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1、东方甄选年度复盘:东方甄选年度复盘:知识带货自成一格,甄选矩阵大有可为知识带货自成一格,甄选矩阵大有可为Oriental Selections Annual Recovery:Knowledge with Goods is Self-contained,the Selection Matrix is Promising汪立亭汪立亭Liting Wang L许樱之许樱之Yingzhi Xu Y张若白张若白Ruobai Zhang R2023年年1月月4日日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
2、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。(PleaseseeappendixforEnglishtranslationofthedisclaimer)Equity Asia Research2摘要摘要For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on
3、our website at 知识带货破圈知识带货破圈,布局矩阵直播间打造甄选体系布局矩阵直播间打造甄选体系。概览:东方甄选定位为助农和文化传播,主号主要经营食品饮料和生鲜蔬果,陆续设立了图书、自营产品、美丽生活等专注不同品类的直播间,形成6大直播间矩阵,主播团队也扩充至20余人。复盘:22年6月东方甄选直播间走红,此后6-12月所有账号累计GMV达59.37亿元,全矩阵粉丝突破3700万,22年4月东方甄选首个自营品上线,7月首次户外直播,甄选体系逐步发展完善。东方甄选主号东方甄选主号12月日均月日均GMV 3151万创新高万创新高。整体:22年6-12月东方甄选日均GMV 2416.1万元
4、,12月日均GMV超3000万创新高,日均观看人次1325万人边际回升,转化率3.66%创新高。自营:22年6-12月东方甄选主号自营品累计GMV达13亿,平均自营占比为26.6%。东方甄选已推出自营品89款,累计销售额达13.4亿元。自营品烤肠的累计销售额达1.55亿元,展现东方甄选自营品不俗吸引力。美丽生活各指标明显提升美丽生活各指标明显提升。自2022年7月9日开播至12月31日,东方甄选美丽生活累计GMV达7.6亿元。7-12月全年平均单价为87.8元,整体趋势波动上升,12月增长至106元创下开播以来月度新高;全年平均转化率为1.56%,流量转化表现整体呈上升趋势。人与场:新场景人与
5、场:新场景、差异化创造价值差异化创造价值。户外专场:贵州专场(7485万)、西北专场(7918万)和山东专场(首日1.2亿)先后打破东方甄选GMV纪录,山东专场户外直播销售额破亿,创历史GMV新高,海南专场收入GMV 9829万元,户外专场带来强劲增长动能。主播&嘉宾:东方甄选主播具有突出的知识储备和人格魅力,例如,董宇辉12月1日-31日期间,有董宇辉直播日GMV均值为2925万/+55.5%。此外,东方甄选直播间常设访谈环节,11月6日毕淑敏做客直播间,当日观看人次达1770万(+24.8%),为当月最高,差异化定位为流量赋能。投资建议投资建议。回顾2022年,东方甄选在6月出圈之后,推出
6、优质主播、经营自营品、丰富矩阵账号并推出户外专场,在人货场上不断强化,带动GMV和流量的上行。我们认为,东方甄选12月东方甄选主号GMV、转化率再创新高;美丽生活开播以来各指标提升明显,11月开播的将进酒、看世界等直播间有望持续放量,矩阵直播有望进一步打开空间;此外,长期看品牌形象和消费者信赖的逐步确立也有望成为东方甄选线下化基础,品牌价值+渠道扩张有望打开长期空间。建议关注:新东方在线。风险提示风险提示:市场竞争风险、主播团队流失风险、品牌声誉下降风险、电商直播行业监管政策风险、供应链建设进度不及预期风险VUjYpNtRSWlWoWZWoYbR9RbRsQpPnPnOjMnNqReRpPmR
7、7NpOmNvPmOoPMYnOvN31.概览:知识带货破圈,布局矩阵直播间打造甄选体系概览:知识带货破圈,布局矩阵直播间打造甄选体系For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 助农助农&文化传播定位文化传播定位:据新东方在线2022年中期报告,东方甄选抖音号目标定位为通过直播业务推广中国传统文化及来自中国不同原产地高品
8、质农业品及相关产品,亦期望通过直播营销助力中国的农业产业发展,后续将销售范围扩展至图书、美妆等品类,其独特人文特色吸引了众多消费者。特色直播矩阵:特色直播矩阵:自开播以来,东方甄选已设立东方甄选、东方甄选之图书、东方甄选自营产品、东方甄选美丽生活、东方甄选将进酒、东方甄选看世界6大直播间,分别聚焦不同品类,除看世界外,其余账号2022年6-12月累计GMV占比分别为82.21%/2.60%/1.57%/12.83%/0.80%。多元主播团队:多元主播团队:东方甄选延续机构团队路线,打造主播矩阵,除刚破圈时的董宇辉、YoYo、七七、顿顿等主播外,后续加入的天权、鹏鹏、中灿等主播也广受好评,截至2
9、2年12月31日已扩充至20多人。表表 东方甄选直播矩阵及多元主播情况(粉丝数截至东方甄选直播矩阵及多元主播情况(粉丝数截至2022年年12月月31日)日)资料来源:抖音,蝉妈妈,HTI注:粉丝数截至2022年12月31日,累计GMV不包括看世界直播间直播间主营品类主营品类开播时间开播时间6-12月累计月累计GMV占比占比粉丝总数(万人)粉丝总数(万人)常驻主播及其抖音粉丝数常驻主播及其抖音粉丝数东方甄选东方甄选食品饮料生鲜蔬果2021年12月82.21%2901.4董宇辉/972.3万、明明/114.5万、七七/44.0万、鹏鹏/25.9万、天权/16.2万、冬冬/15.8万、敬文/12.7
10、万、盼盼/3.8万东方甄选之图书东方甄选之图书图书音像2022年2月2.60%385.0冯冯/12.5万、小韩/6.8万、潇潇/5.2万、蓓蓓/4.9万东方甄选自营产品东方甄选自营产品食品饮料生鲜蔬果2022年6月1.57%109.8超凤/8.5万、小贝/3.5万东方甄选美丽生活东方甄选美丽生活美妆护肤日用百货2022年7月12.83%264.2顿顿/213.0万、Yoyo/113.8万、杰西/21.2万、董董/21.6万、大琪/13.1万、甜甜/8.6万、彤彤/3.8万、中灿/16.9万、乐乐/4.2万东方甄选将进酒东方甄选将进酒食品饮料(酒水为主)2022年11月0.80%39.2-东方甄
11、选看世界东方甄选看世界旅游产品2022年11月未包括45.7-41.概览:知识带货破圈,布局矩阵直播间打造甄选体系概览:知识带货破圈,布局矩阵直播间打造甄选体系For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 6-12M22所有账号累计所有账号累计GMV59.37亿元,全矩阵粉丝量破亿元,全矩阵粉丝量破3700万万:东方甄选抖
12、音号于21年12月28日开播,于22年6月破圈走红,6月以来东方甄选所有账号累计GMV达59.37亿元,抖音所有账号合计粉丝量3745万。0200040006000800040002021/12/282022/1/72022/1/172022/1/272022/2/62022/2/162022/2/262022/3/82022/3/182022/3/282022/4/72022/4/172022/4/272022/5/72022/5/172022/5/272022/6/62022/6/162022/6/262022/7/62022/7/162022/7/262022/8/
13、52022/8/152022/8/252022/9/42022/9/142022/9/242022/10/42022/10/142022/10/242022/11/32022/11/132022/11/232022/12/32022/12/132022/12/23图图 东方甄选各直播间合计日均东方甄选各直播间合计日均GMV(万元,不包括看世界)(万元,不包括看世界)资料来源:wind,蝉妈妈,东方甄选官方号微信号,HTI注:GMV不包括看世界2021.12.282022.2.212022.4.302022.6.292022.6.102022.7.172022.7.82022.82022.10.
14、282022.11.22022.11.202021.12.28 东方甄选首播:东方甄选首播:俞敏洪与新东方在线CEO孙冬旭分别在俞敏洪个人抖音直播间、东方甄选直播间带货销售农产品2022.2.21东方甄选之图书首播东方甄选之图书首播2022.4.30首款自营品上线:首款自营品上线:金枕榴莲2022.6.10主播董宇辉老师:主播董宇辉老师:中英双语“带货”走红2022.6.29东方甄选自营品首播东方甄选自营品首播2022.7.8东方甄选美丽生活首播东方甄选美丽生活首播2022.7.17东方甄选首次外景直播东方甄选首次外景直播2022.8东方甄选企业店:东方甄选企业店:抖音店铺排行首次位列第一20
