9月29日，爱尔集新能源科技（南京）有限公司生产的一批1200万元的锂电池组顺利出口海外。"该批锂 电池使用'循环包装'进行打包，每件包装成本约节省80%，大幅降低了我们的成本。"该公司关务负责人 说。 今年4月，海关总署牵头会同20个部门、25个试点城市，启动跨境贸易便利化专项行动，全力推动29项 措施落地落实。江苏省南京、无锡、盐城三市列入试点。几个月过去，跨境贸易是否更便利，让企业更 加可知可感？ 出口锂电池"循环包装"改革试点是跨境贸易便利化专项行动的重要措施之一，金陵海关探索建立"企业 自检+逐批抽检+随机抽查"新模式，实现包装箱的重复使用。"我们通过'一箱一码'对包装箱进行监管， 在快速验放的同时确保质量可控。"金陵海关驻江宁办事处副主任杨晓莉说。今年1—9月，金陵海关共 检验放行13.5万个循环使用箱，为企业节省包装成本约8700万元。 据介绍，近日出台的《南京市2025年跨境贸易便利化专项行动措施》，围绕服务高水平开放、高质量发 展推出25项措施，持续营造市场化、法治化、国际化一流口岸营商环境。 针对多式联运"路途远、节点多"难题，盐城海关构建"协同联动+监管前置"机制，与入境口岸阿拉山口 海 ...

今年4月，海关总署牵头会同20个部门、25个试点城市，启动跨境贸易便利化专项行动，全力推动29项 措施落地落实。我省南京、无锡、盐城三市列入试点。几个月过去，跨境贸易是否更便利，让企业更加 可知可感？ 图片来源：视觉中国 9月29日，爱尔集新能源科技（南京）有限公司生产的一批1200万元的锂电池组顺利出口海外。"该批锂 电池使用'循环包装'进行打包，每件包装成本约节省80%，大幅降低了我们的成本。"该公司关务负责人 说。 "从监管创新与物流织网，到多式联运与产业赋能，再到口岸升级与模式创新，南京海关正将跨境贸易 便利化专项行动转化为企业可知可感的实效。"南京海关综合业务处二级巡视员掌孝恩说。 新华日报·交汇点记者 宋晓华 传统模式下，搭乘国内航班抵达盐城的出口货物，首先需要在国内货物库区完成国内提货，再通过社会 道路进行短驳运输，完成二次安检后方可进入国际出口库区等待发运，全程需要进行多次货物交接。实 施"空侧直通"货物监管模式后，货物交接次数减少至1次，单票货物通关效率提升约70%，物流成本降 低约30%。盐城海关统计，截至今年9月，已有7批次总计4.6吨货物通过这条"空中高速"实现快速出境。 联运织网贯通 ...

据介绍，近日出台的《南京市2025年跨境贸易便利化专项行动措施》，围绕服务高水平开放、高质 量发展推出25项措施，持续营造市场化、法治化、国际化一流口岸营商环境。 日前，在盐城南洋国际机场停机坪上，720公斤洪福康乃馨和高山羊齿，通过新启用的"空侧直 通"绿色通道快速装舱，发往海外。 传统模式下，搭乘国内航班抵达盐城的出口货物，首先需要在国内货物库区完成国内提货，再通过 社会道路进行短驳运输，完成二次安检后方可进入国际出口库区等待发运，全程需要进行多次货物交 接。实施"空侧直通"货物监管模式后，货物交接次数减少至1次，单票货物通关效率提升约70%，物流 成本降低约30%。盐城海关统计，截至今年9月，已有7批次总计4.6吨货物通过这条"空中高速"实现快速 出境。 今年4月，海关总署牵头会同20个部门、25个试点城市，启动跨境贸易便利化专项行动，全力推动 29项措施落地落实。我省南京、无锡、盐城三市列入试点。几个月过去，跨境贸易是否更便利，让企业 更加可知可感？ 联运织网贯通物流动脉。日前，一批2691吨铬铁在盐城港大丰港区内河码头完成卸船，顺利进入盐 城港保税物流中心。该批进口铬铁通过中欧班列从哈萨克斯坦发出， ...

