《中国媒体行业:内容监管进一步常态化AIGC等科技创新提振估值-230303(16页).pdf》由会员分享,可在线阅读,更多相关《中国媒体行业:内容监管进一步常态化AIGC等科技创新提振估值-230303(16页).pdf(16页珍藏版)》请在三个皮匠报告上搜索。
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 3 Mar 2023 中国媒体中国媒体 C
2、hina Media 内容监管进一步常态化,AIGC 等科技创新提振估值 Supervision of Contents Further Normalizes,Technological Innovations Including AIGC Boost the Valuations Table_Info 股票名称 评级 股票名称 评级 分众传媒 Outperform 中文传媒 Outperform 三七互娱 Outperform 遥望科技 Outperform 芒果超媒 Outperform 浙数文化 Outperform 世纪华通 Outperform 三人行 Outperform 昆仑万维
3、 Outperform 皖新传媒 Outperform 完美世界 Outperform 梦网科技 Outperform 万达电影 Outperform 华策影视 Outperform 吉比特 Outperform 掌趣科技 Outperform 中国电影 Outperform 新媒股份 Outperform 光线传媒 Outperform 视觉中国 Outperform 汤姆猫 Outperform 数码视讯 Outperform 中南传媒 Outperform 风语筑 Outperform 云音乐 Outperform 顺网科技 Outperform 蓝色光标 Outperform 掌阅科技
4、 Outperform 捷成股份 Outperform 中文在线 Outperform 天下秀 Outperform 智度股份 Outperform 资料来源:Factset,HTI Related Reports 监管持续回暖+科技创新赋能,持续关注低估值传媒板块公司(Continued Rebound of Regulation and Technology Innovation Empowerment,Continued to Focus on Low Valuation Media Sector Companies)(20 Feb 2023)周报国内巨头加入,继续关注 AIGC 相关产
5、业链机会,主线持续看好游戏、互联网、疫后复苏板块(The Giants in Chinas Internet Sector Entered The AIGC Industry,Keep Attention on AIGC-Related Industry)(19 Feb 2023)ChatGPT 打开 AIGC 在传媒应用端的想象空间,主线继续关注平台经济、疫后复苏、游戏等(ChatGPT Expands the Imagination of AIGC on Media Apps,Mainly Focus on Platform Economies,Post-Epidemic Recovery
6、 and Games Sectors)(9 Feb 2023)(Please see APPENDIX 1 for English summary)周观点:周观点:AIGC:Chatgpt 带动的产业热度仍在持续提升,全球互联网/科技巨头都在共同加入 AIGC 的产业趋势,国内 AIGC 应用集中在文字、图片、视频、音乐、游戏等领域,近期蓝色光标、华策影视等公司均披露将接入百度“文心一言”,未来随着相关技术的日趋成熟,AIGC 将有望成为内容创新发展的新引擎,未来关注相关应用场景和商业模式变化,建议关注以下方向:模型(百度、三六零、昆仑万维),IP(汤姆猫),图片(视觉中国、美图公司),文字(
7、掌阅科技、中文在线),广告(三人行、蓝色光标),数字人(捷成股份、天娱数科),电商(光云科技、值得买),场景(风语筑),视频(数码视讯)。游戏:2 月 16 日新华每日电讯公众号发文“别忽视游戏行业的科技价值”,充分肯定游戏产业在 AI、芯片、工业、建筑等实体行业的价值外溢,内容监管常态化进一步验证,2023 年更多优质产能有望陆续上线。当前游戏公司均处于低估值区间,叠加政策常态化、技术创新和未来业绩趋势持续向上,游戏板块白马公司估值性价比逐步凸显。继续看好头部研运一体厂商,A 股关注三七互娱、吉比特、恺英网络、完美世界、冰川网络、汤姆猫、巨人网络、盛天网络、名臣健康;港股关注腾讯控股、网易-
8、S、心动公司、创梦天地、中手游等。互联网板块:爱奇艺首次实现全年盈利,22Q4 现金流状况好转,网易蛋仔派对创旗下游戏日活新高,我们认为经历前期估值回升,2023 年平台公司业绩提升将成为强催化指标,建议重点关注:腾讯控股、快手-W、芒果超媒。疫后复苏:我们认为,1)广告:线下媒体建议关注以分众传媒为代表的梯媒龙头,及兆讯传媒为代表的高铁媒体龙头;线上建议关注三人行。2)电影:春节档开门红奠定 2023 年整体电影票房市场修复的良好基础,持续关注国产及进口新片定档上映节奏,建议关注:万达电影、中国电影、横店影视,光线传媒、博纳影业、猫眼娱乐。3)演艺展览娱乐活动:23 年各种大型活动、运动会、
9、展览规划等需求重新恢复,订单饱满,有望业绩高增,关注风语筑、锋尚文化,线下游乐游艺有望恢复高增长的华立科技。港股互联网。港股互联网。本周(2023.2.17-2023.2.24)恒生指数下降 4.7%,恒生科技指数下降 8.2%。主要港股互联网公司涨跌幅前三映宇宙(11.50%)、友谊时光(0.00%)、祖龙娱乐(0.00%),涨跌幅后三知乎-W(-17.86%)、快手-W(-14.62%)、阿里巴巴-SW(-11.80%)。截止 2 月 24 日,港股通主要持仓港股互联网公司腾讯控股(2646.7 亿元人民币,环比-6.9%)、快手-W(253.7 亿元人民币,环比-10.5%)、美团-W(
10、732.1 亿元人民币,环比-6.8%)。本周南向资金净流入前三的公司分别为新东方在线(3.00 亿港元)、快手-W(2.74 亿港元)、小米集团-W(1.81 亿港元)。海通组合周度走势。海通组合周度走势。海通传媒 2 月组合月度下跌 2.24%,申万传媒指数下降 0.97%,沪深 300 指数上升 0.66%。海通传媒海通传媒 2 月组合。月组合。腾讯控股(15%)、三七互娱(15%)、吉比特(15%)、恺英网络(15%)、快手-W(15%)、三人行(15%)、芒果超媒(10%)。风险风险提示:提示:新游戏、影视等内容上线延期,娱乐消费复苏不及预期。Table_Author 毛云聪毛云聪
11、Yuncong Mao Xiaoyue Hu 557085100115Mar-22May-22Aug-22Nov-22Feb-23HAI China MediaMSCI China 3 Mar 2023 2 Table_header1 中国媒体中国媒体 1.海通传媒组合及板块周度涨跌幅海通传媒组合及板块周度涨跌幅 海通传媒 2 月组合月度下跌 2.24%,申万传媒指数下降 0.97%,沪深 300 指数上升0.66%。表表 1 2 月传媒组合周度涨跌幅月传媒组合周度涨跌幅 代码 个股 权重 收盘价(元)周涨跌幅(%)2023/2/18 2023/2/25 0700.HK 腾讯控股 15%373
12、.80 349.40-6.53%002555.SZ 三七互娱 15%22.36 22.71 1.57%603444.SH 吉比特 15%366.99 364.90-0.57%002517.SZ 恺英网络 15%8.58 8.85 3.15%1024.HK 快手-W 15%59.95 52.85-11.84%605168.SH 三人行 15%104.16 105.50 1.29%300413.SZ 芒果超媒 10%33.66 32.65-3.00%加权值-2.24%801760.SI 申万传媒 599.82 593.98-0.97%000300.sh 沪深 300 4034.51 4061.05
13、 0.66%资料来源:Wind,HTI 图图1 本周涨幅前十的传媒公司(本周涨幅前十的传媒公司(%)资料来源:Wind,HTI 图图2 本周跌幅前十的传媒公司(本周跌幅前十的传媒公司(%)资料来源:Wind,HTI 0 2 4 6 8 10 12-12-10-8-6-4-2 0 eZfYaYbZ8X9WdXaYbRaOaQmOnNtRmPjMoOmPfQoOrPaQpPvNNZpMwONZrRxO 3 Mar 2023 3 Table_header1 中国媒体中国媒体 Table_PicPe 图图3 本周各申万一级行业指数涨跌幅(本周各申万一级行业指数涨跌幅(%)资料来源:Wind,HTI 2
14、.重点互联网公司本周行情表现重点互联网公司本周行情表现 本周(2023.2.17-2023.2.24)KWEB 中国互联网指数下降 10.6%,恒生指数下降 4.7%,恒生科技指数下降 8.2%。主要港股互联网公司涨跌幅前三映宇宙(11.50%)、友谊时光(0.00%)、祖龙娱乐(0.00%),涨跌幅后三知乎-W(-17.86%)、快手-W(-14.62%)、阿里巴巴-SW(-11.80%)。美股方面,道琼斯工业指数下降2.6%,纳斯达克指数下降3.9%。主要美股互联网公司涨跌幅前三爱奇艺(2.36%)、满帮集团(-4.11%)、声网(-4.30%),涨跌幅后三知乎(-21.69%)、达达集团
15、(-21.31%)、金山云(-18.26%)。表表 2 港股重点互联网公司本周涨跌幅(港股重点互联网公司本周涨跌幅(%)指数指数 周涨跌幅周涨跌幅 年初至今涨跌幅年初至今涨跌幅 近近 30 天涨跌幅天涨跌幅 近近 60 天涨跌幅天涨跌幅 KEWB 中国互联网指数中国互联网指数-10.6%-4.3%-17.4%-3.4%恒生科技恒生科技-8.2%-2.9%-12.2%-2.8%恒生指数恒生指数-4.7%1.2%-9.2%2.1%纳斯达克指数纳斯达克指数-3.9%8.9%0.5%8.5%标普标普 500-2.9%3.4%-1.2%3.3%纳斯达克中国科技股纳斯达克中国科技股-8.5%-1.2%-1
