Citigroup 11 月 13 日超长篇，英文172页。
　　Initiating with a more bullish view than consensus—Combining our proprietaryanalysis on engines，the auto market’s latest trends and Citi’s positive GDP view，we forecast China’s PV volumes will grow 3.1/6.1% in 17/18E and at a 6.9% CAGRin 18-20E vs.the Street’s 18E estimate of +1-2% yoy.Aside from the V-shapedeffect，our investment thesis–which is in sync with our economists’/strategists’views on China’s consumption story–argues that three factors will drive the sector.