1、电影行业：疫后修复重点板块，电影行业：疫后修复重点板块，短期关注贺岁及春节重点档期来临短期关注贺岁及春节重点档期来临Film industry:focus on post epidemic rehabilitation,and focus on the arrival of New Year and Spring Festival in the short term毛云聪毛云聪 Yuncong Mao Xiaoyue Hu 2022年年12月月1日日本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海通证券印度私人有限公司，海通国际株式会社和海通国际证券集团其他各成员单位的证券研究团

2、队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证券活动。关于海通国际的分析师证明，重要披露声明和免责声明，请参阅附录。(Pleasesee appendix for English translation of the disclaimer)Equity Asia Research截至2022年10月，中国电影净票房254亿元（同比-34%），较2019年同期下滑51.5%；北美电影票房61亿美元（同比+100%），较2019年同期下滑35%，全年票房我们预计恢复至2019年7成水平。疫情前（2019年），中国城镇人口人均观影次数1.96次；其中一线地区人均观影次数3

3、.77次，已达到北美人均3.76次观影次数，具备较成熟观影水平。我们认为，疫后观众观影意愿的恢复与上映影片质量、可选娱乐多样性、观影习惯变化等因素有较大相关性。从2021-2022年上映影片看，2021年国产片票房占比84.5%，2021-2022年前10月TOP3影片以主旋律和喜剧题材为主，博纳影业主出品影片长津湖保持票房冠军记录。进口片方面，对比2019年北美票房TOP10影片排名前8部全部引进，2021年、2022年引入进口分账影片头部内容缺席。2022年重点影片阿凡达：水之道将于12月16日与北美同步上映。受疫情影响截至2022年11月28日，全国影院营业率不足4成。TOP10院线集中

4、度未出现改善，仅万达院线票房市占有较明显提升，持续位列第一位；但相较于北美第一大院线AMC市占，我们认为仍有较大提升空间。对比海外影院公司，我们认为国内影院公司非票业务成熟度较低，但全电影产业链布局是优势所在。影视院线板块建议关注优质电影内容和龙头院线标的：中国电影、万达电影、横店影视；光线传媒、博纳影业、华策影视、捷成股份；猫眼娱乐。风险提示：疫情影响影城营业率、影视项目上映进度不及预期。摘要摘要2For full disclosure of risks,valuation methodologies and target price formation on all HTI rated s

5、tocks,please refer to the latest full report on our website at 5WiW9UuYlWkWnPsQnPaQcM6MmOqQpNpNfQmNoMeRnNtN9PoOzQMYoNmMuOoPpR中国：2022年前10月，中国电影净票房253.8亿元，同比-34.4%，较2019年同期下滑51.5%；平均票价38.3元，同比+3.8%；观影人次6.63亿人次，同比-36.8%。2019年，中国城镇人口人均观影次数1.96次，其中一线地区人均观影次数3.77次，与达到北美人均3.76次观影水平。我们认为，疫情后观众观影意愿的恢复与上映影片质量

6、、可选娱乐多样性、观影习惯变化等因素有较大相关性。北美：2022年前10月，北美电影票房60.6亿美元，同比+100%，较2019年同期下滑34.5%。重点影片阿凡达：水之道定档12月16日，我们预计2022年北美电影市场票房有望恢复至2019年7成左右水平。电影行业：电影行业：2022年前年前10月电影票房同比下滑月电影票房同比下滑34.4%，疫后观众观影由多重因素决定，疫后观众观影由多重因素决定图：图：2019-2022前前10月中国电影市场净票房及同比月中国电影市场净票房及同比图：图：2017-2022前前10月北美地区电影净票房及同比月北美地区电影净票房及同比资料来源：猫眼专业版APP

7、，AMC年报，Box Office Mojo,HTI元旦档元旦档春节档春节档清明档清明档五一档五一档暑期档暑期档端午档端午档中秋档中秋档国庆档国庆档2021净票房净票房（亿元）（亿元）11.971.77.415.167.04.24.540.7较2019同比（%）28.6%30.3%15.6%5.2%-59.2%-41.9%-38.3%-2.1%2021平均票价（元）34.744.733.134.133.032.133.843.4较2019同比（%）4.2%7.5%3.8%-16.6%2.5%-1.8%9.0%24.0%2021观影人次（亿人）0.31.60.20.42.00.10.10.9较2

