摘要 ► 本 周数据： 2025年5月第4周（5.19-5.25）乘用车销量39.9万辆，同比+12.1%，环比+2.6%；新能源乘用车销量22.2万辆，同比+20.4%，环比+2.0%；新能源渗透率55.4%， 环比-0.4%。 ► 本周行情 ： 汽车板块本周表现弱于市场 本周（5月26日-5月30日）A股汽车板块下跌2.90%，在申万子行业中排名第30位，表现弱于沪深300（-1.49%）。细分板块中，汽车服务上涨2.13%，商用载客车、 商用载货车、汽车零部件、摩托车及其他、乘用车分别下跌0.48%、0.52%、1.79%、2.66%、5.59%。 ► 本周观点： 本月建议关注核心组合【吉利汽车、比亚迪、小鹏汽车、小米集团、伯特利、拓普集团、新泉股份、沪光股份、春风动力】。 ► 无人配送需求强劲 L4场景应用加速落地 需求端：人力缺口与成本压力驱动刚需。 快递业务量5年CAGR达22.5%，但快递员数量CAGR仅1.4%，2024年人均日配送量超100件；末端配送占物流成本60% （"最后五公里"），无人化可降本增效填补人力缺口。 供给端：技术规模化带来成本革命。 乘用车L2+渗透率超90%（2030年 ...

Group 1 - The Henan Foreign Trade Quality Product Exhibition showcases over 300 foreign trade enterprises, providing consumers with a wider range of shopping options [1][3] - The event features various product categories, including food items like soft candies, bread, and chocolate, attracting many visitors [1] - Companies like Jin Si Hou Food Co. plan to expand into Southeast Asian markets while maintaining a strong domestic sales base [1] Group 2 - The exhibition highlights the dual focus on both domestic and foreign markets, with many companies actively participating to promote their products [2] - Financial service areas were established at the event to address cross-border payment challenges faced by foreign trade enterprises [2] - The exhibition aims to facilitate seamless supply-demand connections and boost market confidence for foreign trade companies [3]

Core Insights - The global economy in 2025 faces multiple challenges, including geopolitical conflicts, trade barriers, and supply chain fluctuations, yet the Chinese motorcycle industry has shown remarkable export growth due to its flexible supply chain and deep market penetration in emerging markets [1] Group 1: Export Performance - In Q1 2025, China's motorcycle export value experienced double-digit growth, with 31% of companies reporting export increases exceeding 30% [2] - South America (77%) and Africa (69%) emerged as the primary export destinations, with a significant number of companies reporting growth in these regions [2] - In contrast, the U.S. market remains sluggish, with 46% of companies experiencing a decline or stagnation in exports, and over half expecting further contraction in the first half of the year [2] Group 2: Challenges and Pressures - Despite strong export performance, the industry faces challenges, with 62% of companies reporting critical component shortages and high international logistics costs [3] - 38% of companies are hindered by international trade barriers and chaotic industry competition, with 54% indicating they may abandon the U.S. market due to tariff costs [3] - The trend towards focusing on alternative markets like the EU and Latin America is evident, with 62% of clients at trade fairs coming from these regions [3] Group 3: Strategic Adjustments - To address challenges, companies are enhancing supply chain resilience and exploring local alternatives for components [3] - There is a push for government support, with 62% of companies seeking export credit insurance and 54% desiring tax reductions [3] - Companies are increasingly participating in emerging market trade fairs, with 38% focusing on Africa, Latin America, and Southeast Asia [3] Group 4: Future Outlook - Despite conservative expectations for the U.S. and EU markets, 62% of companies anticipate growth in Africa and South America [4] - Most companies expect continued export growth in the second half of the year, although the rate of increase may slow [4] - The Chinese motorcycle industry is poised to navigate the complexities of the international environment by deepening its focus on emerging markets and enhancing technological innovation and brand development [4]

