1、中秋旅游数据总结及国庆展望中秋旅游数据总结及国庆展望Mid-Autumn Festival Travel Data Summary and National Day Outlook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)Equ

2、ity Asia Research汪立亭汪立亭 Liting Wang 许樱之许樱之 Yingzhi Xu 2022年年09月月27日日2概览概览/CONTENTSFor 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 1.中秋旅游数据总结及国庆展望中秋旅游数据总结及国庆展望2.行业观点行业观点3.板块行情回顾：休闲服务跌板块行情回

3、顾：休闲服务跌1.28%，教育跌，教育跌3.19%4.社服行情回顾：社服行情回顾：14家上涨，家上涨，23家下跌家下跌5.教育教育A股行情回顾：股行情回顾：3家上涨，家上涨，24家下跌家下跌6.教育港股行情回顾：教育港股行情回顾：6家上涨，家上涨，18家下跌家下跌7.教育美股行情回顾：教育美股行情回顾：2家上涨，家上涨，8家下跌家下跌8.公司估值公司估值9.风险提示风险提示VYgUeXiYxUaXsZrWaQ9R8OsQnNnPnPlOmMvMiNoMwP7NqRoRNZrNoQNZsQpR3For full disclosure of risks,valuation methodologie

4、s and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 1.中秋旅游数据总结及国庆展望中秋旅游数据总结及国庆展望据文化和旅游部测算，2022年，中秋接待游客数和旅游收入同比下滑，恢复度分别同比2021年中秋下滑15pct和18pct。图图 2020-2022年节假日旅游恢复状况（同比年节假日旅游恢复状况（同比2019年）年）48%32%54%51%79%75%95%103%99%87%70%74%68%67%87%73%39%19%

5、37%31%70%59%57%77%75%79%60%56%39%44%66%61%0%20%40%60%80%100%120%20春节20清明20劳动20端午20国庆&中秋21春节21清明21劳动21端午21中秋21国庆22春节22清明22劳动22端午22中秋接待游客数旅游收入接待游客数（亿人）同比恢复至年旅游收入（亿元）同比恢复至年20192019212.5615.7%75.3%30118.2%58.6%1.02144.6%94.5%272228.9%56.7%2.3 119.7%103.2%1132138.1%77.0%0.8994.1%98.7%294139.7%74.8%0.8887

6、.2%37178.6%5.15-1.5%70.1%3891-4.7%59.9%222.51-2.0%73.9%2892-3.9%56.3%0.75-26.2%68.0%188-30.9%39.2%1.6-30.2%66.8%647-42.9%44.0%0.8-10.7%86.8%258-12.2%65.6%0.7-16.7%72.6%287-22.8%60.6%春节清明节劳动节端午节中秋节国庆节春节清明节劳动节端午节中秋节资料来源：国家文化和旅游部，新浪网，搜狐网，腾讯网，中国网，人民网，北京商报，国际商报，中国旅游研究院搜狐号，HTI4For 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 1.中秋旅游数据总结及国庆展望中秋旅游数据总结及国庆展望据文化和旅游部测算，2022年中秋节假期，全国国内旅游出游7340.9万人次，同比下降16.7%，按可比口径恢复至2019年同期的72.6%；实现国内旅游收入286.8亿元，同比下降22.8%，恢复至2019年同期的60.6%；人均消费金额391元，同比下降7.3%，恢复至20

8、19年同期的86.8%。图图 2018-2022年中秋假期国内旅游出游人次、旅游收入、人均消费金额年中秋假期国内旅游出游人次、旅游收入、人均消费金额979 1050 882 734 435 473 371 287 444 450 421 391 360370380390400445046002004006008008201920212022全国国内旅游出游（十万人次，左轴）国内旅游收入（亿元，左轴）人均消费金额（元，右轴）资料来源：国家文化和旅游部，文旅之声，文旅中国，人民日报，中国经济网，央广网，中国人民共和国中央人民政府，中国青年网，中新社，环球

9、网，HTI5For 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 1.中秋旅游数据总结及国庆展望中秋旅游数据总结及国庆展望多地倡导减少跨区域流动多地倡导减少跨区域流动，中秋旅游受到限制：中秋旅游受到限制：在31个省会城市中，有合肥、广州等25个城市倡导中秋假期非必要不出城或尽量减少跨区域流动，尽量不前往中高风险地区或7天内有新增本

