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1、RCEP之于中国服装制造业的深远影响之于中国服装制造业的深远影响The Far-reaching Influence of RCEP on China Garment Manufacturing Industry梁希梁希Xi Liang 周梦轩周梦轩Mengxuan Zhou Beiyu Ding 2022年年6月月20日日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

2、明，请参阅附录。(Pleasesee appendix for English translation of the disclaimer)Equity Asia Research2目录目录一、经济体量：全球经贸规模最大的自贸区落地一、经济体量：全球经贸规模最大的自贸区落地二、消费体量：二、消费体量：RCEP成员国纺织服装消费体量可比美国成员国纺织服装消费体量可比美国三、消费品关税下降：中国或继续挖掘三、消费品关税下降：中国或继续挖掘RCEP消费潜力消费潜力四、原材料关税下降：中国或成为四、原材料关税下降：中国或成为RCEP集群的供应链支撑集群的供应链支撑五、五、2001年入世复盘年入世复盘六

3、、投资建议六、投资建议七、风险提示七、风险提示For full disclosure of risks, valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website at kVaVrPmPsPnQrQsMoNaQ8Q9PnPoOtRtRjMoOtNjMtRnPaQnNxOMYmQoONZrNtN3RCEP：全球经贸规模最大的自贸区落地：全球经贸规模最大的自贸区落地 2022年年1月月1日日，区域全

4、面经济伙伴关系协定区域全面经济伙伴关系协定（RCEP）正式生效正式生效，意味着涉及全球人口最多意味着涉及全球人口最多、经贸规模经贸规模最大最大、最具发展潜力的自由贸易区正式落地最具发展潜力的自由贸易区正式落地。 成员国：除成员国：除中国中国外的首批成员国包括外的首批成员国包括，6个东盟国家个东盟国家文莱文莱、柬埔寨柬埔寨、老挝老挝、新加坡新加坡、泰国和越南泰国和越南，以及以及3个个非东盟成员国非东盟成员国日本日本、新西兰新西兰、澳大利亚澳大利亚。2022年年2月月1日起日起，RCEP协议对协议对韩国韩国生效生效，3月月18日起协议对日起协议对马来马来西亚西亚生效生效，5月月1日起协议对日起协议

5、对缅甸缅甸生效生效，与此同时与此同时印度尼西亚和菲律宾印度尼西亚和菲律宾的入会流程仍在进行中的入会流程仍在进行中，而协议也重而协议也重申了对申了对印度印度保持开放的态度保持开放的态度，在印度正式加入前在印度正式加入前，可作为观察员身份参加可作为观察员身份参加RCEP会议和签署方举行的经济合会议和签署方举行的经济合作活动作活动。 人口覆盖：现已加入的人口覆盖：现已加入的13个国家合计人口个国家合计人口19亿人亿人，占全球人口占全球人口25%（2020年年），若加上印尼若加上印尼、菲律宾和印菲律宾和印度度，可覆盖全球可覆盖全球47%的人口的人口，其中包含人均其中包含人均GDP超过超过3万美金万美金

6、/年的国家年的国家5个个，具备强大的消费能力具备强大的消费能力，且有且有6个个国家人口年龄中位数低于国家人口年龄中位数低于33岁岁（越南为越南为32.5岁岁，2020年年），具备大量年轻的劳动力和潜在消费力具备大量年轻的劳动力和潜在消费力。 GDP覆盖：现已加入的覆盖：现已加入的13个国家合计个国家合计GDP为为25万亿美元万亿美元，占占全球全球GDP 30% （2020年年），若加上印尼若加上印尼、菲律菲律宾和印度宾和印度，可覆盖全球可覆盖全球35%的的GDP，该经济体量将是全球经济的重要组成部分该经济体量将是全球经济的重要组成部分。For full disclosure of risks,

7、 valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website at 4RCEP：全球经贸规模最大的自贸区落地：全球经贸规模最大的自贸区落地 RCEP覆盖全球出口贸易额的覆盖全球出口贸易额的29%。现已加入的13个国家合计货物出口贸易额5.2万亿美元（2020年），占比全球出口贸易额达29%，其中中国占比为15%，若在RCEP13国加上印尼、菲律宾和印度，出口贸易额占全球32%，对比美国的12%，欧

8、盟28国的16%（2019），RCEP的全球货物出口贸易额占比较高，我们认为经贸区的成立将成为全球重要的经贸区域。 RCEP成员国是中国重要的对外贸易目的地成员国是中国重要的对外贸易目的地。2020年，中国货物出口额为2.6万亿美元，其中出口至美国占比17%，到欧盟占比15%，中国出口到RCEP另外12国占总出口的25%，若加上印尼、柬埔寨和印度，占比可达到30%。For full disclosure of risks, valuation methodologies and target price formation on all HTI rated stocks, please ref

