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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 8 Mar 2023 中国必需消费中国必需
2、消费 China Staples HTI 消费品成本指数:生鲜乳价格跌势延续,行业成本多数企稳 HTI CGCI:The Price Decline of Raw Milk Continued,Most Sectors Costs Stabilized 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 30 n.a.华润啤酒 Outperform 64.00 47 39 海底捞 Outperform 21.40 23 19 康师傅 Outperform 17.10 15 14 中国飞鹤 Outperform 8
3、.72 10 7 恒安国际 Neutral 55.80 8 8 九毛九 Outperform 21.68 34 25 颐海国际 Outperform 24.33 22 17 现代牧业 Outperform 1.43 6 5 优然牧业 Outperform 5.55 4 3 澳优 Outperform 7.32 4 4 资料来源:Factset,HTI Related Reports HTI 消费品成本指数:小麦期货跌超 8%,多数行业成本下行(HTI CGCI:Wheat Futures Fell by 8%,and the Cost of Most Sectors Went Down)(1
4、Mar 2023)HTI 消费品成本指数:大麦价格跌幅收窄,行业期货成本普涨(HTI CGCI:The Decline of Barley Price Narrowed,the Futures Cost Rose Generally)(22 Feb 2023)HTI 消费品成本指数:玻璃价格有所上扬,成本多数持平或微降(HTI CGCI:The Spot Price of Glass Rose,the Cost of Most Sectors Remained Flat or Decreased)(15 Feb 2023)(Please see APPENDIX 1 for English s
5、ummary)本周本周 HTI 跟踪的六类消费品跟踪的六类消费品,成本指数多呈窄幅波动,啤酒、调味,成本指数多呈窄幅波动,啤酒、调味品期货涨幅居前品期货涨幅居前。具体来看,本周包材部分,玻璃期货涨超 4%,塑料、铝材期货次之,涨幅达 1.36%/0.81%,纸浆期货跌幅居前,幅度达 1.59%,塑料和铝材现货下跌 0.27%/1.37%。直接原材料部分,白糖价格连续四周攀升,且涨幅较上周有所扩大,期货、现货分别为 3.70%/1.42%,鸡肉小幅走高 1.71%,下跌品种中,蔬菜延续上周回落趋势,价格下降 3.0%,大豆期货、豆粕现货分别下跌2.02%/1.84%,其他原材料波动都在 1%以内
6、。能源方面,本周油价期现走势分化,布油现货上涨 1.15%,期货下跌 0.72%。啤酒:啤酒:截至 3 月 7 日,成本现货指数较上周下降 0.06%,期货指数较上周提升 1.63%。今年年初以来现货、期货指数分别累计变动1.4%/2.4%,较 去 年 同 期 现 货、期 货 指 数 分 别 累 计 变 动14.84%/13.16%。本周啤酒现货指数企稳,期货端受玻璃价格快速上行影响,成本提升较多。调味品:调味品:成本现货指数较上周提升 0.28%,期货指数较上周提升1.08%。今年年初以来现货、期货指数分别累计变动 1.55%/1.06%,较去年同期现货、期货指数分别累计变动 11.76%/
7、14.56%。本周白糖价格快速走强,推动调味品成本整体上行,期货端叠加玻璃、塑料价格影响,因此期货成本较现货上升更多。乳制品:乳制品:成本现货指数较上周提升 0.14%,期货指数较上周下降0.19%。今年年初以来现货、期货指数分别累计变动 0.76%/1.14%,较去年同期现货、期货指数分别累计变动 11.73%/8.43%。本周生鲜乳价格仍处在下行通道,奶牛饲养成本中玉米、豆粕小幅下跌,尽管白糖价格上涨,但因纸浆期货下跌较多,乳制品期货小幅下行。方便面:方便面:成本现货指数较上周下降 0.02%,期货指数较上周下降0.02%。今年年初以来现货、期货指数分别累计变动 0.15%/2.63%,较
8、去年同期现货、期货指数分别累计变动 15.96%/18.16%。本周棕榈油价格基本企稳,整体来看,方便面成本构成中包材价格变动不大,成本指数较上周持平。速冻食品:速冻食品:成本现货指数较上周提升 0.08%,期货指数较上周提升0.1%。今年年初以来现货、期货指数分别累计变动 1.25%/0.17%,较去年同期现货、期货指数分别累计变动 1.48%/3.4%。本周蔬菜价格回落较多,但鸡肉价格止跌反弹,速冻食品成本指数变化不大。软饮料:软饮料:成本现货指数较上周提升 0.09%,期货指数较上周提升0.5%。今年年初以来现货、期货指数分别累计变动 0.66%/0.57%,较去年同期现货、期货指数分别
