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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 29 Mar 2023 中国必需消费中国必

2、需消费 China Staples HTI 消费品成本指数：直接原材料价格走弱，包材期货止跌反弹 HTI CGCI:Direct Raw Material Prices Weaken,Packaging Material Futures Rebound 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 31 n.a.华润啤酒 Outperform 77.00 48 39 海底捞 Outperform 21.40 20 16 康师傅 Outperform 17.10 15 13 中国飞鹤 Outperform 8

3、.72 9 7 恒安国际 Neutral 55.80 8 8 九毛九 Outperform 21.68 31 23 颐海国际 Outperform 24.33 18 15 现代牧业 Outperform 1.43 6 5 优然牧业 Outperform 5.55 3 3 澳优 Outperform 7.32 4 4 资料来源：Factset,HTI Related Reports HTI 消费品成本指数：行业成本延续跌势，包材期货全线下跌（HTI CGCI:Sectors Costs Continued to Decline,and All Packaging Material Futures

4、 Fell）(22 Mar 2023)HTI 消费品成本指数：棕榈油价格下挫，方便面成本跌幅居前（HTI CGCI:The Price of Palm Oil Fell Sharply,the Instant Noodles Dropped the Most）(15 Mar 2023)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）(8 Mar 2023)(Please see APPENDIX 1 for English

5、summary)本周本周 HTI 跟踪的六类消费品，现货成本小幅波动，期货成本大幅提跟踪的六类消费品，现货成本小幅波动，期货成本大幅提升，啤酒期货涨超升，啤酒期货涨超 3%。具体来看，本周包材价格均有反弹，玻璃期货领涨，幅度达 6.51%，纸浆期货涨超 3%，铝材现货、期货上涨1.44%/2.98%，PET 塑料现货、期货价格提升 2.53%/2.01%。直接原材料部分，除了白糖期货上涨 0.83%，其他品种均有下跌，豆粕现货跌幅达 2.81%，棕榈油现货、期货下跌 1.40%/1.71%，小麦、大麦价格回落 1.40%/1.04%，其他品种的跌幅在 1%以内。能源方面，本周柴油现货较上周持平

6、，布油期货反弹 4.42%。啤酒：啤酒：截至 3 月 28 日，成本现货指数较上周下降 0.03%，期货指数较上周提升 3.25%。今年年初以来现货、期货指数分别累计变动0.58%/1.32%，较 去 年 同 期 现 货、期 货 指 数 分 别 累 计 变 动11.03%/12.77%。本周啤酒现货成本仍处于节后低位，期货端因玻璃快速走强，叠加纸浆和铝材价格上扬，期货成本大幅提升。调味品：调味品：成本现货指数较上周提升 0.3%，期货指数较上周提升1.93%。今年年初以来现货、期货指数分别累计变动 1.72%/0.34%，较去年同期现货、期货指数分别累计变动 7.24%/14.96%。本周大豆

7、现货、期货环比上月小幅回落，调味品成本的走强主要受包材价格上涨驱动。乳制品：乳制品：成本现货指数较上周下降 0.17%，期货指数较上周提升0.55%。今年年初以来现货、期货指数分别累计变动 2.46%/4.01%，较去年同期现货、期货指数分别累计变动 9.68%/10.65%。本周生鲜乳价格继续下行且跌幅较上周持平，较年初已下跌 3.64%，奶牛饲养成本中玉米、豆粕分别下跌 0.01 元/公斤、0.13 元/公斤，推动乳制品成本回落，但期货端受包材价格走强影响，成本略有上行。方便面：方便面：成本现货指数较上周下降 0.09%，期货指数较上周提升0.9%。今年年初以来现货、期货指数分别累计变动

8、2.93%/6.15%，较去年同期现货、期货指数分别累计变动 14.9%/19.63%。本周棕榈油已连续三周回落，叠加小麦现货走弱，方便面现货成本下行，期货端因包材价格偏强，方便面期货成本小幅上涨。速冻食品：速冻食品：成本现货指数较上周下降 0.33%，期货指数较上周提升0.03%。今年年初以来现货、期货指数分别累计变动 0.75%/1.85%，较去年同期现货、期货指数分别累计变动 1.93%/4.27%。本周鸡肉、小麦现货价格小幅回落，带动速冻食品现货成本下降，期货成本持平。软饮料：软饮料：成本现货指数较上周提升 0.8%，期货指数较上周提升1.7%。今年年初以来现货、期货指数分别累计变动

