In the current scenario, buyers consider the vehicle’s interior as an important feature while purchasing a car, truck, or an SUV. Upholstery is an integral part of the interior. As vehicle interior is becoming more elaborate, with contrasting surfaces and textures used to bring in the decorative and functional effect, automotive makers are considering new materials for the upholstery, with enhanced environmental performance. Fabric coatings, such as Scotchgard, also observed significant growth, as customers work to preserve the upscale interiors that they purchase. In general, the peripheral industries to the automotive upholstery industry are also experiencing steady growth. As upholstery continues to evolve and capture the attention of automotive buyers, the materials and tools used to maintain that upholstery naturally experience an increasing demand. Woven fabrics are used in dashboards, sun visors, seats and interior walls, and represent the fastest growing fabric type in the automotive upholstery market. Woven fabrics often consist of nylon, polyester, wool, or polypropylene, which have excellent performance characteristics. These materials are resistant to ultraviolet radiation and have reduced flammability, making them ideal for extreme environments sometimes found within vehicle interiors.

The air injection reaction (AIR) and exhaust gas recirculation (EGR) play an important part of the automotive exhaust and emission control system. The exhaust manifold acts as a pathway for the exhaust gases from the exhaust ports of the engine’s cylinder and the exhaust pipes diverts the exhaust gases to the rear of the vehicle. Exhaust systems that have one pipe are single exhaust systems and that have two pipes are dual exhaust systems. Engines such as V6 and V8 can have single or dual exhaust by installing a crossover pipe that is used to connect the exhaust from both the banks and channel it into one pipe. The global automotive exhaust system market is segmented on the basis of technology, fuel type, vehicle type, and region. By technology, the market is divided into Diesel Oxidation Catalyst (DOC), Diesel Particulate Filter (DPF), Selective catalytic reduction (SCR), Exhaust gas recirculation (EGR), Gasoline Particulate Filter (GPF), and others. By fuel type, it is bifurcated into gasoline and diesel. By vehicle type, it is categorized into passenger cars and commercial vehicles. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Inertial systems comprise IMUs in combination with high-performance sensors (gyroscopes, magnetometers, and accelerometers), to provide high-accuracy information about the surrounding environment, through relative movement. The powerful combination of IMUs with other onboard sensors, produces critical data increasing reliability of the vehicles and leading to new automation breakthroughs in automotive applications. The current generation of automobiles highly rely on the collection of data from various sensors used in the vehicle. Gyroscopes and accelerometers provide essential measurements for improving the control and stability of the vehicle. Both these sensors are liable to make significant noise at low frequency, resulting in low accuracy of the measurements, especially under the low-dynamic conditions. When these sensors are deployed in combination with inertial systems, both gyroscopes and accelerometers record accurate data regarding the rotation of wheels. This is very helpful in gathering data on wheel heading, roll and pitch estimation that stand to be key elements in managing the stability of a vehicle.

Tailgates are the rear gates that are attached to the backside of the vehicle and are used to occupy the passengers at the back of the vehicle or to accumulate luggage. Tailgates used in a vehicle are of different types such as manually operated tailgates or the automatic tailgates and this depends on the level of autonomy of the vehicle. Owing to increased production and sales of the vehicle along with the technological upgradation in vehicles, manufacturers across the globe have introduced various products in tailgates, which leads to the growth of the automotive tailgate market across the globe.

Automotive radar is one of the leading technologies owing to its high precision and accuracy information content, including speed and range detection when compared to many other alternative sensors especially visual sensors. Automotive radar systems are the primary sensors adaptive cruise controls and play a very crucial role in the advance driver assistance system. In addition, automotive radar is one of the crucial sensors for collision avoidance, vehicle & pedestrian avoidance, and others. The automotive radar market is anticipated to exhibit remarkable growth rate during the forecast owing to rise in demand for vehicle with safety features.

大众：MEB 平台电池包采用 7-12 个模组实现 330-550km 续航，将向硅负极、 全固态电池路线迭代。

零售销量 25.6 万辆，同比-78.6%，降幅明显。商用车批发销售 8.6 万辆，销量同比-67.1%。因受新冠肺炎疫情影响，行业产销均大幅下滑， 降幅符合市场预期。因销量大幅下滑，汽车库存系数显著升高。厂商库存 小幅减少，终端库存有所上升。 2 月下半月经销商逐渐复工，销售缓慢恢 复，但短期库存压力或将持续。

本篇报告复盘了韩国汽车工业的发展历程，分析了现代汽车在美国市场成功的原 因和起亚汽车破产的原因，梳理了现代对起亚的收购整合与之后的发展。现代对 起亚的收购，是同文化企业并购的经典案例，我们认为对于企业发展有重要借鉴 意义。

近期受疫情等因素影响汽车销量降幅较大，为应对消费低迷困 境，中央及地方政府多次提及稳定汽车消费，政策或成为影响今年车市走 势的关键因素之一。通过本篇报告，我们试图把“区域维度”作为主要线 索，对乘用车终端需求表现进行回顾，以便更好地理解政策的思路与弹性 以及区域市场的发展趋势。

丰田制胜全球，大众称霸中国车市。丰田全球布局优于大众，但中 国市场显著不及大众，获称“世界的丰田，中国的大众”。我们通过深 入分析其中深层次的原因，寻找未来边际变化，发现丰田有望在中国 市场快速缩小与大众的差距。历史原因主要是大众对中国市场更为重 视，加之先入为主和早期奠定的质量过硬的口碑，收获了一众忠实粉。 无论产品导入、开发中国特供车、新技术引进，还是销售网络扩张， 大众都遥遥领先。