9、er to the latest full report on our website at 图图 ：RCEP13个成员国占全球货物出口额个成员国占全球货物出口额29%（2020年）年）美国欧盟日本越南韩国新加坡马来西亚澳大利亚泰国菲律宾缅甸新西兰老挝文莱其他欧盟：15%美国：17%其他：43%RCEP12国：25%欧盟28国中国美国日本韩国新加坡越南马来西亚泰国澳大利亚新西兰柬埔寨缅甸文莱老挝其他欧盟28国：16%中国：14.68%美国：12%其他：43%RCEP12国：14.80%图图 ：RCEP12个成员国占中国货物出口的个成员国占中国货物出口的25%（2020年）年）资料来源：Wind

10、 ，HTI5RCEP：成员国占中国服装出口：成员国占中国服装出口25% 中国仍然是全球最大的服装出口国中国仍然是全球最大的服装出口国。中国是全球重要的制造工厂，纺织服装制造业作为简单的工业加工品，在中国广阔的供应链、劳动力背景下形成了庞大的服装制造产业链，到2014年中国纺织服装出口额占全球39%，欧洲、除中国外亚洲、美国分别占30%、21%、4%。到2020年中国纺织服装制造出口占全球服装制造出口40%（2019年为38%），我们判断2020年中国疫情控制较好，制造业较早开工，承接了部分海外订单。从宏观角度看，中国依然是全球服装制造的最大基地。 RCEP贸易区是中国纺织出口的重要目的地贸易区

11、是中国纺织出口的重要目的地。2021年中国出口的纺织服装品总额为3746亿美元，出口至美国占19%，RCEP主要国占比25%。For full disclosure of risks, valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website at 图图 ：中国服装纺织品出口占全球：中国服装纺织品出口占全球39%（2014）图图 ：RCEP成员国占中国纺织服装出口额成员国占中国纺织服装出口额25

12、%（2021年）年）中国欧洲除中国外亚洲美国其他欧洲：30%中国：39%美国：4%除中国外亚洲：21%其他：7%美国日本越南韩国菲律宾澳大利亚马来印尼缅甸新加坡泰国新西兰英国德国英德法意加：11%美国：19%其他：44%RCEP成员国：25%资料来源：Wind，HTI6RCEP：消费体量堪比美国的终端目的地：消费体量堪比美国的终端目的地 中国的纺织服装制造出口额中，一部分是类半成品的纺织材料，包括原材料，也包括辅料半成品，另一部分是制成品，包括可直接用于终端消费的服装商品，也包括仍需深度加工的商品。2020年服装商品占总纺织服装出口额的87%，2020年以前的占比高峰为2007-2009年期间

13、，服装商品出口额占比达86%。 我们认为，纺织制造环节中，终端消费成衣产品用人工较多，东南亚廉价的劳动力更容易承接用工多的制造环节，2020年因中国的疫情控制好于海外，所以当年纺织服装出口增加，而且成品类服装占比提升。For full disclosure of risks, valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website at 图图 ：中国纺织服装出口额中：中国纺织服装出口额中87%

14、为服装产成品（为服装产成品（2020）图图 ： RCEP11国占中国服装商品出口额的国占中国服装商品出口额的23%（2020）美国欧盟日本越南韩国新加坡马来西亚澳大利亚泰国菲律宾缅甸新西兰老挝日本：日本：7%美国：22%其他：56%RCEP11国：23%83%83%83%83%83%83%85%86%86%86%85%84%85%85%85%85%84%84%83%83%87%050002500300035004000纺织品类服装用品类亿美元资料来源：Wind，HTI7RCEP：11国服装成品消费比例略超美国国服装成品消费比例略超美国 服装成品多数为生产已基本完成的商品，

15、多为终端服装消费品。2020年中国服装类商品出口中美国为最大单一出口国，占比达22%，RCEP11国合计占比达23%，体量与美国基本一致，我们认为随RCEP国家经济发展，整体消费力也将增强，会成为中国制造的重要出口地之一。 日本、越南、韩国、澳大利亚是RCEP国家中，中国服装类商品出口排名前4的国家，这4个国家的占比分别为7%、4%、3%、2%。日韩澳三国属于发达国家，经济水平高，是重要的商品消费地，我们认为越南位列第二，除了在越的服装消费需求外，因越南是重要的服装制造地，所以或有部分半成品需要依赖中国。For full disclosure of risks, valuation metho

