长城证券：油价上行利好新能源出行国内两轮车企加大东南亚产能布局

智通财经04-09

智通财经APP获悉，长城证券发布研报称，东南亚电动两轮车市场增长主要由“政策驱动”与“成本驱动”双轮推动。一方面，越南、印尼等国相继出台明确的“油改电”时间表；另一方面，2026年以来国际油价显著上涨，显著放大电动两轮车在全生命周期成本上的经济优势。目前雅迪控股(01585)、爱玛科技(603529.SH)等企业已逐步完成东南亚核心市场的产能与渠道布局，行业全球化竞争格局初步形成，龙头企业凭借规模...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2626390999?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-04-09 14:58","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2626390999","market":"fut","top_or_hot":-1,"title":"长城证券：油价上行利好新能源出行 国内两轮车企加大东南亚产能布局","media":"智通财经","content":"<div>\n<p>智通财经APP获悉，长城证券发布研报称，东南亚电动两轮车市场增长主要由“政策驱动”与“成本驱动”双轮推动。一方面，越南、印尼等国相继出台明确的“油改电”时间表；另一方面，2026年以来国际油价显著上涨，显著放大电动两轮车在全生命周期成本上的经济优势。目前雅迪控股(01585)、爱玛科技(603529.SH)等企业已逐步完成东南亚核心市场的产能与渠道布局，行业全球化竞争格局初步形成，龙头企业凭借规模...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1426465.html\">网页链接</a>\n\n</div>\n","source":"stock_zhitongcaijing","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>长城证券：油价上行利好新能源出行 国内两轮车企加大东南亚产能布局</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n长城证券：油价上行利好新能源出行 国内两轮车企加大东南亚产能布局\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-04-09 14:58 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1426465.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，长城证券发布研报称，东南亚电动两轮车市场增长主要由“政策驱动”与“成本驱动”双轮推动。一方面，越南、印尼等国相继出台明确的“油改电”时间表；另一方面，2026年以来国际油价显著上涨，显著放大电动两轮车在全生命周期成本上的经济优势。目前雅迪控股(01585)、爱玛科技(603529.SH)等企业已逐步完成东南亚核心市场的产能与渠道布局，行业全球化竞争格局初步形成，龙头企业凭借规模...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1426465.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU2506952253.HKD","symbol_name":"BNP PARIBAS GREEN TIGERS \"CRH\" (HKD) ACC","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1426465.html","article_id":"2626390999","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2626390999","pubTimestamp":1775717916,"columns":[],"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"长城证券主要观点如下：电动两轮车海外市场广阔，国内车企加大东南亚产能布局2025年我国电动两轮车销量6370万辆，出口量突破327万辆。国内头部电动两轮车企业已全面启动全球化战略，逐步从传统的整车贸易出口模式，转向全链条本土化模式东南亚是多数企业出海的核心布局阵地，头部企业产能与渠道建设已进入落地收获期。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"159875":"新能源","160640":"新能源","399941":"新能源","LU2506952253.HKD":"BNP PARIBAS GREEN TIGERS \"CRH\" (HKD) ACC","LU1939255532.USD":"NINETY ONE GSF GLOBAL ENVIRONMENT \"A\" (USD) ACC","OILK":"ProShares K-1 Free Crude Oil ETF","000941.SH":"新能源","BK1589":"北水核心资产","UGA":"United States Gasoline Fund LP","OILT":"Texas Oil Index ETF","BK4588":"碎股","LU2298064838.USD":"NINETY ONE GSF GLOBAL ENVIRONMENT \"A\" (USD) INC","DUG":"二倍做空石油与天然气ETF(ProShares)","OILU":"MicroSectors Oil & Gas Exp. & Prod. 3x Leveraged ETN","BK1509":"特斯拉概念股","ERX":"二倍做多能源ETF-Direxion","PXJ":"Invesco Oil & Gas Services