CITIC's latest research report believes that the pattern of the electric two-wheeler industry is continuing to optimize; the postponement of demand caused by over-standard car replacement and terminal price increases this year will support the continuation of the industry boom in 2022. In 2021, the demand and profitability of the industry will be limited by the rise in the price of raw materials. Prospect 2022: the terminal price increase is expected to be completed, the demand is delayed, and the added value of the product is increasing day by day. With the rapid improvement of the maturity of the industrial chain and the frequent emergence of differentiated products, it is expected that head companies and emerging enterprises will enjoy maximum profit flexibility, and CR2/CR4 is expected to reach 48% and 70% in 2021. It is suggested to pay attention to two types of investment opportunities: 1) two-wheeled leading enterprises represented by Yadi Holdings and Emma Technology, with full product matrix and adequate channel layout; 2) represented by No. 9 company and Niu Technologies, new car-building forces that cut into the market through differentiated products and strong R & D efficiency.