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文档简介

LijunZHOU

ChiefAnalyst

zhoulijun1@

YixinLI

Analyst

liyixin@

+(00)8615910674993

JieWANG

Analyst

wangjie12@

+(00)8617800245028

RuoweiJIANG

TraineeAnalyst/MarketingSpecialist

jiangrw@

+(00)8615801337050

YICHERESEARCHINSTITUTE

YICHERESEARCHINSTITUTE

LeveragingonYiche’sdeepuserdataandrichindustry-widedataresources,YicheResearchInstituteisChina’sleadingautomarketthinktank.Weprovideconsultationservicesonstrategies,market,productsandcustomerstoglobalautocompanies,autodealers,investmentmanagersandotherstakeholdersintheChineseautomarket.

Autocompanycompetivenessanalysis

"见微知著DemystifyingChina'sAutoMarket"

Segmentmarketanalysis

customizedfordecision-makersinautomarket

Customeranalysis

TwovolumeseveryyearforYichesubscribers

……

……

ResearchReport

SerialBooks

YICHE

RESEARCH

INSTITUTE

IndustryTraining

SpecificSubjectCommunication

Industrytrendtraining

Customizedspecificsubjectcommunication

Researchmethodologytraining

Hottopicdiscussion

……

……

YYICHEICHERRESEARCHESEARCHIINSTITUTENSTITUTE

COMPACT

SUV

SEGMENT

PREFACE

ForyearsthecompactsedanhasbeencoretoChina’sPVmarket.Manycarmakersdeployedproductlaunchstrategiesaroundthissegment,creatingadiversified,multi-layeredandmulti-facetedproductfootprintutilizingglobalplatformsandlocally-developedconceptscoveringmainstream/nichehigh,mid-andlow-endsegments.

However,overthe2016-2020period,thissegmenthassignificantlyshrunkascompactSUVspickedupmomentum,puttingmanycarmakersinatoughspot.IsthecompactSUVsegmentbecomingthenextcoresegmentofthePVmarket?Whoarereallythecorecustomersinthissegment,andhowshouldcarmakerstacklethissegment?

WeatYRIhavealsoponderedthesequestionsandwouldliketoofferourownperspectives.

YICHERESEARCHINSTITUTE

CompactSUVscouldbecometopPVsegmentinChinain2021

Thankstotheemergenceofpost-80syoungfamilieslookingtobuytheirfirstcarsandadisposablefamilyincomeofaroundonlyRMB100,000,thecompactsedanmarkettookofffrom2007to2016,risingfromannualsalesvolumeofunder2millionunitstomorethan8millionunits;Asthebirthandmarriageratesofthepost-90sgenerationfellsharplyandaveragesellingpricesincreasedtoaboveRMB150,000,though,annualsalesofcompactsedansfocusedonfirst-timebuyers,interiorspaceandpricepromotionsfelloverthenextfouryearstolessthan6millionunitsin2020.JointventuressuchasChang’an-Ford,DPCA,SAIC-GM,FAW-VW,SAIC-VW,Beijing-HyundaiandDongfeng-Yueda-Kiathatreliedonthisstrategyweresignificantlyimpactedassalesatsomeofthesecompaniesfelloffacliff.ThecompactSUVsegmentwasn’tthatstrongeither,butthankstomulti-purposecapabilities,featureupgradesandattractivedesigns,annualsalesremainedatroughly5millionunits;

Theshareofthecompactsedansegmentfellto28.46%in2020whilethatofthecompactSUVsegmentrosetonearly25%.Duetofactorssuchasshrinkingpopulationofyoungpeople,consumptionupgradeandfallinginfluenceoffirst-timebuyers,theshareofthecompactsedansegmentin2021willfurtherdecline.Mid-sizesedansandSUVs,bothataround11%ofthemarket,areunlikelytoimpactthecompactsedan/SUVsegments.Therefore,thecompactSUVsegmentwilllikelysurpassthecompactsedansegmentandbecomethetopmarketsegmentin2021.

