6 月乘用车终端零售回升态势放缓：6 月份全月狭义乘用车零售量165.4万量，同比-6.20%。日均零售销量55133.33 辆，环比增速6.32%，同比-5.2%，尽管同比数据受到去年抢装高基数影响，但总体乘用车消费延续回升态势、速度放缓。6 月份乘用车批零差值4.60 万辆，汽车经销商库存系数1.74，前值1.55。汽车经销商库存预警指数56.80%，前值54.2%，消费放缓和主机厂加快供给，推动经销商被动增库。

6 月CS 汽车上涨7.74%；CS 汽车销售与服务上涨0.87%，CS 商用车上涨4.30%，CS 乘用车上涨8.75%，CS 汽车零部件上涨7.87%，CS摩托车及其他上涨18.10%，新能源车上涨15.29%，智能汽车指数上涨13.36%，同期沪深300 指数和上证综合指数分别上涨7.68%和4.64%。

风电抢装效应，上半年业绩预告大幅增长：截至7 月20 日，风电行业的26 家公司中，有13 家披露了2020 年中期业绩预告，占比50%。在披露业绩预告的13 家公司中，2020 年上半年净利润增长的为9 家，占比69%，另有2 家公司预计有大幅增长但未公告具体增速，占比15.4%，剩余2 家公司业绩下滑或不确定，占比15.4%。整体来看，风电行业因为抢装效应，Q2 复产复工后迅速恢复，今年业绩确定性较高，有至少7 家公司Q2 业绩预告同比实现大幅增长，我们预计景气度有望延续至明年年初。

北京时间7 月23 日，特斯拉发布2020 年二季报：Q2 公司实现营收60.36 亿美元，同比下滑4.94%；实现归母净利润1.04 亿美元，扭亏为盈，实现连续第四个季度盈利；调整后每股收益2.18 美元/股。

Wacker发展历程：1914年，前身“亚历山大·瓦克博士电化学工业公司” 成立，1953年开始产出首批超纯硅，目前是一家全球性的化学公司，也是光伏级多晶硅全球第二生产企业。

A charging station is part of the grid infrastructure installed along a street, parking lot or in a home garage; its primary purpose is to supply the power to the different types of electric vehicles (PHEV, BEV and HEV’s) for charging the battery. The AC charging system is commonly an on-board charger mounted inside the vehicle, and it is connected to the grid when the vehicle is plugged in. An onboard charger is responsible for the final stage of charging the battery pack. It takes the AC power source from the EVSE and transforms the power into the required battery-charging profile. The on-board charger is designed with a lower kilowatts of power transfer (charging rate), and is dedicated to charge the battery for a long period (typically 5–8 h for full charge). Due to the limitation of allowable payload and space of the EV, the on-board charger needs to be lightweight (typically less than 5 kg) and compact.

新能源汽车未来 10 年将持续高速发展，动力电池作为核心零部件，市场空间非 常广阔，预计到 2030 年全球动力电池出货量达 1577Gwh，市场规模扩张 5 倍 至 8000 亿左右。从格局上看，国内供应商格局已经呈现一超多强的局面，而高 端产能不足及 OEM 亟需掌握电池话语权，使得电池格局仍将变动，二梯队及 新进企业仍有一定时间窗口期。

特斯拉连续4 季度实现盈利，好于预期，满足了标普500 准入门槛。特斯拉20Q2 营收60.36 亿美元，与去年同期的63.50 亿美元相比下滑5%，环比微增1%，好于市场预期51.5 亿美元。GAAP 准则下净利润为1.04亿美元，去年同期净亏损为4.08 亿美元，连续第4 个季度实现盈利，环比增长550%；非GAAP 准则下净利润4.51 亿美元，去年同期亏损1.98亿，环比增长99%。4.28 亿的积分收入和4800 万美元的FSD 递延收入一定程度上抵消了工厂关停的成本和CEO 薪酬激励带来的1.01 亿美元股权激励费用，实现了利润的同环比增长。

我们对全年全球销量更为乐观，全年全球销量有望达到260万辆。国内下半年随着经济逐步回归正轨，叠加C端消费者对新能源车接受程度的显著提升，全年销售量有望维持去年水平；新能源车在欧洲市场放量的逻辑上半年已经得到数据验证，下半年有望延续上半年的势头。

Needle coke industry is a primary raw material that finds its significant application in the production of steel, aluminum, stainless steel, silicon metals, and some other ferrous as well as non-ferrous metals. Needle coke also finds its key applications in the manufacturing of lithium-ion batteries that are in high demand in the automotive industry. Petroleum needle coke is mainly preferred by steel and battery manufacturers. This is because the battery and steel manufacturers working on the EAF technique only work on high-quality needle coke, ultra-high purity (UHP) for the production of lithium-ion battery anodes, and graphite electrodes. The growth of the needle coke market can be attributed to a steady surge in demand for lithium-ion battery anodes to be used in lithium-ion batteries coupled with high demand for graphite electrodes across the steel industry. The steel industry witnessed a growth rate of approximately 4% in 2018 in terms of production as compared to the previous year. Along with this, the share of electric arc furnace (EAF) route of steel production is increasing as compared to that of BOF, and this is further expected to provide impetus to the demand for graphite electrodes, thus influencing the growth of global needle coke market. The needle coke market is a very concentrated market consisting of approximately ten giant players. GrafTech International Ltd. and Phillips 66 Company are the leading manufacturers active in the needle coke market.