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1、 Table_yemei1 观点聚焦 Investment Focus Table_yejiao1 本研究报告由海通国际分销,海通国际是由海通国际研究有限公司,海通证券印度私人有限公司,海通国际株式会社和海通国际证券集团其他各成员单位的证券研究团队所组成的全球品牌,海通国际证券集团各成员分别在其许可的司法管辖区内从事证券活动。关于海通国际的分析师证明,重要披露声明和免责声明,请参阅附录。(Please see appendix for English translation of the disclaimer)研究报告 Research Report 14 Nov 2022 中国零售中国零售
2、China Retail 巨子生物登陆港交所,重组胶原龙头产业前景广阔 Giant Biogene Landed on HK Stock Exchange,Leading Industry of Recombinant Collagen with Bright Future Table_Info 股票名称 评级 股票名称 评级 中国中免 Outperform 孩子王 Outperform 贝泰妮 Outperform 华熙生物 Outperform 珀莱雅 Outperform 富森美 Outperform 王府井 Outperform 中青旅 Outperform 稳健医疗 Outperfo
3、rm 重庆百货 Outperform 永辉超市 Outperform 安克创新 Outperform 小商品城 Outperform 奈雪的茶 Outperform 中国黄金 Outperform 家家悦 Outperform 力量钻石 Outperform 天虹股份 Outperform 迪阿股份 Outperform 红旗连锁 Outperform 泡泡玛特 Outperform 步步高 Outperform 老凤祥 Outperform 雍禾医疗 Outperform 丸美股份 Outperform 爱婴室 Outperform 周大生 Outperform 海伦司 Outperform
4、 良品铺子 Outperform 资料来源:Factset,HTI Related Reports 社服行业 3Q2022 业绩总结:经营韧性渐显,砥砺前行(Business Resilience is Emerging and Moving Forward)(10 Nov 2022)美妆淡季回落,医美业绩反弹,精选优质龙头(Beauty Off-Season Retreat,Medical Beauty Performance Rebound,Select High-Quality Leaders)(9 Nov 2022)Presentation:高频数据跟踪专题:东方甄选山东专场 GMV
5、破亿,海南航班回暖(9 Nov 2022)(Please see APPENDIX 1 for English summary)【核心观点】【核心观点】11月4日,重组胶原蛋白龙头在中国香港联交所主板成功上市,上市发售 2261 万股,定价 24.3 港元/股,募资净额 4.96 亿港元(不考虑超额配售)。上市首日大涨 9.88%,市值达 265亿港币。我们在此对其基本面做简要梳理,供参考。公司概况:公司概况:产业化领先的重组胶原蛋白龙头。产业化领先的重组胶原蛋白龙头。根据巨子生物官网及招股说明书,巨子生物成立于 2000 年,是世界首个成功研发重组胶原蛋白护肤品并产业化的企业。公司先后经历基
6、础研究阶段、产业化发展阶段、医疗应用阶段、品牌化成长阶段,目前已处于新的发展起点,基于类人胶原蛋白核心成分,已在功效性护肤品、医疗器械、功能性食品及特殊医学用途配方食品方向推出 106 项SKU。2019-21 年收入和经调净利润 CAGR 各 27%和 22%,2021 年收入/经调整净利润 15.5/8.5 亿元,毛利率 87%、经调整净利率 55%,盈利能力遥遥领先。按照 IPO 后股权比例计算,创始人高比例持股(60.61%),引入外部资本高瓴(4.9%)、CPE(4.2%)等。行业发展:胶原蛋白前景可期,产业化空间向透明质酸看齐。行业发展:胶原蛋白前景可期,产业化空间向透明质酸看齐。
7、胶原蛋白生物特性优,基因重组法制备产品因免疫原性低、水溶性好、变性温度高等优点,在专业皮肤护理领域挖潜空间较大。两大两大空间空间:专业皮肤护理专业皮肤护理:根据巨子生物招股书,2017-21 年市场规模增长至 566 亿元 CAGR 为 30%,预计未来 5 年提速至 33%;其中,重组胶原细分市场快速起量,2021年规模增长至 94亿元 CAGR达 67%,远高于其他活性成分。此前,医用敷料凭借更纯粹的原材料、更安全的生产工艺、更优秀的技术水平快速渗透,2017-21 年实现 CAGR 40%;未来,功能性护肤长坡厚雪前景广阔,生物活性成分应用助力增长,2022-27 年 CAGR 预计 3
8、9%。肌肤焕活肌肤焕活:根据巨子生物招股书,2017-21 市场规模增长至 424 亿元 CAGR 为20%,预计未来 5 年仍将保持 19%的水平。其中,受制于成本、安全性与有效性问题,市场仍以透明质酸类为主,2021 年胶原/重组胶原渗透仅 9%/0.9%。核心优势核心优势:技术构筑护城河技术构筑护城河,C 端能力磨砺以须端能力磨砺以须。(。(A)研发研发:制备工艺:实现重组胶原的成分设计,高密度发酵策略+高效分离纯化工艺提高商业化效率,产品纯度达 99.9%;技术平台:公司搭建包含基因重组、细胞工厂构建、发酵、分离纯化等核心环节的合成生物学平台,以此持续开发多种重组胶原蛋白、稀有人参皂苷
