What is #auto attribute here and why it is required

I am trying to learn angular material 2 and came across this #auto attribute in autocomplete.I understand auto can be replaced with any text, but why there need a # here before auto and what is there any name of this attribute?

<md-input-container>
  <input mdInput placeholder="State" [mdAutocomplete]="auto" [formControl]="stateCtrl">
</md-input-container>

<md-autocomplete #auto="mdAutocomplete">
               ^^^^ what is name of this property
  <md-option *ngFor="let state of filteredStates | async" [value]="state">
    {{ state }}
  </md-option>
</md-autocomplete>