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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 23 Nov 2022 中国必需消费中国必
2、需消费 China Staples HTI 消费品成本指数:原材料价格走弱,行业成本继续下行 HTI CGCI:The Price of Raw Materials Fell,the Sector Cost Continued to Decline Table_Info 市盈率 P/E 股票名称 评级 目标价 2022E 2023E 百威亚太 Underperform 21.00 26 n.a.华润啤酒 Outperform 64.00 37 31 海底捞 Outperform 21.40 15 12 康师傅 Outperform 17.10 14 13 中国飞鹤 Outperform 8.5
3、4 8 6 恒安国际 Neutral 55.80 8 8 九毛九 Outperform 21.68 27 20 颐海国际 Outperform 24.33 18 14 现代牧业 Outperform 1.43 5 5 优然牧业 Outperform 5.55 3 3 澳优 Outperform 7.32 4 4 资料来源:Factset,HTI Related Reports HTI 消费品成本指数:棕榈油结束五周连涨,多数行业现货成本下行(HTI CGCI:Palm Oil Price Fell after Rising for Five Weeks,Spot Costs in Most S
4、ectors Fell)(16 Nov 2022)HTI 消费品成本指数:原材料价格多数上行,方便面期货成本领涨(HTI CGCI:Most Raw Material Prices Went up,Instant Noodles Futures Cost Led the Rise)(9 Nov 2022)HTI 消费品成本指数:棕榈油、小麦价格齐涨,方便面期货成本承压(HTI CGCI:Palm Oil and Wheat Rose Together,the Cost of Instant Noodle Futures is under Pressure)(4 Nov 2022)(Please
5、 see APPENDIX 1 for English summary)本周本周 HTI 跟踪的六类消费品中,成本指数集体下跌,方便面现货、跟踪的六类消费品中,成本指数集体下跌,方便面现货、啤酒和调味品期货跌幅居前啤酒和调味品期货跌幅居前。具体来看,本周包材部分,除纸浆期货上涨 2.26%,其他包材价格均较上周持平或下跌,其中玻璃期货大跌 3.60%,铝材现货、期货下跌 1.91%/0.26%,塑料期货跌幅为1.78%。直接原材料部分,除大麦和豆粕价格小幅走强,其他也多数下行,其中棕榈油本周继续大幅回调,现货、期货下跌4.60%/3.03%,鸡肉、蔬菜和白糖下跌 2.37%/1.18%/1.7
6、1%,其他直接原材料跌幅在 1%以内。本周能源价格也继续走弱,布油现货、期货下跌 4.86%/5.86%,对消费品成本下行起到积极作用。啤酒:啤酒:截至 11 月 22 日,成本现货指数较上周下降 0.29%,期货指数较上周下降 1.46%。今年年初以来现货、期货指数分别累计变动7.24%/5.8%,较 去 年 同 期 现 货、期 货 指 数 分 别 累 计 变 动8.19%/5.01%。本周大麦和纸浆小幅上涨,但因铝材和玻璃价格回落较多且成本比重更大,推动啤酒成本指数整体走弱。调味品:调味品:成本现货指数较上周下降 0.47%,期货指数较上周下降1.65%。今年年初以来现货、期货指数分别累计
7、变动 3.86%/8.87%,较去年同期现货、期货指数分别累计变动 5.2%/11.45%。本周调味品成本下行主因白糖和能源下跌驱动,期货端叠加包材价格大跌影响,期货指数下降更多。乳制品:乳制品:成本现货指数较上周下降 0.38%,期货指数较上周下降0.22%。今年年初以来现货、期货指数分别累计变动 6.49%/5.43%,较去年同期现货、期货指数分别累计变动 9.19%/6.42%。本周生鲜乳价格持平,原奶价格因饲料成本上行而小幅上涨,但因包材及白糖的价格波动,乳制品成本整体小幅下跌。方便面:方便面:成本现货指数较上周下降 1.03%,期货指数较上周下降0.78%。今年年初以来现货、期货指数
