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1、 Table_yemei1 观点聚焦 Investment Focus Table_yejiao1 本研究报告由海通国际分销,海通国际是由海通国际研究有限公司,海通证券印度私人有限公司,海通国际株式会社和海通国际证券集团其他各成员单位的证券研究团队所组成的全球品牌,海通国际证券集团各成员分别在其许可的司法管辖区内从事证券活动。关于海通国际的分析师证明,重要披露声明和免责声明,请参阅附录。(Please see appendix for English translation of the disclaimer)研究报告 Research Report 28 Aug 2022 中国汽车中国汽车
2、China Autos 特斯拉 Cybertruck 全解析:跨时代电动皮卡 Full Analysis of Tesla Cybertruck:Cross Era Electric Pickup Table_Info 股票名称 评级 股票名称 评级 比亚迪 Outperform 继峰股份 Outperform 长安汽车 Outperform 岱美股份 Outperform 赛力斯 Outperform 银轮股份 Outperform 福耀玻璃 Outperform 精锻科技 Outperform 拓普集团 Outperform 浙江仙通 Outperform 德赛西威 Outperform
3、宁波高发 Outperform 华域汽车 Outperform 星宇股份 Outperform 伯特利 Outperform 江淮汽车 Outperform 华阳集团 Outperform 科博达 Outperform 均胜电子 Outperform 广汇汽车 Outperform 新泉股份 Outperform 爱柯迪 Outperform 资料来源:Factset,HTI Related Reports 特斯拉 V4 超充探讨(Discussion on Tesla Supercharging V4)(20 Aug 2022)(Please see APPENDIX 1 for Engli
4、sh summary)1.Cybertruck:特斯拉全新电动皮卡:特斯拉全新电动皮卡 Tesla Cybertruck 是特斯拉研发即将上市的纯电动皮卡。发布会上共公布了三个型号,其中三电机四驱版百公里加速突破 3s,达到2.9s,续航达 804KM。相比同类提速性能更好、续航更长。2.Cybertruck 独特黑科技之一:独特黑科技之一:30X 冷轧不锈钢冷轧不锈钢 Cybertruck 采用特斯拉自研的 30X 冷轧不锈钢材质,硬度相比普通铝合金更硬。由于材料过硬,特斯拉选择采用楔形设计完成整车模型设计。3.Cybertruck 独特黑科技之二:车顶光伏独特黑科技之二:车顶光伏 车顶光伏
5、的一个重要作用是维持电池低温管理,整车热管理系统所需耗电,显著改善车辆长时间停止所导致的锂电池掉电现象。我们认为,随着 topcon 光伏以及其他种类光伏的转换率不断提升,车顶光伏将成为新能源车一个重要的备用能量来源。4.Cybertruck 强大牵引力:高达强大牵引力:高达 14000 磅磅 作为皮卡,牵引场景具有较大需求,Cypertruck 具有高达 14,000 磅的牵引能力,可轻松应对大部分牵引场景牵引力,且牵引力大于福特经典皮卡 F 系列,在同类中处于优秀水平。5.Cybertruck 美国市场空间:投产后有望受益于北美渗透率快速提美国市场空间:投产后有望受益于北美渗透率快速提升升
6、:我们假设 cybertruck 的渗透率 20%计算市场空间,以标配版 4.99 万美元计算单车价格,在 20%的渗透率下,仅北美市场空间就接近300 亿美元,折合人民币超 2000 亿。6.Cybertruck 中国市场:各地政策渐松绑,高端皮卡市场方兴未艾中国市场:各地政策渐松绑,高端皮卡市场方兴未艾 皮卡在国内不流行的原因主要有两点:1.进城问题,2.汽车登记注册问题。这两点随着各地政策的逐渐松绑而逐步放开,皮卡车或将迎来机遇。从结构上看,中国皮卡销量偏向低端皮卡,售价在 5-20 万之间,且普遍为燃油车,电动皮卡尚待放量,中国皮卡市场的电动化、高端化仍未开始。我们看好 Cybertr
7、uck 对国产皮卡市场的激活与革新效应。7.Cybertruck 潜在国内供应商:不锈钢车身、防弹玻璃、热管理系潜在国内供应商:不锈钢车身、防弹玻璃、热管理系统新增空间大统新增空间大 我们认为,Cybertruck量产后新增的零部件主要有如下三个:1)全新的不锈钢车身,2)采用的防弹玻璃,3)电动皮卡车热管理系统。其中车身 我们看好冷轧不锈钢企业国产替代。8.未来皮卡形态展望:电动皮卡或成主流未来皮卡形态展望:电动皮卡或成主流 电动皮卡的两个独特优点:加速性能快、拖挂房车或额外车仓牵引力较大 Table_Author Yijie Wu 金云涛金云涛 Yuntao Jin 50751001251
8、50Aug-21Nov-21Feb-22May-22Aug-22HAI China AutosMSCI China 28 Aug 2022 2 Table_header2 中国汽车中国汽车 1.Cybertruck:特斯拉全新电动皮卡:特斯拉全新电动皮卡 Tesla Cybertruck 是特斯拉研发的即将上市的纯电动皮卡。发布会上共公布了三个型号,基础款为单电机后轮驱动,续航里程为 400km,0 至 60 码加速时间为 6.5秒;性能款双电机全轮驱动版本续航里程为 480km,加速时间为 4.5 秒;最高性能款为三电机全轮驱动续航里程为 800km,加速时间为 2.9 秒。图表图表1 Te
9、sla Cybertruck 资料来源:特斯拉官网,海通国际 发布会上共公布了三个型号,基础款为单电机后轮驱动,续航里程为 400km,0 至 60 码加速时间为 6.5 秒;性能款双电机全轮驱动版本续航里程为 480km,加速时间为 4.5 秒;最高性能款为三电机全轮驱动续航里程为 800km,加速时间为 2.9秒。我们将 Cybertruck 的各项参数与竞品皮卡做对比,发现特斯拉皮卡在各项性能中都位于前列。其中三电机四驱版百公里加速突破 3s,达到 2.9s,续航达 804KM。相比同类提速性能更好、续航更长。8XrVeXdYpZiXtXfWaQ9RbRmOmMtRoMeRpPvNeRo
