2025年5月8日，"重新定义5公里生活圈"的第三代九号电动滑板车高能亮相，包括好看、好骑、好用的E3、E3Pro和智能旗舰F3。作为电动滑板车全球销 售额第一、全球出货量突破1400万、连续四年京东淘宝短交通品类销额第一的品牌，九号电动滑板车三代产品再次推高了行业上限，为用户的短途出行带 来全新的体验。九号电动滑板车F3、E3、E3Pro发布即开启预售，预售价分别为3499元、2399元、2799元。 九号电动滑板车E3系列：轻松出行、不拘一格 九号电动滑板车E3系列包括E3和E3Pro两款车型，此系列采用了全新的骑行稳定单元，自研的骑行增稳技术Segride，通过67mm超大拖拽距和更符合人体 工程学的全新燕把设计，大幅提升骑行稳定性。E3系列还标配前后双减震系统，前后扭转橡胶减震系统静音耐腐蚀，高效吸收路面细小颠簸，让用户骑 得舒心。动力方面，E3系列拥有800W超大功率强劲电机，速度从E2的25km/h升级到32km/h，最大爬坡可达18%，满足多种复杂路况。引入TCS牵引力控 制系统，通过算法技术控制湿滑路面的牵引力提高骑行平衡性和安全性。E3系列还全面接入了Apple Find My，全天候、全时 ...

Group 1 - The article critiques the outdated views of economist Xu Xiaonian, highlighting that his predictions about China's manufacturing capabilities have been proven wrong by reality [1][5][9] - China's dominance in the electric vehicle sector is attributed to its production of 70% of the world's battery and silicon wafer output, showcasing a robust supply chain and ecosystem [3][5] - The high-speed rail system in China has surpassed initial skepticism, with the country now holding the world's longest high-speed rail network and even exporting technology to Germany [3][5] Group 2 - China's manufacturing accounts for nearly 30% of global output, which is 1.5 times that of the United States, indicating significant growth and efficiency [5][7] - The article emphasizes that China's manufacturing is no longer about low-cost production but about leading in standards, technology, and brand creation [5][7][9] - The narrative suggests that China's advancements in various sectors, including solar energy, electric vehicles, and 5G communication, are backed by substantial data and market recognition [7][9]

Core Viewpoint - The U.S. House Speaker Johnson indicated that the House is likely to eliminate the electric vehicle tax credit, which could significantly impact the electric vehicle industry and related companies [1] Group 1 - The potential cancellation of the electric vehicle tax credit may lead to decreased demand for electric vehicles, affecting sales and revenue for manufacturers [1] - This move could shift the competitive landscape in the automotive industry, particularly for companies heavily invested in electric vehicle production [1] - The decision may also influence consumer behavior, as tax incentives often play a crucial role in purchasing decisions for electric vehicles [1]

行业研究 邮箱：suqianye@hcyjs.com 执业编号：S0360523050001 证 券 研 究 报 告 电动车行业跟踪报告 4 月新势力交付同环比持续增长，零跑连续 推荐（维持） 两月稳居新势力交付榜首 电力设备及新能源 2025 年 05 月 06 日 华创证券研究所 证券分析师：苏千叶 证券分析师：黄麟 邮箱：huanglin1@hcyjs.com 执业编号：S0360522080001 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 299 | 0.04 | | 总市值(亿元) | 47,031.12 | 4.86 | | 流通市值(亿元) | 41,360.01 | 5.39 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | -8.6% | -9.5% | 1.9% | | 相对表现 | -4.9% | -6.5% | -2.7% | -18% -5% 8% 20% 24/05 24/07 24/09 24/12 25/02 25/04 2024-05- ...