8、分别累计变动 5.09%/2.25%,较去年同期现货、期货指数分别累计变动 8.07%/3.66%。本周棕榈油价格继续大跌,推动方便面成本回落,截至目前棕榈油现货、期货分别较年初下跌 17.48%/7.06%。速冻食品:速冻食品:成本现货指数较上周下降 0.81%,期货指数较上周下降0.82%。今年年初以来现货、期货指数分别累计变动 3.41%/3.68%,较去年同期现货、期货指数分别累计变动 1.38%/1.73%。本周速冻食品成本指数回落,主因蔬菜和白条鸡的跟踪价格走弱。软饮料:软饮料:成本现货指数较上周下降 0.04%,期货指数较上周下降0.2%。今年年初以来现货、期货指数分别累计变动
9、10.94%/9.32%,较去年同期现货、期货指数分别累计变动 14.12%/8.9%。本周软饮料现货成本基本持平,期货端因塑料和白糖价格走弱,软饮料期货指数下降更多。风险风险提示:提示:国内疫情反复,原材料价格持续高位,地缘冲突加剧。Table_Author 闻宏伟闻宏伟 Hongwei Wen 陈子叶陈子叶 Susie Chen 406080100120Nov-21Feb-22May-22Aug-22Nov-22HAI China StaplesMSCI China 23 Nov 2022 2 Table_header1 中国必需消费中国必需消费 1.原材料价格走弱原材料价格走弱 本周 H
10、TI 跟踪的六类消费品中,成本指数集体下跌,方便面现货、啤酒和调味品期货跌幅居前。具体来看,本周包材部分,除纸浆期货上涨 2.26%,其他包材价格均较上周持平或下跌,其中玻璃期货大跌 3.60%,铝材现货、期货下跌 1.91%/0.26%,塑料期货跌幅为 1.78%。直接原材料部分除大麦和豆粕价格小幅走强,其他也多数下行,其中棕榈油 本 周 继 续 回 调,现 货、期 货 下 跌 4.60%/3.03%,鸡 肉、蔬 菜 和 白 糖 下 跌2.37%/1.18%/1.71%,其他跌幅在 1%以内。本周能源价格继续走弱,布油现货、期货下跌 4.86%/5.86%,对消费品成本下行起到积极作用。表表
11、 1 HTI 消费品现货成本指数消费品现货成本指数 资料来源:Wind,HTI 表表 2 HTI 消费品期货成本指数消费品期货成本指数 资料来源:Wind,HTI 啤酒调味品乳制品方便面速冻食品软饮料基准日2022/11/22136.86120.78118.59117.03127.95123.27上周2022/11/15137.25121.34119.03118.25128.99123.32上月2022/10/23137.64122.12119.87119.06129.94125.85今年年初2022/1/1147.54125.63126.81123.31123.73138.41去年同期202
12、1/11/22149.07127.39130.59127.31126.21143.55-0.29%-0.47%-0.38%-1.03%-0.81%-0.04%-0.57%-1.10%-1.08%-1.70%-1.53%-2.05%-7.24%-3.86%-6.49%-5.09%3.41%-10.94%-8.19%-5.20%-9.19%-8.07%1.38%-14.12%较去年同期HTI消费品成本指数(现货指数)较上周较上月较今年年初日期啤酒调味品乳制品方便面速冻食品软饮料基准日2022/11/22133.51124.47107.29124.98128.84137.87上周2022/11/15
13、135.48126.56107.53125.97129.90138.15上月2022/10/23136.08126.40107.21124.04130.02137.37今年年初2022/1/1141.72136.58101.76127.86124.26152.04去年同期2021/11/22140.55140.57100.81129.73126.65151.34-1.46%-1.65%-0.22%-0.78%-0.82%-0.20%-1.89%-1.53%0.07%0.76%-0.91%0.37%-5.80%-8.87%5.43%-2.25%3.68%-9.32%-5.01%-11.45%6.
