ID.4 量产拉开大众纯电平台井喷的序幕，平台化定点将为产业链带来稳定持续的机遇，电池厂商、电池产业链及其他新增零部件方面的增量需求将带来弹性。建议关注：MEB 电池厂商宁德时代、国轩高科。四大材料领域，重点关注主要电池厂商产业链中的龙头公司，包括正极材料：当升科技、容百科技、德方纳米；负极材料：璞泰来、杉杉股份、翔丰华、贝特瑞、中科电气；电解液：天赐材料、新宙邦；隔膜：恩捷股份、星源材质；结构件/铜箔：科达利、嘉元科技（与有色组共同覆盖）。

在碳中和背景下，新能源有望逐步成为主力电源，光伏、陆上风电、海上风电都具有广阔的发展前景，十四五期间光伏和风电将迎来更大规模的发展；随着政策端和车企端的加力以及私人消费的不断挖掘，新能源汽车在全球市场的渗透正迎来新一轮提速，行业景气高企；工业领域的
节能减排、节能改造的重视程度有望提升；新能源、新能源汽车、工控等都将明显受益与“碳达峰、碳中和”战略的实施。光伏方面，推荐隆基股份、通威股份等核心制造龙头，以及美畅股份、金博股份等细分领域的优势企业；风电方面，推荐明阳智能、金风科技等风机龙头，以及日月股份、东方电缆、天顺风能、大金重工等各细分零部件环节的龙头企业；新型电力系统方面，建议关注国电南瑞、阳光电源、派能科技等；新能源汽车方面，推荐宁德时代、当升科技、新宙邦、杉杉股份等龙头企业，关注欣旺达、中科电气、星源材质、德方纳米、天赐材料等高业绩弹性标的；工控及节能方面，推荐工控龙头汇川技术以及国内电机龙头卧龙电驱。

我们重点推荐三条主线：1）全球动力电池产业链需求高增长，电池环节，重点推荐宁德时代，材料环节重点推荐恩捷股份、璞泰来、科达利、中科电气、当升科技、宏发股份、三花智控，建议关注星源材质、容百科技、法拉电子、翔丰华；2）优质二线电池厂有望迎来价值重估。重点推荐孚能科技、亿纬锂能、欣旺达，建议关注国轩高科。3）部分中游材料环节供需格局反转，建议关注诺德股份、嘉元科技、多氟多、天际股份、德方纳米、龙蟠科技等。此外，充电桩进入发展快车道，重点推荐：许继电气、国电南瑞、特锐德等。

ARM在PC、数据中心、汽车等多领域加速应用。我们重点推荐中科创达（国内领先的全方位ARM解决方案提供商）,中国长城（飞腾是国内主流CPU中唯一的独立第三方ARM CPU提供商），深信服（ARM架构的超融合解决方案以及桌面云），锐明技术（基于ARM的商用车视频监控解决方案）。

2019 年，全球电动化步伐加快，中国仍然是目前世界上最大的新能源汽车消费市场，市场份额全球占比过半。虽然中国新能源汽车产量受整体车市低迷影响小幅下滑，但国际市场对我国新能源汽车需求依然较强，我国新能源汽车出口增速大幅上涨，实现较好成绩。国家政策调整和市场需求推动新能源汽车产业持续发展。随着外资股比例放开和消费者需求推动，中国新能源汽车产业将进入技术升级的良性竞争时代。智能网联化、高安全性将成为新能源汽车产业的主要发展趋势和关注热点。

2019 年全球新能源汽车终端销量出现波动。中国、美国两大新能源汽车市场产销量均呈现不同程度的下滑，导致全球动力电池市场增速缓。中国新能源汽车产量同比下滑2.3%为124.2 万辆，但仍为全球最大的新能源汽车市场，并继续成为全球最大的动力电池市场。三元电池、磷酸铁锂电池市场主导地位进一步加强，锰酸锂电池、钛酸锂负极电池市场份额持续萎缩。受政策调整、竞争加剧等因素影响，动力电池盈利能力显著下降，动力电池产业进入高质量发展阶段。另一方面，2019 年新能源汽车安全事故增多，动力电池安全继续成为社会各界关注重点。赛迪顾问认为，动力电池及新能源汽车产业利润率将继续降低，但短期内仍高于汽车整车制造及其它汽车零部件。面对激烈市场竞争，国内动力电池企业应在电池材料技术、电芯技术、电池集成方案等方面加大研发投入，同时提升自身生产制造水平，以增强自身核心竞争力；持续关注新体系电池、新关键材料，进一步提升动力电池安全性能。

建议关注国内综合控制器龙头拓邦股份、和而泰；电动工具领域控制器龙头贝仕达克。

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.

Car subscription service is the new generation vehicle ownership model, which allows to opt for a vehicle with fixed fee, particularly for less than 2 years and more than 1 month. Car subscription providers also provide the maintenance and insurance expenses along with the option for multiple switching of the vehicle as per the contract between the service provider and car subscription consumer. Car subscription services only include the services opted for passenger cars such as compact, mid-size, and SUV propelled by either IC engine or electric powertrain. The number of market participants operating in the global market is large and it is difficult to be consolidation as these players are operating in the domestic regions only.

An automotive motor is designed to translate a type of energy (such as electric) into mechanical energy. The combination of mechanics and electronics has led to incorporate increased number of motors in vehicles, owing to their comfort and convenience features. Automotive motors have applications in electronic power steering, seating control, electric vehicles drivetrain, and others. The automotive motors market is driven by factors such as increase in global vehicle production, high demand for safety & convenience features, and rise in demand for electric vehicles. However, increased weight and cost of the overall system restrict the market growth. Moreover, wide number of applications employing the use of electric motors and the concept of autonomous cars create lucrative growth opportunities for the market.