16、dologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website at 图图 ：中国纺织服装出口额中：中国纺织服装出口额中87%为服装产成品（为服装产成品（2020）图图 ： RCEP11国占中国服装商品出口额的国占中国服装商品出口额的23%（2020）美国欧盟日本越南韩国新加坡马来西亚澳大利亚泰国菲律宾缅甸新西兰老挝日本：日本：7%美国：22%其他：56%RCEP11国：23%83%83%83%83%83%83%85%86%86%

17、86%85%84%85%85%85%85%84%84%83%83%87%050002500300035004000纺织品类服装用品类亿美元资料来源：Wind，HTI8RCEP：日、澳对华服装产品关税显友好：日、澳对华服装产品关税显友好 服装成衣的关税如何下降。我们以日本为例，展示日本对华服装商品进口关税下调时间表。日本从中国进口的服装成品类居多，针织/非针织类商品占从中国进口所有纺织服装品的94%，这部分商品的关税在7.4%10.9%不等，按初始规划日本将在15年时间，匀速减至零关税。 2022年4月1日，日本对其在区域全面经济伙伴关系协定（RCEP）项下进口关税进行第二

18、次下调，开始适用RCEP日本关税承诺表中第二年项下税率。也就是说，根据日本在RCEP中的承诺，日本于协定生效之日（2022年1月1日）进行第一次关税削减，此后于今年的此后于今年的4月月1日进行下一次关税调整日进行下一次关税调整，日本加快了对华降关税的进度日本加快了对华降关税的进度，我们认为日本有需求以零关税购买中国制的服装制品。For full disclosure of risks, valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest fu

19、ll report on our website at 表表 ：部分日本对华服装降关税时间表：部分日本对华服装降关税时间表商品名商品名基年基年Y1Y2Y3Y4Y5Y6Y7Y8Y9Y10Y11Y12Y13Y14Y15Y16棉质男女士大衣、斗篷、风衣类商品10.9%10.2 %9.5 %8.9 %8.2 %7.5 %6.8 %6.1 %5.5 %4.8 %4.1 %3.4 %2.7 %2.0 %1.4 %0.7 %Free棉质男女士短裤、内衣、浴袍等7.4%6.9 %6.5 %6.0 %5.6 %5.1 %4.6 %4.2 %3.7 %3.2 %2.8 %2.3 %1.9 %1.4 %0.9 %0

20、.5 %Free棉质印花T恤10.9 %10.2 %9.5 %8.9 %8.2 %7.5 %6.8 %6.1 %5.5 %4.8 %4.1 %3.4 %2.7 %2.0 %1.4 %0.7 %Free棉质婴童连裤袜7.4 %6.9 %6.5 %6.0 %5.6 %5.1 %4.6 %4.2 %3.7 %3.2 %2.8 %2.3 %1.9 %1.4 %0.9 %0.5 %Free含羊皮毛男女士大衣、斗篷等12.8 %12.0 %11.2 %10.4 %9.6 %8.8 %8.0 %7.2 %6.4 %5.6 %4.8 %4.0 %3.2 %2.4 %1.6 %0.8 %Free橡胶或塑料底的网

21、球鞋、篮球鞋等8.0 %7.6 %7.2 %6.9 %6.5 %6.1 %5.7 %5.3 %5.0 %4.6 %4.2 %3.8 %3.4 %3.0 %2.7 %2.3 %1.9 %资料来源：Wind，中华人民共和国商务部，HTI9RCEP：日、澳对华服装产品关税显友好：日、澳对华服装产品关税显友好 韩国是中国RCEP服装商品出口的第3排名国，出口至韩的61-64章服装类商品占整体中国纺织服装74%，成衣类商品是韩国进口中国纺织服装制造的主要类别。根据RCEP框架下，韩国从中国进口的纺织服装商品中，详列了1120项有减税计划的科目，其中505项在RCEP协议执行的第一年（2022）即减至零关

22、税，剩余615项按规划通过10年减至零关税。 再以澳大利亚为例，该国是中国RCEP服装商品第4出口国，出口至澳的61-64章服装类商品占整体中国纺织服装87%，这部分商品按照澳大利亚对RCEP的承诺，关税将从5%10%逐年减少，最终降低至零关税，然而澳大利亚-中国自由贸易协定下，已对中国实现零关税。我们认为，澳大利亚早已对华执行优于RCEP关税政策，反映出当地消费者对中国制造商品的切实需求，中国的服装成品制造仍然是发达国家的优选。For full disclosure of risks, valuation methodologies and target price formation on