16、1.1%0.7%沪深沪深 300-0.8%4.9%-2.9%6.1%上证指数上证指数 0.6%5.8%0.1%7.3%道琼斯工业指数道琼斯工业指数-2.6%-1.0%-2.7%-1.2%资料来源:Wind,HTI -3-2-1 0 1 2 3 4 5 6 3 Mar 2023 4 Table_header1 中国媒体中国媒体 图图4 港股重点互联网公司本周涨跌幅(港股重点互联网公司本周涨跌幅(%)资料来源:Wind,HTI 图图5 美股重点互联网公司本周涨跌幅(美股重点互联网公司本周涨跌幅(%)资料来源:Wind,HTI 截止 2 月 24 日,港股通主要持仓港股互联网公司占比为新东方在线(2
17、5.9%,环比+0.60pct)、心 动 公 司(25.8%,环 比+0.43pct)、微 盟 集 团(22.4%,环 比-0.77pct)。主要持仓市值公司为腾讯控股(2646.7 亿元人民币,环比-6.9%)、美团-W(732.1 亿元人民币,环比-6.8%)、小米集团-W(419.5 亿元人民币,环比-4.7%)、快手-W(253.7 亿元人民币,环比-10.5%)。3 Mar 2023 5 Table_header1 中国媒体中国媒体 图图6 港股互联网公司港股通持仓占比情况(港股互联网公司港股通持仓占比情况(%)注:统计区间为 2023.2.17-2023.2.24 资料来源:Win
18、d,HTI 图图7 港股互联网公司港股通持仓市值(亿元人民币)港股互联网公司港股通持仓市值(亿元人民币)注:截至 2023/2/24 资料来源:Wind,HTI 本周南向资金净流入前三的公司分别为新东方在线(3.00 亿港元)、快手-W(2.74 亿港元)、小米集团-W(1.81 亿港元);南向资金净流入后三的公司分别为腾讯控股(-27.14 亿港元)、美团-W(-2.71 亿港元)、金山软件(-1.57 亿港元)。图图8 南下资金净买入额情况(亿港元)南下资金净买入额情况(亿港元)注:统计区间为 2023.2.17-2023.2.24 资料来源:Wind,HTI 图图9 南下资金净买入量情况
19、(万股)南下资金净买入量情况(万股)注:截至 2023/2/24 资料来源:Wind,HTI 3.海通行业本周重点数据跟踪海通行业本周重点数据跟踪 3.1 游戏板块游戏板块 游戏板块重点关注:吉比特、三七互娱、完美世界、电魂网络、掌趣科技、宝通科技;云游戏服务商顺网科技、盛天网络。手游:手游:本周 IOS 游戏畅销榜中,腾讯系游戏表现突出。2 月 20 日至 2 月 24 日王者荣耀、和平精英、原神、长安幻想分居榜单第一、二、三、四名,三国志 战略版在 2 月 20 日位于第五名,随后排名缓慢下降,2 月 24 日降到第 9位。穿越火线则是稳定排在第五位。腾讯公司的黎明觉醒:生机在 2 月 2
20、3日上线后发挥出色,排名第 6 并持续到后一天。阴阳师在 2 月 22 日也是排名上升到第十位,但只在前十名榜单持续一天。3 Mar 2023 6 Table_header1 中国媒体中国媒体 表表 3 2 月月 20 日日-2 月月 24 日中国日中国 iOS 游戏畅销榜前游戏畅销榜前 10 片单(括号内为相关厂商)片单(括号内为相关厂商)排名排名 2 月月 20 日日 2 月月 21 日日 2 月月 22 日日 2 月月 23 日日 2 月月 24 日日 1 王者荣耀(腾讯)王者荣耀(腾讯)王者荣耀(腾讯)王者荣耀(腾讯)王者荣耀(腾讯)2 和平精英(腾讯)和平精英(腾讯)和平精英(腾讯)
21、和平精英(腾讯)和平精英(腾讯)3 原神(米哈游)原神(米哈游)原神(米哈游)原神(米哈游)原神(米哈游)4 长安幻想(梦趣游戏)长安幻想(梦趣游戏)长安幻想(梦趣游戏)长安幻想(梦趣游戏)长安幻想(梦趣游戏)5 三国志 战略版(灵犀互动)穿越火线(腾讯)穿越火线(腾讯)穿越火线(腾讯)穿越火线(腾讯)6 蛋仔派对(网易)三国志 战略版(灵犀互动)梦幻西游(网易)黎明觉醒:生机(腾讯)黎明觉醒:生机(腾讯)7 梦幻西游(网易)蛋仔派对(网易)三国志 战略版(灵犀互动)梦幻西游(网易)梦幻西游(网易)8 英雄联盟手游(腾讯)梦幻西游(网易)捕鱼大作战(途游)捕鱼大作战(途游)蛋仔派对(网易)9
22、捕鱼大作战(途游)捕鱼大作战(途游)蛋仔派对(网易)蛋仔派对(网易)三国志 战略版(灵犀互动)10 穿越火线(腾讯)英雄联盟手游(腾讯)阴阳师(网易)三国志 战略版(灵犀互动)英雄联盟手游(腾讯)资料来源:七麦数据,HTI 重点上市公司手游产品重点上市公司手游产品 IOS 排名变化监测:排名变化监测:我们梳理了重点上市公司主要手游产品腾讯(王者荣耀、和平精英等)、网易(梦幻西游、大话西游等)、三七互娱腾讯(王者荣耀、和平精英等)、网易(梦幻西游、大话西游等)、三七互娱(Puzzles&Survival、斗罗大陆:魂师对决等)、吉比特(一念逍遥、问道等)、完、斗罗大陆:魂师对决等)、吉比特(一念
23、逍遥、问道等)、完美世界(新笑傲江湖、完美世界手游等)、美世界(新笑傲江湖、完美世界手游等)、B 站(站(Fate/Grand Order 等)、心动公司等)、心动公司(香肠派对等)(香肠派对等)2 月 18 日至 2 月 24 日在 IOS 畅销榜中的排名变化情况,如下表。表表 4 2 月月 18 日日-2 月月 24 日重点手游产品日重点手游产品 iOS 游戏畅销榜排名情况游戏畅销榜排名情况 表表 5 厂商厂商 游戏名游戏名 2 月月 18 日日 2 月月 19 日日 2 月月 20 日日 2 月月 21 日日 2 月月 22 日日 2 月月 23 日日 2 月月 24 日日 腾讯腾讯 王
24、者荣耀 1 1 1 1 1 1 1 和平精英 2 2 2 2 2 2 2 天涯明月刀 62 61 44 56 60 74 23 M(天涯明月刀韩服)12 12 12 11 12 11 13 金铲铲之战 31 30 38 50 59 65 43 使命召唤 6 6 8 10 11 13 10 英雄联盟手游 36 34 31 32 36 39 43 欢乐斗地主 7 7 11 12 13 15 14 QQ 飞车 14 14 22 22 24 27 12 火影忍者 10 10 10 5 5 5 4 穿越火线:枪战王者 13 13 19 19 20 29 44 QQ 炫舞 55 46 46 39 35 6
25、0 34 魂斗罗:归来 42 41 36 37 42 45 51 腾讯欢乐麻将全集 94 89 99 119 138 71 82 重返帝国 37 36 41 48 46 63 29 暗区突围 142 152 146 156 148 174 168 英雄联盟电竞经理 174 174 165 157 17 33 50 胜利女神(美国)19 16 19 19 2 4 5 胜利女神(日本)39 37 36 27 3 6 9 胜利女神(韩国)1 1 网易网易 梦幻西游 7 6 大话西游 8 8 7 7 6 6 7 3 Mar 2023 7 Table_header1 中国媒体中国媒体 阴阳师 51 50
26、 45 33 38 44 54 率土之滨 56 57 61 61 10 12 21 无尽的拉格朗日 22 23 18 17 16 16 16 哈利波特:魔法觉醒 44 43 40 36 44 48 55 明日之后 161 162 170 166 110 132 146 倩女幽魂 33 37 37 44 48 55 63 蛋仔派对 45 42 34 34 43 49 50 暗黑破坏神:不朽 4 5 6 8 9 10 8 三七互娱三七互娱 Puzzles&Survival(美国)57 59 54 60 25 30 47 Puzzles&Survival(日本)18 24 19 14 19 14 1
27、4 斗罗大陆:魂师对决 25 32 33 25 30 36 38 叫我大掌柜 76 80 87 42 46 57 67 云上城之歌 145 129 131 144 129 158 176 云上城之歌(日本)103 91 95 88 90 123 124 云上城之歌(韩国)67 72 87 119 135 104 121 小小蚁国 35 50 34 46 62 28 32 空之要塞:启航 54 54 55 59 53 53 65 吉比特吉比特 一念逍遥 91 92 82 54 66 90 95 一念逍遥(中国台湾)18 18 13 15 17 19 15 一念逍遥(中国香港)37 54 40 4
28、4 48 58 43 一念逍遥(韩国)26 39 30 28 39 46 28 问道 108 138 128 104 144 197 179 最强蜗牛(青瓷)30 29 26 25 27 33 34 奥比岛:梦想国度 112 124 125 133 132 157 121 完美世界完美世界 新笑傲江湖 87 98 101 102 112 124 136 完美世界手游 198 200 /141 157 梦幻新诛仙 50 62 59 40 49 70 56 新诛仙 52 47 53 53 55 66 66 幻塔 66 68 68 75 71 36 49 B 站站 Fate/Grand Order
29、143 142 145 136 146 165 175 时空猎人 3 70 85 97 100 101 97 123 心动公司心动公司 香肠派对 99 95 132 170 197 /183 资料来源:七麦数据,HTI 3.2 疫后复苏板块疫后复苏板块 根据猫眼数据,2023 年春节档全国电影净票房 62.05 亿元,同比+12.5%,仅次于2021 年春季档,为历史第二高春节档票房;平均票价 48.01 元,同比-0.2%;观影人次 1.29 亿人次,同比+12.7%。23 年春节档票房 TOP3 影片分别为满江红(23.9 亿元)、流浪地球 2(19.8 亿元)和熊出没伴我熊芯(6.9 亿
30、元);整体 1 月全国电影净票房 92.38 亿元。我们认为,2023 年 1 月含春节档票房表现呈现 2023 年中国电影票房市场修复的良好开端。重点影片陆续的定档,将持续有效推动观影意愿恢复。我们建议关注:院线标的万达电影、中国电影、横店影视;内容标的光线传媒、博纳影业;港股猫眼娱乐。同时,积极关注线下文旅、游艺等消费复苏,建议关注:锋尚文化、风语筑等。3 Mar 2023 8 Table_header1 中国媒体中国媒体 广告行业:1)我们持续建议关注线下媒体场景龙头:梯媒广告分众传媒和高铁媒体广告兆讯传媒。2)长视频龙头芒果超媒,我们认为公司头部影视、综艺项目储备丰富,付费会员人数和
