《通信行业:预计未来五年全球IDC交换机支出千亿美元-220719(31页).pdf》由会员分享,可在线阅读,更多相关《通信行业:预计未来五年全球IDC交换机支出千亿美元-220719(31页).pdf(31页珍藏版)》请在三个皮匠报告上搜索。
1、余伟民余伟民 Weimin Yu 杨彤昕杨彤昕 Tongxin Yang 纪兴纪兴 Xing Ji 2022年年7月月19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明,请参阅附录。(Pleasesee appendix for English translation of the disclaimer)Equity Asia Research预计未来五年全球预计
2、未来五年全球IDC交换机支出千亿美元交换机支出千亿美元Global IDC Switch Spending Expected to Reach$100 billion in Next Five YearsFor 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 2破旧立新,困境反转,破旧立新,困境反转,5G产业链格局重塑产业链格局重塑
3、破旧立新破旧立新,5G建设深化建设深化,产业格局重塑产业格局重塑:自:自2019年年6月月6日日5G牌照发放以来牌照发放以来,5G网络已经初步实现网络已经初步实现重点城市覆盖重点城市覆盖,5G用户量快速提升用户量快速提升。国产设备商国产设备商份额不断提升并加速上游布局份额不断提升并加速上游布局,网络升级背景下网络升级背景下产产业数字化业数字化加速推动加速推动,催化催化网络安全网络安全等需求提升等需求提升。下游元宇宙应用等拉动网络升级下游元宇宙应用等拉动网络升级,大通信板块有望大通信板块有望迎来业绩和估值双升阶段迎来业绩和估值双升阶段。困境反转困境反转,5G配套需求向上配套需求向上,上游涨价压力
4、趋缓上游涨价压力趋缓:以:以5G应用为牵引应用为牵引,相关配套需求稳步增长相关配套需求稳步增长,21年上游涨价年上游涨价、成本端压力放大驱动产能加速出清和龙头地位增强成本端压力放大驱动产能加速出清和龙头地位增强。PCB、光纤光缆行业光纤光缆行业22年反转趋年反转趋势有望显现势有望显现。军工信息化军工信息化景气度向上景气度向上,并推动通信并推动通信终端产业链关键元器件终端产业链关键元器件迎来发展的黄金时代迎来发展的黄金时代。2WBVTU4X4YSZBVDVbRaO6MtRpPtRsQjMmMtMlOnPrR8OoOyQuOmRnPMYmQsMFor full disclosure of risk
5、s,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 3云网发力,产业数字化快速增长云网发力,产业数字化快速增长核心关注:紫光股份核心关注:紫光股份、华工科技华工科技、沪电股份沪电股份、天孚通信;亿联网络天孚通信;亿联网络、广和通;长光华芯广和通;长光华芯、紫光国微等紫光国微等。我们判断我们判断2022年通信行业正处于年通信行业正处于“破旧立新破旧立新”的变化中的变化中,行业发展向上
6、行业发展向上,头部企业估值历史底部头部企业估值历史底部,看好行业整体潜在机会看好行业整体潜在机会:1、云计算产业链需求景气云计算产业链需求景气随着2022年全球数据中心资本开支预计较快增长、国内运营商加大网络&云业务投资,产业链重点公司有望持续受益,其中:1)设备端:重点关注设备端:重点关注紫光股份紫光股份、星网锐捷星网锐捷、中兴通讯中兴通讯、迪普科技等;2)运营商:重点关注运营商:重点关注中国移动中国移动,关注中国电信、中国联通等。3)上游核心器上游核心器件:光器件件:光器件建议重点关注建议重点关注华工科技华工科技、天孚通信天孚通信、中际旭创中际旭创等等,关注光库科技、光迅科技等;光纤缆光纤
7、缆建议关注:建议关注:中天科技中天科技、亨通光电亨通光电;PCB重点重点关注关注沪电股份沪电股份、深南电路深南电路,关注生益电子等。2、行业数字化持续加速行业数字化持续加速1)工业互联网:工业互联网:国内工业互联网已具发展天时、地利、人和,把握产业升级红利,核心智能装备、工业互联网平台等将迎来快速发展机会,建议关注:建议关注:中控技术中控技术、奥普特等。2)AIoT:AIoT行业需求持续高景气、估值尚不高,头部标的势能更强,建议重点关注:建议重点关注:广和通广和通、移远通移远通信信、四方光电四方光电、华测导航华测导航、亿联网络亿联网络,关注:和而泰、拓邦股份等。3)激光先进制造长期趋势向好激光
8、先进制造长期趋势向好建议重点关注:华工科技华工科技、长光华芯长光华芯,关注光库科技、杰普特、大族激光、锐科激光等。3、通信芯片崛起通信芯片崛起,受益国产化浪潮受益国产化浪潮通信芯片公司近年来不断加大研发投入提高产品自主性,实现了关键领域的领先布局,建议重点关注:建议重点关注:紫光国微紫光国微(国内特种芯片行业龙头国内特种芯片行业龙头)、中瓷电子中瓷电子(氮化镓业务国内领先氮化镓业务国内领先,成长空间广阔成长空间广阔)等等,同时建议关注国内基带通信芯片、接入端通信芯片、光芯片相关公司。风险提示:风险提示:市场的系统性风险&预期外的中美科技摩擦事件。合规提示:合规提示:根据公司2021年年度报告披
9、露,海通证券自营持有【688665 四方光电】超过总股本1%。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 4预计未来五年全球预计未来五年全球IDC交换机支出千亿美元交换机支出千亿美元 全球全球LTE和和5G网络全面部署网络全面部署。根据讯石光通讯微信公众号援引GSA数据,截至2022年6月,1)公共LTE方面,全球430
10、家运营商推出公共LTE固定无线接入服务,785家运营商提供公共LTE服务,812家运营商已商用公共LTE网络;2)5G服务方面,150个国家/地区的496家运营商正以测试、试点、获取许可证、计划和实际部署的方式投资5G网络,87个国家/地区的218家运营商已经商用符合3GPP标准的5G移动或固定无线接入服务,24家运营商已在公共网络中部署或推出独立5G服务。预计未来五年数据中心交换机市场累计支出近千亿美元,预计未来五年数据中心交换机市场累计支出近千亿美元,25年年400G及更高速率占半壁江山。及更高速率占半壁江山。根据DellOro Group数据,预计未来五年全球数据中心交换机市场累计支出近
11、1000亿美元,2021-2026年CAGR接近两位数。预计2025 年后400 Gbps及更高速率将占支出50%以上,同时800 Gbps将超过400 Gbps。根据DellOro Group判断,2022及2023H1,全球数据中心交换机市场收入保持强劲水平,主要基于强劲的预定量及供应商订单情况。长三角一体化数据中心集群项目签约,总投资规模超长三角一体化数据中心集群项目签约,总投资规模超230亿元。亿元。7月13日,2022年长三角生态绿色一体化发展示范区开发者大会举办,共建长三角一体化数据中心集群项目作为重大合作项目之一,签约方包括示范区执委会、两区一县政府、中国电信、中国移动、优刻得、
12、阿里巴巴。项目起步区初步落地中国电信长三角国家枢纽节点算力调度平台和直连网络建设项目、中国移动长三角(上海)5G生态谷数据中心、优刻得青浦数据中心、中国移动长三角(苏州)云计算中心、中国电信长三角一体化算力枢纽(吴江节点)示范工程、阿里巴巴长三角智能计算基地等6大重点示范项目,涉及总投资规模超230亿元。中国移动数据线缆集中采购中标候选人公示,投标报价区间为中国移动数据线缆集中采购中标候选人公示,投标报价区间为7亿元附近。亿元附近。7月14日,中国移动2022年至2024年数据线缆产品集中采购(第一批次)中标候选人公示,投标报价区间为6.9-7.7亿元(不含税),江苏亨通/普天线缆/成都大唐/
13、浙江兆龙互连/江苏永鼎/宏安集团/广东思柏中标份额分别为21.05%/17.54%/15.79%/14.04%/12.28%/10.53%/8.77%。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 5行业重要公告行业重要公告紫光股份:权益紫光股份:权益/实控人变动公告实控人变动公告紫光集团完成工商变更,100%股权登记到智