EndUserSalesofCompact

Sedans&SUVs2007-2020

(10,000units)

CompactSedan

CompactSUV

900

800

700

600

500

400

300

200

100

0

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021E

Source:Registration/CompulsoryInsuranceData

ShareofEndUserSalesbyVehicleType2020

Mid-toLargeSUV

2.85%

Mid-toLargeSedan

3.95%

MPV

5.04% CompactSedan

28.46%

SmallSUV

7.25%

MidsizeSUV

11.25%

CompactSUV

MidsizeSedan

24.98%

11.69%

Source:CompulsoryInsuranceData

YICHERESEARCHINSTITUTE

CompactSUVsegment

facessameissueofshrinkingfirst-timebuyersin2021~2026,

mustadapttouserevolution

TheshareofPVsalesinChinapurchasedbyfirst-timebuyersfellfrom65%in2014to40%in2020.Thedropinthatproportioninthecompactsedansegment,thetopPVsegment,wassignificantlyworseassalesfelloffacliff.ThecompactSUVsegmentalsofaredworsethantheoverallPVsegment,butslightlybetterthanthecompactsedansegment,maintainingstablesalesvolumes;

ButthatdoesnotmeansmoothsailingforthecompactSUVsegmentfromhereonout.ThedeclineintheshareofPVsalesfromfirst-timebuyerswillcontinuetoacceleratein2021-2026.OEMswhodependheavilyoncompactSUVsmustadapttochangingusertastes.

ChinaPVs

2014

Re-

2020

Re-

First-Time

purc

First-Time

Trade-in

purc

Trade-inhase

hase

65% 25% 10% 40% 40% 20%

CompactSedan

2014

Re-

2020

Re-

First-Time

purc

First-Time

Trade-in

purc

Trade-inhase

hase

89% 10% 1% 64% 33% 3%

CompactSUV

2014

Re-

2020

Re-

First-Time

purc

First-Time

Trade-in

purc

Trade-inhase

hase

79% 19% 2% 53% 42% 5%

Source:YicheOnlineSurvey+YicheBigData

Samplesizeusefamilyasaunit,femalemembersaretreatedasre-purchasecustomers

2026 Re-

purc

First-Time Trade-in hase

20% 45% 35%

YICHERESEARCHINSTITUTE

Small-townmiddle-agebuyers:

newforcewithinfirst-timebuyers

&newbedrockforcompactSUVsegment

Theshareoffirst-timebuyersisexpectedtofallto20%by2026,andthatsharewithinsmall-townyouth,bigcityyouthandsmall-townmiddle-agedsegmentswillshrinkbyvaryingdegrees.Whilethat’shappening,theshareofsalespurchasedbysmall-townmiddle-agedbuyerswillincreaseto40%by2026.Thiscohortwillreplacesmall-townyouthsasanewdrivingforce;

Small-townmiddle-agedbuyerswillbecomethenewbedrockformaintainingcompactSUVsalesoverthenext5years.HowevercurrentlymostofthecorebuyersofcompactSUVsarestillsmall-townyouthsbuyingforthefirsttime.TheyhaveentirelydifferenttastesoncompactSUVscomparedtosmall-townmiddle-agedbuyers,OEMsmustoptimizeproductrolloutsaccordingly.

ContributionofFirst-TimeBuyers

ContributionofFirst-TimeBuyers

toOverallPVMarket

toInternalSales

BigCityMiddle-Aged/Elderly

BigCityYouth

BigCityMiddle-Aged/Elderly

BigCityYouth

SmallTownMiddle-Aged/Elderly

Small-TownYouth

SmallTownMiddle-Aged/Elderly

Small-TownYouth

100%

100%

90%

90%

80%

80%

70%

70%

60%

60%

50%

50%

40%

40%

30%

30%

20%

20%

10%

10%

0%

0%

2014

2020

2026E

2014

2020

2026E

Small-TownYouthvs.Small-TownMiddle-Aged

PurchaseFactors,H12020

SmallTownYouth

SmallTownMiddle-Age

80%

70%

60%

50%

40%

30%

20%

10%

0%

Price

Fuel

Brand

Maintenance

Word

Space

SafetyExteriorPower

FeaturesResidual

ComfortInteriorHandlingOther

Consumption

/Repair

ofMouth

Value

Source:YicheOnlineSurvey+YicheBigData

Samplesizeusefamilyasaunit,femalemembersaretreatedasre-purchasecustomers

YICHERESEARCHINSTITUTE

Bigcity/small-townmiddle-agedbuyers:

