11:584月11日讯，抖音方面表明，即日起，为更好地向用户供给服务，抖音将对体系进行全面晋级，期间直播功用与谈论功用暂时停止使用，晋级结束后会再次注册。此次抖音体系晋级将进一步进步内容审阅规范，优化审阅流程，加强对渠道内容的办理，包含谈论与直播。（腾讯科技）11:574月11日讯，财政部副部长程丽华表明，将认真落实抓住施行下降进口关税办法。我国降进口关税是依据本身发展需要，自动扩大开放行动。我国下降轿车等产品进口关税将尽早施行。
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今天可申购新股：葫芦娃、四会富仕、锦盛新材。今天可申购可转债：本钢转债、瑞达转债...
穿插生意法1956年5元多少钱?为何“海鸥”五元单张能上万?_出资币寻觅未来钱币保藏黑马_出资币趋势出资方案调整法游戏职业最新商场研讨（6月29日）ST仰帆:转让福泽园（北京）文明发展有限公司100%股权暨相关买卖的公告 ST仰帆 : 关于转让福泽园（北京）文明发展有限公司100%股权暨相关买卖AUTOMOBILES & COMPONENTS SECTOR：OPENING UP OF CHINA AUTO INDUSTRY
Automobile tariffs relaxed and raised foreign ownership limit. In the opening speech in the Boao Forum,President Xi Jinping put emphasis on the further opening up of the economy. In particular concerning theautomobile industry, he mentioned the intention of reducing tariffs on imported cars as soon as this year. Healso reiterated plans to further relax foreign ownership limits in certain sectors including the automobile sector.
Despite that there is no specific time plan and other absent key details, we believe that there will be implicationsto the current automobile industry.
Lowering tariffs on imported cars would hurt premium brands with higher localization rate, but theeffect on the overall auto industry should be rather limited. The current import tax on automobiles is 25%and 10% for components; this tax level has been used since joining the World Trade Organization in Jul. 2006.
Despite that the lowering of tariffs was also mentioned this year in the Government Report, we expect PresidentXi to gradually lower tariffs over the next few years. President Xi has sent a message to speed up the process,with a significant reduction to be expected this year. When benchmarked against other developed economies,the EU, US and Japan have much lower import tax on cars, imposing 10% / 2.5% / 0%, respectively, we believethe reduction in tariffs could then be reduced in the range of 5% to 10%. Due to increasing localization of foreignbrands, sales share of imported cars within China’s total auto sales was 4.3% in 2017, and we therefore expecta limited impact to the overall industry. Despite that there are limited direct comparable models between importsand localized models, the reduction in tariffs would effectively lower the selling price of imported models. In otherwords, the price performance ratio will improve. The most vulnerable segment would be the premium sector,which has a high localization rate, such as Brilliance BMW / Beijing Benz, as their selling price is closest to theimported models. Meanwhile, other premium brands with low localization rate would benefit most and wouldreduce their appetite to build localized factories in China due to reducing localization benefit. Other JV partnerssuch as Honda, Toyota, General Motors, etc., are focusing on the mid-to-high range sector due to perceivedlimited impact due to a much lower price range.
The relaxation of foreign ownership limits will benefit the long-term development of the automobileindustry. We believe that the proposed change will be more applicable to emerging sectors such as new energyvehicles （“NEV”） and autonomous driving, which are more aligned to other national strategic plans such as“Made in China 2025”。 We believe the main objective is to attract quality investment from reputable firms as away to create a stronger economy, increase overall competitiveness of the industry, and making sure China isnot lagging in these emerging trends. The removal of foreign ownership could pave the way for global playerssuch as Tesla to produce locally in China.
Sector View: Brilliance China （01114 HK）， GAC （02238 HK） and BAIC Motor （01958 HK） reacted negativelyyesterday （10 Apr. 2018）， seeing stock prices drop by 3.0% / 3.3% / 7.1%, respectively. We believe that there isshort-term pressure to remain on the above stocks due to the potential impact on fundamentals. However, webelieve long-term outlook would not significantly change on Brilliance China and GAC, maintain “Buy” ratings,with TP of HK$ 25.02 and HK$ 21.29, respectively. Meanwhile, we would continue to avoid BAIC Motor （01958HK, “Neutral”）， due to a weak fundamental outlook. Our top pick remains as Geely Auto （00175 HK） with “Buy”investment rating and TP of HKD 32.10, with growth expected from the Lynk & Co. brand over the next fewyears.