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1、化工全球系列报告之十四化工全球系列报告之十四环氧塑封料深度报告:环氧塑封料深度报告:高端产品需求有望快速增长高端产品需求有望快速增长High-end Product Demand is Expected to Grow Rapidly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。(Pleasesee appendix for English transl
2、ation of the disclaimer)Equity Asia Research刘威刘威 Wei Liu,Andy Guo,2023年年4月月6日日2投资要点投资要点 环氧塑封料是半导体产业的重要封装材料环氧塑封料是半导体产业的重要封装材料。环氧塑封料是半导体工业中一种常用的塑封材料,由环氧树脂、固化剂、填料和助剂等组成,主要应用于电子元器件的封装和保护,例如集成电路、半导体器件、LED芯片、电源模块、电子变压器、传感器等。其优异的电气性能、机械性能和耐化学性能,可以使电子元器件具有良好的绝缘性、耐热性、耐腐蚀性和机械强度,有效地保护电子元器件不受潮湿、腐蚀和机械损伤的影响,从而提高电
3、子元器件的可靠性和使用寿命。目前95%以上的电子元器件均采用环氧塑封料封装。环氧塑封料国产替代空间较大环氧塑封料国产替代空间较大。国产环氧塑封料近年来进步迅速,在各种参数上积极追赶国外先进产品,目前已基本可以满足传统封装如DO、TO、SOT等领域的需求,但是在先进封装如QFN、BGA等领域,目前仅有少量销售,而在MUF/FOWLP等领域,国产目前尚处于布局阶段。随着半导体制程进步带来的对先进封装需求的不断增加,国产替代空间较大。高端环氧塑封料是未来发展方向高端环氧塑封料是未来发展方向。随着半导体制程的不断进步,半导体元器件对封装材料的要求越来越高,高端环氧塑封料的需求不断增加是必然的趋势。相较
4、于适用于一般封装的中低端环氧塑封料,导热性能好、分布均匀、线性膨胀系数低、高耐湿、高耐热的高端环氧塑封料因可以满足大规模集成电路及先进制程芯片封装的需要而具有更高的增长潜力。预期全球环氧塑封料市场预期全球环氧塑封料市场2027年将可达年将可达99亿美元亿美元。随着电动汽车及数据中心增长带来的对电子元器件需求的增长,我们预期2027年全球环氧塑封料市场将有望达到99亿美元,年均复合增长率约为5.0%。环氧塑封料需求有望受益于环氧塑封料需求有望受益于ChatGPT的兴起的兴起。ChatGPT的部署及训练需要大量的算力及存储空间,会带来对逻辑芯片及存储芯片的大量需求,尤其是对先进制程芯片的需求。作为
5、半导体工业中重要封装材料的环氧塑封料,尤其是适用于先进制程封装的高端环氧塑封料,将有望受益。重点公司重点公司。日本公司目前仍在全球环氧塑封料市场占据主要地位,其市场份额及技术均较为领先,目前正紧跟下游产业需求,不断开发新技术及新产品,建议重点关注住友电木。风险:数据中心增速不及预期;半导体周期下行时间长于预期;车载电子增速不及预期FZaXiXiYaUlWsXvUqZ8O9R7NpNoOsQtQfQoOnRfQmMpQ9PrRxOuOmQnMwMoNsO3 环氧塑封料是用于半导体封装的一种热固性化学材料,英文名Epoxy Molding Compound(EMC),是由环氧树脂为基体树脂,以高性
6、能酚醛树脂为固化剂,加入硅微粉等为填料,以及添加多种助剂混配而成的粉状模塑料,为后道封装的主要原材料之一,目前95%以上的微电子器件都是环氧塑封器件。环氧塑封料具有保护芯片不受外界环境的影响,抵抗外部溶剂、湿气、冲击,保证芯片与外界环境电绝缘等功能。1.1 环氧塑封料:电子器件的主要封装材料环氧塑封料:电子器件的主要封装材料资料来源:长电科技,海通国际图:环氧塑封料图:环氧塑封料图:环氧塑封料功能示意图图:环氧塑封料功能示意图4 环氧塑封料的主要组成成分可分为聚合物、填料、添加剂三类。聚合物主要包括环氧树脂、偶联剂、硬化剂等;填料主要由硅微粉和氧化铝充当;添加剂则主要包括脱模剂、染色剂、阻燃剂
7、、应力添加剂、粘结剂等。各种成分中占比最大的两种为填料以及环氧树脂。1.2 环氧塑封料:硅微粉及树脂为主要成分环氧塑封料:硅微粉及树脂为主要成分资料来源:长电科技,海通国际图:环氧塑封料主要成分及功能图:环氧塑封料主要成分及功能组成成分常用化合物主要功能重量占比聚合物环氧树脂邻甲酚型、联苯型、多功能型树脂等与硬化剂反应后提供交联结构5%-10%偶联剂硅氧烷、氨基硅油的等增强有机物和无机物之间的结合固化剂酚醛树脂型、低吸水型等与环氧树脂反应提供交联结构5%-10%填料硅微粉、氧化铝二氧化硅、三氧化二铝提高强度、降低热膨胀系数、减少吸水性等60%-90%添加剂脱模剂天然蜡、合成蜡等提供连续成形能力
8、1%阻燃剂非环保材:溴环氧树脂、三氧化二锑环保材:金属氢氧化物等阻燃10%催化剂胺化物、磷化物加速环氧树脂与硬化剂的反应1%其他(应力添加剂、染色剂、粘结剂等)-降低材料膨胀应力、染色、增强材料粘结力等1%5 使用环氧塑封料封装电子元器件一般采用传递成型法。该法将环氧塑封料挤压入模腔,并将其中的半导体芯片包埋,同时交联固化成型,成为具有一定结构外型的半导体器件。固化的机理为环氧树脂在加热以及催化剂的条件下同硬化剂发生交联反应,形成具有一定稳定架构的化合物。1.3 环氧塑封料:固化机理以交联反应为基础环氧塑封料:固化机理以交联反应为基础资料来源:长电科技,海通国际图:环氧树脂固化机理图:环氧树脂
9、固化机理图:环氧塑封料注塑过程图:环氧塑封料注塑过程6 由于环氧塑封料性能、使用模具、封装工艺等问题,环氧塑封料在封装成型中常见问题包括充填不良、气孔、麻点、溢料、流痕、黏模、开裂、冲线、分层等。塑封成型的常见问题很多,发生的几率和位置有很大差异,产生的原因也比较复杂,并经常互相牵连,互相影响。1.4 环氧塑封料:成型常见问题有充填不良、气孔等环氧塑封料:成型常见问题有充填不良、气孔等资料来源:长春集团,海通国际表:表:EMC封装成型问题相关因素封装成型问题相关因素表:塑封成型常见问题及原因表:塑封成型常见问题及原因常见问题描述可能原因充填不良塑封料不能完全覆盖整个元器件因储存/使用不当或过期
10、导致EMC流动性下降;EMC所用硅微粉粒度过粗气孔塑封完成后出现孔洞成型工艺与所用EMC性能不匹配麻点封装成型后表面出现大量微小气孔料饼预热过程中受热不均溢料封装成型后出现塑封料溢出EMC黏度过低或硅微粉粒度分布不合理;模具表面磨损或成型机基座不平整流痕塑封完成后表现出现流动痕迹离型剂添加过量或混合不均;离型剂局部累积在模具表面黏模塑封完成后模具中出现大量残留塑封料成型工艺与所用EMC性能不匹配;模具表面脏污;EMC脱模性较差开裂封装成型后表面出现裂痕各材料间膨胀系数不匹配;EMC吸湿冲线塑封料使得元器件线路扭曲EMC流动不均匀;气泡导致内部应力变化;EMC中硅微粉粒度过大关联因素备注EMC性
11、能胶化时间、黏度、流动性、脱模性、粘结性、耐湿性、耐热性、溢料性、应力、强度、模量等模具浇道、浇口、型腔、排气口设计与引线框架设计的匹配程度等封装工艺合模压力、注塑压力、注塑速度、预热温度、模具温度、固化时间等其他人员操作/成型机台及周边设备状况7 环氧塑封料的生产首先将环氧树脂、硬化剂、填充剂、添加剂等原材料按照一定比例混合,之后经过加热混炼、冷却、粉碎、后混合、打饼等环节形成成品,之后经过包装环节进行低温保管。环氧塑封料产品品质主要由理化性能、工艺性能以及应用性决定,而下游客户则主要对环氧塑封料产品的工艺性能与应用性能进行考核验证。其中,产品配方直接决定了理化性能,进而影响到工艺性能与应用