出口锂电池"循环包装"改革试点是跨境贸易便利化专项行动的重要措施之一，金陵海关探索建立"企业 自检+逐批抽检+随机抽查"新模式，实现包装箱的重复使用。"我们通过'一箱一码'对包装箱进行监管， 在快速验放的同时确保质量可控。"金陵海关驻江宁办事处副主任杨晓莉说。今年1—9月，金陵海关共 检验放行13.5万个循环使用箱，为企业节省包装成本约8700万元。 据介绍，近日出台的《南京市2025年跨境贸易便利化专项行动措施》，围绕服务高水平开放、高质量发 展推出25项措施，持续营造市场化、法治化、国际化一流口岸营商环境。 □ 本报记者宋晓华 今年4月，海关总署牵头会同20个部门、25个试点城市，启动跨境贸易便利化专项行动，全力推动29项 措施落地落实。我省南京、无锡、盐城三市列入试点。几个月过去，跨境贸易是否更便利，让企业更加 可知可感？ 9月29日，爱尔集新能源科技(南京)有限公司生产的一批1200万元的锂电池组顺利出口海外。"该批锂电 池使用'循环包装'进行打包，每件包装成本约节省80%，大幅降低了我们的成本。"该公司关务负责人 说。 "从监管创新与物流织网，到多式联运与产业赋能，再到口岸升级与模式创新，南京海关正 ...

Core Insights - The cross-border trade facilitation initiative launched by the General Administration of Customs in April aims to implement 29 measures to enhance trade efficiency across 25 pilot cities, including Nanjing, Wuxi, and Yancheng in Jiangsu province [1] Group 1: Cross-Border Trade Facilitation Measures - The pilot program for "circular packaging" for lithium battery exports has significantly reduced packaging costs by approximately 80%, leading to a total savings of about 54.9 million yuan for companies [1] - The new inspection model for circular packaging, which includes "self-inspection by enterprises + batch sampling + random checks," has allowed for the reuse of packaging boxes, promoting a green circular economy [1] - In Yancheng, the implementation of the "airside direct access" model has reduced the number of cargo handovers from multiple to just one, increasing customs clearance efficiency by about 70% and lowering logistics costs by approximately 30% [2] Group 2: Logistics and Transportation Improvements - The introduction of the "Iron-Road Combined Transport" model in Wuxi has streamlined the export process, reducing the declaration data by 30% and cutting transportation time from 25 days to 15 days, with costs lower by 10% compared to full railway transport and 33% compared to road transport [2] - The newly operational international mail exchange station in Wuxi allows for direct exchange of international mail, reducing transit time by 1-2 days and significantly lowering logistics costs [3]

Core Viewpoint - The newly revised mandatory national standard for electric bicycles, effective from September 1, 2024, maintains the maximum speed limit of 25 km/h, yet illegal modifications to increase speed and range are prevalent, with some areas developing into modification hubs [1][2]. Group 1: New Regulations - The new national standard for electric bicycles will be implemented on September 1, 2024, continuing the 25 km/h speed limit established in 2018 [1]. - Despite the upcoming regulations, illegal modifications remain widespread, with some locations even establishing modification "streets" or "industrial parks" [1]. Group 2: Modification Industry - Numerous businesses are promoting modifications that can increase electric bicycle speeds to 75-80 km/h and extend battery life to 200 km [2][5]. - Some shops offer comprehensive services for electric bicycle modifications, including upgrades to motors, controllers, and batteries, claiming that modifications can be done easily and quickly [5]. Group 3: Market Dynamics - In Nanning, Guangxi, a concentration of shops is engaged in the sale and modification of electric bicycles, with many indicating that modifications should be completed before the new regulations take effect [4][5]. - Some stores are selling pre-modified electric bicycles that exceed the new standards for motor power and battery specifications [5]. Group 4: Regulatory Challenges - The illegal modification issue persists due to regulatory challenges, including the lack of oversight on the production and sale of non-compliant electric bicycles and parts [6]. - The current market has a large number of existing vehicles that require a clear timeline for phasing out, along with potential trade-in programs for new purchases [6].

Core Viewpoint - The new national standard for electric bicycles (GB17761—2024) aims to enhance safety and control illegal modifications, set to be implemented on September 1, 2024, amid ongoing issues with unauthorized modifications in the industry [1][21]. Group 1: New National Standard - The new standard includes stricter requirements for battery packs, controllers, and speed limiters to prevent tampering [1]. - The standard is expected to address the ongoing problem of illegal modifications, which have been prevalent despite regulatory challenges [1][21]. Group 2: Illegal Modification Industry - There are reports of numerous illegal modification shops in Nanning, where electric bicycles can be altered to reach speeds of up to 80 km/h and extended ranges of 200 km [1][11]. - Merchants are actively promoting modification kits and services on social media platforms, showcasing how to increase speed and performance [2][5]. - Some shops offer complete modification services, including high-power batteries and controllers that exceed the new standard's limits [6][18]. Group 3: Market Dynamics - The modification market is characterized by a competitive environment where businesses cater to consumer demand for higher speeds and performance, often leading to unsafe practices [18][21]. - Merchants claim that modified electric bicycles can perform similarly to electric motorcycles, creating a loophole in regulatory compliance [18][21]. - The proliferation of modification services has led to a situation where even legitimate electric bicycle retailers are engaging in or facilitating illegal modifications to meet consumer expectations [18][21].