14、42%-3.66%1.73%-8.90%较去年同期HTI消费品成本指数(期货指数)较上周较上月较今年年初日期3ZdYoXqWdUvZmPbRaO7NpNmMnPoMjMnMnMkPmOqM7NnNyRuOsRsPMYmPsP 23 Nov 2022 3 Table_header1 中国必需消费中国必需消费 2.行业行业成本成本集体集体下行下行 2.1 啤酒啤酒 截至 11 月 22 日,啤酒成本现货指数为 136.86,较上周下降 0.29%;啤酒成本期货指数为 133.51,较上周下降 1.46%。本周大麦和纸浆小幅上涨,但因铝材和玻璃价格回落较多且成本比重更大,推动啤酒成本指数整体走弱。月
15、度来看,较上月同期啤酒成本现货指数下降 0.57%,啤酒成本期货指数下降1.89%。中长期看,今年年初以来啤酒成本现货指数下降 7.24%,啤酒成本期货指数下降 5.8%,较去年同期,啤酒成本现货指数下降 8.19%,啤酒成本期货指数下降5.01%。图图1 本周本周 HTI 啤酒成本现货指数啤酒成本现货指数下降下降 0.29%图图2 本周本周 HTI 啤酒成本期货指数啤酒成本期货指数下降下降 1.46%资料来源:Wind,HTI 资料来源:Wind,HTI 图图3 浮法玻璃市场价(元浮法玻璃市场价(元/吨)吨)图图4 玻璃期货价(元玻璃期货价(元/吨)吨)资料来源:Wind,HTI 资料来源:
16、Wind,HTI 2.2 调味品调味品 截至 11 月 22 日,调味品成本现货指数为 120.78,较上周下降 0.47%;调味品成本期货指数为 124.47,较上周下降 1.65%。本周调味品成本下行主因白糖和能源下跌驱动,期货端叠加包材价格大跌影响,期货指数下降更多。100.0110.0120.0130.0140.0150.0160.0170.0180.019-0119-0720-0120-0721-0121-0722-0122-07HTIHTI啤酒成本指数(现货)啤酒成本指数(现货)100.0120.0140.0160.0180.0200.019-0119-0720-0120-0721
17、-0121-0722-0122-07HTIHTI啤酒成本指数(期货)啤酒成本指数(期货)0.0500.01,000.01,500.02,000.02,500.03,000.03,500.019-0119-0720-0120-0721-0121-0722-0122-070.0500.01,000.01,500.02,000.02,500.03,000.03,500.019-0119-0720-0120-0721-0121-0722-0122-07 23 Nov 2022 4 Table_header1 中国必需消费中国必需消费 月度来看,较上月同期调味品成本现货指数下降 1.1%,调味品成本期货
18、指数下降1.53%。中长期看,今年年初以来调味品成本现货指数下降 3.86%,调味品成本期货指数下降 8.87%,较去年同期,调味品成本现货指数下降 5.2%,调味品成本期货指数下降 11.45%。图图5 本周本周 HTI 调味品成本现货指数调味品成本现货指数下降下降 0.47%图图6 本周本周 HTI 调味品成本期货指数调味品成本期货指数下降下降 1.65%资料来源:Wind,HTI 资料来源:Wind,HTI 图图7 大豆期货收盘价(元大豆期货收盘价(元/吨)吨)图图8 白砂糖期货收盘价(元白砂糖期货收盘价(元/吨)吨)资料来源:Wind,HTI 资料来源:Wind,HTI 2.3 乳制品
19、乳制品 截至 11 月 22 日,乳制品成本现货指数为 118.59,较上周下降 0.38%;乳制品成本期货指数为 107.29,较上周下降 0.22%。本周生鲜乳价格持平,原奶价格因饲料成本上行而小幅上涨,但因包材及白糖的价格波动,乳制品成本整体小幅下跌。月度来看,较上月同期乳制品成本现货指数下降 1.08%,乳制品成本期货指数提升0.07%。中长期看,今年年初以来乳制品成本现货指数下降6.49%,乳制品成本期货指数提升5.43%,较去年同期,乳制品成本现货指数下降9.19%,乳制品成本期货指数提升 6.42%。80.090.0100.0110.0120.0130.0140.019-0119
20、-0720-0120-0721-0121-0722-0122-07HTIHTI调味品成本指数(现货)调味品成本指数(现货)90.0110.0130.0150.0170.0190.019-0119-0720-0120-0721-0121-0722-0122-07HTIHTI调味品成本指数(期货)调味品成本指数(期货)3,000.03,500.04,000.04,500.05,000.05,500.06,000.06,500.07,000.019-0119-0720-0120-0721-0121-0722-0122-074,500.05,000.05,500.06,000.06,500.019-0