31、ARPU 有望持续提升,综艺广告招商收入有望积极修复。3)优质客户资源营销服务商三人行。图图10 2017-2023 全国春节档电影净票房情况全国春节档电影净票房情况 资料来源:猫眼专业版 APP,HTI 图图11 2017-2023 全国春节档电影观影人次情况全国春节档电影观影人次情况 资料来源:猫眼专业版 APP,HTI 4.风险提示风险提示 新游戏、影视等内容上线延期,娱乐消费复苏不及预期。32.354.655.071.755.262.169.1%0.8%30.3%-23.1%12.5%-40%-20%0%20%40%60%80%007080201720182019
32、202120222023全国春节档净票房(亿元,左轴)yoy(%,右轴)0.901.461.321.601.141.2900.20.40.60.811.21.41.61.82002120222023春节档观影人次(亿人次)3 Mar 2023 9 Table_header2 中国媒体中国媒体 APPENDIX 1 Summary AIGC sector:ChatGPT is stilling driving the popularity of related industries,and the global Internet/Tech giants are joinin
33、g the industry trend of AIGC.Domestic AIGC applications focus on text,pictures,videos,music,games and other fields.Recently,companies including BlueFocus and Huace Media disclosed that they would integrate the ERNIE bot of Baidu.In the future,as the related technologies gradually mature,AIGC is expe
34、cted to become a new engine for the development of content innovation.Pay attention to the changes in the related application scenarios and business models in the future.Game sector:On February 16th,the official WeChat account of Xinhua Daily News published an article Do Not Neglect the Scientific a
35、nd Technological Value of the Game Industry,which fully affirmed the externality value of the game industry in AI,chip,industrial,construction and other real industries.The normalization of supervision of contents is further proved,and more high-quality products are expected to be launched in 2023.T
36、he game companies are currently in the low ranges of valuation,combined with the normalization of regulation policies,technological innovation and upward trend of performance in the future,the cost performance of blue chips in the game sector is increasingly prominent.We continue to be optimistic ab
37、out leading game companies that combine research and development with operation.Key focuses among A-share stocks are Sanqi Interactive Entertainment,G-bits,Kingnet network,Perfect World,Q,Tom,Giant Network,Shengtian Network and Mingchen Health;key focuses among Hong Kong stocks are Tencent,NetEase,X
38、D Games,iDreamSky and CMGE.Internet sector:iQIYI achieved an annual profit for the first time,with its cash flow situation improved in 22Q4.Egg Partys DAU hit a new high among the games of NetEase.We believe that after the previous rebounding of valuation,the improving performance of Internet platfo
39、rm companies in 2023 will become a strong catalyst.We suggest to pay attention to Tencent,Kuaishou,and Mango Excellent Media.Haitong media portfolio in February fell by 2.24%,SWS media index fell by 0.97%,and CSI 300 rose by 0.66%.Haitong media February portfolio:Tencent(15%),Sanqi Interactive Enter
40、tainment(15%),G-bits(15%),Kingnet Network(15%),Kuaishou(15%),Threes Company Media Group(15%),Mango Excellent Media(10%).Risks:Delay of launch of new games and drama series,slower-than-expected recovery of entertainment consumption 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
41、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 for the
42、 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 Group of
43、 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,毛云聪,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,Yuncong Mao,certif
44、y 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 views expr
45、essed 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,Xiaoyue Hu,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
46、)在其中均不持有任何财务利益。I,Xiaoyue Hu,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 spec
47、ific 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或公司进行做市或持有自营头寸。就本研究报
48、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 concerned,the following
49、 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ZH.US,2013.HK and YALA.US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
50、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 ZH.US,2013.HK and YALA.US within the past 12 months.The investment banking projects include 1.IPO pr
51、ojects in which Haitong acted as pre-listing tutor,sponsor,or lead-underwriter;2.equity or debt refinancing projects of ZH.US,2013.HK and YALA.US 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
52、 which Haitong acted as lead-brokerage firm.002027.CH,ZH.US,2013.HK 及 YALA.US目前或过去12个月内是海通的投资银行业务客户。002027.CH,ZH.US,2013.HK and YALA.US are/were an investment bank clients of Haitong currently or within the past 12 months.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
53、技术有限公司,300336.CH,300364.CH,002624.CH,300251.CH,0136.HK,北京新网易融科技发展有限公司,云南网易特信息产业有限公司,北京新网易融科技发展有限公司,300133.CH,The Procurator of Hong Kong in the Salesian Society,ACM RESEARCH,INC.,SEAVI ADVENT EQUITY PTE.LTD.,上海有道投资有限公司证券投资有道2号基金,新余市天下有道京颐投资合伙企业(有限合伙),新余市天下有道京颐投资合伙企业(有限合伙),0302.HK 及 6060.HK目前或过去12个月内