Core Viewpoint - Hydrogen fuel cell technology is rapidly developing with strong support from national policies, showcasing advantages such as low pollution, high efficiency, quick refueling, and long range, leading to its increasing application in the electric motorcycle sector [1][15]. Group 1: Market Overview - The global hydrogen motorcycle market is projected to reach approximately $0.9 million in 2024, with expectations to grow to $2 million by 2030 [1][15]. - In 2024, China's hydrogen production and consumption scale is expected to exceed 36.5 million tons, ranking first in the world [6]. Group 2: Industry Dynamics - Companies such as Zongshen, Tailg, and Ninebot have launched hydrogen fuel cell electric motorcycles, with some already moving beyond the concept stage to market introduction [1][17]. - Ninebot's Segway APEX H2 hybrid motorcycle was announced in April 2021 with a pre-sale price of 69,999 yuan, but it faced technical issues that prevented mass production [1][17]. Group 3: Technological Advantages - Hydrogen motorcycles offer significant advantages over traditional electric vehicles, including energy efficiency, convenience in refueling, and enhanced safety due to the use of solid-state hydrogen storage [2][4]. - The hydrogen fuel cell process generates energy without emitting pollutants, making it an environmentally friendly option [2]. Group 4: Policy Support - The Chinese government is enhancing its hydrogen energy policy framework, aiming to establish a comprehensive development environment for the hydrogen industry by 2025 [12][14]. - The introduction of standards for hydrogen fuel cell motorcycles is expected to lower R&D costs and accelerate technological advancements [14]. Group 5: Future Trends - The market acceptance of hydrogen motorcycles is anticipated to increase as production capacity expands and technology evolves, with a growing number of high-end consumers in addition to B2B clients [1][19]. - Local governments are increasingly willing to open road rights for hydrogen motorcycles, which will facilitate market order growth [19].

Group 1 - Honda has adjusted its electric vehicle (EV) sales target, now expecting EV sales to be below the previously announced 30% by 2030 due to a slowdown in the EV market [1] - The company plans to enhance its hybrid vehicle lineup, aiming to launch 13 next-generation hybrid models globally over the next four years starting in 2027 [1] - Honda's total vehicle sales target is to increase by over 3.6 million units by 2030, with hybrid vehicle sales expected to rise by 2.2 million units [1] Group 2 - For the fiscal year 2024, Honda reported a revenue increase of 6.2% to 21.69 trillion yen, but operating profit and net profit saw significant declines, with operating profit down 12.2% to 1.21 trillion yen and net profit down 24.5% to 835.84 billion yen [2] - The company anticipates that tariffs from various countries will impact the operating profit by 650 billion yen in the next fiscal year, with an estimated effect on 550,000 vehicles and a profit impact of about 300 billion yen [2] - Honda's revenue forecast for fiscal year 2025 is 20.3 trillion yen, a decrease of 6.4%, with operating profit expected to drop by 58.8% to 500 billion yen and net profit projected to fall by 70.1% to 250 billion yen [2] Group 3 - Honda is developing a new generation of Advanced Driver Assistance Systems (ADAS) to be widely adopted in its electric and hybrid models launching in North America and Japan in 2027 [3] - In China, Honda is collaborating with Momenta to create an ADAS suitable for local road conditions, with all new models in the Chinese market set to feature this technology [3] - The company aims to implement a robust supply chain strategy focused on mixed production lines for electric and hybrid vehicles, ensuring the supply of electric components centered around batteries [3] Group 4 - Honda plans to modularize its electric motorcycles and will start production at a new factory in India in 2028, aiming to capture the leading market share in the electric motorcycle sector [4] - The strategic adjustments by Honda reflect the broader challenges faced by traditional automakers in the electrification wave, balancing high R&D costs with uncertain market demand [4] - Other automakers, like Ford, have also shifted focus from electric to hybrid vehicles due to lower-than-expected demand, indicating a trend among traditional manufacturers [4]