9、累计变动 9.11%/14.76%。本周白糖价格有所走强,但结合来看瓦楞纸和塑料的价格变动较小,软饮料成本略有上行。风险风险提示:提示:国内疫情反复,原材料价格反弹,地缘冲突加剧。Table_Author 闻宏伟闻宏伟 Hongwei Wen 陈子叶陈子叶 Susie Chen 6080100120140Mar-22Jun-22Sep-22Dec-22Mar-23HAI China StaplesMSCI China 8 Mar 2023 2 Table_header1 中国必需消费中国必需消费 1.白糖价格涨幅扩大白糖价格涨幅扩大,生鲜乳跌势延续生鲜乳跌势延续 本周 HTI 跟踪的六类消费品
10、,成本指数多呈窄幅波动,啤酒、调味品期货涨幅居前。具体来看,本周包材部分,玻璃期货涨超 4%,塑料、铝材期货次之,涨幅达1.36%/0.81%,纸 浆 期 货 跌 幅 居 前,幅 度 达 1.59%,塑 料 和 铝 材 现 货 下 跌0.27%/1.37%。直接原材料部分,白糖价格连续四周攀升,且涨幅较上周有所扩大,期货、现货分别为 3.7%/1.42%,鸡肉小幅走高 1.71%,下跌品种中,蔬菜延续上周回落趋势,价格下降 3%,大豆期货、豆粕现货分别下跌 2.02%/1.84%,其他原材料波动都在 1%以内。能源方面,本周油价期现走势分化,布油现货上涨 1.15%,期货下跌0.72%。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2023/3/7135.43119.07115.99115.02128.91121.97上周2023/2/28135.52118.74115.83115.04128.80121.86上月2023/2/7134.88118.51116.88115.44130.22122.98今年年初2023/1/1133.56117.25116.88115.19127.32121.16去年同期2022/3/71
12、59.03134.94131.41136.87130.85134.19-0.06%0.28%0.14%-0.02%0.08%0.09%0.41%0.47%-0.76%-0.36%-1.00%-0.82%1.40%1.55%-0.76%-0.15%1.25%0.66%-14.84%-11.76%-11.73%-15.96%-1.48%-9.11%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2023/3/7138.60129.99104.23123.17128.35141.63上周2023/2/28136.37128.60104.4
13、3123.19128.22140.93上月2023/2/7137.96128.58105.46125.28131.09141.06今年年初2023/1/1142.00128.63105.43126.49128.57140.82去年同期2022/3/7159.59152.15113.82150.50132.87166.151.63%1.08%-0.19%-0.02%0.10%0.50%0.46%1.10%-1.17%-1.69%-2.09%0.40%-2.40%1.06%-1.14%-2.63%-0.17%0.57%-13.16%-14.56%-8.43%-18.16%-3.40%-14.76%
14、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oOmNXX8ZaYaYvZeXMBaQ8QaQpNqQoMpMkPoOnOiNpPzQbRnNzQMYmMrOvPpNrO 8 Mar 2023 3 Table_header1 中国必需消费中国必需消费 2.行业行业成本成本多数多数企稳企稳 2.1 啤酒啤酒 截至 3 月 7 日,啤酒成本现货指数为 135.43,较上周下降 0.06%;啤酒成本期货指数为 138.6,较上周提升 1.63%。本周啤酒现货指数企稳,期货端受玻璃价格快速上行影响,成本提升较多。月度来看,较上月同期啤酒成本现货指数提升 0.41%,啤酒成本期货指
15、数提升0.46%。中长期看,今年年初以来啤酒成本现货指数提升 1.4%,啤酒成本期货指数下降 2.4%,较去年同期,啤酒成本现货指数下降 14.84%,啤酒成本期货指数下降13.16%。图图1 本周本周 HTI 啤酒成本现货指数啤酒成本现货指数提升提升 0.18%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 1.18%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:Wind,HTI 2.2 调味品调味品 截至 3 月 7 日,调
16、味品成本现货指数为 119.07,较上周提升 0.28%;调味品成本期货指数为 129.99,较上周提升 1.08%。本周白糖价格快速走强,推动调味品成本整体上行,期货端叠加玻璃、塑料价格影响,因此期货成本较现货上升更多。100.0110.0120.0130.0140.0150.0160.0170.0180.019-0119-0720-0120-0721-0121-0722-0122-0723-01HTI啤酒成本指数(现货)啤酒成本指数(现货)100.0120.0140.0160.0180.0200.019-0119-0720-0120-0721-0121-0722-0122-0723-01H