23、 all HTI rated stocks, please refer to the latest full report on our website at 表：部分澳大利亚对华服装商品关税表：部分澳大利亚对华服装商品关税 V.S. 授予授予RCEP税率对比税率对比资料来源：Wind ，中华人民共和国商务部，HTI商品名商品名RCEP协定税率协定税率澳大利亚澳大利亚-中国自由贸易协定中国自由贸易协定棉质男女士大衣、斗篷、风衣类商品8.0%0 %棉质男女士短裤、内衣、浴袍等10.0%0%羊毛西装10.0%0%棉质裙子10.0%0%10中国是中国是RCEP产业集群的供应链支撑产业集群的供应链支撑

24、 中国的纺织服装制造出口额中，除了服装消费品外，另一部分商品包括原材料、半成品、辅料等。2020年中国原材料、半成品类纺织品出口总额为422亿美元，占中国纺织服装商品总出口的13%，排名靠前的出口目的地分别是越南、韩国、印尼，分别占比RCEP贸易出口地总额的14%、5%、4%。 我们认为，中国对于越南、印尼等东南亚的制造国来说，形成重要供应链依托，这些新兴的制造国家有共通的特征：劳动力年轻且廉价、对欧美国家有一定关税优势，但资源禀赋不完善、缺乏完整供应链支持。所以，我们判断：资本对东南亚的投入多优先考虑本地廉价劳动力因素，资本密集的子行业在东南亚投资的迫切性不强，东南亚国家在就业体量有限、产业

25、链完整之间需进行平衡协调。 所以我们认为所以我们认为，因为每个国家经济体量均远小于中国因为每个国家经济体量均远小于中国，在任何一个国家内部建立完整产业链的规模效应不及中国在任何一个国家内部建立完整产业链的规模效应不及中国，东南亚任何单一国家难以形成像中东南亚任何单一国家难以形成像中国一样完善的产业链；而中国依靠先发优势国一样完善的产业链；而中国依靠先发优势，在规模效应在规模效应、研发能力研发能力、生产效率上生产效率上，均有领先东南亚的可能性均有领先东南亚的可能性，能够在中上游利用研发优势能够在中上游利用研发优势，从而获从而获得价值链上的新优势得价值链上的新优势。For full disclos

26、ure of risks, valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website at 图图 ：纺织类商品占中国纺织服装出口额的：纺织类商品占中国纺织服装出口额的13%（2020）资料来源：Wind，中华人民共和国商务部，HTI图图 ： RCEP11国占中国纺织类商品出口额的国占中国纺织类商品出口额的39%（2020）服装商品纺织类商品服装商品：服装商品：87%纺织类商品：13%越南韩国印尼

27、菲律宾泰国缅甸日本马来西亚澳大利亚新加坡新西兰韩国：5%越南：14%马来西亚：2%印尼：4%菲律宾：4%泰国：3%日本：3%缅甸：3%其他：61%11中国是中国是RCEP产业集群的供应链支撑产业集群的供应链支撑 参考日本的纺织服装制造出口，纺织类商品出口的比例为78%（2021），远高于中国13%的出口比例。我们认为，日本已列入发达国家的水平，劳动力成本高，不再适合进行大规模的劳动密集型制造业生产，而偏中上游的制造环节，用工数量少，对研发的需求量大，对设备和资本的投入大，日本利用自身在科研上的优势，仍获得产业链上的重要价值。 我们认为，中国的纺织制造行业已具备规模的优势、智能化科技化的基础，有

28、可能在制造品牌上实现突破，一方面成为低劳动力成本制造国的供应链支撑，另一方面依靠研发附加值，获得产业链上的高价值分配。For full disclosure of risks, valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website at 图图 ：日本纺织服装出口中纺织类商品出口额比例为：日本纺织服装出口中纺织类商品出口额比例为78%（2021）资料来源：Wind，中华人民共和国商务部，HTI

29、87%89%89%91%91%90%89%83%83%81%78%78%0%10%20%30%40%50%60%70%80%90%100%12中国是中国是RCEP产业集群的供应链支撑产业集群的供应链支撑 中国纺织服装制造的未来中国纺织服装制造的未来，有望通过提升原材料的研发和品牌力获得产业价值有望通过提升原材料的研发和品牌力获得产业价值。奥地利兰精集团、日本东丽、美国杜邦，在纤维、面料、聚合物等产品上有长期的研发实力。以兰精为例，通过开发有独特物理特性、强力高、湿气管理功能卓越、柔软轻肤的产品，并将其注册为“天丝”（）品牌。我们认为，因为研发出有功能性的面料产品，且培育出了有品牌力的上游商品标

