1、?010-60838203?S1010510120010?010-60838704?S1010510120041?010-60838822?010-60836703?11?21?Google?36?2011?2011?11?18?36?2011?.1 2011?.1?911.1?K2?.2?Q3?.3?ML.3 2013?i30.4?.5?M5.6?SRT-8.7?.7?V60.8?1?911?.1?2?K2?.2?3?Q3?.3?4?ML?.3?5?i30?.4?6?.5?7?M5?.6?8?SRT-8?.7?9?.7?10?V60?.8?36?2011?11?18?12011?Auto G
2、uangzhou?2003?2011?11?21?-28?11?21?180,000?1500?6000?50?11?21?11?22?11?22?-11?28?11?22?-11?24?11?22?-11?23?11?24?-11?28?2011?1?911?Google?36?2011?11?18?2?911?997?911?911?911?911?45?911 Carrera?1525?911?911?20?911?Weissach?Panamera?MichaelMauer?911?911?911?911?LED?LED?911?A?2?K2?Google?K2?4120mm?1700
3、mm?1460mm?2570mm?L?MDPS?AMS?36?2011?11?18?3?1.4L?1.6L?CVVT?1.4L?G4FA?78.7kW/6300rpm?135Nm/5000rpm?1.6L?G4FC?90.4kW/6300rpm?155Nm/4200rpm?K2?2012?3?Q3?Google?Q3?Q3?2012?Q3?Q3?Tiguan?SUV?2.0TFSI/1.8TFSI?7?S-Tronic?Q5?B?BMW?BENZ?SUV?30-40?25-35?4?ML?Google?36?2011?11?18?4?ML?ML?ML?85-150?ML?ML?6?ML?ML3
4、50?3.5L?V6?220kw?5?i30?Google?2013?i30?i30?i?i30?i?2013?Rsselsheim?i30?i40?ESP?ABS?VSM?2013?i30?6?i30?i30?1.6L Gamma?135?164?36?2011?11?18?5?6?Google?11?8?2011?4825mm?1825mm?2775mm?2.0L?2.5L?X?2.0L?2.5L?2.0L?4?2.5L?RAV4?V6?2.5L?133kW?232N?m?6?CVT?2.5L?CVT?36?2011?11?18?6?7?M5?Google?M5?M5?M5?4910mm/
5、1891mm/1456mm?2964mm?E60?55mm?45mm?13mm?75mm?M5?4.4L V8?560?680?M-DCT?100km/h?4.4?0-200km/h?13?0-1000m?21.9?250km/h?M5 Sedan?M?Drivers Package?305km/h?M5 Sedan?Start-Stop?V8?M5?E60?V10?30%?9.9?10%?30%?M5?M?Launch Control?36?2011?11?18?7?8?SRT-8?Google?SRT-8?2?LED?ACC?2012?SRT-8?SUV?SRT-8?2.5cm?5?6.1
6、L?6.4L?342Kw?465?628?13%?9?Google?36?2011?11?18?8?1.6T?17?2.7?1.8?1.6T?2.0L?2.4L?1.6T?6?B?2.0L?113KW?108KW?2.0L?1L?2.4L?SIDI?2.0L?1.8TSI?118KW?IV?10?V60?Google?V60?8?V60?V60?S60?S60?4628mm*1865mm*1484mm?2776mm?V60?S60?5?1.6L?2.0L?3.0L?150-304?240N?m-440N?m?3?115-120?270-420N?m?V60?/?1095mm?S60?V60?A
7、nalyst Certification?i?ii?The analysts primarily responsible for the preparation of all or part of the research report contained herein hereby certify that:(i)the views expressed in this research report accurately reflect the personal views of each such analyst about the subject securities and issue
8、rs;and(ii)no part of the analysts compensation was,is,or will be directly or indirectly,related to the specific recommendations or views expressed in this research report.?/?(?)?(1)?(2)?/?/?2011?300?20%?300?5%?20%?300?-10%?5%?300?10%?300?10%?300?-10%?10%?1.?6?6?300?2.?6?300?300?10%?48?100125?1568?22
9、?200122?8?518048?1?26?Foreign Broker-Dealer Disclosures for Distributing to the U.S.?-?This report has been produced in its entirety by CITIC Securities Limited Company(“CITIC Securities”,regulated by the China Securities Regulatory Commission.Securities Business License Number:Z20374000).This report is being distributed in the United States by CITIC Securities pursuant to Rule 15a-6(a)(2)under the U.S.Securities Exchange Act of 1934 exclusively to“major U.S.institutional investors”as defined in Rule 15a-6 and the SEC no-action letters thereunder.?Z20374000?1934?15a-6(a)(2)?15a-6?