10、土疫情地区，出城需要携带48小时核酸阴性证明、行程码、健康码等。在中秋疫情较为严重的地区，例如成都规定出城需要24小时内核酸阴性证明、乌鲁木齐规定需持48小时内两次核酸检测阴性证明和抗原检测证明，出城管控政策相较其他地区更为严格。北京、重庆、天津、海口、济南、上海6个城市对部分群体实施严控出城政策，包括管控区人员、党政机关和企事业单位员工、高风险岗位人员等。其中海口市对于离岛人员规定为：7日内无省内涉疫市县（区）旅居史的旅客，离岛前48小时2次核酸检测阴性可离开；7日内有省内涉疫市县（区）旅居史的旅客，7天5检均为阴性方可离开。有下列情况之一的滞留旅客，暂不返程：阳性感染者；密切接触者和密接的

11、密接；滞留在中高风险区的旅客。全国普遍对中全国普遍对中、高风险地区人员分别实施高风险地区人员分别实施“7天居家隔离天居家隔离”和和“7天集中隔离天集中隔离”：在统计的31个省会城市中，对中高风险地区人员普遍实施“7天内高风险旅居史7天集中隔离”、“7天内中风险旅居史7天居家隔离”政策，对于中秋疫情较为严重的天津、成都、石家庄、乌鲁木齐等地仍然适用。海口市实施“7天内中高风险旅居史关口抗原阴性可通行”、“四川、新疆等地到访者关口抗原、核酸均阴性可通行”。近近1/3省会城市对省内防疫政策更宽松省会城市对省内防疫政策更宽松，促进周边游促进周边游：在31个省会城市中，有10个城市对于省内外地区实施不同

12、防疫隔离政策，针对省内无本土病例县区的政策通常为查验健康码、行程码或24小时内核酸检测一次等，相较于针对省外相同安全等级地区的防疫隔离政策更为宽松，省内出行相比跨省出行更加便捷，进一步拉动中秋假期省内游、周边游。资料来源：各市本地宝，国务院客户端，国家和省市卫健委，HTI6For 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 1.

13、中秋旅游数据总结及国庆展望中秋旅游数据总结及国庆展望重点省市：北京、济南、湖南、杭州、江苏等重点省市：北京、济南、湖南、杭州、江苏等河南河南杭州市：杭州市：接待人数接待人数：201.7万人次，同比增长11.6%，较端午节增长6.25%。湖南省：湖南省：接待人数接待人数：356.49万人次，同比下降70%旅游收入：旅游收入：4.66亿元，同比下降96%湖北省：湖北省：接待人数接待人数：1474.13万人次旅游收入：旅游收入：72.18亿元济南市：济南市：24家重点景区接待人数家重点景区接待人数：84.4万人次，同比增长11.6%旅游亮点旅游亮点：泉水最佳观赏期、文化活动呼和浩特市呼和浩特市杭州市

14、杭州市湖南湖南湖北湖北北京市：北京市：接待人数接待人数：383.3万人次，同比增长24%旅游收入旅游收入：2.71亿元，同比下降5%济南市济南市北京北京呼和浩特市：呼和浩特市：接待人数接待人数：81.81万人次，同比增长21.96%，恢复到2019年同期98.42%旅游收入：旅游收入：3.78亿元，同比增长31.25%，恢复到2019年的93.71%。江苏：江苏：接待人数：接待人数：758.99万人次，按可比口径达2021年同期82.22%旅游收入：旅游收入：28.58亿元，按可比口径达2021年同期72.34%江苏江苏河南省：河南省：接待人数接待人数：1585.31万人次，同比增长6.43%

15、旅游收入：旅游收入：74.62亿元，同比基本持平注：“同比”指2022年中秋假期数据与2021年中秋假期数据的同比资料来源：中国新闻网，各省市文化和旅游局/厅，潇湘晨报，人民网，央广网，北京青年报，济南日报，HTI7For 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 1.中秋旅游数据总结及国庆展望中秋旅游数据总结及国庆展望海南实

16、现海南实现社会面清零社会面清零，三亚三亚封控措施放开封控措施放开。9月10号，海南省新冠肺炎疫情防控工作指挥部新闻发布会（第七十六场）宣布海南已全面实现高质量社会面清零目标。9月15日，三亚市新型冠状病毒肺炎疫情防控工作指挥部决定自15日12时起，解除全域临时静态管理，逐步有序恢复正常生产生活秩序。中秋中秋期间期间部分景区部分景区客流客流回暖回暖，解封后国庆游复苏可期解封后国庆游复苏可期。根据海南日报，中秋小长假期间，海南铜鼓岭景区日均客流量约为300人，海口火山口公园日均客流量达到1000人，较8月疫情时期客流明显回暖。去哪儿大数据显示，自15日10时“三亚发布”发布解封消息后，三亚火车票搜

