隆鑫通用 20260226 摘要 公司战略聚焦"摩托车+通机"核心业务，剥离非核心业务后，三大业 务（摩托车、全地形车、通用机械）协同发展，2025 年均实现增长， 营收稳步上行，2019-2024 年营收 CAGR 为 12.7%。 与宝马的合作是公司切入中大排量摩托车发动机的关键契机，为后续大 排量技术积累奠定基础。无极品牌借助与宝马合作背景，强化产品性能 认知，提升市场竞争力。 公司海外营收占比高，2025 年上半年接近 70%。产品结构调整带动毛 利率和净利率持续上升，2025 年三季度净利率同比提升 3 个点。商誉 减值影响趋近于 0，盈利能力显著提升。 摩托车业务量价齐升，2020-2024 年产量与销量 CAGR 均为双位数增 长。单车价格从 0.3 万元增长至将近 6,000 元，复合增长率显著。外销 收入增速显著高于内销，预计 2026 年外销市场仍将贡献更高增速。 无极品牌收入快速增长，2019-2024 年复合增长率为 62.4%，2025 年上半年同比增长 30%，占摩托车销售收入比例达 30%以上。欧洲市 场已完成主要五国渠道布局，西班牙市占率位列行业第四，意大利市场 份额约为 4% ...

行 业 及 产 业 轻工制造 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 黄莎 A0230522010002 huangsha@swsresearch.com 屠亦婷 A0230512080003 tuyt@swsresearch.com 庞盈盈 A0230522060003 pangyy@swsresearch.com 张海涛 A0230524080003 zhanght@swsresearch.com 魏雨辰 A0230525010001 weiyc@swsresearch.com 联系人 魏雨辰 A0230525010001 weiyc@swsresearch.com 2026 年 02 月 26 日 关注关税政策变化、AI 眼镜新品催 化；家居和内需消费有望边际改善 看好 ——造纸轻工周报 2026/02/09-2026/02/23 本期投资提示： ⚫ 重点提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 相关研究 - 汇率大幅波动的风险；关税预期波动的风险 ⚫ 1）出口：关税政策变化，海外下游存补库预期，推荐 Alpha ...

Core Viewpoint - The company Greebo has shown a significant focus on expanding its product offerings in the robotics and electric vehicle sectors, benefiting from the depreciation of the RMB and establishing strategic partnerships to enhance its market presence [2][3]. Group 1: Company Overview - Greebo (Jiangsu) Co., Ltd. was established on July 2, 2002, and is located in Changzhou, Jiangsu Province. The company specializes in the research, design, production, and sales of new energy garden machinery [7]. - The main business revenue composition includes 78.01% from new energy garden machinery, 13.15% from AC electric garden machinery, and 8.14% from other sources [7]. - As of September 30, the number of shareholders is 25,500, a decrease of 10.84% from the previous period, with an average of 8,031 circulating shares per person, an increase of 12.16% [7]. Group 2: Financial Performance - For the period from January to September 2025, Greebo achieved operating revenue of 3.828 billion yuan, a year-on-year decrease of 3.81%, and a net profit attributable to the parent company of -889.32 million yuan, a year-on-year decrease of 1,056.63% [7][8]. - The company has distributed a total of 29.9962 million yuan in dividends since its A-share listing [9]. Group 3: Market Activity - On February 26, Greebo's stock rose by 0.70%, with a trading volume of 42.5298 million yuan and a turnover rate of 1.21%, resulting in a total market capitalization of 8.327 billion yuan [1]. - The company has established a strategic partnership with Zhiyuan Robotics to jointly explore the global robotics market, focusing on high-end markets in the U.S. with products like quadruped robotic dogs and humanoid robots [2]. Group 4: Product Development - Greebo has introduced electric go-karts and motorcycles in U.S. supermarkets, aiming to expand its Greenworks battery ecosystem and attract new user groups [2]. - The company is the first in the garden tools industry to launch motorcycles and go-karts, with plans to introduce more products like bicycles and scooters to maintain its competitive edge [2].