newforcewithintrade-inbuyers

&newbedrockforcompactSUVsegment

TheshareofChina’sPVsalespurchasedbytrade-inbuyersisexpectedtoriseto45%by2026,ledbysmall-town&bigcitymiddle-agedbuyers,whowillaccountfor36%and33%respectivelyofthetrade-inbuyercohort,thereforebecomingthenewbedrockforsustainingcompactSUVsales;

Currentlyfirst-timebuyersdominateChinsebrandsales,itisonlynaturalthattheproportionofsalesfromtrade-inbuyerswouldincrease.WhiletheoppositeistrueforforeignbrandcompactSUVsbuttheirproductsmustevolveandupgradeaccordingly;

Small-townandbigcityyouthsofthepastdecadearenowbecomingolder,middle-agedpeoplewithricherlifeexperiences.

Theymustbeapproacheddifferently.

ContributionofTrade-inBuyers

ContributionofTrade-inBuyers

toOverallPVMarket

toInternalSales

BigCityMiddle-Aged/Elderly

BigCityYouth

BigCityMiddle-Aged/Elderly

BigCityYouth

SmallTownMiddle-Aged/Elderly

Small-TownYouth

SmallTownMiddle-Aged/Elderly

Small-TownYouth

50%

100%

45%

90%

40%

80%

35%

70%

30%

60%

25%

50%

20%

40%

15%

30%

10%

20%

5%

10%

0%

0%

2014

2020

2026E

2014

2020

2026E

BigCityYouthvs.BigCityMiddle-AgePurchaseFactors,H12020

BigCityYouthBigCityMiddle-Age

50%

40%

30%

20%

10%

0%

Brand Design Price Features Power Word Handling Space Safety Interior Fuel Comfort Residual Maintenance Other

ofMouth Consumption Value /Repair

Source:YicheOnlineSurvey+YicheBigData

Samplesizeusefamilyasaunit,femalemembersaretreatedasre-purchasecustomers

YICHERESEARCHINSTITUTE

Bigcitymiddle-agedbuyers:

newforcewithinre-purchasebuyers

&newbedrockforcompactSUVsegment

TheshareofChina’sPVsalespurchasedbyexistingownerswillriseto35%by2026,becominganewblueoceanmarket.Thefocuswillincreasinglytilttowardbigcitymiddle-agedbuyers(especiallyfemales),whowillaccountfortwo-thirdsofthemarket,becomingthenewbedrockforthecompactSUVsegment:

WiththeexceptionofluxurycompactSUVsbenefitingfromfemaleownersmakingadditionalpurchases,noneoftheotherbrands–beitChinsebrandsormainstreamforeignbrands–offercompactSUVmodelsdedicatedtore-purchasebuyers.ThesurprisingsuccessoftheWEYTank300off-roaderfromGreatWallMotorinJanuary2021indicatesthefactthatcompactSUVshavethepotentialto“steal”buyersthatarelookingtomakeadditionalpurchases,andmoremodelsinthefutureshouldservetheneedsofthatparticularsegment;

Whenitcomestoaestheticsandtaste,womenseemtohaveanadvantageovermen.Sooncefemalebuyersbecomethecoreofthe“re-purchase”buyercohort,compactSUVsthatusedtocatertomaletastesmustnowthinkaboutfemaletastes.