17、索量环比前一天同时段上涨16倍，机票搜索量环比前一天同时段上涨70%。我们认为，4Q属于海南消费旺季，随着疫情影响逐步消退，海南有望成为十一国庆游的热门目的地。三亚新增本土确诊及无症状病例数（人）三亚新增本土确诊及无症状病例数（人）-200020040060080008-18-28-38-48-58-68-78-88-98-108-118-128-138-148-158-168-178-188-198-208-218-228-238-248-258-268-278-288-298-308-319-19-29-39-49-59-69-79-89-99-109-119-129

18、-139-14三亚新增本土确诊及无症状（人）资料来源：海南省人民政府，南海新闻网，海南省卫健委，HTI8For 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 1.中秋旅游数据总结及国庆展望中秋旅游数据总结及国庆展望重点景区：黄山、崂山、橘子洲、趵突泉、千岛湖重点景区：黄山、崂山、橘子洲、趵突泉、千岛湖景区景区省市省市接待情况接待情

19、况黄山安徽省9月10日-9月12日，累计接待游客2.6万人，同比增长20.33%。崂山青岛市9月10日-9月12日，累计接待游客5.6万人次，同比增长85%。橘子洲长沙市9月10日-9月12日，累计接待游客7.7万人次，同比下降11%。趵突泉济南市9月10日-9月12日，累计接待游客31.8万人次。千岛湖杭州市9月10日截至15点，累计接待游客1.09万人次。资料来源：中工网，半岛新闻，长沙晚报，山东广播电视台，浙江网络广播电视台，百度百科，HTI9For full disclosure of risks,valuation methodologies and target price for

20、mation on all HTI rated stocks,please refer to the latest full report on our website at 1.中秋旅游数据总结及国庆展望中秋旅游数据总结及国庆展望酒店：周边游持续火热酒店：周边游持续火热、市内景点及主题游更受关注市内景点及主题游更受关注携程数据显示，今年中秋出游人群中本地、周边客群占比超6成，中秋旅游热度达到2022年小长假顶峰，与今年端午相比，露营订单增长53%，主题公园订单增长48%。与今年清明和“五一”相比，日均订单量增长1倍以上。飞猪数据显示，在低风险地区，本地游及周边游较为活跃，飞猪平台本地酒店订单

21、量较上月同期增长52%，露营订单量环比增超4倍。在本地游的带动下，带有玩乐设施、距离乐园或景区近的高星度假酒店更受垂青，高星酒店订单量恢复至去年同期8成左右，平均消费水平持平。同程旅行数据显示，中秋期间，受到假期时长和部分区域的疫情影响，游客出行半径较暑期有所缩短，短途游、微度假成为中秋旅游出行的主流。长三角城市迎出游高峰，沪广深杭客流量大。游园会、夜市和古镇夜游为最受欢迎的夜间旅游主题，人文古迹类景区的旅游热度环比上涨154%，古镇园林类景区旅游热度环比上涨166%。餐饮：消费券餐饮：消费券、月饼新消费拉动增长月饼新消费拉动增长，外卖外卖、预制菜持续火爆预制菜持续火爆杭州、郑州、连云港、武汉

22、、广州等地在多个网络消费平台发放餐饮消费券。美团：月饼、大闸蟹等时令新供给拉动增长。根据北青网，美团数据显示8月下旬以来，月饼外卖销量环比增长423%，“简装平价”成为新消费主流，新式口味及少油、少糖、少添加产品受到18岁至34岁年轻群体欢迎。2022年中秋期间成都等地居家过节，中秋前一周成都市民“鲜活大闸蟹”外卖下单量较去年同期增长144%，通过外卖购买月饼的下单数量较去年同期增幅达131.05%。此外，相较年初，中秋期间预制菜商品销量环比增长50%，消费人群以80后、90后年轻女性居多，便利性、安全感和性价比是消费者选择预制菜的主要原因。资料来源：央广网，携程，同程旅行，飞猪，浙江日报，潇

23、湘晨报，中国江苏网，广州政府门户网，美团，HTI10For 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 1.中秋旅游数据总结及国庆展望中秋旅游数据总结及国庆展望国庆预测：乡村游预定量同比增长国庆预测：乡村游预定量同比增长36%，国庆黄金周有望回暖国庆黄金周有望回暖国庆日均订单增速超国庆日均订单增速超30%：根据携程2022年国庆

