报告为德意志银行欧洲股票研究团队发布的汽车行业周报，回顾全球汽车及零部件板块动态。报告指出，美国汽车零部件行业面临北美需求韧性、中国国内零售疲弱但出口强劲、欧洲产能重组并行的复杂格局；2026年三季度业绩受物流、能源、铜及存储芯片成本上升拖累，市场关注点集中在2027年全球产量增长平淡背景下的跑赢行业能力与利润率改善路径。报告下调了覆盖范围内多数零部件企业的盈利预测，但将BorgWarner列为季度首选，看好其“ICE持续更久”的顺风及向工业和数据中心等高毛利业务多元化；Dana、Dauch等北美敞口较高的企业受中国疲弱影响相对较小。报告并附全球整车、零部件、轮胎及卡车企业估值表。
The US auto supplier sector currently navigates a complex landscape characterized by resilient demand in N. America, deep domestic retail weakness but robust exports in China, and a heavy focus on capacity restructuring in Europe. While 3Q26 earnings face some headwinds from elevated logistics, energy, copper, and memory costs, we believe the primary debate for most names centers on 2027 outlooks amid flattish global production growth, forcing suppliers to demonstrate clear growth-over-market capabilities and margin-improvement bridge. For 3Q26 earnings season, driveline suppliers face near-term headwinds from downwardly revised global light vehicle production—particularly in China—alongside persistent inflation in freight, energy and raw material costs. Despite these macro pressures, BorgWarner remains our top pick into the quarter, representing a highly attractive opportunity to capitalize on "ICE for longer" tailwinds while successfully diversifying into secular, higher-margin indus