CITIC Securities pointed out that on December 1, 2025, the “Electric Bicycle Safety Technical Specification” was fully implemented, the “Basic Requirements for Delivery Platform Service Management” were implemented the next day, and the industry officially entered the “New New National Standard” stage. The essence of the current market dispute is the phased pain of “standards first, supporting follow-up”. With the implementation of supporting measures such as road construction, hierarchical control, and commercial speed limits, it is expected that the imbalance between safety and practicality will gradually be resolved. Increased industry concentration resonates with high-end trends. Leading companies will continue to benefit from first-mover compliance advantages, product innovation capabilities, and channel barriers. Upstream safety materials, midstream leading vehicles, and downstream supporting service tracks will usher in structured investment opportunities.

CITIC Securities pointed out that on December 1, 2025, the “Electric Bicycle Safety Technical Specification” was fully implemented, the “Basic Requirements for Delivery Platform Service Management” were implemented the next day, and the industry officially entered the “New New National Standard” stage. The essence of the current market dispute is the phased pain of “standards first, supporting follow-up”. With the implementation of supporting measures such as road construction, hierarchical control, and commercial speed limits, it is expected that the imbalance between safety and practicality will gradually be resolved. Increased industry concentration resonates with high-end trends. Leading companies will continue to benefit from first-mover compliance advantages, product innovation capabilities, and channel barriers. Upstream safety materials, midstream leading vehicles, and downstream supporting service tracks will usher in structured investment opportunities.