《友邦保险-港股公司研究报告-受投资影响净利润大幅下滑预计2023年新业务价值将迎来正增长-230313（15页）.pdf》由会员分享，可在线阅读，更多相关《友邦保险-港股公司研究报告-受投资影响净利润大幅下滑预计2023年新业务价值将迎来正增长-230313（15页）.pdf（15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 13 Mar 2023 友邦保险友邦保险

2、AIA Group(1299 HK)受投资影响净利润大幅下滑，预计 2023 年新业务价值将迎来正增长 Net profit fell sharply due to the impact of investment,the NBV is expected to return in positive growth in 2023 Table_Info 维持优于大市维持优于大市Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$81.55 目标价 HK$95.05 HTI ESG 3.0-3.4-4.5 MSCI ESG 评级 AA 来源:MSCI ESG R

3、esearch LLC.Reproduced by permission;no further distribution 市值 HK$951.68bn/US$121.23bn 日交易额(3 个月均值)US$246.02mn 发行股票数目 11,670mn 自由流通股(%)100%1 年股价最高最低值 HK$91.35-HK$57.95 注：现价 HK$81.55 为 2023 年 3 月 10 日收盘价 资料来源：Factset 1mth 3mth 12mth 绝对值-7.2%-4.6%16.2%绝对值（美元）-7.2%-5.4%15.8%相对 MSCI China 2.6%0.2%27.2%

4、Table_Profit Dec-22A Dec-23E Dec-24E Dec-25E 净利润(US$mn)282 7,847 8,230 8,649 同比增速%-96%2683%5%5%新业务价值(US$mn)3,092 3,487 3,874 4,167 同比增速%-8%13%11%8%每股内含价值(US$)5.90 6.35 6.85 7.39 每股收益(US$)0.02 0.67 0.71 0.74 每股净资产(US$)3.26 4.53 5.05 5.61 市盈率 430 15 15 14 资料来源：公司信息,HTI (Please see APPENDIX 1 for Engli

5、sh summary)【事件】【事件】友邦保险发布友邦保险发布 2022 年报：年报：1）2022 年年 NBV 为为 30.9 亿美亿美元，同比元，同比-5%（按固定汇率，下同）；（按固定汇率，下同）；2022 年下半年年下半年 NBV 为为15.6 亿美元，同比亿美元，同比+6%；2022 年年 NBV Margin 为为 57.0%，同比，同比-2.4pct。2）年化新保费（）年化新保费（ANP）达）达 54.1 亿美元，与去年同期持亿美元，与去年同期持平。平。3）税后营运溢利达）税后营运溢利达 63.7 亿美元，同比亿美元，同比+3%；净利润；净利润 2.8 亿亿美元，同比美元，同比-

6、96%。4）回购前内含价值达）回购前内含价值达 724 亿美元，同比亿美元，同比+2%；其中内含价值营运溢利同比；其中内含价值营运溢利同比-10%至至 68.5 亿美元；亿美元；ROEV 为为9.4%，同比，同比-2.4pct。5）自由盈余增长至）自由盈余增长至 237 亿美元，扣除股息亿美元，扣除股息及回购后为及回购后为 178.5 亿美元，同比亿美元，同比+7%。6）公司预计全年每股股）公司预计全年每股股息升至息升至 154 港仙，同比港仙，同比+5.3%。各地区各地区 NBV：中国内地维持：中国内地维持 NBV 最大贡献；五大分部在下半年最大贡献；五大分部在下半年均取得正增长。均取得正增

7、长。1）中国内地：中国内地：NBV 继续维持集团内最大贡献，同比-15%，2022 年下半年同比+3%。2023 年前两月继续取得正增长。我们预计由于去年上半年基数较低，今年 H1 内地应取得不错的正增长。2）中国香港：中国香港：NBV 同比+4%，2022 年下半年同比+5%。中国澳门分公司向中国内地游客销售带来的全年 NBV同比增长 3 倍，占友邦香港整体 NBV 超 10%。我们预计得益于香港通关，内地游客将能陆续前往中国香港，今年中国香港区NBV 应迎来高速增长。3）“新马泰新马泰”地区：地区：延续 NBV 正增长，分别录得+1%、+15%和+5%；2022 年下半年分别录得+7%、+