10、NmM7NqRnNMYpMzQMYtQtR 28 Aug 2022 3 Table_header2 中国汽车中国汽车 图表图表2 三款竞品电动皮卡参数对比三款竞品电动皮卡参数对比 车型 特斯拉 Cyber truck Rivian R1T/R1S HUMMER EV2X/EV3X 动力总成 单电机后驱版/双电机四驱版/三电机四驱版 四台电机驱动 双电机四驱/三电机四驱 尺寸 5885*2027*1905mm 5474*1710*1815mm 百公里加速(秒)6.5/4.5/2.9 4.9/3/3.2 无/3.5 续航(公里)402/483/804 370/480/640 563 最大输出功率(
11、马力)800 800 625 马力/830 马力 最大扭矩(N.m)14000 14000 10033/15592 重量 3.4 吨/4.5 吨/6.4 吨 2.6 吨 价格(美元)3.99 万/4.99 万/6.99 万 7.5 万 7.99 万/9.99 万 资料来源:Marklines,海通国际 2.Cybertruck 独特黑科技独特黑科技之一之一:30X 冷轧不锈钢车身冷轧不锈钢车身 皮卡车身材质的变化值得我们关注,以福特 F150 为例,福特 F150 电动皮卡采用 6000 系铝合金打造大部分车身,其中铝材用量占比约 77%。整车重量减轻约317.5 kg,有效提升能源运用效率。
12、28 Aug 2022 4 Table_header2 中国汽车中国汽车 图表图表3 福特福特 F150 铝制车身铝制车身 资料来源:福特,海通国际 特斯拉 Cybertruck 的方案更为激进,采用特斯拉自研的 30X 冷轧不锈钢材质,硬度相比普通铝合金更硬。但由于材料过硬,特斯拉选择采用楔形设计完成整车模型设计。更好的车身材质有效提高了车身的安全性,结构采用的是介于承载式和非承载式车身的半承载式车身结构,优点是轻量化好,但车体本身承载能力较弱。图表图表4 特斯拉特斯拉 Cybertruck 楔形设计楔形设计不锈钢不锈钢车身车身 资料来源:特斯拉,海通国际 28 Aug 2022 5 Tab
13、le_header2 中国汽车中国汽车 3.Cybertruck 独特黑科技之二:车顶光伏独特黑科技之二:车顶光伏 针对新能源车补能方案,马斯克给出了一个独特的方案:车顶光伏无感补能。即在车后顶安装一块光伏板,为新能源车电池补能,提供能源。图表图表5 Cybertruck 车顶光伏车顶光伏 资料来源:特斯拉官网,海通国际 车顶光伏的一个重要作用是无感知补能,维持电池低温管理,整车热管理系统所需耗电,显著改善车辆长时间停止所导致的锂电池掉电现象。特斯拉车顶光伏在理想光照条件下单日发电可实现短续航补能及应急条件下的能量消耗。我们认为,随着 topcon 光伏以及其他种类光伏的转换率不断提升,车顶光
14、伏将成为新能源车一个重要的备用能量来源。4.Cybertruck 强大牵引力:高达强大牵引力:高达 14000 磅磅 作为皮卡,牵引场景具有较大需求,Cypertruck 具有强大的拉力和高达 14,000磅的牵引能力,可轻松应对大部分牵引场景牵引力,且牵引力大于福特经典皮卡 F系列,在同类中处于优秀水平。28 Aug 2022 6 Table_header2 中国汽车中国汽车 图表图表6 Cybertruck 拖挂能力拖挂能力 资料来源:特斯拉,海通国际 在北美地区,房车/仓库拖挂是重要的一项需求,Cybertruck 的强大牵引力相比同级别车辆可拖挂空间更大,级别更高的房车,产品力更强。5
15、.Cybertruck 美国美国市场空间:市场空间:投产后有望投产后有望受益于受益于北美渗透率快速提北美渗透率快速提升升 美国皮卡市场成熟:2015-2020年间,美国市场皮卡车渗透率不断上升,目前已经接近 20%,且未来仍有望进一步上升。图表图表7 2015-2020 年年美国皮卡车渗透率美国皮卡车渗透率(%)资料来源:Marklines,海通国际 受疫情影响,2021 年,美国皮卡市场销量 284 万辆,同比下降 3.14%。我们认为,疫情造成全球供应链不稳定的大背景下,全球对皮卡车的需求有望进一步增长。14.20%15%16%16.50%17.70%19.60%0.00%5.00%10.
16、00%15.00%20.00%25.00%2001820192020 28 Aug 2022 7 Table_header2 中国汽车中国汽车 图表图表8 2021 年美国皮卡车销量(辆)年美国皮卡车销量(辆)资料来源:皮卡车市,海通国际 美国市场空间测算:我们假设 cybertruck 的渗透率分别达 5%,10%,20%计算市场空间,以标配版4.99 万美元计算单车价格,在 20%的渗透率下,仅北美市场空间就接近 300 亿美元,折合人民币超 2000 亿。图表图表9 Cybertruck 美国市场空间测算美国市场空间测算 渗透率渗透率 销量(销量(万万辆)辆)市场空
17、间(亿市场空间(亿美元美元)5%14.21 70.92 10%28.42 141.84 20%56.85 283.67 资料来源:海通国际 6.Cybertruck 中国市场中国市场:各地政策渐松绑,:各地政策渐松绑,高端高端皮卡皮卡市场方兴未艾市场方兴未艾 中国皮卡市场空间大:据中国汽车工业协会数据统计,2021 年我国皮卡实现销量 55.4 万辆,同比增长12.9%,占全国汽车总销量的 2.11%。2021 年中国皮卡柴油车销量为 42.2 万辆,占全国皮卡总销量的 76.17%;汽油车销量为 13 万辆,销量占比为 23.47%。28 Aug 2022 8 Table_header2 中
18、国汽车中国汽车 皮卡在国内不流行的原因主要有两点:1.进城问题,2.汽车登记注册问题。这两点随着各地政策的逐渐松绑而逐步放开,皮卡车或将迎来机遇。自 2018 年起,各地陆续推出了多种措施以刺激皮卡消费市场。根据我们的政策梳理,目前主要城市皮卡车均已实现取消禁行及正在考虑取消禁行阶段。我们认为,随着有关部门对汽车消费市场的促进力度不断增大,各地将陆续放开对皮卡车的限行措施,皮卡市场将迎来新机遇。图表图表10 各地放开皮卡政策梳理各地放开皮卡政策梳理 发布时间 省市 政策内容 2018.7 辽宁 关于进一步放宽皮卡车进城限制的通知,省内 14 城放宽进城限制 2018.12 全国 交通部通知取消
19、 4.5 吨以下普通货运车辆道路运输证和从业资格证 2019.6 山东济南 允许多用途货车与新能源货车的轻型微型载货汽车的城市道路 2019.12 吉林 关于加快发展促进商业消费的若干举措,取消皮卡进城和通行限制 2020.4 江西 强调落实取消皮卡进城限制措施,取消要落实到位 2020.5 陕西 适当放款或取消皮卡进城限制 2020.6 湖北 在全省范围内提出皮卡解禁 2020.7 上海市 进一步放宽“轻型多用途货车”的注册登记条件 2020.12 武汉 除早晚高峰时段,允许本埠多用途货车通行本市货车限行区域及道路 2021.11 黑龙江哈尔滨 皮卡车全天不受禁行道路和禁行时间的限制 202