14、广芯名下,变更后公司无实控人,智广芯承诺本次取得上市公司股权18个月不转让。广和通:股权激励公告广和通:股权激励公告2022年限制性股票激励计划通过,拟向195名激励对象授予限制性股票238.84万股,占公司总股本0.38%,授予价格为11.82元/股;业绩考核目标为:以2021年净利润为基数,,2022/2023/2024年公司净利润增长率不低于20%/50%/80%。中国电信:董监高辞职公告中国电信:董监高辞职公告执行董事、总裁兼首席运营官李正茂辞职。海能达:转让子公司股权公告海能达:转让子公司股权公告转让子公司股权议案通过,以10.76亿元的价格将全资子公司 Sepura Limited
15、 100%股权转让给 Sword Bidco Limited。海能达:海能达:22H1业绩预告业绩预告预计22H1归母净利润0-2500万元,去年同期亏损1.22亿元。锐科激光:锐科激光:22H1业绩预告业绩预告预计22H1营业收入15-16亿元,同比下降6.81%-0.60%;归母净利润2000-2300万元,同比下降92.32%-91.17%。亿联网络:亿联网络:22H1业绩预告业绩预告预计22H1营业收入22.28-23.93亿元,同比增长35%-45%;归母净利润10.88-11.69亿元,同比增长35%-45%。For full disclosure of risks,valuati
16、on methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 6行业重要公告行业重要公告中天科技:中天科技:22H1业绩预告业绩预告预计22H1归母净利润17.0-20.4亿元,同比增长580%-716%(追溯调整后)。中新赛克:中新赛克:22H1业绩预告业绩预告预计22H1归母净亏损1.1-0.9亿元,去年同期亏损4433万元。鹏博士:鹏博士:22H1业绩预告业绩预告预计22H1归母净利润约5583万元,同
17、比减少约94.43%。意华股份:意华股份:22H1业绩预告业绩预告预计22H1归母净利润1.6-2.0亿元,同比增长138.95%-198.69%。移远通信:移远通信:22H1业绩预告业绩预告预计22H1归母净利润2.738亿元左右,同比增长约105.14%。新易盛:新易盛:22H1业绩预告业绩预告预计22H1归母净利润3.5-3.9亿元,同比增长8.36%-20.74%。中际旭创:中际旭创:22H1业绩预告业绩预告预计22H1归母净利润4.5-5.3亿元,同比增长32.03%-55.51%。梦网科技:梦网科技:22H1业绩预告业绩预告预计22H1归母净利润400-600万元,同比下降93.4
18、7%-95.65%。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 7通信行业模拟投资组合通信行业模拟投资组合表表1:7月通信行业模拟投资组合(组合标的:紫光股份月通信行业模拟投资组合(组合标的:紫光股份20%、华工科技、华工科技20%、沪电股份、沪电股份10%、博创科技、博创科技10%、中瓷电子中瓷电子10%、中兴通讯、中
19、兴通讯10%、亨通光电、亨通光电10%、中际旭创、中际旭创10%)资料来源:WIND,HTI注:市值与2022E PE根据7月15日收盘价计算,2022、2023E EPS为海通预测所属板块所属板块公司简称公司简称权重权重股价股价(元)(元)市值市值2021 EPS(元)元)2022E EPS(元)元)2023E EPS(元)元)2022E PE(倍)倍)(亿元)(亿元)ICT网络设备龙头紫光股份20%19.615610.750.941.2121光器件及激光设备华工科技20%21.782190.761.021.3721PCB器件沪电股份10%12.732410.560.740.9417光通信器
20、件博创科技10%19.11500.620.831.1423电子陶瓷中瓷电子10%84.411760.581.131.61755G-网络主设备商中兴通讯10%23.4811121.441.772.0213光纤光缆及海缆亨通光电10%16.924000.610.941.2218光模块中际旭创10%29.232341.101.431.7320For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest
21、full report on our website at 8海通通信海通通信7月行业投资组合表现月行业投资组合表现上周上周(7月月11日日-7月月15日日),WIND通信板块下跌通信板块下跌0.94%,投资组合个股平均下跌投资组合个股平均下跌1.22%,组合收益下跌组合收益下跌1.21%(含权重含权重)。7月以来月以来,WIND通信板块下跌通信板块下跌1.65%,投资组合个股平均上涨投资组合个股平均上涨2.78%,组合收益上涨组合收益上涨1.73%(含权含权重重)。表表2:通信行业模拟投资组合行情回顾(:通信行业模拟投资组合行情回顾(7月份组合)月份组合)资料来源:WIND(收盘价截至7月1
22、5日),HTI股票代码股票代码公司简称公司简称权重权重上周涨幅(上周涨幅(%)7月以来涨幅(月以来涨幅(%)000938.SZ紫光股份20%0.461.08000988.SZ华工科技20%-2.81-6.00002463.SZ沪电股份10%-3.78-13.75300548.SZ博创科技10%-0.577.24003031.SZ中瓷电子10%-1.4530.67000063.SZ中兴通讯10%-4.82-8.03600487.SH亨通光电10%5.8216.88300308.SZ中际旭创10%-2.60-5.86组合个股涨幅平均-1.222.78月度模拟投资组合平均-1.211.73Wind通
23、信板块-0.94-1.65For 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 9指数表现(指数表现(7月月11日日-7月月15日)日)上周上周(7月月11日日-7月月15日日),上证指数下跌上证指数下跌3.81%,深证成指下跌深证成指下跌3.47%,创业板综下跌创业板综下跌1.75%,中小综指下跌中小综指下跌3.27%,WIND
24、通信板块下跌通信板块下跌0.94%。年初至今年初至今,细分板块中涨跌幅前三为光纤缆细分板块中涨跌幅前三为光纤缆、工业互联网工业互联网、军工安全军工安全,分别分别+30.33%、-6.72%和和-8.10%。上周上周(7月月11日日-7月月15日日),细分板块中涨跌幅前三为光纤缆细分板块中涨跌幅前三为光纤缆、物联网物联网、运营商运营商,分别分别+4.11%、+2.76%、-0.29%。图图1:指数表现:指数表现表表3:通信行业细分板块表现:通信行业细分板块表现资料来源:WIND(数据截至2022年7月15日),HTI注:细分板块涨跌幅按公司市值权重计算2000220024002600280030
25、003200340036003800上证指数通信(中信)板块板块运营商运营商主设备主设备光纤缆光纤缆光模块光模块激光行业激光行业PCB相关相关年初至今涨幅-11.06%-23.05%30.33%-28.14%-26.32%-24.55%上周涨幅-0.29%-3.46%4.11%-1.42%-5.65%-2.43%板块板块IDC物联网物联网工业互联网工业互联网信息安全信息安全军工安全军工安全年初至今涨幅-20.07%-24.01%-6.72%-45.39%-8.10%上周涨幅-2.32%2.76%-4.67%-5.32%-1.20%For full disclosure of risks,val
26、uation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 10涨幅榜(涨幅榜(7月月4日日-7月月8日)日)A股通信板块,世嘉科技、科信技术、意华股份、移远通信、合众思壮等涨跌幅居前。股通信板块,世嘉科技、科信技术、意华股份、移远通信、合众思壮等涨跌幅居前。美股美股TMT市场,极速网络、市场,极速网络、ONTO INNOVATION、康特科技、康特科技、ANGI HOMESERVICES-A、NO
27、VA MEASURING INSTRUMENTS等涨跌幅居前。等涨跌幅居前。港股港股TMT市场,高伟电子、京东方精电、信恳智能、第七大道等涨跌幅居前。市场,高伟电子、京东方精电、信恳智能、第七大道等涨跌幅居前。表表4:全球主要市场周涨幅排行:全球主要市场周涨幅排行注:美股、港股分别选取市值10亿美元、50亿港币以上的公司纳入统计;港股排名截取自前四资料来源:WIND(数据截至2022年7月15日),HTIA股通信涨跌幅前五股通信涨跌幅前五美股美股TMT涨跌幅前五涨跌幅前五港股港股TMT涨跌幅前五涨跌幅前五002796.SZ世嘉科技45.99%EXTR.O极速网络13.34%01415.HK高伟