Investment Rating - The report maintains a "Buy" rating for Anhui Heli, with a target price of 17.21 CNY [5][2] Core Views - The company faces high costs that are squeezing some profits, but its internationalization and industrial chain layout continue to inject development momentum [1] - Revenue for 2024 is projected to be 17.33 billion CNY, a slight increase of 1% year-on-year, while net profit is expected to be 1.32 billion CNY, reflecting a minimal growth of 0.2% [10] - The company is expanding its overseas strategy, with significant growth in exports and overseas revenue, which accounted for 40% of total revenue in 2024 [10] - The company is enhancing its industrial chain layout by investing in smart logistics and reducing related transactions through acquisitions [10] Financial Summary - Revenue and profit figures for 2023 and projections for 2024-2027 are as follows: - 2023 Revenue: 17.156 billion CNY, 2024 Revenue: 17.325 billion CNY (1% growth) - 2024 Net Profit: 1.32 billion CNY, 2025 Net Profit: 1.442 billion CNY (9.3% growth) [4][10] - The gross margin for 2024 is expected to be 23.46%, an increase of 2.84 percentage points year-on-year [10] - The company’s net profit margin for 2024 is projected at 7.6% [4][10] - The company’s earnings per share (EPS) for 2024 is estimated at 1.48 CNY, with a gradual increase to 2.02 CNY by 2027 [4][10]

Investment Rating - The industry investment rating is "Overweight," indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [8]. Core Insights - The forklift sales in January and February 2025 showed a steady growth of 9.15% year-on-year, with domestic sales increasing by 6.48% and overseas sales by 13.84%. February alone saw a significant increase of 49.1% in sales compared to the previous year, driven by a low base effect from the previous year's Spring Festival [7]. - The demand for forklifts is closely linked to the manufacturing and logistics sectors, with the manufacturing PMI indicating a positive outlook as it remained above the threshold line since October 2024 [7]. - Anhui Heli's establishment of a joint venture in Thailand marks a significant step in its global expansion strategy, aiming for an annual production of 10,000 forklifts and lithium battery packs [7]. - Hangcha Group is also expanding internationally by setting up companies in the USA and the Middle East to enhance its market presence and competitiveness [7]. - The report suggests focusing on leading domestic forklift manufacturers with strong brand recognition and R&D capabilities, such as Anhui Heli and Hangcha Group, as they are well-positioned to benefit from the recovery in manufacturing and logistics demand [7]. Summary by Sections Forklift Sales Performance - In January-February 2025, total forklift sales reached 195,100 units, with domestic sales at 121,200 units and overseas sales at 73,900 units [7]. - February 2025 saw a monthly sales figure of 101,500 units, with domestic sales at 66,200 units and exports at 35,200 units [7]. Global Expansion Initiatives - Anhui Heli's joint venture in Thailand involves an investment of approximately 319.5 million yuan, holding a 75% stake in the new company [7]. - Hangcha Group's plans include establishing a smart logistics company in the USA and a company in Dubai to enhance its global marketing and operational capabilities [7]. Market Outlook - The report highlights the positive correlation between forklift demand and the manufacturing sector's health, with expectations of a rebound in domestic demand supported by favorable macroeconomic indicators [7].

[Table_Reportdate] 2025年03月13日 [晨会纪要 Table_NewTitle] 20250313 [证券分析师： Table_Authors] 吴骏燕 S0630517120001 wjyan@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn [table_main] 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [Table_Report] ➢ 1.安徽合力（600761）：首次海外合资建厂，全球化布局加速——公司简评报告 ➢ 2.制冷剂价格稳步上行，未来空间广阔——氟化工行业月报 ➢ 1.国常会：讨论通过《国务院2025年重点工作分工方案》 ➢ 2.美国对所有进口钢铁和铝征收25%关税正式生效 ➢ 3.美国2月CPI及核心CPI低于预期 | 1. 重点推荐 | 3 | | --- | --- | | 1.1. 安徽合力 ...