15、22.10.28东方甄选东方甄选APP上线上线2022.11.2东方甄选看世界首播东方甄选看世界首播2022.11.20东方甄选将进酒首播东方甄选将进酒首播51.东方甄选:东方甄选:12月日均月日均GMV 3151万创新高万创新高自营品表现佳自营品表现佳For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at (1)销售额:销售额:1
16、2月日均月日均GMV3151万元创新高万元创新高,客单价表现稳健客单价表现稳健22年年6-12月月东方甄选日均东方甄选日均GMV 2416.1万元万元,12月日均月日均GMV超超3000万创新高万创新高。6/7/8/9/10/11/12月东方甄选直播间平均GMV分别为2355/2075/2073/2528/2741/2154/3151万元,12月累计销售额达7.9亿元,较11月同期环比增长21.9%,日均GMV 3151万元创下6月以来新高。22年年6-12月东方甄选平均客单价为月东方甄选平均客单价为64.1元元。6/7/8/9/10/11/12月东方甄选平均客单价分别为69.4元/61.9元
17、/62.7元/65元/64.1元/61.2元/64.3元,12月日均客单价为64.3元,表现稳健。图图 6月以来东方甄选月以来东方甄选日均日均销售额(万元)及平均单价(元)销售额(万元)及平均单价(元)2355 2075 2073 2528 2741 2153 3151 565860626466687072050002500300035006月日均7月日均8月日均9月日均10月日均11月日均12月日均日销售额(万元,左轴)平均单价(元,右轴)资料来源:蝉妈妈,HTI注:7月12日、9月5日、9月26日、10月1-3日东方甄选直播间停播61.东方甄选:东方甄选:12月日均月
18、日均GMV 3151万创新高万创新高自营品表现佳自营品表现佳For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at (2)自营:主号开播至今自营品累计自营:主号开播至今自营品累计GMV为为13亿元亿元,平均占比平均占比26.6%22年年 6-12月东方甄选主号自营品累计月东方甄选主号自营品累计GMV达达 13亿亿,平均自营平均自营占
19、比为占比为 26.6%。22年 9/10/11/12月 自营品平均GMV各为897/1074/631/958万元,累计自营品GMV占比为26.6%,12月自营品占比30%。自营品表现自营品表现佳佳:东方甄选已推出自营品89款,累计销售额达13.5亿元。自营产品GMV TOP5分别为烤肠、南美白虾、意大利面、每日坚果、五常稻香米,其中烤肠的累计销售额达1.55亿元,展现东方甄选自营品不俗吸引力。图图 东方甄选主号上架自营商品情况东方甄选主号上架自营商品情况16%29%35%39%29%30%0%10%20%30%40%50%60%70%6/307/77/147/217/28
20、8/48/118/188/259/19/89/159/229/2910/610/1310/2010/2711/311/1011/1711/2412/112/812/1512/2212/29主号上架自营商品数(右轴)自营GMV占比(左轴)自营占比月度中枢(%,左轴)资料来源:蝉妈妈,HTI71.东方甄选:东方甄选:12月日均月日均GMV 3151万创新高万创新高自营品表现佳自营品表现佳For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,ple
21、ase refer to the latest full report on our website at 图图 6月以来东方甄选观看人次(万人)月以来东方甄选观看人次(万人)(3)22年年12月主号日均观看人次月主号日均观看人次1325万人边际回升万人边际回升,转化率转化率3.66%创新高创新高22年年12月主号日均观看人次月主号日均观看人次1325万人边际回升万人边际回升:6月东方甄选出圈,观看人次月度中枢达2526万人,破圈热度下降后日均观看人次稳定日均1300万左右水平,12月观看人次月度中枢1325万人,首度环比上升,我们认为,这展现了东方甄选直播间在进入稳定发展轨道后的流量获取能力
22、和增长动力。22年年6-12月东方甄选主号日均转化率月东方甄选主号日均转化率2.35%,12月月3.66%创新高:创新高:22年6-12月东方甄选主号日均转化率波动上升,期间平均转化率2.35%,较22年6月的1.35%明显上升,12月转化率3.66%创下新高。图图 6月以来东方甄选转化率(月以来东方甄选转化率(%)与)与UV价值(元)价值(元)2526 2422 1746 1514 1400 1258 1325 004000500060006/16/156/297/137/278/108/249/79/2110/510/1911/211/1611/3012/1412/2
23、8观看人次(万人)观看人次月度中枢(万人)1.35%1.39%1.92%2.58%3.13%2.81%3.66%0%1%2%3%4%5%6%012346/16/156/297/137/278/108/249/79/2110/51011/211111212UV价值(元,左轴)转化率(右轴)转化率月度中枢(右轴)资料来源:蝉妈妈,HTI82.美丽生活:各项指标明显提升美丽生活:各项指标明显提升美丽生活方兴未艾美丽生活方兴未艾For full disclosure of risks,valuation methodologies and target price formation on all H
24、TI rated stocks,please refer to the latest full report on our website at 图图 7月以来东方甄选美丽生活销售额(万元)及平均单价(元)月以来东方甄选美丽生活销售额(万元)及平均单价(元)(1)美丽生活开播美丽生活开播以来累计以来累计GMV达达7.6亿元亿元,12月客单价月客单价106元创新高元创新高美丽生活开播以来累计美丽生活开播以来累计GMV达达7.6亿元亿元:自2022年7月9日开播至12月31日,东方甄选美丽生活累计GMV达7.6亿元。7月/8月/9月/10月/11月/12月日均GMV分别为104/219/407/7
25、43/670/554万元,我们判断美丽生活在竞争激烈的双十一、双十二期间活动力度相对克制,致11/12月GMV阶段性回落。客单价波动上升客单价波动上升,12月月106元创新高元创新高:截至12月31日,7/8/9/10/11日均单价分别为57.7元/74.6元/89.4元/80.8元/99元/106元,全年平均单价为87.8元,整体趋势波动上升,12月增长至106元创下开播以来月度新高。资料来源:蝉妈妈,抖音直播,HTI注:8月22日、24日、29日,10月1日-3日、12月6日、12-14日美丽生活直播间停播104 219 407 743 670 554 020406080100120010
26、02003004005006007008007月日均8月日均9月日均10月日均11月日均12月日均日销售额(万元,左轴)平均单价(元,右轴)92.美丽生活:各项指标明显提升美丽生活:各项指标明显提升美丽生活方兴未艾美丽生活方兴未艾For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 图图 7月以来东方甄选美丽生活观看人次量(万元)
27、月以来东方甄选美丽生活观看人次量(万元)(2)开播以来美丽生活日均观看人次开播以来美丽生活日均观看人次305万人万人,全年平均转化率为全年平均转化率为1.56%日均观看人次:日均观看人次:美丽生活日均观看人次为304.7万人,10月观看人次月度中枢最高达395万人,11、12月有所回落,但仍稳定在300万人次以上。平均转化率:平均转化率:截至12月31日,美丽生活7/8/9/10/11月平均转化率分别为1.10%/1.26%/1.56%/1.90%/1.69%/1.74%,全年平均转化率为1.56%,流量转化表现整体呈上升趋势。图图 7月以来东方甄选美丽生活月以来东方甄选美丽生活UV价值(元)