28、电子13.10%300565.SZ科信技术28.02%ONTO.NONTO INNOVATION10.06%00710.HK京东方精电12.48%002897.SZ意华股份17.85%CAMT.O康特科技9.08%01967.HK信恳智能3.72%603236.SH移远通信12.76%ANGI.OANGI HOMESERVICES-A8.72%00797.HK第七大道0.39%002383.SZ合众思壮10.92%NVMI.ONOVA MEASURING INSTRUMENTS8.30%For full disclosure of risks,valuation methodologies a
29、nd target price formation on all HTI rated stocks,please refer to the latest full report on our website at 11风险提示风险提示风险提示:风险提示:市场的系统性风险&预期外的中美科技摩擦事件。APPENDIX 1SummaryBreaking the old,reversing the dilemma,and reshaping the 5G industry chain patternCloud network exerts force,the rapid growth of indus
30、try digitalizationGlobal IDC switch spending is expected to be$100 billion in the next five yearsRisk:Systemic risks in the market&unexpected Sino-US technological friction events12APPENDIX 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 Limited(HSIPL),Haitong Inte
31、rnational 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(“HTIRL”),Haitong Securiti
32、es 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 activities in its respectivejur
33、isdiction.HTIRL分析师认证分析师认证Analyst Certification:我,余伟民,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,Weimin Yu,certify that(i)the views expressed in this research report accurately reflect my personal views abou
34、t 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(including members of my household)have no financial int
35、erest in the security or securities of the subjectcompanies discussed.我,杨彤昕,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,Tongxin Yang,certify that(i)the views expressed in this research report accurately refl
36、ect 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(including members of my house
37、hold)have no financial interest in the security or securities of the subjectcompanies discussed.13APPENDIX 2我,纪兴,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,Xing Ji,certify that(i)the views expressed in this
38、 research report accurately reflect my 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
39、 I(including members of my household)have no financial interest in the security or securities of the subject companiesdiscussed.14APPENDIX 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
40、 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 research report is concerned,the following are the disclosure matters related to such relationship(As the
41、 followingdisclosure 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000938.CH,600498.CH,002465.CH and BABA.US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
42、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。Haitong Securities Co.,Ltd.and/or its subsidiaries(collectively,the Haitong)have a role in investment banking projects of 000938.CH,600498.CH,002465.CH andBABA.US within the past 12 months.The investment banking projects include 1.IPO projects in which Haitong acted as
43、pre-listing tutor,sponsor,or lead-underwriter;2.equity or debt refinancing projects of 000938.CH,600498.CH,002465.CH and BABA.US for which Haitong acted as sponsor,lead-underwriter orfinancial advisor;3.listing by introduction in the new three board,target placement,M&A projects in which Haitong act
44、ed as lead-brokerage firm.作为回报,海通拥有000063.CH一类普通股证券的1%或以上。The Haitong beneficially owns 1%or more of a class of common equity securities of 000063.CH.000938.CH,600498.CH 及 002465.CH目前或过去12个月内是海通的投资银行业务客户。000938.CH,600498.CH and 002465.CH are/were an investment bank clients of Haitong currently or wi
