Electric buses are driven by an electric motor that is powered with the help of on-board batteries. As these buses run completely on battery itself, they require re-charging once drained, unlike refueling in case of ICE buses. E-buses are extremely efficient over ICE buses in terms of power delivery, torque, maintenance as well as are pollution free. Therefore, electric buses are considered as the future of the public transport systems. The e-bus market is driven by factors such as increase in demand for fuel-efficient, high-performance, & lowemission buses, stringent government rules and regulations toward vehicle emission, and reduction in battery prices. However, high manufacturing cost, and low fuel economy & serviceability restrict the market growth. Moreover, technological advancements, and proactive government initiatives creates lucrative growth opportunities for the market.

The Global Off-Highway Vehicle Telematics Market is expected to reach USD 2.04 Billion by 2025 from USD 1.14 Billion in 2019, at a CAGR of 10.01% from 2020 to 2025. The market size for the Asia Pacific was USD 386.8 Million in 2019. Growing construction industry especially in APAC region, rising demand for the precision in agricultural activities, added focus on operational superiority in the mining industry and favorable government policies in increasing safety and security of off-highway vehicles has pushed the Off-Highway Vehicle Telematics Market in recent years. Further, global mobility scenario such as connected, independent, and electric impulsion have affected a number of industrial sectors. These factors are strongly supported by efficient back-end offices and effective usage of data analytics tools for smooth functioning.

Automotive software refers to the firmware and middleware operating system used for running in-vehicle embedded applications. Automotive software is generally a set of instructions that helps the user interact with underlying in-vehicle hardware and also perform control functions in a vehicle. Use of automotive software not only improved dashboard functions but also played an important role in improving safety systems, infotainment, control systems, and many other car features. Automotive software includes telematics, infotainment, powertrain, body control and comfort, communication, advanced driver assistance systems (ADAS) software

中欧美三大市场政策向好，全球电动化趋势明确。热门车型频出，优质供给将激发终端消费需求，国产特斯拉Model Y 和大众ID.4 今年开始销售，将带动行业销量高增长，我们预计今年全球新能源汽车销量将达到450 万辆以上。动力电池领域全球市场格局持续集中，宁德时代和LG 保持强势，同时二线电池企业加速扩产，外资车企客户不断拓展。磷酸铁锂正极材料阶段性占比提升，盈利触底反弹；三元正极行业格局随着高镍化和海外大客户放量而逐渐好转。负极环节格局相对稳定，第一第二梯队间公司差距逐渐缩小，未来看点或在硅碳负极。隔膜龙头优势持续扩大，海外和涂覆膜占比提升将带来盈利边际改善。电解液受益于六氟磷酸锂价格上涨，盈利有望持续提升。建议关注：（1）特斯拉及海外供应链：宁德时代、恩捷股份、天赐材料、当升科技、璞泰来、科达利。（2）阶段性供应紧张，有涨价预期环节：多氟多、德方纳米。（3）市场份额有较大提升空间的二线厂商：孚能科技、亿纬锂能、容百科技、中科电气、星源材质。

2021年1月19日，一汽大众发布基于MEB平台的首款SUV车型——ID.4 CROZZ，共5个车型版本，补贴后价格为19.99万元-27.99万元。大众MEB 平台首款SUV 对于大众而言具有里程碑意义，这是龙头传统车型转向新能源的关键一步。ID.4 CROZZ 产品力较强，使用了全新域控制的电子电气架构，配置了AR-HUD、天幕玻璃、二氧化碳热泵系统、智能车灯等。此外，与经销商的合作也进行了创新，更加重视直接触达消费者，同时在二手车保值率方面进行了保证，有助于维持品牌形象。

目前消费者在纯电动车型使用过程中存在两大常见痛点，即充电速度慢和续航里程短。车企不断发力通过不同技术路线和硬件提升，针对性解决消费者两大痛点。目前两款电池均已经按照计划进入实车测试阶段，技术储备是商业化落地的基础，而实际落地仍应该综合考察基础条件、成本和市场需求。

2020Q4，看好汽车行业优质龙头业绩表现，核心在于Q4 车市增势强劲，下游需求持续改善，零部件产能利用率快速回升利润弹性有效释放。预计2020 年汽车行业年报普遍改善，尤其部分优质零部件龙头受益产能利用率提升，单季度利润有望两位数以上增速。智能车大时代来临，我国的头部自主品牌、造车新势力纷纷推出倾注企业最强智能网联结晶的车型，这一轮车型周期将显著区别于往次的周期，智能化赛道的先发优势和护城河打造将最终决定市场格局的全面颠覆。强调核心赛道龙头企业、潜力充分的新势力及对应产业链的投资机会。

2021 年1 月15-17 日，第七届中国电动汽车百人会论坛举办召开，会议主题为新格局下新能源汽车行业的发展与变革。根据会议主题与演讲聚焦：长期看，全球碳中和目标将驱动行业成长；中期看，行业已经从原本的补贴驱动加速转向市场驱动，未来行业成长确定性强，各家车企与电池企业都在加速打造爆款创新产品，新能源汽车渗透率有望迎来加速提升。推荐具备全球竞争力的新能源汽车供应链优质企业，尤其是特斯拉、大众MEB、LG 化学、宁德时代供应链等。

电池级溶剂技术难度高、行业格局优，未来市场空间宽广，属于新能源汽车产业链中的较优赛道，而当前受新能源汽车高景气影响，电池级溶剂需求旺盛，供给偏紧，整体价格存在上涨可能，当前产业链盈利也较为可观，我们判断相关的电池级溶剂企业盈利相较2020 年有望得到明显改善，建议关注石大胜华(603026，未评级)、新宙邦(300037，增持)、奥克股份(300082，买入)。

12 月乘用车零售与批发销量同比稳定增长。12 月商用车延续增长态势，重卡持续热销。12 月新能源汽车销量高速增长，再创单月记录。1-11 月汽车行业收入增速提升，利润总额小幅下降。

12月销量同比增长6.4%，各细分市场全面增长，新能源车持续爆发；重点车企捷报频传，自主龙头品牌力向上，豪华车稳健成长，新能源崛起；重点推荐电动智能“3+2”组合，整车“三辆车”及零部件“两把铲子”。

科技大时代，科技巨头参与，汽车技术变革加速。12 月汽车销量同比+6.4%，乘用车产销增速8 连正；12 月汽车板块好于大盘，乘用车板块大幅走强。优质车企受益集中度提升叠加新品周期，海外疫情带来供应链风险、需求恢复低于预期风险。

汽车销量连续9 个月同比增长；乘用车销量连续8 个月实现同比增长，美系、日系零售同比增长50.4%、19.9%；商用车同比增幅放缓；新能源汽车产销均高速增长。长期来看，行业基本进入存量市场。2021-2022 年全球汽车行业有望迎来恢复性增长。我们建议关注市场中的结构性增长机会。

行业复苏稳步推进，电动智能直冲云霄，我们认为2021 年乘用车复苏景气仍然会持续。12 月新能源乘用车销量22.6 万辆，同比+80.2%，延续超高景气。长安福特、东风本田、上汽通用三家合资2020 年12 月销量增速显著跑赢乘用车行业，长城汽车、比亚迪销量增速领跑自主。