2016 年，汽车出口形势依然较为严峻，出口商品金额降幅比上年虽有所收窄，但仍处于下滑状态。2016 年，我国汽车商品累计出口金额为 766.54 亿美元，同比下降4.24%，降幅比上年收窄 0.82 个百分点。随着同期进口商品金额降幅明显减缓，进出口贸易再次呈现逆差，2016 年，我国汽车出口对外贸易逆差为 30.92 亿美元。从全年汽车商品出口金额变化情况来看，除3月、8月和 11 月呈一定增长外，其他各月均呈下降趋势，其中 1-2 月下降较为明显，降幅达到两位数。在主要汽车出口商品中，只有发动机出口金额同比呈小幅增长，其他品类同比均出现下滑，其中汽车及半挂车降幅最为明显。

The automotive industry is witnessing structural changes since the past decade in the form of engine downsizing, electrification of automotive mechanism, emission regulations, connectivity, and safety. The industry is directly correlated with the economic environment and consumer confidence. The industry had witnessed a downfall during the 2008 sub-prime crisis with automotive sales plummeting along with the major North American OEMs facing financial troubles. During 2010-2012, the industry recovered from the sub-prime crisis with automotive sales reaching to prerecession levels in North America.

An ultracapacitor is an energy storage device that stores energy through an electric field, whereas a battery stores and generates energy through a chemical reaction. Ultracapacitors can store higher charge quantity than batteries as they conduct electricity through an electric field, making them ideal for applications requiring high electric current and voltage. An ultracapacitor has two electrodes: one positive and one negative. These electrodes are coated with activated carbon, a sponge-like substrate that is porous in nature. The electrode is dipped in an electrolyte consisting of positive and negative ions. When a voltage is applied to the electrode, oppositely charged ions start moving toward the electrode and accumulate at its surface. This movement of oppositely charged ions creates an electric field that helps in storing energy. The electrodes used in ultracapacitors have two charged coating on their surface, thus it is also called double layer capacitor.

The global four wheeler industry is made up of two segments: passenger cars that are meant for personal use and commercial vehicles that are meant for commercial use. Both these segments operate under contrast market dynamics with different customer behavior and value chain. The passenger cars segment is witnessing steady growth owing to the rising preference for personal vehicles by families and individuals across the world. On the contrary, the commercial vehicle segment is witnessing healthy growth rate, offering high volumes contributed by countries such as the US and China. The key reasons for such growth is the higher load bearing capacity, cost effectiveness, and comfort of these vehicles.

The interest of original equipment manufacturers (OEMs) in modifying the instrument cluster to enhance user experience, offer more useful information, and at the same time improve the aesthetics of the vehicle have collectively lead to several innovative versions of the instrument cluster. Electronic instrument clusters have been in the market as early as the 1970s. However, the recent trend skewing from analog to digital systems is paving a conducive technological environment to enable reconfiguration of instrument clusters. In line with this, OEMs are commercializing the same in several vehicle variants (not confining to high-end cars). It is for this reason that the instrument clusters that bear a thin film transistor-liquid crystal display (TFT-LCD) screen as display (as can be reconfigured) can be referred to as automotive reconfigurable instrument cluster.

The global four-wheeler industry is two faced, where one segment is of passenger cars considered for the personal use, and the other is for commercial use, CVs. Both these segments operate under contrast market dynamics with different customer behavior and value chain. The passenger cars segment is seeing steady growth owing to growing preference for the personal vehicle by families and individuals worldwide. On the contrary, the CV segment is seeing healthy growth rate due to high volumes contributed by countries such as the US and China. This is attributed to high volumes of road transport logistics and international long distance consignments. The key reasons for such growth are the high load barring capacity and comfort of these advanced vehicles. The global four-wheeler industry is highly capital intensive industry, and is poised with many technological innovations. We expect the global four-wheeler market to grow at a CAGR of 3.41% during the forecast period.

Racing tires are high-performance tires that are customized for use in racing vehicles. The production of racing tires is capital-intensive and requires a significant degree of hi-tech equipment coupled with highly trained and skilled manpower dedicated to the purpose of engineering and manufacturing. Racing tires are designed to deliver superior performance demanded by racing conditions, and therefore undergo various quality, durability, and speed tests. Natural and synthetic rubber are the primary raw materials in the manufacture of tires. But textile reinforcements like rayon, aramid, nylon, and polyester are also used to manufacture racing tires.

The global torque sensor market is largely driven by the automotive industry, as torque sensors are widely used in various automobile components for torque measurement. Rising demand for high-performance vehicles, adoption of conditional maintenance systems, penetration of electric power assisted steering (EPAS) systems, and increasing focus on automotive safety and testing are some of the major factors that drive the growth of the global torque sensor market in the automotive industry. High-capacity torque sensors with a capacity of more than 1000 Nm will be the fastest growing capacity segment in the global torque sensor market during the forecast period. Compliance with machine safety regulations worldwide is a major challenge for torque sensor manufacturers, along with the high cost of manufacturing of these sensors. The growing technological advances across industries and increasing penetration of industrial automation and robotics have generated the need for wireless compatibility in torque sensors. Torque sensor manufacturers across the globe are focusing on the development of new and innovative products to increase their market footprint and to penetrate into newer applications across industries.

