不仅如此， 电摩路权的开放，还有望减少"非标车"、"超标车"上路，减少两轮车监管环节的难度。 摘要 电摩在动力性能、速度和承载能力方面更贴近于快递、外卖现实使用场景。 电自新国标下，两轮车车主交通工具选择局限性与实际行驶需求矛盾越发放大。 一边是 25km/h 限速下，新国标电自无法满足快递、外卖等场景对续航、动力性能的极致追求；另一边是摩托禁令下，一线城市快递、外卖员生产 力工具选择十分局限，低动力行驶还可能加剧交通拥堵。 对此，在两会期间，已有相关人大代表对电摩行业建言献策。 3 月 3 日，全国人大代表、顺丰工会主席汪勇接受记者采访时表示： 相比于电动自行车，电动摩托车在动力性能、速度和承载能力方面更贴近于快 递小哥、外卖小哥的现实使用场景。 但是现在的摩托车管理并未将电动摩托车和燃油摩托车区分， 如果管理能够细分，给电动摩托车更多路权 。 如果能够有所区分，给予电动摩托车 更多的路权，开放更多的可行驶区域，就能够给予 快递、外卖小哥更优的运输工具选择。 此外，他还建议，从国家层面立足绿色低碳发展方向和新就业群体现实需求，研究设立电动摩托车绿色号牌制度。 推动电动摩托车管理更加科学、 精准、规范。 高工 ...

以下文章来源于晚点财经 ，作者晚点团队 晚点财经 . 用框架思维分析上市公司的增长逻辑与投资价值。 为行业将来可能的并购整合，提前谋划自己的资产武器。 文 丨 胡昊 受电动自行车新国标影响，目前整个市场正处于销量断档、经销商低库存、消费者观望的过渡调整阶 段，未来行业发展既存在结构上的确定性，也存在需求上的某种不确定。 前者是受新标准的技术参数限制，例如最高时速不超过 25KM/h、铅酸电池车型不超过 63 公斤、锂电 池车型不超过 55 公斤、塑料件占比不得超过整车质量的 5.5%、严防非法篡改、增加北斗定位模块、 增加防火阻燃性能等，新标准圈定了电动自行车的性能边际，提高了厂商的内部合规生产成本，直接 压缩了中小规模参与者的商业空间，未来供给端还将加速出清节奏，进一步稳固头部厂商的市场格 局。 后者是在新标准强制法律效力、产品性能被强约束、以及内部生产成本增长的多重影响下，需求端短 时间内普遍难以接受产品力的前后变化，有限的性能表现和更高的商品售价很可能会让消费者重新思 考一个更合适的日常出行方案，最终的结果不排除会出现市场销量整体萎缩的情况。 客观上，2025 年国内电动两轮车（包括电动自行车和电动摩托 ...

（3）我们认为行业的核心竞争要素从"价格竞争"到"产品升级"，竞 争态势从"全行业充分竞争"到"龙头集中"。诸如雅迪、爱玛、九号 的行业龙头企业通过利润率优势稳定刚需市场的基本盘，通过智能化 升级和用户心智培养发展不断扩容的智能车市场。未来的竞争会聚焦 于中高端市场，龙头企业"规模效应+产品升级-格局集中-盈利优势扩 大"的正向循环仍然持续，份额和盈利的相对优势会继续扩大。 | [Table_Grade] 行业评级 | 持有 | | --- | --- | | 前次评级 | 持有 | | 报告日期 | 2026-03-02 | [Table_Page] 深度分析|家用电器 证券研究报告 [Table_Title] 家用电器行业 两轮车行业龙头集中，竞争从价格到产品 [Table_Summary] 核心观点： （2）2020-2025 年国内电动两轮车高级配置市场占比从 2%提至 14%， 3000-5000 元价格带成竞争焦点；龙头加码智能化，九号卡位差异化 中高端智能车赛道，雅迪和爱玛跟进智能车软件付费模式，同时布局钠 电池、智驾系统等新技术。 [Table_PicQuote] 相对市场表现 [分析师： T ...