21、119-0720-0120-0721-0121-0722-0122-07 23 Nov 2022 5 Table_header1 中国必需消费中国必需消费 图图9 本周本周 HTI 乳制品成本现货指数乳制品成本现货指数下降下降 0.38%图图10 本周本周 HTI 乳制品成本期货指数乳制品成本期货指数下降下降 0.22%资料来源:Wind,HTI 资料来源:Wind,HTI 图图11 全国玉米平均价(元全国玉米平均价(元/公斤)公斤)图图12 全国豆粕平均价(元全国豆粕平均价(元/公斤)公斤)资料来源:Wind,HTI 资料来源:Wind,HTI 2.4 方便面方便面 截至 11 月 22 日
22、,方便面成本现货指数为 117.03,较上周下降 1.03%;方便面成本期货指数为 124.98,较上周下降 0.78%。本周棕榈油价格继续大跌,推动方便面成本回落,截至目前棕榈油现货、期货分别较年初下跌 17.48%/7.06%。月度来看,较上月同期方便面成本现货指数下降 1.7%,方便面成本期货指数提升0.76%。中长期看,今年年初以来方便面成本现货指数下降 5.09%,方便面成本期货指数下降2.25%,较去年同期,方便面成本现货指数下降8.07%,方便面成本期货指数下降 3.66%。80.090.0100.0110.0120.0130.0140.019-0119-0720-0120-07
23、21-0121-0722-0122-07HTIHTI乳制品成本指数(现货)乳制品成本指数(现货)70.080.090.0100.0110.0120.019-0119-0720-0120-0721-0121-0722-0122-07HTIHTI乳制品成本指数(期货)乳制品成本指数(期货)1.82.02.22.42.62.83.03.219-0119-0720-0120-0721-0121-0722-0122-072.83.33.84.34.85.35.819-0119-0720-0120-0721-0121-0722-0122-07 23 Nov 2022 6 Table_header1 中国必
24、需消费中国必需消费 图图13 本周本周 HTI 方便面成本现货指数方便面成本现货指数下降下降 1.03%图图14 本周本周 HTI 方便面成本期货指数方便面成本期货指数下降下降 0.78%资料来源:Wind,HTI 资料来源:Wind,HTI 图图15 棕榈油棕榈油期货收盘期货收盘价(元价(元/吨)吨)图图16 小麦期货价(元小麦期货价(元/吨)吨)资料来源:Wind,HTI 资料来源:Wind,HTI 2.5 速冻食品速冻食品 截至 11 月 22 日,速冻食品成本现货指数为 127.95,较上周下降 0.81%;速冻食品成本期货指数为 128.84,较上周下降 0.82%。本周速冻食品成本
25、指数回落,主因蔬菜和白条鸡的跟踪价格走弱推动。月度来看,较上月同期速冻食品成本现货指数下降 1.53%,速冻食品成本期货指数下降0.91%。中长期看,今年年初以来速冻食品成本现货指数提升3.41%,速冻食品成本期货指数提升3.68%,较去年同期,速冻食品成本现货指数提升1.38%,速冻食品成本期货指数提升 1.73%。80.090.0100.0110.0120.0130.0140.0150.019-0119-0720-0120-0721-0121-0722-0122-07HTIHTI方便面成本指数(现货)方便面成本指数(现货)70.090.0110.0130.0150.0170.019-011
26、9-0720-0120-0721-0121-0722-0122-07HTIHTI方便面成本指数(期货)方便面成本指数(期货)02000400060008000400019-0119-0720-0120-0721-0121-0722-0122-072,000.02,500.03,000.03,500.04,000.019-0119-0720-0120-0721-0121-0722-0122-07 23 Nov 2022 7 Table_header1 中国必需消费中国必需消费 图图17 本周本周 HTI 速冻食品成本现货指数速冻食品成本现货指数下降下降 0.81%图图18
