坚定看好特斯拉及造车新势力产业链龙头，继续强烈推荐三条主线：一是特斯拉及欧洲电动车供应商（宁德时代、亿纬锂能、天赐材料、容百科技、恩捷股份、中伟股份、新宙邦、璞泰来、科达利、当升科技、宏发股份、汇川技术、三花智控）；二是供需格局扭转/改善而具备价格弹性（天赐材料、华友钴业，关注赣锋锂业、天齐锂业、多氟多、天际股份）；三是国内需求恢复、量利双升的国内产业链龙头（比亚迪、天奈科技、星源材质、欣旺达，关注德方纳米、诺德股份、嘉元科技、国轩高科、孚能科技、中科电气）。

Battery swapping is a process in which a drained electric vehicle battery is exchanged for a fully charged battery at a battery swapping station. These stations act as battery aggregators that provide the infrastructure where a number of batteries are kept in charging and charged batteries are made available to electric vehicle drivers. Customers or drivers can simply exchange the discharged batteries with batteries that are fully charged at these stations and they do not have to wait a long time and can exchange batteries as often as they desire. Customers can subscribe to monthly or annual battery swapping plans or can adopt pay-per-use model as per their needs. Market players also provide innovative solutions that utilize artificial intelligence, Internet of Things (IoT), GPS tracking, and facial recognition to improve battery swapping services and customer experience.

守正：坚守新能源汽车主线，2020年全球新能源车渗透率在5%以内，在碳中和背景下，未来发展空间巨大！强烈推荐新能源汽车产业链 中的龙头标的：宁德时代、亿纬锂能、恩捷股份、天赐材料、璞泰来。出奇：锂电池产业链持续供需紧平衡，关注产能持续扩张的低估值二线动力电池标的，强烈推荐：欣旺达、孚能科技、鹏辉能源。新能源汽车：政策+供给双驱动，行业持续高景气。锂电池：“新三化”—头部集中化、材料体系分化、全球化。

一季度整车行业收入及盈利均超越 19 年同期水平。在成本上升及会计政策调整背景下，部分公司盈利能力仍实现同比改善。存货：细分子行业周转率不同程度提升。整体经营性现金流改善，整车好于零部件公司。