12、性能。因此,环氧塑封料厂商的研发重点主要系产品配方的完善、优化与开发,且大量与配方相关的核心知识产权需要通过注册专利的形式予以保护。1.5 环氧塑封料:配方及工艺是关键环氧塑封料:配方及工艺是关键资料来源:长电科技,中科院,海通国际图:环氧塑封料生产过程图:环氧塑封料生产过程图:环氧塑封料厂商关注重点图:环氧塑封料厂商关注重点8 随着半导体制程的进步及芯片进一步朝向高集成度与多功能化的方向发展,环氧塑封料厂商需要针对性地开发新产品以匹配下游客户日益复杂的性能需求,因而应用于历代封装形式的各类产品的配方开发(主要涉及原材料选择与配比)、生产中的加料顺序、混炼温度、混炼时间、搅拌速度等工艺参数均存
13、有所不同,即各类产品在理化性能、工艺性能以及应用性能等方面均存在差异,需要厂商长期的技术积累及持续的研发投入才可应对。1.5 环氧塑封料:配方及工艺是关键环氧塑封料:配方及工艺是关键资料来源:中科院,海通国际表:历代封装技术对环氧塑封料的要求表:历代封装技术对环氧塑封料的要求封装技术阶段封装形式性能要求对应产品第一阶段TO、DIP等重点考察环氧塑封料的热性能与电性能,要求在配方设计中关注固化时间、Tg、CTE、导热系数、离子含量、气孔率等因素基础类环氧塑封料第二阶段SOT、SOP等重点考察环氧塑封料的可靠性、连续模塑性等性能,要求在配方设计中关注冲丝率、固化时间、流动性、离子含量、吸水率、粘结
14、力、弯曲强度、弯曲模量等因素高性能类环氧塑封料第三阶段QFN、BGA等重点考察环氧塑封料的翘曲、可靠性、气孔等性能,要求在配方设计中关注流动性、粘度、弯曲强度、弯曲模量、Tg、CTE、应力、吸水率、粘结力等因素先进封装类环氧塑封料第四、五阶段SiP、FOWLP等对环氧塑封料的翘曲、可靠性、气孔提出了更高要求,部分产品以颗粒状或液态形式呈现,要求在配方设计中关注粘度、粘结力、吸水率、弯曲强度、弯曲模量、Tg、CTE、离子含量、颗粒状材料的大小等因素先进封装类环氧塑封料9 半导体封装材料产品需要通过下游客户的样品考核验证及批量验证后才能获得客户的使用。目前下游封装厂商主要参考JEDEC(固态技术协
15、会)标准进行封装体的评估和测试,JEDEC标准对封装和测试服务制定了详细的考核项目和量化指标,包括潮敏等级试验(MSL)、高低温循环试验(TCT)、高压蒸煮试验(PCT)等。其中,MSL试验是针对环氧塑封料可靠性的主要考核项目。1.6 环氧塑封料:需通过多项下游验证环氧塑封料:需通过多项下游验证资料来源:固态技术协会,海通国际表:环氧塑封料产品主要验证项目表:环氧塑封料产品主要验证项目考核项目考核条件参考标准对产品的要求潮敏等级实验(MSL)一般考核要求为MSL3:125摄氏度条件下烘烤24小时;30摄氏度、60%湿度条件下吸湿192小时;三次回流,峰值温度为260摄氏度IPC/JEDEC J
16、-STD-020要求半导体封装材料不会由于应力过高而出现与芯片、基岛、导电胶或者框架分层或开裂、离子含量过高而使得芯片电性能失效等情况高低温循环实验(TCT)在零下65摄氏度(15分钟)至150摄氏度(15分钟)环境下,循环500次JESD22-A104要求半导体封装材料不会由于应力过高造成半导体元器件内部出现分层、开裂等现象强加速湿热实验(HAST)在温度130摄氏度、湿度85%条件下,实验500小时JESD22-A118要求半导体材料不会由于离子含量过高、电导率过高造成芯片表面与引线之间焊点的脱落而造成电性能失效高压蒸煮实验(PCT)温度121摄氏度、湿度100%、两个标准大气压下实验96
17、168小时JESD22-A102要求环氧塑封料不会由于高温下的粘结力过低造成半导体元器件内部出现分层现象高温高湿实验(THT)在温度85摄氏度、湿度85%条件下,实验500小时JESD22-A101要求半导体封装材料不会由于离子含量过高、PH过低造成引线腐蚀或者焊点脱落,致使元器件电性能失效高温贮存实验(HTST)在150摄氏度条件下实验500小时JESD22-A103要求半导体封装材料不会由于耐热性不良、高温粘结力弱造成半导体器件内部分层或电性能失效10 近年来,中国半导体封装材料产业发展在一些领域取得了较大突破,但整体与外资厂商仍存在一定的差距。目前日本、美国厂商在中高端产品中仍占有较大份
18、额,中国厂商仍主要以满足中国国内需求为主,出口量较小,且大部分仍集中在分立器件和中小规模集成电路封装用的环氧塑封料领域。目前中国产环氧塑封料(包含台资厂商)市场占比约为30%左右,而高端环氧塑封料产品基本被日美产品垄断。1.7 环氧塑封料:中国同世界先进水平依然有差距环氧塑封料:中国同世界先进水平依然有差距资料来源:中科院,海通国际表:国内外环氧塑封料应用对比表:国内外环氧塑封料应用对比产品应用类型封装技术类型 日美产品中国产品产品类型DO/DIP/SMX/桥块传统封装已基本退出主导地位基础类环氧塑封料TO传统封装基本相当基本相当基础类环氧塑封料SOT/SOP/SOD传统封装主导地位,在高电压
19、应用等细分领域较为领先近年来发展迅速,在常规应用领域基本已经可以替代日本产品高性能类环氧塑封料QFN、BGA先进封装垄断地位少量销售先进封装类环氧塑封料MUF/FOWLP先进封装垄断地位尚处于布局阶段先进封装类环氧塑封料11 受益于电动车及数据中心用电子元器件需求的快速增长,作为半导体封装的不可或缺的材料,环氧塑封料市场规模有望不断增长。根据市场研究机构Mordor Intelligence的数据,2021年全球环氧塑封料市场规模约为74亿美元,预计到2027年有望增长至99亿美元,年均复合增长率5.0%。1.8 全球环氧塑封料市场规模全球环氧塑封料市场规模2027年有望达到年有望达到99亿美
20、元亿美元数据来源:Mordor Intelligence、海通国际图:全球环氧塑封料市场规模(亿美元)图:全球环氧塑封料市场规模(亿美元)020406080022E2023E2024E2025E2026E2027E12 ChatGPT的发布给受困于消费电子下行的全球半导体业带来了新的增长动能。部署ChatGPT需要大量的算力以及存储空间,而且随着模型的迭代,对算力及存储空间的需求更是呈指数级增长。GPT、GPT-2和GPT-3的预训练数据量从5GB增加到45TB,GPT-3.5在训练中的总算力消耗则达到了3640PF-days,需要1万个高性能V100 GPU组成的高性能
21、网络集群提供算力支撑。根据Omdia的数据,AI处理器的市场规模有望在2026年达到376亿美元,相对于2019年将飙升9倍,而ChatGPT带来的对存储芯片的增量需求也相当可观。由于环氧塑封料均是芯片封装中不可或缺的材料,预期将受益于ChatGPT带来的对半导体芯片的增量需求。1.9 ChatGPT会带来对环氧塑封料的增量需求会带来对环氧塑封料的增量需求资料来源:微软、Omdia、海通国际表:历代表:历代GPT模型参数模型参数图:图:AI处理器市场规模预测(亿美元)处理器市场规模预测(亿美元)模型发布时间参数量预训练数据量GPT2018年6月1.17亿约5GBGPT-22019年2月15亿4
