展望 17 年，首月产销遇冷难掩生机勃収。2017 年 1 月我国新能源汽车生产 6889 台，相比 16 年同期下降 69.1%；实现销售 5682 台，同比下降74.4%。首月遇冷的主要因素在于传统淡季一季度与昡节假期叠加，补贴新政下产业链议价仍在持续，以及地斱补贴政策和准入的不确定性。预计2 月底第事批推荐目录和地斱政策细节的出台，将为行业注入动力；而国家层面政策的确定性将引领产业重回快车道；三月产销有望现阳昡。

2月4日，工信部针对新能源汽车骗补企业再开新罚单，公布了对金华青年汽车制造有限公司、上汽唐山客车有限公司、重庆力帆乘用车有限公司、郑州日产汽车有限公司、上海申沃客车有限公司、南京特种汽车制配厂有限公司和重庆恒通客车有限公司七家骗补车企的行政处罚决定：撤销上述七家汽车制造商生产骗补产品的公告，取消其相关骗补产品的生产资质；暂停这七家公司申报新能源汽车推广应用推荐车型的资质；并责成上述企业进行为期两个月的整改。这是继2016年12月份处罚首批骗补车企后，工信部开出的第二批骗补罚单。

Traditional air-cushion vehicles were used to transport equipment and troops from ships to beaches or war zones. However, with the changing demand, the air-cushion vehicle industry has witnessed the production of advanced landing crafts that can travel on several types of terrain like ice and sand. Also, the applications of air-cushion vehicles for commercial purposes like ferrying passengers and personal use (like for fishing, transport, and recreational) are rising.

The rapidly expanding popularity of off-road events, especially in untapped emerging countries such as Indonesia, China, and India, is one of the primary growth factors for off-road high-performance vehicles.The established markets for off-road vehicles, such as in the US, the Middle East, and Europe, continue to attribute to high volumes owing to a large number of existing off-road events. Such events coupled with expanding culture of off-road vehicle enthusiasts suggest a strong market for such vehicles not just for events but for recreational purposes as well.Government agencies have started adopting all-wheel drive (AWD) pursuitrated vehicles. Also, sports utility vehicles (SUVs) are gradually taking over as the best-selling segment in Europe and China. All these factors drive the market growth. Growing popularity of aftermarket for customization of off-road performance vehicles and worldwide viewership gaining momentum through expansion of TV broadcast of various off-road racing events are some of the trends seen in the global market.

The crucial factors that are driving worldwide demand for passenger vehicle replacement tires include falling rubber and gasoline prices. The price of gasoline has decreased by 60% in the US. These trends are boosting market demand for gasoline-powered vehicles.The boost in automotive sales across the world is led by fast-growing automobile markets such as India and China. These nations registered growth rates of 7.64% and 5.91%, respectively, in 2015. The aging vehicle population in mature markets such as Japan, the US, and Western Europe also balances this trend.Stable commodity prices are ensuring that the cost of tires remains consistent,which is a key factor that is impelling the growth of the global passenger vehicle replacement tire market.Technavio notes that younger drivers are not brand-centric like the preceding generation. This trend encourages new and small manufacturers to enter the onceconcentratedreplacement tire market.

The use of alloy wheels reduces the unsprung weight and helps in better handling of vehicles. Alloy wheels are light and provide easy acceleration to the cars, leading to better mileage and fuel economy. In the automotive industry wheels made of steel is, therefore, gradually getting replaced by alloy wheels. Alloy wheels are wheels made of alloys of aluminum and magnesium. The increasing use of alloy wheels in the automotive industry is due to several benefits of alloy wheels over the conventional steel wheels.

自主品牌手机成功之路，即为自主品牌汽车崛起之道。如今智能机已取代功能机成为市场主流，以华为、小米、OPPO、vivo 为首的自主品牌手机在变革中凭借出色的产品和独特的策略悄然取代海外品牌，成功崛起，这四家公司在 2016 年同时跻身亚太地区（除日本）手机销量 TOP5。汽车行业高速发展，自主品牌汽车销量占比持续攀升，从 2012 年 28%上升至 2016 年42%，崛起迹象明显。

沪指震荡上涨，汽车板块表现优异。上周上证指数收于 3253.43 点，沪深 300 上涨 1.5%。中信汽车指数上涨 2.4%，跑赢大盘 0.9 个百分点，乘用车、商用车、零部件及汽车销售及服务子板块分别上涨 3.8%、2.6%、 1.9%、0.9%。

节后第二周乘用车恢复较慢：根据乘联会数据，节后第二周市场有所恢复，同比来看，因为去年同期春节假期低基数原因，零售/批发销量分别同比增长 59%/105%，但是日均销量依然不及去年节后第一周情形，同比约有 10%左右的下降，前两周来看，2 月零售/批发销量分别同比增长 10%/39%，去年 2 月份零售/批发销量前低后高趋势明显，导致基数较高，2 月份车市能否明显恢复还需要进一步观察。 

本周，沪深 300 下跌 1.00%，汽车及零部件板块上涨 0.01%，跑赢大盘 1.01个百分点。其中，乘用车子行业下跌 0.62%；商用车子行业上涨 0.11%；汽车零部件子行业上涨 0.77%；汽车经销服务子行业上涨 0.07%。 

上周恒生指数下跌 0.3%，恒生中国企业指数上涨 0.6%。风格指数来看，恒生中型股指数上涨最多，幅度为 0.9%。恒生行业分类指数来看，汽车个股所在的消费品制造业 1.6%，恒生工业指数上涨 0.6%。具体到汽车细分子行业来看，根据我们计算，子行业整体呈现上涨态势，其中经销商子行业表现最好，上涨 4.3%，整车和零部件子行业分别上涨 2.7 和 2.0 个百分点，本周个股呈现补涨行情。 

北京首批电动汽车备案目录公布，9 家企业 16 款车型入选。需求层面：传统车看，乘联会数据显示 2 月前半月乘用车销量环比 1 月有改善，预计2 月份整体销量增速转正；新能源车看，春节影响逐步弱化，新能源车需求有望逐步回归常态；重卡看，治理超载受益延续+去年低基数，预计 2 月份同比增速依然可观。

北京首批电动汽车备案目录公布，9 家企业 16 款车型入选。北京新能源汽车产业协会对北汽、比亚迪、长安、江淮等 7 家申报备案企业的13 款产品信息进行了公示，之后新能源汽车协会又公示了 2 家企业的3 款车型。北京市科委、市交委、市公安局公安交通局、市国税局联合发布《关于北京市 2016 年第四批示范应用新能源小客车配置指标使用有关事项的公告》，公告明确指出持有 2016 年 8 月 26 日配置的示范应用新能源小客车配置指标的消费者，可在 2017 年 4 月 26 日之前办理车辆购置税及机动车登记相关手续。

2016 年，在小排量购臵税优惠政策刺激下，乘用车市场销量增速同比大幅提升，2017 年购臵税优惠幅度收窄，乘用车整体销量增速将下滑，考虑到三、四线城市首次购车需求以及消费升级带来的臵换需求，预计 2017 年乘用车销量增速将下降至 6%左右。

本周汽车板块涨幅为 2.75%，跑赢沪深 300 成分 1.43%。其中，乘用车板块涨幅最大为 3.93%，摩托车及其他板块涨幅最小为 0.94%。乘用车板块涨幅最高的个股为海马汽车，本周涨幅为 13.21%；摩托车及其他板块涨幅最大的个股为力帆股份，涨幅为 5.21%。推荐组合中广汇汽车涨幅 7.25%，涨幅居前。