24、预测报告，截至9月15日，近一周预订国庆出游的订单量环比前一周增长64%；从中秋节开始，国庆旅游进入稳序增长阶段，日均订单增长速度超过30%。中秋国内旅游人次同比下降，预计消费者仍有较大旅游需求，十一黄金周作为2022年最后一个长假，有望使旅游市场回暖，成为暑期之后的第二波高峰。截至2022年国庆预测报告发布前，国庆长途游产品占比近60%，本地游、周边游产品占比40%，预计本地游、周边游产品将成为后续预定主流。长三角旅游热度领跑全国：长三角旅游热度领跑全国：长三角旅游需求进一步释放，旅游订单占比达43%，全国航班热门目的地前10名中有上海、杭州、南京3地上榜，占据近1/3。截至9月15日，近一

25、周长三角国庆旅游预订环比增长超90%，远高于整体增速，预计国庆黄金周长三角旅游热度继中秋后再次领跑全国。乡村游预定量同比增长乡村游预定量同比增长36%：截至9月15日，国庆黄金周乡村旅游产品订单量同比增长36%，乡村游订单占比同比去年增长6pct。乡村民宿预订量同比增长近3成，乡村民宿在所有民宿中的比重同比提升14pct。此外，以割水稻、捉鱼等秋收体验为主题的产品受热捧，国庆订单量同比提升20%以上。潮流户外活动受年轻人青睐：潮流户外活动受年轻人青睐：自然探索、露营、自驾、徒步、摄影、房车等主题类线路产品深受年轻人好评，国庆期间北京当地参团的主题类产品预订量同比去年增长167%。新型户外运动如

26、飞盘、骑行、尾波冲浪、皮划艇、腰旗橄榄球等潮流运动受年轻人喜爱，近期飞盘、皮划艇、骑行一日游产品的搜索热度分别增长50%、74%和80%。出行距离缩短出行距离缩短、机票价格相比中秋上涨：机票价格相比中秋上涨：国庆机票人均单价同比下降5%，相对中秋节机票价格增长约30%；游客乘坐飞机的平均航班里程较去年减少3%，出行距离进一步缩短。资料来源：携程，HTI11For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to t

27、he latest full report on our website at 2.行业观点行业观点疫情加速中小公司市场出清，龙头扩张提速，行业集中度有望提升。据国家卫健委官网，2022年9月10日-9月16日24时全国31个省（自治区、直辖市）和新疆生产建设兵团新增本土确诊病例共1031例，本土无症状感染者共5307例。截至9月17日15时，全国共有1157个高风险地区及个1025中风险地区。我们判断，随着动态清零政策的持续推进、疫情防控更为科学精准，行业有望复苏，细分领域龙头具有更强恢复能力，长期前景确定性较强。建议关注：免税：据海口海关，1H22海南离岛免税销售额211.6亿元，同比-2

28、1%，其中2Q22销售额64.4亿元，同比-51%，购物人次81万，同比-60%，客单价7955元，同比+23%。7月海南离岛免税店销售额超50亿元，同比增长21%，其中免税销售额 40.67亿元，同比增长9%。9月10号，海南省宣布全面实现高质量社会面清零目标，9月15日，三亚解除全域临时静态管理，本轮疫情基本结束。全球最大的单体免税综合体海口国际免税城将于年内开业，同时四季度也为海南旅游旺季，我们认为，短期看，三季度阴霾消散，行业有望在四季度实现反弹；长期看，海南十四五规划突出免税地位，市场中长期空间广阔。餐饮:2021年餐饮收入基本恢复至疫前水平；2022年1-8月餐饮收入2.7万亿，同

29、比降5.0%；中餐市场菜系丰富，头部餐企市占率呈提升趋势，CR10对标美国存在超27个百分点的提升空间；18-21年餐饮连锁化率稳步提升至18.0%，从布局看，目前连锁品牌着重布局一线城市，未来下沉空间广阔;受供需共同驱动，供应链有望加速整合。推荐:九毛九、海伦司、海底捞、百胜中国-S。酒店：短期出行复苏酒店行业景气度回升，中长期行业供给出清带来连锁化率和集中度提升以及供需格局改善。根据STR，从年累计的角度看，截至7月份2022年入住率恢复至2019年同期七成，平均房价达到八成，RevPAR恢复到六成左右，进入8月份以来，行业整体需求向好，恢复至2019年八成以上的水平。推荐：锦江酒店、华住

