1、碳纤维系列报告东丽东丽(3402 JP):碳纤维龙头，航空业减亏，风电、压力容器高速增长碳纤维龙头，航空业减亏，风电、压力容器高速增长A leading company in carbon fiber with loss reduction in aerospace and high growth in wind power and pressure vessels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

2、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刘威刘威 Wei Liu Xiangyu Guo X2022年年10月月5日日2投资重点投资重点碳纤维行业领军企业碳纤维行业领军企业，市占率全球第一市占率全球第一。东丽是全球碳纤维行业的领军企业，是最早实现碳纤维工业化生产的公司。其各种型号的产品，如T300、T800等，产品名称已成为行业标准，全球各公司生产的碳纤维产品均以此来标注性能。根据2020年数据，东丽在碳纤维整体市

3、场的占有率达到42%，其中小丝束碳纤维占比17%，大丝束占比25%；若将小丝束及大丝束市场分开来看，东丽在小丝束市场的占有率为33%，大丝束市场占有率则达到51%。无论以整体市场还是以分市场来看，东丽市占率均为全球第一。碳纤维产品种类齐全碳纤维产品种类齐全，能满足各类需求能满足各类需求。东丽公司碳纤维产品涵盖小丝束和大丝束，能提供各种强度模量的长纤维、短切纤维、研磨纤维以及耐火纤维。产品系列由T300到T1100G/S，由M30S到M60J，再加上大丝束产品PX35，无论是对性能要求极高的航空航天领域，还是追求性价比的一般工业，如风电领域，东丽均可以批量满足需求。大丝束需求的增加一定程度上弥补

4、航空业对小丝束需求的减少大丝束需求的增加一定程度上弥补航空业对小丝束需求的减少。碳纤维按照丝束规格可以分为大丝束与小丝束。小丝束碳纤维性能较高，一直以来销量主要来自于航空业。由于新冠疫情的影响，航空业遭受重创，对碳纤维的需求锐减，东丽碳纤维业务陷入亏损。然而，自2021年以来，来自风电、压力容器及体育运动的对大丝束碳纤维的需求迅速增加，东丽碳纤维业务开始扭亏。碳纤维业务营业收入不断增加碳纤维业务营业收入不断增加，营业利润扭亏营业利润扭亏。受新冠疫情影响，东丽FY3/21碳纤维业务营收同比下降22.8%，营业利润锐减至-75亿日元，FY3/22上半年营业利润-36亿日元。然而，由于一般产业对大丝

5、束需求的增加，东丽碳纤维业务自FY3/22下半年开始扭亏，最终录得全年营业利润16亿日元。FY3/23一季度，碳纤维业务营业利润24亿日元，已超去年全年。东丽预期FY3/23全年碳纤维业务营业利润125亿日元。我们认为公司碳纤维业务已摆脱困境，恢复增长。全球布局有效降低供应链风险及生产成本全球布局有效降低供应链风险及生产成本。对于对成本较为敏感的大丝束碳纤维，东丽尤其旗下的卓尔泰克负责生产。卓尔泰克有两处生产基地，一处位于匈牙利，一处位于墨西哥，均位于生产成本较低的发展中国家。小丝束的生产基地则分布在4个国家。东丽不仅成功降低了大丝束碳纤维的生产成本，赢得了竞争优势，还有效降低了供应链中断的风

6、险。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 OXjXdUjZyXdYtYoV7NdNaQmOmMoMpNkPqRpPeRrRuMaQnMoOxNpPnOMYtPyQ3东丽：全球碳纤维领军企业东丽：全球碳纤维领军企业For full disclosure of risks,valuation methodologies

7、 and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 东丽是一家总部位于日本东京的材料公司，其碳纤维业务占据全球近半的市场份额，在碳纤维市场举足轻重。20世纪70年代之前，东丽公司是一家生产传统纺织面料纤维的生产商，其产品包括腈纶，也就是PAN原丝。1963年近藤昭男宣布PAN是最合适生产碳纤维的前驱体，东丽公司随即买下专利，并于1971年研发出了名为Toraca T300的碳纤维。初期东丽将目光集中于鱼竿、高尔夫球杆等体育休闲领域

8、，逐步扩大市场份额，提高产量，并于1975年成功进入波音供应链，其碳纤维被成功地应用在波音737的次承力部件中，市场份额开始加速扩大。2013年，东丽购买了从事大丝束碳纤维生产和销售的卓尔泰克公司的全部股权，至此确立了在碳纤维产业的霸主地位。东丽：碳纤维业务历史营业收入东丽：碳纤维业务历史营业收入东丽东丽:碳纤维业务大事记碳纤维业务大事记日期日期事件事件1971公司开始商业生产碳纤维/预浸料1975碳纤维用于波音737飞机次级结构1981碳纤维预浸料用于757/767次级结构1982成立SOFiCAR，在欧洲开始生产碳纤维1983碳纤维用于空客A300的次级结构1987碳纤维用于空客A320的