9、0.62%/3.33%，较去年同期现货、期货指数分别累计变动 9.89%/17.96%。本周塑料和纸浆价格攀升，拉动了软饮料成本上涨，且期货成本较现货提升更多。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 5075100125150Mar-22Jun-22Sep-22Dec-22Mar-23HAI China StaplesMSCI China 29 Mar 2023 2 Table_header1 中国必需消费中国必需消费 1.大麦价格持续回落，大麦价格持续回落，包材期货包材

10、期货止跌反弹止跌反弹 本周 HTI 跟踪的六类消费品，现货成本小幅波动，期货成本大幅提升，啤酒期货涨超 3%。具体来看，本周包材价格均有反弹，玻璃期货领涨，幅度达 6.51%，纸浆期货涨超 3%，铝 材现货、期货上 涨 1.44%/2.98%，PET 塑 料现货、期货 价格提升2.53%/2.01%。直接原材料部分，除了白糖期货上涨 0.83%，其他品种均有下跌，豆粕现货跌幅达 2.81%，棕榈油现货、期货下跌 1.40%/1.71%，小麦、大麦价格回落1.40%/1.04%，其他品种的跌幅在 1%以内。能源方面，本周柴油现货较上周持平，布油期货反弹 4.42%。表表 1 HTI 消费品现货成

11、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2023/3/28133.19117.73112.77110.58125.48120.42上周2023/3/21133.23117.38112.95110.69125.89119.47上月2023/2/28134.42117.27114.60113.82126.56121.86今年年初2023/1/1132.42115.73115.61113.92126.43121.16去年同期2022/3/28149.71126.

12、91124.85129.95127.94133.62-0.03%0.30%-0.17%-0.09%-0.33%0.80%-0.91%0.39%-1.60%-2.84%-0.85%-1.19%0.58%1.72%-2.46%-2.93%-0.75%-0.62%-11.03%-7.24%-9.68%-14.90%-1.93%-9.89%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2023/3/28140.13129.06101.20118.71126.19136.14上周2023/3/21135.71126.62100.64117.

13、66126.15133.86上月2023/2/28136.37128.60104.43123.19126.83140.93今年年初2023/1/1142.00128.63105.43126.49128.57140.82去年同期2022/3/28160.64151.76113.27147.70131.83165.943.25%1.93%0.55%0.90%0.03%1.70%2.75%0.36%-3.09%-3.64%-0.51%-3.40%-1.32%0.34%-4.01%-6.15%-1.85%-3.33%-12.77%-14.96%-10.65%-19.63%-4.27%-17.96%较去

14、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VYjXgVPWgUgVsRsRoM8OdNbRtRrRpNpMeRoOpMfQoNrQ7NpPxOxNmOtOvPrQnQ 29 Mar 2023 3 Table_header1 中国必需消费中国必需消费 2.啤酒啤酒期货成本期货成本领涨领涨 2.1 啤酒啤酒 截至 3 月 28 日，啤酒成本现货指数为 133.19，较上周下降 0.03%；啤酒成本期货指数为 140.13，较上周提升 3.25%。本周啤酒现货成本仍处于节后低位，期货端因玻璃快速走强，叠加纸浆和铝材价格上扬，期货成本大幅提升。月度来看，较上月同期啤酒成本现货指数

15、下降 0.91%，啤酒成本期货指数提升2.75%。中长期看，今年年初以来啤酒成本现货指数提升 0.58%，啤酒成本期货指数下降 1.32%，较去年同期，啤酒成本现货指数下降 11.03%，啤酒成本期货指数下降12.77%。图图1 本周本周 HTI 啤酒成本现货指数啤酒成本现货指数下降下降 0.03%图图2 本周本周 HTI 啤酒成本期货指数啤酒成本期货指数提升提升 3.25%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

16、味品调味品 截至 3 月 28 日，调味品成本现货指数为 117.73，较上周提升 0.3%；调味品成本期货指数为 129.06，较上周提升 1.93%。本周大豆现货、期货环比上月小幅回落，调味品成本的走强主要受包材价格上涨驱动。100.0110.0120.0130.0140.0150.0160.0170.0180.019-0119-0720-0120-0721-0121-0722-0122-0723-01HTIHTI啤酒成本指数（现货）啤酒成本指数（现货）100.0120.0140.0160.0180.0200.019-0119-0720-0120-0721-0121-0722-0122-0

