汽车金融服务，是指在汽车生产、流通、购买售后等环节中所产生的金融活动。本文分析的汽车金融服务主要包括汽车消费金融、车险、车抵贷等相关业务。其中以汽车消费金融为重点分析对象。

6 月 6 日上午，工信部传来捷报，正式向中国电信、中国移动、中国联通、中国广电发放 5G 商用牌照。5G 商用牌照的提前发放，标志着中国 5G 迎来实质性的一步，宣告我国将正式进入 5G 商用元年。

According to Eurostat, over 75% of inland cargo transports within the European Union, i.e., about 1,750 billion metric ton-kilometer (tkm), travel by road. In some European countries, this percentage goes as high as 90%, or more. As a result, the demand for commercial vehicles has been continually increasing in the region, owing to growing logistics industry, as well as increasing usage of light commercial vehicles, such as vans (for ride hailing services). The underlying factor driving the growth of the light commercial vehicle market in Europe is the increased preference for pickup trucks and small vans, over heavyduty trucks and railways, for logistics.

The report incorporates the study of the global E-axle market that focuses on the type of drives and type of component used in E-Axles unit. The E-axle functions on electric vehicles and integrated combustion engine. Moreover, the usage of alternative fuel and electricity in these vehicles leads to zero emissions, making them ecofriendly. The advent of electric axle unit in vehicles serves to be a paradigm shift in the modern world. Automobile manufacturers are inclined toward electric and alternative fuel vehicles due to implementation of vehicle emission regulations.

The seats used in most of the passenger and light commercial vehicles are equipped with seat back, seat base, and the head rest. These components are usually constructed from foam to provide comfort to the rider. Furthermore, different type of trims, foams, and fabric materials are used by manufacturers to provide balancing comfort, support, safety, and recycling properties. The automotive seat market has witnessed significant growth over the years, owing to rise in sales of luxurious vehicles in developing countries, surge in need of climate-controlled seat technology, and rise in need for lightweight seat frame.

A transceiver is a device consisting of both receiver as well as transmitter, which are combined and also share common circuitry. Three types of transceivers are deployed in automotive applications, which cover CAN transceiver, LIN transceiver, FlexRay Transceivers, and others. The global automotive transceivers market is dynamic in nature, and is expected to witness significant growth during the forecast period, owing to rise of electronic integration in automotive. Increase in trend of connected cars and rise in popularity of autonomous vehicles are anticipated to create enormous opportunities within the automotive industry for transceivers.

The government policies have been conducive yet stringent to encourage the sales of commercial vehicles in the region, in order to meet the rising demand from logistics, ecommerce, and construction sectors, as well as focusing more on emission norms and safety systems. The capital requirements are high for new entrants to enter the market, as the market is majorly tapped by the Japanese, Chinese, and European manufacturers, and are competing aggressively to gain competitive advantage. Access to distribution channels are moderate as the market is concentrated with new and used vehicle sales of existing brands with competitive pricing. New entrant’s strategy to launch commercial vehicles with perceived level of product differentiation remains low, as it incurs additional costs to exceed the features offered by major players.

The automotive industry is transitioning from hardware- to software-defined vehicles, and the average software and electronics content per vehicle is increasing rapidly. Both government involvement and consumers’ demand for greater automatic control of systems have been resulting in the increased usage of electronics in vehicles. Large efforts are being deployed in the automobile industry to transform the driving experience of the consumers.

In 2018, the global bus market was valued at USD 46.71 billion and it is expected to reach a market value of USD 72.43 billion by 2024, at a CAGR of 7.58%, during the forecast period. The prevailing concern over pollution, caused, especially, by automobiles, has forced governments in many countries to take drastic measures to keep pollution in check. Asia-Pacific is leading the global electric bus market, due to increased government initiatives in countries, such as India, China, and Japan. Rise in government initiatives for improving the public transportation networks, particularly bus rapid transit systems, to reduce traffic congestion and improve air quality, is another trend. Additionally, many new private transportation companies are entering the market with the concept of green transportation, with electric, hybrid, compressed natural gas (CNG), and liquefied natural gas (LNG) models, as many countries are adopting more stringent emission standards and as environmental considerations grow in importance.