9、主要结构1989获得波音777初级结构预浸料的供应商资格1992成立TCA，开始在美国生产碳纤维预浸料1997成立CFA，开始在美国生产碳纤维2002碳纤维用于空客的一级结构2003开始于波音共同开发787材料2006与波音签署了全面的长期协议2010与欧洲EADS公司和空客签订供应碳纤维预浸料的长期基本供货合同2013购买从事大丝束碳纤维产销的Zoltek公司全部股权2014与波音联合研发用于777X等所需碳纤维材料2015与波音公司就777X所需的碳纤维预浸料签订长期供货合同，并将与波音787的协议延长10年2019与波音公司联合开发用于新一代电动飞机的碳纤维复合材料2020与德国Lili

10、um公司就供货其“飞行汽车”签订合同-40%-20%0%20%40%60%0500FY2005FY2007FY2009FY2011FY2013FY2015FY2017FY2019FY2021营业收入（十亿日元）YoY%资料来源：公司公告，彭博，海通国际4FY3/22碳纤维业务占营业收入碳纤维业务占营业收入10%，占营业利润，占营业利润1%For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to

11、 the latest full report on our website at 东丽目前共有纤维、纺织品及服装，树脂和化成品，碳纤维复合材料、环境和工程、生命科学等五个事业领域。FY3/22碳纤维业务营收占公司营业收入的比例为10%。由于新冠疫情的影响，航空业对碳纤维的需求锐减，加上原材料及能源成本上升的影响，FY3/22年公司碳纤维业务的营业利润占比仅为1%。预计随着风电、压力容器等领域对碳纤维需求的持续增长及航空业的逐步恢复，公司碳纤维业务营业利润占比将会有所上升。FY3/22营业收入按事业领域划分营业收入按事业领域划分资料来源：公司公告，海通国际纤维、纺织品及服装,38%树脂和化成品

12、,41%碳纤维复合材料,10%环境和工程,9%生命科学,2%其他,1%纤维、纺织品及服装,27%树脂和化成品,58%碳纤维复合材料,1%环境和工程,11%生命科学,1%其他,2%FY3/22营业利润按事业领域划分营业利润按事业领域划分5碳纤维年产能总计碳纤维年产能总计57,770吨吨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

13、at 东丽目前碳纤维年产能近58,000吨，为世界第一。其中，小丝束碳纤维产能28,770吨，大丝束碳纤维产能29,000吨。大丝束碳纤维由其旗下公司卓尔泰克负责生产，目前该公司在匈牙利及墨西哥两地建有生产设施。位于墨西哥的生产设施目前正在扩产中，预计新增产能将在2023年投入使用，届时东丽大丝束碳纤维年产能将增加7,000吨，总产能将增加至3,6000吨。小丝束碳纤维由东丽本公司及其旗下三家子公司CMA、CFE、TAK生产。东丽本社位于日本爱媛县，CMA、CFE、TAK分别位于美国、法国、韩国。东丽东丽：碳纤维产能情况（吨碳纤维产能情况（吨/年）年）资料来源：公司公告，海通国际产品生产地点公

14、司产能小丝束碳纤维日本东丽8,970法国CFE5,200美国CMA9,900韩国TAK4,700小计28,770大丝束碳纤维匈牙利、墨西哥ZOLTEK2,900合计57,7706碳纤维市占率在整体及各分市场均为第一碳纤维市占率在整体及各分市场均为第一东丽碳纤维业务的市场份额在碳纤维整体市场及大小丝束分市场均属第一。根据最新数据，2020年东丽小丝束碳纤维业务在整体市场的市占率为17%，大丝束的市占率为25%，整体市占率为42%。分市场来看，东丽在小丝束市场市占率为33%，大丝束市场市占率为51%。对比2018年数据，东丽当时在整体市场的市占率达到了49%，小丝束市场48%，大丝束51%。整体市

15、场份额下降的原因是东丽在小丝束市场份额的下滑。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 资料来源：公司公告，海通国际东丽,48%其他,52%东丽小丝束,29%东丽大丝束,20%其他,51%东丽,51%其他,49%东丽,51%其他,49%东丽小丝束,17%东丽大丝束,25%其他,58%东丽,33%其他,67%2020年东