9、及其他活性成分,横向拓展原料端空间;端到端制造:公司已实现从核心原料大规模制备到终端产品开发生产的纵向完整闭环,当前重组胶原产能 10.80 吨/年,募投项目 212.5 吨/年;研发储备:“类人胶原蛋白之母”、西北大学化工学院院长范代娣教授担任公司首席科学官,产学研医模式将学术研究体系化,科研成果产业化,医学应用落地化。Table_Author 汪立亭汪立亭 Liting Wang 李宏科李宏科 Hongke Li 高瑜高瑜 Yu Gao 406080100120Nov-21Feb-22May-22Aug-22Nov-22HAI China RetailMSCI China 14 Nov 2
10、022 2 Table_header1 中国零售中国零售 (B)品牌:)品牌:按功能&场景搭建 8 大品牌矩阵,其中可复美为接受专业或医学皮肤护理后的消费者而开发,类人胶原蛋白敷料推出后迅速获得医学界认可,后逐步扩展至大众市场(21 年天猫旗舰店复购率 43%),向精华等高阶类目拓展;可丽金于 2009 年推出,定位为中高端多功能功效性皮肤护理品牌,赋能抗衰系列不断出新。(C)渠道渠道:“医疗机构+大众消费者”双轨模式,医疗机构为品牌资产的基础,线上直销为未来拓展重点,2021 年可复美线上直销占比提升至 62.4%。(D)营销营销:围绕“科技美学”展开由科学及知识驱动的营销活动,协助完成国内
11、多项重要专家共识和治疗指南,打造专业安全的用户心智;发力抖音等社媒平台,高效营销转化拉动公域流量沉淀,公司2021 年线上营销投入占销售费用比重 88.5%,显著高于同业。投资建议:看好胶原蛋白产业链发展前景,积极布局重组胶原领域、具备研发领先性的企业有望优享行业成长红利,建议关注:巨子生物、华熙生物、爱美客、贝泰妮、丸美股份、锦波生物等。风险提示:市场竞争加剧的风险、新产品开发和注册风险、研发创新不及预期。TVaXjZgVfWmWqQ1VmVuX9PcM8OsQnNsQtRfQoPqRlOnMsM6MqQuNMYqQmQuOpMrN 14 Nov 2022 3 Table_header1 中
12、国零售中国零售 【行情回顾】【行情回顾】申万商贸指数期间(申万商贸指数期间(10.31-11.4)涨)涨 10.15%,跑赢上证综指,跑赢上证综指 4.84 个百分点,板块个百分点,板块表现居各板块第表现居各板块第 4 位。位。期间上证综指涨 5.31%,板块全线反弹,其中汽车(+12.74%)、食品饮料(+11.18%)、休闲服务(+10.78%)领涨,采掘(0.00%)、房地产(0.61%)、银行(1.68%)涨势较弱。本周批零板块个股均有所回升,王府井(+20.41%)、中百集团(+18.94%)、良品铺子(+17.18%)领涨,茂业商业(+0.31%)、ST 爱迪尔(+1.29%)、深
13、圳华强(+1.43%)、杭州解百(+1.46%)涨势较弱。投资建议:关注重点品牌和平台疫后复苏业绩弹性投资建议:关注重点品牌和平台疫后复苏业绩弹性 近期疫后复苏主线关注度提升,我们认为在消费复苏过程中,到店餐饮类服务型电商、医美、餐饮等板块弹性较强,短期建议重点关注成长板块疫后复苏弹性,结合基本面与估值,建议关注医美化妆品龙头和美团医美化妆品龙头和美团的潜在投资机会。核心关注:A 股,爱美客、珀莱雅、华熙生物、贝泰妮、中国黄金、红旗连锁,建议关注王府井、巨子生物、朗姿股份、华东医药、安克创新、家家悦、重庆百货、小商品城;H 股,关注美团、阿里巴巴、海伦司,关注京东集团、泡泡玛特、奈雪的茶。行业
14、风险提示:消费持续疲软;新业态分流;行业竞争加剧;监管政策不确定。重点个股投资逻辑:重点个股投资逻辑:美团:基本盘业务展现韧性,重视疫情修复机遇。美团:基本盘业务展现韧性,重视疫情修复机遇。我们认为,当前围绕公司基本面预测与市场定价主要有三个关键问题:核心业务:疫情冲击下,基本盘业务韧性如何?疫情恢复期,如何看美团的业绩复苏弹性?长期展望:公司“零售+科技”战略的进展如何?拆解公司 1Q22 业绩,外卖和到店业务均展现出了较深的用户黏性,新业务持续优化亏损率大幅缩窄;中短期重视疫情向好拐点,随着未来供给端&运力的持续恢复,外卖恢复弹性较强;长期来看,期待“零售+科技”战略落地。风险提示:行业竞
15、争加剧;新业务不及预期;市场监管风险;基础设施规模经济不显著。爱美客爱美客:医美龙头持续推新医美龙头持续推新,先发优势显著先发优势显著。产品矩阵完善&储备丰富:公司通过自主研发,相继推出产品逸美、宝尼达、爱芙莱、嗨体、逸美一加一、紧恋,各产品在配方组份、适用部位、修复效果等方面有所不同,满足不同部位、不同层次的市场消费需求。其中,嗨体填补颈部修复空白,保证中期成长,肉毒素、聚羧甲基葡糖胺聚糖凝胶等储备产品拓展长期空间。销售网络逐步完善:经销占比不断提高,助力新品加速市场推广渗透,强化核心区域覆盖,助力公司扩大领先优势,优享行业红利。风险提示:研发不及预期、新品开发和注册风险、产品结构相对单一、
16、市场竞争加剧。14 Nov 2022 4 Table_header1 中国零售中国零售 华熙生物华熙生物:坚持长期主义坚持长期主义,打造创新底盘打造创新底盘,稳步推进稳步推进“四轮驱动四轮驱动”业务业务。公司作为全球透明质酸龙头,逐步由“三驾马车”走向“四轮驱动”模式,建立从原料到功能性护肤品/食品、医疗终端产品等全产业链体系。原料业务持续研发,品种/客户/场景上拓展空间广,医美重新梳理产品管线,搭建全层次产品矩阵,功能性护肤品由粗放式增长进入精细化运营阶段,功能性食品打开增量空间,继续看好各业务不断拓展带来的持续增长能力。风险提示:线上营销成本激增、行业竞争格局恶化、新品推出不及预期。珀莱雅