54、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。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,300336.CH,300364.CH,002624.CH,300251.CH,0136.HK,北京新网易融科技发展有限公司,云南网易特信息产业有限公司,北京新网易融科技发展有限公司,300133.CH,The Procurator of Hong Kong in the Salesian Society,ACM RESEARCH,INC.,SEAVI ADVENT
55、 EQUITY PTE.LTD.,上海有道投资有限公司证券投资有道2号基金,新余市天下有道京颐投资合伙企业(有限合伙),新余市天下有道京颐投资合伙企业(有限合伙),0302.HK and 6060.HK are/were a client of Haitong currently or within the past 12 months.The client has been provided for non-investment-banking securities-related services.易泽融资租赁(深圳)有限公司,上海滴水商业保理有限公司目前或过去12个月内是海通的客户。海通
56、向客户提供非证券业务服务。易泽融资租赁(深圳)有限公司,上海滴水商业保理有限公司 is/was a client of Haitong currently or within the past 12 months.The client has been provided for non-securities services.海通在过去12个月中获得对ZH.US,2013.HK 及 YALA.US提供投资银行服务的报酬。Haitong received in the past 12 months compensation for investment banking services prov
57、ided to ZH.US,2013.HK and YALA.US.11 海通预计将(或者有意向)在未来三个月内从002027.CH,ZH.US,0136.HK,2013.HK 及 YALA.US获得投资银行服务报酬。Haitong expects to receive,or intends to seek,compensation for investment banking services in the next three months from 002027.CH,ZH.US,0136.HK,2013.HK and YALA.US.海通在过去的12个月中从阿里巴巴(北京)软件服务有限
58、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,300336.CH,300133.CH,易泽融资租赁(深圳)有限公司,上海滴水商业保理有限公司,上海有道投资有限公司证券投资有道2号基金 及新余市天下有道京颐投资合伙企业(有限合伙)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 or services other than investment banking from 阿
59、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,300336.CH,300133.CH,易泽融资租赁(深圳)有限公司,上海滴水商业保理有限公司,上海有道投资有限公司证券投资有道2号基金 and新余市天下有道京颐投资合伙企业(有限合伙).海通担任9988.HK 及 0700.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 9988.HK and
60、 0700.HK.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
61、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 International uses a relative rating system using Outperform,Neutral,or Underperform for recom
62、mending 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 complete information concerning the analysts views,investors should carefully read Haitong Int
63、ernational 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 sell a stock should depend on individual circumstances(such as the investors existing holdings)a
64、nd 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.Neutral:The stocks total return over the next 12-18 months is expected to be in line with the return
65、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 return over the next 12-18 months is expected to be below the return of its relevant broad market be
66、nchmark,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 Distribution 12 截至截至2022年年12月月31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
67、盖率 89.4%9.2%1.5%投资银行客户*5.2%7.3%8.3%*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
68、,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;其他所有中国概念股 MSCI China.Haitong International Equity Research Ratings Distribution,as of Dec 31,2022 Outperform Neutral Underperform (hold)HTI Equity Research Coverage 89.4%9.2%1.5%IB clients*5.2%7.3%8.3%*Percentage of i
69、nvestment 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 ratings distribution rules,our Neutral rating falls into a hold rating category.Please note that s
70、tocks 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 of its relevant broad market benchmark,as indicated below.NEUTRAL:The stocks total return ove
71、r 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.SELL:The stocks total return over the next 12-18 months is expec
72、ted 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 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
73、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 valuation and other metrics or may suggest prices based on possible valuation multiples.Such
74、rankings or suggested prices do not purport to be stock 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 o
75、f 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 HTISG based in Shanghai,covers and publishes research on these same A-Shares for distribution
76、 in mainland China.However,the rating system employed by 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
77、Q100指数成分作出复审。Haitong International Quality 100 A-share(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
78、 HS A-share teams bottom-up research.The Q100 constituent companies are reviewed quarterly.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