16、丽各市场市占率（由左至右：大丝束、整体、小丝束）年东丽各市场市占率（由左至右：大丝束、整体、小丝束）2018年东丽各市场市占率（由左至右：大丝束、整体、小丝束）年东丽各市场市占率（由左至右：大丝束、整体、小丝束）7碳纤维产品种类齐全，能满足各类需求碳纤维产品种类齐全，能满足各类需求作为全球最早实现碳纤维工业化生产的领军企业，从航空专用高性能高品质的小丝束碳纤维到适合批量生产的低价格大丝束碳纤维，东丽均有能力提供。其产品按照强度和模量可分为T系列及M系列，T系列型号由T300至T1100G/S，M系列由M30S至M60。产品按照形态可分为长纤维、短切纤维及研磨纤维，可满足各行业各场景的应用需求。

17、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 资料来源：公司公告，海通国际碳纤维产品系列碳纤维产品系列碳纤维产品阵容碳纤维产品阵容8大丝束碳纤维及小丝束碳纤维的差异大丝束碳纤维及小丝束碳纤维的差异小丝束碳纤维是指丝数每束不超过24,000根的碳纤维，目前主要用于要求高性能和高质量的高端应用场景，如航空航天，是最早工业量产的

18、碳纤维；大丝束碳纤维一般指丝束在50,000根以上的碳纤维，成本及售价相对于小丝束均比较低，适用于对成本比较敏感的领域，如风电、压力容器等。随着大丝束技术的进步，其性能参数将逐步接近小丝束，由于其具有成本优势，我们预期其在未来将逐步替代小丝束。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 资料来源：公司公告，海通国际种类种

19、类定义定义特征特征用途示例用途示例小丝束碳纤维小丝束碳纤维使用专门为碳纤维设计的设备和制造技术制造的高性能碳纤维丝束数24000根以下；出于对高性能的考虑，对缺陷控制及均匀化的要求较高；成本相对较高大丝束碳纤维大丝束碳纤维可以转用生产服装用腈纶的设备；通过简单的烧结设施生产的低成本碳纤维丝束约50000根；性能较为普通；成本相对较低9小丝束在航空业的运用小丝束在航空业的运用东丽小丝束碳纤维由于其性能优异且有能力满足大批量采购的需求，目前已在波音777、787上得到广泛应用，东丽公司目前正同波音一起研究可用于波音777X上的碳纤维制品。波音777的碳纤维使用量约为10吨/架，波音787使用量已提

20、高到35吨/架，777X的使用量虽然暂未公开，但我们预期会更高。此外，东丽也已开始同空中客车公司展开合作，其产品在空客A320及A350XWB中均有应用。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 资料来源：公司公告，海通国际波音公司波音公司波音飞机应用碳纤维部分波音飞机应用碳纤维部分空中客车公司空中客车公司机种机种应用

21、结构件应用结构件碳纤维使用量碳纤维使用量东丽供材东丽供材777主要结构件次级结构件约10吨/架碳纤维、预浸料787主要结构件次级结构件约35吨/架碳纤维、预浸料777X主要结构件次级结构件未公开碳纤维、预浸料机种机种应用结构件应用结构件碳纤维使用量碳纤维使用量东丽供材东丽供材A320次级结构件未公开碳纤维A350XWB主要结构件次级结构件碳纤维、预浸料波音波音787波音波音77710大丝束在风力发电及压力容器上的运用大丝束在风力发电及压力容器上的运用由于今年世界对碳中和的需求日益迫切，风电等新能源行业得到了长足发展。碳纤维由于其较高的成本，一直以来未能在风电行业得到大面积的应用。然而风电巨头V

22、ESTAS通过对风电叶片大梁结构的创新设计，使得高效低成本高质量的碳纤维拉挤梁片在风电叶片中的应用成为可能，进而极大的提高了风电叶片对碳纤维的需求。此外，各国政府对氢能源车的重视，东丽公司预计2022年氢能源车的生产将超50,000辆，此后将继续增长，而由碳纤维制作的低重量高强度的储氢罐的需求也将随之增长，进而进一步拉动对碳纤维的需求。For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest

23、full report on our website at 资料来源：国产碳纤维在风电叶片产业中的机会，中高网，海通国际碳纤维在风电叶片上的应用碳纤维在风电叶片上的应用超轻碳纤维压力容器超轻碳纤维压力容器11大丝束需求的增加一定程度上弥补了航空业需求的减少大丝束需求的增加一定程度上弥补了航空业需求的减少新冠疫情重创了航空业，导致对民航飞机的需求锐减，波音及空客的订单数也因此大为减少。一直以来航空领域都是各公司碳纤维业务的重要收入来源，航空业的不景气，直接重创了各公司的碳纤维业务。东丽FY3/21的碳纤维收入同比减少22.8%，营业利润则由上一财年盈利210亿日元转为亏损75亿日元。幸运的是，由