17、723-01HTIHTI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 29 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 0.39%，调味品成本期货指数提升0.36%。中长期看，今年年初以来调味品成本现货指数提升1.72%，调味品成本期货指数提升0.34%，较去年同期，调味品成本现货指数下降7.24%，调味品成本期货指数下降 1

18、4.96%。图图5 本周本周 HTI 调味品成本现货指数调味品成本现货指数提升提升 0.3%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提升提升 1.93%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 28 日，乳制品成本现货指数为 112.77，较上周下降 0.17%；乳制品成本期货指数为 101.2，较上周提升 0.55%。本周生鲜乳价格继续下行且跌幅较上周持平

19、，较年初已下跌 3.64%，奶牛饲养成本中玉米、豆粕分别下跌 0.01 元/公斤、0.13 元/公斤，推动乳制品成本回落，但期货端受包材价格走强影响，成本略有上行。月度来看，较上月同期乳制品成本现货指数下降 1.6%，乳制品成本期货指数下降3.09%。中长期看，今年年初以来乳制品成本现货指数下降 2.46%，乳制品成本期货指数下降4.01%，较去年同期，乳制品成本现货指数下降9.68%，乳制品成本期货指数下降 10.65%。80.090.0100.0110.0120.0130.0140.019-0119-0720-0120-0721-0121-0722-0122-0723-01HTIHTI调味

20、品成本指数（现货）调味品成本指数（现货）90.0110.0130.0150.0170.0190.019-0119-0720-0120-0721-0121-0722-0122-0723-01HTIHTI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 29 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.

21、17%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提升提升 0.55%资料来源：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 28 日，方便面成本现货指数为 110.58，较上周下降 0.09%；方便面成本期货指数为 118.71，较上周提升 0.9%。本周棕榈油已连续三周回落，叠加小麦现货走弱，方便面现货成本下行，期货端因包材价格偏强，方便面期货成本小幅上涨。月度

22、来看，较上月同期方便面成本现货指数下降 2.84%，方便面成本期货指数下降3.64%。中长期看，今年年初以来方便面成本现货指数下降2.93%，方便面成本期货指数下降6.15%，较去年同期，方便面成本现货指数下降14.9%，方便面成本期货指数下降 19.63%。80.090.0100.0110.0120.0130.0140.019-0119-0720-0120-0721-0121-0722-0122-0723-01HTIHTI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

23、-0723-01HTIHTI乳制品成本指数（期货）乳制品成本指数（期货）1.82.02.22.42.62.83.03.219-0119-0720-0120-0721-0121-0722-0122-0723-012.83.33.84.34.85.35.819-0119-0720-0120-0721-0121-0722-0122-0723-01 29 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 0.09%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提升提升 0.9%资料来源

24、：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 28 日，速冻食品成本现货指数为 125.48，较上周下降 0.33%；速冻食品成本期货指数为 126.19，较上周提升 0.03%。本周鸡肉、小麦现货价格小幅回落，带动速冻食品现货成本下降，期货成本持平。月度来看，较上月同期速冻食品成本现货指数下降 0.85%，速冻食品成本期货指数下降0.51%。中长期看，今年年初以来速冻食品成本现货指数下降0

25、.75%，速冻食品成本期货指数下降1.85%，较去年同期，速冻食品成本现货指数下降1.93%，速冻食品成本期货指数下降 4.27%。80.090.0100.0110.0120.0130.0140.0150.019-0119-0720-0120-0721-0121-0722-0122-0723-01HTIHTI方便面成本指数（现货）方便面成本指数（现货）70.090.0110.0130.0150.0170.019-0119-0720-0120-0721-0121-0722-0122-0723-01HTIHTI方便面成本指数（期货）方便面成本指数（期货）0200040006000800010000

26、9-0119-0720-0120-0721-0121-0722-0122-0723-012,000.02,500.03,000.03,500.04,000.0 29 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 0.33%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提升提升 0.03%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

27、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 28 日，软饮料成本现货指数为 120.42，较上周提升 0.8%；软饮料成本期货指数为 136.14，较上周提升 1.7%。本周塑料和纸浆价格攀升，拉动了软饮料成本上涨，且期货成本较现货提升更多。月度来看，较上月同期软饮料成本现货指数下降 1.19%，软饮料成本期货指数下降 3.4%。中长期看，今年年初以来软饮料成本现货指数下降 0.62%，软饮料成本期货指数下降3.33%，较去年同期，软饮料成本现货指数下降9.89%，软饮料成本期货指数下降 17.96%。90.0100.0110.0

