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1、 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)Table_yemei1 热点速评 Flash Analysis Table_summary(Please see APPENDIX 1 for Engl

2、ish summary)贵金属：贵金属：美联储加息末期，风险事件频发加速金价上涨，贵金属板块有望迎来黄金时间。美联储加息末期，风险事件频发加速金价上涨，贵金属板块有望迎来黄金时间。本周伦敦现货金价上涨5.42%，伦敦现货银价上涨 8.93%。继硅谷银行后，加密货币银行签名银行被监管机构关闭，欧洲的瑞信银行也出现流动性危机，我们认为美欧基准利率的上升对于经济和实体企业的影响已经逐步显现，并暴露出加息背景下的流动性风险。受美欧银行业事件影响，市场的加息预期回调，据 CME Fedwatch，3 月 18 日市场预期 3 月大概率是美国最后一次加息，幅度为 25BP，并预期大概率于 6 月进行第一次

3、降息，我们持续看好包括黄金和白银在内的贵金属板块性投资机会。推荐：山东黄金、银泰黄金、赤峰黄金和盛达资源；建议关注：招金矿业、湖南黄金、中金黄金、西部黄金、恒邦股份等公司。工业金属：工业金属：下游需求复苏促使铜显性库存持续去化。下游需求复苏促使铜显性库存持续去化。3 月 10 日-3 月 17 日，LME 铜、铝价涨跌幅分别为-1.88%、-1.24%；上期所铜、铝价涨跌幅为-2.31%、-0.19%。据 SMM 数据，本周（3 月 11 日-3 月 17 日）国内主要精铜杆企业周度开工率回升 5.91 个百分点，录得 75.36%，精铜杆周度开工率大幅上抬至 75%上方，铜价回落后下游线缆及

4、漆包线企业纷纷积极下单，铜杆厂一度出现“点价排队”的繁忙现象。本周截至 3 月 17 日，上期所铜库存下跌至18.2 万吨，跌幅达 15.2%，我们认为下游需求复苏促使铜显性库存持续去化。电解铝方面，截至 3 月 16 日，SMM 统计国内电解铝锭社会库存 121.1 万吨，较上周四下降 5.6 万吨，较 2022 年3 月份历史同期增加 12.1 万吨，较 3 月初累计下降 5.8 万吨。电解铝锭库存连续两周去库，主要去库地区为佛山地区，原因包括：1、下游消费好转；2、西南地区减产的影响逐渐显现，库存降幅明显。国内 2023 年经济工作有望突出做好稳增长、稳就业、稳物价等事项，我们认为 20

5、23 年国内地产需求有望复苏，拉动工业金属需求，继续看好基本金属价格上涨以及行业标的投资机会。建议关注：紫金矿业、洛阳钼业、铜陵有色、天山铝业、云铝股份等公司。能源金属：能源金属：新能源车需求有望温和复苏，助力锂价企稳。新能源车需求有望温和复苏，助力锂价企稳。3 月 10 日-3 月 17 日，能源金属价格下跌，涨跌幅度为电池级碳酸锂-8.3%，工业级碳酸锂-8.3%，氢氧化锂-3.8%，钴价格-2.2%，硫酸镍价格不变。中汽协公布 2 月我国新能源汽车产销分别完成 55.2 万辆和 52.5 万辆，同比分别增长 48.8%和 55.9%，市场占有率达 26.6%。1 至 2 月，新能源汽车产

6、销累计完成 97.7 万辆和 93.3 万辆，同比分别增长 18.1%和 20.8%，市场占有率达 25.7%。我们认为 2月开始电动车需求进入温和复苏，随着锂镍价格的持续下跌，动力电池原材料成本下降，为新能源车企降价留出空间。我们看好在政府刺激政策和车企主动降价的双重推动下，新能源汽车需求复苏，助力锂价企稳。建议关注：赣锋锂业、天齐锂业、永兴材料、江特电机、中矿资源；华友钴业、格林美等公司。稀土和小金属、新材料：稀土和小金属、新材料：需求向好，稀土价格有望上涨。需求向好，稀土价格有望上涨。本周氧化镨钕价格收于 55.25 万元/吨，较前一周下滑9.43%；锑价和钼精矿价格周跌幅为-1.15%