30、签品牌，在偏上游的纤维、面料领域维持23%（2021）毛利率，依靠稳定的毛利率，确保在欧洲工厂的长期运营。For full disclosure of risks, valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website at 图图 ：兰精仍有多个生产基地位于欧洲（：兰精仍有多个生产基地位于欧洲（2021）资料来源：兰精2021年报，HTI13中国是中国是RCEP产业集群的供应链支撑产业集群的

31、供应链支撑 越南、印尼因为人口数量多，有充足的劳动人口，有利于服装成衣制造行业的快速发展，但是基于产业链缺失的问题，需要从海外采购原材料或半成品。 2020年中国用棉量为3950万包，越南棉花用量700万包，中国服装纺织品出口额3255亿美元，单包棉花产出8240美元，高于越南单包产出16%。我们认为服装纺用量产出小于中国的原因包括： 中国产出品整体附加值高于越南产品， 越南有部分原材料、半成品采购，导致原棉用量相对较少。 根据RCEP协议下，中国对东盟国家的纺织原材料，纺织品的关税进行下调承诺，在50-56章商品中，共有528项目有减税规划，其中380项在第一年就降低至零关税，有148项将在

32、10-15年之内降为零。我们认为，随着中国降低了原材料、半成品的出口关税，降低了东盟国家进口中国原材料的壁垒，增加了其对中国纺织服装制造业的依赖度。For full disclosure of risks, valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website at 表表 ：中国对东盟国家部分纺织品减关税时间表：中国对东盟国家部分纺织品减关税时间表资料来源：Wind，中华人民共和国商务部，H

33、TI商品名商品名基年基年Y1Y2Y3Y4Y5Y6Y7Y8Y9Y10蚕丝生丝（未加捻）柞蚕丝9.00%FreeFreeFreeFreeFreeFreeFreeFreeFreeFree精梳羊毛纱线，非供零售用5.00%FreeFreeFreeFreeFreeFreeFreeFreeFreeFree棉纱线，按重量计含棉量在85%及以上5.00%4.50%4.00%3.50%3.00%2.50%2.00%1.50%1.00%0.50%Free棉机织物，按重量计含棉量在85%以下色织平纹机织物10.00%FreeFreeFreeFreeFreeFreeFreeFreeFreeFree聚酯短纤纺制的平纹机

34、织物未漂白16.00%FreeFreeFreeFreeFreeFreeFreeFreeFreeFree14RCEP减税：贡献中国纺织服装出口增长减税：贡献中国纺织服装出口增长 中国纺织服装制造业行业在改革开放后，利用劳动人口红利快速发展，然而在中国进入WTO之前，中国的纺织服装出口增速并不高，1996-2001年平均增速为6%，2001年，中国纺织服装中9.8%出口至欧盟，16.7%出口至美国，两区域合计26.6%，入世后，中国逐步获得最惠国关税，在2002-2007年期间服装整体出口增速均值为21%，中国至欧盟均值为33%，中国至美国均值为22%。 我们预计未来五年，中国纺织服装出口年复合增

35、速可达11%13%。中国入世当年，中国对欧盟和美国的纺织服装出口占比为26.6%，现阶段RCEP11国占中国纺织服装出口比例为23%（2020），借鉴参考欧美对中国降低关税壁垒后的行业出口增速变化，我们测算或拉动中国纺织服装出口年复合增速57pct，参照中国过去5年平均增速6%，预计行业增速可恢复至11%13%。For full disclosure of risks, valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest full repor

36、t on our website at 图图 ：2001年中国入世后，中国纺织服出口增速迎来稳定连续高增长年中国入世后，中国纺织服出口增速迎来稳定连续高增长资料来源：Wind，HTI1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010中国出口-1% 23% -5%2%18%1%15% 25% 20% 22% 26% 20% 10% 10% 24%中国-欧盟-2% 15%4%7%17%1%21% 33% 30% 67% 19% 29% 35% -6% 25%中国-美国3%18%4%3%13%2%9%1

37、9% 19% 53% 17% 13%5%2%27%-20%-10%0%10%20%30%40%50%60%70%80%15复盘：行业高增下，关注低估值复盘：行业高增下，关注低估值+高增速标的高增速标的 回顾2000年前后中国纺织服装出口和行业标的表现，可得出结论： 行业改善将拉动企业增长， 低估值+业绩高增为优选标的， 对比指数兑现高相对收益。 行业：行业：2002-2007年中国纺织服装出口每年增长均值为21%，是国际贸易环境优化后的红利期。 企业：企业：涉及纺织服装制造且有海外出口业务的公司，在该阶段收入增速普遍优于入世前。其中，收入/利润在2003-2005年同比高增的公司有鲁泰A、伟星

