汽车及零部件行业：更多的环保关注，但伤害汽车市场.docxVIP

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汽车及零部件行业：更多的环保关注，但伤害汽车市场.docx

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指中国正在争取更清洁的空气，响应「打赢蓝天保卫战三年行动计划」，重点地区即将实施国六排放标准(2019年7月1日)。而国六排放标准提前实施正在削弱汽车销售，由于时间紧迫，这给经销商带来巨大的去库存压力。因此，销售相当疲软，使乘用车销售在2019年1-5月同比下降15.2%。厂商也面临压力，因为需要把模型升级到符合国六标准。合资品牌在这方面领先，因为主要市场已经实施了欧6或相等标准，因此给予他们优势。

第 PAGE 2 页共 NUMPAGES 3 页 See the last page for disclaimer19 June 2019Automobiles Components Sector 汽车及零部件行 Sector Report Automobiles Components See the last page for disclaimer 19 June 2019 Automobiles Components Sector 汽车及零部件行 Sector Report Table of Contents SAVE THE ENVIRONMENT 3 BLUE SKY IS COMING FOR CHINA? 5 LIGHT VEHICLE 5 HEAVY DUTY 7 OVERALL INDUSTRY SALES 9 INVESTMENT SUGGESTIONS 11 Geely Automobile (00175 HK) 12 Dongfeng Motor Group (00489 HK) 15 Brilliance China (01114 HK) 18 BAIC Motor (01958 HK) 21 Guangzhou Automobile (02238 HK) 24 Great Wall Motor (02333 HK) 27 SAVE THE ENVIRONMENT Sustainability has become a major issue as economic prosperity has caused damage to the environment. Scientists have warned that immediate action must be taken by the international community if we are to stop the globe from warming more than 2 degrees above pre-industrial levels and avoid catastrophic ecological consequences. As a result, the Paris Climate Summit resulted in a legally binding consensus by 195 participant countries on limiting global warming to 2 degrees above preindustrial levels by the end of this century, with an aim to reduce it to 1.5 degrees (herein referred to Paris Agreement). Massive investment and development are needed, and for automakers, targets are to lighten vehicle weight and also the push for environmentally friendly energy sources to power vehicles, such as batteries. Large market players including China, the US, Japan and Germany have established targets and laws to confine activities of automakers. In particular, governments are imposing tougher CO2 emission standards. Table-1: Policy Trend for the Future Auto Market Trend Trend Description Country Development Initiatives of Countries China Tightening of average fuel efficiency, by aiming to achieve 5.0L/100km by 2020. Introduced Corporate Average Fuel Consumption (CAFC) credit scheme in 2016. Early implementation of China 6 emission standards in key regio