7、、-9.59%。随着疫情防控政策优化，我们认为下游需求有望复苏，稀土价格有望上涨。建议关注：北方稀土、中国稀土、湖南黄金、金钼股份等公司。风险提示：风险提示：经济复苏不及预期；新能源车、地产消费不及预期；主要经济体货币政策收紧超预期；国际地缘政治风险。Table_Title 研究报告 Research Report 21 Mar 2023 有色金属有色金属 Non-ferrous Metals 把握黄金时代的开启，白银将受益金银比修复 Grasp the Beginning of the Golden Age,Silver will Benefit from the Repair of the

8、 Gold-Silver Ratio 甘嘉尧甘嘉尧 Jiayao Gan 21 Mar 2023 2 Table_header1 有色金属有色金属 1.申万有色指数本周下跌申万有色指数本周下跌 2.12%Table_PicPe 1 申万一级行业周涨跌幅申万一级行业周涨跌幅 资料来源：Wind，HTI 图图2 申万有色二级行业周涨跌幅申万有色二级行业周涨跌幅 资料来源：Wind，HTI 图图3 部分申万有色三级行业和锂矿指数、稀土指数周涨跌幅部分申万有色三级行业和锂矿指数、稀土指数周涨跌幅 资料来源：Wind，HTI 图图4 申万有色行业周涨幅前十个股申万有色行业周涨幅前十个股 资料来源：Win

9、d，HTI 图图5 申万有色行业周跌幅前十个股申万有色行业周跌幅前十个股 资料来源：Wind，HTI -2.12%-9%-6%-3%0%3%6%9%传媒建筑装饰计算机通信电子公用事业非银金融商贸零售交通运输农林牧渔银行石油石化房地产家用电器钢铁纺织服饰建筑材料食品饮料综合环保轻工制造医药生物机械设备有色金属美容护理国防军工煤炭基础化工汽车社会服务电力设备-6%-3%0%3%6%9%贵金属工业金属金属新材料小金属能源金属-6%-3%0%3%6%9%黄金铜铝稀土指数磁性材料锂矿指数0%10%20%30%40%50%中润资源晓程科技盛达资源章源钨业银泰黄金西部黄金山东黄金兴业矿业豪美新材济南高新-1

10、8%-15%-12%-9%-6%-3%0%明泰铝业湖南黄金天山铝业洛阳钼业金钼股份斯瑞新材博威合金西部材料西藏珠峰龙磁科技oOmNZVcVcWeUvZeXxU6McM9PmOpPtRmPfQqQnOeRoMmOaQnMqQuOnMtPuOsOtR 21 Mar 2023 3 Table_header1 有色金属有色金属 图图6 有色金属行业海外重点上市公有色金属行业海外重点上市公司股价周涨跌幅司股价周涨跌幅 资料来源：Wind，HTI 2.主要子板块跟踪主要子板块跟踪 2.1 能源金属：能源金属：LME 镍价上涨镍价上涨 3.97%，MB 标准级钴价上涨标准级钴价上涨 2.15%图图7 锂盐价

11、格（万元锂盐价格（万元/吨）吨）资料来源：Wind，HTI 图图8 无锡电子盘碳酸锂期货收盘价（元无锡电子盘碳酸锂期货收盘价（元/千克）千克）资料来源：Wind，HTI -15%-10%-5%0%5%10%15%20%巴里克黄金必和必拓力拓自由港SQM雅保嘉能可AllkemPilbara0021/0321/0922/0322/0923/03电池级碳酸锂工业级碳酸锂氢氧化锂220230240250260270280290300MM+1M+2M+3M+42023/03/102023/03/17 21 Mar 2023 4 Table_header1 有色金属有色金属 图图9

12、三元前驱体价格（万元三元前驱体价格（万元/吨）吨）资料来源：Wind，HTI 图图10 锂电池正极材料价格（万元锂电池正极材料价格（万元/吨）吨）资料来源：Wind，HTI 图图11 LME、SHFE 镍价镍价 资料来源：Wind，HTI 图图12 全球镍库存（万吨）全球镍库存（万吨）资料来源：Wind，HTI 图图13 硫酸镍和高镍铁价格硫酸镍和高镍铁价格 资料来源：Wind，HTI 图图14 上期所镍期货收盘价（万元上期所镍期货收盘价（万元/吨）吨）资料来源：Wind，HTI 81/0321/0922/0322/0923/03NCM111NCM523NCM622NCM

13、8004521/0922/0322/0923/03NCM111（左轴）NCM523（左轴）NCM622（左轴）NCM811（左轴）磷酸铁锂（右轴）0512345621/0321/0922/0322/0923/03LME镍（万美元/吨；左轴）SHFE镍（万元/吨；右轴）051/0321/0922/0322/0923/03LME镍库存SHFE镍库存06721/0321/0922/0322/0923/03硫酸镍（万元/吨；左轴）高镍铁（元/镍；右轴）161718MM+2