17、珀莱雅:打造打造“自驱型组织自驱型组织”,每一刻都是新的珀莱雅每一刻都是新的珀莱雅。珀莱雅打造以“产品、内容、运营”等为主线的前中后台高效协同的自驱型组织,构建“文化-战略-机制-人才”一致性的管理体系,获得品牌建设、产品研发、渠道&营销上的卓越表现。产品:坚持大单品战略,推出“双抗”、“红宝石”等系列大单品,迭代拓展,从定位、成分及功效端向国际大牌看齐。与海内外机构战略合作,强化基础研究。渠道&营销:天猫精细化运营下稳增长,抖音销售成绩居前、自播为主结构均衡、推广费率稳定。通过深度洞察,自创内容助力传播。品牌:主品牌以产品体系升级为基础,围绕“发现精神”进行品牌升级;“合伙人”制度赋能下,构
18、建彩棠、科瑞肤、OR 等多品牌矩阵。风险提示:国内外品牌竞争加剧、线上引流成本上升、核心人才技术流失。贝泰妮贝泰妮:敏感肌护肤龙头敏感肌护肤龙头,领跑国货品牌崛起领跑国货品牌崛起。产品:核心单品地位突出、价格稳定、复购率高,同价格带定价体现强产品力;内部研发团队年轻专业,外部合作医院/中科院等医研共创,产品经国内外顶尖医院/机构临床验证,学术论文&专家共识等成果丰厚。营销:皮肤科医生背书,定期在官微互动直播;在微博、微信、小红书、抖音、知乎等平台进行内容营销推广,把握社媒&直播红利,多层次覆盖目标客群。渠道:线下以九州通等商业公司和健之佳等直供客户为主,逐步入驻屈臣氏;线上布局早、占比高、远超
19、同业。风险提示:获客成本快速增长,产品系列集中,多品牌拓展不及预期。家家悦家家悦:核心竞争力强核心竞争力强,开店赋能高效成长开店赋能高效成长。展望未来 3-5 年维度,我们认为:基本盘稳健,供应链优势显著:物流先行、多业态协同、区域密集、以生鲜为核心的供应链,构筑深厚护城河。具备中长期成长性和短期利润弹性:短期看,考虑到公司积极保供,疫情有望阶段性拉动同店,叠加后续省外减亏预期,利润具备一定修复弹性;中长期看,无论开店、并购还是加盟,公司均在现有区域有较大加密空间。组织架构完善:内部提拔和外聘高管结合,组织架构进一步完善,激励也有强化机会。风险提示:开店速度低于预期;新店培育期拉长;电商渠道分
20、流;区域竞争加剧。14 Nov 2022 5 Table_header1 中国零售中国零售 1.行情回顾(行情回顾(20)1.1 申万商贸指数期间(申万商贸指数期间(10.31-11.04)涨)涨 10.15%,跑赢上证综指,跑赢上证综指 4.84 个百分点个百分点 申万商贸指数期间(10.31-11.4)涨 10.15%,跑赢上证综指 4.84 个百分点,板块表现居各板块第 4 位。期间上证综指涨 5.31%,板块全线反弹,其中汽车(+12.74%)、食品饮料(+11.18%)、休闲服务(+10.78%)领涨,采掘(0.00%)、房地产(0.61%)、银行(1.
21、68%)涨势较弱。海通批零指数期间上涨 8.38%,子板块中超市上涨 8.48%,百货上涨 8.31%,专业市场上涨 5.53%,专业专卖上涨 8.97%。11 月 4 日,海通批零板块动态 PE 为 16.89 倍(剔除苏宁易购),同期沪深 300 指数为 9.89 倍,其中,百货 15.60 倍、超市 32.09倍、专业市场 12.42 倍、专业专卖 27.87 倍。图图 1 各行业指数期间涨幅情况(各行业指数期间涨幅情况(%,20)资料来源:WIND,HTI 1.2 个股表现个股表现 本周批零板块个股均有所回升,王府井(+20.41%)、中百集团(+18.9
22、4%)、良品铺子(+17.18%)领涨,茂业商业(+0.31%)、ST 爱迪尔(+1.29%)、深圳华强(+1.43%)、杭州解百(+1.46%)涨势较弱。12.7 11.2 10.8 10.2 10.0 9.5 8.4 8.2 7.1 7.0 6.9 6.2 6.1 6.0 5.7 5.6 5.5 5.3 5.2 4.9 4.2 4.2 4.1 3.1 3.0 2.8 1.7 0.6 0.0 0.02.04.06.08.010.012.014.0汽汽车车食食品品饮饮料料休休闲闲服服务务商商业业贸贸易易电电气气设设备备有有色色金金属属电电子子传传媒媒机机械械设设备备综综合合化化工工建建筑筑材材
23、料料农农林林牧牧渔渔非非银银金金融融家家用用电电器器医医药药生生物物计计算算机机上上证证综综指指纺纺织织服服装装钢钢铁铁交交通通运运输输轻轻工工制制造造通通信信公公用用事事业业国国防防军军工工建建筑筑装装饰饰银银行行房房地地产产采采掘掘 14 Nov 2022 6 Table_header1 中国零售中国零售 表表 1 批零个股涨跌幅前批零个股涨跌幅前 10 及主要指数表现(剔除停牌个股,及主要指数表现(剔除停牌个股,20)涨幅 TOP 10 涨跌幅(%)最新市值(亿元)涨幅 LAST 10 涨跌幅(%)最新市值(亿元)王府井 20.41 295 茂业商业 0.3
24、1 56 中百集团 18.94 38 ST 爱迪尔 1.29 14 良品铺子 17.18 128 深圳华强 1.43 119 丸美股份 16.25 133 杭州解百 1.46 46 步步高 16.23 50 华熙生物 2.15 556 爱美客 15.30 1074 ST 易购 2.27 168 北京城乡 15.19 63 大商股份 2.82 48 徐家汇 14.46 35 明牌珠宝 3.27 27 安孚科技 12.64 51 老凤祥 3.58 171 翠微股份 12.58 87 友好集团 3.66 20 主要指数 涨跌幅(%)主要指数 涨跌幅(%)申万商贸 10.15 创业板指 8.92 上证
25、综指 5.31 沪深 300 6.38 资料来源:Wind,HTI 表表 2 年初至今批零个股涨跌幅前年初至今批零个股涨跌幅前 10 及主要指数表现(剔除停牌个股,及主要指数表现(剔除停牌个股,20)涨幅 TOP 10 涨跌幅(%)最新市值(亿元)跌幅 TOP 10 涨跌幅(%)最新市值(亿元)友好集团 45.96 20 ST 易购-56.31 168 人人乐 40.72 31 丽人丽妆-48.00 50 翠微股份 33.53 87 ST 商城-44.66 22 新华百货 19.16 35 安克创新-42.43 237 珀莱雅 18.67 499 壹网壹创-41.
