2019 年经营业绩：2019 年，大众汽车集团销售收入 2526 亿欧元，同 比+7.1%；毛利率 19.5%，同比下滑 0.2 PCT；投资收益 33.5 亿欧元，同 比-0.6%；税后利润 140.3 亿欧元，同比+15.4%。

3 月上旬合格证产量同比下滑幅度仍较大。根据中机中心数 据，受新冠肺炎疫情影响，20 年 3 月 1-10 日我国广义乘用车合格证 产量为 16.7 万辆，同比下降 70.9%，较 2 月 83.4%的降幅有所收窄， 20 年我国广义乘用车合格证累计值为 170.1 万辆，同比下降 50.6%。

本篇报告回顾了福特汽车公司从 1903 年创立到 2008 年的发展历程，复盘了其经 营过程中的成功和失误决策。福特推出的 T 型车推动了汽车的普及，是汽车行业 发展的推动者。以 T 型车为例，爆款产品的出现有可能推动相关产业的发展。我 们认为研究福特对汽车行业的推动历程，对分析新型产业具有重要的参考价值。

Allergy plays a significant role in patients with atopic dermatitis. The disease mostly flares up when the patient is around the things that cause allergic reactions. It is particularly common in infants and children, who are estimated to be about 10-20% having eczema, as mentioned under the American College of Allergy, Asthma & Immunology. There is a growing number of foundations, which are raising awareness regarding eczema and different types of dermatitis across various regions. The developed regions have a higher prevalence, as well as population, which is more active toward early detection of chronic autoimmune diseases. Thus, the role of rising campaigns each year is very important to fuel the growth of atopic dermatitis market. In March 2017, Sanofi and Regeneron Pharmaceuticals, Inc. announced US FDA approval of Dupixent (dupilumab) Injection. Following the approval, Dupixent was launched as a pre-filled syringe, which can be self- administered as a subcutaneous injection every other week after an initial loading dose. The high potency, long-lasting effect, and ease of administration have made Dupixent one of the most preferred form of Atopic dermatitis treatment method, however, the high annual cost of USD 37,000 can limit the adoption rates.

丰田制胜全球，大众称霸中国车市。丰田全球布局优于大众，但中 国市场显著不及大众，获称“世界的丰田，中国的大众”。我们通过深 入分析其中深层次的原因，寻找未来边际变化，发现丰田有望在中国 市场快速缩小与大众的差距。历史原因主要是大众对中国市场更为重 视，加之先入为主和早期奠定的质量过硬的口碑，收获了一众忠实粉。 无论产品导入、开发中国特供车、新技术引进，还是销售网络扩张， 大众都遥遥领先。

结合行业所处阶段特征，行业投资机会逐步从增量市场向存量市场过渡，随着保 有量增长、车龄增加，政策法规逐渐完善，汽车的后市场需求逐步提升，汽车存 量市场投资机会加大。对比成熟市场，通过三个层次展开存量市场投资机会分析。