22、0GBGPT-22020年5月1750亿45TB0500300350400200222023202420252026132.1 全球重点相关公司汇总全球重点相关公司汇总公司21年收入(亿元)相关产品营收占比总市值EBITDA(亿元)EV/EBITDA(亿元)2022120222023住友电木136约23%9516.719.820.56.15.24.3Resonac722约3%190105.087.675.88.08.08.9数据来源:公司公告、彭博、海通国际14 住友电木(4203.JP)是一家总部位于日本东京的化学工业公司,成
23、立于1913年。该公司主要从事塑料、电子材料、化学材料等领域的研发、生产和销售。住友电木的环氧塑封料业务目前全球市场份额约40%左右,排名世界第一。2022年3月财年,公司营业收入为2631亿日元,同比增长25.9%;营业利润265亿日元,同比增加59.2%,营业利润率为9.8%。公司预计,2023年3月财年营收为2860亿日元,同比增加8.7%,营业利润252亿日元,同比减少4.9%,营业利润率8.8%。2.1.1 住友电木:全球环氧塑封料领军企业住友电木:全球环氧塑封料领军企业数据来源:公司公告、彭博、海通国际图:营收及增长率图:营收及增长率图:营业利润及营业利润率图:营业利润及营业利润率
24、-5%0%5%10%15%20%25%30%0500300350FY3/17FY3/18FY3/19FY3/20FY3/21FY3/22 FY3/23E营业收入(十亿日元)YoY0%2%4%6%8%10%12%051015202530FY3/17FY3/18FY3/19FY3/20FY3/21FY3/22FY3/23E营业利润(十亿日元)OPM15 住友电木目前将业务分为三个板块:半导体材料、高性能塑料、生活质量产品,其中半导体材料板块营收主要来自于环氧塑封料业务。该板块营收2022年3月财年占比仅约29%,但营业利润占比却达到了55%,是住友电木营业利润率最高的板块。按
25、地域来看,帝人来自于日本国内的营收占比最高,约39%;来自中国的营收占比约为20%,排行第二;来自亚洲其余地区、北美、欧洲及其他的营收占比分别为22%、10%、9%。2.1.1 住友电木:全球环氧塑封料领军企业住友电木:全球环氧塑封料领军企业数据来源:公司公告、彭博、海通国际图:营业收入按业务划分(图:营业收入按业务划分(FY3/22)图:营业收入按地域划分(图:营业收入按地域划分(FY3/22)生活质量产品,35.9%高性能塑料,35.1%半导体材料,28.8%其他,0.2%亚洲其他,22.1%中国,19.9%日本,39.0%北美,9.6%欧洲及其他,9.4%16 按下游应用领域,住友电木的
26、环氧塑封料业务可划分为三块:信息通信(包括智能手机、PC、服务器等)、汽车、其他,三块营收比例大致为50%、30%、20%,可以看出住友电木环氧塑封料业务目前仍对消费电子依赖程度较高。2022年3月财年住友电木半导体材料板块营收758亿日元,同比增长32%,五年复合年均增长率9.9%;营业利润165亿日元,同比增长75%,五年复合年均增长率17.3%。2.1.1 住友电木:全球环氧塑封料领军企业住友电木:全球环氧塑封料领军企业数据来源:公司公告、彭博、海通国际图:环氧塑封料业务营业收入按下游领域划分图:环氧塑封料业务营业收入按下游领域划分图:半导体材料业务营业收入及增长率图:半导体材料业务营业
27、收入及增长率信息通信,50%汽车,30%其他,20%-10%-5%0%5%10%15%20%25%30%35%007080FY3/17FY3/18FY3/19FY3/20FY3/21FY3/22营业收入(十亿日元)YoY17 公司未来战略拟围绕五点展开:1)增强中国及中国台湾地区的生产能力,以应对两地日益增加的需求;2)开发面向5G/DX时代的高性能材料,如用于高速、大容量通信的高导热性模具底部填充材料;3)建立稳定的原材料采购及成本转嫁机制;4)围绕三种产品(电机磁铁固定材料、ECU批量密封材料及功率模块材料)开展电动车相关业务;5)基于同车企建立的关系,积极合作开发面
28、向下一代的材料。2.1.1 住友电木:全球环氧塑封料领军企业住友电木:全球环氧塑封料领军企业数据来源:公司公告、海通国际表:住友电木环氧塑封料业务表:住友电木环氧塑封料业务SWOT分析分析描述优势(S)在半导体封装材料领域拥有世界第一的市场份额;集生产、销售、研发于一体的全球业务结构;在材料、工艺、评估方面的高技术;业界的口碑与信任劣势(W)对市场的波动较为敏感;对特定产品依赖程度过高机会(O)汽车业向电动车的转变;物联网以及5G的发展;智能、节能社会的建设以及环保力度的加大;远程办公的增加扩大了对信息及通信设备的需求威胁(T)中美贸易摩擦带来的不确定性;产品竞争的加剧;原材料价格的上涨图:住
29、友电木环氧塑封料业务的战略产品图:住友电木环氧塑封料业务的战略产品电机磁铁固定材料功率模块材料ECU批量密封材料18 Resonac(4004.JP)由昭和电工与日立化成合并而成,业务涉及多个领域,包括化学品、电子材料、石油和天然气、金属、建材、航空航天等。公司的产品和服务广泛应用于电子、汽车、能源、建筑等行业。2022年12月财年,公司营业收入为13926亿日元,同比降低-1.9%;营业利润594亿日元,同比减少31.9%,营业利润率为4.3%。2.1.2 Resonac:积极扩大公司环氧塑封料在高端领域中的应用:积极扩大公司环氧塑封料在高端领域中的应用数据来源:公司公告、彭博、海通国际图:
30、营收及增长率图:营收及增长率图:营业利润及营业利润率图:营业利润及营业利润率-20%-10%0%10%20%30%40%50%020040060080001600FY12/17FY12/18FY12/19FY12/20FY12/21FY12/22营业收入(十亿日元)YoY-5%0%5%10%15%20%-50050100150200FY12/17FY12/18FY12/19FY12/20FY12/21FY12/22营业利润(十亿日元)OPM19 Resonac目前将业务分为四个板块:半导体及电子材料、汽车相关、创新材料及化学品。环氧塑封料业务被划归为半导体及电子材料板块,
31、该板块营收2022年12月财年占比约31%,是Resonac营收占比第二大的业务板块。按地域来看,Resonac有44%的营收来自于日本国内;除日本及中国以外的亚洲地区是公司收入来源的第二大市场,占比24%;来自中国的收入占比约14%;其他地区占比约18%。2.1.2 Resonac:积极扩大公司环氧塑封料在高端领域中的应用:积极扩大公司环氧塑封料在高端领域中的应用数据来源:公司公告、彭博、海通国际图:营业收入按业务划分(图:营业收入按业务划分(FY12/22)图:营业收入按地域划分(图:营业收入按地域划分(FY3/22)化学品,38%半导体及电子材料,31%汽车相关,13%创新材料,10%其
32、他,8%日本,44%亚洲其他,24%其他地区,18%中国,14%20 按下游应用领域,Resonac的环氧塑封料业务可划分为五块:家电、汽车、智能手机、PC和服务器、其他,五块营收比例大致为35%、20%、15%、15%、15%,中低端的家电用环氧塑封料占公司业务的营收比例依然较大。公司半导体及电子材料板块2022年12月财年营收4272亿日元,同比上一财年增长1%;营业利润442亿日元,同比上一财年降低10.8%。2.1.2 Resonac:积极扩大公司环氧塑封料在高端领域中的应用:积极扩大公司环氧塑封料在高端领域中的应用数据来源:公司公告、彭博、海通国际图:环氧塑封料业务营业收入按下游领域