20、2.6 四川成都 研究制定除特殊时段、特殊区域外,取消或放宽皮卡车进城限制的相关措施。资料来源:各地官网,海通国际 复盘中国皮卡销量,我们发现,中国皮卡市场连年增长,在 2021 年销量首次突破 50 万大关,我们预计,随着政策得松绑与需求的释放,中国皮卡市场销量将进一步快速增长。28 Aug 2022 9 Table_header2 中国汽车中国汽车 图表图表11 2015-2021 年中国皮卡车销量(辆)年中国皮卡车销量(辆)资料来源:乘联会,海通国际 从结构上看,中国皮卡销量偏向低端皮卡,售价在 5-20 万之间,且普遍为燃油车,电动皮卡尚待放量,中国皮卡市场的电动化、高端化仍未开始。我
21、们看好Cybertruck 对国产皮卡市场的激活与革新效应。图表图表12 国产皮卡品牌销量国产皮卡品牌销量 品牌名品牌名 销量(辆)销量(辆)同比增长同比增长 长城皮卡长城皮卡 184873-7.3%江铃皮卡江铃皮卡 60459 3.8%江西五十铃江西五十铃 40981 12.4%郑州日产郑州日产 40831 21.0%福田皮卡福田皮卡 15966 25.7%上汽大通上汽大通 13413 30.1%江淮皮卡江淮皮卡 13091 25.1%长安皮卡长安皮卡 7698-27.3%庆玲皮卡庆玲皮卡 6954-14.7%中兴皮卡中兴皮卡 6375-34.9%资料来源:乘联会,海通国际 7.Cybert
22、ruck 潜在国内供应商:潜在国内供应商:不锈钢不锈钢车身车身、防弹玻璃、热管理系、防弹玻璃、热管理系统新增空间大统新增空间大 我们认为,Cybertruck 量产后新增的零部件主要有如下三个:1)全新的不锈钢车身,2)采用的防弹玻璃,3)电动皮卡车热管理系统。Cybertruck 采用特斯拉 Space X 旗下星舰 Starship 的同款航天级别 30 x 不锈钢合金材料,随着 Cybertruck 订单的逐步释放,该款不锈钢需求不断增加,我们看好国产替代的可能性,国内高端冷轧不锈钢企业将有望代替。35.93742.347.545.249.155.4-10.00%-5.00%0.00%5
23、.00%10.00%15.00%20.00%00200021中国皮卡销量(万辆)左轴同比(%)右轴 28 Aug 2022 10 Table_header2 中国汽车中国汽车 图表图表13 SpaceX Starship 资料来源:Space X,海通国际 Cybertruck 全新采用的防弹玻璃,与普通玻璃有所不同,抗冲击能力及强度更强,整车安全性将有望提升到一个新的台阶,是一个全新的市场。28 Aug 2022 11 Table_header2 中国汽车中国汽车 图表图表14 Cybertruck 防弹玻璃防弹玻璃 资料来源
24、:,海通国际 同时新能源皮卡对热管理的需求及单车价值量均有提升,我们看好整车热管理系统的价值量提升至 10000 元,我们认为,电动皮卡各项热管理具有更重要的作用。8.未来皮卡形态展望:电动皮卡或成主流未来皮卡形态展望:电动皮卡或成主流 电动皮卡的两个独特优点:加速性能快、拖挂房车或额外车仓牵引力较大 加速性能快摆脱了皮卡这一笨重的形象,操控性更强,安全性能更强。其中,三电机版 Cybertruck 在理想条件下百公里加速甚至可以超越 911。大牵引力使得皮卡运输这一核心功能得到增强,让皮卡拥有了更大、更强的运输能力。28 Aug 2022 12 Table_header2 中国汽车中国汽车
25、图表图表15 特斯拉皮卡特斯拉皮卡发布会发布会 资料来源:特斯拉挂网,海通国际 加速性能快摆脱了皮卡这一笨重的形象,操控性更强,安全性能更强。大牵引力使得皮卡运输这一核心功能得到增强,让皮卡能运输更多货物或搭载更多房车,但如何解决运输货物的情况下续航减少的问题仍有待研究。因此,电动车在皮卡主要应用场景下均可以胜任,我们看好长期皮卡电动化,智能化的趋势。28 Aug 2022 13 Table_header2 中国汽车中国汽车 APPENDIX 1 Summary 1.Cybertruck:Teslas new electric pickup Tesla cybertruck is a pure
26、 electric pickup truck that Tesla has developed and will soon be launched.At the press conference,three models were announced,of which the three motor 4WD version had a 100 kilometer acceleration of more than 3S,reaching 2.9s and a endurance of 804km.It has better acceleration performance and longer
27、 endurance compared with the same type.2.Cybertrucks unique black Technology:30 x cold rolled stainless steel Cybertruck is made of 30 x cold rolled stainless steel developed by Tesla,which is harder than ordinary aluminum alloy.Due to the hard material,Tesla chose wedge design to complete the vehic
28、le model design.3.Cybertrucks unique black Technology II:roof photovoltaic An important role of roof photovoltaic is to maintain the low-temperature management of the battery.The power consumption required by the thermal management system of the whole vehicle can significantly improve the power loss