14、M+4M+6M+8M+102023/03/102023/03/17 21 Mar 2023 5 Table_header1 有色金属有色金属 图图15 长江钴及长江钴及 MB 钴价钴价 资料来源：Wind，HTI 2.2 工业金属：工业金属：SHFE 铅价上涨铅价上涨 1.65%，LME 锌价上涨锌价上涨 0.83%图图16 LME、SHFE 铜价铜价 资料来源：Wind，HTI 图图17 全球铜库存（万吨）全球铜库存（万吨）资料来源：Wind，HTI 图图18 中国铜加工费中国铜加工费 资料来源：Wind，HTI 图图19 上期所铜期货收盘价（万元上期所铜期货收盘价（万元/吨）吨）资料来源：

15、Wind，HTI 53545556521/0321/0922/0322/0923/03长江钴（万元/吨；左轴）MB钴：标准级（美元/磅；右轴）MB钴：合金级（美元/磅；右轴）567860007000800090001/0321/0922/0322/0923/03LME铜（美元/吨；左轴）SHFE阴极铜（万元/吨；右轴）0021/0321/0922/0322/0923/03LME铜SHFE阴极铜SHFE国际铜COMEX铜24680521/0321/0922/0322/0923/03粗炼费(TC，美元/干吨；左

16、轴)精炼费(RC，美元/磅；右轴)6.606.706.806.90MM+2M+4M+6M+8M+102023/03/102023/03/17 21 Mar 2023 6 Table_header1 有色金属有色金属 图图20 LME、SHFE 铝价铝价 资料来源：Wind，HTI 图图21 全球铝库存（万吨）全球铝库存（万吨）资料来源：Wind，HTI 图图22 上期所铝期货收盘价（万元上期所铝期货收盘价（万元/吨）吨）资料来源：Wind，HTI 图图23 A00 铝和氧化铝价格铝和氧化铝价格 资料来源：Wind，HTI 图图24 LME、SHFE 锌价锌价 资料来源：Wind，HTI 图图2

17、5 全球主要交易所锌库存（万吨）全球主要交易所锌库存（万吨）资料来源：Wind，HTI 1.41.82.22.6030003500400021/0321/0922/0322/0923/03LME铝（美元/吨；左轴）SHFE铝（万元/吨；右轴）050030021/0321/0922/0322/0923/03LME铝SHFE铝COMEX铝1.801.811.821.831.84MM+2M+4M+6M+8M+102023/03/102023/03/0003500400045001.01.52.02.521/0321/0922/0322

18、/0923/03A00铝（万元/吨；左轴）氧化铝（元/吨；右轴）2.02.53.025003000350040004500500021/0321/0922/0322/0923/03LME锌（美元/吨；左轴）SHFE锌（万元/吨；右轴）01/0321/0922/0322/0923/03LME锌SHFE锌 21 Mar 2023 7 Table_header1 有色金属有色金属 图图26 LME、SHFE 锡价锡价 资料来源：Wind，HTI 图图27 全球主要交易所锡库存（吨）全球主要交易所锡库存（吨）资料来源：Wind，HTI 图图28 LME、SHFE 铅价铅价 资料来

19、源：Wind，HTI 图图29 全球主要交易所铅库存（万吨）全球主要交易所铅库存（万吨）资料来源：Wind，HTI 2.3 贵金属：贵金属：COMEX 银价上涨银价上涨 10.41%，COMEX 黄金价上涨黄金价上涨 6.46%图图30 黄金价格黄金价格 资料来源：Wind，HTI 图图31 白银价格白银价格 资料来源：Wind，HTI 2345621/0321/0922/0322/0923/03LME锡（万美元/吨；左轴）SHFE锡（万元/吨；右轴）02000400060008000400021/0321/0922/0322/0923/03LME锡

20、SHFE锡1.31.41.51.61.70300021/0321/0922/0322/0923/03LME铅（美元/吨；左轴）SHFE铅（万元/吨；右轴）051/0321/0922/0322/0923/03LME铅SHFE铅35037039040021/0321/0922/0322/0923/03COMEX黄金（美元/盎司；左轴）SHFE黄金（元/克；右轴）35004500550065001520253021/0321/0922/0322/0923/03COMEX银（美元/盎司；左轴）SHFE白银（元/千克