17、TI啤酒成本指数(期货)啤酒成本指数(期货)0.0500.01,000.01,500.02,000.02,500.03,000.03,500.00.0500.01,000.01,500.02,000.02,500.03,000.03,500.0 8 Mar 2023 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提升 0.47%,调味品成本期货指数提升 1.1%。中长期看,今年年初以来调味品成本现货指数提升 1.55%,调味品成本期货指数提升 1.06%,较去年同期,调味品成本现货指数下降 11.76%,调味品成本期货指数下降 14.56%。图
18、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 0.02%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 0.99%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 乳制品乳制品 截至 3 月 7 日,乳制品成本现货指数为 115.99,较上周提升 0.14%;乳制品成本期货指数为 104.23,较上周下降 0.19%。本周生鲜乳价格仍处在下行通道,奶牛饲养成本中玉米、
19、豆粕小幅下跌,尽管白糖价格有所上涨,但因纸浆期货下跌较多,乳制品期货成本小幅下行。月度来看,较上月同期乳制品成本现货指数下降 0.76%,乳制品成本期货指数下降1.17%。中长期看,今年年初以来乳制品成本现货指数下降0.76%,乳制品成本期货指数下降 1.14%,较去年同期,乳制品成本现货指数下降 11.73%,乳制品成本期货指数下降 8.43%。80.090.0100.0110.0120.0130.0140.019-0119-0720-0120-0721-0121-0722-0122-0723-01HTI调味品成本指数(现货)调味品成本指数(现货)90.0110.0130.0150.0170
20、.0190.019-0119-0720-0120-0721-0121-0722-0122-0723-01HTI调味品成本指数(期货)调味品成本指数(期货)3,000.03,500.04,000.04,500.05,000.05,500.06,000.06,500.07,000.04,500.05,000.05,500.06,000.06,500.0 8 Mar 2023 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 0.02%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 0.4%资料
21、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 3 月 7 日,方便面成本现货指数为 115.02,较上周下降 0.02%;方便面成本期货指数为 123.17,较上周下降 0.02%。本周棕榈油价格基本企稳,整体来看,方便面成本构成中包材价格变动不大,成本指数较上周持平。月度来看,较上月同期方便面成本现货指数下降 0.36%,方便面成本期货指数下降1.69%。中长期看,今年年初以来方便面成
22、本现货指数下降0.15%,方便面成本期货指数下降 2.63%,较去年同期,方便面成本现货指数下降 15.96%,方便面成本期货指数下降 18.16%。80.090.0100.0110.0120.0130.0140.019-0119-0720-0120-0721-0121-0722-0122-0723-01HTI乳制品成本指数(现货)乳制品成本指数(现货)70.080.090.0100.0110.0120.019-0119-0720-0120-0721-0121-0722-0122-0723-01HTI乳制品成本指数(期货)乳制品成本指数(期货)1.82.02.22.42.62.83.03.21
23、9-0119-0720-0120-0721-0121-0722-0122-0723-012.83.33.84.34.85.35.819-0119-0720-0120-0721-0121-0722-0122-0723-01 8 Mar 2023 6 Table_header1 中国必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 0.14%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 2.23%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
24、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 3 月 7 日,速冻食品成本现货指数为 128.91,较上周提升 0.08%;速冻食品成本期货指数为 128.35,较上周提升 0.1%。本周蔬菜价格回落较多,但鸡肉价格止跌反弹,速冻食品成本指数变化不大。月度来看,较上月同期速冻食品成本现货指数下降 1%,速冻食品成本期货指数下降2.09%。中长期看,今年年初以来速冻食品成本现货指数提升1.25%,速冻食品成本期货指数下降0.17%,较去年同期,速冻食品成本现货指数下降1.48%,速冻食品成本期货指数下降 3.4%。80.
