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.

　　過去兩年還是市場明星的歐洲汽車股在最近市場暴跌中遭受重創，因為投資者擔心歐洲和美國在政治和經濟上的不確定性可能導致另一次經濟衰退。

　　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、巴西和俄羅斯對轎車的旺盛需求拉動的第二財季堅實的盈利數據也無濟于事。現在，隨著股市試圖重新恢復平衡，投資者開始重新關注那些在中國市場業務廣泛且豪華車業務強勁的汽車企業。

　　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.

　　對于許多分析師來說，符合上述條件的公司就是德國高檔車廠商寶馬汽車公司（BMW）和戴姆勒公司（Daimler）。由于有健康的資產負債表和大量現金儲備做后盾，一旦市場對經濟的擔憂緩解，它們被視為優勢最明顯的兩家公司。另一方面，如果經濟衰退變成現實，分析師認為，相比其競爭對手，這兩家公司抵御衰退的能力更強。

　　“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.

　　投資機構Sanford Bernstein的分析師沃伯頓（Max Warburton）說，假設經濟擴張能夠持續，按絕對價值計算，戴姆勒和寶馬看上去非常具有吸引力，因為它們基本面強勁，估值很低。他給寶馬和戴姆勒的股票評級為“強于大盤”。

　　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.

　　作為全球第二大經濟體，在最近幾個季度中，中國一直在推動行業的廣泛復蘇。去年中國成為大眾汽車（Volkswagen）單一最大市場，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域。然而分析師也警告，過分依賴中國市場的銷量增長會加大與中國可能的監管干預有關的風險。有關部門（尤其是在北京等大城市）會不時通過特殊稅種試圖控制當地汽車市場的發展。

　　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2008年股價大跌的情形記憶猶新。當時經濟衰退加上信貸市場收緊令失業率上升，汽車銷量大幅下滑。但到目前為止，由汽車廠商或行業協會發布的月度新車注冊數據顯示，沒有證據表明對經濟的擔憂降低了汽車的銷量。8月份的相關數據將在9月初發布。

　　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.

　　本月市場的動蕩促使德意志銀行（Deutsche Bank）的分析師蓋克（Jochen Gehrke）下調歐洲汽車股的目標價。他警告說，可能到來的經濟衰退將進一步拉低股價。

　　“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，我們在重新調整目標價時選擇了一種平衡視角。我們認為目前最有可能發生的情況是增長放緩，但不會發生行業性衰退。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，眼下對經濟衰退的擔憂提供了多種機遇。他最看好戴姆勒的前景，并挑中戴姆勒的股票押注市場復蘇。

　　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，未來幾年，通過靈活的造車體系以及在旗下多個品牌間分享技術，大眾汽車應該能獲得明顯的規模經濟效應。按銷售量計算，大眾汽車是歐洲最大的汽車廠商。但其在中國和巴西業務巨大使其相對其它品牌更易受到新興市場銷量波動的影響。