新能源汽车产业链深度报告1.新能源汽车产业概述...........................................................................................................61.1新能源汽车的定义......................................................................................................61.2我国新能源汽车的蓬勃发展......................................................................................61.3新能源汽车产业链梳理..............................................................................................82.下游整车：新能源乘用车高增长，商用车关注龙头.......................................................92.117年新能源商用车和乘用车表现两重天..................................................................92.2新能源乘用车看小型电动车，商用车关注龙头....................................................123.中游电池：三元电池起势.................................................................................................143.1动力电池成长性确定三元解禁迎发展起势..........................................................143.2正极材料产能过剩锂矿成稀缺资源......................................................................163.3负极材料、电解液供过剩趋势明显........................................................................193.4锂电铜箔景气提升湿法隔膜进口替代..................................................................204.中游锂电设备：动力锂电池龙头将迎来扩产周期，锂电设备行业最先受益.............234.1特斯拉引领潮流，新能源汽车行业持续爆发........................................................234.2政策利好动力锂电池龙头，行业将加速优胜劣汰................................................244.3受益于锂电产能扩张及进口替代，锂电设备将迎来黄金发展期........................264.4龙头已进入快速增长通道，重点推荐估值相对低位的先导智能及赢合科技....275.上游材料：高镍三元拉动氢氧化锂需求未来两年或迎供需缺口...............................29长城证券3图1：我国新能源汽车产量数据...............................................................................................6图2：我国新能源汽车产量预测...............................................................................................8图3：新能源汽车产业链梳理（电池主线）...........................................................................9图4：2016年纯电动客车增速下滑较大................................................................................10图5：新能源客车结构对比.....................................................................................................10图6：2017-2018年新能源客车补贴标准...............................................................................11图7：新能源乘用车历年产量情况.........................................................................................11图8：2017年月度同比增速加快............................................................................................11图9：北汽国民电动小车EC180..............................................................................................12图10：江淮汽车IEV6E.............................................................................................................12图11：动力电池产量和需求...................................................................................................14图12：动力电池技术构成占比...............................................................................................1...