据《非洲简讯》2月25日报道，非洲电动出行公司Spiro已获得5000万美元的新债务融资，以加速其电池 更换基础设施的扩张，并加大对整个非洲大陆清洁交通技术的投资。根据该公司周二发布的公告，资金 来源包括非洲进出口银行（Afreximbank）、气候融资平台Nithio以及由CygnumCapital管理的非洲绿色 基金。 （原标题：非洲电动出行公司Spiro获5000万美元融资） Spiro表示，这笔新资金将用于在现有市场和新市场推出更多换电站，同时推进专有技术的发展，包括 自动换电站、快速充电系统和可再生能源整合。 Spiro目前在肯尼亚、乌干达、卢旺达、尼日利亚、贝宁和多哥开展业务，并在喀麦隆和坦桑尼亚开展 试点项目。该公司表示，已投放超过8万辆电动摩托车，循环使用超过30万块电池，并通过超过2500个 站点的网络完成了超过3000万次电池更换。这些运营活动累计实现了超过10亿公里的零碳出行。 此次投资是在Spiro于2025年10月创纪录地筹集了1亿美元资金之后进行的，这笔资金被广泛认为是迄今 为止非洲在电动出行领域最大的单笔投资。 ...

1月，我国摩托车产业迎来良好开局，行业产销量同比、环比均实现明显增长；外贸出口延续上年良好 增长态势，单月出口量创下近年新高。 产销情况 1月，从车型明细来看，三大车型中，跨骑车产销104.75万辆和105.26万辆，产销量环比增长3.01%和 0.06%，同比增长17.91%和18.85%；踏板车产销52.84万辆和50.39万辆，产量环比下降0.93%，销量环比 增长9.4%，同比增长37.23%和29.03%；弯梁车产销20.63万辆和22.93万辆，产销量环比增长0.28%和 19.71%，同比增长39.71%和36.38%。从各车型销量占二轮车总销量的比重看，跨骑、踏板和弯梁三类 车型占比分别为58.39%、29.46%和11.5%。 1月，正三轮摩托车产销21.08万辆和20.78万辆，产销量环比下降15.76%和19.37%，同比增长24.18%和 17.05%。其中，普通货运三轮车产销16万辆和15.78万辆，产销量环比下降12.84%和15.85%，产销量同 比增长15.5%和9.66%；普通客运三轮车产销4.81万辆和4.7万辆，产销量环比下降23.01%和26.93%，同 比增长62.3 ...

Investment Rating - The report maintains a "Recommended" rating for the motorcycle industry [1] Core Insights - The motorcycle export market remains robust, with a year-on-year growth of 27% in January 2026, totaling 1.26 million units exported [10][14] - Domestic sales in January 2026 reached 340,000 units, reflecting a year-on-year increase of 17% [14] - The overall motorcycle sales (domestic and export) for January 2026 amounted to 1.6 million units, marking a 27% year-on-year growth [14] Industry Data Update - In January 2026, the motorcycle sales by displacement categories were as follows: - Sales of motorcycles with displacement between 150cc and 250cc reached 170,000 units, up 13% year-on-year [15] - Sales of motorcycles with displacement over 250cc totaled 64,000 units, up 8% year-on-year [15] - The total sales for motorcycles in January 2026 included 340,000 units domestically and 1.26 million units exported [14][19] Company Data Update - **Chunfeng Power**: - Total sales in January 2026 were 19,000 units, a 44% increase year-on-year [22] - Electric motorcycle sales surged by 208% year-on-year, totaling 29,000 units [22] - **Qianjiang Motorcycle**: - Total sales in January 2026 were 35,000 units, down 4% year-on-year [29] - Sales of motorcycles with displacement between 150cc and 250cc increased by 141% year-on-year [29] - **Longxin General**: - Total sales in January 2026 were 81,000 units, down 42% year-on-year [37] - Sales of motorcycles with displacement over 250cc increased by 28% year-on-year [37]