28、与转化率(价值(元)与转化率(%)资料来源:蝉妈妈,HTI175 238 275 395 393 319 0200400600800016007/97/238/68/209/39/1710/110/1510/2911/1211/2612/1012/24观看人次(万人)观看人次月度中枢(万人)1.10%1.26%1.56%1.90%1.69%1.74%0.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5%4.0%0123456787/107/187/258/18/88/158/239/19/99/169/2310/410/1110/1810/2511/111/81
29、1/1511/2211/2912/712/1712/2412/31UV价值(元,左轴)转化率(%,右轴)转化率月度中枢(%,右轴)103.户外专场:新场景创造新价值户外专场:新场景创造新价值For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 表表 东方甄选户外专场数据与当月平均数据对比东方甄选户外专场数据与当月平均数据对比资料来
30、源:蝉妈妈,HTI户外专场直播助力户外专场直播助力GMV大幅增长:东方甄选直播间从室内走向户外,形势和内容创新的同时提升了场景价值,用户身份认同发生转变,从粉丝到朋友,从消费者到生活者,带来强劲销售反馈。贵州专场(7485万)、西北专场(7918万)和山东专场(首日1.2亿)先后打破东方甄选GMV纪录,山东专场户外直播销售额破亿,达创历史GMV新高,海南专场收入GMV 9829万元,延续突出表现,户外专场带来强劲增长动能。转化率显著提高:户外直播拉近消费者距离,吸引了更多流量及转化,东方甄选6场户外直播当日(首日)转化率远高于当月转化率中枢数据,西北专场的转化率达5.19%,为历史最高转化率。
31、销售额销售额(万元)(万元)销售额当月中枢销售额当月中枢(万元)(万元)观看人次观看人次(万人)(万人)观看人次当月中枢观看人次当月中枢(万人)(万人)客单价客单价(元)(元)客单价当月中枢客单价当月中枢(元)(元)转化率转化率转化率当月中枢转化率当月中枢黑龙江专场(7.26)3754.1 2074.8 3063.1 2421.9 55.3 61.9 2.22%1.39%陕西专场(8.13)4196.2 2072.7 3654.4 1745.9 50.7 62.7 2.27%1.92%贵州专场(9.3)7485.1 2528.1 3873.6 1513.7 56.5 65.0 3.42%2.5
32、8%西北专场(9.24)7918.4 2528.1 2344.1 1513.7 65.1 65.0 5.19%2.58%山东专场(首日10.29)11766.2 2740.7 4058.2 1400.2 58.3 64.1 4.98%3.13%海南专场(首日12.28)9828.7 3151.0 3221.0 1324.7 67.9 64.3 4.42%3.66%114.主播主播&嘉宾:强化差异化定位,流量赋能嘉宾:强化差异化定位,流量赋能For full disclosure of risks,valuation methodologies and target price formatio
33、n on all HTI rated stocks,please refer to the latest full report on our website at 图图 董宇辉主要月度指标增益(董宇辉主要月度指标增益(8-12月)月)资料来源:蝉妈妈,HTI明星主播带来流量增量:明星主播带来流量增量:东方甄选主播具有突出的知识储备和人格魅力,例如,董宇辉作为东方甄选出圈主播,凭借风趣幽默的讲解和文化素养,吸引大量粉丝,个人抖音粉丝数达972万。12月1日-31日期间,有董宇辉直播日观看人次均值为1291万/+51%,转粉率均值为0.19%/+0.09pct,GMV均值为2925万/+55.5
34、%。顿顿作为美丽生活常驻主播,带来日均约100万GMV流量增量。主播与直播间互相成就,彼此强化,也带来了显著的流量增量。嘉宾访谈强化嘉宾访谈强化“文化输出文化输出”标签:标签:东方甄选直播间常设访谈环节,邀请知名作家等重磅嘉宾。据我们跟踪,8月1日-12月31日期间,东方甄选共有20个直播日邀请嘉宾助阵,且当日均有董宇辉参与同台直播。9月30日晚倪萍做客直播间,姥姥语录精装版与美绘本合计贡献约660万GMV(占当日总GMV20%);11月6日毕淑敏做客直播间,当日观看人次达1770万,为11月最高;12月23日,董宇辉对话茅盾文学奖作者格非,江南三部曲当日销售额达280万,再次彰显东方甄选传播
35、优秀文化的差异化特点。图图 东方甄选邀请嘉宾情况(东方甄选邀请嘉宾情况(8-12月)月)观看人次观看人次转化率转化率uv价值价值GMV新增粉丝新增粉丝转粉率转粉率8月均值(有)17891.79%1.1520664.80.27%增量421-0.18%-0.153232.30.08%增长率30.8%-9.2%-11.5%18.5%89.4%44.8%9月均值(有)13822.26%1.4920714.20.30%增量226-0.05%-0.223721.00.02%增长率19.6%-2.2%-12.6%21.9%30.0%8.7%10月均值(有)13643.03%1.9326494.20.31%增
36、量1970.32%0.176511.50.07%增长率16.9%11.7%9.7%32.6%54.3%32.0%11月均值(有)14122.77%1.7424524.20.29%增量384-0.02%0.057312.50.13%增长率37.4%-0.7%3.0%42.5%145.1%78.4%12月均值(有)12913.35%2.0729252.40.19%增量438-0.21%-0.1610431.60.09%增长率51.4%-5.8%-7.1%55.5%185.5%88.6%1.0%1.5%2.0%2.5%3.0%3.5%4.0%4.5%05000250030003
37、500古天乐薛兆丰梁晓声麦家新神榜张晓萌神磊磊刘大铭王志钢樊登倪萍刘大铭毕淑敏易中天田浩江蔡崇达阿来马伯庸余世存格非GMV(万元,左轴)观看人次(万人,左轴)转化率(%,右轴)125.风险提示风险提示For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 市场竞争风险主播团队流失风险品牌声誉下降风险电商直播行业监管政策风险供应链建设
38、进度不及预期风险APPENDIX 1Summary-From June to December 2022,the cumulative GMV of all accounts of Oriental Selection reached 5.937 billion yuan,and the number of fans of the whole matrix broke 37 million.-Risks:Market competition risks,anchor team loss risks,brand reputation decline risks,e-commerce live i
39、ndustry regulatory policy risks,supply chain construction progress is not as expected.13APPENDIX 2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 Securities India Private Limited(HSIPL),HaitongInternational 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
40、从事证券活动。IMPORTANTDISCLOSURESThis research reportis distributed by HaitongInternational,a global brand namefor theequityresearch teams of HaitongInternational Research Limited(“HTIRL”),Haitong Securities India PrivateLimited(“HSIPL”),HaitongInternational JapanK.K.(“HTIJKK”),HaitongInternational Securi
41、ties Company Limited(“HTISCL”),andanyother members within the Haitong International Securities Group of Companies(“HTISG”),each authorized to engage in securities activities in its respectivejurisdiction.HTIRL分析师认证分析师认证AnalystCertification: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(
