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AUTOMOBILES & COMPONENTS SECTOR:OPENING UP OF CHINA AUTO INDUSTRY

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发表于 4 天前 | 显示全部楼层 |阅读模式
配资之家(www.miaogu.com)讯:11:58【抖音短视频暂时关闭直播与评论功能 将全面整改】财联社4月11日讯,抖音方面表示,即日起,为更好地向用户提供服务,抖音将对系统进行全面升级,期间直播功能与评论功能暂时停止使用,升级完毕后会再次开通。此次抖音系统升级将进一步提高内容审核标准,优化审核流程,加强对平台内容的管理,包括评论与直播。(腾讯科技)11:57【财政部副部长:中国降低汽车等产品进口关税将尽早实施】财联社4月11日讯,财政部副部长程丽华表示,将认真落实抓紧实施降低进口关税措施。中国降进口关税是根据自身发展需要,主动扩大开放举措。中国降低汽车等产品进口关税将尽早实施。
                配资之家9月21日:触底反弹行情并未结束 电子行业

          今日可申购新股:无。  今日可申购可转债:无。  今日可转债上市:无。  今日上市新...
       
       

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AUTOMOBILES & COMPONENTS SECTOR:OPENING UP OF CHINA AUTO INDUSTRY
Automobile tariffs relaxed and raised foreign ownership limit. In the opening speech in the Boao Forum,President Xi Jinping put emphasis on the further opening up of the economy. In particular concerning theautomobile industry, he mentioned the intention of reducing tariffs on imported cars as soon as this year. Healso reiterated plans to further relax foreign ownership limits in certain sectors including the automobile sector.
Despite that there is no specific time plan and other absent key details, we believe that there will be implicationsto the current automobile industry.
Lowering tariffs on imported cars would hurt premium brands with higher localization rate, but theeffect on the overall auto industry should be rather limited. The current import tax on automobiles is 25%and 10% for components; this tax level has been used since joining the World Trade Organization in Jul. 2006.
Despite that the lowering of tariffs was also mentioned this year in the Government Report, we expect PresidentXi to gradually lower tariffs over the next few years. President Xi has sent a message to speed up the process,with a significant reduction to be expected this year. When benchmarked against other developed economies,the EU, US and Japan have much lower import tax on cars, imposing 10% / 2.5% / 0%, respectively, we believethe reduction in tariffs could then be reduced in the range of 5% to 10%. Due to increasing localization of foreignbrands, sales share of imported cars within China’s total auto sales was 4.3% in 2017, and we therefore expecta limited impact to the overall industry. Despite that there are limited direct comparable models between importsand localized models, the reduction in tariffs would effectively lower the selling price of imported models. In otherwords, the price performance ratio will improve. The most vulnerable segment would be the premium sector,which has a high localization rate, such as Brilliance BMW / Beijing Benz, as their selling price is closest to theimported models. Meanwhile, other premium brands with low localization rate would benefit most and wouldreduce their appetite to build localized factories in China due to reducing localization benefit. Other JV partnerssuch as Honda, Toyota, General Motors, etc., are focusing on the mid-to-high range sector due to perceivedlimited impact due to a much lower price range.
The relaxation of foreign ownership limits will benefit the long-term development of the automobileindustry. We believe that the proposed change will be more applicable to emerging sectors such as new energyvehicles (“NEV”) and autonomous driving, which are more aligned to other national strategic plans such as“Made in China 2025”。 We believe the main objective is to attract quality investment from reputable firms as away to create a stronger economy, increase overall competitiveness of the industry, and making sure China isnot lagging in these emerging trends. The removal of foreign ownership could pave the way for global playerssuch as Tesla to produce locally in China.
Sector View: Brilliance China (01114 HK), GAC (02238 HK) and BAIC Motor (01958 HK) reacted negativelyyesterday (10 Apr. 2018), seeing stock prices drop by 3.0% / 3.3% / 7.1%, respectively. We believe that there isshort-term pressure to remain on the above stocks due to the potential impact on fundamentals. However, webelieve long-term outlook would not significantly change on Brilliance China and GAC, maintain “Buy” ratings,with TP of HK$ 25.02 and HK$ 21.29, respectively. Meanwhile, we would continue to avoid BAIC Motor (01958HK, “Neutral”), due to a weak fundamental outlook. Our top pick remains as Geely Auto (00175 HK) with “Buy”investment rating and TP of HKD 32.10, with growth expected from the Lynk & Co. brand over the next fewyears.

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发表于 3 天前 | 显示全部楼层
路过,支持一下啦
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发表于 昨天 23:04 | 显示全部楼层
LZ敢整点更有创意的不?兄弟们等着围观捏~
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