8、26%和+19%。三地区 NBV 占比达 36.9%，同比+2.5pct。4）其他地其他地区区：2022 年 NBV 同比-12%，印度合资公司 Tata AIA Life 同比+52%。产品结构及价值率：产品结构及价值率：NBV Margin 整体出现下降。整体出现下降。1）2022 年公司整体 NBV Margin 较 2021 同期-2.4pct 至 57.0%。2）中国内地2022 年 NBV Margin 较去年同期-9.6pct 至 69.5%，我们认为或因储蓄产品销量增加有关。我们认为因保障类产品销售不利及储蓄业务需求增加，2023 NBV Margin 或将继续下降。3）中国香

9、港/新 加 披/马 来 西 亚 NBV Margin 均 有 提 升，分 别 上 升5.5pct/0.8pct/12.4pct 至 69.5%/65.7%/69.9%。4）泰 国 NBV Margin 略有下降至 89.1%。渠道及人力：代理人渠道渠道及人力：代理人渠道 NBV 出现下降，伙伴渠道取得正增出现下降，伙伴渠道取得正增长。长。1）代理人渠道全年 NBV 同比-4%，H2 同比+8%，占集团整体总 NBV 提高至 80%，NBV margin 同比-1.1pct 至 73.2%。全年集团 MDRT 会员继续领先同业，连续第八年蝉联 MDRT 会员最多公司。在最优秀代理策略引导下，我们

10、预计 2023 友邦 MDRT会员将继续领先市场。Table_Author 孙婷孙婷 Ting Sun Wangjie OU 6080100120140Price ReturnMSCI ChinaMar-22Jul-22Nov-22Mar-23Volume 13 Mar 2023 2 Table_header1 友邦保险(1299 HK)维持优于大市维持优于大市 2）伙伴渠道在 2022 年取得正增长，全年 NBV 同比+2%，H2 同比+4%；银保渠道同比+10%。NBV margin 同比-1.4pct 至 37.8%。我们持续看好友邦最优秀代理策略的发展为集团带来的业务支持。投资：投资组

11、合保持稳定，受公允价值变动影响总投资收益大幅下降。投资：投资组合保持稳定，受公允价值变动影响总投资收益大幅下降。1）投资组合较 2021 年保持稳定，固收类资产占比同比-2.1pct。2）受债券公允价值大幅变动影响，全年总投资收益-6.6%，较 2021 同比-11.4pct；净投资收益率 3.8%，较 2021同比+0.5pct。公司预计采用公司预计采用 I9 和和 I17 准则后，准则后，2022 年税后营运溢利并无重大变动，净利润至少年税后营运溢利并无重大变动，净利润至少增加增加 20 亿美元。亿美元。持续看好友邦中国发展潜力，持续看好友邦中国发展潜力，“优于大市优于大市”评级。评级。随

12、着中国内地的开放以及中国香港的通关，我们看好友邦保险表现的进一步提升。当前股价对应 1.6x 2023E PEV，我们认为当前估值偏低，安全边际高。采用绝对估值法（评估价值法），我们认为公司合理目标价为 95.05 港元，给予“优于大市”评级。风险提示：风险提示：长端利率趋势性下行，权益市场波动，保费持续承压长端利率趋势性下行，权益市场波动，保费持续承压。mMnM2YcVfVcWrV9YzW7NaO9PpNrRtRsRjMrRpMjMoPrN9PoOxONZnRnNxNnPoP 13 Mar 2023 3 Table_header2 友邦保险(1299 HK)维持优于大市维持优于大市 表表 1

13、 绝对估值法得到公司绝对估值法得到公司 2023 年每股评估价值年每股评估价值 95.05 港元（百万美元）港元（百万美元）2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 未来年份未来年份NBV 折现因子 92%84%77%70%64%59%54%49%45%41%45%NBV（折现后）3192 3245 3196 3042 2924 2810 2701 2522 2354 2198 59329 未来 NBV 加总（折现后）92122 96769 101553 106613 111924 117498 123350 120

14、403 131541 143708 内含价值 74112 79942 86291 93056 100307 108077 116400 125164 134389 144097 评估价值 166234 176711 187844 199669 212231 225575 239749 245567 265929 287805 评估价值（考虑折价）141299 150204 159667 169719 180396 191739 203787 208732 226040 244634 股本（百万股）11670 11670 11670 11670 11670 11670 11670 11670 1

15、1670 11670 每股评估价值（USD）12.11 12.87 13.68 14.54 15.46 16.43 17.46 17.89 19.37 20.96 每股评估价值（HKD）95.05 101.04 107.40 114.17 121.35 128.98 137.08 140.41 152.05 164.56 资料来源：友邦保险历年年报，HTI 我们采用绝对估值法对公司进行估值，假设公司 2032 年后 NBV 永续增长率为 5%，EV 不透明折价为 85%（EV 不透明折价是由于公司 EV 计算时依赖大量假设，因而会将估值结果给予一定折价，通常为 70%左右。友邦内含价值可信度高