29、 of the lithium battery caused by the long-term stop of the vehicle.We believe that with the continuous improvement of the conversion rate of TOPCON PV and other types of PV,roof PV will become an important backup energy source for new energy vehicles.4.Powerful traction of cybertruck:up to 14000 po
30、unds As a pickup truck,there is a great demand for traction scenarios.Cypertrack has a traction capacity of up to 14000 pounds,which can easily cope with the traction force of most traction scenarios.Moreover,the traction force is greater than that of the Ford classic pickup F series,which is at an
31、excellent level in the same category.5.Cybertrucks market space in the United States:it is expected to benefit from the rapid increase in North Americas penetration after it is put into production:We assume that cybertrucks penetration rate is 20%to calculate the market space,and the price of a sing
32、le car is calculated with the standard version of 49900 US dollars.Under the penetration rate of 20%,the market space in North America alone is close to 30 billion US dollars,equivalent to more than 200 billion yuan.6.Cybertruck China market:local policies are gradually loosened,and the high-end pic
33、kup market is in the ascendant There are two main reasons why pickup trucks are not popular in China:1.The problem of entering the city;2.The problem of car registration.These two points will be gradually liberalized with the gradual loosening of local policies,and pickup trucks may usher in opportu
34、nities.From the perspective of structure,the sales volume of pickup trucks in China tends to be low-end pickup trucks,with a price of ,and most of them are fuel vehicles.The electric pickup trucks are still to be sold in large quantities,and the electrification and high-end development o
35、f the pickup truck market in China has not yet started.We are optimistic about the activation and innovation effect of cybertruck on the domestic pickup market.7.Potential domestic suppliers of cybertruck:stainless steel body,bulletproof glass and thermal management system have large new space We be
36、lieve that the new parts added after cybertruck mass production mainly include the following three parts:1)new stainless steel body,2)bulletproof glass,and 3)thermal management system of electric pickup truck.Among them,we are optimistic about the domestic substitution of cold-rolled stainless steel
37、 enterprises such as Yongjin Co.,Ltd.8.Prospect of future pickup form:electric pickup may become mainstream Two unique advantages of electric pickup truck:fast acceleration performance,large traction of trailer or additional cabin.14 Table_APPENDIX Table_disclaimer 附录附录APPENDIX 重要信息披露重要信息披露 本研究报告由海通
38、国际分销,海通国际是由海通国际研究有限公司(HTIRL),Haitong Securities India Private Limited(HSIPL),Haitong International Japan K.K.(HTIJKK)和海通国际证券有限公司(HTISCL)的证券研究团队所组成的全球品牌,海通国际证券集团(HTISG)各成员分别在其许可的司法管辖区内从事证券活动。IMPORTANT DISCLOSURES This research report is distributed by Haitong International,a global brand name for the
