自动驾驶的发展进入全新阶段。在 2019 上海车展期间，多家汽车产业链上游公司称，在更高级别的自动驾驶应用方面已经有了相对清晰的时间表。4 月 18 日，安波福公司亚太区总裁杨晓明透露，安波福将在中国建立专门的自动驾驶技术中心，并与合作伙伴一同推动 L4 级别自动驾驶技术在中国市场的商业化落地。

Since the cloud collaboration is rapidly increasing across the globe, the risk associated with data breaches and cyberattacks are also rapidly ascending. This has led to companies looking forward to invest across a more secure cloud collaboration technology. For instance, Tresorit, one of the European provider of cloud security and collaboration software has raised EUR 11.5 million in September 2018 to promote an enhanced and secure cloud collaboration. This is expected to compel other industry players to boost their investments across the infrastructure security, thereby creating a positive influence on the market, over the forecast period.

The exponential growth in the number of smart phones and mobile devices has directly created a vast base for the gamification market. This growth is also supported by the increasing recognition of gamification systems as a method to architecture human behavior, in order to induce innovation, productivity, or engagement. The use of gamification systems has also extended beyond its traditional scope of marketing, as now, they are extensively used in advance applications, like crowd sourcing.

4月国内汽车产205.2万辆，同比-14.5% ；销198.0万辆，同比-14.6% 。其中：乘用车产166.0万辆，同比-17.0% ；销157.5万辆，同比-17.7% 。商用车产39.2万辆，同比-1.8% ；销40.6万辆，同比+0.1% 。 

在 19 年补贴大幅退坡情况下，新能源车性价比受损，车企盈利承压，市场对行业销量增长有所担忧。双积分政策 19-20 年进入考核期，我们通过测算分析，认为双积分政策是 2020 年实现行业 200 万台销量目标的保障。 

1-4 月汽车销量下降 12%，但交强险降幅明显小于批发降幅。 4 月 2.0 的库存系数（自主/合资品牌高于近年同期）依然高于警戒线。随着国家减税、降费等一系列政策的逐步落地，排放切换告一段落，下半年消费观望情绪会有所改观，迎来边际改善及逐步复苏。

业务属性决定，经销商受到行业周期性波动：新车销售收入占经销商收入的 85%以上，经销商收入水平受周期性波动影响较大。 产业链位置决定，经销商为行业“先行”板块：行业景气度传导方向为从下游消费到上游制造。若行业拐点来临，经销商板块最为“先行”。

2018 年为购置税优惠政策退出的首年，前期消费提前，加上中美贸易战等不确定因素，之前的汽车消费需求提前释放而之后的需求持币观望导致汽车行业销量自18 年5 月以来连续负增长，行业增长陷入停滞。回顾汽车行业18 年报以及19 年一季报，汽车板块利润明显承压。18 年收入增速大幅放缓，19 年一季度收入负增长，利润下滑程度加大。