21、；右轴）21 Mar 2023 8 Table_header1 有色金属有色金属 图图32 全球主要经济体央行总资产全球主要经济体央行总资产 资料来源：Wind，HTI 图图33 美国美国 CPI 当月同比与联邦基金利率（当月同比与联邦基金利率（%）资料来源：Wind，HTI 图图34 美国国债长短期利差（美国国债长短期利差（%）资料来源：Wind，HTI 图图35 金银比和铜金比金银比和铜金比 资料来源：Wind，HTI 图图36 SPDR、iShares 黄金黄金 ETF 持有量（吨）持有量（吨）资料来源：Wind，HTI 0200400600800024680082

22、00202023美国:所有联储银行:总资产（万亿美元；左轴）欧洲央行:资产:总额（万亿欧元；左轴）日本央行:资产:总额（万亿日元；右轴）0021/0321/0922/0322/0923/03美国CPI：当月同比（左轴）美国联邦基金利率（右轴）-2-1012321/0321/0922/0322/0923/03美国国债收益率：10Y-2Y美国国债收益率：10Y-3M45676070809010021/0321/0922/0322/0923/03金银比（金价/银价；左轴）铜金比（铜价/金价；右轴）4004505005508001000120021/0321

23、/0922/0322/0923/03SPDR黄金ETF（左轴）iShares黄金ETF（右轴）21 Mar 2023 9 Table_header1 有色金属有色金属 2.4 稀土等小金属：精铋价上涨稀土等小金属：精铋价上涨 4.76%，钛精矿价上涨，钛精矿价上涨 3.19%图图37 主要稀土价格主要稀土价格 资料来源：Wind，HTI 图图38 钼精矿和锑价格钼精矿和锑价格 资料来源：Wind，HTI 图图39 锗锭和钨精矿价格锗锭和钨精矿价格 资料来源：Wind，HTI 图图40 海绵钛和钛精矿价格海绵钛和钛精矿价格 资料来源：Wind，HTI 图图41 电解锰和镁锭价格（万元电解锰和镁锭

24、价格（万元/吨）吨）资料来源：Wind，HTI 图图42 精铋和精铟价格精铋和精铟价格 资料来源：Wind，HTI 4060801001200.00.51.01.52.021/0321/0922/0322/0923/03氧化镝（万元/千克；左轴）氧化铽（万元/千克；左轴）镨钕氧化物（万元/吨；右轴）5678900040005000600021/0321/0922/0322/0923/03钼精矿:45%-50%（元/吨度；左轴）锑（万元/吨，右轴）90008500900095001000021/0321/0922/0322/0923/03锗锭:50（元

25、/千克；左轴）黑钨精矿:55%（万元/吨；右轴）02400260060657075808521/0321/0922/0322/0923/03海绵钛99.6%（元/千克；左轴）钛精矿（元/吨；右轴）0246801234521/0321/0922/0322/0923/03电解锰（左轴）镁锭（右轴）0621/0321/0922/0322/0923/03精铋:99.99%（万元/吨；左轴）精铟:99.995%（元/千克；右轴）21 Mar 2023 10 Table_header1 有色金属有色金属 3.重要事件重要事件 洛阳钼业：洛阳

26、钼业：发布 2022 年报。22 年营收为 1729.9 亿元，同增-0.5%；22Q1-4 分别为445.3、472.4、407.0、405.2 亿元。扣非归母净利为 60.7 亿元，同增 47.86%；Q1-4 扣非归母净利为 16.8、17.9、12.4、13.6 亿元。EPS 为 0.28 元/股。分红：董事会建议向全体股东每 10 股派发现金红利 0.85 元（含税），合计预计派发总额 18.20 亿元（含税），该预案尚需提交股东大会审议批准。赣锋锂业：赣锋锂业：发布 22 年业绩快报。22 年实现营收 418.2 亿元，同增 275%；归母净利润 204.8 亿元，同增 292%，

27、EPS 为 10.17 元/股。其中 22Q4 营收 142.1 亿元，环增8%，同增 246%；归母净利润 56.8 亿元，环减 25%，同增 106%。川能动力：川能动力：发布 22 年业绩快报。22 年实现营收 38.0 亿元，同减 22%；归母净利润 7.1 亿元，同增 105%，EPS 为 0.48 元/股。其中 22Q4 营收 14.4 亿元，环增 59%，同减 34%；归母净利润 2.8 亿元，环增 171%，同增 142%。融捷股份：融捷股份：发布 22 年业绩快报。22 年实现营收 29.9 亿元，同增 225%；归母净利润 24.4 亿元，同增 3473%，EPS 为 9.