79、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 LLC and its affiliates(the“ESG Parties”)
80、,obtain information(the“Information”)from sources they consider reliable,none of the ESG Parties warrants or guarantees the originality,accuracy and/or completeness,of any data herein and expressly disclaim all express or implied warranties,including those of merchantability and fitness for a partic
81、ular purpose.The Information may only be used for your internal use,may not be reproduced or redisseminated in any form and may not be used as a basis for,or a component of,any financial instruments or products or indices.Further,none of the Information can in and of itself be used to determine whic
82、h securities to buy or sell or when to buy or sell them.None of the ESG Parties shall have any liability for any errors or omissions in connection with any data herein,or any liability for any direct,13 indirect,special,punitive,consequential or any other damages(including lost profits)even if notif
83、ied of the possibility of such damages.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
84、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、增加图标及说明等,否则因此给盟浪或其他第三方造成损失的,由用户承担相应的赔偿责任,盟浪不承担责任。第四条 如本免责声明未约定,而盟浪网站平
85、台载明的其他协议内容(如盟浪网站用户注册协议盟浪网用户服务(含认证)协议盟浪网隐私政策等)有约定的,则按其他协议的约定执行;若本免责声明与其他协议约定存在冲突或不一致的,则以本免责声明约定为准。SusallWave FIN-ESG Data Service Disclaimer:Please read these terms and conditions below carefully and confirm your agreement and acceptance with these terms before using SusallWave FIN-ESG Data Service.1
86、.FIN-ESG Data is produced by SusallWave Digital Technology Co.,Ltd.(In short,SusallWave)s assessment based on legal publicly accessible information.SusallWave shall not be responsible for any accuracy and completeness of the information.The assessment result is for reference only.It is not for any i
87、nvestment advice for any individual or institution and not for basis of purchasing,selling or holding any relative financial products.We will not be liable for any direct or indirect loss of any individual or institution as a result of using SusallWave FIN-ESG Data.2.SusallWave do not consider recip
88、ients as customers for receiving these data.When using the data,recipients shall make your own independent judgment according to your practical individual status.The contents of the data reflect the judgment of us only on the release day.We have right to update and amend the data and release other d
89、ata that contains inconsistent contents or different conclusions without notification.Unless expressly stated,the data(e.g.,financial performance data)represents past performance only and the past performance cannot be viewed as the prediction of future return.3.The copyright of this data belongs to
90、 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,replication,translation,co
91、mpilation,re-editing,adaption,deletion,abbreviation,excerpts,issuance,rent,exhibition,performance,projection,broadcast,information network transmission,shooting,adding icons and instructions.If any loss of SusallWave or any third-party is caused by those actions,users shall bear the corresponding co
92、mpensation 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 SusallWave Website,Privacy Po
93、licy 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,该公司是根据香港证券及期货条例(第571章)持有第4类
94、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 Limited(“BSE”)和National Stock E
95、xchange 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
96、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
97、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
98、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 14 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 subsi
99、diary of Haitong International Securities Group Limited(“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 wh
100、olly owned subsidiary of HTISGL and which is regulated 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 I
101、ndia(“SEBI”)registered Stock Broker,Merchant Banker 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 acquir
102、ed and became part of the Haitong International Securities 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 mem
103、bers within HTISG in their respective jurisdictions.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
104、other members within HTISG from which this research 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.Descripti
105、ons of any companies or their securities mentioned herein 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 sa
106、le in some jurisdictions.If an investment product is 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 derivati
