11月18日，隆鑫通用盘中下跌2.03%，截至14:26，报12.57元/股，成交1.90亿元，换手率0.72%，总市值 258.13亿元。 机构持仓方面，截止2025年9月30日，隆鑫通用十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股1.41亿股，相比上期增加3485.06万股。广发创新升级混合（002939）退出十大流通股东之 列。 责任编辑：小浪快报 隆鑫通用所属申万行业为：汽车-摩托车及其他-摩托车。所属概念板块包括：通用航空、农机、户外露 营、充电桩、乡村振兴等。 截至9月30日，隆鑫通用股东户数3.54万，较上期增加18.78%；人均流通股58032股，较上期减少 15.81%。2025年1月-9月，隆鑫通用实现营业收入145.57亿元，同比增长19.14%；归母净利润15.77亿 元，同比增长75.45%。 分红方面，隆鑫通用A股上市后累计派现36.05亿元。近三年，累计派现11.91亿元。 资金流向方面，主力资金净流入68.72万元，特大单买入615.27万元，占比3.24%，卖出536.05万元，占 比2.82%；大单买入3130.45万元，占比16.49%，卖出3140.9 ...

Group 1 - The core viewpoint of the news is that Qianli Technology's stock performance and financial metrics indicate a mixed outlook, with significant financing activity and growth in revenue and profit, but also a high financing balance relative to market capitalization [1][2][3] Group 2 - As of November 17, Qianli Technology's stock price decreased by 0.71%, with a trading volume of 315 million yuan. The net financing purchase on that day was 99,800 yuan, with a total financing and securities lending balance of 1.567 billion yuan [1] - The financing balance of Qianli Technology is 1.564 billion yuan, accounting for 3.10% of its circulating market value, which is above the 90th percentile of the past year, indicating a high level of financing [1] - On the securities lending side, Qianli Technology repaid 4,100 shares and sold 2,700 shares on November 17, with a remaining securities lending balance of 296,450 yuan, which is below the 40th percentile of the past year, indicating a low level of securities lending [1] - For the period from January to September 2025, Qianli Technology achieved operating revenue of 6.946 billion yuan, a year-on-year increase of 44.27%, and a net profit attributable to shareholders of 53.2794 million yuan, a year-on-year increase of 33.37% [2] - The company has distributed a total of 1.406 billion yuan in dividends since its A-share listing, with no dividends distributed in the past three years [3] - As of September 30, 2025, the number of shareholders of Qianli Technology increased by 7.96% to 63,100, while the average circulating shares per person decreased by 7.37% to 71,672 shares [2][3] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fifth largest, holding 66.3516 million shares, an increase of 18.6621 million shares compared to the previous period [3]

Market Overview - The motorcycle and other sectors experienced a decline of 2.56% on November 17, with Ninebot Company leading the drop [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Stock Performance - Notable gainers included Shanghai Phoenix (up 2.15% to 14.23), Zhenghe Industrial (up 1.96% to 69.68), and New Day Co. (up 1.45% to 14.71) [1] - Significant decliners included Ninebot Company (down 6.43% to 56.06), Chuncheng Power (down 4.71% to 230.95), and Jiangsu Qianjiang Motorcycle (down 1.98% to 15.88) [3] Capital Flow - The motorcycle and other sectors saw a net outflow of 291 million yuan from main funds, while retail investors contributed a net inflow of 173 million yuan [3][4] - New Day Co. had a main fund net inflow of 7.74 million yuan, while Shanghai Phoenix experienced a net outflow of 705.38 million yuan from speculative funds [4]