42、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,certify that(i)the views expressed in this research report accurately reflect my personal views about any or all of the subjectcompanies orissuers referred tointhis researchand(ii)no part of mycompensation
43、 was,is or will bedirectlyorindirectlyrelated to thespecificrecommendationsor views expressedin this research report;and that I(including members of my household)haveno financial interest in thesecurity or securities of thesubjectcompaniesdiscussed.我,许樱之,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
44、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,Yingzhi Xu,certify that(i)the views expressed in this research report accurately reflect my personal views about any or all of the subjectcompanies orissuers referred tointhis researchand(ii)no part of mycomp
45、ensation was,is or will bedirectlyorindirectlyrelated to thespecificrecommendationsor views expressedin this research report;and that I(including members of my household)haveno financial interest in thesecurity or securities of thesubjectcompaniesdiscussed.14APPENDIX 2我,张若白,在此保证(i)本研究报告中的意见准确反映了我们对本
46、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,Ruobai Zhang,certify that(i)the views expressed in this research report accurately reflect my personal views about any or all of thesubjectcompanies orissuers referred tointhis researchand
47、(ii)no part of mycompensation was,is or will bedirectlyorindirectlyrelated to thespecificrecommendationsor views expressedin this research report;and that I(including members of my household)haveno financial interest in thesecurity or securities of thesubjectcompaniesdiscussed.利益利益冲突披露冲突披露Conflictof
48、InterestDisclosures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 orcompanies in this r
49、esearchreport.As faras this researchreportis concerned,thefollowingarethedisclosure matters related tosuch relationship(As thefollowingdisclosuredoesnotensuretimelinessandcompleteness,pleasesendanemailtoERD-Diftimelyandcomprehensiveinformationisneeded).15APPENDIX 2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
50、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
51、,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:日本各地股票基准指数:日本TOPIX,韩国韩国 KOSPI,台湾台湾TAIEX,印度印度 Nifty100,美国美国SP500;其他所有中国概念股其他所有中国概念股MSCIChina.RatingsDefinitions(from1Jul2020):HaitongInternational uses a relative rating system using Outperform,Neutral,or Underperform forrecommending thestocks wecover toinve
52、stors.Investors shouldcarefully read the definitions of all ratings used in Haitong International Research.In addition,since Haitong International Research contains more completeinformation concerning theanalysts views,investors should carefully read Haitong International Research,inits entirety,and
53、 not infer the contents from theratingalone.Inanycase,ratings(orresearch)should notbeusedorrelieduponasinvestmentadvice.Aninvestors decision tobuy orsella stockshould dependonindividualcircumstances(suchastheinvestorsexistingholdings)andotherconsiderations.AnalystStockRatingsOutperform:Thestockstota
54、lreturnoverthenext12-18monthsisexpectedtoexceedthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.Neutral:Thestocks total return over thenext 12-18 months is expected to beinlinewith thereturn ofits relevantbroad market benchmark,as indicated below.Forpurposes onlyofFINRA/NYSEratingsdistrib
55、utionrules,ourNeutralratingfallsintoaholdratingcategory.Underperform:Thestockstotalreturnoverthenext12-18monthsisexpectedtobebelowthereturnofits relevantbroadmarketbenchmark,asindicatedbelow.Benchmarks for each stocks listed region are as follows:Japan TOPIX,Korea KOSPI,Taiwan TAIEX,India Nifty100,U