30、集团-S、首旅酒店。教育：职教高教：中办、国办印发意见鼓励职业教育，预计25年职业本科招生规模达到高职的10%，规模增量超70万人。民促法落地后，高教+高中集团化办学可行性得到确认，利好龙头扩张；2021年转设进程持续推进，高教公司旗下多数学院已完成转设；随高教选营细则陆续出台，如广西营利性民办学校只需缴纳土地出让金而无需补税，政策端不确定性有望逐渐削减。国考：22年招录3.1万人增21%、报考212万人增35%，双创新高。其他招录：2021年教师招录及事业单位招录岗位持续释放。考研：热度延续，教育部发布2022年考研报名人数457万。推荐：中公教育，中汇集团，东软教育。建议关注：行动教育。1

31、2For 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 3.板块行情回顾：休闲服务跌板块行情回顾：休闲服务跌1.28%，教育跌，教育跌3.19%上证指数上周跌上证指数上周跌4.16%。申万休闲服务上周跌申万休闲服务上周跌1.28%，跑赢上证指数，跑赢上证指数2.88个百分点，板块表现居各板块第个百分点，板块表现居各板块第5位。位。

32、教育指数跌教育指数跌3.19%，跑赢上证指数，跑赢上证指数0.97个百分点，板块表现居各板块第个百分点，板块表现居各板块第11位。位。图图A股板块涨跌幅（股板块涨跌幅（%，2022年年09月月10日至日至2022年年09月月16日）日）0.0-0.8-0.9-1.2-1.3-2.2-2.6-2.9-2.9-2.9-3.2-3.3-3.8-3.8-4.0-4.1-4.2-5.0-5.4-5.5-5.6-5.7-5.9-5.9-6.1-6.2-7.2-7.3-7.9-9.3-10-9-8-7-6-5-4-3-2-10采掘银行食品饮料国防军工休闲服务计算机商业贸易家用电器农林牧渔轻工制造教育交通运输

33、建筑材料房地产传媒纺织服装上证指数钢铁电子通信综合医药生物非银金融机械设备建筑装饰汽车有色金属化工公用事业电气设备资料来源：Wind，HTI13For 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.社服行情回顾：社服行情回顾：14家上涨，家上涨，23家下跌家下跌申万休闲服务指数上周跌申万休闲服务指数上周跌1.28%。上证指数上

34、周跌上证指数上周跌4.16%；纳斯达克指数跌；纳斯达克指数跌5.48%；恒生指数跌；恒生指数跌3.10%。上周涨幅前三：呷哺呷哺（上周涨幅前三：呷哺呷哺（+14.8%）、岭南控股（）、岭南控股（+5.4%）、金陵饭店（）、金陵饭店（+4.7%）。）。上周跌幅前三：人瑞人才（上周跌幅前三：人瑞人才（-5.8%）、复星旅游文化（）、复星旅游文化（-5.1%）、格力地产（）、格力地产（-4.5%）。）。表社服个股涨跌幅（表社服个股涨跌幅（%，2022年年09月月10日至日至2022年年09月月16日）日）涨幅前涨幅前10涨跌幅（涨跌幅（%）最新市值（亿元）最新市值（亿元）跌幅前跌幅前10涨跌幅（涨跌

35、幅（%）最新市值（亿元）最新市值（亿元）呷哺呷哺14.7643.25人瑞人才-5.776.78岭南控股5.4470.17复星旅游文化-5.0777.98金陵饭店4.7434.48格力地产-4.54103.11三特索道4.2221.90美团-W-4.459391.69九毛九4.03205.40*ST基础-3.20414.74凯撒旅业3.0540.63众信旅游-3.1760.91华天酒店2.8643.92王府井-3.01259.36颐海国际1.72164.17海南发展-2.9295.48锦江酒店1.34546.47百联股份-2.76184.55科锐国际0.5769.23海汽集团0.0037.98主

36、要指数涨跌幅主要指数涨跌幅(%)主要指数涨跌幅主要指数涨跌幅(%)申万休闲服务-1.28纳斯达克指数-5.48上证指数-4.16恒生指数-3.10资料来源：Wind，HTI14For 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.教育教育A股行情回顾：股行情回顾：3家上涨，家上涨，24家下跌家下跌资料来源：Wind，HTI上周