26、32 68 中央商场 18.21 39 ST 大集-38.60 201 丽尚国潮 17.81 55 家家悦-36.84 64 徐家汇 16.59 35 汉商集团-34.82 32 通程控股 13.70 27 深圳华强-32.39 119 中百集团 11.58 38 豫园股份-31.76 264 主要指数 涨跌幅(%)主要指数 涨跌幅(%)申万商贸-12.27 创业板指-26.23 上证综指-15.63 沪深 300-23.75 资料来源:Wind,HTI 2.行业动态跟踪行业动态跟踪 试水社区商业,顺义钱粮市集即将开市试水社区商业,顺义钱粮市集即将开市 2022 年 10 月 31 日,顺义首
27、个城市更新社区商业项目钱粮市集已正式启动,并将于下月中旬举行市集活动。这个占地超过 2 万平方米的空间,由顺义老粮仓改造而来。作为城市更新的第一步,钱粮市集期望通过改造,为粮仓老建筑注入新的活力,并为周边居民带来新商业形态。项目在保留粮仓原有建筑风貌的前提下,增加外立面、内部动线广场、公共共享空间等创新设计,包含东、西楼及 3000 平方米的中央广场。与其他商业综合体模式不同,钱粮市集为开放式街区,主打带有体验感、在地化、社交属性的社区商业共享公共空间。钱粮市集在业态定位上为家庭型休闲街区,60%为餐厅,30%为亲子娱乐,10%为休闲活动,区域内设有室内空间、露台花园和外摆区域。中央广场区域接
28、下来将用于举办流动市集、流动餐车、快闪艺术、音乐现场等活动。11 月下旬这里即将开放第一波市集,未来不仅将与知名市集 IP、旅游局等机构合作举办短期、长期市集,还将打造钱粮市集自有品牌市集。资料来源:联商网,36 氪 14 Nov 2022 7 Table_header1 中国零售中国零售 健康穿戴品牌健康穿戴品牌 SKG 切入健康家居赛道切入健康家居赛道 2022 年 10 月 31 日晚,健康穿戴品牌SKG携手品牌全球代言人王一博,在以“护腰黑科技,健康 SKG”为主题的年度新品发布会上,正式发布了多款新品。SKG 在2007 年成立于广东顺德,总部位于深圳,主要产品为可穿戴健康产品和便携
29、式健康产品。此次发布的多款新品包括全新的腰部、肩颈及睡眠辅助新品,分别是主打轻薄隐形的按摩腰带 W7 尊贵款,拥有微牵引模式的颈椎按摩仪全新 K5 2 代尊贵款,脉冲推揉二合一的颈椎按摩仪 P7 Pro 和 G7 Pro,4 个顺滑按摩头的按摩腰靠 T5,肩颈按摩仪H7 以及 5 分区护颈枕 P3。资料来源:联商网,36 氪 行业风险提示:行业风险提示:消费持续疲软;新业态分流;行业竞争加剧;监管政策不确定。14 Nov 2022 8 Table_header2 中国零售中国零售 APPENDIX 1 Summary During Oct 31-Nov 04,2022,SWS commerci
30、al trade index increased by 10.15%,outperforming SSE composite index by 4.84ppt.Our top picks for A share market are Imeik(300896 CH),Proya(603605 CH),Bloomage Biotechnology(688363 CH),Botanee(300957 CH),China National Gold Group(600916.CH)and Hongqi Chain(002697 CH).We also suggest looking at Wangf
31、ujing Group(600859.CH),Giant Biogene(2367.HK),Chongqing Department Store(600729 CH),Anker(300866 CH)Jiajiayue Group(603708 CH),Lancy(002612 CH)Huadong Medicine(000963 CH)and Zhejiang China Commodities City Group(600415 CH).Our top pick for H share market is Meituan Dianping(3690 HK),Alibaba(BABA US)
32、and Helens(9869 HK).We also suggest looking at JD.COM(JD US),Pop Mart International(9992 HK)and Nayuki(2150 HK).Risks:Continues weak consumption;Diverted new business formats;Intensified industry competition;Uncertain regulatory policies.9 Table_APPENDIX Table_disclaimer 附录附录APPENDIX 重要信息披露重要信息披露 本研
33、究报告由海通国际分销,海通国际是由海通国际研究有限公司(HTIRL),Haitong Securities India Private Limited(HSIPL),Haitong International Japan K.K.(HTIJKK)和海通国际证券有限公司(HTISCL)的证券研究团队所组成的全球品牌,海通国际证券集团(HTISG)各成员分别在其许可的司法管辖区内从事证券活动。IMPORTANT DISCLOSURES This research report is distributed by Haitong International,a global brand name f
34、or the equity research teams of Haitong International Research Limited(“HTIRL”),Haitong Securities India Private Limited(“HSIPL”),Haitong International Japan K.K.(“HTIJKK”),Haitong International Securities Company Limited(“HTISCL”),and any other members within the Haitong International Securities Gr
35、oup of Companies(“HTISG”),each authorized to engage in securities activities in its respective jurisdiction.HTIRL分析师认证分析师认证Analyst Certification:我,汪立亭,在此保证(i)本研究报告中的意见准确反映了我们对本研究中提及的任何或所有目标公司或上市公司的个人观点,并且(ii)我的报酬中没有任何部分与本研究报告中表达的具体建议或观点直接或间接相关;及就此报告中所讨论目标公司的证券,我们(包括我们的家属)在其中均不持有任何财务利益。I,Liting Wang,
36、certify that(i)the views expressed in this research report accurately reflect my personal views about any or all of the subject companies or issuers referred to in this research and(ii)no part of my compensation was,is or will be directly or indirectly related to the specific recommendations or view
37、s expressed in this research report;and that I(including members of my household)have no financial interest in the security or securities of the subject companies discussed.我,李宏科,在此保证(i)本研究报告中的意见准确反映了我们对本研究中提及的任何或所有目标公司或上市公司的个人观点,并且(ii)我的报酬中没有任何部分与本研究报告中表达的具体建议或观点直接或间接相关;及就此报告中所讨论目标公司的证券,我们(包括我们的家属)
38、在其中均不持有任何财务利益。I,Hongke Li,certify that(i)the views expressed in this research report accurately reflect my personal views about any or all of the subject companies or issuers referred to in this research and(ii)no part of my compensation was,is or will be directly or indirectly related to the specif
39、ic recommendations or views expressed in this research report;and that I(including members of my household)have no financial interest in the security or securities of the subject companies discussed.我,高瑜,在此保证(i)本研究报告中的意见准确反映了我们对本研究中提及的任何或所有目标公司或上市公司的个人观点,并且(ii)我的报酬中没有任何部分与本研究报告中表达的具体建议或观点直接或间接相关;及就此
