2017 年 4 月 19 日，上海车展期间，在传统车企争相展示新品，发布战略规划之时，百度——作为传统汽车产业的“搅局者”——对外宣布了一项名为“Apollo” (阿波罗)的新计划。据百度公司副董事长、总裁陆奇透露，“Apollo 计划”是一个向所有合作伙伴免费开放的无人驾驶技术平台。开放、完整、安全，更重要的是技术共享，“Apollo”平台将帮助汽车制造商和服务商根据自身优势搭建属于自己的完整无人驾驶体系。通常，传统汽车制造商缺乏自动驾驶的相关技术，科技公司有技术却没有生产能力。在无人驾驶领域，“传统汽车制造商+科技公司”式合作已经成为主流。此次，百度的新计划为无人驾驶技术研发提供了新的合作模式，使无人驾驶产业间的技术、资源、优势互补融合更进一步，除了无人驾驶业态中的制造商，汽车服务商、零部件商都将参与这个平台，无疑将会为国内无人驾驶技术发展带来巨大变革。

第 4 批推广目录发布，助力新能源汽车放量。本周 5 月 2 日，工信部发布 2017 年第 4 批《新能源汽车推广应用推荐车型目录》，共有 96户企业的 453 款车型入选。其中乘用车 27 款，客车 268 款，专用车 158款。第 4 批推广目录车型数量延续第 3 批的景气。远超 2017 年第 1、2 批目录车型数量。当前时间点，随着前 4 批推广目录的发布，地补政策的逐步落地，二季度客车、专用车销量数据有望环比、同比持续改善，进而拉动整个电池产业链。

The automatic soft-close door is a door locking mechanism in automobiles. These systems help enable the door to be closed gently rather than banging it with significant force. In this system, the sensor mounted near the latch detects the door within half an inch and actuates a motor that pulls the door to a complete shut position.

Mirrors are a crucial visual aid for safe driving. Some of them are manually operated while others are electronically operated. Many types of mirrors, including interior rear view, side view, and front view mirrors are used in vehicles. The dimensions and positioning of the mirrors vary according to the type of vehicle.

The consumption of rechargeable batteries is growing globally, covering all major sectors, including consumer electronics, energy, automotive, and telecom. The efficiency of the batteries (the maximum output power with respect to size and weight) has improved due to the advances in technologies. This growth in the global rechargeable battery market has prompted companies to become knowledgeable about the thermal management of battery systems, such as solutions for overheating and cold weather conditions, to improve battery life and performance.

The traditional two-wheeled motorcycle dominates the market because such machines are tested and proven mechanisms delivering mileage performance. Another type of vehicle is the trike, the three-wheeled motorcycle, which is known for its increased stability and safety of the rider. These motorcycles are equipped with advanced features to increase the driving pleasure and for better control, feel, and style. This type of motorcycle was introduced during the last decade. The motorcycle trikes and scooter trikes remain in their nascent stages. However, these trikes are expected to gain traction during the forecast period.

The global four-wheeler industry comprises, passenger cars for personal use and vehicles that are used for commercial use. Both these segments operate under contrast market dynamics with different customer behaviors and value chain. The passenger cars segment is growing steadily due to the rising population of individuals, especially those belonging to the middle-income group, especially in the emerging countries owing to their rising purchasing power. On the contrary, the growth of commercial vehicles (CVs) is relatively flat due to lower industrial output globally.

An electric motor is a machine that converts electrical energy into mechanical energy by the interaction of magnetic field with the current. The motor mainly consists of two parts: a rotor and a stator. The motors can be categorized into direct current (DC) motor and alternating current (AC) motor based on the type of electricity used by the motor. Furthermore, AC motors are classified into synchronous or asynchronous motors, and DC motors are classified into brushed and brushless motors.

受去年底提前消费影响，今年一季度乘用车销量同比增长仅 4%，我们维持全年同比增长 7%，月度增速呈现 V 字型的判断，其中二季度由于补库存因素消除、传统消费淡季、终端竞争加剧，或为全年低点。展望下半年，随着消费旺季来临，以及 2018 年购置税料将完全退出导致的提前消费，预计增速将环比改善。展望 2018 年，考虑汽车行业对于宏观经济的重要影响，预计若出现连续大幅负增长，政府仍有“汽车下乡”等对冲政策，长期不悲观。从派系看，受益于消费升级、产业链成熟，豪华品牌、自主品牌市场份额持续提升。从车型看，SUV 进入红海，七座车型成为新的增长点。

中汽协公布 4 月汽车产销数据，共销售 208 万辆，同比下滑 2.2%，乘联会公布 4 月汽车零售销量，同比增长 0.8%，显示厂商确实开始落实去库存行动，但一季度留下的压力依然很大， 4 月经销商库存预警指数 59.2%，环比下降 2.7 个百分点，依然处于高位。4 月新能源汽车销售 2.92 万台，同比增长 41%，二季度汽车销售依然承压。我们认为今明两年传统汽车将承受 2016 年高基数及提前消费的透支影响，政策红利逐级退出,维持行业整体“中性”评级。

新能源汽车产业链 2016 年整体收入高速增长，部分中下游板块业绩分化显现。2016年全产业链样本公司整体收入增速 52.2%。从各细分领域来看，2016 年相关业务收入增速超过 50%的板块包括电芯及 PACK（+113.8%）、锂电设备（+106.5%）、电解液（116.0%）、正极材料（57.0%）、充电桩（52.1%）。所有细分环节中，样本公司收入全面增长的板块包括原材料（锂、钴、铜箔）、正极材料、负极材料、隔膜、电解液、锂电设备，由于受到2016 年骗补事件、补贴退坡的影响，电芯及 PACK、BMS、电机电控、整车、充电桩等产业链中下游的板块显现出业绩分化的情形。

2016 年 3 个政策影响板块行业和业绩：乘用车购臵税减半（行业高增长）、重卡治超（重卡爆发）、新能源汽车整顿（产销增速下滑）；2017 年：乘用车补贴力度下降，品牌分化加大（日系热销、法系韩系下滑、德系稳健，自主压力和分化加大）；重卡高景气度持续（治超、更换周期、基建复苏等），新能源汽车回归有序发展（产销环比改善，预计 3 季度开始高速增长）。

电动车主力车企不断完善车型和服务，将进一步推动行业健康发展，我们认为进入一线新能源车企产业链的企业具备较好投资价值；海外方面，建议关注特斯拉等产业链；国内方面，建议关注比亚迪、吉利、北汽新能源等产业链。在产销量方面，我们认为今年行业发展预期将逐月、逐季提高，行业数据将在 3 季度迎来同比、环比的较好增长状态。

本周市场继续继续下行，汽车与零部件板块下跌 3.1%。其中，整车子板块下降 2.7%，汽车零部件子板块下降 3.1%，汽车服务子板块下降 4.6%，沪深 300 指数上涨 0.1%。从整车子板块来看，乘用车板块下跌 2。2%，客车下跌 2.9%，货车下跌 4.8%、均低于沪深 300 指数。

4 月，新能源汽车产销分别完成 3.73/3.44 万辆，同比增长 19%/7.9%，增幅有所收窄。我们认为，目前新能源汽车行业整体处于预期底部，行业利空已基本出尽，未来随着推荐目录的陆续发布，以及主要城市地补陆续出台，下半年新能源汽车市场有望加速放量，建议重点关注新能源乘用车及运营、物流专用车以及新能源客车等方面的投资机会，维持新能源汽车板块“看好”评级，推荐比亚迪、江淮汽车、东风汽车、宇通客车、中通客车。