ContributionofRe-purchase

ContributionofRe-purchase

BuyerstoOverallMarket

BuyerstoInternalSales

BigCityMiddle-Aged/Elderly

BigCityYouth

BigCityMiddle-Aged/Elderly

BigCityYouth

SmallTownMiddle-Aged/Elderly

Small-TownYouth

SmallTownMiddle-Aged/Elderly

Small-TownYouth

40%

100%

35%

80%

30%

25%

60%

20%

40%

15%

10%

20%

5%

0%

0%

2014

2020

2026E

2014

2020

2026E

Malevs.FemalePurchaseFactors,Q1-Q32020

BigCityYouth

BigCityMiddle-Age

60%

50%

40%

30%

20%

10%

0%

Brand SmartTech Exterior Energy Interior Price Features Wordo Comfort Safety Quality Maintenance Power Space Residual Handling

-Saving/Green fMouth /Repair Value

Source:YicheOnlineSurvey+YicheBigData

Samplesizeusefamilyasaunit,femalemembersaretreatedasre-purchasecustomers

YICHERESEARCHINSTITUTE

40

Theaverageageof Thatwillincreaseto

carbuyersin2020 about40by2026.

wasaround35.

Olderbuyers:

hugesocialcontextbehindnewbedrockforcompactSUVs

Thepost-60sand80sgroupsarethemostpopulousinChina.Allpost-60spopulationareatleast50yearsoldandareheadedtowardtheageof60,whileallpost-80spopulationareatleast30yearsoldandareheadedtowardtheageof40.Theriseinaverageageofcarbuyersisdirectlycorrelatedwiththeriseinaverageageofthegeneralpopulation.

Theaverageageofcarbuyersin2020wasaround35.Thatwillincreasetoabout40by2026.China’sPVmarketwillsoonentertheso-calledmiddle-agedominatedmarketwheresmall-townyouthswillbethebedrockoffirsttimebuyersofcompactSUVs,small-town/bigcitymiddle-agedbuyerswillbethebedrockoftrade-inbuyersofcompactSUVsandbigcitymiddle-agedbuyerswillbethebedrockofexistingownersmakingadditionalpurchasesforcompactSUVs.

Thisisaninevitabletrendandcarmakersshouldembracethesemiddle-agedbuyingpopulationwithalltheirmight.

YICHERESEARCHINSTITUTE

2017 2022 2027

PopulationDistribution PopulationDistribution(est.) PopulationDistribution(est.)

95&up

90-94

85-89

80-84

75-79

70-74

65-69

60-64

55-59

50-54

45-49

40-44

35-39

30-34

25-29

20-24

15-19

10-14

5-9

0-4

Source:NationalBureauofStatistics

2018 2022 2027

VehicleBuyerAgeDistribution VehicleBuyerAgeDistribution VehicleBuyerAgeDistribution

96&up

91-95

86-90

81-85

76-80

71-75

66-70

61-65

56-60

51-55

46-50

41-45

36-40

31-35

26-30

21-25

16-20

11-15

6-10

0-5

Source:End-UserSales

YICHERESEARCHINSTITUTE

ToppriorityforcompactSUVsin2021-2026:

seizeoldermaletrade-inbuyers

Theshareofsmall-townandbigcitymiddle-agedbuyers,primarilymen,areexpectedtoincreasefrom30%in2021to40%in2026.First-timemalebuyersthathelpedincreasethesizeofChina’sPVmarketoverthepastdecadewillturnintotrade-inbuyersoverthenextdecade.Thiscohortofbuyerswillbecomethelargestbuyinggroupoverthenextfiveyears,contributingtoabout37%ofoverallPVsales;

Theso-calledoldermaletrade-inbuyersshouldbeatoptargetcustomergroupforcompactSUVsforthesegmenttomaintainitsstatusasthecorePVsegment;

CompactSUVsespeciallynewmodelsmustcatertotheneedsofoldermiddle-agedbuyerstoholdtheirground.

Evolutionofmale/femalePVbuyersbycity/age

2014

2020

2026

Small-Town

BigCity

Small-Town

BigCity

Small-Town

BigCity

Middle-Aged

Middle-Aged

Middle-Aged

Middle-Aged

Middle-Aged

Middle-Aged

(Elderly)

(Elderly)

(Elderly)

(Elderly)

(Elderly)

(Elderly)