40、报告中所讨论目标公司的证券,我们(包括我们的家属)在其中均不持有任何财务利益。I,Yu Gao,certify that(i)the views expressed in this research report accurately reflect my personal views about any or all of the subject companies or issuers referred to in this research and(ii)no part of my compensation was,is or will be directly or indirectly
41、 related to the specific recommendations or views expressed in this research report;and that I(including members of my household)have no financial interest in the security or securities of the subject companies discussed.利益冲突披露利益冲突披露Conflict of Interest Disclosures 海通国际及其某些关联公司可从事投资银行业务和/或对本研究中的特定股票
42、或公司进行做市或持有自营头寸。就本研究报告而言,以下是有关该等关系的披露事项(以下披露不能保证及时无遗漏,如需了解及时全面信息,请发邮件至ERD-D)HTI and some of its affiliates may engage in investment banking and/or serve as a market maker or hold proprietary trading positions of certain stocks or companies in this research report.As far as this research report is con
43、cerned,the following are the disclosure matters related to such relationship(As the following disclosure does not ensure timeliness and completeness,please send an email to ERD-D if timely and comprehensive information is needed).海通证券股份有限公司和/或其子公司(统称“海通”)在过去12个月内参与了600415.CH,BABA.US and ZH.US的投资银行项目
44、。投资银行项目包括:1、海通担任上市前辅导机构、保荐人或主承销商的首次公开发行项目;2、海通作为保荐人、主承销商或财务顾问的股权或债务再融资项目;3、海通作为主经纪商的新三板上市、目标配售和并购项目。Haitong Securities Co.,Ltd.and/or its subsidiaries(collectively,the Haitong)have a role in investment banking projects of 600415.CH,BABA.US and ZH.US within the past 12 months.The investment banking p
45、rojects include 1.IPO projects in which Haitong acted as pre-listing tutor,sponsor,or lead-underwriter;2.equity or debt refinancing projects of 600415.CH,BABA.US and ZH.US for which Haitong acted as sponsor,lead-underwriter or financial advisor;3.listing by introduction in the new three board,target
46、 placement,M&A projects in which Haitong acted as lead-brokerage firm.600415.CH 及 ZH.US目前或过去12个月内是海通的投资银行业务客户。600415.CH and ZH.US are/were an investment bank clients of Haitong currently or within the past 12 months.002251.CH,北京东方宝辰国际投资有限公司,北京东方华晟投资管理有限公司,北京东方顺泰金属制品有限公司,北京东方蜗牛投资管理有限公司,北京东方蜗牛投资管理有限公司
47、东方蜗牛复合策略一号基金,北京东方蜗牛投资管理有限公司东方蜗牛积极进取二号私募基金,北京东方蜗牛投资管理有限公司东方蜗牛稳健回报三号私募基金,北京东方引擎投资管理有限公司引擎资本基业长青混合私募证券投资基金,北京东方雨虹防水技术股份有限公司,北京东方雨虹防水技术股份有限公司回购专用证券账户,北京东海长基投资基金管理有限公司,北京东世佳商贸有限公司,北京东泰阳光纺织品有限公司,北京京东绿谷农业科技有限公司,南京东宇汽车集团有限公司,上海京东工贸商行,阿里巴巴(北京)软件服务有限公司,阿里巴巴(成都)软件技术有限公司,阿里巴巴(中国)网络技术有限公司,杭州阿里巴巴创业投资管理有限公司,杭州阿里巴巴
48、泽泰信息技术有限公司 及 中国国旅集团有限公司目前或过去12个月内是海通的客户。海通向客户提供非投资银行业务的证券相关业务服务。002251.CH,北京东方宝辰国际投资有限公司,北京东方华晟投资管理有限公司,北京东方顺泰金属制品有限公司,北京东方蜗牛投资管理有限公司,北京东方蜗牛投资管理有限公司东方蜗牛复合策略一号基金,北京东方蜗牛投资管理有限公司东方蜗牛积极进取二号私募基金,北京东方蜗牛投资管理有限公司东方蜗牛稳健回报三号私募基金,北京东方引擎投资管理有限公司引擎资本基业长青混合私募证券投资基金,北京东方雨虹防水技术股份有限公司,北京东方雨虹防水技术股份有限公司回购专用证券账户,北京东海长基
49、投资基金管理有限公司,北京东世佳商贸有限公司,北京东泰阳光纺织品有限公司,北京京东绿谷农业科技有限公司,南京东宇汽车集团有限公司,上海京东工贸商行,阿里巴巴(北京)软件服务有限公司,阿里巴巴(成都)软件技术有限公司,阿里巴巴(中国)网络技术有限公司,杭州阿里巴巴创业投资管理有限公司,杭州阿里巴巴泽泰信息技术有限公司 and 中国国旅集团有限公司 are/were a client of Haitong currently or within the past 12 months.The client has been provided for non-investment-banking se
50、curities-related services.10 海通在过去12个月中获得对ZH.US提供投资银行服务的报酬。Haitong received in the past 12 months compensation for investment banking services provided to ZH.US.海通预计将(或者有意向)在未来三个月内从002251.CH,300896.CH,ZH.US,WB.US 及 601888.CH获得投资银行服务报酬。Haitong expects to receive,or intends to seek,compensation for in
51、vestment banking services in the next three months from 002251.CH,300896.CH,ZH.US,WB.US and 601888.CH.海通在过去的12个月中从002251.CH,北京东方宝辰国际投资有限公司,北京东方华晟投资管理有限公司,北京东方顺泰金属制品有限公司,北京东方蜗牛投资管理有限公司,北京东方蜗牛投资管理有限公司东方蜗牛复合策略一号基金,北京东方蜗牛投资管理有限公司东方蜗牛积极进取二号私募基金,北京东方蜗牛投资管理有限公司东方蜗牛稳健回报三号私募基金,北京东方引擎投资管理有限公司引擎资本基业长青混合私募证券投资基
52、金,北京东方雨虹防水技术股份有限公司,北京东方雨虹防水技术股份有限公司回购专用证券账户,北京东海长基投资基金管理有限公司,北京东世佳商贸有限公司,北京东泰阳光纺织品有限公司,北京京东绿谷农业科技有限公司,南京东宇汽车集团有限公司,上海京东工贸商行,阿里巴巴(北京)软件服务有限公司,阿里巴巴(成都)软件技术有限公司,阿里巴巴(中国)网络技术有限公司,杭州阿里巴巴创业投资管理有限公司 及杭州阿里巴巴泽泰信息技术有限公司获得除投资银行服务以外之产品或服务的报酬。Haitong has received compensation in the past 12 months for products o
53、r services other than investment banking from 002251.CH,北京东方宝辰国际投资有限公司,北京东方华晟投资管理有限公司,北京东方顺泰金属制品有限公司,北京东方蜗牛投资管理有限公司,北京东方蜗牛投资管理有限公司东方蜗牛复合策略一号基金,北京东方蜗牛投资管理有限公司东方蜗牛积极进取二号私募基金,北京东方蜗牛投资管理有限公司东方蜗牛稳健回报三号私募基金,北京东方引擎投资管理有限公司引擎资本基业长青混合私募证券投资基金,北京东方雨虹防水技术股份有限公司,北京东方雨虹防水技术股份有限公司回购专用证券账户,北京东海长基投资基金管理有限公司,北京东世佳商贸