39、 equity research teams of Haitong International Research Limited(“HTIRL”),Haitong Securities India Private Limited(“HSIPL”),Haitong International Japan K.K.(“HTIJKK”),Haitong International Securities Company Limited(“HTISCL”),and any other members within the Haitong International Securities Group of
40、 Companies(“HTISG”),each authorized to engage in securities activities in its respective jurisdiction.HTIRL分析师认证分析师认证Analyst Certification:我,Yijie Wu,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,Yijie Wu,cert
41、ify 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 or views ex
42、pressed in this research report;and that I(including members of my household)have no financial interest in the security or securities of the subject companies discussed.我,金云涛,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
43、不持有任何财务利益。I,Yuntao Jin,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
44、recommendations or views expressed in this research report;and that I(including members of my household)have no financial interest in the security or securities of the subject companies discussed.利益冲突披露利益冲突披露Conflict of 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
45、下是有关该等关系的披露事项(以下披露不能保证及时无遗漏,如需了解及时全面信息,请发邮件至ERD-D)HTI and some of its affiliates may engage in investment banking and/or serve as a market maker or hold proprietary trading positions of certain stocks or companies in this research report.As far as this research report is concerned,the following are
46、the disclosure matters related to such relationship(As the following disclosure does not ensure timeliness and completeness,please send an email to ERD-D if timely and comprehensive information is needed).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002594.CH,600699.CH,603997.CH and 603730.CH的投资银行项目。投资银行项目包括
47、:1、海通担任上市前辅导机构、保荐人或主承销商的首次公开发行项目;2、海通作为保荐人、主承销商或财务顾问的股权或债务再融资项目;3、海通作为主经纪商的新三板上市、目标配售和并购项目。Haitong Securities Co.,Ltd.and/or its subsidiaries(collectively,the Haitong)have a role in investment banking projects of 002594.CH,600699.CH,603997.CH and 603730.CH within the past 12 months.The investment ba
48、nking projects include 1.IPO projects in which Haitong acted as pre-listing tutor,sponsor,or lead-underwriter;2.equity or debt refinancing projects of 002594.CH,600699.CH,603997.CH and 603730.CH for which Haitong acted as sponsor,lead-underwriter or financial advisor;3.listing by introduction in the
49、 new three board,target placement,M&A projects in which Haitong acted as lead-brokerage firm.作为回报,海通拥有603997.CH 及 601633.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 603997.CH and 601633.CH.002594.CH,600699.CH,603997.CH 及 603730.CH目前或过去12个月内是海通的投资