56、S SP500;for all other China-conceptstocksMSCIChina.16APPENDIX 2评级分布评级分布Rating Distribution17APPENDIX 2截至截至2022年年9月月30日日海通国际股票研究评级分布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
57、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此前的评级系统定义(直至直至2020年年6月月30日日):买入买入,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:日本各地股票基准指数:日本TOPIX,韩国韩国 KOSPI,台湾台湾TAIEX,印度印度 Nifty100;其他所有中国概念股其他所有中国概念股MSCICh
58、ina.HaitongInternationalEquityResearchRatingsDistribution,asofSep30,2022OutperformNeutralUnderperform(hold)HTI EquityResearchCoverage89.4%9.2%1.4%IBclients*5.5%6.8%4.5%*Percentageofinvestmentbankingclientsineachratingcategory.BUY,Neutral,andSELLintheabovedistributioncorrespondtoourcurrentratingsofOu
59、tperform,Neutral,andUnderperform.Forpurposes only of FINRA/NYSEratings distribution rules,our Neutral rating falls intoa hold rating category.Pleasenotethatstocks withan NR designationarenotincludedinthetableabove.Previousratingsystemdefinitions(until30Jun2020):BUY:Thestockstotalreturnoverthenext12-
60、18monthsisexpectedtoexceedthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.NEUTRAL:Thestocks total return over thenext 12-18 months is expected to bein line with thereturn ofits relevant broad market benchmark,as indicated below.ForpurposesonlyofFINRA/NYSEratingsdistributionrules,ourNeutr
61、alratingfallsintoa holdratingcategory.SELL:Thestockstotalreturnoverthenext12-18monthsisexpectedtobebelowthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.Benchmarks for each stocks listedregion are as follows:Japan TOPIX,KoreaKOSPI,Taiwan TAIEX,IndiaNifty100;for all otherChina-concept stoc
62、ks MSCIChina.18APPENDIX 2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 InternationalNon-Rated Research:HaitongInternational publishes quantitative,screeningorshortreports which may rankstocks according tovaluationandot
63、her metrics or may suggest prices based on possible valuation multiples.Such rankings or suggested prices do not purport to bestock ratings or target prices orfundamentalvaluesandareforinformationonly.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
64、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 aresubject to the Hong Kong Stock Connect scheme withShanghai and Shenzhen.Haitong Securities(HS;600837 CH),theultimateparentcompanyof HTISG basedin Shanghai,covers
65、andpublishes research on thesesameA-Shares for distributionin mainland China.However,theratingsystememployed byHS differs from that usedby HTI andas a result theremay bea differencein theHTI andHSratingsforthesameA-sharestocks.海通国际海通国际优质优质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
66、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 InternationalQuality 100 A-share(Q100)Index:HTIs Q100 Indexis a quant productthat consists of 100 of thehighest-quality A-shares under coverageatHS in Shanghai.These stocks are carefully selected through a quality-based screening process i
67、n combination with a review of the HS A-share teams bottom-upresearch.TheQ100constituentcompaniesarereviewedquarterly.19APPENDIX 2MSCI 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
68、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。即使已被告知可能造成的损害,ESG方均不承担与此处任何资料有关的任何错误或遗漏所引起的任何责任,也不对任何直接、间接、特殊、惩罚性、附带性或任何其他损害赔偿(包括利润损失)承担任何责任。MSCI ESG Disclaimer:Although Haitong Internationals information providers,including without limitation,MSCI ESG Research L
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70、ility and fitness fora particular purpose.TheInformation may onlybeusedfor yourinternal use,may not bereproducedorredisseminatedinany formand maynot beusedas a basis for,ora component of,anyfinancial instruments or products orindices.Further,noneof theInformationcanin and ofitself beused to determin
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72、bilityofsuchdamages.20APPENDIX 2盟浪义利盟浪义利(FIN-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
