金吾财讯 | 中信证券表示，2025年12月1日《电动自行车安全技术规范》（GB17761-2024）全面落地，《外卖平台服务管理基本要求》（GB/T46862-2025）次日实施，行业正式进入“新新国标”阶段。当前市场争议本质是“标准先行、配套跟进”的阶段性阵痛，随着道路建设、分级管控、商用速度限制等配套措施落地，安全与实用的失衡料将逐步化解。该机构指，“新新国标”落地推动电动自行车行业进入“安全合规+场景适配”新阶段，试图从车辆安全（防火阻燃、防篡改等）与配送规范（配送员权益、15km/h时速限制等）构建核心框架，当前市场争议属“标准先行、配套跟进”的阶段性阵痛，随着专用道建设、分级管控等配套落地，料将逐步化解。行业集中度提升与高端化转型形成共振，叠加规范化后速度、载重限制催生的需求总量上升，结构性机会凸显，建议重点布局上游高阻燃材料、北斗定位模块等安全升级赛道，中游具备合规优势与高端化能力的整车龙头，以及下游以旧换新、电池后市场等配套领域，把握行业重构中的长期成长价值。
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