Guotai Haitong Securities Co., Ltd. has released a research report reaffirming its "Overweight" rating on the motorcycle sector. The report highlights that the 2026 Chongqing Motorcycle Expo showcased a dense lineup of new mid-to-large displacement fuel bikes and high-performance electric motorcycles, reflecting continuous upward momentum for domestic brands. As the electric motorcycle supply side gradually diversifies, the brokerage is bullish on the domestic brand advancement trend and the broader electric motorcycle supply chain. With robust overseas demand for electric motorcycles, coupled with expanding supply and improving local supply chain capabilities, the industry is poised to unlock new growth avenues for domestic brands.

The Chongqing Motorcycle Expo achieved a record-breaking scale, with new products taking center stage. On the first day alone, visitor numbers exceeded 50,000, and the total exhibition area reached 190,000 square meters, featuring 1,120 participating companies—both figures setting new historical highs. A variety of new domestically-produced mid-to-large displacement fuel motorcycles debuted, including five new models from Zhangxue Motorcycles and the launch of Wuji's "Jiyu Intelligent Driving Platform" alongside its CU-X concept vehicle. Multiple manufacturers also introduced electric motorcycle offerings: Kayo unveiled electric sports bikes and electric off-road models, while Xinyuan's electric brand Bin Sen presented seven new products.

Domestic brands continue their upward trajectory, consistently enriching their mid-to-large displacement product lines across diverse categories. Leading domestic motorcycle manufacturers have all introduced highly competitive mid-to-large displacement models. Zhangxue Motorcycles brought its 820X three-cylinder ADV, powered by its self-developed three-cylinder platform, while Kayo released the 650R, a series built around its in-house inline four-cylinder engine. Product matrices are expanding further: Loncin Wuji launched the CU-X hybrid cruiser and an updated RR660S; Benda unveiled its new "Gypsy" American-style cruiser series; and Zongshen's Cyclone brand added the RT450 twin-cylinder maxi-scooter and RX628 hardcore ADV, effectively filling gaps in the domestic product lineup for large-displacement scooters and rugged adventure bikes.

The overseas electric motorcycle market remains in a high-growth phase, with the supply side becoming increasingly diverse. Developments are flourishing across high-performance recreational e-bikes, commuter models, and hybrid technologies. At the vehicle level, CFMOTO's ZEEHO continues to refine its high-performance electric motorcycle portfolio, while manufacturers such as Xinyuan and Zongshen Senlan are stepping up resource allocation toward electric motorcycles, with high-voltage platforms, full-vehicle OTA updates, and integrated vehicle control architectures gradually being implemented. On the supply chain front, Bolivay unveiled a comprehensive product line featuring off-road e-bike batteries, high-speed e-bike batteries, and nationally-compliant standard batteries, showcasing performance and advantages centered on real-world user scenarios. Given buoyant overseas demand, rising supply, and continuously improving domestic supply chain capabilities, the electric motorcycle sector is opening up fresh growth potential for domestic brands.

Key risks include lower-than-expected new vehicle sales, trade policy uncertainties, and foreign exchange rate fluctuations.