33、划分图:环氧塑封料业务营业收入按下游领域划分图:半导体及电子材料板块营收、营利及营业利润率图:半导体及电子材料板块营收、营利及营业利润率家电,35%汽车,20%智能手机,15%PC和服务器,15%其他,15%0%2%4%6%8%10%12%14%0500300350400450FY12/21FY12/22营业收入(十亿日元)营业利润(十亿日元)OPM21 Resonac关于其环氧塑封料业务的战略主要有:1)结合公司在半导体领域的其他优势技术,着力提高公司产品在处理器、内存等高端领域的市场份额;2)把握电动汽车销量增长的机遇,继续扩大公司产品在电动汽车领域中的应用;3)紧跟
34、下游市场需求,积极开发新产品,利用公司覆盖后端半导体工程全流程的能力,为客户提供一揽子的解决方案。2.1.2 Resonac:积极扩大公司环氧塑封料在高端领域中的应用:积极扩大公司环氧塑封料在高端领域中的应用数据来源:公司公告、海通国际图:图:Resonac后端半导体工程相关材料后端半导体工程相关材料图:图:Resonac半导体关联产品在生活中的应用半导体关联产品在生活中的应用APPENDIX 122 Epoxy molding compound is an important packaging material for semiconductor industry.It is a comm
35、on encapsulation material in the semiconductor industry,consisting ofepoxy resin,curing agent,filler and additives,etc.It is mainly used in the encapsulation and protection of electronic components,such as integrated circuits,semiconductordevices,LED chips,power supply modules,electronic transformer
36、s,sensors,etc.Its excellent electrical properties,mechanical properties and chemical resistance can makeelectronic components have good insulation,heat resistance,corrosion resistance and mechanical strength.Its excellent electrical properties,mechanical properties andchemical resistance can make el
37、ectronic components have good insulation,heat resistance,corrosion resistance and mechanical strength,effectively protecting electroniccomponents from moisture,corrosion and mechanical damage,thus improving the reliability and service life of electronic components.At present,more than 95%of electron
38、iccomponents are encapsulated with epoxy molding compound.There is more room for Chinese replacement of epoxy molding compound.In recent years,Chinese made epoxy molding compound has been making rapid progress and activelycatching up with foreign advanced products in various parameters,which can bas
39、ically meet the demand of traditional packages such as DO,TO,SOT,etc.However,in the field ofadvanced packages such as QFN,BGA,etc.,there are only a few sales at present,while in the field of MUF/FOWLP,etc.,Chinese made is still in the layout stage.With theincreasing demand for advanced packages brou
40、ght by the progress of semiconductor process,there is more room for Chinese replacement.High-end epoxy molding compound is the future development direction.With the continuous progress of semiconductor process,the demand for packaging materials forsemiconductor components is getting higher and highe
41、r,and the demand for high-end epoxy molding compound is inevitably increasing.Compared with low-end epoxy moldingcompound for general packaging,high-end epoxy molding compound with good thermal conductivity,uniform distribution,low linear expansion coefficient,high humidityresistance and high heat r
42、esistance have higher growth potential because they can meet the needs of large-scale integrated circuits and advanced process chip packaging.The global epoxy molding compound market is expected to reach$9.9 billion by 2027.With the growing demand for electronic components due to the growth of elect
43、ric vehiclesand data centers,we expect the global epoxy plastic sealant market to reach$9.9billion in 2027,growing at a CAGR of approximately 5.0%.The demand for epoxy molding compound is expected to benefit from the rise of ChatGPT,which requires large amount of computing power and storage space fo