（原标题：特朗普计划取消部分钢铁和铝制品的关税） 路透社2月13日报道，美国总统特朗普计划缩减部分钢铁和铝制品的关税。 《金融时报》报道称，美国商务部和美国贸易代表办公室官员认为，这些关税正通过推高商品价格 损害消费者利益。全美选民普遍担忧消费价格上涨，生活成本问题预计将成为美国民众在11月中期选举 中的一个重要考量因素。 特朗普去年对进口钢铁和铝产品征收了高达50%的关税，并多次将关税作为与贸易伙伴谈判的筹 码。去年8月，美国商务部将400多个产品类别的钢铝衍生产品纳入50%关税清单，包括风力涡轮机、起 重机、家用电器、推土机和其他重型设备，以及铁路货车、摩托车、船用发动机、家具等。 据《金融时报》报道，特朗普政府目前正在审查受关税影响的产品清单，并计划豁免部分商品，暂 停扩大清单范围，转而对特定商品展开更有针对性的国家安全调查。 特朗普近日在底特律大力宣扬其经济政绩，旨在将公众注意力重新聚焦于美国制造业及其应对高消 费成本的努力。 ...

Group 1: Online Subscription Revenue Growth and AI Development - NetEase Cloud Music - Adjusted operating profit increased by over 30% year-on-year, indicating continuous improvement in profitability [3][4] - In 2025, revenue reached 7.759 billion yuan, a decrease of 2.4% year-on-year, primarily due to a more cautious operational strategy in social entertainment services [3] - The number of paid users increased, driving online music subscription revenue growth, with 2025 online music business revenue at 5.994 billion yuan, up 12.0% year-on-year [5][6] Group 2: Price Increase in Overseas MDI and Polyurethane Market Outlook - Wanhua Chemical - Major overseas manufacturers have raised MDI prices, indicating a potential price increase trend in the market [9][10] - As of February 24, 2026, domestic MDI prices were 13,900 yuan/ton, with TDI prices at 14,900 yuan/ton, showing stability compared to pre-Spring Festival levels [10] - The report anticipates a recovery in polyurethane demand post-Spring Festival, supported by low inventory levels [12] Group 3: Motorcycle Industry Analysis - Suzuki - From FY2014 to FY2024, Suzuki's motorcycle production increased from 1.799 million units to 2.042 million units, with a CAGR of approximately 1.3% [14] - The company's motorcycle revenue grew from 250.5 billion yen to 398.1 billion yen during the same period, with a CAGR of approximately 4.7% [15] - Suzuki's global motorcycle market share for FY2023 is estimated at around 4% [18] Group 4: Movie Industry Performance and Trends - The 2026 Spring Festival box office reached 5.69 billion yuan, a year-on-year decrease of 39.9% due to high base effects [20][21] - The number of attendees during the Spring Festival was 119 million, down 36.3% year-on-year, with an average ticket price of 47.8 yuan, a decrease of 6.1% [21] - The report highlights strong performance in lower-tier markets, with a significant share of box office revenue coming from these areas [21] Group 5: Motorcycle Industry Analysis - Honda - Honda's motorcycle sales revenue increased from 1.85 trillion yen to 3.22 trillion yen from FY2015 to FY2024, with a CAGR of approximately 6.37% [25] - The company's motorcycle sales volume grew from 17.59 million units to 18.82 million units during the same period, with a CAGR of approximately 0.75% [26] - Honda's global motorcycle market share is approximately 40% [29] Group 6: Express Logistics Industry Trends - In the first eight weeks of 2026, the total express delivery volume reached 32.734 billion pieces, a year-on-year increase of 5.4% [36][37] - YTO Express led the growth in business volume, with a year-on-year increase of 29.75% in January [38] - The report maintains a "recommended" rating for the express logistics sector, anticipating steady growth in business volume [40] Group 7: Engineering Machinery - Shantui - Shantui is positioned as a leading enterprise in bulldozers, focusing on smart, high-end, and globalized products [45][46] - The company expects revenue growth driven by increased infrastructure investment in Southeast Asia and mining capital expenditure in Africa [46][47] - Revenue forecasts for 2025-2027 are projected at 15.4 billion, 17.4 billion, and 20.2 billion yuan, respectively, with corresponding net profits of 1.25 billion, 1.61 billion, and 1.93 billion yuan [49]