24、于运动、风电、压力容器等领域对碳纤维的需求飞速增长，上述领域在东丽碳纤维业务营收中的比例迅速增加，东丽碳纤维业务也因此而得以扭亏。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 资料来源：公司公告，海通国际碳纤维业务按下游产业划分营收及比例（亿日元）碳纤维业务按下游产业划分营收及比例（亿日元）FY3/20FY3/21FY3/

25、22营业收入占比营业收入占比营业收入占比航空航天107845%60033%42720%运动1708%1558%27913%一般产业112047%107459%144767%合计23691829215212碳纤维业务于碳纤维业务于FY3/22下半年开始扭亏下半年开始扭亏由于新冠疫情导致航空业对碳纤维的需求锐减，东丽碳纤维业务FY3/21上半年亏损3亿日元，下半年亏损扩大至72亿日元，全年共计亏损75亿日元。所幸由于来自风电等一般产业的碳纤维的需求开始增加，东丽碳纤维业务FY3/22下半年开始扭亏，FY3/23一季度盈利24亿日元，公司预期全年盈利125亿日元，营业利润率也开始逐步恢复。For f

26、ull 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 资料来源：公司公告，海通国际碳纤维业务营收（亿日元）碳纤维业务营收（亿日元）-30%-20%-10%0%10%20%30%40%020040060080001600FY3/20H1FY3/20H2FY3/21H1FY3/21H2FY3/2 H1 FY3/22H2FY

27、3/23H1EFY3/23H2E营业收入YoY%-10%-8%-6%-4%-2%0%2%4%6%8%10%12%-0营业收入营业利润率碳纤维业务营收（亿日元）碳纤维业务营收（亿日元）13航空业对碳纤维需求的恢复尚需时间，风电、压力容器需求增加迅猛航空业对碳纤维需求的恢复尚需时间，风电、压力容器需求增加迅猛受新冠疫情的影响，航空航天对碳纤维的需求高位回落，由2019年的23,000吨左右下跌至16,000吨附近。预计航空航天业对碳纤维需求的低迷仍会持续一段时间，需求的恢复可能要迟至2024年。风电及储气罐对碳纤维的需求可在一定上弥补航空航天业需求的减少。风电叶片202

28、1年需求33,000吨，虽然受风电补贴退坡的影响，增长速度有所下降，但预计至2025年年需求量依然可达80,000吨以上，年均复合增长率约25%。压力容器及储气罐方面2021年需求11,000吨，预计至2025年将增加至22,000吨以上，年均复合增长率约20%。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 资料来源：赛奥

29、碳纤维技术，海通国际航空航天碳纤维需求（吨）航空航天碳纤维需求（吨）风电叶片碳纤维需求（吨）风电叶片碳纤维需求（吨）压力容器碳纤维需求（吨）压力容器碳纤维需求（吨）14全球性布局有效降低了供应链风险及生产成本全球性布局有效降低了供应链风险及生产成本新冠疫情让世界认识到了现代工业供应链的脆弱。如果一家公司的所有生产基地均位于一处，一旦供应链由于不可控原因出现扰动，则整个公司的生产活动都会被迫停止。东丽小丝束碳纤维生产基地位于日本、韩国、美国、法国等四个国家，大丝束生产基地分别位于北美的墨西哥及欧洲的匈牙利。通过全球性的生产基地布局，东丽有效降低了供应链中断的风险。此外，由于大丝束碳纤维对成本较为

30、敏感，东丽旗下的ZOLTEK通过将生产设施建于成本较低的地区而成功降低了生产成本，取得了竞争优势。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 资料来源：赛奥碳纤维技术，海通国际东丽亚洲碳纤维生产基地东丽亚洲碳纤维生产基地东丽北美碳纤维生产基地东丽北美碳纤维生产基地东丽欧洲碳纤维生产基地东丽欧洲碳纤维生产基地APPENDI

31、X 1Summary-15A leader in the carbon fiber industry with the worlds largest market share.Toray is a global leader in the carbon fiber industry and was the first company to achieve industrialproduction of carbon fiber.The product names,such as T300 and T800,have become industry standards,and carbon fi

32、ber products produced by companies around the world aremarked with this.In 2020,Torays share of the overall carbon fiber market reached 42%,of which regular tow carbon fiber accounted for 17%and large tow accounted for 25%.Looking at the tow markets separately,Toray accounted for 33%of the regular t

33、ow market and 51%of large tow.As a result,Toray has the highest market share of carbon fibermarket both in the overall market and in the sub-markets.Toray has a wide range of carbon fiber products to meet various needs.Torays carbon fiber products cover both regular and large tow,offering long,short

34、-cut,milled andrefractory fibers of various strengths and moduli.From T300 to T1100G/S and from M30S to M60J,plus PX35,a large tow product,Toray is able to meet the needs of both theaerospace industry,which requires high performance,and the general industry,such as wind power,which seeks costefficie