Core Viewpoint - Niu Technologies (NIU) has shown a positive market performance with a 5.08% increase in stock price, reaching $3.72 per share, and a total market capitalization of $290 million as of May 6 [1]. Financial Performance - As of December 31, 2024, Niu Technologies reported total revenue of 3.288 billion RMB, reflecting a year-on-year growth of 24.0% [1]. - The company recorded a net profit attributable to shareholders of -193 million RMB, which represents a year-on-year increase of 28.93% [1]. Upcoming Events - Niu Technologies is scheduled to release its Q1 financial report for the fiscal year 2025 on May 19, with the actual disclosure date subject to company announcements [1]. Company Overview - Niu Technologies, established in 2014, is a leading provider of smart urban mobility solutions, aiming to offer convenient and environmentally friendly transportation tools to users globally [2]. - The company is recognized as the first lifestyle brand in China's urban mobility sector, promoting the brand philosophy of technology, style, and freedom [2]. - Niu has launched several electric vehicle series, including NQi, MQi, and UQi, along with related cultural products and professional outdoor bicycles [2]. - The MQi and UQi models have won seven major global design awards, showcasing their excellence in design over the past 20 years [2].

Group 1 - The core objective of the tariff war initiated by Trump was to suppress China, but it backfired, damaging the U.S. industries instead [10] - The U.S. reliance on Chinese critical minerals for its clean energy sector was highlighted, showing that tariffs on these minerals harmed American industries [3][5] - The Biden administration's approach to tariffs was more targeted and effective compared to Trump's broad measures, which inadvertently hurt U.S. industries [5][7] Group 2 - The international response to U.S. tariff policies has been one of resistance, with calls for unity against U.S. trade bullying, emphasizing the need to maintain a multilateral trade system [1] - Trump's declining approval ratings and public dissatisfaction with his policies indicate a lack of support for his tariff strategies, which have created uncertainty in global trade [9][10] - The European economy is facing significant threats due to U.S. tariff policies, with officials expressing a desire for negotiations to resolve trade issues [10]

【导读】特斯拉马斯克下课危机 董事会开始寻找CEO继任者 中国基金报记者 泰勒 一顿操作下来，马斯克，两边不讨好。 马斯克又面临下岗危机 特斯拉董事会开始物色下任CEO 5月1日，据媒体爆料，约一个月前，随着特斯拉股价下滑、部分投资者因埃隆·马斯克专注白宫事务而不满，特斯拉董事会开始认真考虑寻找马 斯克的接班人。 据知情人士透露，董事会成员已联系多家高管猎头公司，着手启动寻找特斯拉下一任首席执行官的正式流程。 当时公司内部的紧张情绪正在加剧。销售和利润迅速恶化，而马斯克将大量时间花在华盛顿事务上。 就在那段时间，特斯拉董事会与马斯克召开了一次会议以了解最新情况。知情人士表示，董事会成员告诉马斯克，他需要将更多精力投入到特 斯拉上，并且要在公众面前公开表示这一点。 自从马斯克——这位特斯拉的首席执行官，将大量时间用于协助特朗普削减联邦开支以来，公司股价便陷入连跌。上周，在公司宣布第一季度 利润暴跌71%后，马斯克向投资者承诺他将很快重返特斯拉核心业务。 他在一场财报电话会议上表示："从下个月开始，我将把更多时间投入到特斯拉。" | 最高: 284.45 | 今开:279.90 | 成交量: 1.29亿股 | 换 ...

Core Viewpoint - The first quarter of 2025 saw Xinday's revenue reach 1.054 billion yuan, with a significant increase in net profit by 127.44%, marking a strong start to the year and reflecting a doubling growth trajectory [1][3]. Group 1: Financial Performance - Xinday achieved a revenue of 1.054 billion yuan in Q1 2025, with a net profit growth of 127.44% year-on-year, indicating a robust financial performance [1][3]. - The company has successfully captured the market with a 100% year-on-year growth rate, showcasing its strong market position [1]. Group 2: Product Strategy - Xinday has focused on a product strategy that emphasizes user needs, launching a range of products including the "Sweetheart" model aimed at female consumers, which combines stylish design with smart control features [5][7]. - The introduction of the SUNRA smart driving platform enhances user experience by offering features that cater to convenience and safety, such as automatic start-stop and TCS anti-skid braking [5][7]. Group 3: Marketing and User Engagement - The company has adopted a scene-based marketing approach, transforming traditional sales environments into interactive spaces that enhance user experience and product awareness [9][13]. - Xinday has engaged in innovative marketing strategies, including collaborations with influencers and live streaming events to attract younger consumers and create a buzz around new products [11][17]. Group 4: Brand Positioning and Future Outlook - The brand's focus on creating a strong emotional connection with users through differentiated products and experiences is expected to drive continued growth in the market [20][21]. - Xinday's performance in Q1 2025 is seen as a reflection of consumer trust, with the company poised to leverage its comprehensive product matrix and user experience enhancements for future growth [21].

