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.

　　过去两年还是市场明星的欧洲汽车股在最近市场暴跌中遭受重创，因为投资者担心欧洲和美国在政治和经济上的不确定性可能导致另一次经济衰退。

　　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.

　　由中国、巴西和俄罗斯对轿车的旺盛需求拉动的第二财季坚实的盈利数据也无济于事。现在，随着股市试图重新恢复平衡，投资者开始重新关注那些在中国市场业务广泛且豪华车业务强劲的汽车企业。

　　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.

　　对于许多分析师来说，符合上述条件的公司就是德国高档车厂商宝马汽车公司（BMW）和戴姆勒公司（Daimler）。由于有健康的资产负债表和大量现金储备做后盾，一旦市场对经济的担忧缓解，它们被视为优势最明显的两家公司。另一方面，如果经济衰退变成现实，分析师认为，相比其竞争对手，这两家公司抵御衰退的能力更强。

　　“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.

　　投资机构Sanford Bernstein的分析师沃伯顿（Max Warburton）说，假设经济扩张能够持续，按绝对价值计算，戴姆勒和宝马看上去非常具有吸引力，因为它们基本面强劲，估值很低。他给宝马和戴姆勒的股票评级为“强于大盘”。

　　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.

　　作为全球第二大经济体，在最近几个季度中，中国一直在推动行业的广泛复苏。去年中国成为大众汽车（Volkswagen）单一最大市场，也是宝马和梅赛德斯-奔驰（Mercedes-Benz）旗舰豪华轿车销量最大的区域。然而分析师也警告，过分依赖中国市场的销量增长会加大与中国可能的监管干预有关的风险。有关部门（尤其是在北京等大城市）会不时通过特殊税种试图控制当地汽车市场的发展。

　　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.

　　投资者至今还对2008年股价大跌的情形记忆犹新。当时经济衰退加上信贷市场收紧令失业率上升，汽车销量大幅下滑。但到目前为止，由汽车厂商或行业协会发布的月度新车注册数据显示，没有证据表明对经济的担忧降低了汽车的销量。8月份的相关数据将在9月初发布。

　　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.

　　本月市场的动荡促使德意志银行（Deutsche Bank）的分析师盖克（Jochen Gehrke）下调欧洲汽车股的目标价。他警告说，可能到来的经济衰退将进一步拉低股价。

　　“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.

　　盖克又说，我们在重新调整目标价时选择了一种平衡视角。我们认为目前最有可能发生的情况是增长放缓，但不会发生行业性衰退。德意志银行中意的股票是戴姆勒和大众汽车。

　　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）分析师斯图策（Georg Sturzer）说，眼下对经济衰退的担忧提供了多种机遇。他最看好戴姆勒的前景，并挑中戴姆勒的股票押注市场复苏。

　　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.

　　分析师说，未来几年，通过灵活的造车体系以及在旗下多个品牌间分享技术，大众汽车应该能获得明显的规模经济效应。按销售量计算，大众汽车是欧洲最大的汽车厂商。但其在中国和巴西业务巨大使其相对其它品牌更易受到新兴市场销量波动的影响。