25、090.0100.0110.0120.0130.0140.0150.019-0119-0720-0120-0721-0121-0722-0122-0723-01HTI方便面成本指数(现货)方便面成本指数(现货)70.090.0110.0130.0150.0170.019-0119-0720-0120-0721-0121-0722-0122-0723-01HTI方便面成本指数(期货)方便面成本指数(期货)02000400060008000400019-0119-0720-0120-0721-0121-0722-0122-0723-012,000.02,500.03,000.
26、03,500.04,000.0 8 Mar 2023 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 0.46%图图18 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 1.51%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 3 月 7 日,软饮料成本现货指数为 121.97,
27、较上周提升 0.09%;软饮料成本期货指数为 141.63,较上周提升 0.5%。本周白糖价格有所走强,但瓦楞纸和塑料的价格变动整体不大,软饮料成本略有上行。月度来看,较上月同期软饮料成本现货指数下降 0.82%,软饮料成本期货指数提升 0.4%。中长期看,今年年初以来软饮料成本现货指数提升 0.66%,软饮料成本期货指数提升0.57%,较去年同期,软饮料成本现货指数下降9.11%,软饮料成本期货指数下降 14.76%。90.0100.0110.0120.0130.0140.019-0119-0720-0120-0721-0121-0722-0122-0723-01HTI速冻食品成本指数(现货
28、)速冻食品成本指数(现货)90.0100.0110.0120.0130.0140.019-0119-0720-0120-0721-0121-0722-0122-0723-01HTI速冻食品成本指数(期货)速冻食品成本指数(期货)15.016.017.018.019.020.021.022.019-0119-0720-0120-0721-0121-0722-0122-0723-013.03.54.04.55.05.56.06.57.019-0119-0720-0120-0721-0121-0722-0122-0723-01 8 Mar 2023 8 Table_header1 中国必需消费中国必
29、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 0.26%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 1.27%资料来源:Wind,HTI 资料来源:Wind,HTI 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。90.0100.0110.0120.0130.0140.0150.019-0119-0720-0120-0721-0121-0722-01
30、22-0723-01HTI软饮料成本指数(现货)软饮料成本指数(现货)90.0110.0130.0150.0170.0190.019-0119-0720-0120-0721-0121-0722-0122-0723-01HTI软饮料成本指数(期货)软饮料成本指数(期货)3,000.03,500.04,000.04,500.05,000.04,000.05,000.06,000.07,000.08,000.09,000.010,000.011,000.0 8 Mar 2023 9 Table_header2 中国必需消费中国必需消费 APPENDIX 1 Summary Among the six
31、 categories of consumer goods tracked by HTI this week,the cost index mostly fluctuated in a narrow range,while beer and condiment futures rose the most.Specifically,for packaging materials this week,glass futures rose more than 4%,plastics and aluminum rose 1.36%/0.81%.Pulp futures fell 1.59%,and p
32、lastic and aluminum spot fell 0.27%/1.37%.For direct raw materials,the price of white sugar rose for four consecutive weeks.This week,futures and spot prices of it rose by 3.7%/1.42%.Chicken prices rose by 1.71%,but vegetable prices fell by 3%.Meanwhile,soybean futures and soybean meal spot prices f
33、ell by 2.02%/1.84%respectively.In terms of energy,spot oil distribution rose 1.15%but futures fell 0.72%.Risks:Repeated domestic epidemics,rebounding raw material prices,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(HTIR
34、L),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 equity research teams of
35、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 Companies(“HTISG”),each a
36、uthorized to 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 express
37、ed 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 this research rep
38、ort;and that 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,certi
39、fy 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 exp
40、ressed 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,
41、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 are the disclosure matters relat
42、ed 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).香港华润(集团)有限公司上海代表处,嘉谟证券有限公司海底捞国际金融私人有限公司R 及嘉谟证券有限公司海底捞控股私人有限公司R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,嘉谟
43、证券有限公司海底捞国际金融私人有限公司R and嘉谟证券有限公司海底捞控股私人有限公司R 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.海通在过去的12个月中从嘉谟证券有限公司海底捞国际金融私人有限公司R 及嘉谟证券有限公司海底捞控股私人有限公司R获得除投资银行服务以外之产品或服务的报酬。Haitong has received compe
44、nsation in the past 12 months for products or services other than investment banking from 嘉谟证券有限公司海底捞国际金融私人有限公司R and嘉谟证券有限公司海底捞控股私人有限公司R.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
45、资建议。投资者的买卖股票的决策应基于各自情况(比如投资者的现有持仓)以及其他因素。分析师股票评级分析师股票评级 优于大市优于大市,未来12-18个月内预期相对基准指数涨幅在10%以上,基准定义如下 中性中性,未来12-18个月内预期相对基准指数变化不大,基准定义如下。根据FINRA/NYSE的评级分布规则,我们会将中性评级划入持有这一类别。弱于大市弱于大市,未来12-18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