37、上证综指收上周上证综指收3126.40，下跌，下跌-4.2%。深证成指收。深证成指收11261.50，下跌，下跌-5.2%。上周上周Wind K12指数收指数收484.03，下跌，下跌-4.9%。上周涨幅前三：世纪天鸿（上周涨幅前三：世纪天鸿（+4.3%）、中文在线（）、中文在线（+2.9%）、中公教育（）、中公教育（+0.4%）上周跌幅前三：世纪鼎利（上周跌幅前三：世纪鼎利（-7.9%）、美吉姆（）、美吉姆（-7.7%）、威创股份（）、威创股份（-7.0%）.图图A股教育板块涨跌幅（股教育板块涨跌幅（%，2022年年09月月10日至日至2022年年09月月16日）日）4.3 2.9 0.4-

38、2.7-2.8-3.0-3.0-3.2-4.0-4.2-4.5-4.7-5.1-5.5-5.9-5.9-6.0-6.0-6.1-6.1-6.1-6.1-6.5-6.9-7.0-7.7-7.9-10-8-6-4-20246世纪天鸿中文在线中公教育新开普华图山鼎电光科技视源股份ST三盛国新文化佳发教育凯文教育豆神教育全通教育方直科技东方时尚松发股份拓维信息勤上股份洪涛股份科德教育昂立教育ST开元和晶科技盛通股份威创股份美吉姆世纪鼎利15For full disclosure of risks,valuation methodologies and target price formation on

39、 all HTI rated stocks,please refer to the latest full report on our website at 6.教育港股行情回顾：教育港股行情回顾：6家上涨，家上涨，18家下跌家下跌资料来源：Wind，HTI图港股教育板块涨跌幅（图港股教育板块涨跌幅（%，2022年年09月月10日至日至2022年年09月月16日）日）上周恒生指数收上周恒生指数收18761.69，下跌，下跌-3.1%。恒生中国企业指数收。恒生中国企业指数收6420.66，下跌，下跌-3.1%。上周涨幅前三：中国春来（上周涨幅前三：中国春来（+24.2%）、卓越教育集团（）、卓越

40、教育集团（+4.5%）、天立国际控股（）、天立国际控股（+3.4%）。）。上周跌幅前三：嘉宏教育（上周跌幅前三：嘉宏教育（-25.8%）、中国东方教育（）、中国东方教育（-14.6%）、澳洲成峰高教（）、澳洲成峰高教（-13.5%）。）。24.2 4.5 3.4 1.3 1.1 0.5 0.0 0.0-1.3-1.7-2.9-3.0-3.1-3.9-3.9-3.9-4.8-6.3-8.2-8.5-8.6-11.4-12.5-13.5-14.6-25.8-30-20-100102030中国春来卓越教育集团天立国际控股思考乐教育中国职业教育辰林教育枫叶教育博骏教育21世纪教育民生教育新东方-S新高

41、教集团网龙光正教育中国新华教育中国科培中汇集团希望教育成实外教育中教控股银杏教育新东方在线宇华教育澳洲成峰高教中国东方教育嘉宏教育16For 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.教育美股行情回顾：教育美股行情回顾：2家上涨，家上涨，8家下跌家下跌资料来源：Wind，HTI上周纳斯达克指数收上周纳斯达克指数收11448

42、.40，下跌，下跌-5.5%。道琼斯指数收。道琼斯指数收30822.42，下跌，下跌-4.1%。上周涨幅前三：四季教育（上周涨幅前三：四季教育（+0.7%）、海亮教育（）、海亮教育（+0.4%）、精锐教育（）、精锐教育（+0.0%）。）。上周跌幅前三：达内科技（上周跌幅前三：达内科技（-14.2%）、高途集团（）、高途集团（-14.1%）、新东方（）、新东方（-8.8%）。）。图美股教育板块涨跌幅（图美股教育板块涨跌幅（%，2022年年09月月10日至日至2022年年09月月16日）日）0.7 0.4 0.0 0.0 0.0 0.0 0.0-1.3-1.9-2.6-2.8-5.3-8.8-14

43、.1-14.2-16-14-12-10-8-6-4-202四季教育海亮教育精锐教育红黄蓝朴新教育流利说瑞思学科英语博实乐无忧英语尚德机构好未来安博教育新东方高途集团达内科技17For 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 8.公司估值公司估值表：核心公司估值（截至表：核心公司估值（截至2022年年09月月16日）日）备注：

44、EPS取自Wind一致预期，取最新股数全面摊薄EPS。资料来源：Wind，HTI简称简称市值市值股价股价（元）（元）EPS（元）元）PE（X）（亿）（亿）202020212022E2023E202020212022E2023E600859.SHA股股（CNY）王府井王府井24221.280.341.181.031.22624.SH锦江酒店锦江酒店53656.300.100.090.431.65605098.SH行动教育行动教育2924.820.901.451.692.22607.SZ中公教育中公教育2904.700.37-0.3