8、019同比（%）23.4%21.3%11.4%26.2%-60.2%-40.8%-43.4%-21.1%2022净票房净票房（亿元）（亿元）9.355.21.12.783.21.63.413.7较2021同比（%）-21.9%-23.1%-85.2%-82.3%24.1%-61.7%-25.8%-66.2%2022平均票价（元）37.648.231.530.635.531.336.437.9较2021同比（%）4.2%7.5%-4.8%-10.3%7.6%-2.5%7.7%-12.7%2022观影人次（亿人）0.31.60.00.12.30.10.10.4较2021同比（%）23.4%21.3

9、%-84.4%-80.2%15.5%-60.4%-28.8%-61.5%表：表：2022年国内重点档期电影票房表现不佳年国内重点档期电影票房表现不佳110.9118.8114.022.145.460.6-2.5%7.1%-4.0%-80.7%106.1%99.5%-100%0%100%200%050100150票房（亿美元，左轴）同比增速（%，右轴）594.5186.1428.6253.8-68.7%130.3%-34.4%-200%0%200%05001000票房（亿元，左轴）同比增速（%，右轴）3For full disclosure of risks,valuation methodol

10、ogies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 整体看，疫情前（2019年），中国城镇人口人均观影次数1.96次；其中一线地区人均观影次数3.77次，已达到北美人均3.76次观影水平。国产片方面：2021年国产片票房占全国电影总票房比重84.5%，全国票房TOP3影片为长津湖、你好，李焕英和唐人街探案3，其中博纳影业主出品影片长津湖（54亿元票房）成为年度票房冠军作品，同时打破2017年战狼2（53亿元）中国电影票房

11、纪录，冠军作品票房纪录正不断突破。2022年前10月，全国票房TOP3作品为长津湖之水门桥（38亿元票房）、独行月球（28亿元）和这个杀手不太冷静（24亿元票房）。从类型看，2021-2022年前10月TOP3影片以主旋律题材和喜剧题材为主。进口片方面：2021年全国进口新片上映数量43部，占电影总票房比重15.5%。2021年北美票房TOP10影片中，速度与激情9、失控玩家、007：无暇赴死和寂静之地2四部在中国上映；2022年截至11月17日，北美票房TOP10影片中侏罗纪世界3、小黄人大眼萌：神偷奶爸前传、新蝙蝠侠3部在中国上映。对比2019年北美票房TOP10影片排名前8部全部引进，2

12、021年、2022年引入进口分账影片头部内容缺席，2022年重点影片阿凡达：水之道将于2022年12月16日在北美及中国内地同步上映。电影行业：观影人次提升成增长关键，提升优质影片多样性电影行业：观影人次提升成增长关键，提升优质影片多样性4资料来源：猫眼专业版APP，中国电影2017-2021年报，新华社，HTI图：图：2017-2021年中国影片产量及同比年中国影片产量及同比97074011.5%-4.2%-37.3%13.8%-40%-30%-20%-10%0%10%20%0200400600800720021全国生产影片总

13、数（部，左轴）YOY（%，右轴）图：图：2017-2021年国产影片与进口影片票房占比年国产影片与进口影片票房占比53.84%62.15%64.07%83.72%84.49%46.16%37.85%35.93%16.28%15.51%0%50%100%150%200202021国产影片票房占比（%）进口影片票房占比（%）For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the late

14、st full report on our website at 截至2021年底，全国影院银幕数82248块，较2020年+8.8%，仍保持相对较高的建设增速，完成国家电影局印发关于加快电影院建设促进电影市场繁荣发展的意见中提及，到2020年全国整体银幕数8万块以上的规划。而根据灯塔数据，2021年，有票房产出影院银幕数合计75312块，我们认为实际营业影城数量受部分地区零散疫情影响仍有较大波动，截至2022年11月28日，全国影院营业率不到4成。2021年，全国票房TOP10院线合计市占67.1%，较2020年提升0.2pct，较2019年下滑0.5pct，影院集中度未出现明显改善。201