28、40 元/股。其中 22Q4 营收 13.1 亿元，环增 89%，VA 同增 249%；归母净利润 11.9 亿元，环增 75%，同增 2790%。和胜股份：和胜股份：全资子公司江苏和胜新能源汽车配件有限公司拟与江苏省溧阳高新技术产业开发区管理委员会签署项目投资协议。后者将提供合适的载体及预留用地给予前者，在后者园内投资建设“新能源电池铝合金箱体项目”，预计项目总投资 10 亿元。华友钴业：华友钴业：全资子公司华骐新加坡与淡水河谷印尼已于近日完成了 KNI 公司相关交割文件的签署及股权变更备案手续等工作。本次交易完成后，华骐新加坡持有 KNI 80%的股份，淡水河谷印尼持有 KNI 20%的股

29、份。4.风险提示风险提示 经济复苏不及预期；新能源车、地产消费不及预期；主要经济体货币政策收紧超预期；国际地缘政治风险。21 Mar 2023 11 Table_header2 有色金属有色金属 APPENDIX 1 Summary Precious metals:At the end of the Feds interest rate hike,frequent risk events accelerated the rise in gold prices,and the precious metals sector is expected to usher in golden time.W

30、e continue to be bullish on investment opportunities in precious metals sectors,including gold and silver.Recommended:Shandong Gold,Yintai Gold,Chifeng Gold and Shengda Resources;It is recommended to pay attention to:Zhaojin Mining,Hunan Gold,CICC Gold,Western Gold,Hengbang and other companies.Indus

31、trial metals:The recovery in downstream demand has led to the continued de-escalation of copper explicit stocks.As of March 17 this week,copper inventories fell to 182,000 tons,down 15.2%,and we believe that the recovery in downstream demand has led to the continued dematerialization of copper expli

32、cit stocks.We believe that domestic real estate demand is expected to recover in 2023,driving industrial metal demand,and continue to be optimistic about rising base metal prices and investment opportunities in industry targets.It is recommended to pay attention to:Zijin Mining,Luoyang Molybdenum,To

33、ngling Nonferrous Metals,Tianshan Aluminum,Yun Aluminum and other companies.Energy metals:Demand for new energy vehicles is expected to recover moderately,helping lithium prices stabilize.We are optimistic that under the dual impetus of the governments stimulus policy and the initiative of car compa

34、nies to reduce prices,the demand for new energy vehicles will recover,and lithium prices will stabilize.It is recommended to pay attention to:Ganfeng Lithium Industry,Tianqi Lithium Industry,Yongxing Materials,Jiangte Motor,China Mining Resources;Huayou Cobalt,Grammy and other companies.Rare earths

35、and small metals,new materials:Demand is good,and rare earth prices are expected to rise.The price of praseodymium oxide this week closed at 552,500 yuan/ton,down 9.43%from the previous week;Antimony and molybdenum concentrate prices decreased by-1.15%and-9.59%on the week.With the optimization of ep

36、idemic prevention and control policies,we believe that downstream demand is expected to recover,and rare earth prices are expected to rise.It is recommended to pay attention to:North Rare Earth,China Rare Earth,Hunan Gold,Gold Molybdenum Co.,Ltd.and other companies.Risk warning:economic recovery is

37、less than expected;Consumption of new energy vehicles and real estate is less than expected;Monetary policy tightened more than expected in major economies;International geopolitical risks.12 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 Secur

38、ities India Private Limited(HSIPL)，Haitong International Japan K.K.(HTIJKK)和海通国际证券有限公司(HTISCL)的证券研究团队所组成的全球品牌，海通国际证券集团(HTISG)各成员分别在其许可的司法管辖区内从事证券活动。IMPORTANT DISCLOSURES This research report is distributed by Haitong International,a global brand name for the equity research teams of Haitong Internat

39、ional Research Limited(“HTIRL”),Haitong Securities India Private Limited(“HSIPL”),Haitong International Japan K.K.(“HTIJKK”),Haitong International Securities Company Limited(“HTISCL”),and any other members within the Haitong International Securities Group of Companies(“HTISG”),each authorized to eng

40、age in securities activities in its respective jurisdiction.HTIRL分析师认证分析师认证Analyst Certification:我，甘嘉尧，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,Jiayao Gan,certify that(i)the views expressed in this resear

41、ch report accurately reflect my personal views about any or all of the subject companies or issuers referred to in this research and(ii)no part of my compensation was,is or will be directly or indirectly related to the specific recommendations or views expressed in this research report;and that I(in

