预计2022 年下半年汽车销售将快速恢复。5 月份的汽车销售已经有显著改善，其中乘用车销售的同比降幅收窄至仅1.4%。受益于一系列汽车刺激政策和预期中的供应链改善，预计未来销售复苏将有所加快。

2022年5月，新能源车总销量达42万辆，已基本恢复至3月水平，电动化率为26%。从品牌结构看，工厂产能得到一定恢复后，特斯拉、蔚来、理想及小鹏等电动品牌的新能源车销量均大幅回暖，但对比3月，特斯拉、蔚来及小鹏仍下降51%、9%及34%。基于新发车型看，2022年前5个月新能源车型占比同比仍快速提升（达44%）；价格带亦有所上升，15-20万车型占比同比提升13pcts、达29%，由15万以下车型向其转移。新发车型电动化占比不断提升、叠加疫情延后需求，有望驱动新能源车进一步渗透，预计6月新能源车销量可达54.3-55.3万辆。

5月至今板块正从修复走向成长，基金配置仍有提升空间。2022年初至今汽车板块下跌4.9%，跑赢沪深300 指数7.5%。3 月初-5 月我国汽车行业面临疫情反复下的扰动，随着各级政府的行业稳生产+促消费政策的及时推出及落地，汽车行业及板块指数正逐步从修复走向成长。1 季度末汽车板块基金持仓为2.7%，相较当前板块市值占比4.4%仍有提升空间。

Establishments described in this report are primarily participating in the transmission sales market.

Establishments described in this report are primarily participating in the tire material market. The materials of modern pneumatic tires are synthetic rubber, natural rubber, fabric and wire, along with carbon black and other chemical compounds. They consist of a tread and a body. The tread provides traction while the body provides containment for a quantity of compressed air.

Establishments described in this report are primarily participating in the vehicle electrification market. Vehicle electrification is the process of powering the vehicle by electricity, replacing vehicle components that operate on a conventional energy source with components that operate on electricity.