汽车行业已进入新时代，对新特征的定义是把握汽车投资的第一步。总量：中长期仍有空间，呈现低增速高波动的特性，行业与企业的双重拐点将带来显著超额收益。出口：面向 2300 万销量的新兴市场，各家车企已整装待发。格局：行业加速分化，国六升级加速行业洗牌。

上周计算机行业指数上涨 3.02%；国内提前进入 5G 时代，智能网联汽车产业迎发展良机；推荐云计算、金融 IT、人工智能、安全可控、医疗信息化板块。 

【中汽协：5 月新能源车销售10.4 万辆，同比增长1.8%，环比增长7.9%】2019 年6月12 日，中汽协数据，2019 年5 月我国新能源汽车产销分别完成11.2 万辆和10.4万辆，同比分别增长16.9%和1.8%，环比分别增长10.4%和7.9%。累计来看，1-5 月新能源汽车累计产销分别完成48.0 万辆和46.4 万辆，同比分别增长46.0%和41.5%。5 月我国新能源车的抢装效应不及预期，主要受车市整体低迷并且国五标准燃油车降价促销挤压市场影响。我们预计7 月将受新补贴政策执行首月叠加车市淡季，产销量将创下半年低点。之后在禁止新能源车限行限购等政策推动下，产销量将再呈现逐月攀升之势，全年我国新能源车产销量有望达160-170 万辆。

2019 年5 月，国内新能源汽车产业链需求增速放缓，但销量结构持续改善；国内风电、光伏并网提速，光伏海外需求持续景气；维持行业强于大市评级。

合格证口径下，2019 年5 月动力电池共装机5.7GWh，同比+26.2%，环比+5%；其中三元装机3.34GWh，同比+73.3%，环比-11%；铁锂装机1.73GWh，同比-26.5%，环比+13%。

据中汽协，19 年 5 月我国汽车销量 191.3 万辆，同比下降 16.4%，前 5 月汽车销量 1026.2 万辆，同比下降 13.0%。5 月广义乘用车销量为156.1 万辆，同比下降 17.4%；5 月商用车销量为 35.1 万辆，同比下降11.8%；5 月新能源汽车销售 10.4 万辆，同比上升 1.8%。 

截止2019 年6 月21 日，较2019 年6 月14 日，上证综指、沪深300 分别上涨4.16 %、4.90%。本周新能源车、锂电池、电力设备、光伏、风电、核电分别上涨3.89%、3.56%、3.61%、2.84%、5.48%、4.63%。本周领涨股有银星能源（+33.1%）、光一科技（+19.3%）、天龙光电（+18.2%）、龙源科技（+16.2%）、中国海诚（+15.8%）。

稳消费政策的出台、“汽车下乡”、加快老旧车报废更新、限购城市牌照放松、推动重点消费品更新升级等一系列的政策托底汽车消费的迹象明显，我们推荐的投资策略是重点围绕汽车消费升级趋势超配汽车行业，布局确定性成长细分领域优质个股，静待行业复苏。 

特斯拉一季度销量6.3 万辆，环比下滑了 30.5%，而 Model S/X 结束了季度销售 2 万辆的长期水平。车市淡季、补贴退坡抢装、海外交付开启妨害国内交付能力为销量环比下滑的主因。二季度开始公司已将重心重新转回国内车辆的交付上，预计 6 月份美国地区的交付量将有较好增长。 

2019 年 1 月 1 日-6 月 25 日，市场整体回暖，沪深 300 涨幅 26.26%，中信一级 29 个行业不同程度上涨，受汽车产销表现不佳影响，汽车行业整体表现较弱，涨幅为 9.98%，位于第 27 位。