16、，我们给予的折价系数仅为 85%）。基于评估价值=（内含价值+未来年份 NBV 贴现值）*EV 不透明折价，得到公司评估价值 1662 亿美元，对应每股评估价值 12.11 美元，对应 95.05 港元，汇率为 1 美元=7.850 港元。图图1 每股收益、每股收益、NBV 同比下降（美元）同比下降（美元）资料来源：友邦保险 2021、2022 年年报，HTI 图图2 每股净资产、每股净资产、EV（美元）（美元）资料来源：友邦保险 2021、2022 年年报，HTI 0.630.290.020.260.000.100.200.300.400.500.600.70每股收益每股新业务价值20212

17、0225.156.223.255.870.001.002.003.004.005.006.007.00每股净资产每股内含价值20212022 13 Mar 2023 4 Table_header2 友邦保险(1299 HK)维持优于大市维持优于大市 图图3 友邦保险业绩指标地区结构友邦保险业绩指标地区结构 资料来源：友邦保险 2021、2022 年年报，HTI 图图4 各地区各地区 NBV Margin 情况情况 资料来源：友邦保险 2021、2022 年年报，HTI 图图5 坚持坚持“最优秀代理最优秀代理”策略策略，代理渠道代理渠道 NBV 占比占比 80%资料来源：友邦保险 2021、20

18、22 年年报，HTI 图图6 伙伴渠道伙伴渠道 NBV 同比增长同比增长 2%资料来源：友邦保险 2021、2022 年年报，HTI 21%23%20%20%32%31%34%35%31%27%25%24%19%21%22%22%17%17%12%12%12%12%15%12%10%10%10%10%9%10%11%12%8%9%9%8%7%7%6%6%14%12%25%26%21%20%12%13%0%10%20%30%40%50%60%70%80%90%100%2021 NBV2022 NBV2021 ANP2022 ANP2021 TWPI2022 TWPI2021 OPAT2022 O

19、PAT中国香港中国内地泰国新加坡马来西亚其他地区64.0%78.9%90.0%64.7%57.3%35.9%69.5%69.5%89.1%65.7%69.9%30.2%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%100.0%中国香港中国内地泰国新加坡马来西亚其他地区2021202280%20%代理渠道新业务价值（NBV）代理渠道新业务价值（NBV）2875 697 2659 668-4%2%-5%-4%-3%-2%-1%0%1%2%3%0 500 1000 1500 2000 2500 3000 3500 代理渠道伙伴渠道2021 NBV（

20、百万美元，左轴）2022 NBV（百万美元，左轴）NBV增速（%，右轴）13 Mar 2023 5 Table_header2 友邦保险(1299 HK)维持优于大市维持优于大市 图图7 友邦保险固收投资占比友邦保险固收投资占比 78%资料来源：友邦保险 2021、2022 年年报，HTI 图图8 十年以上固收产品占比十年以上固收产品占比 71%资料来源：友邦保险 2021、2022 年年报，HTI 表表 1 可比公司估值表可比公司估值表 证券简称 价格 价格 EV（元）（元）1YrVNB（元）（元）H 股 港元 人民币元 2021 2022E 2023E 2021 2022E 2023E 中

21、国平安-H 51.50 45.51 76.34 79.37 85.52 2.07 1.66 1.72 中国人寿-H 12.98 11.47 42.56 46.40 50.84 1.58 1.30 1.34 新华保险-H 18.84 16.65 82.97 84.46 91.66 1.92 1.05 1.05 中国太保-H 20.75 18.34 51.80 54.12 59.74 1.39 0.91 0.95 友邦保险-H 81.55 72.07 43.39 40.94 44.06 2.00 1.84 2.07 证券简称 价格 价格 P/EV（倍）（倍）VNBX（倍）（倍）H 股 港元 人民币

22、元 2021 2022E 2023E 2021 2022E 2023E 中国平安-H 51.50 45.51 0.60 0.57 0.53 -14.87 -20.41 -23.31 中国人寿-H 12.98 11.47 0.27 0.25 0.23 -19.62 -26.89 -29.43 新华保险-H 18.84 16.65 0.20 0.20 0.18 -34.60 -64.31 -71.15 中国太保-H 20.75 18.34 0.35 0.34 0.31 -24.00 -39.49 -43.72 友邦保险-H 81.55 72.07 1.66 1.76 1.64 14.33 16.9