50、银行业务客户。002594.CH,600699.CH,603997.CH and 603730.CH are/were an investment bank clients of Haitong currently or within the past 12 months.600699.CH,600297.CH 及 603730.CH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。600699.CH,600297.CH and 603730.CH are/were a client of Haitong currently or within the past
51、 12 months.The client has been provided for non-investment-banking securities-related services.江西一诺新材料有限公司目前或过去12个月内是海通的客户。海通向客户提供非证券业务服务。江西一诺新材料有限公司 is/was a client of Haitong currently or within the past 12 months.The client has been provided for non-securities services.海通在过去12个月中获得对002594.CH 及 60
52、0699.CH提供投资银行服务的报酬。Haitong received in the past 12 months compensation for investment banking services provided to 002594.CH and 600699.CH.海通预计将(或者有意向)在未来三个月内从002594.CH获得投资银行服务报酬。Haitong expects to receive,or intends to seek,compensation for investment banking services in the next three months from
53、002594.CH.15 海通在过去的12个月中从江西一诺新材料有限公司 及 600297.CH获得除投资银行服务以外之产品或服务的报酬。Haitong has received compensation in the past 12 months for products or services other than investment banking from 江西一诺新材料有限公司 and 600297.CH.海通担任002594.CH,600660.CH,603259.CH 及 601633.CH有关证券的做市商或流通量提供者。Haitong acts as a market mak
54、er or liquidity provider in the securities of 002594.CH,600660.CH,603259.CH and 601633.CH.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
55、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 TOPIX,韩国 KOSPI,台湾 TAIEX,印度 Nifty100,美国 SP500;其他所有中国概念股 MSCI China.Ratings Definitions(from 1 Jul 2020):Haitong International
56、 uses a relative rating system using Outperform,Neutral,or Underperform for recommending the stocks we cover to investors.Investors should carefully read the definitions of all ratings used in Haitong International Research.In addition,since Haitong International Research contains more complete info
57、rmation concerning the analysts views,investors should carefully read Haitong International Research,in its entirety,and not infer the contents from the rating alone.In any case,ratings(or research)should not be used or relied upon as investment advice.An investors decision to buy or sell a stock sh
58、ould depend on individual circumstances(such as the investors existing holdings)and other considerations.Analyst Stock Ratings Outperform: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 t
59、otal return over the next 12-18 months is expected to be in line with the return of its relevant broad market benchmark,as indicated below.For purposes only of FINRA/NYSE ratings distribution rules,our Neutral rating falls into a hold rating category.Underperform:The stocks total return over the nex
60、t 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-concept stocks MSCI China.评级分布评级分布Rating Distribution 截