46、Definitions(from 1 Jul 2020):Haitong International uses a relative rating system using Outperform,Neutral,or Underperform for recommending the stocks we cover to investors.Investors should carefully read the definitions of all ratings used in Haitong International Research.In addition,since Haitong
47、International Research contains more 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 advi
48、ce.An investors decision to buy or sell a stock should depend on individual circumstances(such as the investors existing holdings)and other considerations.Analyst Stock Ratings Outperform:The stocks total return over the next 12-18 months is expected to exceed the return of its relevant broad market
49、 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 falls into a hold rating category
50、.Underperform:The stocks total return over the next 12-18 months is expected to be below the return of its relevant broad market benchmark,as indicated below.Benchmarks for each stocks listed region are as follows:Japan TOPIX,Korea KOSPI,Taiwan TAIEX,India Nifty100,US SP500;for all other China-conce
51、pt stocks MSCI China.评级分布评级分布Rating Distribution 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(
52、直至2020年年6月月30日):日):买入,未来12-18个月内预期相对基准指数涨幅在10%以上,基准定义如下 中性,未来12-18个月内预期相对基准指数变化不大,基准定义如下。根据FINRA/NYSE的评级分布规则,我们会将中性评级划入持有这一类别。卖出,未来12-18个月内预期相对基准指数跌幅在10%以上,基准定义如下 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
53、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 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
54、.For purposes only of FINRA/NYSE ratings distribution rules,our Neutral rating falls into a hold rating category.Please note that stocks with an NR designation are not included in the table above.Previous rating system definitions(until 30 Jun 2020):BUY:The stocks total return over the next 12-18 mo
55、nths 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 of its relevant broad market benchmark,as indicated below.For purposes only of FINRA/NYSE ratings distr
56、ibution rules,our Neutral rating falls into a hold rating category.SELL:The stocks total return over the next 12-18 months is expected to be below the return of its relevant broad market benchmark,as indicated below.Benchmarks for each stocks listed region are as follows:Japan TOPIX,Korea KOSPI,Taiw
57、an TAIEX,India Nifty100;for all other China-concept stocks MSCI China.海通国际非评级研究:海通国际非评级研究:海通国际发布计量、筛选或短篇报告,并在报告中根据估值和其他指标对股票进行排名,或者基于可能的估值倍数提出建议价格。这种排名或建议价格并非为了进行股票评级、提出目标价格或进行基本面估值,而仅供参考使用。Haitong International Non-Rated Research:Haitong International publishes quantitative,screening or short repor
58、ts which may rank stocks according to valuation and other metrics or may suggest prices based on possible valuation multiples.Such rankings or suggested prices do not purport to be stock 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
59、行覆盖及评级。海通证券(600837.CH),海通国际于上海的母公司,也会于中国发布中国A股的研究报告。但是,海通国际使用与海通证券不同的评级系统,所以海通国际与海通证券的中国A股评级可能有所不同。Haitong International Coverage of A-Shares:Haitong International may cover and rate A-Shares that are subject to the Hong Kong Stock Connect scheme with Shanghai and Shenzhen.Haitong Securities(HS;6008
60、37 CH),the ultimate parent company of HTISG based in Shanghai,covers and publishes research on these same A-Shares for distribution in mainland China.However,the rating system employed 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 sam
61、e 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
62、at HS in Shanghai.These stocks are carefully selected through a quality-based screening process in combination with a review of the HS A-share teams bottom-up research.The Q100 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)
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