73、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断。本数据所载内容反映的是盟浪在最初发布本数据日期当日的判断,盟浪有权在不发出通知的情况下更新、修订与发出其他与本数据所载内容不一致或有不同结论的数据。除非另行说明,本数据(如财务业绩数据等)仅代表过往表现,过往的业绩表现不作为日后回报的预测。第三条 本数据版权归本公司所有,本公司依法保留各项权利。未经本公司事先书面许可授权,任何个人或机构不得将本数据中的评估结果用于任何营利性目的,不得对本数据进行修改、复制、编译、汇编、再次编辑、改编、删减、缩写、节选、发行、出租、展览、表演、放映、广播、信息网络传播、摄制
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82、 according to otheragreements.If thereisanydifferencebetweenthisdisclaimandotheragreements,thisdisclaimershallbeapplied.21APPENDIX 2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,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 Inte
83、rnational(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 IndiaPrivate Limited(“HTSIPL”)所发行,包括制作及发布涵盖BSE Limited(“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。H
84、TSIPL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声明或保证。本文件中所有观点均截至本报告日期,如有更改,恕不另行通知。本文件仅供参考使用。文件中提及的任何公司或其股票的说明并非意图展示完整的内容,本文件并非/不应被解释为对证券买卖的明示或暗示地出
85、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、雇员或代理人对此均不承担
86、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海通国际分
87、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。22APPENDIX 2IMPORTANTDISCLAIMERFor research reports on non-Indian securities:The research report is issued by Haitong International Research Limited(“HTIRL”),a wholly owned subsidiary ofHaitongInternational Securities Group L
88、imited(“HTISGL”)anda licensedcorporation tocarryon Type4regulatedactivity(advisingonsecurities)for thepurpose ofthe Securities and Futures Ordinance(Cap.571)of Hong Kong,with theassistance of Haitong International(Japan)K.K.(“HTIJKK”),a wholly owned subsidiary ofHTISGLandwhichisregulatedasanInvestme
89、ntAdviserbytheKantoFinanceBureauofJapan.For research reports on Indian securities:Theresearch report is issued by Haitong Securities India Private Limited(“HSIPL”),an Indian company anda Securitiesand Exchange Board of India(“SEBI”)registered Stock Broker,Merchant Banker and Research Analyst that,in
90、ter alia,produces and distributes research reportscovering listed entities on theBSE Limited(“BSE”)and theNational Stock ExchangeofIndia Limited(“NSE”)(collectivelyreferred to as“Indian Exchanges”).HSIPLwas acquiredandbecamepartoftheHaitongInternationalSecuritiesGroupofCompanies(“HTISG”)on22December
91、2016.All the research reports are globally branded under the name Haitong International and approved for distribution by Haitong International Securities CompanyLimited(“HTISCL”)and/oranyothermemberswithinHTISGintheirrespectivejurisdictions.The information and opinions contained in this research rep
92、ort have been compiled or arrived at from sources believed to be reliableand in good faith but norepresentation or warranty,express or implied,is madeby HTIRL,HTISCL,HSIPL,HTIJKK or any other members within HTISG from which this researchreport maybe received,as to theiraccuracy,completeness or corre
93、ctness.All opinions expressed hereinareas of the dateof this research report and aresubject to changewithout notice.This research reportis for information purpose only.Descriptions of any companies or their securities mentioned herein arenot intended to becomplete and this researchreport is not,ands
94、hould not beconstrued expressly orimpliedlyas,an offer to buy orsell securities.Thesecurities referred toin thisresearchreport may not beeligiblefor purchase orsaleinsomejurisdictions.Ifaninvestment productis denominatedina currencyother thananinvestors homecurrency,a change in exchange rates may ad
95、versely affect theinvestment.Past performance is not necessarily indicative of futureresults.Certain transactions,including thoseinvolving derivatives,giverise to substantial riskand arenot suitablefor all investors.You should also bearin mind that recommendations in thisresearch report are not tail
