European auto stocks, among the market stars over the past two years, were badly battered during the market's rout, as investors feared that political and economic uncertainties in Europe and the U.S. could lead to another recession.

　　過(guò)去兩年還是市場(chǎng)明星的歐洲汽車股在最近市場(chǎng)暴跌中遭受重創(chuàng)，因?yàn)橥顿Y者擔(dān)心歐洲和美國(guó)在政治和經(jīng)濟(jì)上的不確定性可能導(dǎo)致另一次經(jīng)濟(jì)衰退。

　　A solid second-quarter earnings season, led by booming demand for cars in China, Brazil and Russia, counted for little then. Now, as stock markets seek to regain their balance, investors are returning their attention to car companies with a strong presence in China and a strong business in the luxury end.

　　由中國(guó)、巴西和俄羅斯對(duì)轎車的旺盛需求拉動(dòng)的第二財(cái)季堅(jiān)實(shí)的盈利數(shù)據(jù)也無(wú)濟(jì)于事。現(xiàn)在，隨著股市試圖重新恢復(fù)平衡，投資者開始重新關(guān)注那些在中國(guó)市場(chǎng)業(yè)務(wù)廣泛且豪華車業(yè)務(wù)強(qiáng)勁的汽車企業(yè)。

　　For many analysts, that means premium German auto makers BMW and Daimler. Backed by healthy balance sheets and large cash reserves, they are seen as best placed if the economic concerns ease. Should a recession materialize, on the other hand, analysts see them as more resilient than their peers.

　　對(duì)于許多分析師來(lái)說(shuō)，符合上述條件的公司就是德國(guó)高檔車廠商寶馬汽車公司（BMW）和戴姆勒公司（Daimler）。由于有健康的資產(chǎn)負(fù)債表和大量現(xiàn)金儲(chǔ)備做后盾，一旦市場(chǎng)對(duì)經(jīng)濟(jì)的擔(dān)憂緩解，它們被視為優(yōu)勢(shì)最明顯的兩家公司。另一方面，如果經(jīng)濟(jì)衰退變成現(xiàn)實(shí)，分析師認(rèn)為，相比其競(jìng)爭(zhēng)對(duì)手，這兩家公司抵御衰退的能力更強(qiáng)。

　　“Assuming ongoing economic expansion, Daimler and BMW look very attractive in absolute terms, with robust fundamentals and very low valuations,” Sanford Bernstein analyst Max Warburton said. He rates both BMW and Daimler stock as outperform.

　　投資機(jī)構(gòu)Sanford Bernstein的分析師沃伯頓（Max Warburton）說(shuō)，假設(shè)經(jīng)濟(jì)擴(kuò)張能夠持續(xù)，按絕對(duì)價(jià)值計(jì)算，戴姆勒和寶馬看上去非常具有吸引力，因?yàn)樗鼈兓久鎻?qiáng)勁，估值很低。他給寶馬和戴姆勒的股票評(píng)級(jí)為“強(qiáng)于大盤”。

　　China, the world's second-largest economy, has been driving a broad industry recovery in recent quarters. It became Volkswagen's largest single market last year and is the biggest sales region for flagship luxury sedans from BMW and Mercedes-Benz. Analysts, however, have warned that an overreliance on growth in China increases risks related to possible regulatory interference there. Authorities, particularly in large cities such as Beijing, have at times sought to manage the growth of the local car market through special taxes.

　　作為全球第二大經(jīng)濟(jì)體，在最近幾個(gè)季度中，中國(guó)一直在推動(dòng)行業(yè)的廣泛復(fù)蘇。去年中國(guó)成為大眾汽車（Volkswagen）單一最大市場(chǎng)，也是寶馬和梅賽德斯-奔馳（Mercedes-Benz）旗艦豪華轎車銷量最大的區(qū)域。然而分析師也警告，過(guò)分依賴中國(guó)市場(chǎng)的銷量增長(zhǎng)會(huì)加大與中國(guó)可能的監(jiān)管干預(yù)有關(guān)的風(fēng)險(xiǎn)。有關(guān)部門（尤其是在北京等大城市）會(huì)不時(shí)通過(guò)特殊稅種試圖控制當(dāng)?shù)仄囀袌?chǎng)的發(fā)展。

　　Investors still recall the dramatic drop in stock prices in 2008s, when car sales tanked due to rising unemployment amid recession and tightening credit markets. But so far, monthly new-car registration data released by car makers or industry associations show no evidence that the economic worries have cut car sales. Figures for August will be released in early September.

　　投資者至今還對(duì)2008年股價(jià)大跌的情形記憶猶新。當(dāng)時(shí)經(jīng)濟(jì)衰退加上信貸市場(chǎng)收緊令失業(yè)率上升，汽車銷量大幅下滑。但到目前為止，由汽車廠商或行業(yè)協(xié)會(huì)發(fā)布的月度新車注冊(cè)數(shù)據(jù)顯示，沒(méi)有證據(jù)表明對(duì)經(jīng)濟(jì)的擔(dān)憂降低了汽車的銷量。8月份的相關(guān)數(shù)據(jù)將在9月初發(fā)布。

　　This month's market turbulence prompted Deutsche Bank analyst Jochen Gehrke to cut the price targets for European auto stocks and warned that a possible recession would send shares further down.

　　本月市場(chǎng)的動(dòng)蕩促使德意志銀行（Deutsche Bank）的分析師蓋克（Jochen Gehrke）下調(diào)歐洲汽車股的目標(biāo)價(jià)。他警告說(shuō)，可能到來(lái)的經(jīng)濟(jì)衰退將進(jìn)一步拉低股價(jià)。

　　“We have opted for a balanced view to construct our updated target prices, giving the ”slowdown, but no industry recession“ scenario the highest probability for now,” he added. The bank's favorites are Daimler and Volkswagen.

　　蓋克又說(shuō)，我們?cè)谥匦抡{(diào)整目標(biāo)價(jià)時(shí)選擇了一種平衡視角。我們認(rèn)為目前最有可能發(fā)生的情況是增長(zhǎng)放緩，但不會(huì)發(fā)生行業(yè)性衰退。德意志銀行中意的股票是戴姆勒和大眾汽車。

　　UniCredit analyst Georg Sturzer said the current “recession fears offer opportunities” and picked Daimler as the most promising stock to bet on a market recovery.

　　裕信（UniCredit）分析師斯圖策（Georg Sturzer）說(shuō)，眼下對(duì)經(jīng)濟(jì)衰退的擔(dān)憂提供了多種機(jī)遇。他最看好戴姆勒的前景，并挑中戴姆勒的股票押注市場(chǎng)復(fù)蘇。

　　Analysts say Volkswagen, Europe's largest auto maker by sales volume, should gain significant economies of scale in coming years through flexible system to build cars and share technology across its many brands. But its strong presence in China and Brazil makes it more vulnerable to volatile sales swings in emerging markets than some others.

　　分析師說(shuō)，未來(lái)幾年，通過(guò)靈活的造車體系以及在旗下多個(gè)品牌間分享技術(shù)，大眾汽車應(yīng)該能獲得明顯的規(guī)模經(jīng)濟(jì)效應(yīng)。按銷售量計(jì)算，大眾汽車是歐洲最大的汽車廠商。但其在中國(guó)和巴西業(yè)務(wù)巨大使其相對(duì)其它品牌更易受到新興市場(chǎng)銷量波動(dòng)的影響。