周三盘中，小牛电动（NIU）股价大涨5.19%，引发市场关注。这一涨幅与瑞银证券最新发布的行业研究报告密切相关，该报告首次覆盖中国两轮车行业，并对小牛电动的业务前景给予积极评价。
根据瑞银的报告，小牛电动管理层预计2025年国内市场销量将同比增长40%-70%，达到110万-130万辆。这一增长主要归因于三个因素：新产品周期、经销商网络扩张以及相对温和的价格竞争环境。值得注意的是，小牛电动正采取面向低线城市的高端铅酸车型战略，新推出的FXT、NXT系列均有铅酸版本，订单情况良好。
此外，小牛电动在欧盟市场的重建计划也受到投资者青睐。虽然2024年欧盟销量因经销商破产而大幅下滑，但公司正积极重建销售网络，预计2025年欧盟出口量将回升至1万-1.5万辆。长期来看，小牛电动看好中国高端电动两轮车市场，预计规模可达1500万辆，占总市场的20%-30%。这些积极因素共同推动了投资者对小牛电动未来增长前景的信心，从而带动股价上涨。
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