competition in Brazil’s pharma and healthcare sector is becoming increasingly intense. The deceleration of the domestic drug market has propelled the pharmaceutical companies operating in the country to search for scale and efficiency gains through organic growth, acquisitions and internationalisation of their operations. The opening of the healthcare market to foreign investors in January 2015 also unleashed a consolidation trend, triggered by the entry of both strategic and institutional investors. Given the deficiencies in the provision of quality health services, healthcare will remain the subsector with the highest growth potential in the medium term.

基建增速回升，以及环保趋严加速更新需求，驱动重卡行业维持高景气。2019年 1-2 月重卡销量 17.7 万辆，同比下滑 4.2%，绝对值维持较高水平。主要原因包括：1）基建投资增速回升带来的工程车需求依旧保持高位；2）环保趋严加速更新；3）开工旺季备货需求增加。展望全年，基建发力+环保升级，保障2019 年重卡销量在 100 万辆左右。

按照双积分政策要求，汽车企业 2025 年平均油耗须达到 4L/100km，较2017 年实际油耗水平下降 36%。除了依靠提升新能源汽车销量占比外，传统汽车大幅降低油耗也势在必行，通过大幅提高铝合金等轻量化材质的使用比例来降低油耗也是重要路径之一。受电池能力密度制约，新能源汽车减重降低电耗的需求更加迫切，大量铝合金部件的应用成为众多新能源车型的必选。