42、cluding members of my household)have no financial interest in the security or securities of the subject companies discussed.利益冲突披露利益冲突披露Conflict of Interest Disclosures 海通国际及其某些关联公司可从事投资银行业务和/或对本研究中的特定股票或公司进行做市或持有自营头寸。就本研究报告而言，以下是有关该等关系的披露事项（以下披露不能保证及时无遗漏，如需了解及时全面信息，请发邮件至ERD-D）HTI and some of its af

43、filiates may engage in investment banking and/or serve as a market maker or hold proprietary trading positions of certain stocks or companies in this research report.As far as this research report is concerned,the following are the disclosure matters related to such relationship(As the following dis

44、closure 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600988.CH and 600338.CH的投资银行项目。投资银行项目包括：1、海通担任上市前辅导机构、保荐人或主承销商的首次公开发行项目；2、海通作为保荐人、主承销商或财务顾问的股权或债务再融资项目；3、海通作为主经纪商的新三板上市、目标配售和并购项目。H

45、aitong Securities Co.,Ltd.and/or its subsidiaries(collectively,the Haitong)have a role in investment banking projects of 600988.CH and 600338.CH within the past 12 months.The investment banking projects include 1.IPO projects in which Haitong acted as pre-listing tutor,sponsor,or lead-underwriter;2.

46、equity or debt refinancing projects of 600988.CH and 600338.CH for which Haitong acted as sponsor,lead-underwriter or financial advisor;3.listing by introduction in the new three board,target placement,M&A projects in which Haitong acted as lead-brokerage firm.600988.CH 及 600338.CH目前或过去12个月内是海通的投资银行

47、业务客户。600988.CH and 600338.CH are/were an investment bank clients of Haitong currently or within the past 12 months.山东黄金集团财务有限公司,002176.CH,603993.CH,600988.CH,000630.CH 及 上海合金材料总厂有限公司目前或过去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。山东黄金集团财务有限公司,002176.CH,603993.CH,600988.CH,000630.CH and 上海合金材料总厂有限公司 are/wer

48、e a client of Haitong currently or within the past 12 months.The client has been provided for non-investment-banking securities-related services.荆门市格林美新材料有限公司目前或过去12个月内是海通的客户。海通向客户提供非证券业务服务。荆门市格林美新材料有限公司 is/was a client of Haitong currently or within the past 12 months.The client has been provided f

49、or non-securities services.海通预计将（或者有意向）在未来三个月内从002738.CH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 002738.CH.海通在过去的12个月中从荆门市格林美新材料有限公司 及 000630.CH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 pas

50、t 12 months for products or services other than investment banking from 荆门市格林美新材料有限公司 and 000630.CH.海通担任603993.CH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 603993.CH.13 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

51、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，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

52、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 recommending the stocks we cover to investors.Investors should carefully read the definitions of a

53、ll 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 International Research,in its entirety,and not infer the contents from the rating alone.In any c

54、ase,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)and other considerations.Analyst Stock Ratings Outperform:The stocks total return over the nex

55、t 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 of its relevant broad market benchmark,as indicated below.For purposes only of FINRA/NYSE rat

56、ings 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 benchmark,as indicated below.Benchmarks for each stocks listed region are as follows:Japan TOPI

57、X,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

58、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，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 MSC

59、I China.14 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 investment banking clients in each rating category.BUY,Neutral,and SELL in the above distribut

60、ion 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 stocks with an NR designation are not included in the table above.Previous rating system defin

61、itions(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 over the next 12-18 months is expected to be in line with the return of its relevant broad marke

62、t 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 expected to be below the return of its relevant broad market benchmark,as indicated below.Benchmar

63、ks 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 Re

64、search: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 rankings or suggested prices do not purport to be stock ratings or target prices or fundament

65、al 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 of A-Shares:Haitong International may cover and rate A-Shares that are subject to the Hong Kon

66、g 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 in mainland China.However,the rating system employed by HS differs from that used by HTI and

67、 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Q100指数成分作出复审。Haitong International Quality 100 A-share(Q100)Index:HTIs Q100 Index is a quant

68、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 HS A-share teams bottom-up research.The Q100 constituent companies are reviewed quarterly.MS

69、CI 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

70、，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”),obtain information(the“Information”)from sources they consider reliable,none of the ESG Part

71、ies 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 particular purpose.The Information may only be used for your internal use,may not be reproduced or

72、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 which securities to buy or sell or when to buy or sell them.None of the ESG Parties shall have an

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