35、ncy.The increase in the demand for large tow compensates to some extent for the decrease in the demand for regular tow in the aerospace industry.Carbon fibers can be dividedinto large tow and regular tow according to the number of the bundles.Regular tow has higher performance and has been sold main

36、ly in the aerospace industry.Due to theimpact of the COVID-19,the aerospace industry was hit hard and demand for carbon fibers dropped sharply,and Torays carbon fiber business fell into losses.However,since2021,demand for large tow carbon fibers from wind power,pressure vessels and sports has increa

37、sed rapidly,and Torayscarbon fiber business has begun to turn around.Sales of carbon fiber business is increasing and operating profit is turning around.Due to the impact of the COVID-19,sales of Torays carbon fiber business dropped 22.8%YoYand operating profit plummeted to-7.5bn in FY3/21.Then oper

38、ating profit dropped to-3.6bn in the first half of FY3/22.However,due to the increase in demand for large towin general industry,Torays carbon fiber business started to turn around since the second half of FY3/22 and finally recorded a full-year operating profit of 1.6bn.In the Q1 ofFY3/23,the carbo

39、n fiber business made an operating profit of 2.4bn,which exceeded the full years operating profit of last year.Toray expects operating profit of the carbonfiber business canbe 12.5bn in FY3/23.We believe that the companys carbon fiber business has emerged from its difficulties and resumed growth.Glo

40、bal presence effectively reduces supply chain risks and production costs.Torays ZOLTEK is responsible for the production of large tow carbon fibers,which are more cost-sensitive.ZOLTEK has two production sites,one in Hungary and one in Mexico,both in developing countries where production costs are l

41、ow.The production sites for small toware located in four countries.Through the global presence,Toray has not only succeeded in reducing the production cost of large tow carbon fibers,gaining a competitiveadvantage,but has also effectively reduced the risk of supply chain disruption.APPENDIX 2重要信息披露重

42、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 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

43、name for the 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 anyother members within the Haitong International Securiti

44、es Group of Companies(“HTISG”),each authorized to engage in securities activities in its respectivejurisdiction.HTIRL分析师认证分析师认证Analyst Certification:我，刘威，在此保证（i）本研究报告中的意见准确反映了我们对本研究中提及的任何或所有目标公司或上市公司的个人观点，并且（ii）我的报酬中没有任何部分与本研究报告中表达的具体建议或观点直接或间接相关；及就此报告中所讨论目标公司的证券，我们（包括我们的家属）在其中均不持有任何财务利益。I,Yugen Xun

45、,certify 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

46、 expressed 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.我，Xiangyu Guo，在此保证（i）本研究报告中的意见准确反映了我们对本研究中提及的任何或所有目标公司或上市公司的个人观点，并且（ii）我的报酬中没有任何部分与本研究报告中表达的具体建议或观点直接或间接相关；及就此报告中所讨论目标公司的证券，我们（包括

47、我们的家属）在其中均不持有任何财务利益。I,Amber Zhou,certify 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

48、specific recommendationsor 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 subjectcompanies discussed.16APPENDIX 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

49、或持有自营头寸。就本研究报告而言，以下是有关该等关系的披露事项（以下披露不能保证及时无遗漏，如需了解及时全面信息，请发邮件至ERD-D）HTI and some of its affiliates may engage in investment banking and/or serve as a market maker or hold proprietary trading positions of certain stocks orcompanies in this research report.As far as this research report is concerned,t

50、he following are the disclosure matters related to such relationship(As the followingdisclosure does not ensure timeliness and completeness,please send an email to ERD-D if timely and comprehensive information is needed).17APPENDIX 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

51、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

52、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 stocks we cover to investors.Investors sh

53、ouldcarefully 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 Research,in its entirety,and not infer the c

54、ontents 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 considerations.Analyst Stock RatingsOutperform:T

55、he stocks total return over the next 12-18 months is expected to exceed the return of its relevant broad market benchmark,as indicated below.Neutral:The stocks total return over the next 12-18 months is expected to be in line with the return of its relevant broad market benchmark,as indicated below.