45、80.040.4.SZ宋城演艺宋城演艺32612.48-0.670.120.160.41-.HK港股港股（HKD）华住集团华住集团-S101131.40-0.81-0.180.090.86-338371992.HK复星旅游文化复星旅游文化13010.52-2.46-2.680.260.74-40146862.HK海底捞海底捞93016.680.07-0.910.190..HK九毛九九毛九25617.620.100.290.320.6387.HK百胜中国百胜中国-S1543370.4014.49

46、18.408.6214.86262043250667.HK中国东方教育中国东方教育673.090.140.170.300.3822181081797.HK新东方在线新东方在线18418.34-2.020.000.550.84-33229616.HK东软教育东软教育274.110.140.540.640.823086518For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full rep

47、ort on our website at 9.风险提示风险提示宏观经济下滑海外疫情扩散及输入风险居民消费力恢复不及预期APPENDIX 1Summary-According to the Ministry of Culture and Tourisms calculations,in 2022,the number of tourists and and tourism revenue in mid-autumn declined year-on-year,with the recovery rate down 15 pct and 18 pct year-on-year,respectiv

48、ely.-Mid-autumn travel is restricted:Among the 31 provincial capitals,25 cities such as Hefei and Guangzhou advocate not to leave thecity or minimize cross-regional movement during the mid-autumn holiday when it is not necessary.-The average daily order growth rate of National Day exceeds 30%:Accord

49、ing to Ctrips 2022 National Day Forecast Report,as ofSeptember 15,the number of orders booked for National Day trips in the recent week has increased by 64%compared to theprevious week;starting from the Mid-Autumn Festival,National Day travel has entered a phase of steady sequential growth,with thea

50、verage daily order growth rate exceeding 30%.Mid-autumn domestic travel trips fell year-on-year,consumers are still expected tohave greater travel demand,and National Day,as the last long holiday in 2022,is expected to make the travel market rebound.19APPENDIX 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

51、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 DISCLOSURESThis research report is distributed by Haitong International,a global brand name for the equity research te

52、ams 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 anyother members within the Haitong International Securities Group of Companies(“HTISG”),

53、each authorized to engage in securities activities in its respectivejurisdiction.HTIRL分析师认证分析师认证Analyst Certification:我，汪立亭，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,Liting Wang,certify that(i)the views ex

54、pressed in this research report accurately reflect my personal views about any or all of the subjectcompanies or issuers referred to in this research and(ii)no part of my compensation was,is or will be directly or indirectly related to the specific recommendationsor views expressed in this research

55、report;and that I(including members of my household)have no financial interest in the security or securities of the subjectcompanies discussed.我，许樱之，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,Yingzhi Xu,cer

56、tify that(i)the views expressed in this research report accurately reflect my personal views about any or all of the subjectcompanies or issuers referred to in this research and(ii)no part of my compensation was,is or will be directly or indirectly related to the specific recommendationsor views exp

57、ressed in this research report;and that I(including members of my household)have no financial interest in the security or securities of the subjectcompanies discussed.20APPENDIX 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

58、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 research report is concerned,the following are the disclosure matt

59、ers 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).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NEW.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

60、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 NEW.US within the past 12 months.Theinvestment banking projects include 1.IPO projects in which Haitong acted as pre-listing tutor,sponsor,or le

61、ad-underwriter;2.equity or debt refinancing projectsof NEW.US for which Haitong acted as sponsor,lead-underwriter or financial advisor;3.listing by introduction in the new three board,target placement,M&Aprojects in which Haitong acted as lead-brokerage firm.作为回报，海通拥有NEW.US一类普通股证券的1%或以上。The Haitong

62、beneficially owns 1%or more of a class of common equity securities of NEW.US.NEW.US,ONE.US 及 HLG.US目前或过去12个月内是海通的投资银行业务客户。NEW.US,ONE.US and HLG.US are/were an investment bank clients of Haitong currently or within the past 12 months.21APPENDIX 2锦江国际(集团)有限公司,北京科锐北方科技发展有限公司,上海复星旅游管理有限公司,600185.CH,北京中公

63、教育科技有限公司,海通期货北京中公教育科技有限公司海通期货通合共盈FOF六期单一资产管理计划,北京中公教育科技有限公司,300248.CH,600661.CH,300010.CH,300364.CH,美好未来企业管理集团有限公司及 EDU.US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。锦江国际(集团)有限公司,北京科锐北方科技发展有限公司,上海复星旅游管理有限公司,600185.CH,北京中公教育科技有限公司,海通期货北京中公教育科技有限公司海通期货通合共盈FOF六期单一资产管理计划,北京中公教育科技有限公司,300248.CH,600661.CH,30