54、有限公司,北京东泰阳光纺织品有限公司,北京京东绿谷农业科技有限公司,南京东宇汽车集团有限公司,上海京东工贸商行,阿里巴巴(北京)软件服务有限公司,阿里巴巴(成都)软件技术有限公司,阿里巴巴(中国)网络技术有限公司,杭州阿里巴巴创业投资管理有限公司 and杭州阿里巴巴泽泰信息技术有限公司.海通担任3690.HK有关证券的做市商或流通量提供者。Haitong acts as a market maker or liquidity provider in the securities of 3690.HK.评级定义(从评级定义(从2020年年7月月1日开始执行):日开始执行):海通国际(以下简称“H
55、TI”)采用相对评级系统来为投资者推荐我们覆盖的公司:优于大市、中性或弱于大市。投资者应仔细阅读HTI的评级定义。并且HTI发布分析师观点的完整信息,投资者应仔细阅读全文而非仅看评级。在任何情况下,分析师的评级和研究都不能作为投资建议。投资者的买卖股票的决策应基于各自情况(比如投资者的现有持仓)以及其他因素。分析师股票评级分析师股票评级 优于大市优于大市,未来12-18个月内预期相对基准指数涨幅在10%以上,基准定义如下 中性中性,未来12-18个月内预期相对基准指数变化不大,基准定义如下。根据FINRA/NYSE的评级分布规则,我们会将中性评级划入持有这一类别。弱于大市弱于大市,未来12-1
56、8个月内预期相对基准指数跌幅在10%以上,基准定义如下 各地股票基准指数:日本 TOPIX,韩国 KOSPI,台湾 TAIEX,印度 Nifty100,美国 SP500;其他所有中国概念股 MSCI China.Ratings Definitions(from 1 Jul 2020):Haitong International uses a relative rating system using Outperform,Neutral,or Underperform for recommending the stocks we cover to investors.Investors shou
57、ld carefully read the definitions of all ratings used in Haitong International Research.In addition,since Haitong International Research contains more complete information concerning the analysts views,investors should carefully read Haitong International Research,in its entirety,and not infer the c
58、ontents from the rating alone.In any case,ratings(or research)should not be used or relied upon as investment advice.An investors decision to buy or sell a stock should depend on individual circumstances(such as the investors existing holdings)and other considerations.Analyst Stock Ratings Outperfor
59、m:The stocks total return over the next 12-18 months is expected to exceed the return of its relevant broad market benchmark,as indicated below.评级分布评级分布Rating Distribution 11 Neutral:The stocks total return over the next 12-18 months is expected to be in line with the return of its relevant broad ma
60、rket benchmark,as indicated below.For purposes only of FINRA/NYSE ratings distribution rules,our Neutral rating falls into a hold rating category.Underperform:The stocks total return over the next 12-18 months is expected to be below the return of its relevant broad market benchmark,as indicated bel
61、ow.Benchmarks for each stocks listed region are as follows:Japan TOPIX,Korea KOSPI,Taiwan TAIEX,India Nifty100,US SP500;for all other China-concept stocks MSCI China.截至截至2022年年9月月30日海通国际股票研究评级分布日海通国际股票研究评级分布 优于大市优于大市 中性中性 弱于大市弱于大市 (持有)海通国际股票研究覆盖率 89.4%9.2%1.4%投资银行客户*5.5%6.8%4.5%*在每个评级类别里投资银行客户所占的百分比
62、。上述分布中的买入,中性和卖出分别对应我们当前优于大市,中性和落后大市评级。只有根据FINRA/NYSE的评级分布规则,我们才将中性评级划入持有这一类别。请注意在上表中不包含非评级的股票。此前的评级系统定义(直至此前的评级系统定义(直至2020年年6月月30日):日):买入,未来12-18个月内预期相对基准指数涨幅在10%以上,基准定义如下 中性,未来12-18个月内预期相对基准指数变化不大,基准定义如下。根据FINRA/NYSE的评级分布规则,我们会将中性评级划入持有这一类别。卖出,未来12-18个月内预期相对基准指数跌幅在10%以上,基准定义如下 各地股票基准指数:日本 TOPIX,韩国
63、KOSPI,台湾 TAIEX,印度 Nifty100;其他所有中国概念股 MSCI China.Haitong International Equity Research Ratings Distribution,as of Sep 30,2022 Outperform Neutral Underperform (hold)HTI Equity Research Coverage 89.4%9.2%1.4%IB clients*5.5%6.8%4.5%*Percentage of investment banking clients in each rating category.BUY,Ne
64、utral,and SELL in the above distribution correspond to our current ratings of Outperform,Neutral,and Underperform.For purposes only of FINRA/NYSE ratings distribution rules,our Neutral rating falls into a hold rating category.Please note that stocks with an NR designation are not included in the tab
65、le above.Previous rating system definitions(until 30 Jun 2020):BUY:The stocks total return over the next 12-18 months is expected to exceed the return of its relevant broad market benchmark,as indicated below.NEUTRAL:The stocks total return over the next 12-18 months is expected to be in line with t
66、he return of its relevant broad market benchmark,as indicated below.For purposes only of FINRA/NYSE ratings distribution rules,our Neutral rating falls into a hold rating category.SELL:The stocks total return over the next 12-18 months is expected to be below the return of its relevant broad market
67、benchmark,as indicated below.Benchmarks for each stocks listed region are as follows:Japan TOPIX,Korea KOSPI,Taiwan TAIEX,India Nifty100;for all other China-concept stocks MSCI China.海通国际非评级研究:海通国际非评级研究:海通国际发布计量、筛选或短篇报告,并在报告中根据估值和其他指标对股票进行排名,或者基于可能的估值倍数提出建议价格。这种排名或建议价格并非为了进行股票评级、提出目标价格或进行基本面估值,而仅供参考