45、thin the past 12 months.15APPENDIX 2武汉华工科技企业孵化器有限责任公司,002008.CH,600522.CH,600498.CH,300017.CH,阿里巴巴(北京)软件服务有限公司,阿里巴巴(成都)软件技术有限公司,阿里巴巴(中国)网络技术有限公司,杭州阿里巴巴创业投资管理有限公司,杭州阿里巴巴泽泰信息技术有限公司 及 上海能达投资管理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。武汉华工科技企业孵化器有限责任公司,002008.CH,600522.CH,600498.CH,300017.CH,阿里巴巴(北京)
46、软件服务有限公司,阿里巴巴(成都)软件技术有限公司,阿里巴巴(中国)网络技术有限公司,杭州阿里巴巴创业投资管理有限公司,杭州阿里巴巴泽泰信息技术有限公司 and 上海能达投资管理有限公司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.600804.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。600804.CH is/w
47、as a client of Haitong currently or within the past 12 months.The client has been provided for non-securities services.海通在过去的12个月中从海通资管工行陕西烽火通信集团有限公司,陕西烽火通信集团有限公司,阿里巴巴(北京)软件服务有限公司,阿里巴巴(成都)软件技术有限公司,阿里巴巴(中国)网络技术有限公司,杭州阿里巴巴创业投资管理有限公司,杭州阿里巴巴泽泰信息技术有限公司 及 600804.CH获得除投资银行服务以外之产品或服务的报酬。Haitong has received
48、 compensation in the past 12 months for products or services other than investment banking from 海通资管工行陕西烽火通信集团有限公司,陕西烽火通信集团有限公司,阿里巴巴(北京)软件服务有限公司,阿里巴巴(成都)软件技术有限公司,阿里巴巴(中国)网络技术有限公司,杭州阿里巴巴创业投资管理有限公司,杭州阿里巴巴泽泰信息技术有限公司and 600804.CH.海通担任0941.HK,0728.HK,000063.CH 及 0700.HK有关证券的做市商或流通量提供者。Haitong acts as a m
49、arket maker or liquidity provider in the securities of 0941.HK,0728.HK,000063.CH and 0700.HK.16APPENDIX 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
50、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;其他所有中国概念股其他所有中国概念股 MSCI China.Ratings Definitions(
51、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 Research.In addition,since Haitong International
52、 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 relied upon as investment advice.An investors
53、 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 its relevant broad market benchmark,as ind
54、icated 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
55、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 MSCI Chin
56、a.17APPENDIX 2评级分布评级分布Rating Distribution18APPENDIX 2截至截至2022年年6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89.5%9.2%1.3%投资银行客户*5.9%5.6%5.0%*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统定义(直至直
57、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 China.Haitong International Equity Research Rat
58、ings Distribution,as of Jun 30,2022OutperformNeutralUnderperform(hold)HTI Equity Research Coverage89.5%9.2%1.3%IB clients*5.9%5.6%5.0%*Percentage of investment banking clients in each rating category.BUY,Neutral,and SELL in the above distribution correspond to our current ratings of Outperform,Neutr
59、al,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 stocks total return over
60、 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 purposes only of FINRA/
61、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 are as follows:Japan TOPI
62、X,Korea KOSPI,Taiwan TAIEX,India Nifty100;for all other China-concept stocks MSCIChina.19APPENDIX 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 International publishes quantita
63、tive,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 are for information only.海通国际海通国际A股
64、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 Connect scheme withShanghai and Shenzhen.
65、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 result there may be a difference in theHTI an
66、d 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 that consists of 100 of the highest-quality A
67、-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.20APPENDIX 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
68、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,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
69、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 Parties warrants or guarantees the originality,a
70、ccuracy 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 redisseminated in any form and may not be used
