Group 1 - The core initiative of the cross-border trade facilitation special action launched by the General Administration of Customs aims to implement 29 measures to enhance trade efficiency, with pilot cities including Nanjing, Wuxi, and Yancheng [1] - A significant outcome of the initiative is the successful export of lithium battery packs worth 12 million yuan by Aierji New Energy Technology (Nanjing) Co., which utilized "reusable packaging" that reduced packaging costs by approximately 80% [1] - The Jinling Customs has implemented a new inspection model combining self-inspection by enterprises and random checks, resulting in the inspection and release of 135,000 reusable boxes, saving companies around 87 million yuan in packaging costs from January to September [1] Group 2 - The introduction of the "airside direct access" green channel at Yancheng Nanyang International Airport has significantly improved logistics efficiency, reducing the number of cargo handovers to one and increasing customs clearance efficiency by about 70%, while lowering logistics costs by approximately 30% [2] - A total of 4.6 tons of goods have successfully exited through this new "air express" route as of September [2] - The Salt Lake Customs has established a collaborative mechanism to enhance logistics efficiency, achieving a 30% reduction in overall logistics time through proactive information sharing and a new declaration model [3] Group 3 - Wuxi has also benefited from multi-modal transport, with the first iron-road combined transport export shipment initiated in March, leading to a 30% reduction in declaration data and a transportation cycle cut from 25 days to 15 days [3] - The cost of transportation via this new model is 10% lower than full railway transport and 33% lower than road transport, enhancing the efficiency of cargo transfer [3] - The "2025 Wuxi Cross-Border Trade Facilitation Special Action Plan" supports cross-border mail delivery, with the new international mail exchange station reducing logistics costs and improving delivery times by 1-2 days compared to traditional methods [4]

Core Insights - The cross-border trade facilitation initiative launched by the General Administration of Customs aims to implement 29 measures to enhance trade efficiency, with pilot cities including Nanjing, Wuxi, and Yancheng [2][5]. Group 1: Cross-Border Trade Facilitation Measures - A pilot program for "circular packaging" for lithium battery exports has significantly reduced packaging costs by approximately 80%, with a total export value of 12 million yuan [4][5]. - The new "airside direct access" model has improved customs clearance efficiency by about 70% and reduced logistics costs by approximately 30% for goods exported from Yancheng [5][6]. - The implementation of a "public-rail-water-sea" multimodal transport system has streamlined logistics, reducing overall transport time by over 30% [6][7]. Group 2: Impact on Local Businesses - The introduction of the international mail exchange station in Wuxi has shortened the shipping time for international mail by 1-2 days and significantly lowered logistics costs [7]. - The cross-border trade facilitation measures have been positively received by local businesses, with companies reporting enhanced operational efficiency and reduced costs [7][8].

Core Insights - The cross-border trade facilitation initiative launched by the General Administration of Customs aims to implement 29 measures to enhance trade efficiency, with pilot cities including Nanjing, Wuxi, and Yancheng [1][2] Group 1: Cross-Border Trade Facilitation Measures - A pilot program for "circular packaging" in lithium battery exports has significantly reduced packaging costs by approximately 80%, with a total savings of about 87 million yuan from the use of 135,000 reusable boxes [1] - The "airside direct access" model at Yancheng Nanyang International Airport has improved customs clearance efficiency by about 70% and reduced logistics costs by approximately 30% [2] - The "collaborative linkage + pre-regulation" mechanism established by Yancheng Customs has compressed overall logistics time by over 30% through proactive information sharing [3] Group 2: Multi-Modal Transport Innovations - Wuxi has experienced a transformation in multi-modal transport, with the first iron-road combined transport export initiated in March, leading to a 10% reduction in transportation costs compared to full railway and a 33% reduction compared to road transport [3] - The establishment of the international mail exchange station in Wuxi has shortened the time for international mail to be dispatched by 1-2 days, significantly lowering logistics costs [4] Group 3: Overall Impact on Trade Environment - The newly introduced measures in Nanjing aim to create a market-oriented, legal, and international business environment, enhancing the overall cross-border trade facilitation [1][4] - The comprehensive approach taken by Nanjing Customs is transforming the cross-border trade facilitation initiative into tangible benefits for enterprises [4]

Core Insights - The cross-border trade facilitation initiative launched by the General Administration of Customs aims to implement 29 measures to enhance trade efficiency, with pilot cities including Nanjing, Wuxi, and Yancheng [1][2][3] Group 1: Cross-Border Trade Facilitation Measures - The pilot program for "circular packaging" in lithium battery exports has significantly reduced packaging costs by approximately 80%, with a total savings of about 87 million yuan from the use of 135,000 reusable boxes [1] - The "airside direct access" model has improved customs clearance efficiency by about 70% and reduced logistics costs by approximately 30% for goods exported from Yancheng [2] - The "collaborative linkage + pre-regulation" mechanism established by Yancheng Customs has compressed overall logistics time by over 30% through proactive information sharing and streamlined operations [3] Group 2: Impact on Local Industries - Wuxi has experienced a transformation in multi-modal transport, with a reduction in declaration data by 30% and a decrease in transportation time from 25 days to 15 days, leading to lower costs compared to both rail and road transport [3] - The newly operational international mail exchange station in Wuxi has shortened the time for local mail to reach international destinations by 1-2 days, significantly lowering logistics costs [4] - The overall initiative is transforming cross-border trade facilitation into tangible benefits for enterprises, enhancing the business environment in the region [4]

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].

Investment Rating - The report maintains a "Buy" rating for Anhui Heli (600761) [10] Core Views - Anhui Heli has established a joint venture in Thailand, marking a significant step in its global expansion strategy. The company aims to enhance its international brand influence and is building an overseas production supply system [8][9] - The company reported overseas revenue of 3.486 billion yuan in the first half of 2024, a year-on-year increase of 20.52%, accounting for 38.69% of total revenue [8] - The collaboration with Huawei is expected to reshape the competitive landscape of smart logistics, leveraging digital transformation and AI technologies [9] - The domestic demand for forklifts is anticipated to improve, supported by a favorable manufacturing PMI and a projected GDP growth of around 5% for the year [9] Summary by Sections 1. Anhui Heli Overview - Anhui Heli has formed a joint venture with a local Thai company, investing approximately 319.5 million yuan for a 75% stake in the new company, which will manufacture industrial vehicles and lithium battery packs [7][8] - The company plans to produce 10,000 forklifts and 10,000 sets of lithium battery packs annually [7] 2. Refrigerant Industry Insights - The prices of refrigerants are steadily increasing, with R32, R125, and R134a prices rising by 2.30%, 2.33%, and 2.27% month-on-month, respectively [12] - The production of second-generation refrigerants is being reduced, while the demand for third-generation refrigerants is expected to remain strong due to high air conditioning production [13] - The report suggests focusing on leading companies in the refrigerant industry, such as Juhua Co. and Sanmei Co., which have well-established supply chains [13]