行业周期景气上行叠加上海车展车企电动智能化新品上市，短期有利于板块估值提振。目前处于行业补库周期，该阶段汽车股业绩具备较大弹性，估值震荡或者收缩，建议配置估值与业绩匹配性较好标的。包括①受益于华为Inside 子品牌相关公司中，推荐估值在乘用车板块内相对低位的广汽集团（2238.HK）和长安汽车，建议关注北汽蓝谷；②电动智能化方向，高端智能车放量有望带动天幕玻璃、HUD、空气悬挂行业渗透率快速提升，推荐中鼎股份，建议关注福耀玻璃和华阳集团。③无人驾驶方向建议关注汽车制动龙头亚太股份。

新能源车领域，锂电池环节建议关注宁德时代、国轩高科和亿纬锂能，六氟环节建议关注多氟多，电解液环节建议关注天赐材料和新宙邦，正极建议容百科技、德方纳米以及中伟股份，隔膜建议关注恩捷股份和星源材质，负极领域建议关注璞泰来。光伏建议关注隆基股份，通威股份，阳光电源，晶澳科技，中环股份，福斯特，福莱特，京运通，上机数控，爱旭股份，天合光能，固德威、锦浪科技。风电、工控及电网设备建议关注明阳智能、金风科技、日月股份、禾望电气、天顺风能、泰胜风能、东方电缆、新强联、国电南瑞、汇川技术、良信股份、思源电气、派能科技、三花智控、宏发股份、亿华通、国网英大。

V2X is a vehicular technology system that enables vehicles to communicate with the traffic and the environment around them. V2X communications systems are mainly used for the purpose of increasing safety and preventing collisions. In a traditional vehicle, V2X systems can convey important information to the driver regarding inclement weather, nearby accidents, road conditions, and the dangerous activities of nearby vehicles. In addition, V2X technology serves other purposes like integrating automatic payments for tolls, parking, and similar fees. The key components of V2X technology include vehicle-to-vehicle (V2V) and vehicle-toinfrastructure (V2I).

Deep hole drilling machines are utilized for drilling holes with depth-to-diameter (D:d) more than 10:1 and up to 400:1. It is especially designed for manufacturing accurate and straight drilled workpieces, which find application in various industries, including automotive parts, medical and surgical tools, aerospace & defense and related machinery parts. The report on the global deep hole drilling machines market presents a detailed analysis of the trends, future estimations, and thorough study of the market depending on type, operation, end-user industry, business type, and region. The type covered in the study include BTA drilling machines, gun drilling machines and skiving & burnishing machines. The report further provides information on operation of deep hole drilling machines, which include CNC and non-CNC. Moreover, the report also covers different end-user industries of deep hole drilling machines, including oil & gas, medical, automotive, construction & mining equipment, energy, die & mold, aerospace, heat exchanger tube sheet, military & defense and others. On the basis of business type, the market is bifurcated into OEM and aftermarket.

华为HI 智能汽车解决方案构架。华为智能汽车产品渗透率提升，产业链公司有望受益。五大智能系统：智能座舱、智能驾驶是布局重点之一。智能驾驶：全产业链自研，MDC 智能驾驶计算平台量产。从投资策略上看，随着华为智能汽车产品渗透率提升，其供应链上相关公司配套量也将提升。

以“拥抱变化”为主题的第十九届上海国际汽车工业展览会于4 月19 日至28 日在国家会展中心（上海）精彩亮相。百年汽车工业进入电动化和智能化行业大变革时期，也是我国汽车工业迎来难得一遇的发展机遇期。我们积极看多自主品牌，更看好积极进取、技术储备丰富、执行效率更高的一线自主车企以及具备技术和制造优势的零部件公司。

2021 年上海车展电动智能看点颇多：1）车型层面：蔚来ET7、小鹏P5、极狐αS（华为HI 版）、智己L7 等；2）企业层面：华为、百度、大疆等科技互联网巨头；3）技术层面：激光雷达前装量产，自动驾驶技术突破。百年汽车行业智能电动变革已然来临。

车展最大亮点来自华为全栈式解决方案，配套北汽蓝谷αS 上市。整车自主整体表现优于合资。整车方面：自主品牌新车发布数量更多，量产阶段超前。新车发布数量+新车智能化水平/外观设计/电动化”等多个维度下，自主品牌车企关注度远超外资品牌。自主品牌中长城汽车新车数量最多。

坚定看好中国自主车企、零部件的份额恢复和提升；电动智能上中国车企紧随特斯拉，正在把握弯道超车机会。继续推荐新品周期强劲的自主乘用车：吉利汽车、长城汽车H/A、比亚迪、长安汽车；零部件推荐竞争力有望进一步增强的：豪能股份、精锻科技、贝斯特、新坐标，建议关注福耀玻璃；电动智能产业链：拓普集团，建议关注银轮股份；“瑕疵股”建议关注继峰股份、一汽富维、富奥股份、均胜电子、广汇汽车等。

由于芯片供应短缺和3 月19 日日本瑞萨汽车芯片生产工厂火灾影响，全球汽车生产受到影响，3 月以来，部分汽车整车厂开启不同时长的停产。供给小幅收缩，库存下降，汽车经销商盈利有望改善。上游芯片供应紧张，部分车企开始减产，汽车经销商渠道库存下降，折扣有所收窄。