71、 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 liability for any errors or omissions in conne
72、ction 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.21APPENDIX 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-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
73、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
74、,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
75、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 is produced by SusallWave Digital Technolo
76、gy 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 advice for anyindividual or institution and not
77、 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 customers for receiving these data.When using the
78、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 inconsistent contents or different conclusi
79、ons 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 reserve all rights in accordance with the
80、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-editing,adaption,deletion,abbreviation,excerpts,i
81、ssuance,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.SusallWave shall not be responsible for any
82、 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 Website),it should be executed according to o
83、ther agreements.If there isany difference between this disclaim and other agreements,this disclaimer shall be applied.22APPENDIX 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 Intern
84、ational(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 IndiaPrivate 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。HTS
85、IPL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
86、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
87、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
88、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。23APPENDIX 2IMPORTANT DISCLAIMERFor research reports on non-Indian securities:The research report is issued by Haitong International Research Limited(“HTIRL”),a wholly owned subsidiary ofHaitong International Securities Group
89、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 owned subsidiary ofHTISGL and which is regul
90、ated 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(“SEBI”)registered Stock Broker,Merchant Banker
91、 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 became part of the Haitong International Secur
92、ities 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 within HTISG in their respective jurisdictions.Th
93、e 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 members within HTISG from which this research rep
94、ort 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 companies or their securities mentioned herein
95、 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 jurisdictions.If an investment product is denomi
96、nated 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 substantial risk and are not suitable for a
97、ll 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,therefore,analyze and should,where applicable,consul
98、t 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 consequential loss arising from any use of the mat
99、erials contained in this research report.24APPENDIX 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 orshort positions in,act as principal in,and buy or sell,the securities or derivatives,i
100、f any,referred to in this research report.Sales,traders,and other professionals ofHTISG may provide oral or written market commentary or trading strategies to the relevant clients and the companies within HTISG that reflect opinions that arecontrary to the opinions expressed in this research report.