44、r itsdeployment and training,resulting in a large demand for logic chips and storage chips,especially for advanced process chips.As an important packaging material in thesemiconductor industry,epoxy molding compound,especially high-end epoxy epoxy molding compound for advanced process packaging,are
45、expected to benefit.Key companies.Japanese companies still occupy a major position in the high-end silicon powder market,its market share and technology are more advanced,is now closelyfollowing the needs of the downstream industry,and continue to develop new technologies and new products.We suggest
46、 to eyes on Sumitomo Bakelite.Risks:Growth rate of data center is less than expected;Time of semiconductor cyclical downturn is longer than expected;Growth rate of electronics for EV is less than expected.APPENDIX 2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 Lim
47、ited(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 DISCLOSURESThis research report is distributed by Haitong International,a global brand name for the equity research teams of Haitong International Research Limited(“
48、HTIRL”),Haitong Securities India Private Limited(“HSIPL”),Haitong International Japan K.K.(“HTIJKK”),Haitong International Securities Company Limited(“HTISCL”),and anyother members within the Haitong International Securities Group of Companies(“HTISG”),each authorized to engage in securities activit
49、ies in its respectivejurisdiction.HTIRL分析师认证分析师认证Analyst Certification:我,刘威,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,Wei Liu,certify that(i)the views expressed in this research report accurately reflect m
50、y personal views about any or all of the subject companies orissuers 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 viewsexpressed in this research report;and that I(including members of my household)
51、have no financial interest in the security or securities of the subject companiesdiscussed.我,Andy Guo,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,Andy Guo,certify that(i)the views expressed in this research
52、report accurately reflect my personal views about any or all of the subjectcompanies 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 recommendationsor views expressed in this research report;and that I(includi
53、ng members of my household)have no financial interest in the security or securities of the subjectcompanies discussed.23APPENDIX 2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 i
54、ts affiliates may engage in investment banking and/or serve as a market maker or hold proprietary trading positions of certain stocks orcompanies 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
55、disclosure does not ensure timeliness and completeness,please send an email to ERD-D if timely and comprehensive information is needed).24APPENDIX 2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
56、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:日本各地股票基准指数:日本 TOPIX,韩国韩国 KOSPI,台湾台湾 TAIEX,印度印度 Nifty100,美国美国 SP500;其他所有中国概
57、念股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 shouldcarefully read the definitions of all ratings used in Haitong International Resea
