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投资提示:我们认为汽车股估值已经充分程度反应了政策转向以及行业增速放缓,2011年汽车行业有三条投资主线:1.零部件的盈利稳定表现及跨周期成长故事,如A股的银轮股份(002126.CH)、华域汽车(600741.CH)、福耀玻璃(600660.CH)、一汽富维(600742.CH)以及港股的敏实集团(425.HK)和信义玻璃(868.HK);2.保有量增长推动的汽车经销商长期增长故事,如A股的中大股份(600704.CH)及港股的中升控股(881.HK)及大昌行(1828.HK);3.市场预期悲观,基本面反弹性较大的行业龙头,包括A股的上海汽车(600104.CH)、潍柴动力(000338.CH)、宇通客车(600066.CH)、中国重汽(000951.
Investment tips: We think auto stocks valuation has fully reflected the policy shift and industry slowdown. In 2011, there were three main investment lines in the auto industry: 1. The stable earnings performance of the parts and cross-cycle growth stories, such as the A-shares (002126.CH), Huayu Automobile (600741.CH), Fuyao Glass (600660.CH), FAW Fuwei (600742.CH) and Minth Group (425.HK) of Hong Kong stocks and Xinyi Glass (600704.CH) and Hong Kong stocks Zhongsheng Holdings (881.HK) and DCH (1828.HK); and the long-term growth story of auto dealers driven by the increase in the number of holdings, ; 3. The market is expected to pessimistic, the rebound of the larger fundamental industries leader, including A shares of Shanghai Automotive (600104.CH), Weichai Power (000338.CH), Yutong Bus (600066.CH), China National Heavy Duty Truck 000951.