Core Insights - The article provides an update on the motorcycle industry data for October 2025, highlighting sales trends and market share changes among key players in the sector [2][4]. Motorcycle Sales Data - In October 2025, sales of motorcycles with displacement over 250cc reached 61,000 units, showing a year-on-year decrease of 0.2% and a month-on-month decline of 29.7%. Cumulative sales from January to October totaled 822,000 units, reflecting a year-on-year increase of 29.7% [2]. - For motorcycles with displacement between 250ml and 400ml, October sales were 36,000 units, down 8.5% year-on-year and 31.5% month-on-month, with cumulative sales of 445,000 units, up 26.7% year-on-year [3]. - Motorcycles with displacement between 400ml and 500ml sold 10,000 units in October, a decrease of 7.2% year-on-year and 33.5% month-on-month, with cumulative sales of 196,000 units, down 2.2% year-on-year [3]. - Sales of motorcycles with displacement between 500ml and 800ml reached 13,000 units in October, an increase of 33.2% year-on-year but a decrease of 24.1% month-on-month, with cumulative sales of 161,000 units, up 128.7% year-on-year [3]. - For motorcycles with displacement over 800cc, October sales were 2,000 units, up 98.1% year-on-year and 12.2% month-on-month, with cumulative sales of 20,000 units, up 70.5% year-on-year [3]. Market Share Analysis - Chuanfeng Power achieved sales of 11,000 units in October for motorcycles over 250cc, a year-on-year increase of 27.8%, capturing a market share of 18.8%, up 4.1 percentage points month-on-month. The cumulative market share for January to October stands at 20.2%, an increase of 0.4 percentage points compared to the full year of 2024 [4]. - Longxin General sold 11,000 units in October, marking a year-on-year increase of 62.7% and a market share of 18.2%, up 7.0 percentage points month-on-month. The cumulative market share for January to October is 14.5%, an increase of 0.2 percentage points compared to the full year of 2024 [4]. - Qianjiang Motorcycle's sales in October were 4,000 units, down 47.9% year-on-year, with a market share of 6.7%, down 6.1 percentage points month-on-month. The cumulative market share for January to October is 12.8%, a decrease of 3.9 percentage points compared to the full year of 2024 [4]. Investment Recommendations - The article suggests focusing on key players in the motorcycle industry, specifically recommending Chuanfeng Power and Longxin General as leading companies in the mid-to-large displacement segment [8].

Investment Rating - The report maintains a "Buy" rating for the motorcycle industry, particularly recommending companies such as Chuanfeng Power, Longxin General, and Qianjiang Motorcycle [18]. Core Insights - The motorcycle industry is experiencing steady growth in the mid-to-large displacement segment, with a notable increase in exports. The report highlights the robust performance of leading companies in this sector, driven by new model launches and an expanding market [4][18]. - The report indicates that the overall sales of mid-to-large displacement motorcycles are expected to resonate positively in both domestic and international markets, supported by the efforts of key players like Chuanfeng Power and Longxin General [5][18]. Summary by Sections Sales Performance - In October 2025, the sales of motorcycles above 250cc reached 61,000 units, showing a slight year-on-year decline of 0.2% but a significant month-on-month drop of 29.7%. Cumulatively, from January to October, sales totaled 822,000 units, reflecting a year-on-year increase of 29.7% [3]. - The sales of motorcycles above 125cc in October were 603,000 units, up 1.0% year-on-year but down 19.7% month-on-month, with growth primarily from the 125-150cc and 500-800cc segments [4]. Structural Analysis - The report notes strong growth in the 500cc+ displacement models, with October sales of 13,000 units, a year-on-year increase of 33.2%. Cumulative sales from January to October reached 161,000 units, up 128.7% year-on-year [5]. - The 250cc to 400cc segment saw a decline in October sales, with 36,000 units sold, down 8.5% year-on-year and 31.5% month-on-month, while the 400cc to 500cc segment experienced a slight decrease of 7.2% year-on-year [5]. Market Dynamics - The top three companies in the 250cc+ segment for October were Chuanfeng Power, Longxin General, and Qianjiang Motorcycle, with a combined market share of 43.7%. Chuanfeng Power maintained a leading position with a market share of 18.8% [6][8]. - Longxin General's sales in October were 11,000 units, reflecting a year-on-year increase of 62.7%, while Qianjiang Motorcycle's sales were 4,000 units, down 47.9% year-on-year [8][15]. Future Outlook - The report anticipates continued growth in the mid-to-large displacement motorcycle market, driven by new model launches and an expanding consumer base. The focus will be on enhancing domestic sales and increasing export volumes, particularly for Chuanfeng Power and Longxin General [12][18]. - The report emphasizes the importance of new product introductions and brand positioning in capturing market share and driving future sales growth [14][18].