68、使用。Haitong International Non-Rated Research:Haitong International publishes quantitative,screening or short reports which may rank stocks according to valuation and other metrics or may suggest prices based on possible valuation multiples.Such rankings or suggested prices do not purport to be stock
69、ratings or target prices or fundamental values and are for information only.海通国际海通国际A股覆盖:股覆盖:海通国际可能会就沪港通及深港通的中国A股进行覆盖及评级。海通证券(600837.CH),海通国际于上海的母公司,也会于中国发布中国A股的研究报告。但是,海通国际使用与海通证券不同的评级系统,所以海通国际与海通证券的中国A股评级可能有所不同。Haitong International Coverage of A-Shares:Haitong International may cover and rate A-S
70、hares that are subject to the Hong Kong Stock Connect scheme with Shanghai and Shenzhen.Haitong Securities(HS;600837 CH),the ultimate parent company of HTISG based in Shanghai,covers and publishes research on these same A-Shares for distribution in mainland China.However,the rating system employed b
71、y HS differs from that used by HTI and as a result there may be a difference in the HTI and HS ratings for the same A-share stocks.海通国际优质海通国际优质100 A股(股(Q100)指数:)指数:海通国际Q100指数是一个包括100支由海通证券覆盖的优质中国A股的计量产品。这些股票是通过基于质量的筛选过程,并结合对海通证券 A股团队自下而上的研究。海通国际每季对Q100指数成分作出复审。Haitong International Quality 100 A-sha
72、re(Q100)Index:HTIs Q100 Index is a quant product that consists of 100 of the highest-quality A-shares under coverage at HS in Shanghai.These stocks are carefully selected through a quality-based screening process in combination with a review of the HS A-share teams bottom-up research.The Q100 consti
73、tuent companies are reviewed quarterly.12 MSCI ESG评级免责声明条款:评级免责声明条款:尽管海通国际的信息供货商(包括但不限于MSCI ESG Research LLC及其联属公司(ESG方)从其认为可靠的来源获取信息(信息),ESG方均不担保或保证此处任何数据的原创性,准确性和/或完整性,并明确表示不作出任何明示或默示的担保,包括可商售性和针对特定目的的适用性。该信息只能供阁下内部使用,不得以任何形式复制或重新传播,并不得用作任何金融工具、产品或指数的基础或组成部分。此外,信息本质上不能用于判断购买或出售何种证券,或何时购买或出售该证券。即使已
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78、-ESG)数据通免责声明条款:)数据通免责声明条款:在使用盟浪义利(FIN-ESG)数据之前,请务必仔细阅读本条款并同意本声明:第一条 义利(FIN-ESG)数据系由盟浪可持续数字科技有限责任公司(以下简称“本公司”)基于合法取得的公开信息评估而成,本公司对信息的准确性及完整性不作任何保证。对公司的评估结果仅供参考,并不构成对任何个人或机构投资建议,也不能作为任何个人或机构购买、出售或持有相关金融产品的依据。本公司不对任何个人或机构投资者因使用本数据表述的评估结果造成的任何直接或间接损失负责。第二条 盟浪并不因收到此评估数据而将收件人视为客户,收件人使用此数据时应根据自身实际情况作出自我独立判
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85、ght of this data belongs to SusallWave,and we reserve all rights in accordance with the law.Without the prior written permission of our company,none of individual or institution can use these data for any profitable purpose.Besides,none of individual or institution can take actions such as amendment
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87、l bear the corresponding compensation liability.SusallWave shall not be responsible for any loss.4.If any term is not contained in this disclaimer but written in other agreements on our website(e.g.User Registration Protocol of SusallWave Website,User Service(including authentication)Agreement of Su
88、sallWave Website,Privacy Policy of Susallwave Website),it should be executed according to other agreements.If there is any difference between this disclaim and other agreements,this disclaimer shall be applied.重要免责声明:重要免责声明:非印度证券的研究报告:非印度证券的研究报告:本报告由海通国际证券集团有限公司(“HTISGL”)的全资附属公司海通国际研究有限公司(“HTIRL”)发行
89、,该公司是根据香港证券及期货条例(第571章)持有第4类受规管活动(就证券提供意见)的持牌法团。该研究报告在HTISGL的全资附属公司Haitong International(Japan)K.K.(“HTIJKK”)的协助下发行,HTIJKK是由日本关东财务局监管为投资顾问。印度证券的研究报告:印度证券的研究报告:本报告由从事证券交易、投资银行及证券分析及受Securities and Exchange Board of India(“SEBI”)监管的Haitong Securities India Private Limited(“HTSIPL”)所发行,包括制作及发布涵盖BSE Lim
90、ited(“BSE”)和National Stock Exchange of India Limited(“NSE”)上市公司(统称为印度交易所)的研究报告。HTSIPL于2016年12月22日被收购并成为海通国际证券集团有限公司(“HTISG”)的一部分。所有研究报告均以海通国际为名作为全球品牌,经许可由海通国际证券股份有限公司及/或海通国际证券集团的其他成员在其司法管辖区发布。本文件所载信息和观点已被编译或源自可靠来源,但HTIRL、HTISCL或任何其他属于海通国际证券集团有限公司(“HTISG”)的成员对其准确性、完整性和正确性不做任何明示或暗示的 13/不应被解释为对证券买卖的明示或
91、暗示地出价或征价。在某些司法管辖区,本文件中提及的证券可能无法进行买卖。如果投资产品以投资者本国货币以外的币种进行计价,则汇率变化可能会对投资产生不利影响。过去的表现并不一定代表将来的结果。某些特定交易,包括设计金融衍生工具的,有产生重大风险的可能性,因此并不适合所有的投资者。您还应认识到本文件中的建议并非为您量身定制。分析师并未考虑到您自身的财务情况,如您的财务状况和风险偏好。因此您必须自行分析并在适用的情况下咨询自己的法律、税收、会计、金融和其他方面的专业顾问,以期在投资之前评估该项建议是否适合于您。若由于使用本文件所载的材料而产生任何直接或间接的损失,HTISG及其董事、雇员或代理人对此
92、均不承担任何责任。除对本文内容承担责任的分析师除外,HTISG及我们的关联公司、高级管理人员、董事和雇员,均可不时作为主事人就本文件所述的任何证券或衍生品持有长仓或短仓以及进行买卖。HTISG的销售员、交易员和其他专业人士均可向HTISG的相关客户和公司提供与本文件所述意见相反的口头或书面市场评论意见或交易策略。HTISG可做出与本文件所述建议或意见不一致的投资决策。但HTIRL没有义务来确保本文件的收件人了解到该等交易决定、思路或建议。请访问海通国际网站 ,查阅更多有关海通国际为预防和避免利益冲突设立的组织和行政安排的内容信息。非美国分析师披露信息:非美国分析师披露信息:本项研究上海品茶上列明的