61、至截至2022年年6月月30日海通国际股票研究评级分布日海通国际股票研究评级分布 优于大市优于大市 中性中性 弱于大市弱于大市 (持有)海通国际股票研究覆盖率 89.5%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。16 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(直至此前的评级系统定义(直至2020年年6月月30日):日):买入,未来12-18个月内预期相对基准指数涨幅在10%以上
62、,基准定义如下 中性,未来12-18个月内预期相对基准指数变化不大,基准定义如下。根据FINRA/NYSE的评级分布规则,我们会将中性评级划入持有这一类别。卖出,未来12-18个月内预期相对基准指数跌幅在10%以上,基准定义如下 各地股票基准指数:日本 TOPIX,韩国 KOSPI,台湾 TAIEX,印度 Nifty100;其他所有中国概念股 MSCI China.Haitong International Equity Research Ratings Distribution,as of Jun 30,2022 Outperform Neutral Underperform (hold)H
63、TI Equity Research Coverage 89.5%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,Neutral,and Underperform.For purposes only of FINRA/NYSE ratings distributi
64、on rules,our Neutral rating falls into a hold rating category.Please note that stocks with an NR designation are not included in the table above.Previous rating system definitions(until 30 Jun 2020):BUY:The stocks total return over the next 12-18 months is expected to exceed the return of its releva
65、nt broad market benchmark,as indicated below.NEUTRAL:The stocks total return over the next 12-18 months is expected to be in line with the return of its relevant broad market benchmark,as indicated below.For purposes only of FINRA/NYSE ratings distribution rules,our Neutral rating falls into a hold
66、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 TOPIX,Korea KOSPI,Taiwan TAIEX,India Nifty100;for all other China-concept
67、 stocks MSCI China.海通国际非评级研究:海通国际非评级研究:海通国际发布计量、筛选或短篇报告,并在报告中根据估值和其他指标对股票进行排名,或者基于可能的估值倍数提出建议价格。这种排名或建议价格并非为了进行股票评级、提出目标价格或进行基本面估值,而仅供参考使用。Haitong International Non-Rated Research:Haitong International publishes quantitative,screening or short reports which may rank stocks according to valuation and
68、 other metrics or may suggest prices based on possible valuation multiples.Such rankings or suggested prices do not purport to be stock ratings or target prices or fundamental values and are for information only.海通国际海通国际A股覆盖股覆盖:海通国际可能会就沪港通及深港通的中国A股进行覆盖及评级。海通证券(600837.CH),海通国际于上海的母公司,也会于中国发布中国A股的研究报告
69、。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 with Shanghai and Shenzhen.Haitong Securities(HS;600837 CH),the ultimate parent company of HTISG based i
70、n Shanghai,covers and publishes research on these same A-Shares for distribution in mainland China.However,the rating system employed by HS differs from that used by HTI and as a result there may be a difference in the HTI and HS ratings for the same A-share stocks.海通国际海通国际优质优质100 A股股(Q100)指数指数:海通国际
71、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-shares under coverage at HS in Shanghai.These stocks are carefully select
72、ed through a quality-based screening process in combination with a review of the HS A-share teams bottom-up research.The Q100 constituent companies are reviewed quarterly.MSCI 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
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