1. Reported Industry Investment Rating - No information provided 2. Core View of the Report - The motorcycle industry in China shows steady growth, with intensified domestic competition and continuous growth in foreign exports. The trend of Chinese motorcycles going global is positive, and domestic motorcycle brands have greater structural opportunities in overseas markets than in total volume [24]. - The company aims to achieve revenue of over 19 billion yuan in 2025, and plans to conduct mid - term dividends in 2025 under eligible conditions [27]. - The company will work with its controlling shareholder to optimize supply chain management and enhance supply chain synergy to strengthen market competitiveness [28]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Loncin General, belonging to the transportation equipment industry. The reception time was May 20, 2025. The listed company's reception staff included the chairman, general manager, independent directors, board secretary, and financial controller [17]. 3.2. Detailed Research Institutions - The reception objects include investors and others [20]. 3.3. Research Institution Proportion - No information provided 3.4. Main Content Data - **Motorcycle Industry Development**: In 2024, China's fuel motorcycle sales reached 16.4562 million units, a year - on - year increase of 12.99%. Domestic sales were 8.9065 million units, a year - on - year decrease of 16.56%, and export sales were 11.0163 million units, a year - on - year increase of 26.72% [24]. - **Popular Products of Wujie**: SR250GT redefined the leisure sports scooter market; CU525 became the king of the same - level cruising motorcycles; DS900X had annual sales of over 10,000 units, accounting for over 95% of the total export volume of motorcycles above 800cc in China. New products such as CU250 and RR660S were also launched [24][25]. - **Reasons for Low Domestic Sales of Wujie 900DS**: The most popular product categories in the domestic market are cruising, sports, and scooter models. The domestic leisure and entertainment motorcycle market is still in the development stage, and the sales volume of large - displacement motorcycles is mainly concentrated in the 400 - 600cc range [26]. - **Business in the US and Risk Resistance**: The company's motorcycle exports are mainly to Europe, South America, and Africa. Exports to the US are mainly general machinery products, accounting for less than 7% of total revenue. The company will expand market share in multiple regions and take measures such as "going global in groups" with the supply chain and optimizing overseas manufacturing plant layouts [26]. - **Future Profit Growth Drivers**: The company will follow the strategic path of "product going global → brand going global → production capacity going global", increase the proportion of self - owned brand revenue, optimize the product sales structure, improve operational efficiency, and strengthen risk management [26]. - **2025 Business Plan**: The company will adhere to the business philosophy of "optimizing the existing and breaking through in the new", with a guiding ideology to promote high - quality and sustainable development, and strive to achieve revenue of over 19 billion yuan [26][27]. - **2025 Mid - term Dividend Consideration**: The company has proposed to the general meeting of shareholders to authorize the board of directors to formulate a mid - term dividend plan for 2025 and plans to conduct mid - term dividends under eligible conditions [27]. - **Competition and Supply Chain Integration**: The new controlling shareholder and actual controller of the company have promised to resolve the issue of competing businesses. The company will optimize supply chain management with the controlling shareholder to enhance supply chain synergy [28].

本田首席执行官：目标是长期在全球摩托车市场占据50%的份额。 ...

Summary of Key Points Core Viewpoint - Linhai Co., Ltd. reported a strong performance for the fiscal year 2024, with significant growth in revenue and net profit, indicating a positive outlook for the company's future operations and market positioning [1][2]. Company Performance - The company achieved an operating revenue of 1.051 billion yuan, representing a year-on-year increase of 51.23% [2]. - The net profit attributable to shareholders reached 18.43 million yuan, up 38.43% compared to the previous year [2]. Business Segments and Growth Strategies - The company plans to focus on revitalizing forestry machinery, maintaining and expanding its market share in agricultural machinery, and strengthening its position in the special vehicles sector [2][5]. - Specific growth points include: - Enhancing the quality of various business segments [2]. - Targeting strategic opportunities in forestry machinery due to increased government focus on forest fire prevention [3][5]. - Expanding the market for high-speed rice transplanters in the agricultural machinery sector, particularly in southern rice-producing areas [3][5]. Industry Outlook - The forestry machinery industry is expected to grow significantly due to heightened government attention on forest fire prevention and the increasing demand for diverse firefighting equipment [3][5]. - The agricultural machinery sector is projected to benefit from ongoing national investments and the trend towards modernization and mechanization in agriculture [5]. - The special vehicles industry, particularly all-terrain vehicles, is anticipated to maintain high demand, especially in developed markets like Europe and the United States [4][5]. Innovation and R&D - The company is increasing its investment in R&D across its four main business segments, focusing on core technology and innovation to enhance product competitiveness [6]. - New product development is progressing as planned, including innovations in forest firefighting pumps, wind extinguishing machines, high-speed rice transplanters, special vehicles, and motorcycles [6].