107、ves,give rise to substantial risk and are not suitable 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
108、.You must,therefore,analyze and should,where applicable,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
109、any direct or consequential loss arising from any use 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 princip
110、al in,and buy or sell,the securities or derivatives,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 cont
111、rary to the opinions expressed in this research report.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 atte
112、ntion of any recipient of this research report.Please refer to HTIs website for further information on HTIs organizational and administrative arrangements set up for the prevention and avoidance of conflicts of interest with respect to Research.Non U.S.Analyst Disclosure:The HTI analyst(s)listed on
113、the cover of this Research is(are)not registered or qualified as a research analyst with FINRA and are not subject to U.S.FINRA Rule 2241 restrictions on communications with companies that are the subject of the Research;public appearances;and trading securities by a research analyst.分发和地区通知:分发和地区通知
114、: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
115、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,Haitong Int
116、ernational 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(“SEC”)注册的经纪商,也是Financial Industry Regulatory Authority,Inc.(“FIN
117、RA”)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
118、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:Haitong International Securities(USA)Inc.340 Madison Avenue,12th Floor New York,NY 10173 联系人电话:(212)351 6050 DISTRIBUTION AND REGIONAL NOTICES Except as otherwise indica
119、ted below,any Recipient wishing to discuss this research report or effect any transaction in any security discussed in HTIs research should contact the Haitong International salesperson in their own country or region.15 Notice to Hong Kong investors:The research report is distributed by Haitong Inte
120、rnational Securities Company Limited(“HTISCL”),which is a licensed corporation to carry on Type 1 regulated activity(dealing in securities)in Hong Kong.This research report does not constitute a solicitation or an offer of securities or an invitation to the public within the meaning of the SFO.This
121、research report is only to be circulated to Professional Investors as defined in the SFO.This research report has not been reviewed by the Securities and Futures Commission.You should not make investment decisions solely on the basis of the information contained in this research report.Recipients of
122、 this research report are to contact HTISCL salespersons in respect of any matters arising from,or in connection with,the research report.Notice to U.S.investors:As described above,this research report was prepared by HTIRL,HSIPL or HTIJKK.Neither HTIRL,HSIPL,HTIJKK,nor any of the non U.S.HTISG affi
123、liates is registered in the United States and,therefore,is not subject to U.S.rules regarding the preparation of research reports and the independence of research analysts.This research report is provided for distribution to“major U.S.institutional investors”and“U.S.institutional investors”in relian
124、ce on the exemption 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 wish
125、ing to effect any transaction to buy or sell securities or related financial instruments based on the information provided in this research report should do so only through Haitong International Securities(USA)Inc.(“HTI USA”),located at 340 Madison Avenue,12th Floor,New York,NY 10173,USA;telephone(2
126、12)351 6050.HTI USA is a 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 USA is not responsible for the preparation of this research report nor for the analysis contained therei
127、n.Under no circumstances should any U.S.recipient of this research report contact the analyst directly or effect any transaction to buy or sell securities or related financial instruments directly through HSIPL,HTIRL or HTIJKK.The HSIPL,HTIRL or HTIJKK analyst(s)whose name appears in this research r
128、eport is not registered or qualified as a research analyst with FINRA and,therefore,may not be subject to FINRA Rule 2241 restrictions on communications with a subject company,public appearances and trading securities held by a research analyst account.Investing in any non-U.S.securities or related