38、股份、瑞贝卡和美欣达（现旺能环境），在业绩高增期已上市的标的为鲁泰A和瑞贝卡。For full disclosure of risks, valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website at 表表 ：2001年中国入世后，中国纺织服出口企业迎来收入高增红利期年中国入世后，中国纺织服出口企业迎来收入高增红利期资料来源：Wind，HTI收入增速（收入增速（%）2000

39、42005200620072008美欣达（现旺能环境）44%41%62%1%25%-6%18%瑞贝卡14%21%32%50%8%41%15%0%鲁泰A62%21%34%49%18%34%27%3%江苏阳光57%15%58%42%21%1%21%6%孚日股份38%44%45%10%12%伟星股份35%21%36%51%58%39%25%维科技术-16%23%15%28%29%-1%-1%-3%新野纺织24%10%3%12%12%凤竹纺织35%27%15%22%35%17%23%6%浔兴股份21%17%32%31%0%三房巷11%-3%29%20%25%15%-1%-27%华纺股份-3%11%14

40、%15%8%15%0%-2%华孚时尚12%14%2%17%-13%-46%中银绒业10%13%10%-3%-48%47%-7%92%16复盘：行业高增下，关注低估值复盘：行业高增下，关注低估值+高增速标的高增速标的 股价历史：股价历史：鲁泰鲁泰A在2003/2004年收入增速分别为34%、49%，扣非利润增速为50%、3%，2003年初Forward12个月PE为12X，全年市值涨幅30%，分别超额超额纺织服装行业指数、沪深300、上证指数48pct、21pct、19pct。2004年初鲁泰A、瑞贝卡的Forward12个月 PE为11X、19X，全年市值涨幅超额沪深300分别为25%、24%

41、。For full disclosure of risks, valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website at 表表 ：在收入高增的标的中，按利润高增、估值继续筛选：在收入高增的标的中，按利润高增、估值继续筛选资料来源：Wind，HTI扣非利润增速（扣非利润增速（%）200320042005200620072003 PE（倍）（倍）2004 PE（倍）（倍）美欣达（现旺能环境）44

42、%21%-20%-47%-253%NANA鲁泰鲁泰A50%3%-27%-22%-22%12 11 伟星股份44%80%67%NANA三房巷6%73%-2%8%-27%NA16 瑞贝卡43%9%33%88%NA19 中银绒业-1648%113%-5654%69%138%-45 253 维科技术-22%27%-58%14%-34%53 36 江苏阳光-24%-37%-77%523%42%25 39 17投资建议：低估值投资建议：低估值+高增长带来的确定性高增长带来的确定性股价历史：股价历史：参照前述总结，我们认为在RCEP协议逐步执行后，中国的纺织服装行业将继续拓展对应成员国的下游市场，在占比近1

43、/4的市场中获取更多份额，我们建议关注健盛集团我们建议关注健盛集团、伟星股份伟星股份、浙江自然浙江自然、华利集团华利集团、申洲国际申洲国际。 健盛集团：健盛集团：公司制造端：依靠中国制造保证生产，布局越南产能，越南产值比例将再提升。客户端：合作全球知名服装品牌，绑定大客户。棉袜、无缝产品毛利率有望恢复高水平。预计2022、23年归母净利润增速87.4%、20.5%，2022E PE为14.9倍。风险提示：扩产不达预期的风险、竞争加剧的风险、汇率波动的风险等。 伟星股份：伟星股份：辅料主业已建立行业地位，提供“量身定制”一体化辅料解决方案，满足客户快返需求，且与知名服装品牌建立长期合作关系，预计

44、2022、23年归母净利润增速17.8%、21.6%，2022E PE为20.7倍。风险提示：下游零售市场疲弱的风险、原材料大幅涨价的风险、海外扩张不达预期的风险等。 浙江自然：浙江自然：户外运动用品资深代工企业，专精研究TPU材料床垫产品，利用一体化产业链具备显著优势，绑定大客户，拓展多地新产能，预计2022、23年归母净利润增速29.7%、26.4%，2022E PE为22.7倍。风险提示：原材料价格大幅涨价的风险、海运不通畅的风险、汇率波动的风险等。 华利集团：华利集团：率先于2005年向越南转移产能，具备优异制造能力，有国际龙头运动客户认可，我们认为华利与客户有紧密的合作关系，同时具备

