Citigroup花旗：中国和印度汽车行业深度研究

(５６页) 09.29.pdf 　　非常经典

Contents
Policies Promote Bigger Trucks 4
China government’s persistent crackdown on overloading 4
A cat and mouse game of catching overloaders 4
Rollout of new emission standards 5
Truck volume to surge in 4Q07, drop in 2008 and bounce in 2009 5
Export: the new growth driver for Chinese trucks 6
China truck sector: a polarization of vehicle types 7
We favor the heavy truck and pickup segments 7
India: Overloading – A Weighty Issue 8
Emission Norms – Getting Hot Over Stale Air 9
Are emission norms that important? 9
Sector Review— China 11
Sector Review— India 15
Great Wall Motor (2333.HK) 19
Tata Motors (TAMO.BO) 41
Analyst Certification Appendix A-1 52