(1) Industrial policy risks

Automobile industry is the pillar industry of our national economy. The prosperity of automobile industry has a positive impact on stimulating upstream and downstream economic development and providing employment. In recent years, industrial policy has actively encouraged the development of automobile industry. However, China is in the period of economic transformation, and "made in China 2025" has brought opportunities and challenges to the manufacturing industry, coupled with the increasing awareness of the government and the people of energy conservation and environmental protection, the phenomenon of traffic congestion needs to be solved urgently, and the government may issue corresponding policies that restrict the development of the automobile industry or change the mode of development. If the policy of the automobile industry changes in the future, auto parts enterprises will need to spend time and money to adjust and adapt, which may It has a negative impact on the profitability of enterprises.

(2) Risks of technological change in products

With the improvement of per capita disposable income in China, the automobile consumption market presents the evolution trend of diversification, individualization and fashion. The life cycle of each model in the market shows a shortening trend, and vehicle models are updated frequently. In the face of continuous changes in vehicle models, auto parts manufacturers in the AM market should have a strong adaptability to meet the needs of consumers for new car accessories. Some parts production enterprises often carry on the synchronous product development of the whole vehicle and the spare parts with the whole vehicle manufacturing enterprise. The parts and components enterprises that have not been able to participate in it can only copy through the research and replication after the finished product is listed on the market. This is good for the rapid learning ability of enterprises, which form a severe test for the enterprise's rapid learning ability, R & D strength, channel promotion ability.