15、9-2022年前10月，万达电影旗下万达院线票房市占从13.7%提升至16.8%，持续位列第一位。2021年，北美第一大院线AMC市占22.4%。电影行业：实际营业影城数量仍有较大波动，万达院线持续市占第一电影行业：实际营业影城数量仍有较大波动，万达院线持续市占第一图：图：2017-2021年全国影院银幕数及同比年全国影院银幕数及同比50776658182248122.2%20.7%13.9%8.3%8.8%0%20%40%60%80%100%120%140%0000040000500006000070000800009000020172018201

16、920202021影院银幕数（块，左轴）YOY（%，右轴）201920202021净票房（亿元）市占率（%）净票房（亿元）市占率（%）净票房（亿元）市占率（%）1万达院线万达院线81.6613.7%万达院线万达院线28.1615.1%万达院线万达院线65.0415.2%2大地院线58.199.8%大地院线18.079.7%大地院线40.829.5%3上海联合47.27.9%上海联合14.087.6%上海联合33.217.7%4中影南方42.757.2%中影数字13.867.4%中影数字32.357.5%5中影数字41.767.0%中影南方12.836.9%中影南方29.97.0%6中影星美31

17、.465.3%横店影视8.094.3%金逸院线18.594.3%7金逸院线28.614.8%中影星美7.874.2%横店影视18.114.2%8横店影视25.014.2%金逸院线7.714.1%幸福蓝海17.714.1%9幸福蓝海23.524.0%幸福蓝海7.374.0%中影星美17.194.0%10华夏联合21.843.7%华夏联合6.53.5%华夏联合14.793.5%合计合计67.6%66.9%67.1%表：表：2019-2021全国票房全国票房TOP10院线净票房及市占率情况院线净票房及市占率情况资料来源：国家电影局，上海证券报，灯塔专业版APP，猫眼研究院，东方财富网，HTI5For

18、 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 从影院经营看：1）租金成本为影院经营中最大固定支出，放映业务毛利率承压。我们认为，疫情期间的租金减免、相关税收减免及优惠、政府补贴、部分影城租金调整为票房分账模式等方式都将为影院公司减负。参考AMC，2019年租金成本占放映收入比重为29.7%，2021年该占比提升至60.4%。2）

19、非票业务：2019年万达电影、横店影视、上海电影非票业务收入占放映收入比重分别为42.5%、21.9%和27.3%，万达电影非票业务经营效率最高。参考AMC，2019年其北美地区人均卖品花费5.38美元，占人均电影票价近6成；2021年其北美地区卖品收入占放映收入比重为66.6%，较2019年提升10.2pct。3）产业链布局：影视内容出品发行、放映服务、衍生开发等业务将有效增厚经营业绩，并呈可持续发展。电影行业：影院公司探索租金分账模式，积极相关新业务开展寻求第二曲线电影行业：影院公司探索租金分账模式，积极相关新业务开展寻求第二曲线图：图：2017-2022H1国内影院公司放映业务毛利率国内

20、影院公司放映业务毛利率25.5%23.9%29.7%142.9%60.4%0%50%100%150%200202021AMC美国本土市场：影院租金收入占放映收入比重（%）图：图：2017-2021AMC美国本土市场影院租金收入占放映收入比重美国本土市场影院租金收入占放映收入比重资料来源：国家电影局，AMC年报，wind，HTI12.1%10.3%6.6%-41.2%4.9%-7.5%4.7%-2.1%-4.7%-71.0%9.9%-5.5%0.8%-7.1%-30.0%-18.8%-100%-50%0%50%2002020212022H1万达电影横店

