報告摘要：
　　8月份，乘用車銷量繼續(xù)保持穩(wěn)健增長，商用車銷量下滑幅度放大。
　　根據(jù)中汽協(xié)公告，2014年8月，汽車銷量為171.56萬輛，同比增長4.04%。其中，乘用車銷量為146.82萬輛，同比增長8.50%，商用車銷量為24.74萬輛，同比下降16.36%（上月同比下降6.66%）。
　　8月份，SUV保持快速增長，但增速略有回落，其次是MPV。SUV銷量為31.13萬輛，同比增長29.63%；MPV銷量14.59萬輛，同比增長38.27%。不過，由于仍有部分車型由微客系列統(tǒng)計納入MPV系列，數(shù)據(jù)失真明顯。
　　8月份，我國新能源(1418.01,0.000,0.00%)(0.00,0.000,0.00%)汽車生產(chǎn)5191輛，同比增長近11倍。其中，純電動乘用車生產(chǎn)2447輛，同比增長近8倍，插電式混合動力乘用車生產(chǎn)1594輛，同比增長近27倍；純電動商用車生產(chǎn)284輛，同比增長近3倍，插電式混合動力商用車生產(chǎn)866輛，同比增長近37倍。
　　我們維持汽車行業(yè)“優(yōu)于大勢”的投資評級。建議按下列投資邏輯選股：（1）關(guān)注新能源汽車產(chǎn)業(yè)鏈中各相關(guān)龍頭企業(yè)。比如江淮汽車(0.00,0.000,0.00%)（600418）、比亞迪(0.00,0.000,0.00%)（002594）、宇通客車(0.00,0.000,0.00%)（600066）、中通客車(0.00,0.000,0.00%)（000957）、松芝股份(0.00,0.000,0.00%)（002454）、均勝電子(0.00,0.000,0.00%)（600699）、信質(zhì)電機(jī)(0.00,0.000,0.00%)（002664）、萬向錢潮(0.00,0.000,0.00%)（000559）等；（2）關(guān)注在乘用車行業(yè)增速穩(wěn)健回升中受益明顯的企業(yè)。比如長安汽車(0.00,0.000,0.00%)（000625）、上汽集團(tuán)(0.00,0.000,0.00%)（600104）、華域汽車(0.00,0.000,0.00%)（600741）、一汽富維(0.00,0.000,0.00%)（600742）、海馬汽車(0.00,0.000,0.00%)（000572）、悅達(dá)投資(0.00,0.000,0.00%)（600805）等；（3）關(guān)注汽車電子化智能化趨勢下產(chǎn)業(yè)布局較早的企業(yè)。比如亞太股份(0.00,0.000,0.00%)（002284）、松芝股份（002454）、星宇股份(0.00,0.000,0.00%)（601799）、均勝電子（600699）、信質(zhì)電機(jī)（002664）、寧波華翔(0.00,0.000,0.00%)（002048）、云意電氣(0.00,0.000,0.00%)（300304）等。（4）關(guān)注國四標(biāo)準(zhǔn)切換布局較早的企業(yè)及相關(guān)零部件企業(yè)。比如江淮汽車（600418）、福田汽車(0.00,0.000,0.00%)（600166）、銀輪股份(0.00,0.000,0.00%)（002126）等。（5）關(guān)注未來將受益于汽車后市場拓展的零部件企業(yè)。比如星宇股份（601799）、金固股份(0.00,0.000,0.00%)（002488）等。
　　投資風(fēng)險：宏觀經(jīng)濟(jì)環(huán)境繼續(xù)惡化、汽車行業(yè)競爭進(jìn)一步加劇、新能源汽車推廣不力。