18%

7%

14%

6%

11%

9%

22%

18%

7%

3%

19%

11%

30%

10%

20%

10%

20%

5%

19%

11%

8%

2%

12%

8%

Small-Town

BigCityYouth

Small-Town

BigCityYouth

Small-Town

BigCityYouth

Youth

Youth

Youth

Evolutionofmale/femalePVownersbyfirst-time/trade-in/re-purchasebuyergroup

MaleTrade-inBuyers

OtherMaleBuyers

FemaleBuyers

2014

2020

2026

First-Time

Trade-in

Re-purchase

First-Time

Trade-inRe-purchase

First-TimeTrade-in

Re-purchase

29%

9%

13%

11%

48%

17%

6%

30%

37%

24%

11%

4%

7%

8%

11%

10%

17%

8%

Source:YicheOnlineSurvey+YicheBigData

Samplesizeusefamilyasaunit,femalemembersaretreatedasre-purchasecustomers

YICHERESEARCHINSTITUTE

(10,000units)

ChinesebrandcompactSUVs:seize

oldersmall-townmaletrade-inbuyerstoavoidimpactfromshrinkingsmall-townyouthbuyers

Theshareofsmall-townandbigcitymiddle-agedbuyers,primarilymen,areexpectedtoincreasefrom30%in2021to40%in2026.First-timemalebuyersthathelpedincreasethesizeofChina’sPVmarketoverthepastdecadewillturnintotrade-inbuyersoverthenextdecade.Thiscohortofbuyerswillbecomethelargestbuyinggroupoverthenextfiveyears,contributingtoabout37%ofoverallPVsales;

Theso-calledoldermaletrade-inbuyersshouldbeatoptargetcustomergroupforcompactSUVsforthesegmenttomaintainitsstatusasthecorePVsegment;

CompactSUVsespeciallynewmodelsmustcatertotheneedsofoldermiddle-agedbuyerstoholdtheirground.

Evolutionofmale/femalePVbuyersbycity/age

2014

2020

2026

Small-Town

BigCity

Small-Town

BigCity

Small-Town

BigCity

Middle-Aged

Middle-Aged

Middle-Aged

Middle-Aged

Middle-Aged

Middle-Aged

(Elderly)

(Elderly)

(Elderly)

(Elderly)

(Elderly)

(Elderly)

18%

7%

14%

6%

11%

9%

22%

18%

7%

3%

19%

11%

30%

10%

20%

10%

20%

5%

19%

11%

8%

2%

12%

8%

Small-Town

BigCityYouth

Small-Town

BigCityYouth

Small-Town

BigCityYouth

Youth

Youth

Youth

Source:YicheOnlineSurvey+YicheBigData

Samplesizeusefamilyasaunit,femalemembersaretreatedasre-purchasecustomers

ChineseBrandCompactSUVEnd-UserSales2007~2020

350

300

250

200

150

100

50

0

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Chang’anCS75PLUS&HavalBigDogEnd-UserSales(10,000units)

4

3

Chang’an

CS75PLUS

2

Haval

1

BigDog

0

201901

201904

201907

201910

202001

202004

202007

202010

Source:Registration/CompulsoryInsuranceData

YICHERESEARCHINSTITUTE

KeytoGWM,

Chang’anorGeelybeingontopin2021-2026:

winningthesmall-towntrade-inwar

incompactSUVsegment

GWM,Chang’anandGeelyareallactivelyexpandingtheirfootprintsinthecompactSUVsegment:GWMissolidifyingitsleadershipinthemainstreamsub-segmentwiththe3rd-GenHavalH6,complementingitwithmodelsliketheF7&F5,seizingtheentrysub-segmentwiththeM6,expandingthecrossoversub-segmentwiththeF7XandBigDog,gainingshareinthehigh-endsub-segmentwiththeVV5&VV6,andtestingthewatersintheoff-roadsub-segmentwiththeTank300;Chang’anissolidifyingitspositioninthemainstreamsub-segmentwiththePLUSversionsofitsCSfamily,addingtoitsentrysub-segmentwithupgradedOshanseries,andtestingthewatersinthecrossoversub-segmentwiththeUNI-T;GeelyoffersthemainstreamBoyue,entry-levelVisionX6,crossoversICON&EmgrandGSandhigh-endLYNK&COmodels;

GWM,Chang’anandGeelyareprettymuchofferingafullsuiteofcompactSUVproducts,butlackstrategicdirection.It’smoreforthesakeoffillingupgapsinvarioussub-segments;