27、本周本周 HTI 速冻食品成本期货指数速冻食品成本期货指数下降下降 0.82%资料来源:Wind,HTI 资料来源:Wind,HTI 图图19 白条鸡价格(元白条鸡价格(元/公斤)公斤)图图20 平均批发价平均批发价:28 种重点监测蔬菜种重点监测蔬菜 资料来源:Wind,HTI 资料来源:Wind,HTI 2.6 软饮料软饮料 截至 11 月 22 日,软饮料成本现货指数为 123.27,较上周下降 0.04%;软饮料成本期货指数为 137.87,较上周下降 0.2%。本周软饮料现货成本基本持平,期货端因塑料和白糖价格走弱,期货指数下降更多。月度来看,较上月同期软饮料成本现货指数下降 2.0
28、5%,软饮料成本期货指数提升 0.37%。中长期看,今年年初以来软饮料成本现货指数下降 10.94%,软饮料成本期货指数下降 9.32%,较去年同期,软饮料成本现货指数下降 14.12%,软饮料成本期货指数下降 8.9%。90.0100.0110.0120.0130.0140.019-0119-0720-0120-0721-0121-0722-0122-07HTIHTI速冻食品成本指数(现货)速冻食品成本指数(现货)90.0100.0110.0120.0130.0140.019-0119-0720-0120-0721-0121-0722-0122-07HTIHTI速冻食品成本指数(期货)速冻食
29、品成本指数(期货)15.016.017.018.019.020.021.022.019-0119-0720-0120-0721-0121-0722-0122-073.03.54.04.55.05.56.06.57.019-0119-0720-0120-0721-0121-0722-0122-07 23 Nov 2022 8 Table_header1 中国必需消费中国必需消费 图图21 本周本周 HTI 软饮料成本现货指数软饮料成本现货指数下降下降 0.04%图图22 本周本周 HTI 软饮料成本期货指数软饮料成本期货指数下降下降 0.2%资料来源:Wind,HTI 资料来源:Wind,HTI
30、 图图23 瓦楞纸市场价(元瓦楞纸市场价(元/吨)吨)图图24 PET 切片价格切片价格(元(元/吨)吨)资料来源:Wind,HTI 资料来源:Wind,HTI 3.风险提示风险提示 国内疫情反复,原材料价格持续高位,地缘冲突加剧。90.0100.0110.0120.0130.0140.0150.019-0119-0720-0120-0721-0121-0722-0122-07HTIHTI软饮料成本指数(现货)软饮料成本指数(现货)90.0110.0130.0150.0170.0190.019-0119-0720-0120-0721-0121-0722-0122-07HTIHTI软饮料成本指数
31、(期货)软饮料成本指数(期货)3,000.03,500.04,000.04,500.05,000.019-0119-0720-0120-0721-0121-0722-0122-074,000.05,000.06,000.07,000.08,000.09,000.010,000.011,000.019-0119-0720-0120-0721-0121-0722-0122-07 23 Nov 2022 9 Table_header2 中国必需消费中国必需消费 APPENDIX 1 Summary Among the six categories of consumer goods tracked
32、by HTI this week,the cost index fell collectively,with instant noodles spot,beer and condiment futures leading the decline.For packaging materials this week,except for pulp futures,the prices of other packaging materials were flat or down compared with last week.Among them,glass futures fell 3.60%,a
33、luminum spot and futures fell 1.91%/0.26%,and plastic futures fell 1.78%.As for direct raw materials,except for barley and soybean meal,most materials also declined.Palm oil continued to retreat sharply this week,with spot and futures down 4.60%/3.03%,chicken,vegetables and sugar down 2.37%/1.18%/1.