101、HTISG may make investment decisions that are inconsistent with the recommendations or viewsexpressed in this research report.HTI is under no obligation to ensure that such other trading decisions,ideas or recommendations are brought to the attention ofany recipient of this research report.Please ref
102、er to HTIs website for further information on HTIs organizational and administrative arrangements set up for the preventionand avoidance of conflicts of interest with respect to Research.Non U.S.Analyst Disclosure:The HTI analyst(s)listed on the cover of this Research is(are)not registered or qualif
103、ied as a research analyst with FINRA and are notsubject to U.S.FINRA Rule 2241 restrictions on communications with companies that are the subject of the Research;public appearances;and trading securities bya research analyst.25APPENDIX 2分发和地区通知:分发和地区通知:除非下文另有规定,否则任何希望讨论本报告或者就本项研究中讨论的任何证券进行任何交易的收件人均应
104、联系其所在国家或地区的海通国际销售人员。香港投资者的通知事项:香港投资者的通知事项:海通国际证券股份有限公司(“HTISCL”)负责分发该研究报告,HTISCL是在香港有权实施第1类受规管活动(从事证券交易)的持牌公司。该研究报告并不构成证券及期货条例(香港法例第571章)(以下简称“SFO”)所界定的要约邀请,证券要约或公众要约。本研究报告仅提供给SFO所界定的“专业投资者”。本研究报告未经过证券及期货事务监察委员会的审查。您不应仅根据本研究报告中所载的信息做出投资决定。本研究报告的收件人就研究报告中产生或与之相关的任何事宜请联系HTISCL销售人员。美国投资者的通知事项:美国投资者的通知事
105、项:本研究报告由HTIRL,HSIPL或HTIJKK编写。HTIRL,HSIPL,HTIJKK以及任何非HTISG美国联营公司,均未在美国注册,因此不受美国关于研究报告编制和研究分析人员独立性规定的约束。本研究报告提供给依照1934年“美国证券交易法”第15a-6条规定的豁免注册的美国主要机构投资者(“Major U.S.Institutional Investor”)和机构投资者(”U.S.Institutional Investors”)。在向美国机构投资者分发研究报告时,HaitongInternational Securities(USA)Inc.(“HTI USA”)将对报告的内容负
106、责。任何收到本研究报告的美国投资者,希望根据本研究报告提供的信息进行任何证券或相关金融工具买卖的交易,只能通过HTI USA。HTI USA位于340 Madison Avenue,12th Floor,New York,NY 10173,电话(212)351-6050。HTI USA是在美国于U.S.Securities and Exchange Commission(“SEC”)注册的经纪商,也是Financial Industry Regulatory Authority,Inc.(“FINRA”)的成员。HTIUSA不负责编写本研究报告,也不负责其中包含的分析。在任何情况下,收到本研究
107、报告的任何美国投资者,不得直接与分析师直接联系,也不得通过HSIPL,HTIRL或HTIJKK直接进行买卖证券或相关金融工具的交易。本研究报告中出现的HSIPL,HTIRL或HTIJKK分析师没有注册或具备FINRA的研究分析师资格,因此可能不受FINRA第2241条规定的与目标公司的交流,公开露面和分析师账户持有的交易证券等限制。投资本研究报告中讨论的任何非美国证券或相关金融工具(包括ADR)可能存在一定风险。非美国发行的证券可能没有注册,或不受美国法规的约束。有关非美国证券或相关金融工具的信息可能有限制。外国公司可能不受审计和汇报的标准以及与美国境内生效相符的监管要求。本研究报告中以美元以
108、外的其他货币计价的任何证券或相关金融工具的投资或收益的价值受汇率波动的影响,可能对该等证券或相关金融工具的价值或收入产生正面或负面影响。美国收件人的所有问询请联系:Haitong International Securities(USA)Inc.340 Madison Avenue,12th FloorNew York,NY 10173联系人电话:(212)351 605026APPENDIX 2DISTRIBUTION AND REGIONAL NOTICESExcept as otherwise indicated below,any Recipient wishing to discus
109、s this research report or effect any transaction in any security discussed in HTIs research shouldcontact the Haitong International salesperson in their own country or region.Notice to Hong Kong investors:The research report is distributed by Haitong International Securities Company Limited(“HTISCL”
110、),which is a licensed corporation tocarry on Type 1 regulated activity(dealing in securities)in Hong Kong.This research report does not constitute a solicitation or an offer of securities or an invitationto the public within the meaning of the SFO.This research report is only to be circulated to Pro
111、fessional Investors as defined in the SFO.This research report hasnot been reviewed by the Securities and Futures Commission.You should not make investment decisions solely on the basis of the information contained in thisresearch report.Recipients of this research report are to contact HTISCL sales
112、persons in respect of any matters arising from,or in connection with,the researchreport.Notice to U.S.investors:As described above,this research report was prepared by HTIRL,HSIPL or HTIJKK.Neither HTIRL,HSIPL,HTIJKK,nor any of the non U.S.HTISG affiliates is registered in the United States and,ther
113、efore,is not subject to U.S.rules regarding the preparation of research reports and the independence ofresearch analysts.This research report is provided for distribution to“major U.S.institutional investors”and“U.S.institutional investors”in reliance on theexemption from registration provided by Ru
114、le 15a-6 of the U.S.Securities Exchange Act of 1934,as amended.When distributing research reports to“U.S.institutional investors,”HTI USA will accept the responsibilities for the content of the reports.Any U.S.recipient of this research report wishing to effect anytransaction to buy or sell securiti
115、es or related financial instruments based on the information provided in this research report should do so only through HaitongInternational Securities(USA)Inc.(“HTI USA”),located at 340 Madison Avenue,12th Floor,New York,NY 10173,USA;telephone(212)351 6050.HTI USA is a broker-dealer registered in t
116、he U.S.with the U.S.Securities and Exchange Commission(the“SEC”)and a member of the Financial Industry Regulatory Authority,Inc.(“FINRA”).HTI USA is not responsible for the preparation of this research report nor for the analysis contained therein.Under no circumstances should any U.S.recipient of t
117、his research report contact the analyst directly or effect any transaction to buy or sell securities or related financial instruments directly through HSIPL,HTIRL or HTIJKK.The HSIPL,HTIRL or HTIJKK analyst(s)whose name appears in this research report is not registered or qualified as a research ana