Core Viewpoint - Niu Technologies (NASDAQ: NIU) is experiencing growth in revenue and net profit, with a significant upcoming earnings report scheduled for May 19, 2024 [1][3]. Financial Performance - As of December 31, 2024, Niu Technologies reported total revenue of 3.288 billion RMB, representing a year-over-year increase of 24.0% [1]. - The company's net profit attributable to shareholders was -193 million RMB, showing a year-over-year growth of 28.93% [1]. Company Overview - Niu Technologies, established in 2014, is a leading provider of smart urban mobility solutions, aiming to offer convenient and environmentally friendly transportation tools [2]. - The company is recognized as the first lifestyle brand in China's urban mobility sector, promoting the brand philosophy of technology, style, and freedom [2]. - Niu has launched multiple electric vehicle series, including NQi, MQi, and UQi, along with related cultural products and professional outdoor bicycles [2]. - The MQi and UQi models have won seven major global design awards, highlighting their excellence in design [2].

Investment Rating - Industry Investment Rating: Overweight [1] Core Views - The photovoltaic industry is experiencing a weakening market atmosphere, with continued price declines across the supply chain. N-type module prices fell by 0.02 CNY/W, driven by expectations of decreased terminal component demand as the 531 rush installation deadline approaches. It is recommended to focus on the BC technology industry trend, which has relatively high certainty for the year [3][17][22]. - Offshore wind projects are progressing steadily, with the Jiangsu 1550MW offshore wind project entering the basic phase of construction. The successful connection of the Guangdong Yangjiang offshore wind project to the grid marks a significant milestone [3][23]. - The energy storage sector is seeing a valuation recovery during the earnings announcement period, with a focus on storage PCS and industrial storage segments. Global energy storage demand is rebounding, particularly in Europe, and there is potential for valuation recovery in large-scale and household storage segments [3][26]. - The electric grid investment in the first quarter of 2025 reached 95.6 billion CNY, a year-on-year increase of 24.8%. The State Grid plans to accelerate investment in UHV projects in the second quarter [3][43]. - The electric vehicle sector is influenced by potential tariff exemptions proposed by the Trump administration, suggesting continued investment in high-profit companies within the sector [3][45]. Summary by Sections Photovoltaic - Market sentiment is weak, with prices continuing to decline. N-type components dropped by 0.02 CNY/W, and terminal component demand is expected to decrease [3][15][21]. - The supply chain is under pressure, with expectations of a decline in domestic terminal component demand in the second half of the year [3][17][22]. Wind Power - Offshore wind projects are entering a positive phase, with significant projects in Jiangsu and Guangdong making progress [3][23][24]. Energy Storage - The sector is experiencing a valuation recovery, with a focus on PCS and industrial storage. Global demand is increasing, particularly in Europe [3][26][27]. Electric Grid Equipment - Investment in electric grid projects in the first quarter of 2025 was 95.6 billion CNY, a 24.8% increase year-on-year. The State Grid is expected to enhance UHV investment in the second quarter [3][43][44]. Electric Vehicles - The electric vehicle sector is affected by proposed tariff exemptions, with a recommendation to continue investing in high-profit companies [3][45][46]. Hydrogen Energy - Multiple large-scale hydrogen projects are underway, with a focus on hydrogen production and storage. Significant investments are being made in green hydrogen projects [3][38][39][40].