Electric trucks are the vehicles that take power from the pack of batteries for propulsion. Government of various countries is setting stringent emission regulations, which in turn are propelling the adoption of electric trucks by the fleet owners. In addition, electric trucks are noise free, zero emission, and efficient mode of transportation with lower maintenance cost, which in turn make them the preferred choice for the fleet owners. Further, government is also taking initiative to provide sufficient charging infrastructure for the electric trucks to facilitate smooth operation in future. Electric truck market is segmented based on propulsion, vehicle type, range, and region. Based on propulsion, the market is classified into battery electric truck, hybrid electric truck, plug-in hybrid electric truck, and fuelcell electric truck. Based in vehicle type, it is categorized into light-duty electric truck, medium-duty electric truck, and heavy-duty electric truck. Based on Range, the market is divided into 0-150 miles, 151-300 miles, and 300 miles above. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

特斯拉产业链投资机会将逐步进入第二阶段，即特斯拉的创新车型制造设计引领的新趋势带来的机会。通过与苹果产业链的比较，我们认为特斯拉产业链机会的第一阶段（特斯拉高销量预期推动产业链上涨）进入中后期，后续特斯拉销量，以及产业链标的业绩超预期将会催化相关产业链标的再上涨。

9 月沪深300 下跌4.8%，中信汽车指数上涨1.7%，表现跑赢大盘。9 月乘用车销售208.8 万辆，同比增长8.0%，环比增长19.0%；商用车销售47.7 万辆，同比增长40.3%，环比增长10.6%，乘用车及商用车均延续前期良好增长态势。

天际汽车旗下包括电咖和天际两大子品牌：电咖定位2B电动商用车、天际定位2C智能电动车。电咖品牌：公司首款电动车EV10定位于共享出行领域，发布至今累计销量超4000台。天际品牌至今共发布两款车型：智能电动SUV ME7已经量产上市。豪华电动运动轿车ME-S正在推进量产。

新能源汽车低库存叠加销售旺季来临，产业链有望进入景气周期，中游材料排产数据持续向好，基本面有望迎来明显改善，建议关注产业链各环节龙头企业：宁德时代(300750，买入)、天赐材料(002709，买入)、新宙邦(300037，增持)、当升科技(300073，增持)、华友钴业(603799，买入)、恩捷股份(002812，增持)、璞泰来(603659，未评级)、中科电气(300035，买入)、湘潭电化(002125，买入)，格林美(002340，买入)。