9 月锂电中游排产环比保持增长，Q3 电动车基本面拐点明确，全球电动化正迈入供给端优质车型加速期，未来三年是全球主流供应链加速爆发的趋势性机会。始终围绕全球一线供应链投资主线，持续看好切入全球电动车主流供应链（特斯拉、大众MEB、LG、CATL 等）投资机会。核心围绕特斯拉供应链。重点推荐：1）锂电池：宁德时代、亿纬锂能、比亚迪

2020 年上半年疫情短期影响新能源汽车景气，分季度看，国内市场二季度景气环比恢复，且欧洲市场继续爆发增长，行业长期增长趋势明确。中长期看，全球新能源汽车产业链已经步入高速成长阶段，当前时点继续建议把握全球电动化供应链优质标的机会，尤其是特斯拉供应链，包括：宁德时代、恩捷股份、三花智控、银轮股份、拓普集团等；推荐下半年起景气改善明确的比亚迪，受益消费大客户订单的欣旺达等。

预计全年销量前低后高：1）政策预期回暖，地方出台消费支持政策（财政补贴、限购指标放开）；2）疫情后私家车购买需求提升；3）下半年新车型投放加速。

规划两步走，2025 年实现氢能源汽车累计推广量1 万辆。按照《规划》，北京市将以2023 年和2025 年两个时间节点设立阶段性目标：2023 年前，培育3-5 家具有国际影响力的氢燃料电池汽车产业链龙头企业，力争推广氢燃料电池汽车3000 辆，氢燃料电池汽车全产业链累计产值突破85 亿元。

The rate at which the development of autonomous vehicles is very astonishing. About a year ago, few would have argued that the existence of these cars is not reality. But at present, these vehicles are being piloted in number of countries and few are running on the public roads as well. The question is, when are all the cars on roads becoming fully autonomous. It is believed that it may take 10 years or 30, the implications are so far-reaching that policymakers need to star t planning now for autonomous vehicles future. Major automaker companies, technology giants and specialist star t-ups have invested more than USD 50 billion over the past five years, in order to develop autonomous vehicle (AV) technology, with 70% of the money coming from other than the automotive industry. At the same time, public authorities see that AVs offer huge potential economic and social benefits.

投资建议：随着二季度国内复工复产顺利，电力设备新能源各子板块在季度受疫情小幅影响情况下，二季度纷纷回暖，其中电动车与光伏板块双双呈现疫情边际影响减弱，产业链回归上升通道的趋势，而电力设备与工控板块也在疫情之后景气度持续提升，我们认为电新板块将迎来“潮平两岸阔”的上升趋势。我们仍重点推荐电动车和光伏板块。

根据2020 年半年报，电力设备与新能源行业业绩平稳增长，各子行业分化趋势明显，其中风电、光伏、一次设备板块2020 年上半年业绩表现较好；维持行业强于大市的评级。

投资建议：1）积极关注各细分领域龙头。龙头企业具有较强的抗风险能力和逆势扩张的能力，在行业调整期的业绩表现多超出行业平均水平，行业复苏后其增速也更快。强烈推荐国内动力电池龙头宁德时代和正极材料龙头当升科技，推荐负极材料龙头璞泰来、电解液龙头新宙邦，关注隔膜龙头恩捷股份；2）积极拓展海外客户或在海外建厂的企业具有更大的成长空间。欧洲市场接力中国成为全球新能源汽车新的增长动力；拓展海外客户或实施“出海”计划有利于扩大企业的收入来源，同时提升抗风险能力。强烈推荐宁德时代，推荐新宙邦，关注星源材质；3）业务多元化的企业具备更强的抗风险能力。强烈推荐鹏辉能源，推荐璞泰来、新宙邦。

Growing technological advancements and innovation has evolved the automobile industry since its origin in the nineteenth century. Since the past two centuries, the automotive industry has shaped the world’s economy and the lifestyle of billions of people. The convergence of various emerging technologies in the industries within the automotive ecosystem, such as driverless vehicles, advanced vehicle sensors, and connected vehicle technologies, among others are various factors changing the paradigm of the automotive industry. Though still in its initial stages, self-driving technology is becoming increasingly common and could drastically change the landscape of our transportation system. Numerous self-driving technologies have been developed by key players in the industry, such as Google, Uber, Tesla, and Nissan, among others. While design details may vary, most self-driving systems create and maintain an internal map of their surroundings, depending on a wide array of sensors, such as radar, cameras, LiDARs, and ultrasonic sensors. The self-driving prototypes developed by Uber use sixty-four laser beams, along with other sensors, to design their internal map. The prototypes created by Google are at various stages, and are using lasers, radar, high-powered cameras, and sonar. Various software providers are integrating with autonomous car developers to deliver software platforms and solutions to processes inputs, plot paths, and deliver instructions to the vehicle’s actuators, which control acceleration, braking, and steering. Several features are being integrated into the system, including hard-coded rules, predictive modeling, smart object discrimination, and obstacle avoidance algorithms that aid the software follow traffic rules and navigate obstacles.