汽车和汽车零部件行业周报 20250518 ➢ 乘用车基本面向上 新车催化密集 智驾平权提振估值。根据乘用车上险数 据，5 月第 1/2 周乘用车销量 42.4/45.4 万辆，新能源渗透率为 48.2%/49.8%， 受益车展后新车密集催化及五一需求好转，周销量快速恢复。近期，吉利银河星 耀 8 上市，上市限时价 11.58-15.58 万元，加速抢夺 20 万元以下市场；理想汽 车宣布 L 系列智能焕新版正式上市，新车全系标配激光雷达。展望，后续将迎新 车密集催化，重点新车包括小米 YU7、小鹏 M03 MAX、G7、吉利银河星舰 9、 零跑 B01、长安深蓝 S09 等，建议关注基本面向上及具有智驾能力的公司。 ➢ 投资建议：乘用车：看好智能化、全球化加速突破的优质自主，推荐【比亚 迪、吉利汽车、小鹏汽车、赛力斯、理想汽车】，建议关注【小米集团】。 零部件：1）新势力产业链：推荐 H 链-【沪光股份、瑞鹄模具、星宇股份】；建 议关注小米链【无锡振华】； 推荐 T 链【拓普集团、新泉股份、双环传动】； 2）智能化：推荐智能驾驶-【伯特利】，建议关注【地平线机器人】，推荐智能 座舱-【上声电子、继峰股份】。 ...

Investment Rating - The report maintains a positive investment outlook for the automotive and automotive parts industry, highlighting strong performance in the sector and recommending specific companies for investment [5]. Core Insights - The automotive sector is experiencing a robust recovery, with passenger car sales reaching 454,000 units in the second week of May 2025, reflecting a year-on-year increase of 4.9% and a month-on-month increase of 7.1% [1][41]. - The report emphasizes the acceleration of intelligent and electric vehicle growth, with a focus on companies that are advancing in these areas, such as BYD, Geely, and Xiaopeng Motors [3][10]. - The report identifies significant developments in the robotics sector, particularly in humanoid robots, with companies like Tesla leading the way in production capabilities and partnerships [2][14]. Summary by Sections Weekly Insights - The report discusses the resonance between domestic and international markets, noting the rapid implementation of embodied intelligence in the automotive sector [8]. - It highlights the increasing penetration of new energy vehicles, which reached 49.8% in the latest data, indicating a strong trend towards electrification [1][3]. Market Performance - The automotive sector outperformed the broader market, with the A-share automotive sector rising by 1.91% from May 12 to May 16, 2025, ranking 7th among sub-industries [1][31]. - Specific segments such as passenger cars and automotive parts saw increases of 3.76% and 1.61%, respectively, while commercial vehicles experienced declines [1][31]. Key Data - Passenger car sales for the first half of May 2025 were reported at 454,000 units, with a notable increase in new energy vehicle sales [1][41]. - The report notes that the introduction of new models and government policies aimed at stimulating consumption are expected to support ongoing demand in the automotive market [10][41]. Company Recommendations - The report recommends a core investment portfolio including companies like BYD, Geely, Xiaopeng Motors, and Xiaomi Group, which are positioned to benefit from the ongoing trends in intelligent and electric vehicles [3][10]. - In the robotics sector, companies such as Top Group and Berteli are highlighted for their strong customer positioning and production capabilities [4][21]. Robotics Sector Insights - The report indicates that the humanoid robot industry is on the verge of significant breakthroughs, with Tesla's Optimus expected to ramp up production significantly [2][14]. - The collaboration between major tech companies and robotics firms is seen as a catalyst for the industry's growth, with a focus on the T-chain and strong intelligent capabilities [2][18].