ThecompactSUVsegmentremainsasthecorebattlegroundforChinesebrandsin2021-2026,buttheirstrategicfocusshouldturnawayfromfirst-timebuyerstotrade-inbuyers.ThisisnewtoallChinesebrands.Second-tierChinesebrandssuchasChery,GACTrumpchiandRoewecouldcatchupwithfrontrunnersiftheycanseizeopportunitiesfromoldermalesmall-towntrade-inbuyers;

NewmodelsliketheTank300,iftheycansuccessfullyattractoldermalesmall-town/bigcityre-purchasebuyers,olderfemalebigcityre-purchasebuyersandoldermalebigcitytrade-inbuyers,willbeicingonthecake.

YICHERESEARCHINSTITUTE

Top10ChineseBrandEnder-UserSalesin2020(10,000units)

End-UserSales

YOY%Change

150

100%

100

50%

50

0%

0

-50%

Geely

Chang'an

Haval

Baojun

BYD

Roewe

Wuling

GAC

Chery

RedFlag

Trumpchi

Top10ChineseBrandCompactSUVEnd-UserSalesin2020(10,000units)

End-UserSales

YOY%Change

80

150%

60

100%

40

50%

20

0%

0

-50%

Haval

Chang'an

Geely

Roewe

GAC

Chang'an

BYD

LYNK&CO

Chery

JETTA

Trumpchi

Oshan

Source:CompulsoryInsuranceData

Top3ChineseBrandCompactSUVProductMatrix

GWM

Geely

Chang’an

MainstreamSUV

CrossoverSUV

Off-RoadSUV

VV5

VV6

Tank300

High-End

02

05

Xingyue

01

UNI-T

H6

H4

F7

F5

BigDog

Mainstream

Boyue

F7X

CS75

CS75PLUS

GeometryC

icon

EmgrandGS

CS55

CS55PLUS

Entry

M6

VisionX6

OshanX5

OshanX7

YICHERESEARCHINSTITUTE

ForeignbrandcompactSUVs:aimforolderbigcitymaletrade-inbuyers

CompactsedansstillaccountforthemajorityofsalesofforeignbrandsinChina.Buttheyarefacingadilemmaofashrinkingcompactsedansegmentsince2016anditwillonlygetworseoverthenextfiveyears;

ForeignbrandcompactSUVstargetedatbigcitytrade-inbuyersarebenefitingfromthefactthatsmall-townyouthsareflockingtobigcitiesandbigcityyouthsaregettingolder.ForeignbrandcompactSUVsalesthereforeskyrocketedin

2019-2020,withend-usersalessurpassing2millionunitsthankstostarproductssuchastheHondaBreezelaunchedattheendof2019andToyotaWildlanderatthebeginningof2020.Foreignbrandcompactsedans,however,sawasignificantdeclineinmarketshare.VW’sSUVoffensiveinparticularhelpedtheGermanbrandgainmarketshare;

Thebigcitymiddle-agebuyercohortwillexpandin2021-2026,andforeignbrandsshouldfocustheireffortsonwinningtheolderbigcitymaletrade-inbuyersinthecompactSUVsegment.

Evolutionofmale/femalePVbuyersbycity/age

2014

2020

2026

Small-Town

BigCity

Small-Town

BigCity

Small-Town

BigCity

Middle-Aged

Middle-Aged

Middle-Aged

Middle-Aged

Middle-Aged

Middle-Aged

(Elderly)

(Elderly)

(Elderly)

(Elderly)

(Elderly)

(Elderly)

18%

7%

14%

6%

11%

9%

22%

18%

7%

3%

19%

11%

30%

10%

20%

10%

20%

5%

19%

11%

8%

2%

12%

8%

Small-Town

BigCityYouth

Small-Town

BigCityYouth

Small-Town

BigCityYouth

Youth

Youth

Youth

Source:YicheOnlineSurvey+YicheBigData

Samplesizeusefamilyasaunit,femalemembersaretreatedasre-purchasecustomers

ForeignBrandCompactSUVEnd-UserSales

End-UserSalesofToyotaWildlander

2007-2020(10,000units)

&H

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