Stealth coating is a radar absorbing material applied on the aircrafts to reduce radar cross-section; thereby, making them difficult to detect by radars. In addition, it is also applied on the cars for UV protection and protection from chips, scratches, road debris, & malicious damages. The report mainly emphasizes on stealth coating and their resin types, which include epoxy, polyurethane, and polyimide. The report also analyzes the current trends and future opportunities in different applications of stealth coating such as aerospace & defense and automotive. The report analyzes the market trends across North America, Europe, Asia-Pacific, and LAMEA. In addition, it also highlights market dynamics that impact the growth of the global market such as key drivers, restraints, growth opportunities, and the role of key players.

根据草根排产数据确认芯片对电动车影响小于5%，预计2021Q2 - Q4 新能源乘用车销量为54、56、66 万辆，全年销量225 万辆，全年商用车＋乘用车预计销量落在250-260 万辆区间。在目前主动补库存、电动车增势旺盛的行情下，持续看好电动车中游，首推：宁德时代、亿纬锂能、恩捷股份，看好天赐材料（化工组）、星源材质（化工组）、新宙邦（化工组）、璞泰来、宏发股份、科达利等。

The global industrial motor market is expected to grow significantly during the forecast period. Regions such as APAC and Europe are expected to dominate the demand in the market, followed by North America. However, the Middle East and Latin America are anticipated to create opportunities with upcoming industrial developments in HVAC applications, the F&B industry, oil & gas, and other industries. China, Middle Eastern countries, and the US are the ones with the most competitive industrial initiatives. Earlier, 2019 remained largely stable with an average growth rate of less than 1% compared to 2018, mostly due to the economic downturn in the Asia Pacific and Europe. 2019 is perceived to have been a 'balancing year' thanks to the reasonably high growth rates in 2017 and 2018, which hit nearly 5% average growth rates r. Reduced automobile demand in APAC and low capital spending in Europe have resulted in lower growth rates. The American industry was underpinned by spending in process industries in the first half of 2019, such as oil & gas, chemicals, and mines & metals.

中信证券研究部前瞻研究团队持续跟踪全球科技前沿。“全球科技产业”周报重点关注中美科技互联网巨头变化，以及全球科技产业前沿动态。我们重点关注的科网巨头公司包括：苹果、亚马逊、微软、谷歌、特斯拉、奈飞、英伟达、华为、腾讯、阿里、字节跳动、小米、三星等。

行业处于0 到1 阶段，原来市场仅聚焦在车用，FCEV 相比BEV 并不性感。碳中和+近期能源巨头入局夯实前景，上升到能源层面，想象空间更大。氢能应用节奏预测：2021-2025：汽车示范，技术完善，规模降本；2025-2035：应用拓展；2035-2050：氢能取代传统化石能源

根据中汽协数据，3 月重卡行业销量23 万辆，同比+91.7%，环比+94.4%，超市场预期，销售数据创历史当月新高。1-3 月重卡行业累计销量53.17 万辆，同比+93.9%。

2021 年3 月汽车市场延续复苏态势，叠加去年疫情影响下的低基数效应，3 月产销量实现大幅同比增长。由于2 月受到春节影响，3 月产销环比也大幅增长。1-3 月累计销量较2019 年同期实现增长2.1%，市场复苏向好，其中商用车增长26.98%，维持旺销之势，乘用车下滑3.5%，市场需求仍处于修复过程。乘用车中，3 月MPV 复苏节奏领先其他乘用车型。商用车方面，排放升级、治超治限、基建开工等多重因素推动卡车延续增长态势。客车内部延续分化，大中型客车同比增速弱于轻型客车。

汽车行业万亿级市场，在新四化发展浪潮下正经历颠覆式变革，华为依托其深厚的ICT 技术储备切入智能汽车领域，有望后发而先至。2020 年10 月华为正式发布智能汽车解决方案品牌HI，定位汽车界的Intel，实现Huawei Inside。HI 全栈解决方案集芯片、操作系统、感知硬件、决策融合算法、云计算等优势为一体，打造1（CC 架构）+4（智能驾驶等四大系统）+N（激光雷达、AR-HUD 等全套智能化部件）的汽车技术闭环。其中，CC 架构与特斯拉等车企的区别在于其采用分布式网关而非集中式，将所有执行器和传感器接入分布式网关并组成环网，在减少对中央计算平台依赖的同时保证了高速、安全的网络数据传输。华为通过全栈式布局，从根出发来实现软件定义汽车。

研发费用税前加计扣除比例提升有助于提高企业创新积极性，重视研发创新的公司有望获益。乘用车推荐经营韧性强、低估值高股息率龙头上汽集团及有望迎库存需求共振的广汽集团（A/H）；零部件推荐华域汽车、郑煤机（A/H）、万里扬、银轮股份，建议关注富奥股份、拓普集团、精锻科技、爱柯迪；汽车服务板块推荐中国汽研。工业品升级逻辑推荐依托曼技术平台、自主AMT 技术，未来份额或持续提升的中国重汽；推荐战略聚焦商用车，轻卡份额第一、AMT 技术领先的福田汽车；推荐受益大排量重卡渗透率提升、国际领先的潍柴动力（A/H）及低估值高壁垒，盈利分红稳定可期的威孚高科；推荐受益轻卡升级、AMT 有布局的东风汽车。