Group 1 - Company Shikong Technology plans to reduce its holdings by no more than 0.29% of its shares, equivalent to 29,070 shares, starting from December 8, 2025 [1] - Company Rongbai Technology has been designated as the first supplier of sodium-ion battery cathode materials for CATL, with a commitment to purchase at least 60% of its total procurement volume annually [1] - Company Xinnong plans to reduce its holdings by no more than 300,000 shares, representing 0.19% of its total shares, within three months from 15 trading days after the announcement [1][2] Group 2 - Company Zhenai Meijia's controlling shareholder has signed an agreement for share transfer, with no asset restructuring plans for the next 12 months [1] - Company Guochuang High-tech plans to reduce its holdings by no more than 1% of its shares, equivalent to 9,163,300 shares, starting from December 9, 2025 [1] - Company Jiuyang clarifies that it does not engage in food and beverage businesses, focusing solely on small household appliances [6][7] Group 3 - Company Furui's subsidiary has reported a net loss of approximately 30.32 million yuan in the first three quarters, with no expansion plans due to uncertainties in the lithium battery industry [8] - Company Annada has elected Li Chongjun as the chairman of its board [10] - Company Maihe's chairman is under investigation and has been placed under detention [12] Group 4 - Company Luoping Zinc Electric's subsidiary has resumed production at its Jinpo lead-zinc mine after obtaining new mining licenses [13] - Company Hengxing Technology has obtained mining rights for its Longtoushan gold mine [14] - Company Qianli Technology plans to reduce its holdings by no more than 2% of its shares, equivalent to 90,422,000 shares, starting from December 8, 2025 [15] Group 5 - Company Fudan Microelectronics' largest shareholder will change to Guosheng Investment after a share transfer agreement [16] - Company Zhongsheng Pharmaceutical is advancing several clinical trials for innovative drug projects, which carry uncertainties regarding approval and market competition [18] - Company Gaoling Information's shareholders plan to collectively reduce their holdings by no more than 1.49% of the shares [20] Group 6 - Company Chuangye Huikang is in the process of planning a change of control, with uncertainties regarding the implementation of related agreements [21] - Company GAC Group has appointed He Xianqing as the new general manager, succeeding Feng Xingya [22] - Company Heshun Petroleum plans to acquire at least 34% of Kuixin Technology and control 51% of its voting rights [23][24] Group 7 - Company Yifeng Pharmacy's executives plan to reduce their holdings by a total of no more than 213,900 shares due to personal financial needs [26][27]

Core Points - The stock price of Chuangfeng Power dropped by 2.03% on November 17, trading at 237.45 CNY per share with a market capitalization of 36.23 billion CNY [1] - Year-to-date, Chuangfeng Power's stock has increased by 54.97%, but it has seen a decline of 3.16% in the last five trading days and 16.96% over the past 60 days [1] - For the period from January to September 2025, Chuangfeng Power reported a revenue of 14.896 billion CNY, reflecting a year-on-year growth of 30.10%, and a net profit of 1.415 billion CNY, up 30.89% year-on-year [2] Company Overview - Chuangfeng Power, established on December 9, 2003, and listed on August 18, 2017, is located in Hangzhou, Zhejiang Province. The company specializes in the research, production, and sales of all-terrain vehicles, motorcycles, yachts, and recreational sports equipment [1] - The revenue composition of Chuangfeng Power includes 47.95% from four-wheeled vehicles, 42.79% from two-wheeled vehicles, 6.89% from parts and others, and 2.38% from other supplementary products [1] Shareholder Information - As of September 30, 2025, the number of shareholders for Chuangfeng Power increased by 31.21% to 13,300, with an average of 11,503 shares per shareholder, a decrease of 23.79% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder with 7.6681 million shares, and the Southern CSI 500 ETF as a new entrant in the tenth position with 1.5611 million shares [3]

