高收益汽车供应商相对价值分析

IndustryAutomotiveSuppliersec 9 Appendix 1Important Disclosures*Other information available upon requestDeutsche Bank may have shown incomplete disclosure information in its High Yield industry reports until 19th March 2021.If you require any further information please contact DVS.Support@db.com.Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from localexchanges via Reuters, Bloomberg and othervendors . Otherinformation is sourced from Deutsche Bank, subject companies,and other sources. For further information regarding disclosures relevant to Deutsche Bank Research, please click hereFor historical recommendations pertaining to a security mentioned in this report, please click hereAnalyst CertificationThis report covers more than one security and was prepared by more than one analyst. The views expressed in this reportaccurately reflect the personal views of each undersigned lead analyst about the subject issuers covered by each, and thesecurities of those issuers. In addition, the undersigned lead analysts have not and will not receive any compensation forproviding a specific recommendation or view in this report. Sean-M Wondrack.Page 6 DeutscheBankSecuritiesInc 10July2025Automotive SuppliersDeutsche Bank debt rating keyBuy: These bonds are expected to outperform other issues inthe sector/industry group over the next three to six-monthperiod.Hold: These bonds are fairly valued currently. If owned, noneed to sell, but we await events/ releases/ conditions thatwould make the bond attractive enough for us to upgrade. Inthe interim, the bond will likely perform as well as the averageissue in the sector/industry group.Sell: There exists a significant likelihood that these bonds willunderperform relative to other issues in their sector/industrygroup, at least over the next three months.DeutscheBankSecurities Inc Additional InformationThe information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectively 'DeutscheBank'). Though the information herein is believed to be reliable and has been obtained from public sources believed to bereport are provided for reader convenience only. Deutsche Bank neither endorses the content nor is responsible for theaccuracy or security controls of those websites.If you use the services of Deutsche Bank in connection with a purchase or sale of a securitythat is discussed in this report, oris included or discussed in another communication (oral or written) from a Deutsche Bank analyst, Deutsche Bank may act asprincipal for its own account or as agent for another person.Deutsche Bank may considerthis reportin decidingto tradeas principal. Itmay also engage in transactions,forits own accountincluding strategists, sales staff and other analysts, may take views that are inconsistent with those taken in this researchreport. Deutsche Bank issues a variety_of research products, including fundamental analysis, equity-linked analysis,quantitative analysis and trade ideas.'Recommendations contained in one type of communication may differ fromrecommendations contained in others, whether as a result of differing time horizons, methodologies, perspectives orotherwise. Deutsche Bank and/or its affiliates may also be holding debt or equity securities of the issuers it writes on. Analystsandprincipaltrading revenues.Opinions, estimates and projections constitute the current judgment of the author as of the date of this report. They do notnecessarily reflect the opinions of Deutsche Bank and are subject to change without notice. Deutsche Bank provides liquidityfor buyers and sellers of securities issued by the companies it covers. Deutsche Bank research analysts sometimes haveshorter-termtradeideasthatmaybe inconsistent withDeutsche Bank's existinglonger-termratings.Sometradeideasforequities are listed as Catalyst Calis on the Research Website (https://research.db.com/Research/) , and can be found on thegeneral coverage list and also on the covered company's page. A Catalyst Call represents a high-conviction belief by an analystthat a stock will outperform or underperform the market and/or a specified sector over a time frame of no less than two weeksand no more than three months. In addition to Catalyst Calls, analysts may occasionally discuss with our clients, and withDeutsche Bank salespersons and traders, trading strategies or ideas that reference catalysts or events that may have a near-changes or becomes inaccurate.company-specific economic prospects make it difficult to update research at defined intervals. Updates are at the soleirregular intervals:: This report is provided for informational purposes only and does not take into account the particularinvestmentobjectives,financialsituations,orneedschangewithoutnotice,andinvestmenttrafinancialinstrumentisdenominatedinacurrencyotherthananinvestor'scurrencyachangeinexchangeratesmayadverselyaffect the investment. Past performance is not