56、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 below.Benchmarks for each stocks liste

57、d region are as follows:Japan TOPIX,Korea KOSPI,Taiwan TAIEX,India Nifty100,US SP500;for all other China-conceptstocks MSCI China.18APPENDIX 2评级分布评级分布Rating Distribution19APPENDIX 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

58、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

59、：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%*Percentage of investment banking clie

60、nts 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.Please note that stocks with an NR desig

61、nation 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 total return over the next 12-18 months

62、 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 months is expected to be below the ret

63、urn 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.20APPENDIX 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

64、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 valuation multiples.Such rankings or s

65、uggested 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 International Coverage of A-Shares:Hai

66、tong 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-Shares for distribution in mainland Chi

67、na.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。Haito

68、ng 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 with a review of the HS A-share teams b

69、ottom-upresearch.The Q100 constituent companies are reviewed quarterly.21APPENDIX 2MSCI ESG评级免责声明条款：评级免责声明条款：尽管海通国际的信息供货商（包括但不限于MSCI ESG Research LLC及其联属公司（ESG方）从其认为可靠的来源获取信息（信息）,ESG方均不担保或保证此处任何数据的原创性，准确性和/或完整性，并明确表示不作出任何明示或默示的担保，包括可商售性和针对特定目的的适用性。该信息只能供阁下内部使用，不得以任何形式复制或重新传播，并不得用作任何金融工具、产品或指数的基础或组成部

70、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 its affiliates(the“ESGParties”),obtain i

71、nformation(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 merchantability and fitness for a particular purpo

72、se.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 itself be used to determine which securities

73、 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 lost profits)even if notified of the possi

74、bility of such damages.22APPENDIX 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

75、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

76、、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 carefully and confirm your agreement and a

77、cceptance 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 any accuracy and completeness of the info

78、rmation.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 anyindividual or institution as a resul

79、t 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 reflect the judgment of us only on the releas

80、e 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 past performance cannot be viewed as the

81、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 purpose.Besides,none of individual or institu

82、tion 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 any loss of SusallWave or any third-party

83、 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 of SusallWave Website,User Service(inc

84、luding 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.23APPENDIX 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

85、际证券集团有限公司（“HTISGL”）的全资附属公司海通国际研究有限公司（“HTIRL”）发行，该公司是根据香港证券及期货条例（第571章）持有第4类受规管活动（就证券提供意见）的持牌法团。该研究报告在HTISGL的全资附属公司Haitong International(Japan)K.K.（“HTIJKK”）的协助下发行，HTIJKK是由日本关东财务局监管为投资顾问。印度证券的研究报告：印度证券的研究报告：本报告由从事证券交易、投资银行及证券分析及受Securities and Exchange Board of India（“SEBI”）监管的Haitong Securities Indi

86、aPrivate Limited（“HTSIPL”）所发行，包括制作及发布涵盖BSE Limited（“BSE”）和National Stock Exchange of India Limited（“NSE”）上市公司（统称为印度交易所）的研究报告。HTSIPL于2016年12月22日被收购并成为海通国际证券集团有限公司（“HTISG”）的一部分。所有研究报告均以海通国际为名作为全球品牌，经许可由海通国际证券股份有限公司及/或海通国际证券集团的其他成员在其司法管辖区发布。本文件所载信息和观点已被编译或源自可靠来源，但HTIRL、HTISCL或任何其他属于海通国际证券集团有限公司（“HTISG”

87、）的成员对其准确性、完整性和正确性不做任何明示或暗示的声明或保证。本文件中所有观点均截至本报告日期，如有更改，恕不另行通知。本文件仅供参考使用。文件中提及的任何公司或其股票的说明并非意图展示完整的内容，本文件并非/不应被解释为对证券买卖的明示或暗示地出价或征价。在某些司法管辖区，本文件中提及的证券可能无法进行买卖。如果投资产品以投资者本国货币以外的币种进行计价，则汇率变化可能会对投资产生不利影响。过去的表现并不一定代表将来的结果。某些特定交易，包括设计金融衍生工具的，有产生重大风险的可能性，因此并不适合所有的投资者。您还应认识到本文件中的建议并非为您量身定制。分析师并未考虑到您自身的财务情况，

88、如您的财务状况和风险偏好。因此您必须自行分析并在适用的情况下咨询自己的法律、税收、会计、金融和其他方面的专业顾问，以期在投资之前评估该项建议是否适合于您。若由于使用本文件所载的材料而产生任何直接或间接的损失，HTISG及其董事、雇员或代理人对此均不承担任何责任。除对本文内容承担责任的分析师除外，HTISG及我们的关联公司、高级管理人员、董事和雇员，均可不时作为主事人就本文件所述的任何证券或衍生品持有长仓或短仓以及进行买卖。HTISG的销售员、交易员和其他专业人士均可向HTISG的相关客户和公司提供与本文件所述意见相反的口头或书面市场评论意见或交易策略。HTISG可做出与本文件所述建议或意见不一

89、致的投资决策。但HTIRL没有义务来确保本文件的收件人了解到该等交易决定、思路或建议。请访问海通国际网站 ，查阅更多有关海通国际为预防和避免利益冲突设立的组织和行政安排的内容信息。非美国分析师披露信息：非美国分析师披露信息：本项研究上海品茶上列明的海通国际分析师并未在FINRA进行注册或者取得相应的资格，并且不受美国FINRA有关与本项研究目标公司进行沟通、公开露面和自营证券交易的第2241条规则之限制。24APPENDIX 2IMPORTANT DISCLAIMERFor research reports on non-Indian securities:The research report

