金吾财讯 | 中信证券表示，2024年，电动两轮车行业由于合规检查、重新进行3C验证等环节消耗超过400万辆各类库存，而随着2024年11月新3C验证落地、1月新国标正式落地，行业库存已经到底。随着扰动结束，1Q25行业正式进入补库存周期，该行认为补库存会成为两轮车1H25需求的重要支撑。该行指，春节后，主机厂发货总体延续春节前由补库存驱动的强势趋势。受到各地以旧换新补贴力度边际进一步加强的刺激，同时经过近半年的流程梳理，补贴落地加快，节后终端动销快速恢复，行业跑步进入旺季。该行认为，电动两轮车行业当前的高景气度主要受益于三重驱动力叠加——补库存周期启动、以旧换新补贴力度前所未有、国标更新加速供给优化。大变局下，电动两轮车行业正处于政策、需求、供给三端共振的黄金周期，当前景气度持续提升，建议积极布局龙头标的。
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