118、lyst with FINRA and,therefore,may not be subject to FINRA Rule 2241 restrictions on communications with a subject company,public appearances and trading securities held by aresearch analyst account.Investing in any non-U.S.securities or related financial instruments(including ADRs)discussed in this
119、research report may present certainrisks.The securities of non-U.S.issuers may not be registered with,or be subject to U.S.regulations.Information on such non-U.S.securities or related financialinstruments may be limited.Foreign companies may not be subject to audit and reporting standards and regul
120、atory requirements comparable to those in effectwithin the U.S.The value of any investment or income from any securities or related financial instruments discussed in this research report denominated in acurrency other than U.S.dollars is subject to exchange rate fluctuations that may have a positiv
121、e or adverse effect on the value of or income from such securities orrelated financial instruments.All inquiries by U.S.recipients should be directed to:27APPENDIX 2Haitong International Securities(USA)Inc.340 Madison Avenue,12thFloorNew York,NY 10173Attn:Sales Desk at(212)351 6050中华人民共和国的通知事项:中华人民共
122、和国的通知事项:在中华人民共和国(下称“中国”,就本报告目的而言,不包括香港特别行政区、澳门特别行政区和台湾)只有根据适用的中国法律法规而收到该材料的人员方可使用该材料。并且根据相关法律法规,该材料中的信息并不构成“在中国从事生产、经营活动”。本文件在中国并不构成相关证券的公共发售或认购。无论根据法律规定或其他任何规定,在取得中国政府所有的批准或许可之前,任何法人或自然人均不得直接或间接地购买本材料中的任何证券或任何实益权益。接收本文件的人员须遵守上述限制性规定。加拿大投资者的通知事项:加拿大投资者的通知事项:在任何情况下该等材料均不得被解释为在任何加拿大的司法管辖区内出售证券的要约或认购证券
123、的要约邀请。本材料中所述证券在加拿大的任何要约或出售行为均只能在豁免向有关加拿大证券监管机构提交招股说明书的前提下由Haitong International Securities(USA)Inc.(“HTIUSA”)予以实施,该公司是一家根据National Instrument 31-103 Registration Requirements,Exemptions and Ongoing Registrant Obligations(“NI 31-103”)的规定得到国际交易商豁免(“International Dealer Exemption”)的交易商,位于艾伯塔省、不列颠哥伦比亚省、
124、安大略省和魁北克省。在加拿大,该等材料在任何情况下均不得被解释为任何证券的招股说明书、发行备忘录、广告或公开发行。加拿大的任何证券委员会或类似的监管机构均未审查或以任何方式批准该等材料、其中所载的信息或所述证券的优点,任何与此相反的声明即属违法。在收到该等材料时,每个加拿大的收件人均将被视为属于National Instrument 45-106 Prospectus Exemptions第1.1节或者Securities Act(Ontario)第73.3(1)节所规定的认可投资者(“Accredited Investor”),或者在适用情况下NationalInstrument 31-10
125、3第1.1节所规定的许可投资者(“Permitted Investor”)。新加坡投资者的通知事项:新加坡投资者的通知事项:本研究报告由Haitong International Securities(Singapore)Pte Ltd(“HTISSPL”)公司注册编号201311400G 于新加坡提供。HTISSPL是符合财务顾问法(第110章)(“FAA”)定义的豁免财务顾问,可(a)提供关于证券,集体投资计划的部分,交易所衍生品合约和场外衍生品合约的建议(b)发行或公布有关证券、交易所衍生品合约和场外衍生品合约的研究分析或研究报告。本研究报告仅提供给符合证券及期货法(第289章)第4A条
126、项下规定的机构投资者。对于因本研究报告而产生的或与之相关的任何问题,本研究报告的收件人应通过以下信息与HTISSPL联系:Haitong International Securities(Singapore)Pte.Ltd50 Raffles Place,#33-03 Singapore Land Tower,Singapore 048623电话:(65)6536 192028APPENDIX 2日本投资者的通知事项:日本投资者的通知事项:本研究报告由海通国际证券有限公司所发布,旨在分发给从事投资管理的金融服务提供商或注册金融机构(根据日本金融机构和交易法(“FIEL”)第61(1)条,第17
127、-11(1)条的执行及相关条款)。英国及欧盟投资者的通知事项:英国及欧盟投资者的通知事项:本报告由从事投资顾问的Haitong International Securities Company Limited所发布,本报告只面向有投资相关经验的专业客户发布。任何投资或与本报告相关的投资行为只面对此类专业客户。没有投资经验或相关投资经验的客户不得依赖本报告。Haitong International SecuritiesCompany Limited的分支机构的净长期或短期金融权益可能超过本研究报告中提及的实体已发行股本总额的0.5。特别提醒有些英文报告有可能此前已经通过中文或其它语言完成发布。
128、澳大利亚投资者的通知事项:澳大利亚投资者的通知事项:Haitong International Securities(Singapore)Pte Ltd,Haitong International Securities Company Limited和Haitong InternationalSecurities(UK)Limited分别根据澳大利亚证券和投资委员会(以下简称“ASIC”)第03/1102、03/1103或03/1099号规章在澳大利亚分发本项研究,该等规章免除了根据2001年公司法在澳大利亚为批发客户提供金融服务时海通国际需持有澳大利亚金融服务许可的要求。ASIC的规章副本可
129、在以下网站获取:www.legislation.gov.au。海通国际提供的金融服务受外国法律法规规定的管制,该等法律与在澳大利亚所适用的法律存在差异。印度投资者的通知事项:印度投资者的通知事项: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 IndiaPrivate Limited(“HTSIPL”)所发布,包括制作及发布涵盖BSE Limited(“BSE”)和National Stock Exchange of India Limited(“NSE”)(统称
130、为印度交易所)研究报告。本项研究仅供收件人使用,未经海通国际的书面同意不得予以复制和再次分发。版权所有:海通国际证券集团有限公司2019年。保留所有权利。29APPENDIX 2Peoples Republic of China(PRC):In the PRC,the research report is directed for the sole use of those who receive the research report in accordance with theapplicable PRC laws and regulations.Further,the informati
131、on on the research report does not constitute production and business activities in the PRC underrelevant PRC laws.This research report does not constitute a public offer of the security,whether by sale or subscription,in the PRC.Further,no legal or naturalpersons of the PRC may directly or indirect
132、ly purchase any of the security or any beneficial interest therein without obtaining all prior PRC government approvals orlicenses that are required,whether statutorily or otherwise.Persons who come into possession of this research are required to observe these restrictions.Notice to Canadian Invest
133、ors:Under no circumstances is this research report to be construed as an offer to sell securities or as a solicitation of an offer to buysecurities in any jurisdiction of Canada.Any offer or sale of the securities described herein in Canada will be made only under an exemption from the requirements
