德意志银行：中国汽车行业研究英文

Table of Contents
Investment thesis ................................... 3
Dealer survey ....................................... 4
Sector update ....................................... 9
Auto financing will remain tough ....................16
Key success factors ................................. 18
Distribution ........................................18
Low cost and high local content.......................19
New product rollout momentum...............................20
The bottom line..........................................20
Company section
Denway....................21
Brilliance China ..............23
Geely Auto ......................25
Appendix A: The basics........................... 27
China automaker tie-ups ............................27
Appendix B: Growth........................... 28
Chinese auto market...............................28
Appendix C: Market structure ............................. 29
Structural changes in the Chinese auto market............29
Appendix D: Policies...................................... 30
China’s new auto policy................................30
Appendix E: Capacity ........................... 31
Chinese car production capacity ......................31
Appendix F: Others.................................. 32
Car import tariffs coming down and import quota elimination ..32
Appendix 1 ................................ 33