129、financial instruments(including ADRs)discussed in this research report may present certain risks.The securities of non-U.S.issuers may not be registered with,or be subject to U.S.regulations.Information on such non-U.S.securities or related financial instruments may be limited.Foreign companies may
130、not be subject to audit and reporting standards and regulatory requirements comparable to those in effect within the U.S.The value of any investment or income from any securities or related financial instruments discussed in this research report denominated in a currency other than U.S.dollars is su
131、bject to exchange rate fluctuations that may have a positive or adverse effect on the value of or income from such securities or related financial instruments.All inquiries by U.S.recipients should be directed to:Haitong International Securities(USA)Inc.340 Madison Avenue,12th Floor New York,NY 1017
132、3 Attn:Sales Desk at(212)351 6050 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
133、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。本材料中所述证券在加拿大的任何要约或出售行为均只能在豁免向有关加拿大证券监管机构提交招股说明书的前提下由Haitong International Securities(USA)Inc.(“HTI USA”)予以实施,该公司是一家根据National Instrument 31-103 Registration Requirements,Exemptions and Ongoing Registrant Obligations(“NI 31-103”)的规定得到国际交易商豁免(“
134、International Dealer Exemption”)的交易商,位于艾伯塔省、不列颠哥伦比亚省、安大略省和魁北克省。在加拿大,该等材料在任何情况下均不得被解释为任何证券的招股说明书、发行备忘录、广告或公开发行。加拿大的任何证券委员会或类似的监管机构均未审查或以任何方式批准该等材料、其中所载的信息或所述证券的优点,任何与此相反的声明即属违法。在收到该等材料时,每个加拿大的收件人均将被视为属于National Instrument 45-106 Prospectus Exemptions第1.1节或者Securities Act(Ontario)第73.3(1)节所规定的认可投资者(“A
135、ccredited Investor”),或者在适用情况下National Instrument 31-103第1.1节所规定的许可投资者(“Permitted Investor”)。新加坡投资者的通知事项:新加坡投资者的通知事项:本研究报告由Haitong International Securities(Singapore)Pte Ltd(“HTISSPL”)公司注册编号201311400G 于新加坡提供。HTISSPL是符合财务顾问法(第110章)(“FAA”)定义的豁免财务顾问,可(a)提供关于证券,集体投资计划的部分,交易所衍生品合约和场外衍生品合约的建议(b)发行或公布有关证券、交
136、易所衍生品合约和场外衍生品合约的研究分析或研究报告。本研究报告仅提供给符合证券及期货法(第289章)第4A条项下规定的机构投资者。对于因本研究报告而产生的或与之相关的任何问题,本研究报告的收件人应通过以下信息与HTISSPL联系:Haitong International Securities(Singapore)Pte.Ltd 50 Raffles Place,#33-03 Singapore Land Tower,Singapore 048623 电话:(65)6536 1920 日本投资者的通知事项:日本投资者的通知事项:本研究报告由海通国际证券有限公司所发布,旨在分发给从事投资管理的金
137、融服务提供商或注册金融机构(根据日本金融机构和交易法(“FIEL”)第61(1)条,第17-11(1)条的执行及相关条款)。英国及欧盟投资者的通知事项:英国及欧盟投资者的通知事项:本报告由从事投资顾问的Haitong International Securities Company Limited所发布,本报告只面向有投资相关经验的专业客户发布。任何投资或与本报告相关的投资行为只面对此类专业客户。没有投资经验或相关投资经验的客户不得依赖本报告。Haitong International Securities Company Limited的分支机构的净长期或短期金融权益可能超过本研究报告中提及
138、的实体已发行股本总额的0.5。特别提醒有些英文报告有可能此前已经通过中文或其它语言完成发布。澳大利亚投资者的通知事项:澳大利亚投资者的通知事项:Haitong International Securities(Singapore)Pte Ltd,Haitong International Securities Company Limited和Haitong International Securities(UK)Limited分别根据澳大利亚证券和投资委员会(以下简称“ASIC”)公司(废除及过度性)文书第2016/396号规章在澳大利亚分发本项研究,该等规章免除了根据2001年公司法在澳大利
139、亚为批发客户提供金融服务时海通国际需持有澳大利亚金融服务许可的要求。ASIC的规章副本可在以下网站获取:www.legislation.gov.au。海通国际提供的金融服务受外国法律法规规定的管制,该等法律与在澳大利亚所适用的法律存在差异。印度投资者的通知事项:印度投资者的通知事项: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”)所发布,包括制作及发布涵盖BSE Limited(“BSE”)和Natio
140、nal Stock Exchange of India Limited(“NSE”)(统称为印度交易所)研究报告。16 版权所有:海通国际证券集团有限公司2019年。保留所有权利。Peoples Republic of China(PRC):In the PRC,the research report is directed for the sole use of those who receive the research report in accordance with the applicable PRC laws and regulations.Further,the informa
141、tion on the research report does not constitute production and business activities in the PRC under relevant PRC laws.This research report does not constitute a public offer of the security,whether by sale or subscription,in the PRC.Further,no legal or natural persons of the PRC may directly or indi
142、rectly purchase any of the security or any beneficial interest therein without obtaining all prior PRC government approvals or licenses that are required,whether statutorily or otherwise.Persons who come into possession of this research are required to observe these restrictions.Notice to Canadian I
143、nvestors:Under no circumstances is this research report to be construed as an offer to sell securities or as a solicitation of an offer to buy securities in any jurisdiction of Canada.Any offer or sale of the securities described herein in Canada will be made only under an exemption from the require
144、ments to file a prospectus with the relevant Canadian securities regulators and only by Haitong International Securities(USA)Inc.,a dealer relying on the“international dealer exemption”under National Instrument 31-103 Registration Requirements,Exemptions and Ongoing Registrant Obligations(“NI 31-103