Globally, around 1.3 million people are killed worldwide in road accidents every year. Out of these deaths, nearly 90% are caused by human error, with driver error being the cause behind an estimated 80% of these accidents. This creates a market requirement for a viable and effective pedestrian protection system. Usage of PPS is expected to reduce the rate of pedestrian fatalities by 10%-15% and the rate of pedestrian injuries by 15%-17%. The lower reduction rates are the result of an expected driver misuse of PPS by intentionally disengaging the system.

Steel tire cords are the widely used reinforcement materials in tire manufacturing.The material accounted for the largest proportion of the market share of 40% in 2015. This is attributable to their stability, safety, and higher comfort. Asia-Pacific (APAC) dominated the market for tire reinforcement materials in 2015. The region will sustain its market share and grow considerably over the forecast period. This is attributable to the economic growth and increasing disposable incomes, which are increasing the production and demand of vehicles. The growth in the global automotive industry, driven by population growth and rising disposable incomes, especially in developing regions, and the advantages ofreinforced tires over conventional tires will drive the market growth over 2016-2020.

上周，上证指数下跌-0.17%，沪深 300 指数上涨+0.03%，东财汽车行业指数下跌-0.38%，不及大盘。上周涨幅最高的为美力科技，跌幅最高的是上海凤凰。2017 年 2 月受假期因素影响，汽车产销整体水平较低，但同比保持较快增长。

2月重卡继续好于乘用车：中汽协公布2 月份产销数据，产销216/193.9 万辆，同比增长33.8%和22.4%。前两个月累计汽车销量达到445.9 万辆，同比增长8.8%。其中商用车销量增速明显好于乘用车行业，商用车2 月销量达到30.7 万辆，同比增长49.9%，其中重卡2 月销量同比增长1.46 倍超过8.6 万辆；整体来看，重卡依旧是景气度最高的行业。

本周汽车板块上涨 0.02%，上证综指下跌 0.17%，深成指下跌 0.52%，沪深 300 上涨 0.0008%，汽车板块领先沪深 300 共 0.02 个百分点。其中，整车下跌 1.54%，乘用车下跌 1.54%,商用载货车下跌 2.23%，商用载客车下跌 0.93%，汽车零部件上涨 1.07%，汽车服务上涨 0.36%。汽车各大概念板块本周情况如下，新能源汽车上涨 0.25%，锂电池上涨 1.52%，燃料电池下跌 1.23%，充电桩上涨 0.15%%，智能汽车上涨 2.07%。

根据中汽协数据，2 月汽车销量 194 万辆，累计 1-2月份共销售 446 万辆，同比增长 8.8%。其中乘用车 2 月销量 163万辆，累计 1-2 月乘用车销售 385 万辆，同比增长 6.3%，符合预期。新能源汽车 2 月销售 1.76 万辆，同比增长 30%，环比增长 210%，增长主要受北京新能源汽车摇号配额指标释放的影响，在以北京和上海为代表的限购城市刚性需求基础上，整个 2017 年上半年北京将释放约 5.4 万个配额指标，其中 2 月集中释放出的指标占比约 80%，预计将带动未来 4-5 个月的销售前高后低的增长结构，增量车型结构上以低价车型为主。同时随着补贴目录的重审完成，推荐目录的重新出台及 2016 年补贴的下放，新能源汽车有望开启一轮平稳增长。

上周汽车板块整体表现不强，各子板块有涨有跌，其中申万汽车零部件与国联新能源汽车板块涨幅较大，涨幅分别为1.18%与1.87%，分别跑赢沪深300指数1.42与2.11个百分点。申万整车板块跌幅最大，跌幅为1.61%。 

新能源汽车板块底部阶段性确认后市场延续去年“价格弹性”的思路，沿着景气高增长的三元产业链，找新的价格品种，先钴后氢氧化锂，后续可能还会有旺季放量驱动涨价逻辑铜箔和 DMC。但找来找去发现能涨价的品种还是很有限的，并且涨幅很难延续去年的疯狂。

随着新能源汽车推广目录发布，国内新能源汽车销售开始回暖，2 月份全国新能源乘用车销量 1.65 万辆，同比增长 135%，环比增长 205%。我们通过分析 17 年 1、2 批电动车目录，以及对比 16 年 4、5 批目录，来从侧面判断动力锂电池市场目前的行业格局。

受第一批目录推出时点较晚（1 月 23 日）、车型较少（185 款）影响，1 月新能源车销量为 0.57 万辆，同比下滑 74.4%，第二批目录推出后，目前增加至 386 款车型，受益于此国内新能源车产销有望在 3、4 月份起量，随着乘用车与物流车的高增长，预计今年全年产销量可达 70 万辆以上。