国家相关部委表态，要破除相关限制，稳住汽车消费

规范、专业、创新 请阅读最后一页重要免责声明1 证券研究报告·个股深度报告 证券研究报告·个股报告 华鑫证券·行业周报 证券研究报告·行业报告 市场表现  上周行情回顾：上周沪深300下跌2.41%，汽车板块下跌2.75%，涨幅位列申万一级行业第10，跑输沪深300指数0.34个百分点；其中，汽车整车板块下跌2.71%，汽车零部件板块下跌2.34%，汽车服务板块下跌6.62%。  上市公司信息回顾：国家发改委表示，稳住汽车等消费大头并探索推行逐步放宽或取消限购具体措施；广州投资96亿，将建国家级自动驾驶基地；工信部发布动力电池回收网点建设指南等。  本周行业观点：根据乘联会发布的数据，11月第一周国内乘用车日均零售量为2.1万台，同比下降20%，总体销量偏低，预计与双十一前消费者观望情绪增加有关。第一周日均批发量为2.9万台，同比下降16%，仍然偏弱，预计月末随着双十一促销等因素的影响，整体销量会逐步回暖。行业消息层面，上周发改委召开新闻发布会，相关负责人表示要破除汽车消费限值，探索推行逐步放宽或取消限购的具体措施，推动汽车限购政策向引导使用政策转变。结合此前深圳、广州等城市率先提出的放宽汽车限购举措，我们预计，汽车限购政策的放宽将在全国范围内进一步推行，在当前行业销量整体疲弱的背景下，具体措施的出台将有利于带动行业需求的复苏。  投资建议：对于行业投资逻辑，我们始终认为，未来我国汽车行业的竞争将不断加剧，唯有具备技术、资金、研发、品牌等综合优势的龙头企业有能力持续受益，结构性机会将是长期关注重点。在当前时点，汽车行业正面临整体盈利周期的低点，未来随着国内宏观经济的逐步企稳，汽车行业大概率出现结构性复苏。从投资角度而言，建议始终从短期弹性、中长期价值成长和新兴增量空间三个角度出发关注相关投资机会。从短期弹性角度看，建议关注目前业绩及估值见底，且未来业绩大概率有望企稳回升的整车企业长安汽车。从中长期价值角度看，整车及零部件板块，依旧建议关注在合资及自主领域具备领先优势的整车及零部件企业上汽集团、华域汽车、星宇股份。从新兴增量空间角度看，特斯拉国产无疑为国内相关供应商提供了全新增量空间，相关供应链厂商订单弹性有望增大，因此建议关注现有特斯拉现有供应商三花智控、拓普集团，以及未来有望成为供应商的优质标的银轮股份。同时，随着汽车智能 指数/板块 过去一周涨跌幅（%） 过去一月涨跌幅（%） 年初至今涨跌幅（%） 上证综指 -2.46 -2.93 15.94 深证成指 -2.50 0.06 33.26 创业板指 -2.13 1.11 33.93 沪深300 -2.41 -1.16 28.78 汽车(申万) -2.75 -2.45 4.35 汽车整车 -2.71 -3.47 -2.27 汽车零部件 -2.34 -0.68 8.87 汽车服务 -6.62 -10.40 -1.20 指数表现（最近一年） -15.00%-10.00%-5.00%0.00%5.00%10.00%15.00%20.00%25.00%30.00%35.00%汽车(申万)沪深300 资料来源：Wind，华鑫证券研发部 分析师：杨靖磊 执业证书编号：S1050518080001 电话：021-54967583 邮箱：yangjl@cfsc.com.cn 华鑫证券有限责任公司 地址：上海市徐汇区肇嘉浜路750号 邮编：200030 电话：（86 21）64339000 网址：http://www.cfsc.com.cn 2019年11月19日 汽车 国家相关部委表态，要破除相关限制，稳住汽车消费 行业评级：中性 规范、专业、创新 请阅读最后一页重要免责声明2 证券研究报告·行业周报 化、电动化的不断推进，具备整车厂Tier1资源和产品技术优势的车载电子龙头有望成为智能驾驶落地的入口，打开全新增长空间，因此建议重点关注座舱电子系统龙头德赛西威。  风险提示：汽车销量持续低迷导致车企盈利能力大幅下滑、宏观经济持续低迷、中美贸易摩擦不断升级等。 规范、专业、创新 请阅读最后一页重要免责声明3 证券研究报告·行业周报 目录 1. 本周观点及投资建议 ····················································································································································· 4 2. 市场行情回顾 ································································································································································ 4 2.1大盘下跌，汽车板块跌幅超过大盘 ································································································································· 4 2.2各子板块均出现下跌，汽车服务及商用载货车板块跌幅较大 ····················································································· 6 3. 行业及公司动态回顾 ····················································································································································· 8 3.1传统整车及零部件领域 ····················································································································································· 8 3.2智能网联领域 ····································································································································································· 9 3.3 汽车电动化领域 ······························································································································································ 10 4. 重点公司公告速览 ······················································································································································· 11 5. 行业重点数据跟踪 ······················································································································································· 12 5.1汽车产销数据跟踪 ··························································································································································· 12 5.2商用车产销数据跟踪 ······················································································································································· 13 5.3新能源汽车产销数据跟踪 ··············································································································································· 14 5.4行业库存情况跟踪 ··························································································································································· 16 5.5重点原材料价格数据走势跟踪 ······································································································································· 16 规范、专业、创新 请阅读最后一页重要免责声明4 证券研究报告·行业周报 1. 本周观点及投资建议 根据乘联会发布的数据，11月第一周国内乘用车日均零售量为2.1万台，同比下降20%，总体销量偏低，预计与双十一前消费者观望情绪增加有关。第一周日均批发量为2.9万台，同比下降16%，仍然偏弱，预计月末随着双十一促销等因素的影响，整体销量会逐步回暖。行业消息层面，上周发改委召开新闻发布会，相关负责人表示要破除汽车消费限值，探索推行逐步放宽或取消限购的具体措施，推动汽车限购政策向引导使用政策转变。结合此前深圳、广州等城市率先提出的放宽汽车限购举措，我们预计，汽车限购政策的放宽将在全国范围内进一步推行，在当前行业销量整体疲弱的背景下，具体措施的出台将有利于带动行业需求的复苏。 对于行业投资逻辑，我们始终认为，未来我国汽车行业的竞争将不断加剧，唯有具备技术、资金、研发、品牌等综合优势的龙头企业有能力持续受益，结构性机会将是长期关注重点。在当前时点，汽车行业正面临整体盈利周期的低点，未来随着国内宏观经济的逐步企稳，汽车行业大概率出现结构性复苏。从投资角度而言，建议始终从短期弹性、中长期价值成长和新兴增量空间三个角度出发关注相关投资机会。从短期弹性角度看，建议关注目前业绩及估值见底，且未来业绩大概率有望企稳回升的整车企业长安汽车。从中长期价值角度看，整车及零部件板块，依旧建议关注在合资及自主领域具备领先优势的整车及零部件企业上汽集团、华域汽车、星宇股份。从新兴增量空间角度看，特