ETF","BK0276":"资本市场","BK4570":"地缘局势概念股","DBO":"原油ETF-PowerShares","LU2238339852.HKD":"NINETY ONE GSF GLOBAL ENVIRONMENT \"A\" (HKD) ACC","DBC":"商品指数ETF-PowerShares DB","002939":"长城证券","BK1111":"摩托车制造商","01585":"雅迪控股","IEO":"iShares Dow Jones U.S. Oil & Gas","DBE":"能源商品ETF-PowerShares","IE00B29SXG58.USD":"FSSA CHINA FOCUS \"I\" (USD) ACC","IXC":"全球能源业ETF-iShares","VDE":"Vanguard Energy ETF","DRIP":"Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares","LU0823437842.USD":"PARVEST GREEN TIGERS \"C\" (USD) INC","BK4585":"ETF&股票定投概念","BNO":"美国布伦特原油基金有限合伙企业","OIH":"石油服务ETF","LU1039395188.USD":"BNP PARIBAS GREEN TIGERS \"C\" (USD) ACC","BWET":"BREAKWAVE TANKER SHIPPING ETF","GUSH":"Direxion Daily S&P Oil &Gas Exp. & Prod. Bull 2X Shares","USE":"USCF Energy Commodity Strategy Absolute Return Fund","USL":"United States 12 Month Oil Fund LP","USOI":"ETRACS Crude Oil Shares Covered Call ETN","DIG":"二倍做多美国油气指数","DRLL":"Strive U.S. Energy ETF","BK1502":"双十一"},"translate_title":"Great Wall Securities: Upward Oil Price Good for New Energy Travel Domestic Two-wheeled Vehicle Enterprises Increase Production Capacity Layout in Southeast Asia","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"159875":1.5,"160640":1.5,"399941":1.5,"IEO":1.5,"002939":1.5,"BWET":1.5,"DRIP":1.5,"BNO":1.5,"OILT":1.5,"DBC":1.5,"GUSH":1.5,"USOI":1.5,"DRLL":1.5,"USE":1.5,"OILK":1.5,"DBO":1.5,"OILU":1.5,"ERX":1.5,"USL":1.5,"DBE":1.5,"01585":0.9,"000941.SH":1.5,"DIG":1.5,"UGA":1.5,"IXC":1.5,"PXJ":1.5,"DUG":1.5,"OIH":1.5,"VDE":1.5},"content_text":"智通财经APP获悉，长城证券发布研报称，东南亚电动两轮车市场增长主要由“政策驱动”与“成本驱动”双轮推动。一方面，越南、印尼等国相继出台明确的“油改电”时间表；另一方面，2026年以来国际油价显著上涨，显著放大电动两轮车在全生命周期成本上的经济优势。目前雅迪控股(01585)、爱玛科技(603529.SH)等企业已逐步完成东南亚核心市场的产能与渠道布局，行业全球化竞争格局初步形成，龙头企业凭借规模、品牌、供应链优势，市场份额有望持续集中。长城证券主要观点如下：电动两轮车海外市场广阔，国内车企加大东南亚产能布局2025年我国电动两轮车销量6370万辆，出口量突破327万辆。根据2024年数据，按出口额计，欧洲、亚洲、北美洲为三大主力市场，占比分别为30.4%、30%和29.1%。根据国际能源署报告，2024年全球电动两轮车渗透率为14%，其中中国/印度/越南/欧洲电动两轮车渗透率分别为53%/6%/9%/6%。东南亚市场：两轮车高保有量、电动化低渗透率下具备爆发潜力东南亚六国摩托车保有量超2亿辆，电动化率5%左右，潜在替代空间巨大。在东南亚市场，电动两轮车市场增长主要由“政策驱动”与“成本驱动”双轮推动：一方面，越南、印尼等国相继出台明确的“油改电”时间表；另一方面，2026年以来国际油价显著上涨，显著放大了电动两轮车在全生命周期成本上的经济优势。国内头部电动两轮车企业已全面启动全球化战略，逐步从传统的整车贸易出口模式，转向全链条本土化模式东南亚是多数企业出海的核心布局阵地，头部企业产能与渠道建设已进入落地收获期。目前雅迪控股(01585)、爱玛科技(603529.SH)等企业已逐步完成东南亚核心市场的产能与渠道布局，行业全球化竞争格局初步形成，龙头企业凭借规模、品牌、供应链优势，市场份额有望持续集中。标的方面整车建议关注长城汽车(601633.SH)、北汽蓝谷(600733.SH)、福田汽车(600166.SH)等，汽车零部件建议关注瑞立科密(301267.SZ)、亚太股份(002284.SZ)、星宇股份(601799.SH)等。风险提示原材料涨价风险；市场竞争加剧风险；新能源车产能供应不及预期；新能源车技术迭代不及预期","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.43.1","shortVersion":"4.43.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2626390999","isCrawlerRequest":true}

长城证券：油价上行利好新能源出行 国内两轮车企加大东南亚产能布局

精彩评论

长城证券：油价上行利好新能源出行国内两轮车企加大东南亚产能布局