58、rch.In addition,since Haitong International Research contains more completeinformation concerning the analysts views,investors should carefully read Haitong International Research,in its entirety,and not infer the contents from the ratingalone.In any case,ratings(or research)should not be used or re
59、lied upon as investment advice.An investors decision to buy or sell a stock should depend on individualcircumstances(such as the investors existing holdings)and other considerations.Analyst Stock RatingsOutperform:The stocks total return over the next 12-18 months is expected to exceed the return of
60、 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.Forpurposes only of FINRA/NYSE ratings distribution rules,our Neutral rating falls in
61、to 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 TOPIX,Korea KOSPI,Taiwan TAIEX,India Nifty100,US SP500;
62、for all other China-conceptstocks MSCI China.25APPENDIX 2评级分布评级分布Rating Distribution26APPENDIX 2截至截至2022年年9月月30日日海通国际股票研究评级分布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(持有持有)海通国际股票研究覆盖率89.4%9.2%1.4%投资银行客户*5.5%6.8%4.5%*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
63、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此前的评级系统定义(直至直至2020年年6月月30日日):买入买入,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:日本各地股票基准指数:日本 TOPIX,韩国韩国 KOSPI,台湾台湾 TAIEX,印度印度 Nifty100;其他所有中国概念股其他所有中国概念股 MSCI Chin
64、a.Haitong International Equity Research Ratings Distribution,as of Sep 30,2022OutperformNeutralUnderperform(hold)HTI Equity Research Coverage89.4%9.2%1.4%IB clients*5.5%6.8%4.5%*Percentage of investment banking clients in each rating category.BUY,Neutral,and SELL in the above distribution correspond
65、 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 notincluded in the table above.Previous rating system definitions(until 30
66、 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 market benchmark,as
67、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.Benchmarks for each sto
68、cks listed region are as follows:Japan TOPIX,Korea KOSPI,Taiwan TAIEX,India Nifty100;for all other China-concept stocks MSCIChina.27APPENDIX 2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 Resear
69、ch:Haitong International publishes quantitative,screening or short reports which may rank stocks according to valuation andother 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 orfundamental val
70、ues 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 Kong Stoc
71、k Connect scheme withShanghai and Shenzhen.Haitong Securities(HS;600837 CH),the ultimate parent company of HTISG based in Shanghai,covers and publishes research on these sameA-Shares for distribution in mainland China.However,the rating system employed by HS differs from that used by HTI and as a re
72、sult there may be a difference in theHTI 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 product th
73、at consists of 100 of the highest-quality A-shares under coverage atHS 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-upresearch.The Q100 constituent companies are reviewed quarterly.28APPENDIX 2MS
74、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