45、提供研发服务、转嫁价格的能力，我们预计2022、23年归母净利润增速27.0%、22.7%，2022E PE为24.7倍。风险提示：扩产不达预期的风险、订单增长不达预期的风险、汇率波动的风险等。 申洲国际：申洲国际：针织服饰制造行业龙头，利用一体化生产的制造优势，并有较强的面料研发能力，与下游品牌形成强粘性，我们预计2022、23年归母净利润增速39.5%、41.2%，2022E PE为29.2倍。风险提示：开工率不达预期的风险、原材料价格大幅涨价的风险、汇率波动的风险等。For full disclosure of risks, valuation methodologies and tar

46、get price formation on all HTI rated stocks, please refer to the latest full report on our website at 备注：PE使用2022/6/9收盘价以及HTI预测数据18投资建议：低估值投资建议：低估值+高增长带来的确定性高增长带来的确定性For full disclosure of risks, valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest f

47、ull report on our website at 表表 ：估值表：估值表代码代码简称简称总市值（亿元）总市值（亿元）归母净利润（百万元）归母净利润（百万元）净利润增速（净利润增速（%）PE（倍）（倍）2022/6/920212022E2023E20212022E2023E20212022E2023E603558健盛集团健盛集团47 167 313 378 131.7%87.4%20.5%27.9 14.9 12.3 002003伟星股份伟星股份109 449 528 642 13.2%17.8%21.6%24.3 20.7 17.0 605080浙江自然浙江自然65 220 285 3

48、60 37.6%29.7%26.4%29.5 22.7 18.0 300979华利集团华利集团867 2768 3514 4313 47.3%27.0%22.7%31.3 24.7 20.1 2313.HK申洲国际申洲国际1620 3372 4703 6639 -34.0%39.5%41.2%40.7 29.2 20.7 资料来源：Wind，收盘价为2022/6/9，预测为HTI预测数据19风险提示风险提示 订单流失的风险 产能扩张不达预期的风险 行业竞争加剧的风险 原材料价格波动的风险 人民币汇率波动的风险 新冠疫情影响制造企业开工率的风险等For full disclosure of ri

49、sks, valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website at APPENDIX 1Summary On January 1,2022, RCEP officially came into effect, which means that the free trade zone with the largest population, the largesteconomic and t

50、rade scale and the largest development potential in the world officially came into force. The total export trade volumeof goods of 13 countries that have joined RCEP accounts for 29% of the global export trade volume. RCEP member countries are important foreign trade destinations of China. In 2021,

51、the total export volume of textile and garmentproducts was USD 374.6 billion, accounting for 19% of exports to the United States and 25% to RCEP member countries. Chinas textile and garment manufacturing exports, in addition to clothing consumer goods, but also includes raw materials, semi-finished

52、products, accessories, etc. In 2020, Chinas total export of raw materials and semi-finished textiles is USD 42.2 billion,accounting for 13% of Chinas total export of textile and garment commodities. Vietnam, Korea and Indonesia are the top 3 exportdestinations respectively. In our opinion, Chinas te

53、xtile manufacturing industry has the advantage of scale and the foundation ofintelligent science and technology, and it is possible to achieve breakthrough in manufacturing brand. On the one hand, it becomesthe supply chain support of RCEP industrial cluster, and on the other hand, it obtains high v

54、alue distribution in the industrial chain byrelying on R & D added value. It is estimated that in the next five years, after the RCEP tax reduction, the compound annual growth rate of Chinas textile andgarment exports will reach 11%13%. We believe that after the gradual implementation of RCEP, China

55、s textile and garment industry will continue to expand thedownstream markets of corresponding member countries and gain more shares in the market. We suggest paying attention to JasanHolding Group, Weixing IndustrialGroup, Zhejiang Natural Outdoor Goods, Huali Industrial Group and Shenzhou Internati

56、onal. Risk: Order loss, capacity expansion lower than expected, industry competition intensified, raw material price fluctuation, fluctuationof exchange rate, the operating rate of manufacturing enterprises affected by the Covid-19.20APPENDIX 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

57、 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 DISCLOSURESThis research report is distributed by Haitong International, a global brand name for the equity research teams of Haitong I

58、nternational Research Limited (“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 au

59、thorized to engage in securities activities in its respectivejurisdiction.HTIRL分析师认证分析师认证Analyst Certification:我， 梁希，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, Xi Liang, certify that (i)the views expressed

60、 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 mycompensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in this research rep

61、ort; and that I (including members of myhousehold) have no financial interest in the security or securities of the subject companies discussed.我， 周梦轩，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, Mengxuan Zho

62、u,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 directly or indirectly related to the specific recommendations o

63、r views expressed in this research report; and that I (including membersof my household) have no financial interest in the security or securities of the subject companies discussed.我， Beiyu Ding，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

64、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, Beiyu Ding,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 directly or indirectly

