h限速，围住3.8亿电驴大军》）。 中国自行车协会数据显示，截至今年9月，国内电动自行车社会保有量约3.8亿辆。但根据《中国统计年 鉴2024》，2019年至2023年期间，涉及电动自行车的交通事故死亡人数年均增长率达5.85%。同时，据 国家统计局公布的交通事故直接经济损失数据，2014年至2022年，电动自行车交通事故造成的直接财产 损失从2719万元增长至7695万元。 数据显示，2025年以来，全国市场监管系统共查办电动自行车非法改装违法案件7306件，没收电动自行 车、充电器和蓄电池等产品2.59万件，移送公安机关案件56件。 市场监管总局称，继续深入开展电动自行车安全隐患全链条整治工作，持续保持执法高压态势，依法严 厉打击生产销售环节非法改装电动自行车，生产、销售不符合强制性国家标准的电动自行车等危害人民 群众生命财产安全的违法行为。 12月1日，第一财经独家对新旧国标电动自行车换代进行了深入调查（详见《旧标小电驴的灰色买卖： 过户费800，秒变"零公里二手车"》），引起了多方和社 ...

Group 1 - Shanghai Phoenix's stock price increased by 5.28%, reaching 14.36 CNY per share, with a trading volume of 1.32 billion CNY and a turnover rate of 2.75%, resulting in a total market capitalization of 7.4 billion CNY [1] - The company, established on December 29, 1993, primarily engages in the production and sales of bicycles, accounting for 97.38% of its revenue, while real estate and steel businesses contribute 1.39% and 1.23% respectively [1] Group 2 - Among the top shareholders of Shanghai Phoenix, a fund under Huatai-PineBridge ranked as a significant stakeholder, with the China Securities Shanghai State-Owned Enterprise ETF (510810) reducing its holdings by 140,200 shares in the third quarter, now holding 1,088,900 shares, which is 0.21% of the circulating shares [2] - The China Securities Shanghai State-Owned Enterprise ETF (510810) was established on July 28, 2016, with a current size of 7.994 billion CNY, yielding a return of 6.4% this year, ranking 3,690 out of 4,206 in its category [2]

Core Viewpoint - Shanghai Phoenix (600679) announced that there are no overdue external guarantees provided by the company and its subsidiaries [1] Group 1 - The company confirmed the status of its external guarantees, indicating financial stability [1]

Core Points - The 2025 China Geographical Indication Brand Cooperation Conference was held in Handan, Hebei, focusing on empowering brands through geographical indicators [1] - 21 enterprises from various regions received certificates for geographical indication products, aimed at expanding their international market presence [1] - The conference included activities such as legal service consultations and training sessions for local enterprises on international business law and intellectual property risk prevention [1] Group 1 - The conference theme was "Empowering Landmarks, Co-prospering Brands" [1] - The event featured the launch of the "Foreign-related Commercial Law Alliance" service initiative, providing AI legal services to participating enterprises [1] - A series of supporting activities were organized, including a promotional meeting for geographical indication food and agricultural products and a cross-border e-commerce matchmaking event [1] Group 2 - The conference was co-hosted by multiple organizations, including the Hebei Provincial Council for the Promotion of International Trade and the Handan Municipal Government [2] - The cross-border e-commerce matchmaking event facilitated collaboration between local industries and major platforms like Amazon and Shein [1]

Group 1: Technology and Innovation - Google has released a new image model, with the OCS network architecture attracting attention [2] - Alibaba has launched the "Ganwen" project, while Ant Group's Lingguang App has gone live; Huawei is set to release breakthrough AI technology [3] - The company has achieved certification for its secure government office system and electronic document transfer system through Huawei Cloud's Kunpeng services [3] Group 2: Market Trends and Economic Indicators - The Consumer Price Index (CPI) for October increased by 0.2% year-on-year; the Ministry of Finance will continue to implement measures to boost consumption [2] - The lithium carbonate futures price has strongly broken through the 100,000 yuan mark, with prices for VC and other electrolyte additives rising significantly [3] Group 3: Company Developments - TeFa Group, controlled by the Shenzhen State-owned Assets Supervision and Administration Commission, focuses on the optical communication industry [2] - The company has announced plans to acquire 95% of a data service and intelligent service company for 185 million yuan [4] - Dream Home has terminated plans for a control transfer and acquisition of a chip company [4] Group 4: Industry Insights - The joint venture between Beixin Road and Tibet Tianchang Construction focuses on highway engineering and water conservancy projects [4] - The company specializes in high-end sanitary ware and has established manufacturing bases in Vietnam [2] - The company is a leader in the baking oil market, promoting its products through various online platforms [2]