34、71%.In terms of energy prices,oil distribution spot and futures fell by 4.86%/5.86%.Risks:Repeated domestic epidemics,continued high raw material prices and intensified geopolitical conflicts.10 Table_APPENDIX Table_disclaimer 附录附录APPENDIX 重要信息披露重要信息披露 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(HTIRL),Haitong Se
35、curities 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 for the equity research teams of Haitong Inter
36、national 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 Group of Companies(“HTISG”),each authorized to
37、engage in securities activities in its respective jurisdiction.HTIRL分析师认证分析师认证Analyst Certification:我,闻宏伟,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,Hongwei Wen,certify that(i)the views expressed in this re
38、search 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 views expressed in this research report;and that
39、I(including members of my household)have no financial interest in the security or securities of the subject companies discussed.我,陈子叶,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,Susie Chen,certify that(i)the
40、 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 views expressed in thi
41、s 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
42、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 concerned,the following are the disclosure matters related to such re
43、lationship(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1044.HK的投资银行项目。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
44、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 1044.HK within the past 12 months.The investment banking projects include 1.IPO projects in which Haitong acted as pre-listing tutor,sponsor,or lead-underwriter;2.e
45、quity or debt refinancing projects of 1044.HK for which Haitong acted as sponsor,lead-underwriter or financial advisor;3.listing by introduction in the new three board,target placement,M&A projects in which Haitong acted as lead-brokerage firm.1044.HK目前或过去12个月内是海通的投资银行业务客户。1044.HK is/was an investme
46、nt bank clients of Haitong currently or within the past 12 months.香港华润(集团)有限公司上海代表处目前或过去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。香港华润(集团)有限公司上海代表处 is/was a client of Haitong currently or within the past 12 months.The client has been provided for non-investment-banking securities-related services.海通担任0291
47、.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 0291.HK.11 评级定义评级定义(从(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“HTI”)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
48、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12-18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 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
49、 International uses a relative rating system using Outperform,Neutral,or Underperform for recommending the stocks we cover to investors.Investors should carefully read the definitions of all ratings used in Haitong International Research.In addition,since Haitong International Research contains more
50、 complete information concerning the analysts views,investors should carefully read Haitong International Research,in its entirety,and not infer the contents 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 s
51、ell a stock should depend on individual circumstances(such as the investors existing holdings)and other considerations.Analyst Stock Ratings Outperform: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.Neutra
52、l:The stocks total return over the next 12-18 months is expected to be in line with the 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.Underperform:The stocks total retur
53、n over the next 12-18 months is expected to be below the return of its relevant broad market benchmark,as indicated below.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.评级分布评级分布Rating
54、Distribution 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。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
55、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 12 各地股票基准指数:日本 TOPIX,韩国 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 Underp
56、erform (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,Neutral,and SELL in the above distribution correspond to our current ratings of Outperform,Neutral,and Underperform.For purposes only of FINRA/NYSE rati
57、ngs distribution rules,our Neutral rating falls into a hold rating category.Please note that stocks with an NR designation are not included in the table 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
58、 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 the return of its relevant broad market benchmark,as indicated below.For purposes only of FINRA/NYSE ratings distribution rules,our Neutral rating fall
59、s 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 benchmark,as indicated below.Benchmarks for each stocks listed region are as follows:Japan TOPIX,Korea KOSPI,Taiwan TAIEX,India Nifty100;for all other
60、 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,而仅供参考使用。Haitong International Non-Rated Research:Haitong International publishes quantitative,screening or short reports which may rank stocks according to
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62、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-Shares that are subject to the Hong Kong Stock Connect scheme with Shanghai and Shenzhen.Haitong Securities(HS;600837 CH),the ultimate parent company of
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