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。

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.

智能硬件创新方向建议关注制造线设备企业、射频领域先进封装龙头环旭电子、柔性电路板企业东山精密；商用车智能化赛道关注鸿泉物联；另外关注存储芯片国产化标的国科微。

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.

事件：9 月8 日下午，在2020 年中国国际服务贸易交易会北京市氢能产业政策和项目发布活动专场上，北京市经济和信息化局发布了《北京市氢燃料电池汽车产业发展规划（2020-2025 年）》。

长安福特最早的经销商店之一，产值位于全国前列。从车型销量看，7月和8月单店销量均超过110辆，其中锐际和探险者的占比约为20%。库存合理，库存系数在1个月左右。优惠方面，厂家对锐际提供6000元左右的补贴，对福克斯和福睿斯的补贴超过2万元。该店面纯新车毛利率约为1.5%-2%。

8 月产量同比接近于零，批发同比连续4 个月正增长。乘联会口径：狭义乘用车产量实现164.4 万辆（同比-0.2%，环比-2.7%），批发销量实现173.6 万辆（同比+6.9%，环比+6.1%），零售销量实现170.3 万辆（同比+9.0%，环比+6.6%），其中新能源乘用车批发10 万辆（同比+40.9%，环比+20.5%）。背后可能原因分析：1）8 月批发连续正增长，得益于“产业链复工复产恢复正常+车企强有力促销+中央/地方刺激政策出台”三方面。2）批发同比增速高于产量，核心原因为今年的高温假集中于8 月初，厂家生产受影响，批发走势前低后高，较顺畅。8 月传统乘用车企业库存-9.2 万辆，企业累计库存为-44 万辆，渠道库存预计季节性小幅补库。展望9 月：北京车展+国庆中秋双假期预热，产量/批发预计同比增长5%-10%。

8月欧洲新能源车销量同比+170%。8月欧洲10国（2019年EV+PHEV销量占比欧洲约90%）新能源汽车合计注册8.3万辆，同比增长170%，同期10国乘用车整体注册量下滑14%。新能源增速表现好于乘用车整体184pct，继续维持大幅跑赢趋势。1-8月累计同比增长90%，继续保持高增速。新能源车主要消费国德国、法国销量分别达到3.3万辆、1.1万辆，同比分别增长308%、208%。从渗透率看，8月10国新能源车渗透率达到12.0%，同比提升8.2pct。1-8月渗透率达到9.2%，同比提升5.4pct。