我们认为特斯拉对于新能源汽车的影响主要表现在三个方面：首先，特斯拉加速了汽车电动化的趋势；其次，特斯拉应用的技术获得了市场的关注；再次，特斯拉产业链的全球布局获得了市场的高度关注。近期，大众和福特等公司也发布了新能源汽车的计划。同时，国内的新能源汽车乘用车放量趋势明确，尤其是 A00 级车。新能源车放量有望拉动产业链整体需求的提升，而供给侧改革有望提升龙头企业的市场份额。

上周，多家外资巨头车企发布规划：1、特斯拉的新款车型Model 3 将于今年7月启动生产，并于9月开始量产，年底前达到每周 5000 辆的产能、明年达到每周 1 万辆的产能；2、大众集团计划在 2020 年前在中国市场每年交付 40 万辆新能源汽车，2025年前每年交付 150 万辆新能源汽车；3、福特汽车宣布，到 2025年，福特在华销售车型中的70%将提供电动版本。我国的新能源乘用车市场一直以来被比亚迪、北汽、吉利等内资车企占据，随着外资车企的大举进入，市场参与者不断的多元化，车型的迭代升级速度以及消费者的体验的提升速度也可能会超预期，利于行业长远发展。关注产业链标的星源材质、国轩高科、杉杉股份等。

2016 年，我国新能源汽车产销量再创新高，共计生产 51.7 万辆、销售 50.7 万辆，较上年同期分别增长了 51.7%和 53%。动力电池作为新能源汽车成本占比最高的核心部件，出货量也随之大幅增长，达到了 27.8 GWh，同比增长 79%。其中客车、乘用车、物流车的出货量占比分别为 56%、32%和 12%，客车依然是最大的应用市场，但乘用车的占比正在快速提升。电池类型方面，由于在客车领域占据主导地位，因此磷酸铁锂电池的占比仍高达 70%以上，高能量密度的三元电池在乘用车和物流车领域的优势明显，出货量近 6GWh，渗透率约为 20%左右。

发改委公布有序放开发用电计划通知，新能源运营弹性较大。近日，发改委、能源局正式印发《关于有序放开发用电计划的通知》，并标注特急。要点包括 1、鼓励发电企业与购电主体签订发电协议，扩大市场化交易电量规模，逐年减少燃煤发电企业计划电量；2、新核准机组一律纳入市场化交易；3、规范和完善交易电量价格调整机制；4、制定优先发电计划，允许优先发电计划指标有条件市场化转让，切实落实优先发电与优先购电；5；引导其他购电主体（中小用户、售电公司、新增大工业用户等）参与市场交易；6、参与市场交易的电力用户不再执行目录电价。我们认为从本次《通知》下发的时间与力度来看，

3 月 31 日至 4 月 6 日，沪深 300 上涨 2.25%，电力设备与新能源行业上涨2.47%，跑赢大盘 0.22 个百分点。子行业板块中全部上涨，新能源电池和电机及传动设备涨幅居前。从估值的角度看，目前电力设备与新能源板块估值为 44.00 倍，相对于沪深300 的估值溢价率为 336.13%，估值溢价率有所上升。我们继续维持行业中性评级，本周大盘强势上涨，行业内涨幅较大个股主要是雄安新区概念股、一带一路受益股和轨道交通产业链个股。我们认为行业将继续随大盘波动，上述题材中的低估值稳增长的龙头个股仍可参与。

Electric vehicles date back to the early part of 18th century. In the early part of the 1930s, it is believed that the first small-scale model of an electric vehicle powered by an electric motor was designed. Then, in consecutive years, similar developments of small electric cars took place, which were powered by DC electric motors. In later decades, better and improved designs were forged with new developments and inventions in the field of electric motors. Such inventions increased capacity in storage and the vehicles became more practical. As the electric vehicles became more practical and functional, the government of various economies started supporting the development activities of electric vehicles. The governments of European economies like France and Great Britain first supported R&D in electric vehicles. An electric vehicle designed in 1899 named as ‘La Jamais Contente’ set the world land speed record at that time by a recording speed of 68 mph.

CVT in two-wheelers is generally used in the scooter segment. Almost all scooters are now equipped with CVT whereas most of the motorbikes are equipped with manual transmission technology. Unlike manual transmission, CVT does not have gear shift but instead has infinite gear ratios, whose transition takes place almost seamlessly without any manual intervention. CVT technology uses pulleys connected through a belt, which helps in gear changing. It chooses the optimal gear ratio along with its variable range between the lowest gear ratio and the highest gear ratio and thus provides transmission to the engine unlike the manual transmissions, which provide transmission through the manual shifting of gears.p>