75、,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“ESGParties”),obtain information(the“Information”)from sources they consider reliable,none of the ESG Parti
76、es warrants or guarantees the originality,accuracy and/orcompleteness,of any data herein and expressly disclaim all express or implied warranties,including those of merchantability and fitness for a particular purpose.TheInformation may only be used for your internal use,may not be reproduced or red
77、isseminated in any form and may not be used as a basis for,or a component of,anyfinancial 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 buyor sell them.None of the ESG Parties shall have any lia
78、bility for any errors or omissions in connection with any data herein,or any liability for any direct,indirect,special,punitive,consequential or any other damages(including lost profits)even if notified of the possibility of such damages.29APPENDIX 2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-E
79、SG)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。对公司的评估结果仅供参考,并不构成对任何个人或机构投资建议,也不能作为任何个人或机构购买、出售或持有相关金融产品的依据。本公司不对任何个人或机构投资者因使用本数据表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的判断,盟浪有权在不发出
80、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,而盟浪网站平台载明的其他协议内容(如
81、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 termsbefore using SusallWave FIN-ESG Data Service.1.FIN-ESG Data
82、 is produced by SusallWave Digital Technology Co.,Ltd.(In short,SusallWave)s assessment based on legal publicly accessible information.SusallWaveshall not be responsible for any accuracy and completeness of the information.The assessment result is for reference only.It is not for any investment advi
83、ce for anyindividual 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 anyindividual or institution as a result of using SusallWave FIN-ESG Data.2.SusallWave do not consider recipients as custome
84、rs for receiving these data.When using the data,recipients shall make your own independent judgment accordingto 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 andrelease other data that contains
85、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 SusallWave,and we
86、 reserve all rights in accordance with the law.Without the prior written permission of our company,noneof 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,compilation,re-editin
87、g,adaption,deletion,abbreviation,excerpts,issuance,rent,exhibition,performance,projection,broadcast,information networktransmission,shooting,adding icons and instructions.If any loss of SusallWave or any third-party is caused by those actions,users shall bear the correspondingcompensation liability.
88、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 Policy of Susallwave We
89、bsite),it should be executed according to other agreements.If there isany difference between this disclaim and other agreements,this disclaimer shall be applied.30APPENDIX 2重要免责声明:非印度证券的研究报告:重要免责声明: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类受规管活动(就证券
90、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 Exchange o
91、f 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。文件中提及的任何公司或
92、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于您。若由于使用本