93、海通国际分析师并未在FINRA进行注册或者取得相应的资格,并且不受美国FINRA有关与本项研究目标公司进行沟通、公开露面和自营证券交易的第2241条规则之限制。IMPORTANT DISCLAIMER For research reports on non-Indian securities:The research report is issued by Haitong International Research Limited(“HTIRL”),a wholly owned subsidiary of Haitong International Securities Group Limi
94、ted(“HTISGL”)and a licensed corporation to carry on Type 4 regulated activity(advising on securities)for the purpose of the Securities and Futures Ordinance(Cap.571)of Hong Kong,with the assistance of Haitong International(Japan)K.K.(“HTIJKK”),a wholly owned subsidiary of HTISGL and which is regulat
95、ed as an Investment Adviser by the Kanto Finance Bureau of Japan.For research reports on Indian securities:The research report is issued by Haitong Securities India Private Limited(“HSIPL”),an Indian company and a Securities and Exchange Board of India(“SEBI”)registered Stock Broker,Merchant Banker
96、and Research Analyst that,inter alia,produces and distributes research reports covering listed entities on the BSE Limited(“BSE”)and the National Stock Exchange of India Limited(“NSE”)(collectively referred to as“Indian Exchanges”).HSIPL was acquired and became part of the Haitong International Secu
97、rities Group of Companies(“HTISG”)on 22 December 2016.All the research reports are globally branded under the name Haitong International and approved for distribution by Haitong International Securities Company Limited(“HTISCL”)and/or any other members within HTISG in their respective jurisdictions.
98、The information and opinions contained in this research report have been compiled or arrived at from sources believed to be reliable and in good faith but no representation or warranty,express or implied,is made by HTIRL,HTISCL,HSIPL,HTIJKK or any other members within HTISG from which this research
99、report may be received,as to their accuracy,completeness or correctness.All opinions expressed herein are as of the date of this research report and are subject to change without notice.This research report is for information purpose only.Descriptions of any companies or their securities mentioned h
100、erein are not intended to be complete and this research report is not,and should not be construed expressly or impliedly as,an offer to buy or sell securities.The securities referred to in this research report may not be eligible for purchase or sale in some jurisdictions.If an investment product is
101、 denominated in a currency other than an investors home currency,a change in exchange rates may adversely affect the investment.Past performance is not necessarily indicative of future results.Certain transactions,including those involving derivatives,give rise to substantial risk and are not suitab
102、le for all investors.You should also bear in mind that recommendations in this research report are not tailor-made for you.The analyst has not taken into account your unique financial circumstances,such as your financial situation and risk appetite.You must,therefore,analyze and should,where applica
103、ble,consult your own legal,tax,accounting,financial and other professional advisers to evaluate whether the recommendations suits you before investment.Neither HTISG nor any of its directors,employees or agents accepts any liability whatsoever for any direct or consequential loss arising from any us
104、e of the materials contained in this research report.HTISG and our affiliates,officers,directors,and employees,excluding the analysts responsible for the content of this document,will from time to time have long or short positions in,act as principal in,and buy or sell,the securities or derivatives,
105、if any,referred to in this research report.Sales,traders,and other professionals of HTISG may provide oral or written market commentary or trading strategies to the relevant clients and the companies within HTISG that reflect opinions that are contrary to the opinions expressed in this research repo
106、rt.HTISG may make investment decisions that are inconsistent with the recommendations or views expressed in this research report.HTI is under no obligation to ensure that such other trading decisions,ideas or recommendations are brought to the attention of any recipient of this research report.Pleas
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