China marks relative bright spot in global auto industry
中国在全球汽车市场一枝独秀
Chinese auto sales have proved to be a relative bright spot so far this year, even as the rest of global automobile industry struggles to cope with tough economic conditions.
中国的汽车销售状况今年迄今为止一直是全球汽车业的一个相对亮点，世界其他国家的汽车工业目前都在苦苦应对严峻的经济形势。
Backed by government incentives, automobile sales in mainland China could continue to post strong growth in coming months, setting the stage for auto industry shares to outperform, say analysts.
分析师们说，受政府刺激措施的提振，中国大陆未来几个月的汽车销售量有可能继续强劲增长，从而为中国汽车类股取得强于大盘的表现奠定基础。
China's State Council said last week that the government will implement a five-fold increase to the subsidy it gives consumers trading in their old vehicles for new ones, raising it to five billion yuan ($732 million) from the one billion yuan announced previously.
中国国务院上周说，中央财政将把老旧汽车报废更新的补贴资金从此前宣布的10亿元增加到50亿元。
The move, which comes on top of a January reduction in the vehicle purchase tax for small cars, is expected to boost replacement demand.
政府在1月份刚刚下调小排量汽车购置税后又出台的这一措施，预计会提振中国大陆的车辆更新换代需求。
'[While] other major markets shrink in size, China is seeing the largest growth in the auto market. We believe the Chinese auto sector's fundamentals are improving,' BNP Paribas analyst Jack Yeung wrote in a recent report.
法国巴黎银行(BNP Paribas)的分析师Jack Yeung最近在一份报告中说，虽然其他主要汽车市场的规模都在缩减，但中国却在各汽车市场中取得了最大幅度的增长，我们认为中国汽车行业的基本面正在改善。
'In the short-term we believe demand for auto sales should further improve, given the Chinese government's continuous policy support toward auto sector. In the long term, we believe small cars as well as light trucks will be the champion of the Chinese auto market,' Yeung said.
他说，短期而言，鉴于中国政府继续实施支持汽车工业的政策，我们认为中国的汽车销售需求将会进一步增长；长期而言，我们认为小型轿车和轻型卡车将成为中国汽车市场的销量冠军。
Chinese automobile sales touched a record high of 1.153 million units in April, rising 25% from April of last year, data from the China Association of Automobile Manufacturers showed earlier this month. Domestic sales in March were 1.11 million units, again a record, according to Chinese state media.
中国汽车工业协会本月早些时候公布的数据显示，中国4月份的汽车销售量达到创纪录的115.3万辆，比上年同期增长25%。而据中国官方媒体报导，3月份111万辆的汽车销量已经创下了历史新高。
'Relatively low auto ownership in less developed regions and the kick-start of domestic consumption growth served as the base for incremental demand, while gradual recovery of consumer spending in the Pearl River and Yangtze River delta areas helped boost the auto market,' Citic Securities analysts wrote in a note to clients.
中信证券(Citic Securities)的分析师在致客户的一份报告中说，欠发达地区相对低的汽车保有量以及国内消费增长的启动，为汽车销量的增长奠定了基础，而珠江三角洲和长江三角洲地区消费支出的逐步恢复也推动了汽车市场的发展。
'We believe the worst is over for the industry, and that [first half results] could surprise on the upside,' they wrote.
这些分析师认为，中国汽车市场最坏的时刻已经过去，中国汽车行业上半年的业绩有可能令人惊喜。
Shares of Chinese automobile companies were mixed in Hong Kong on Monday, with Great Wall Motor Co. rising 3.7%, Geely Automobile Holdings gaining 3.1%, and BYD Co. advancing 3%. Denway Motors dropped 2.4%, while Dongfeng Motor Group Co. gave up 0.9%, and Brilliance China Automotive Holdings lost 2.9%.
在香港上市的各只中国汽车类股周一涨跌互见，长城汽车(Great Wall Motor Co.)上涨3.7%，吉利汽车(Geely Automobile Holdings)上涨3.1%，比亚迪(BYD Co.)上涨3%。骏威汽车(Denway Motors)下跌2.4%，东风汽车集团(Dongfeng Motor Group Co.)下跌0.9%，华晨中国(Brilliance China Automotive Holdings)下跌2.9%。
Still, all of the above stocks have outperformed the benchmark Hang Seng Index, as well as the Hang Seng China Enterprises Index, by a huge margin so far in 2009, and are also trading at prices that are several times the lows they saw in October 2008.
不过，上述这些汽车类股今年迄今为止的表现都远好于恒生指数和恒生中国企业指数，它们目前的股价都是2008年10月时低点的好几倍。
In wider market action, the Hang Seng Index fell 0.7% to 16,952.41 in morning trade, and the Hang Seng China Enterprises Index lost 0.8%. Elsewhere, Japan's Nikkei 225 Average rose 0.9%, and South Korea's Kospi gave up 2.2% in the wake of news of a North Korean nuclear weapons test. Australia's S&P/ASX 200 dropped 1%, and Taiwan's Taiex was little changed.
恒生指数周一前市下跌0.7%，报16,952.41点，恒生中国企业指数周一前市下跌0.8%。日经指数上涨0.9%，韩国综合指数2.2%的涨幅在朝鲜进行核试验的消息传出后被抹去。澳大利亚S&P/ASX 200指数下跌1%，台股指数基本持平。
Varahabhotla Phani Kumar
Varahabhotla Phani Kumar is a reporter in MarketWatch's Hong Kong bureau.
没有评论:
发表评论