90、is issued by Haitong International Research Limited(“HTIRL”),a wholly owned subsidiary ofHaitong International Securities Group Limited(“HTISGL”)and a licensed corporation to carry on Type 4 regulated activity(advising on securities)for the purpose ofthe Securities and Futures Ordinance(Cap.571)of H

91、ong Kong,with the assistance of Haitong International(Japan)K.K.(“HTIJKK”),a wholly owned subsidiary ofHTISGL and which is regulated as an Investment Adviser by the Kanto Finance Bureau of Japan.For research reports on Indian securities:The research report is issued by Haitong Securities India Priva

92、te Limited(“HSIPL”),an Indian company and a Securitiesand Exchange Board of India(“SEBI”)registered Stock Broker,Merchant Banker and Research Analyst that,inter alia,produces and distributes research reportscovering listed entities on the BSE Limited(“BSE”)and the National Stock Exchange of India Li

93、mited(“NSE”)(collectively referred to as“Indian Exchanges”).HSIPLwas acquired and became part of the Haitong International Securities Group of Companies(“HTISG”)on 22 December 2016.All the research reports are globally branded under the name Haitong International and approved for distribution by Hai

94、tong International Securities CompanyLimited(“HTISCL”)and/or any other members within HTISG in their respective jurisdictions.The information and opinions contained in this research report have been compiled or arrived at from sources believed to be reliable and in good faith but norepresentation or

95、 warranty,express or implied,is made by HTIRL,HTISCL,HSIPL,HTIJKK or any other members within HTISG from which this research report maybe received,as to their accuracy,completeness or correctness.All opinions expressed herein are as of the date of this research report and are subject to changewithou

96、t notice.This research report is for information purpose only.Descriptions of any companies or their securities mentioned herein are not intended to becomplete and this research report is not,and should not be construed expressly or impliedly as,an offer to buy or sell securities.The securities refe

97、rred to in thisresearch report may not be eligible for purchase or sale in some jurisdictions.If an investment product is denominated in a currency other than an investors homecurrency,a change in exchange rates may adversely affect the investment.Past performance is not necessarily indicative of fu

98、ture results.Certain transactions,including those involving derivatives,give rise to substantial risk and are not suitable for all investors.You should also bear in mind that recommendations in thisresearch report are not tailor-made for you.The analyst has not taken into account your unique financi

99、al circumstances,such as your financial situation and riskappetite.You must,therefore,analyze and should,where applicable,consult your own legal,tax,accounting,financial and other professional advisers to evaluatewhether the recommendations suits you before investment.Neither HTISG nor any of its di

100、rectors,employees or agents accepts any liability whatsoever for anydirect or consequential loss arising from any use of the materials contained in this research report.25APPENDIX 2HTISG and our affiliates,officers,directors,and employees,excluding the analysts responsible for the content of this do

101、cument,will from time to time have long orshort positions in,act as principal in,and buy or sell,the securities or derivatives,if 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

102、clients and the companies within HTISG that reflect opinions that arecontrary to the opinions expressed in this research report.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

103、other trading decisions,ideas or recommendations are brought to the attention ofany recipient of this research report.Please refer to HTIs website for further information on HTIs organizational and administrative arrangements set up for the preventionand avoidance of conflicts of interest with respe

104、ct to Research.Non U.S.Analyst Disclosure:The HTI analyst(s)listed on the cover of this Research is(are)not registered or qualified 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 app

105、earances;and trading securities bya research analyst.26APPENDIX 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

106、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.Institutio

107、nal 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 Excha

108、nge 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

109、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

110、电话：(212)351 605027APPENDIX 2DISTRIBUTION AND REGIONAL NOTICESExcept as otherwise indicated below,any Recipient wishing to discuss this research report or effect any transaction in any security discussed in HTIs research shouldcontact the Haitong International salesperson in their own country or regi

111、on.Notice to Hong Kong investors:The research report is distributed by Haitong International Securities Company Limited(“HTISCL”),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 offe

112、r of securities or an invitationto the public within the meaning of the SFO.This research report is only to be circulated to Professional 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

113、 on the basis of the information contained in thisresearch report.Recipients of this research report are to contact HTISCL salespersons 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 HTIR

114、L,HSIPL or HTIJKK.Neither HTIRL,HSIPL,HTIJKK,nor any of the non U.S.HTISG affiliates is registered in the United States and,therefore,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 t

115、o“major U.S.institutional investors”and“U.S.institutional investors”in reliance on theexemption from registration provided by Rule 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 f