64、0010.CH,300364.CH,美好未来企业管理集团有限公司 and EDU.US are/were a client of Haitong currently or within the past 12 months.The client has been provided for non-investment-bankingsecurities-related services.海通在过去12个月中获得对NEW.US提供投资银行服务的报酬。Haitong received in the past 12 months compensation for investment banking

65、 services provided to NEW.US.海通预计将（或者有意向）在未来三个月内从ONE.US及 HLG.US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 ONE.US and HLG.US.海通在过去的12个月中从北京科锐北方科技发展有限公司,600185.CH,300364.CH 及 EDU.US获得除投资银行服务以外之产品或服务的报酬。Haitong has

66、 received compensation in the past 12 months for products or services other than investment banking from 北京科锐北方科技发展有限公司,600185.CH,300364.CH and EDU.US.海通担任3690.HK有关证券的做市商或流通量提供者。Haitong acts as a market maker or liquidity provider in the securities of 3690.HK.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

67、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，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

68、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(from 1 Jul 2020):Haitong International uses a relative rating system using Outperform,Neutral,or Underperform for recommending the st

69、ocks we cover to investors.Investors shouldcarefully read the definitions of all ratings used in Haitong International Research.In addition,since Haitong International Research contains more completeinformation concerning the analysts views,investors should carefully read Haitong International Resea

70、rch,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 decision to buy or sell a stock should depend on individualcircumstances(such as the investors existing holdings)and other considera

71、tions.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 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 bro

72、ad market benchmark,as indicated below.Forpurposes only of FINRA/NYSE ratings distribution rules,our Neutral rating falls into a hold rating category.Underperform:The stocks total return over the next 12-18 months is expected to be below the return of its relevant broad market benchmark,as indicated

73、 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 China.23APPENDIX 2评级分布评级分布Rating Distribution24APPENDIX 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

74、.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

75、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 Ratings Distribution,as of Jun 30,2022OutperformNeutralUnderperform(hold)HTI Equity Research Coverage89.5%9.2%1.3%IB clients*5.9%5.6%5.0

76、%*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 distribution rules,our Neutral rating falls into a hold rating category.P

77、lease 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 the next 12-18 months is expected to exceed the return of its relevant broad market benchmark,as indicated below.NEUTRAL:The stocks

78、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 rating category.SELL:The stocks total return over the next 12-18

79、 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 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

80、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 andother metrics or may suggest prices based on possible

81、 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

82、 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.Haitong Securities(HS;600837 CH),the ultimate parent company of HTISG based in Shanghai,covers and publishes research on these sameA-

83、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 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

84、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 atHS in Shanghai.These stocks are carefully selected through a quality-based screening process in combination

85、with a review of the HS A-share teams bottom-upresearch.The Q100 constituent companies are reviewed quarterly.26APPENDIX 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，

86、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）承担任何责任。MSCI ESG Disclaimer:Although Haitong Internationals information providers,including without limitation,MSCI ESG Research LLC and i

87、ts affiliates(the“ESGParties”),obtain information(the“Information”)from sources they consider reliable,none 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 merchantabi

88、lity 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 as a basis for,or a component of,anyfinancial instruments or products or indices.Further,none of the Information can in and of itsel

89、f 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 connection with any data herein,or any liability for any direct,indirect,special,punitive,consequential or any other damages(including los

90、t profits)even if notified of the possibility of such damages.27APPENDIX 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

91、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，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

92、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 car

93、efully and confirm your agreement and acceptance with these termsbefore using SusallWave FIN-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 an

94、y 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 for basis of purchasing,selling or holding any relative financial products.We will not be liable for any direct or indirect loss of

95、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 data,recipients shall make your own independent judgment accordingto your practical individual status.The contents of the data reflec

96、t 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 conclusions without notification.Unless expressly stated,the data(e.g.,financial performance data)represents past performance only and the pa

97、st 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 law.Without the prior written permission of our company,noneof individual or institution can use these data for any profitable purpos

98、e.Besides,none of individual or institution can take actions such 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 an

99、y 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 loss.4.If any term is not contained in this disclaimer but written in other agreements on our website(e.g.User Registration Protocol

100、 of SusallWave Website,User Service(including 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

101、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 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

102、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。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

103、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。

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