2 月沪深 300 下跌 1.6%，中信汽车指数逆市上涨 2.5%，表现优于大盘。 2 月乘用车销售 22.4 万辆，同比下降 81.7%，环比下降 86.1%；商用车销 售 8.6 万辆，同比下降 67.1%，环比下降 73.1%。乘用车与商用车同比、 环比均出现大幅下滑，预计主要受到新冠肺炎疫情影响，生产端企业复工 进度慢、零部件供应短缺，销售端产品销售停滞，到店率低。预计 2020 Q1 产销量都将出现大幅下滑，目前国内汽车产能富裕，短期停工对于全年产 量影响相对较低，销售节奏或将后移，局势好转后积压需求有望逐步释放。 工信部优先支持汽车产业复工复产，稳定汽车产业链供应，保障产业正常运 转，并鼓励汽车限购地区适当增加汽车号牌配额，稳定汽车消费政策有望出 台，推动乘用车市场回暖，重点推荐长安汽车、长城汽车、上汽集团等。 近日，新冠肺炎疫情在欧美等地区快速蔓延，或将冲击海外市场需求，海 外收入占比较高的零部件企业将面临一定的风险。

5G 应用及特斯拉技术革新将驱动智能网联快速发展。智能网联汽车是 5G 核 心应用领域之一，随着 5G 商用的正式落地，5G-V2X 建设有望加速。特斯拉 在智能网联汽车方面目前是全球领先公司之一，未来其规模的扩大将推动智能 网联的发展。特斯拉智能网联汽车技术从分布式到集中式，通过软件系统的 OTA 升级，实现对汽车整体功能和性能的升级。特斯拉的快速发展，预计将拉 动包括智能驾驶传感器、车联网设备以及智能座舱系统等快速发展。

汽车行业指数 2 月宽幅震荡，涨跌幅位于申万行业指数第 20 名。2月 （2020.2.5-2020.3.16）全 A 指数涨跌幅为-1.02%，汽车行业涨跌幅为 -0.68%，领先大盘 0.34pct，位于 SW 一级行业中第 20 位。

中央及地方政府多次提及稳定汽车消费，政策或成为影响今年车市走 势重要因素之一。受疫情影响汽车产销大幅下滑，稳定汽车消费政策 预期逐渐升温。2 月 16 日《求是》杂志刊文指出“鼓励汽车限购地区 适当增加汽车号牌配额，带动汽车及相关产品消费”；商务部与工信部 相继表态“将会同相关部门研究出台进一步稳定汽车消费的政策，并 优先支持汽车等产业链长、带动能力强的产业复工复产”；3 月 13 日 发改委等 23 个部门联合发文，提出“促进汽车限购向引导使用政策转 变，鼓励汽车限购地区适当增加汽车号牌限额”。地方层面，2 月 3 日 广东佛山率先推出鼓励汽车消费政策，对每辆新购置车辆给予 2000~5000 元的资金补助，有效期 1 年；2 月 21 日广东省提出“推动 有条件的地市出台老旧汽车报废更新补贴政策，鼓励广州、深圳进一 步放宽汽车摇号和竞拍指标”；此外湖南部分地市也相继推出稳定汽车 消费相关举措。

公司发布2019年业绩：营收和利润逆势增长。公司作为经销商龙头，在营收端和利润端实现了15%和24%的增长，得益于豪 华品牌新车销量保持12%的高速增长，公司加大售后服务，提高入场台次，金融渗透率同比提升3.4个百分点，二手车业务继 续保持高速增长。

中国车市在经历了连续 2 年的负增长后，又在 2020 年受到了‘新冠疫情’的冲击，不仅 需求被短暂压抑，产业链生产节奏更是被严重影响。目前 2 月，乘用车终端销量同比下滑 超 75%。虽然 3 月上半月需求有所回暖，但全国范围的需求复苏仍显疲弱。在此大背景下， 市场纷纷预期相关部委会有切实有效的刺激政策来提振车市需求。

受疫情的影响，1-2月汽车产销降幅明显。根据中汽协发布数据1-2月汽车产销分别完成204.8万辆和223.8万辆， 同比分别下降45.8%和42.0%。其中2月汽车产销分别完成28.5万辆和31万辆，同比分别下降79.8%和79.1%。 2019年的春节在2月，在同期低基数下今年2月产销增速仍旧大幅下滑主要是疫情所致。新冠疫情在全国范 围内造成了开工延迟，居民居家隔离等问题，海外疫情也不容乐观，影响了汽车及零部件的进出口。

20 年 1-2 月我国销售客车 1.4 万辆，同比下滑 44.4%。根据中客网统 计的 3.5 米以上客车数据，20 年 1-2 月我国销售客车 1.4 万辆，同比 下滑 44.4%，其中 2 月份销量为 0.27 万辆，同比下滑 64.3%（19 年 我国累计销售客车 21.9 万辆，同比下滑 11.5%）。分用途看，20 年 1-2 月我国座位客车、公交客车、校车、其他客车分别累计销售 0.89、0.38、 0.06、0.10 万辆，同比累计增速分别为-28.5%、-58.0%、-64.0%、 -61.5%，分别占总销量的 62.6%、26.5%、4.1%、6.8%。分车长看， 20 年 1-2 月我国大中客累计销售 0.74 万辆，同比下滑 49.1%。

乘用车、商用车：3 月前 20 日乘用车合格证产量同比下滑幅度仍较大， 重卡合格证同比仅下滑 3.9%。