23、3 13.51 证券简称 价格 价格 EPS（元）（元）BVPS（元）（元）H 股 港元 人民币元 2021 2022E 2023E 2021 2022E 2023E 中国平安-H 51.50 45.51 5.56 4.43 5.05 44.44 46.56 49.81 中国人寿-H 12.98 11.47 1.80 1.17 1.63 16.93 16.76 18.13 新华保险-H 18.84 16.65 4.79 2.64 3.94 34.78 33.90 37.24 中国太保-H 20.75 18.34 2.79 2.56 2.92 23.57 23.43 26.09 友邦保险-H 8

24、1.55 72.07 4.26 4.58 4.86 34.68 41.47 45.17 证券简称 价格 价格 P/E（倍）（倍）P/B（倍）（倍）H 股 港元 人民币元 2021 2022E 2023E 2021 2022E 2023E 中国平安-H 51.50 45.51 8.19 10.26 9.01 1.02 0.98 0.91 中国人寿-H 12.98 11.47 6.37 9.81 7.04 0.68 0.68 0.63 新华保险-H 18.84 16.65 3.47 6.32 4.23 0.48 0.49 0.45 中国太保-H 20.75 18.34 6.57 7.18 6.28

25、 0.78 0.78 0.70 友邦保险-H 81.55 72.07 16.92 15.72 14.82 2.08 1.74 1.60 资料来源：保险公司历年财报，Wind，HTI（基于 2023 年 3 月 10 日收盘价）80%78%15%15%3%3%2%4%0%10%20%30%40%50%60%70%80%90%100%20212022固收投资权益投资不动产其他71%71%15%11%11%13%3%6%0%10%20%30%40%50%60%70%80%90%100%2021202210年以上5-10年1-5年一年以内 13 Mar 2023 6 Table_header2 友邦保

26、险(1299 HK)维持优于大市维持优于大市 财务报表分析和预测 主要财务指标主要财务指标 2022 2023E 2024E 2025E 利润表（百万美利润表（百万美元）元）2022 2023E 2024E 2025E 每股指标（美元）每股指标（美元）保费收入 36519 39817 43179 46809 每股收益 0.02 0.67 0.71 0.74 分出保费(2607)(2787)(3023)(3277)每股净资产 3.26 4.53 5.05 5.61 净保费收入净保费收入 33912 37030 40157 43533 每股内含价值 5.90 6.35 6.85 7.39 投资收益

27、(15156)13565 14381 15262 每股新业务价值 0.26 0.30 0.33 0.36 其他营运收益 354 389 428 471 价值评估（倍）价值评估（倍）营业收入营业收入 19110 50984 54966 59266 P/E 429.90 15.45 14.73 14.02 赔付及保户利益 12158 39310 42629 46213 P/B 3.18 2.29 2.06 1.85 保险业务综合费用 6429 2700 2916 3155 P/EV 1.76 1.64 1.52 1.40 营业费用营业费用 18587 42010 45545 49367 VNBX

28、16.94 13.51 10.66 8.38 营业利润营业利润 523 8974 9421 9898 盈利能力指标（盈利能力指标（%）税前利润税前利润 491 8974 9421 9898 净投资收益率 3.81%3.81%3.81%3.81%所得税(171)(1077)(1130)(1188)总投资收益率-6.57%-6.57%-6.57%-6.57%归属于母公司股东归属于母公司股东的净利润的净利润 282 7847 8230 8649 净资产收益率 0.74%14.85%13.98%13.21%少数股东损益 38 50 60 61 总资产收益率 0.09%2.31%2.23%2.15%盈利

29、增长（盈利增长（%）资产负债表（百万资产负债表（百万美元）美元）2022 2023E 2024E 2025E 净利润增长率-96.20%2682.67%4.88%5.09%现金及存款投资 8020 9872 10705 11605 内含价值增长率-5.65%7.62%7.87%7.94%债权投资 174587 192161 208384 225904 新业务价值增长率-8.14%12.77%11.09%7.58%股权投资 23378 25731 27904 30250 内含价值（百万美内含价值（百万美元）元）其他投资 5549 5063 5490 5952 调整后净资产 33751 37126

30、 40839 44923 总投资资产总投资资产 211534 232827 252484 273711 有效业务价值 35114 36986 39103 41368 分保资产 5122 5634 6198 6817 内含价值 68865 74112 79942 86291 其他资产 86392 100580 110682 121763 一年新业务价值 3092 3487 3874 4167 资产总计资产总计 303048 339041 369363 402292 核心内含价值回报率（%）10.90%10.62%10.74%10.71%保险合同负债 219570 241672 262075 28