145、”)in Alberta,British Columbia,Ontario and Quebec.This research report is not,and under no circumstances should be construed as,a prospectus,an offering memorandum,an advertisement or a public offering of any securities in Canada.No securities commission or similar regulatory authority in Canada has
146、reviewed or in any way passed upon this research report,the information contained herein or the merits of the securities described herein and any representation to the contrary is an offence.Upon receipt of this research report,each Canadian recipient will be deemed to have represented that the inve
147、stor is an“accredited investor”as such term is defined in section 1.1 of National Instrument 45-106 Prospectus Exemptions or,in Ontario,in section 73.3(1)of the Securities Act(Ontario),as applicable,and a“permitted client”as such term is defined in section 1.1 of NI 31-103,respectively.Notice to Sin
148、gapore investors:This research report is provided in Singapore by or through Haitong International Securities(Singapore)Pte Ltd(“HTISSPL”)Co Reg No 201311400G.HTISSPL is an Exempt Financial Adviser under the Financial Advisers Act(Cap.110)(“FAA”)to(a)advise on securities,units in a collective invest
149、ment scheme,exchange-traded derivatives contracts and over-the-counter derivatives contracts and(b)issue or promulgate research analyses or research reports on securities,exchange-traded derivatives contracts and over-the-counter derivatives contracts.This research report is only provided to institu
150、tional investors,within the meaning of Section 4A of the Securities and Futures Act(Cap.289).Recipients of this research report are to contact HTISSPL via the details below in respect of any matters arising from,or in connection with,the research report:Haitong International Securities(Singapore)Pte
151、.Ltd.10 Collyer Quay,#19-01-#19-05 Ocean Financial Centre,Singapore 049315 Telephone:(65)6536 1920 Notice to Japanese investors:This research report is distributed by Haitong International Securities Company Limited and intended to be distributed to Financial Services Providers or Registered Financi
152、al Institutions engaged in investment management(as defined in the Japan Financial Instruments and Exchange Act(FIEL)Art.61(1),Order for Enforcement of FIEL Art.17-11(1),and related articles).Notice to UK and European Union investors:This research report is distributed by Haitong International Secur
153、ities Company Limited.This research is directed at persons having professional experience in matters relating to investments.Any investment or investment activity to which this research relates is available only to such persons or will be engaged in only with such persons.Persons who do not have pro
154、fessional experience in matters relating to investments should not rely on this research.Haitong International Securities Company Limiteds affiliates may have a net long or short financial interest in excess of 0.5%of the total issued share capital of the entities mentioned in this research report.P
155、lease be aware that any report in English may have been published previously in Chinese or another language.Notice to Australian investors:The research report is distributed in Australia by Haitong International Securities(Singapore)Pte Ltd,Haitong International Securities Company Limited,and Haiton
156、g International Securities(UK)Limited in reliance on ASIC Corporations(Repeal and Transitional)Instrument 2016/396,which exempts those HTISG entities from the requirement to hold an Australian financial services license under the Corporations Act 2001 in respect of the financial services it provides
157、 to wholesale clients in Australia.A copy of the ASIC Class Orders may be obtained at the following website,www.legislation.gov.au.Financial services provided by Haitong International Securities(Singapore)Pte Ltd,Haitong International Securities Company Limited,and Haitong International Securities(U
158、K)Limited are regulated under foreign laws and regulatory requirements,which are different from the laws applying in Australia.Notice to Indian investors:The research report is distributed by Haitong Securities India Private Limited(“HSIPL”),an Indian company and a Securities and Exchange Board of I
159、ndia(“SEBI”)registered Stock Broker,Merchant Banker 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”).This research report is intended for the recipients only and may not be reproduced or redistributed without the written consent of an authorized signatory of HTISG.Copyright:Haitong International Securities Group Limited 2019.All rights reserved.http:/