常州海关货物查验科科长王伟带记者走到码头引桥上，不远处，长达数百米的传送带横跨水面。"这批 来自澳大利亚的铁矿砂通过皮带机直接运输到气膜大棚，从船到库整个流程全封闭，实现运砂不见 砂。" 去年常州铁矿砂进口量同比增长达20%，释放出积极信号：国内制造业需求旺盛，常州港吞吐量持续攀 升。 □ 本报记者 张宇熠 部分铁矿砂从常州港中转，运往湖南、安徽等地钢厂。通关效率高、综合成本低，让码头岸线不到10公 里的常州港成为长三角港口群中的重要中转站。"常州港处于上海港与南京港（002040）辐射圈的枢纽 节点，又与内河航道网紧密相连，可畅达八方。"王伟说。 春节假期，常州港录安洲码头4号泊位依旧繁忙。2月21日，一艘20万吨级船舶正在进行卸货作业。然 而，现场只见船不见货，记者不禁好奇：货去哪了？ 工业原料源源不断运进来，"常州制造"整装待发运出去。爱德拉智能科技（常州）有限公司的38辆摩托 车发往英国，雅柯斯电力科技（中国）有限公司的10台发电机组发往土耳其……在常州海关H986（海 关大型集装箱检查系统）设备室，王伟指着系统显示屏一边演示一边介绍："借助H986，集装箱查验时 间缩短至5分钟内，大幅提升进出口货物 ...

Investment Rating - The report maintains a "Recommended" rating for the motorcycle sector [1] Core Insights - Suzuki's motorcycle production is projected to grow from 1.799 million units in FY2014 to 2.042 million units in FY2024, with a CAGR of approximately 1.3% [10][15] - The company's motorcycle sales are expected to increase from 1.764 million units in FY2014 to 2.064 million units in FY2024, reflecting a CAGR of about 1.6% [10][15] - Revenue from motorcycle sales is anticipated to rise from 250.5 billion yen in FY2014 to 398.1 billion yen in FY2024, with a CAGR of approximately 4.7% [10][15] - The average price of Suzuki motorcycles is expected to increase from 142,000 yen in FY2014 to 193,000 yen in FY2024, with a CAGR of about 3.1% [10][15] - In FY2023, Suzuki's global motorcycle market share is estimated to be around 4%, based on Yamaha's reported global motorcycle demand of 49.94 million units [24] Summary by Sections Production, Sales, and Revenue - Suzuki's motorcycle production is expected to grow from 1.799 million units in FY2014 to 2.042 million units in FY2024, with domestic production declining from 154,000 units to 91,000 units, while overseas production increases from 1.645 million units to 1.951 million units [10][15] - Total motorcycle sales are projected to rise from 1.764 million units in FY2014 to 2.064 million units in FY2024, with domestic sales decreasing from 67,000 units to 35,000 units, and overseas sales increasing from 1.697 million units to 2.029 million units [10][15] - Revenue from motorcycle sales is expected to increase from 250.5 billion yen in FY2014 to 398.1 billion yen in FY2024, with domestic revenue declining from 21.3 billion yen to 18.4 billion yen, while overseas revenue rises from 212.6 billion yen to 379.7 billion yen [22][24] Regional Breakdown - In FY2024, Suzuki's motorcycle sales in India are projected to reach 1.048 million units, a significant increase from 313,000 units in FY2015 [21] - The average selling price of motorcycles in different regions for FY2024 is expected to be 52.6 thousand yen in Japan, 109.0 thousand yen in Europe, 132.7 thousand yen in North America, and 13.8 thousand yen in India [24]

Investment Rating - The report maintains a "Recommended" rating for the motorcycle sector, specifically for Kawasaki [1]. Core Insights - Kawasaki's motorcycle revenue is expected to grow steadily, with a CAGR of approximately 4.6% from FY2014 to FY2024, increasing from 220.6 billion JPY to 344.5 billion JPY [10][16]. - The sales volume for Kawasaki motorcycles is projected to stabilize at 480,000 units for FY2024, down from 523,000 units in FY2014 [22][28]. - The average price of Kawasaki motorcycles is anticipated to rise, with a CAGR of about 5.5% from FY2014 to FY2024, increasing from 421,800 JPY to 717,700 JPY [27]. Summary by Sections Kawasaki Motorcycle Revenue - Revenue growth is primarily driven by developed markets, with a CAGR of 8.6% in developed countries, while revenue in emerging markets is expected to decline at a CAGR of -1.3% [10][16]. Kawasaki Motorcycle Sales Volume - Sales in developed countries are projected to increase from 127,000 units in FY2014 to 234,000 units in FY2024, while sales in emerging markets are expected to decrease from 396,000 units to 246,000 units during the same period [22][31]. Kawasaki Motorcycle Average Price - The average price in developed countries is expected to grow from 848,800 JPY to 1,048,300 JPY, while in emerging markets, it is projected to rise from 284,800 JPY to 403,300 JPY [27]. Market Share - Kawasaki's global market share for FY2023 is estimated to be approximately 1%, with sales distribution across developed and emerging markets [28][31]. Investment Recommendations - The report suggests that domestic brands have significant potential for growth, with a focus on Kawasaki's stable sales and the increasing competitiveness of domestic brands. Key recommendations include Chuanfeng Power and Longxin General, with a suggestion to pay attention to Qianjiang Motorcycle [33].