96、or-made for you.Theanalyst has not taken into account your unique financial circumstances,such as your financial situation and riskappetite.You must,therefore,analyzeandshould,whereapplicable,consult your ownlegal,tax,accounting,financial and other professional advisers to evaluatewhether therecomme
97、ndations suits you beforeinvestment.Neither HTISG norany ofits directors,employees or agents accepts anyliability whatsoever for anydirectorconsequentiallossarisingfromanyuseofthematerialscontainedinthisresearchreport.23APPENDIX 2HTISGandouraffiliates,officers,directors,and employees,excluding thean
98、alysts responsible for thecontent of this document,will from timeto timehavelong orshort positions in,actas principalin,andbuy orsell,thesecurities orderivatives,ifany,referred toin thisresearchreport.Sales,traders,andother professionals ofHTISG may provide oral or written marketcommentary or tradin
99、g strategies to therelevant clients and thecompanies within HTISG that reflect opinions that arecontrary to the opinions expressed in this research report.HTISG may make investment decisions that are inconsistent with the recommendations or viewsexpressedin this research report.HTI is under noobliga
100、tion to ensure thatsuch other trading decisions,ideas orrecommendations arebroughtto theattention ofanyrecipientofthisresearchreport.Please refer to HTIs website for further information on HTIs organizational and administrativearrangements set up for thepreventionandavoidanceofconflicts ofinterestwi
101、threspecttoResearch.Non U.S.Analyst Disclosure:TheHTI analyst(s)listedon thecover of this Researchis(are)not registered or qualifiedas a researchanalyst with FINRAandarenotsubject to U.S.FINRARule2241restrictions oncommunications with companies thatarethesubject of theResearch;publicappearances;and
102、tradingsecurities bya researchanalyst.24APPENDIX 2分发和地区通知:分发和地区通知:除非下文另有规定,否则任何希望讨论本报告或者就本项研究中讨论的任何证券进行任何交易的收件人均应联系其所在国家或地区的海通国际销售人员。香港投资者的通知事项:香港投资者的通知事项:海通国际证券股份有限公司(“HTISCL”)负责分发该研究报告,HTISCL是在香港有权实施第1类受规管活动(从事证券交易)的持牌公司。该研究报告并不构成证券及期货条例(香港法例第571章)(以下简称“SFO”)所界定的要约邀请,证券要约或公众要约。本研究报告仅提供给SFO所界定的“专业投
103、资者”。本研究报告未经过证券及期货事务监察委员会的审查。您不应仅根据本研究报告中所载的信息做出投资决定。本研究报告的收件人就研究报告中产生或与之相关的任何事宜请联系HTISCL销售人员。美国投资者的通知事项:美国投资者的通知事项:本研究报告由HTIRL,HSIPL或HTIJKK编写。HTIRL,HSIPL,HTIJKK以及任何非HTISG美国联营公司,均未在美国注册,因此不受美国关于研究报告编制和研究分析人员独立性规定的约束。本研究报告提供给依照1934年“美国证券交易法”第15a-6条规定的豁免注册的美国主要机构投资者(“Major U.S.Institutional Investor”)和
104、机构投资者(”U.S.Institutional Investors”)。在向美国机构投资者分发研究报告时,HaitongInternational Securities(USA)Inc.(“HTI USA”)将对报告的内容负责。任何收到本研究报告的美国投资者,希望根据本研究报告提供的信息进行任何证券或相关金融工具买卖的交易,只能通过HTI USA。HTI USA位于340 Madison Avenue,12th Floor,New York,NY 10173,电话(212)351-6050。HTI USA是在美国于U.S.Securities and Exchange Commission(
105、“SEC”)注册的经纪商,也是Financial Industry Regulatory Authority,Inc.(“FINRA”)的成员。HTIUSA不负责编写本研究报告,也不负责其中包含的分析。在任何情况下,收到本研究报告的任何美国投资者,不得直接与分析师直接联系,也不得通过HSIPL,HTIRL或HTIJKK直接进行买卖证券或相关金融工具的交易。本研究报告中出现的HSIPL,HTIRL或HTIJKK分析师没有注册或具备FINRA的研究分析师资格,因此可能不受FINRA第2241条规定的与目标公司的交流,公开露面和分析师账户持有的交易证券等限制。投资本研究报告中讨论的任何非美国证券或相
106、关金融工具(包括ADR)可能存在一定风险。非美国发行的证券可能没有注册,或不受美国法规的约束。有关非美国证券或相关金融工具的信息可能有限制。外国公司可能不受审计和汇报的标准以及与美国境内生效相符的监管要求。本研究报告中以美元以外的其他货币计价的任何证券或相关金融工具的投资或收益的价值受汇率波动的影响,可能对该等证券或相关金融工具的价值或收入产生正面或负面影响。美国收件人的所有问询请联系:HaitongInternationalSecurities(USA)Inc.340MadisonAvenue,12thFloorNew York,NY 10173联系人电话:(212)351605025APP
107、ENDIX 2DISTRIBUTION ANDREGIONAL NOTICESExceptas otherwiseindicatedbelow,any Recipientwishing to discuss this researchreport or effectany transactioninanysecurity discussedin HTIs researchshouldcontacttheHaitongInternationalsalespersonintheirowncountryorregion.Noticeto Hong Kong investors:Theresearch
108、reportis distributedby HaitongInternational Securities Company Limited(“HTISCL”),whichis a licensedcorporation tocarryon Type1regulatedactivity(dealinginsecurities)in Hong Kong.This research report does not constitute a solicitation oran offer of securities oraninvitationto thepublic within the mean
