The boom of the car industry may continue to fall

Although the boom of the car industry may continue to fall, the auto industry is still operating one of the best industry in the national economy.Income fell vehicle and parts manufacturers, parts manufacturers profit growth rebounded.The vehicle manufacturer's accounts receivable increased, vehicle and parts manufacturers inventories remained stable.The auto industry has good operating condition first related to sales growth;Second, the downstream raw material prices remain low also for the automotive industry to build a good business environment.But industry financial data, after all, is a lagging indicator for the auto industry, sales are still the most important indicators.From the current terminal sales and inventory, sales or downward.Accordingly, with the decrease of the boom of industry also.

Auto industry low cost era or the past

Auto industry the main raw material prices continue to fall, PPI may fell 1.45% year on year, fell 0.06%, the decline has narrowed.Main raw materials, non-ferrous metals such as copper and aluminum lead prices have rebounded to the same period last year level, affected by the situation in the Middle East crude oil prices rising steadily, other raw materials prices continue downward.Auto industry era of low cost or the past.

Car plate performance outperformed last week

Passenger car plate rose 9.14%, or the highest;Increase the minimum passenger car sector also beat the csi 300 index.Annual report quarterly results after baking, automobile and each plate valuations have fallen, but no significant advantages compared with historical average.Although plate overall performance is good, but most are based on the 2012 low base, performance continuous improvement is difficult.At the same time we still remind some cities for purchasing and collection of sewage charges, such as congestion charge policy on the impact of the car plate valuation.

Investment strategy

Due to the sales and performance is good, although the current valuation is not low, car plate but also relatively safe.We keep the auto industry "neutral" rating.Advice to focus on, benefit from ownership of stable growth and cost to improve lead-acid battery and tire companies, as well as the benefit from the integration of the beijing-tianjin-hebei region in tianjin, the listed companies in hebei.

Risk warning

1, the main city car purchase;2, to the automobile owners and collecting fees for discharging pollutants on the congestion charge;3, China's automobile and parts of products by trade sanctions;4, automotive product quality problems.