93、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设立的组织和行政安排
94、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、公开露面和自营证券交易的第2241条规则之限制。31APPENDIX 2IMPORTANT DISCLAIMERFor research reports on non-Indian securities:The research report is issued by Haitong International Research Limited(“HTIRL”),a wholly owned subsidia
95、ry ofHaitong International Securities Group Limited(“HTISGL”)and a licensed corporation to carry on Type 4 regulated activity(advising on securities)for the purpose ofthe Securities and Futures Ordinance(Cap.571)of Hong Kong,with the assistance of Haitong International(Japan)K.K.(“HTIJKK”),a wholly
96、owned subsidiary ofHTISGL 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 Securitiesand Exchange Board of India(“S
97、EBI”)registered Stock Broker,Merchant Banker and Research Analyst that,inter alia,produces and distributes research reportscovering listed entities on the BSE Limited(“BSE”)and the National Stock Exchange of India Limited(“NSE”)(collectively referred to as“Indian Exchanges”).HSIPLwas acquired and be
98、came 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 CompanyLimited(“HTISCL”)and/or any other members withi
99、n 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 norepresentation or warranty,express or implied,is made by HTIRL,HTISCL,HSIPL,HTIJKK or any other membe
100、rs within HTISG from which this research report maybe 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 changewithout notice.This research report is for information purpose only.Descriptions of any co
101、mpanies or their securities mentioned herein are not intended to becomplete 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 thisresearch report may not be eligible for purchase or sale in some juri
102、sdictions.If an investment product is denominated in a currency other than an investors homecurrency,a change in exchange rates may adversely affect the investment.Past performance is not necessarily indicative of future results.Certain transactions,including those involving derivatives,give rise to
103、 substantial risk and are not suitable for all investors.You should also bear in mind that recommendations in thisresearch report are not tailor-made for you.The analyst has not taken into account your unique financial circumstances,such as your financial situation and riskappetite.You must,therefor
104、e,analyze and should,where applicable,consult your own legal,tax,accounting,financial and other professional advisers to evaluatewhether the recommendations suits you before investment.Neither HTISG nor any of its directors,employees or agents accepts any liability whatsoever for anydirect or conseq
105、uential loss arising from any use of the materials contained in this research report.32APPENDIX 2HTISG 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 principal in,an
106、d 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 contrary to
107、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 attention of
108、 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 the cove
109、r 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.33APPENDIX 2分发和地区通知:分发和
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