109、ing of theSFO.This research report is only to becirculated to Professional Investors as definedin theSFO.This research report hasnot been reviewed by the Securities and Futures Commission.You should not makeinvestment decisions solely on the basis of theinformation contained in thisresearch report.R
110、ecipients of this research report are to contact HTISCLsalespersons in respect of any matters arising from,or in connection with,the researchreport.Notice to U.S.investors:As described above,this research report was prepared by HTIRL,HSIPLor HTIJKK.Neither HTIRL,HSIPL,HTIJKK,nor any of thenon U.S.HT
111、ISGaffiliates is registeredin the United States and,therefore,is notsubject to U.S.rules regarding thepreparation of research reports and theindependence ofresearch analysts.This research report is provided for distribution to“major U.S.institutional investors”and“U.S.institutional investors”in reli
112、ance on theexemption from registration provided by Rule 15a-6 of the U.S.Securities Exchange Act of 1934,as amended.When distributing research reports to“U.S.institutional investors,”HTI USA will accept the responsibilities for the content of the reports.Any U.S.recipient of this research report wis
113、hing to effect anytransaction to buy or sell securities or related financial instruments based on theinformation provided in this research report should do so only through HaitongInternational Securities(USA)Inc.(“HTI USA”),locatedat340 Madison Avenue,12thFloor,New York,NY 10173,USA;telephone(212)35
114、16050.HTI USAisa broker-dealer registered in the U.S.with the U.S.Securities and Exchange Commission(the“SEC”)and a member of the Financial Industry Regulatory Authority,Inc.(“FINRA”).HTI USAis not responsible for the preparation of this research report nor for theanalysis contained therein.Under no
115、 circumstances shouldany U.S.recipient of this researchreport contact theanalyst directly or effect any transaction to buy orsell securities or related financial instruments directly through HSIPL,HTIRLorHTIJKK.TheHSIPL,HTIRLorHTIJKKanalyst(s)whosenameappears in thisresearchreportis notregisteredor
116、qualifiedas a researchanalyst withFINRAand,therefore,may not be subject to FINRA Rule 2241 restrictions on communications with a subject company,public appearances and trading securities held by aresearchanalystaccount.Investing inanynon-U.S.securities or related financial instruments(including ADRs
117、)discussedin this research report may present certainrisks.Thesecurities of non-U.S.issuers may not be registered with,or besubject to U.S.regulations.Information on such non-U.S.securities or related financialinstruments may belimited.Foreign companies may not be subject to audit and reporting stan
118、dards and regulatory requirements comparable to thosein effectwithin the U.S.The value of any investment or income fromany securities or related financial instruments discussed in this research report denominated in acurrency other than U.S.dollars is subject to exchangeratefluctuations that may hav
119、ea positiveoradverse effecton thevalueof orincomefromsuchsecurities orrelatedfinancialinstruments.AllinquiriesbyU.S.recipients shouldbedirectedto:26APPENDIX 2HaitongInternationalSecurities(USA)Inc.340MadisonAvenue,12thFloorNew York,NY 10173Attn:Sales Deskat(212)3516050中华人民共和国的通知事项:中华人民共和国的通知事项:在中华人民
120、共和国(下称“中国”,就本报告目的而言,不包括香港特别行政区、澳门特别行政区和台湾)只有根据适用的中国法律法规而收到该材料的人员方可使用该材料。并且根据相关法律法规,该材料中的信息并不构成“在中国从事生产、经营活动”。本文件在中国并不构成相关证券的公共发售或认购。无论根据法律规定或其他任何规定,在取得中国政府所有的批准或许可之前,任何法人或自然人均不得直接或间接地购买本材料中的任何证券或任何实益权益。接收本文件的人员须遵守上述限制性规定。加拿大投资者的通知事项:加拿大投资者的通知事项:在任何情况下该等材料均不得被解释为在任何加拿大的司法管辖区内出售证券的要约或认购证券的要约邀请。本材料中所述证
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