7 月社零降幅继续收窄，总额同比下降 1.1%，环比+0.7pcts、同比-8.7pcts。 汽车大幅回暖，可选类金银珠宝表现亮眼；必选增长放缓，地产产业链相关地 家电、建筑与装潢增速回落转负。考虑基数效应，预计下半年消费维持稳健增 长态势，建议保持配置，聚焦各细分领域龙头。

Connected car can be defined as a car that is equipped with a wireless local area network (Wireless LAN) and usually with internet. This connectivity allows the car to share data and internet access with any other device both outside and inside the vehicle. In addition, car is also installed with special added technology that connects to internet or wireless LAN and provides additional benefits such as navigation, vehicle diagnosis, and others to the driver. The connected cars market has witnessed significant growth over the years, owing to increase in trend of connectivity solution worldwide.

The report incorporates the study of the global electric vehicle market that focuses on the type of electric vehicles and alternative fuels used in different vehicles. An electric vehicle functions on electricity and does not use conventional fuels, such as gasoline or diesel, as its power source. The chemical energy of alternative fuel is converted into kinetic energy in the engine to propel the vehicle. Moreover, the usage of alternative fuel and electricity in these vehicles lead to zero emissions, making them ecofriendly. The advent of electric vehicles is a paradigm shift in the modern world. Automobile manufacturers are inclined toward electric and alternative fuel vehicles due to increase in vehicle emission regulations.

Electric vehicle charger is used to charge electric vehicles with a battery and the electrical source that helps to charge the battery. Currently, three different modes of charging are available in the market, level 1, level 2, and DC fast charging. Level 1 and level 2 charging are the types of AC mode of charging, which charge the vehicle at 120 volts and 240 volts, respectively. Such chargers can be installed at home or public places as per the individual’s requirements. The electric vehicle chargers market is analyzed in accordance with the impacts of the drivers, restraints, and opportunities. The period studied in this report is from 2019 to 2027.

上周（8 月9 日-8 月15 日）沪深300 指数-0.1%，A 股汽车整车板块+0.9%，汽车零部件板块-0.1%。个股方面：A 股中，拓普股份以24.6%的涨幅领涨，银轮股份以8.5%的跌幅位列最后。H 股中，敏实集团以4.5%的涨幅位列最前，华晨中国以9.3%的跌幅位列最后。

行业分化明显，日系、豪华、一线自主份额提升趋势较确定。三季度海外车市进入复苏通道，海外业务占比高的配件企业环比或有明显改善,关注相关零部件企业。国内重卡受益于国三淘汰+治理超载+基建托底全年表现将持续强劲，全年或创140万辆年度销量新高。豪华品牌经销商持续受益于豪华车渗透率提升，且豪华车售后维修费用高、客户黏性强，将持续受益。

自动驾驶是一场规模游戏，产业进入“资本冷静期”。1）技术层面，2020年L3级别车型进入集中量产阶段，L4/L5级自动驾驶由于商业天花板更高，再加上疫情冲击，主要企业L4/L5车型量产计划均有推迟；2）资金层面，Waymo、Cruise、Uber作为自动驾驶技术领头羊，2019年相关研发投入均超过20亿美元，全球前10大玩家在自动驾驶领域投入超过160亿美元，另一方面，全球车市已连续下滑两年，车企利润承压的同时研发支出高企，而自动驾驶商业化进度不及预期，产业已进入资本冷静期，我们测算2019年自动驾驶行业兼并收购金额同比下滑54%，今年Waymo首次寻求外部融资，估值仅300亿美元，较高点缩水70%。

智能手机 VS 电动汽车： 电动车远期空间大于智能手机，当前处于加速渗透期，未来潜力巨大。市场规模：当前智能手机全球/中国 市场规模3. 1/0.8 万亿元，市场趋于成熟。

7 月的乘用车终端零售受季节性影响、回升态势放缓，主机厂加速供给释放，引发主机厂和经销商库存出现上升，预计8 月季节性因素减弱，终端零售边际小幅增长；从结构来看，符合高端换购需求、消费升级趋势的乘用车销售好于市场整体水平，建议关注符合此类特征的上市公司。在商用车领域，货车受基建投资加码、国三加速淘汰、电商物流增加，预计全年市场高景气度延续，龙头重卡车企受益于渠道、品牌、服务优势，强者愈强，建议重点关注重卡龙头企业。

上周上证综指上涨0.18%，深证成指下跌1.17%，中小板指下跌0.78%，创业板指下跌2.95%，沪深300 指数下跌0.07%，汽车行业指数上涨0.15%。细分板块方面，乘用车指数下跌0.32%，商用载货车指数上涨12.75%，商用载客车指数上涨0.01%，汽车零部件指数下跌0.13%，汽车服务指数上涨0.34%。个股涨幅较大的有福田汽车（35.50%）、拓普集团（24.58%）、朗博科技（16.32%），跌幅较大的有光启技术（-22.92%）、力帆股份（-12.63%）、云内动力（-11.68%