116、or the content of the reports.Any U.S.recipient of this research report wishing to effect anytransaction to buy or sell securities or related financial instruments based on the information provided in this research report should do so only through HaitongInternational Securities(USA)Inc.(“HTI USA”),

117、located at 340 Madison Avenue,12th Floor,New York,NY 10173,USA;telephone(212)351 6050.HTI USA is a broker-dealer registered in the 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

118、 preparation of this research report nor for the analysis contained therein.Under no circumstances should any U.S.recipient of this 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

119、.The HSIPL,HTIRL or HTIJKK analyst(s)whose name appears in this research report is not registered or qualified as a research analyst 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

120、aresearch analyst account.Investing in any non-U.S.securities or related financial instruments(including ADRs)discussed in this 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.securitie

121、s or related financialinstruments may be limited.Foreign companies may not be subject to audit and reporting standards and regulatory 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

122、research report denominated in acurrency other than U.S.dollars is subject to exchange rate fluctuations that may have a positive 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:28APPENDIX 2Haitong

123、 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

124、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 Requiremen

125、ts,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、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 45-1

126、06 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 31-103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11

127、0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

128、电话:(65)6536 192029APPENDIX 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17-11（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

129、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。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

130、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Hai

131、tong 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。30APPENDIX 2Peoples Republic of China(PRC):In the PRC,the research report is directed for the s

132、ole use of those who receive the research report in accordance with theapplicable PRC laws and regulations.Further,the information 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 o

133、f the security,whether by sale or subscription,in the PRC.Further,no legal or naturalpersons of the PRC may directly or indirectly purchase any of the security or any beneficial interest therein without obtaining all prior PRC government approvals orlicenses that are required,whether statutorily or

134、otherwise.Persons who come into possession of this research are required to observe these restrictions.Notice to Canadian Investors: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 C

135、anada.Any offer or sale of the securities described herein in Canada will be made only under an exemption from the requirements tofile a prospectus with the relevant Canadian securities regulators and only by Haitong International Securities(USA)Inc.,a dealer relying on the“international dealerexemp

136、tion”under National Instrument 31-103 Registration Requirements,Exemptions and Ongoing Registrant Obligations(“NI 31-103”)in Alberta,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

137、or apublic offering of any securities in Canada.No securities commission or similar regulatory authority in Canada has reviewed 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

138、 offence.Upon receipt of thisresearch report,each Canadian recipient will be deemed to have represented that the investor is an“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)

139、,as applicable,and a“permitted client”as suchterm is defined in section 1.1 of NI 31-103,respectively.Notice to Singapore investors:This research report is provided in Singapore by or through Haitong International Securities(Singapore)Pte Ltd(“HTISSPL”)Co RegNo 201311400G.HTISSPL is an Exempt Financ

140、ial Adviser under the Financial Advisers Act(Cap.110)(“FAA”)to(a)advise on securities,units in a collective investmentscheme,exchange-traded derivatives contracts and over-the-counter derivatives contracts and(b)issue or promulgate research analyses or research reports onsecurities,exchange-traded d

141、erivatives contracts and over-the-counter derivatives contracts.This research report is only provided to institutional investors,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

142、 matters arising from,or in connection with,the research report:31APPENDIX 2Haitong International Securities(Singapore)Pte.Ltd.10 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 Inte

143、rnational Securities Company Limited and intended to be distributed to FinancialServices Providers or Registered Financial Institutions 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 relate

144、d articles).Notice to UK and European Union investors:This research report is distributed by Haitong International Securities Company Limited.This research is directed atpersons having professional experience in matters relating to investments.Any investment or investment activity to which this rese

145、arch relates is available only tosuch persons or will be engaged in only with such persons.Persons who do not have professional experience in matters relating to investments should not rely on thisresearch.Haitong International Securities Company Limiteds affiliates may have a net long or short fina

146、ncial interest in excess of 0.5%of the total issued sharecapital of the entities mentioned in this research report.Please be aware that any report in English may have been published previously in Chinese or anotherlanguage.Notice to Australian investors:The research report is distributed in Australi

147、a by Haitong International Securities(Singapore)Pte Ltd,Haitong International SecuritiesCompany Limited,and Haitong International 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

148、 financial services license under the Corporations Act 2001 in respect of the financial services it provides towholesale clients 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

149、(Singapore)Pte Ltd,Haitong International Securities Company Limited,and Haitong International Securities(UK)Limited areregulated 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 Hai

150、tong Securities India Private Limited(“HSIPL”),an Indian company and a Securities and ExchangeBoard of India(“SEBI”)registered Stock Broker,Merchant Banker and Research Analyst that,inter alia,produces and distributes research reports covering listedentities on the BSE Limited(“BSE”)and the National

151、 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:/