在2009 年我国新能源汽车“十城千辆”政策的推动下，以业内认为的锂离子电池5-8 年的寿命周期来看，2015 年，第一批废旧动力电池的回收再利用问题开始被广泛关注。

7 月31 日，财政部、税务总局、工业和信息化部和交通运输部联合发布《关于节能新能源车船享受车船税优惠政策的通知》，《通知》明确对新能源车船免征车船税；而对节能汽车将可减半征收车船税，《通知》自发布之日起执行。此外，《通知》还对新能源车船免征车船税作出了规定。

Revenue from the global connected passenger cars market is expected to reach USD 69.3 Bn by 2022. The major leading players are Tesla, Waymo, Bosch, etc. The global automotive industry is witnessing significant changes because of new innovative solutions adopted by vehicle manufacturers and original equipment manufacturers (OEMs).

Investment in Mexico's supply chain will enable the country's manufacturing sector to become less reliant on imported parts as trade uncertainty, such as the ongoing renegotiation of NAFTA, poses a threat to manufacturing. The large concentration of investments around Nuevo Leon and Coahuila suggests that this is where a supply chain hub is developing. In our regular round-up of production investments, we track the latest projects from the production side of the industry and analyse regional trends that we see developing. In doing so, we hope to build a picture of any potential hubs that may be developing, as well as company strategy in terms of production bases and export programmes.

Brazil's economic recovery improved at the beginning of 2018, with consumer confidence showing more robust gains. Previously, this most important indicator remained weak, despite improvements in other related variables such as employment, interest rates, and household earnings. Despite the negative effects of Truckers' Strike that saw a short-term impact on the macroeconomic situation, we continue to hold a bullish vehicle sales forecast of 16.6% growth in 2018, reaching a total industry volume of 2.61mn units.

Across our forecast period to 2027, we forecast new vehicle sales to show average annual growth of 6.2%. This will make for total annual new vehicle sales of just under 225,000 units by 2027. We expect stronger growth rates from PV sales (average annual growth of 6.7%) than CV sales (average annual growth of 4.4%), as incomes rise and more Ecuadorean consumers are able to afford a new car.

Investment in Mexico's supply chain will enable the country's manufacturing sector to become less reliant on imported parts as trade uncertainty, such as the ongoing renegotiation of NAFTA, poses a threat to manufacturing. The large concentration of investments around Nuevo Leon and Coahuila suggests that this is where a supply chain hub is developing. In our regular round-up of production investments, we track the latest projects from the production side of the industry and analyse regional trends that we see developing. In doing so, we hope to build a picture of any potential hubs that may be developing, as well as company strategy in terms of production bases and export programmes.

Investment in Mexico's supply chain will enable the country's manufacturing sector to become less reliant on imported parts as trade uncertainty, such as the ongoing renegotiation of NAFTA, poses a threat to manufacturing. The large concentration of investments around Nuevo Leon and Coahuila suggests that this is where a supply chain hub is developing. In our regular round-up of production investments, we track the latest projects from the production side of the industry and analyse regional trends that we see developing. In doing so, we hope to build a picture of any potential hubs that may be developing, as well as company strategy in terms of production bases and export programmes.

The mix of EV and internal combustion engine related investments in China in our latest investment round-up highlights the need for automakers to fulfil current demand while also preparing for the industry's future. In Pakistan, Al-Futtaim Group's plan to assemble Renault vehicles in the country continues to build on the growing market diversity theme identified in Q118's project round-up. In our regular round-up of production investments, we track the latest projects from the production side of the industry and analyse regional trends that we see developing. In doing so, we hope to build a picture of any potential hubs that may be developing, as well as company strategy in terms of production bases and export programmes.

2018 年上半年行业整体业绩增速进一步趋缓：2018 年上半年汽车行业（中信）整体实现营业收入13774.19 亿元，同比增长12.04%；净利润649.14 亿元，同比增长4.48%。行业整体营收及净利润仍维持正增长，但增速较2017 年同期的18.31%和13.34%大幅回落，行业短期仍面临一定下行压力。但考虑到汽车传统消费旺季“金九银十”即将到来，叠加个税起征点即将于10 月开始上调、关税及增值税下调等有利因素，下半年行业业绩有望得到改善。

原收入准则由财政部于2006 年发布，至2017 年使用超过10 年的时间，随着商业活动的发展，原准则在实务操作中逐渐暴露出一些问题，如：业务划分边界不够清晰、风险报酬模型下收入确认时间点难以判断、对包含多重交易安排以及某些特定交易的指引有限等，导致企业在实际操作中会计处理上有一定的随意性。新收入准则引入合同和单项履约义务的概念，统一收入确认模型，并对特殊交易及事项应用的会计处理方法给予了更加详尽的指引，有利于使企业的财务报表更加真实的反应企业的当期经营情况，提高不同公司之间会计信息的可比性。

随着半年度报告期结束，18年上半年，我们统计了187家汽车行业上市公司况，共实现营业收入14672亿元，同比+11.7%，实现归母净利润总额687亿元，同+9.4%。实现扣非归母净利润539亿元，同比-1.6%，营收和净利润保持稳步长，但扣非净利润小幅下滑。分公司来看，18H1业绩整体分化明显，随着行业进入熟期，未来行业集中度将进一步提升，优势整车和优质零部件企业将继续保持强表现，关注分化投资机会，维持行业“推荐”投资评级。

汽车行业2018 年的中报，可以说是“一将功成万骨枯”，每个细分行业的营收增长，基本都被一家公司吃尽；落实到净利润，更是对企业销售、管理、财务各方面的能力水平的集中体现，基本就是“一将功成万骨枯”。从此以后，如果没有特殊事件发生，未来竞争格局只会更集中，而不可能更分散，赢家通吃可能是最终结局。

下游新能源车销售逐渐进入旺季。8 月合格证 92971 台，环比增长 21%，其中，乘用车 84499 台，环比增长 24%，预计 9 月份新能源汽车产销量环比有望继续增长。展望 9 月，市场对于 2019 年的补贴政策有着一定的担忧，预计 2019 年补贴政策落地前，市场情绪仍会受到影响，板块整体承压，建议以防御性配置为主，关注各细分领域具有规模优势的优质蓝筹标的。

本文为自动驾驶系列报告第四篇，主要说明以激光雷达、毫米波雷达和摄像头为代表的传感器在当前ADAS 的应用情况，未来L4/L5 自动驾驶系统中的展望以及多传感器融合解决方案的趋势。