31、4109 寿险新业务保费（百寿险新业务保费（百万美元）万美元）投资合同负债 7077 8139 9359 10763 趸缴新单保费 4734 5233 5599 5996 其他负债 37851 36009 38630 41504 期缴新单保费 4611 5035 5586 6161 负债总计负债总计 264498 285819 310065 336376 新业务合计 9345 10268 11185 12156 实收资本 14171 14171 14171 14171 新业务保费增长率（%）-15.40%9.88%8.93%8.68%归属于母公司股东归属于母公司股东权益权益 38096 528

32、52 58886 65457 标准保费 5084 5558 6146 6760 少数股东权益 454 370 412 458 标准保费增长率（%）-1.45%9.32%10.57%10.00%负债和所有者权益负债和所有者权益合计合计 303048 339041 369363 402292 资料来源：友邦保险 2022 年年报，HTI 数据截至 2023 年 3 月 10 日 13 Mar 2023 7 Table_header2 友邦保险(1299 HK)维持优于大市维持优于大市 APPENDIX 1 Summary Event AIA released 2022 annual report:

33、1)2022 NBV of$3.09 billion,-5%yoy(at fixed exchange rate,the same below);NBV in the second half of 2022 was$1.56 billion,+6%yoy;2022 NBV Margin was 57.0%and-2.4pct yoy.2)Annualized new premiums(ANPs)reached$5.41 billion,unchanged from the same period last year.3)Operating profit after tax reached$6.

34、37 billion,+3%yoy;Net income was$280 million,-96%yoy.4)Embedded value before repurchase reached$72.4 billion,+2%yoy;The ROEV was 9.4%and-2.4pct yoy.5)The free surplus grew to$23.7 billion,or$17.85 billion after dividends and buybacks,+7%yoy.6)The company expects full-year dividend per share to rise

35、to HK$1.54,+5.3%yoy.Continue to be positive on AIA China development potential,Outperform rating.With the reopening of mainland China and clearance of customs in Hong Kong,we expect AIAs performance to improve further.The current share price corresponds to 1.6x 2023E PEV,which we believe is underval

36、ued and the margin of safety is high.The company enjoys a valuation premium compared with its peers and adopts the absolute valuation method(appraised value method).We set our target price at HKD95.05 and maintain the OUTPERFORM rating.Risk:Long-term interest rate trend downward;Protection product p

37、remium growth does not reach expectations.8 Table_APPENDIX Table_disclaimer 附录附录APPENDIX 重要信息披露重要信息披露 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司(HTIRL)，Haitong 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。

38、IMPORTANT DISCLOSURES This research report is distributed by Haitong International,a global brand name for the equity research teams of Haitong International Research Limited(“HTIRL”),Haitong Securities India Private Limited(“HSIPL”),Haitong International Japan K.K.(“HTIJKK”),Haitong International S

39、ecurities Company Limited(“HTISCL”),and any other members within the Haitong International Securities Group of Companies(“HTISG”),each authorized to engage in securities activities in its respective jurisdiction.HTIRL分析师认证分析师认证Analyst Certification:我，孙婷，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

40、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,Ting Sun,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 c

41、ompensation was,is or will be directly or indirectly related to the specific recommendations or views expressed in this research report;and that I(including members of my household)have no financial interest in the security or securities of the subject companies discussed.我，Wangjie OU，在此保证（i）本研究报告中的

42、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,Wangjie OU,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 th

43、is research and(ii)no part of my compensation was,is or will be directly or indirectly related to the specific recommendations or views expressed in this research report;and that I(including members of my household)have no financial interest in the security or securities of the subject companies dis

44、cussed.利益冲突披露利益冲突披露Conflict of Interest Disclosures 海通国际及其某些关联公司可从事投资银行业务和/或对本研究中的特定股票或公司进行做市或持有自营头寸。就本研究报告而言，以下是有关该等关系的披露事项（以下披露不能保证及时无遗漏，如需了解及时全面信息，请发邮件至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 cer

45、tain stocks or companies in this research report.As far as this research report is concerned,the following are the disclosure matters related to such relationship(As the following disclosure does not ensure timeliness and completeness,please send an email to ERD-D if timely and comprehensive informa

