宏观经济增速继续放缓，汽车行业销量低于预期，价格战升级。

2016 年是汽车景气回暖的一年，整车选股围绕 SUV 与新能源，看好新能源汽车龙头比亚迪， SUV 新品提供业绩弹性的广汽集团、江铃汽车，小型 SUV 及新能源车双轮驱动的江淮汽车。零部件选股围绕“节能”与“智能”，强烈推荐起动电池龙头骆驼股仹、先迚制造典范均胜电子； UBI 汽车电子龙头得润电子。汽车后市场历经盛宴与寒冬洗礼，未来収展空间之大不容置疑，线上两手都要硬，看好釐固股仹、和谐汽车。

2016年新能源汽车将从15年的补贴驱动回归到品质驱动，竞争力强的产品才能获得高额补贴。 2大看点： 1）新能源物流车将引领16年新能源汽车高增长，关注江淮汽车、江铃汽车、福田汽车。 2）充电基础设施政策支持力度加大，车桩缺口大，发展空间可期，推荐关注万马股份、奥特迅等

新能源汽车在补贴后成本低，而运营成本大幅下降，因此使用率与经济性正相关。好的运营模式就是能提高使用率的模式。乘用车运营主要有分时租赁和互联网专车。分时租赁基于共享经济，使用率与网点规模成正比，推广成本较高，依赖持续投资，一旦越过临界点则良性循环；互联网专车依托互联网专车 APP 导入流量，当前最佳推广模式之一。

2016 年 CES 电子展将于本周正式拉开帷幕，预计将有 464 个汽车相关厂商参展，创历史之最。福特、大众、奥迪、宝马、奔驰、丰田等整车厂，博世、大陆、德尔福、电桩、英伟达、恩智浦、瑞萨等零部件企业，以及谷歌、乐视等互联网企业预计均将发布其在无人驾驶方面的最新进展与成果。

1、新能源客车“ 3S 安全技术要求”即将发布；2、明年全国电动汽车公共充电桩将达 9 万个；3、中日韩企业角逐中国锂电池市场；4、工信部促车联网创新，车企将面临“三线挑战” 。

上周市场调 整态势下，不少成长股调整幅度较大，1 月市场上不少公司将面对 的解，短期会对投资者风好有一定影响，可逐步选个 股布局 2016 年。本周我 A/H 组合维持不变。

智能化和共享化是汽车行业长期发展趋势。互联网公司成为汽车智能化引擎，主要通过三种方式，即车载智能产品、无人驾驶、互联网汽车生态系统构建等方面，积极切入汽车领域。同时，传统车企在其带动下，积极加入其中，加强在汽车智能化和共享化方面的技术突破和产品布局。

在政策和市场的推动下，节能减排这一大趋势不可逆转。无论是锂电产业、电机电控系统还是充电站基础设施，通过由低到高，先易后难，以循序渐进的发展方式才能够真正实现产业的转型升级，帮助我国制造业弯道超车。我们看好在新能源汽车领域有深厚技术积累以及庞大市场需求的公司。

报告从行业事件分析、市场环境、政策环境、分类环境、区域环境、国内对手情报、国外对手动向以及相关行业数据方面对汽车行业进行了分析评论。

无人驾驶与智能汽车将成为2016年CES重头戏，汽车智能化、共享化趋势愈加明显。

An automotive instrument panel, the panel located in front of the operator of an automobile and the co-passenger, houses the instruments and the controls for the operation of an automobile. The instruments located on the instrument panel include the fuel gauge, engine temperature gauge, speedometer, tachometer, fuel-economy gauges, odometer, infotainment systems, and various indicators such as seat belt warning, parking brake engagement, TPMS, and an engine malfunction indicator. It also has storage spaces that the automobile owner may use to store some everyday needs.

The automotive industry has progressed in terms of drivetrain, safety, and powertrain technology. The growing awareness among consumers regarding active safety features has boosted the demand for in-built safety features in vehicles. In addition, with the accelerating need for improved driving experience, safety, and improved fuel economy, OEMs are shifting their focus to developing drivetrains and safety systems to suffice consumer demand. As a result, AWD and 4WD systems were developed to provide better stability and control of the vehicle on even, rough, and unfavorable terrain.

Most passenger, freight, and transport vehicles use an internal combustion engine for locomotion. Internal combustion is a chemical process inside the engine that ignites the air and fuel mixture, which generates high pressure and high-temperature gases. These gases exert pressure on the engine pistons, pushing them back and forth, which in turn propels the crankshaft and transmits motive power to the wheels of a vehicle. Fuel injectors play a vital role in this process as they atomize fuel and spray it into the engine for combustion.

The global high performance truck market is fragmented with many manufacturers designing and manufacturing trucks for a wide variety of uses and users, from haul trucks to cement mixers and city transit buses. High performance trucks can be segmented under two classes on the basis of GVWR, class-7 and class-8. GVWR refers to operating weight – the maximum a truck can possibly carry while driving. It includes actual vehicle weight as well as passengers, cargo, and fuel weight. Class-7 GVW ranges from 26,001 lbs to 33,000 lbs and this includes refuse trucks, furniture carrying trucks, city transit buses, and truck tractors. Trucks with GVW of greater than 33,000 lbs are segmented as class-8 trucks, which include cement trucks, dump trucks, and other long hauling trucks.

The naturally aspirated engines use the down stroke of the piston to create a lowpressure area, drawing the air and fuel mixture into the cylinder. But, most of these engines cannot inhale the full displacement of the air-fuel mixture into the cylinder. Forced induction is when air is forced into the cylinder to increase engine efficiency. A supercharger is a method of forced induction of the engine, where an air compressor is used to increase the pressure or density of air supplied to an internal combustion engine. Superchargers use belts and chains that are connected to the engine, helping it to drive the compressor. The compressed air provides the engine with more oxygen, letting it burn more fuel and thereby increasing the power of the engine.

Lighting in an automobile is considered to be an important system, as it is vital for safety and comfort and, in modern cars, is an important feature of vehicle appearance. Automotive lighting includes lighting and signalling devices located in the front, sides, and rear of a vehicle. The primary uses of automotive lighting are to ensure visibility for the driver, improve vehicle conspicuity, and indicate the presence and position of the vehicle to others.

Pollution from automobiles has been a critical issue across the globe. NOx and CO are the two principle gases causing air pollution, increasing environmental and health concerns. This has led to significant research and development of technologies to reduce emissions, which in turn has led to the development of gas sensors that can monitor and control vehicle emissions. Automotive emission sensors are widely used in all types of automobiles from passenger cars to HCVs. O2 sensors and NOx sensors are the widely used sensors in modern vehicles today. Among these gas sensors, the adoption of O2 sensors is found in almost all automobiles manufactured today.