Core Viewpoint - Longxin General is transitioning from OEM to developing its own brands, focusing on the motorcycle and general machinery sectors, with a strong emphasis on global expansion and product quality improvement through partnerships, particularly with BMW [14][15][16]. Group 1: Business Overview - Longxin General has diversified its product lines, including motorcycles, engines, ATVs, and general machinery, with a focus on the "motorcycle + general machinery" business model [3][20]. - The company aims for its motorcycle and general machinery business revenues to account for 75% and 21% of total revenue, respectively, by 2024 [3][22]. - The company has undergone a significant ownership change, with the new major shareholder being Zongshen New Manufacturing, which is expected to resolve industry competition issues [20][28]. Group 2: Market Expansion - The company is aggressively expanding its high-end motorcycle brand, Wujing, into European and South American markets, where it has already established brand recognition, particularly in Spain with a market share exceeding 5% [5][42]. - The global market for ATVs is projected to reach $15 billion by 2028, with Longxin General aiming to enhance its market share by leveraging its engine advantages [6][7]. - The company has seen a rise in motorcycle engine exports, supported by the increasing demand for Chinese motorcycles in international markets [9][43]. Group 3: Financial Performance - Longxin General's revenue has shown a compound annual growth rate (CAGR) of 10.2% from 2015 to 2024, with a significant recovery expected in 2024, driven by motorcycle exports and the recovery of general machinery business [34]. - The company's net profit is projected to increase by 92.3% in 2024, primarily due to reduced impairment losses and growth in high-end motorcycle sales [34][35]. - The gross margin is expected to improve to 17.6% in 2024, reflecting a recovery in profitability as the company reduces impairment losses and increases the share of high-margin products [35][40]. Group 4: Product Development - Longxin General has developed a comprehensive product matrix, including various types of motorcycles, engines, and general machinery, with a focus on high-performance and cost-effective products [25][31]. - The company has established stable partnerships with leading global manufacturers, enhancing its product quality and supply chain management capabilities [15][31]. - The product offerings include a wide range of motorcycles, from high-end models to ATVs, with a focus on meeting diverse market demands [25][26]. Group 5: Competitive Landscape - The global motorcycle market is dominated by Japanese and Indian brands, with Longxin General aiming to increase its market share through strategic international expansion [44][46]. - The company is positioned to benefit from the growing demand for motorcycles in emerging markets, particularly in South America and Southeast Asia, where it has identified significant growth opportunities [67][70]. - Longxin General's strategy includes a "1+N" market approach, focusing on deepening its presence in one market before expanding to similar markets, which is expected to enhance its competitive position [5][42].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [20]. Core Insights - The company has demonstrated strong performance in October, with the U10 PRO four-wheeler validating its product capabilities. The upcoming Z10 and other high-value new products are expected to further enhance market share in the U/Z series, initiating a new product cycle [3]. - The Milan Motor Show showcased the high-performance racing model V4 SR-RR, which competes with top foreign brands, while also targeting the small-displacement market, thereby expanding opportunities for motorcycle exports [3]. - The report emphasizes the improvement in the global positioning of domestic motorcycle brands, suggesting potential valuation uplift opportunities [3]. Industry Overview - In October, the motorcycle industry saw a total of 1.4524 million fuel motorcycle sales, a month-on-month decrease of 13.64% but a year-on-year increase of 10.3%. Electric motorcycle sales reached 301,200 units, down 6.58% month-on-month but up 16.23% year-on-year [4]. - The industry exported 1.051 million motorcycles in October, reflecting a month-on-month decline of 14.32% but a year-on-year increase of 17.66%. The export value was $682 million, down 14.8% month-on-month but up 23.07% year-on-year [4]. Company Performance - The company’s total motorcycle sales (including electric motorcycles) reached 45,000 units in October, a year-on-year increase of 69%. Fuel motorcycle sales were 17,000 units, showing a year-on-year increase of 12% [6]. - The company’s sales of large-displacement motorcycles (over 250cc) totaled 11,000 units in October, up 28% year-on-year, with exports increasing by 75% [6]. - Electric motorcycle sales reached 28,000 units in October, marking a significant year-on-year increase of 141%, indicating strong performance even in the off-season [7]. Financial Forecast and Investment Recommendations - The report maintains previous profit forecasts, projecting net profits of 1.867 billion, 2.435 billion, and 3.041 billion yuan for 2025-2027, representing year-on-year growth rates of 27%, 30%, and 25% respectively. The corresponding P/E ratios are expected to be 21x, 16x, and 13x [8].

数据来源：中国汽车工业(摩托车)产销快讯，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。 根据中国汽车工业(摩托车)产销快讯数据显示：2025年9月广州番禺豪剑摩托车工业有限公司摩托车产 量为918辆，同比下降9.47%，销量为918辆，同比下降9.47%，产销率为100%，无积压库存。 近一年广州番禺豪剑摩托车工业有限公司摩托车产销情况统计图 上市公司：钱江摩托（000913），信隆健康（002105），征和工业（003033），久祺股份（300994）， 林海股份（600099），上海凤凰（600679），中路股份（600818），力帆科技（601777），春风动力 （603129），爱玛科技（603529），隆鑫通用（603766），永安行（603776），新日股份（603787）， 绿通科技（301322），涛涛车业（301345），华洋赛车（834058） 相关报告：智研咨询发布的 ...