65、 related to the specific recommendations or views expressed in this research report; and that I (including membersof my household) have no financial interest in the security or securities of the subject companies discussed.21APPENDIX 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

66、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 orcompanies in this research report. As far as this researc

67、h report is concerned, the following are the disclosure matters related to such relationship (As the followingdisclosure does not ensure timeliness and completeness, please send an email to ERD-D if timely and comprehensive information is needed).002083.CH 及 江西伟星实业发展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

68、业务的证券相关业务服务。002083.CH and 江西伟星实业发展有限公司 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.002083.CH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。002083.CH is/was a client of Haitong currently or within the past 1

69、2 months. The client has been provided for non-securities services.22APPENDIX 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

70、，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：各地股票基准指数：日本日本 TOPIX, 韩国韩国 KOSPI, 台湾台湾 TAIEX, 印度印度 Nifty100, 美国美国 SP500; 其他其他所有中国概念所有中国概念股股 MSCI China.Ratings Definitions (from 1 Jul 2020):Hai

71、tong 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 Research. In addition, since Haitong International Research conta

72、ins 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 relied upon as investment advice. An investors decisi

73、on 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 its relevant broad market benchmark, as indicat

74、ed 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 into a hold rating category.Underperform:The

75、stocks total return over the next 12-18 months is expected to be below the return of its relevant broad market benchmark, as indicated below.Benchmarks for each stocks listed region are as follows: Japan TOPIX, Korea KOSPI, Taiwan TAIEX, India Nifty100, US SP500; for all other China-conceptstocks MS

76、CI China.23APPENDIX 2评级分布评级分布Rating Distribution24APPENDIX 2截至截至2022年年3月月31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88.9%9.5%1.6%投资银行客户*6.8%5.8%0.0%*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此前的评级系

77、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各地股票基准指数：日本日本 TOPIX, 韩国韩国 KOSPI, 台湾台湾 TAIEX, 印度印度 Nifty100; 其他其他所有中国所有中国概念概念股股 MSCI China.Haitong International Equity Re

78、search Ratings Distribution, as of Mar 31, 2022OutperformNeutralUnderperform(hold)HTI Equity Research Coverage88.9%9.5%1.6%IB clients*6.8%5.8%0.0%*Percentage of investment banking clients in each rating category.BUY, Neutral, and SELL in the above distribution correspond to our current ratings of Ou

79、tperform, 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 Jun 2020):BUY: The stoc

80、ks 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

81、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 stocks listed region

82、 are as follows: Japan TOPIX, Korea KOSPI, Taiwan TAIEX, India Nifty100; for all other China-concept stocks MSCIChina.25APPENDIX 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 Research: Haitong

83、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 values and a

84、re 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 Stock Connec

85、t 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 res

86、ult 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

87、that 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.26APPENDIX

88、 2MSCI 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

89、引起的任何责任，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

90、 of the ESG Parties 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 no

91、t be reproduced or redisseminated 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

92、 Parties shall have any liability 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.27APPENDIX 2盟浪义利盟浪义利（FIN-ESG）

93、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-ESG）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

94、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

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96、IN-ESG Data Service.1. FIN-ESG Data 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 referenc

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98、llWave do not consider recipients as customers 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 ame

99、nd the data andrelease other data that contains 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. Th

100、e copyright of this data belongs to SusallWave, and we 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

101、as amendment, replication,translation, compilation, re-editing, 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

102、 by those actions, users shall bear the correspondingcompensation liability.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(includin

103、g authentication) Agreement of SusallWave Website, Privacy Policy of Susallwave Website), it should be executed according to other agreements. If there isany difference between this disclaim and other agreements, this disclaimer shall be applied.28APPENDIX 2重要免责声明：重要免责声明：非印度证券的研究报告非印度证券的研究报告：本报告由海通国

104、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 Ind

105、iaPrivate Limited（“HTSIPL”）所发行，包括制作及发布涵盖BSE Limited（“BSE”）和National Stock Exchange of 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

106、”）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

107、，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

108、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。29APPENDIX 2IMPORTANT DISCLAIMERFor research reports on non-Indian securities: The research repor

109、t is issued by Haitong International Research Limited (“HTIRL”), a wholly owned subsidiary 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

110、. 571) of Hong Kong, with the assistance of Haitong International (Japan) K.K. (“HTIJKK”), a wholly 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 Secur

111、ities India Private Limited (“HSIPL”), an Indian company and a Securitiesand Exchange Board of India (“SEBI”) 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

112、Stock Exchange of India Limited (“NSE”) (collectively referred to as “Indian Exchanges”). HSIPLwas acquired and became 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

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