46、tion is needed).1299.HK,平安资产管理有限责任公司,2628.HK,1336.HK 及 2601.HK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。1299.HK,平安资产管理有限责任公司,2628.HK,1336.HK and 2601.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 servi

47、ces.海通在过去的12个月中从1299.HK,平安资产管理有限责任公司,2628.HK,1336.HK 及 2601.HK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 1299.HK,平安资产管理有限责任公司,2628.HK,1336.HK and 2601.HK.海通担任2318.HK有关证券的做市商或流通量提供者。Haitong acts as a market

48、maker or liquidity provider in the securities of 2318.HK.9 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

49、指数涨幅在10%以上，基准定义如下 中性中性，未来12-18个月内预期相对基准指数变化不大，基准定义如下。根据FINRA/NYSE的评级分布规则，我们会将中性评级划入持有这一类别。弱于大市弱于大市，未来12-18个月内预期相对基准指数跌幅在10%以上，基准定义如下 各地股票基准指数：日本 TOPIX,韩国 KOSPI,台湾 TAIEX,印度 Nifty100,美国 SP500;其他所有中国概念股 MSCI China.Ratings Definitions(from 1 Jul 2020):Haitong International uses a relative rating system

50、using Outperform,Neutral,or Underperform for recommending the stocks we cover to investors.Investors should carefully read the definitions of all ratings used in Haitong International Research.In addition,since Haitong International Research contains more complete information concerning the analysts

51、 views,investors should carefully read Haitong International Research,in its entirety,and not infer the contents from the rating alone.In any case,ratings(or research)should not be used or relied upon as investment advice.An investors decision to buy or sell a stock should depend on individual circu

52、mstances(such as the investors existing holdings)and other considerations.Analyst Stock Ratings Outperform:The stocks total return over the next 12-18 months is expected to exceed the return of its relevant broad market benchmark,as indicated below.Neutral:The stocks total return over the next 12-18

53、 months is expected to be in line with the return of its relevant broad market benchmark,as indicated below.For purposes only of FINRA/NYSE ratings distribution rules,our Neutral rating falls into a hold rating category.Underperform:The stocks total return over the next 12-18 months is expected to b

54、e below the return of its relevant broad market benchmark,as indicated below.Benchmarks for each stocks listed region are as follows:Japan TOPIX,Korea KOSPI,Taiwan TAIEX,India Nifty100,US SP500;for all other China-concept stocks MSCI China.评级分布评级分布Rating 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

55、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（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

56、，基准定义如下。根据FINRA/NYSE的评级分布规则，我们会将中性评级划入持有这一类别。卖出，未来12-18个月内预期相对基准指数跌幅在10%以上，基准定义如下 各地股票基准指数：日本 TOPIX,韩国 KOSPI,台湾 TAIEX,印度 Nifty100;其他所有中国概念股 MSCI China.10 Haitong International Equity Research Ratings Distribution,as of Dec 31,2022 Outperform Neutral Underperform (hold)HTI Equity Research Coverage 89

57、.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.For purposes only of FINRA/NYSE ratings distribution rules,our Neutral rating fa

58、lls into a hold rating category.Please note that stocks with an NR designation are not included in the table above.Previous rating system definitions(until 30 Jun 2020):BUY:The stocks total return over the next 12-18 months is expected to exceed the return of its relevant broad market benchmark,as i

59、ndicated 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.SELL:The stock

60、s total return over the next 12-18 months is expected to be below the return of its relevant broad market benchmark,as indicated below.Benchmarks for each stocks listed region are as follows:Japan TOPIX,Korea KOSPI,Taiwan TAIEX,India Nifty100;for all other China-concept stocks MSCI China.海通国际非评级研究：海

61、通国际非评级研究：海通国际发布计量、筛选或短篇报告，并在报告中根据估值和其他指标对股票进行排名，或者基于可能的估值倍数提出建议价格。这种排名或建议价格并非为了进行股票评级、提出目标价格或进行基本面估值，而仅供参考使用。Haitong International Non-Rated Research:Haitong International publishes quantitative,screening or short reports which may rank stocks according to valuation and other metrics or may suggest

62、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

63、海通证券的中国A股评级可能有所不同。Haitong International Coverage of A-Shares:Haitong International may cover and rate A-Shares that are subject to the Hong Kong Stock Connect scheme with Shanghai and Shenzhen.Haitong Securities(HS;600837 CH),the ultimate parent company of HTISG based in Shanghai,covers and publishe

64、s 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 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

65、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 at HS in Shanghai.These stocks are carefully selected through a quality-based scr

66、eening 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）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

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