21、影视上海电影50.5%48.4%42.5%40.2%21.2%20.9%22.0%21.9%18.5%29.7%20.6%27.3%17.3%23.9%0%20%40%60%200202021万达电影横店影视上海电影图：图：2017-2021国内影院公司非票业务占放映收入比重国内影院公司非票业务占放映收入比重图：图：2017-2021AMC美国本土市场卖品收入占放映收入比重美国本土市场卖品收入占放映收入比重52.3%54.1%56.4%56.8%66.6%0%50%100%200202021AMC美国本土市场：卖品收入占放映收入比重（%）说明：202

22、1年横店影视未单独披露非票业务收入情况6For 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 我们认为，短期关注贺岁和春节重点档期影片排片情况及影城营业率恢复进度；中长期高品质、多样化电影将有效提振电影板块，中国电影单片票房及整体电影大盘规模有望向上突破。影视院线板块建议关注优质电影内容和龙头院线标的：中国电影、万达电影、横店影视

23、；光线传媒、博纳影业、华策影视、捷成股份；猫眼娱乐。风险提示：疫情影响影城营业率、影视项目上映进度不及预期。投资建议及风险提示投资建议及风险提示资料来源：wind，中国电影2021年报，万达电影2022半年报，横店影视关于接待机构调研情况公告，光线传媒2022半年报，华策影视2022年三季报，捷成股份2021年报，猫眼专业版APP，HTI代码标的市值（亿元）2022.11.30归母净利（亿元）PE（倍）说明2021/12/312022E2023E2024E2023E2024E600977.SH中国电影2482.361.069.339.552726阿凡达：水之道发行；主投影片流浪地球2定档202

24、3年春节档；特色进口片发行、科技板块业务；国有背景，在手现金充沛002739.SZ万达电影2911.06-4.5011.2814.282620完成待映重点影片想见你、维和防暴队，正在拍摄或计划重点项目寻龙诀2、三大队；院线市占持续市场第一603103.SH横店影视870.140.512.633.473325参投影片龙马精神、超能一家人等300251.SZ光线传媒243-3.124.289.5211.662621重点影片深海、坚如磐石、茶啊二中、大雨、扫黑拨云见日、我经过风暴等，项目储备丰富，特色动画电影001330.SZ博纳影业1453.632.945.336.042724重点影片无名，参投风

25、再起时300133.SZ华策影视914.004.755.706.751613万里归途国庆档票房冠军，参投流浪地球2300182.SZ捷成股份1224.316.978.439.701413重点电影、电视剧、动漫、综艺等新媒体版权运营1896.HK猫眼娱乐763.692.795.216.691511在线电影票务龙头；参投影片保你平安和主投影片绝望主夫定档2022年12月31日；重点项目主发行学爸（主发行），主投天才游戏和平原上的火焰，参投被害人、风再起时、检察风云、无所畏惧等表：相关标的梳理表：相关标的梳理7说明：2022-2024年盈利预测为wind一致预期For full disclosure

26、 of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at APPENDIX 1Summary-By October 2022,the net box office of Chinese films had reached Rmb25.4bn(-34%YoY),a decrease of 51.5%compared with the same period in 2019;

27、The box office of North American films was US$6.1bn(+100%YoY),down 35%from the same period in 2019.We expect the full year box office to recover to 70%in 2019.-Affected by the epidemic,as of November 28,2022,the operating rate of cinemas nationwide is less than 40%.-It is recommended to focus on hig

28、h-quality film content and leading cinema targets in the film and television theater segment:China Film,Wanda Film,Hengdian Entertainment;Enlight Media,Bona Film,Huace Film and TV,Jetsen Technology;MaoyanEntertainment.-Risks.The epidemic situation affects the operating rate of the movie theater,and

29、the release progress of the film and television project is not as expected.8APPENDIX 2重要信息披露重要信息披露本研究报告由海通国际分销，海通国际是由海通国际研究有限公司(HTIRL)，Haitong Securities India Private Limited(HSIPL)，Haitong 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。IMPO

30、RTANT DISCLOSURESThis research report is distributed by Haitong International,a global brand 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 Securi

31、ties Company Limited(“HTISCL”),and anyother members within the Haitong International Securities 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，毛云聪，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

32、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,Yuncong Mao,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 compe