28、120.0130.0140.019-0119-0720-0120-0721-0121-0722-0122-0723-01HTIHTI速冻食品成本指数（现货）速冻食品成本指数（现货）90.0100.0110.0120.0130.0140.019-0119-0720-0120-0721-0121-0722-0122-0723-01HTIHTI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

29、-0119-0720-0120-0721-0121-0722-0122-0723-01 29 Mar 2023 8 Table_header1 中国必需消费中国必需消费 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提升提升 0.8%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提升提升 1.7%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

30、高位，地缘冲突加剧。90.0100.0110.0120.0130.0140.0150.019-0119-0720-0120-0721-0121-0722-0122-0723-01HTIHTI软饮料成本指数（现货）软饮料成本指数（现货）90.0110.0130.0150.0170.0190.019-0119-0720-0120-0721-0121-0722-0122-0723-01HTIHTI软饮料成本指数（期货）软饮料成本指数（期货）2,500.03,000.03,500.04,000.04,500.05,000.04,000.05,000.06,000.07,000.08,000.09,00

31、0.010,000.011,000.0 29 Mar 2023 9 Table_header2 中国必需消费中国必需消费 APPENDIX 1 Summary Among the six categories of consumer goods tracked by HTI this week,spot costs fluctuated slightly,but futures costs increased significantly.Beer futures rose more than 3%.Specifically,for packaging materials this week,g

32、lass futures rose 6.51%and pulp futures rose more than 3%.Aluminum spot and futures rose 1.44%/2.98%,and PET plastic spot and futures prices rose 2.53%/2.01%.For direct raw materials,except for sugar futures,which rose 0.83%,other varieties fell.Spot soybean meal fell 2.81%.Palm oil spot and futures

33、 fell 1.40%/1.71%.Besides,wheat and barley prices fell 1.40%/1.04%,and others fell within 1%.In terms of energy,the diesel spot was flat compared to last week,with oil distribution futures rebounding 4.42%.Risks:Repeated domestic epidemics,rebounding raw material prices,intensified geopolitical conf

34、licts.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(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

35、 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 Securities Company Limited(“HTISCL”)

36、,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，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

37、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 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 d

38、irectly 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，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

39、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,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 compe

40、nsation 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.利益冲突披露利益冲突披露Conflict of Interes

41、t 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 certain stocks or companies in this resea

42、rch 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 information is needed).香港华润(集团)有限公司上海代表处,嘉谟证券

43、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

44、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 compensation 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

45、为投资者推荐我们覆盖的公司：优于大市、中性或弱于大市。投资者应仔细阅读HTI的评级定义。并且HTI发布分析师观点的完整信息，投资者应仔细阅读全文而非仅看评级。在任何情况下，分析师的评级和研究都不能作为投资建议。投资者的买卖股票的决策应基于各自情况（比如投资者的现有持仓）以及其他因素。分析师股票评级分析师股票评级 优于大市优于大市，未来12-18个月内预期相对基准指数涨幅在10%以上，基准定义如下 中性中性，未来12-18个月内预期相对基准指数变化不大，基准定义如下。根据FINRA/NYSE的评级分布规则，我们会将中性评级划入持有这一类别。弱于大市弱于大市，未来12-18个月内预期相对基准指数跌

46、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 recommending the stocks we cover to investors.Investors should carefully

47、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 International Research,in its entirety,and not infer the contents from

48、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)and other considerations.Analyst Stock Ratings Outperform:The stocks

49、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 market benchmark,as indicated below.For purpos

50、es 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 benchmark,as indicated below.Benchmarks for each stocks listed region

51、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

52、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，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 TAI

53、EX,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 investment banking clients in each rating category.BUY,Neutral,and SE

54、LL 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 stocks with an NR designation are not included in the table above.Pre

55、vious 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 over the next 12-18 months is expected to be in line with the return of

56、 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 expected to be below the return of its relevant broad market benchmark,as

57、 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 I

58、nternational 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 rankings or suggested prices do not purport to be stock ratings or t

59、arget 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 of A-Shares:Haitong International may cover and rate A-Shares that ar

60、e 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 in mainland China.However,the rating system employed by HS differs

61、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Q100指数成分作出复审。Haitong International Quality 100 A-share(Q100)Index:HT

62、Is 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 HS A-share teams bottom-up research.The Q100 constituent companies

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