134、tofile a prospectus with the relevant Canadian securities regulators and only by Haitong International Securities(USA)Inc.,a dealer relying on the“international dealerexemption”under National Instrument 31-103 Registration Requirements,Exemptions and Ongoing Registrant Obligations(“NI 31-103”)in Alb
135、erta,British Columbia,Ontario and Quebec.This research report is not,and under no circumstances should be construed as,a prospectus,an offering memorandum,an advertisement or apublic offering of any securities in Canada.No securities commission or similar regulatory authority in Canada has reviewed
136、or in any way passed upon this researchreport,the information contained herein or the merits of the securities described herein and any representation to the contrary is an offence.Upon receipt of thisresearch report,each Canadian recipient will be deemed to have represented that the investor is an“
137、accredited investor”as such term is defined in section 1.1 ofNational Instrument 45-106 Prospectus Exemptions or,in Ontario,in section 73.3(1)of the Securities Act(Ontario),as applicable,and a“permitted client”as suchterm is defined in section 1.1 of NI 31-103,respectively.Notice to Singapore invest
138、ors:This research report is provided in Singapore by or through Haitong International Securities(Singapore)Pte Ltd(“HTISSPL”)Co RegNo 201311400G.HTISSPL is an Exempt Financial Adviser under the Financial Advisers Act(Cap.110)(“FAA”)to(a)advise on securities,units in a collective investmentscheme,exc
139、hange-traded derivatives contracts and over-the-counter derivatives contracts and(b)issue or promulgate research analyses or research reports onsecurities,exchange-traded derivatives contracts and over-the-counter derivatives contracts.This research report is only provided to institutional investors
140、,withinthe meaning of Section 4A of the Securities and Futures Act(Cap.289).Recipients of this research report are to contact HTISSPL via the details below in respect ofany matters arising from,or in connection with,the research report:30APPENDIX 2Haitong International Securities(Singapore)Pte.Ltd.1
141、0 Collyer Quay,#19-01-#19-05 Ocean Financial Centre,Singapore 049315Telephone:(65)6536 1920 Notice to Japanese investors:This research report is distributed by Haitong International Securities Company Limited and intended to be distributed to FinancialServices Providers or Registered Financial Insti
142、tutions engaged in investment management(as defined in the Japan Financial Instruments and Exchange Act(FIEL)Art.61(1),Order for Enforcement of FIEL Art.17-11(1),and related articles).Notice to UK and European Union investors:This research report is distributed by Haitong International Securities Co
143、mpany Limited.This research is directed atpersons having professional experience in matters relating to investments.Any investment or investment activity to which this research relates is available only tosuch persons or will be engaged in only with such persons.Persons who do not have professional
144、experience in matters relating to investments should not rely on thisresearch.Haitong International Securities Company Limiteds affiliates may have a net long or short financial interest in excess of 0.5%of the total issued sharecapital of the entities mentioned in this research report.Please be awa
145、re that any report in English may have been published previously in Chinese or anotherlanguage.Notice to Australian investors:The research report is distributed in Australia by Haitong International Securities(Singapore)Pte Ltd,Haitong International SecuritiesCompany Limited,and Haitong Internationa
146、l Securities(UK)Limited in reliance on ASIC Class Order 03/1102,03/1103 or 03/1099,respectively,which exempts thoseHTISG entities from the requirement to hold an Australian financial services license under the Corporations Act 2001 in respect of the financial services it provides towholesale clients
147、 in Australia.A copy of the ASIC Class Orders may be obtained at the following website,www.legislation.gov.au.Financial services provided byHaitong International Securities(Singapore)Pte Ltd,Haitong International Securities Company Limited,and Haitong International Securities(UK)Limited areregulated
148、 under foreign laws and regulatory requirements,which are different from the laws applying in Australia.Notice to Indian investors:The research report is distributed by Haitong Securities India Private Limited(“HSIPL”),an Indian company and a Securities and ExchangeBoard of India(“SEBI”)registered S
149、tock Broker,Merchant Banker and Research Analyst that,inter alia,produces and distributes research reports covering listedentities on the BSE Limited(“BSE”)and the National Stock Exchange of India Limited(“NSE”)(collectively referred to as“Indian Exchanges”).This research report is intended for the recipients only and may not be reproduced or redistributed without the written consent of an authorized signatory of HTISG.Copyright:Haitong International Securities Group Limited 2019.All rights reserved.http:/