重庆市笔电、手机、摩托车、汽车出口量分别位居全国第一、第二、第三、第五位，"新三样"产品出口 增速高达73.5%，高新技术产品进出口同比增长11.6%……翻开重庆2025年制造业答卷，亮眼的成绩正 是重庆聚力"33618"现代制造业集群体系建设，推动"重庆制造"外向型发展破浪前行的生动写照。 "这不仅是贸易数字的增长，更是制造业产业能级、合作模式与全球角色的系统性升级。"重庆市经济和 信息化委员会党组成员、副主任罗莉表示，一个更具韧性、更富活力、更可持续的内陆开放新范式，正 引领"重庆制造"从山城走向世界。 夯基础：向"新"而行，锻造制造强市硬核竞争力 重庆紧扣"33618"现代制造业集群体系建设，推动产业体系整体向高端化、智能化、绿色化攀升，为"重 庆制造"出海积蓄底气与实力。 当前，"重庆制造"正加快从产品输出向体系输出转型升级。在主导产业领域，智能网联新能源汽车就是 率先突破的典型代表。在实现产能5年30倍增长的同时，长安汽车罗勇工厂投产，赛力斯印尼工厂年产 能提至10万辆，"渝车出海"进入本地化生产的新阶段。产业链核心技术亦获得国际认可，千里科技智能 驾驶系统成功引入奔驰作为战略投资者，中国汽研智能汽 ...

Investment Rating - The report maintains a "Recommended" rating for the motorcycle sector [1] Core Insights - Yamaha's motorcycle revenue has shown steady growth, increasing from 930.1 billion JPY in FY2016 to 1,578.1 billion JPY in FY2025, with a CAGR of approximately 6.1%. However, motorcycle sales decreased from 5.154 million units to 4.999 million units during the same period, reflecting a CAGR of approximately -0.3% [9][27] - The average price of Yamaha motorcycles is projected to rise from 50,000 RMB to 69,700 RMB from FY2021 to FY2025, with a CAGR of approximately 8.7% [9][27] - The global motorcycle demand is estimated at 49.94 million units in 2023, with a projected CAGR of approximately 2% from 2024 to 2027 [11][15] - Yamaha aims to achieve a market share of 9.7% in FY2023, with specific targets of 31% in the high-end market by 2024 and 42% by 2027 in ASEAN and emerging markets, as well as 13% in Europe by 2027 [11][23] Summary by Sections Global Motorcycle Market and Yamaha's Share - The global motorcycle demand for 2023 is 49.94 million units, with a projected CAGR of approximately 2% from 2024 to 2027 [11][15] - Yamaha's target market share for FY2027 includes 31% in the high-end market by 2024 and 42% by 2027 in ASEAN and emerging markets, along with a 13% share in Europe [11][23] Yamaha Motorcycle Revenue and Sales Breakdown - Yamaha's motorcycle revenue is expected to grow steadily, with FY2025 projections showing sales of 76,000 units in Japan, 79,000 units in North America, 210,000 units in Europe, 3,903,000 units in Asia, and 73,100 units in other regions [12][34] - The average price of Yamaha motorcycles in FY2025 is projected to be 55.7 million JPY in Japan, 111.3 million JPY in North America, 112.6 million JPY in Europe, 22.8 million JPY in Asia, and 44.1 million JPY in other regions [34][28] Investment Recommendations - The report suggests that domestic brands have significant potential for overseas expansion, as their export prices still lag behind those of Japanese motorcycle companies. The motorcycle sector maintains a "Recommended" rating, with key recommendations including Chunfeng Power and Longxin General, and a suggestion to pay attention to Qianjiang Motorcycle [12][40]