Core Viewpoint - The introduction of the "Zibo City Electric Bicycle Fire Safety Management Measures" aims to enhance fire safety regulations for electric bicycles, addressing the increasing fire hazards associated with their use in Zibo City [1][2]. Legislative Background - The Zibo City government has developed the "Measures" based on extensive research and public consultation, ensuring that the legislation aligns with practical needs and has broad consensus [2]. Key Provisions of the Measures - The Measures consist of 23 articles, emphasizing a people-centered approach and a comprehensive fire safety responsibility system applicable throughout the city [3]. - Responsibilities are clearly defined for various government levels and departments, ensuring effective management and coordination in fire safety efforts [3]. - Quality management standards for electric bicycles and their components are established, prohibiting illegal modifications and ensuring compliance with national product quality laws [3]. Infrastructure and Charging Facilities - Regulations are set for the construction of centralized parking and charging facilities to address issues related to parking and charging difficulties [4]. - A transparent fee management system for centralized charging facilities is introduced to enhance affordability and utilization [4]. Fire Safety Management Measures - The Measures outline specific responsibilities for electric bicycle owners and users regarding safe parking and charging practices [5]. - Property management companies are tasked with enforcing compliance and preventing violations related to improper parking and charging [5]. Broader Scope of Management - The Measures extend to the management of electric bicycles used for commercial purposes, such as delivery services, ensuring comprehensive fire safety oversight [6]. - A regulatory mechanism is established to enhance coordination among various departments for effective enforcement of fire safety regulations [6]. Legal Accountability - The Measures incorporate a framework for legal accountability, focusing on educational approaches and minimal penalties for non-compliance, while adhering to existing laws for other violations [6].

（原标题：肯推出国家电动出行政策框架） 肯《首都调频》 2月4日报道,肯尼亚道路和交通部推出国家电动出行政策框 架，以促进全国范围内电动汽车的普及。肯正优先发展电动交通，发布国家电 动出行政策框架，旨在推动交通领域减排，建设充电基础设施，加快电动汽车 的本地制造和组装，并促进该领域的创新和投资，以确保电动汽车在本地市场 的供应，并要求新的电动汽车和摩托车将统一使用绿色车牌。截至 2025年12 月底，肯注册的电动车数量达到24754 辆。 ...

Group 1 - VinFast officially enters the electric motorcycle market in Indonesia, marking a significant expansion in its international presence [1] - The company has established a partnership with strategic dealers to facilitate its entry into the Indonesian market [1] Group 2 - This move aligns with the growing demand for electric vehicles in Southeast Asia, particularly in Indonesia, which is seen as a key market for electric mobility [1] - The collaboration with local dealers is expected to enhance VinFast's distribution and service capabilities in the region [1]

Core Viewpoint - Tailgating Technology, the third-largest player in the two-wheeled electric vehicle industry, has filed for an IPO on the Hong Kong Stock Exchange, marking its entry as the fifth Chinese two-wheeled electric vehicle manufacturer in the market. The company has shown impressive revenue growth, but faces significant competition and challenges in maintaining its market position [2][20]. Financial Performance - The company's revenue is projected to grow from 11.88 billion RMB in 2023 to 13.6 billion RMB in 2024, with profits increasing from 286 million RMB to 472 million RMB during the same period. In the first nine months of 2025, revenue reached 14.84 billion RMB, with profits at 822 million RMB and a profit margin of 5.5% [2][23]. - For the first nine months of 2025, Tailgating Technology reported a revenue of 14.84 billion RMB, a 38.7% increase from 10.7 billion RMB in the same period the previous year, with a gross profit of 2.16 billion RMB [7][23]. Market Position and Competition - Tailgating Technology's market position as the "third" player is under threat, with significant revenue gaps compared to industry leaders Yadea (28.2 billion RMB) and Aima (21.6 billion RMB). In the first three quarters of 2025, it was surpassed by the emerging competitor Ninebot, which achieved 18.4 billion RMB in revenue [3][10][20]. - The company holds a market share of approximately 5.2% in the global electric light vehicle market and about 12.7% in the domestic electric two-wheeler market, but faces increasing competition from new entrants focusing on smart technology [10][25]. Business Model and Challenges - Tailgating Technology has relied on a "low-margin, high-volume" business model, which has led to pressure on profit margins. The company's gross margin is reported at 13%, significantly lower than Yadea's 15.2% and Aima's 17.8% [11][26]. - The average selling price of Tailgating's electric bicycles is 1,393.7 RMB, which is lower than its competitors, indicating a focus on the mid-to-low-end market segment [11][26]. Corporate Governance and Executive Compensation - The company's board of directors has seen a significant increase in compensation, with total expected payments reaching approximately 26 million RMB for the fiscal year ending December 31, 2026, representing a fourfold increase from 6.49 million RMB in 2023 [20][30]. - The ownership structure remains stable, with the founding Sun brothers holding a combined 89.91% of the shares, ensuring control over the company's strategic direction [28][29].