33、nsation was,is or will be directly or indirectly related to the specific recommendationsor views expressed in this research report;and that I(including members of my household)have no financial interest in the security or securities of the subjectcompanies discussed.我，Xiaoyue Hu，在此保证（i）本研究报告中的意见准确反映

34、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,Xiaoyue Hu,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 rese

35、arch and(ii)no part of my compensation was,is or will be directly or indirectly related to the specific recommendationsor views expressed in this research report;and that I(including members of my household)have no financial interest in the security or securities of the subjectcompanies discussed.9A

36、PPENDIX 2利益冲突披露利益冲突披露Conflict of Interest Disclosures海通国际及其某些关联公司可从事投资银行业务和/或对本研究中的特定股票或公司进行做市或持有自营头寸。就本研究报告而言，以下是有关该等关系的披露事项（以下披露不能保证及时无遗漏，如需了解及时全面信息，请发邮件至ERD-D）HTI and some of its affiliates may engage in investment banking and/or serve as a market maker or hold proprietary trading positions of ce

37、rtain stocks orcompanies in this research report.As far as this research report is concerned,the following are the disclosure matters related to such relationship(As the followingdisclosure does not ensure timeliness and completeness,please send an email to ERD-D if timely and comprehensive informat

38、ion 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002605.CH,2013.HK,300459.CH,BABA.US and 600188.CH的投资银行项目。投资银行项目包括：1、海通担任上市前辅导机构、保荐人或主承销商的首次公开发行项目；2、海通作为保荐人、主承销商或财务顾问的股权或债务再融资项目；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 in

39、vestment banking projects of 002605.CH,2013.HK,300459.CH,BABA.US and 600188.CH within the past 12 months.The investment banking projects include 1.IPO projects in which Haitong acted as pre-listing tutor,sponsor,orlead-underwriter;2.equity or debt refinancing projects of 002605.CH,2013.HK,300459.CH,

40、BABA.US and 600188.CH for which Haitong acted as sponsor,lead-underwriter or financial advisor;3.listing by introduction in the new three board,target placement,M&A projects in which Haitong acted as lead-brokerage firm.作为回报，海通拥有603598.CH一类普通股证券的1%或以上。The Haitong beneficially owns 1%or more of a cla

41、ss of common equity securities of 603598.CH.002605.CH,2013.HK,300459.CH,600188.CH 及 FUTU.US目前或过去12个月内是海通的投资银行业务客户。002605.CH,2013.HK,300459.CH,600188.CH and FUTU.US are/were an investment bank clients of Haitong currently or within the past 12 months.10APPENDIX 2000802.CH,大庆北纬科技有限公司,002445.CH,002605.

42、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,002624.CH,300133.CH,300251.CH,300364.CH,300459.CH,安徽出版集团有限责任公司,黑龙江出版集团有限公司,阿里巴巴（北京）软件服务有限公司,阿里巴巴（成都）软件技术有限公司,阿里巴巴（中国）网络技术有限公司,杭州阿里巴巴创业投资管理有限公司,杭州阿里巴巴泽泰信息技术有限公司,英特尔半导体（大连）有限公司,英特尔产品（成都）有限公司,北京东方宝辰国际投资有限公司,北京东方华晟投资管理有限公司,北京东方顺泰金属制品有限公司

43、,北京东方蜗牛投资管理有限公司,北京东方蜗牛投资管理有限公司东方蜗牛复合策略一号基金,北京东方蜗牛投资管理有限公司东方蜗牛积极进取二号私募基金,北京东方蜗牛投资管理有限公司东方蜗牛稳健回报三号私募基金,北京东方引擎投资管理有限公司引擎资本基业长青混合私募证券投资基金,北京东方雨虹防水技术股份有限公司,北京东方雨虹防水技术股份有限公司回购专用证券账户,北京东海长基投资基金管理有限公司,北京东世佳商贸有限公司,北京东泰阳光纺织品有限公司,北京京东绿谷农业科技有限公司,南京东宇汽车集团有限公司,上海京东工贸商行,云南网易特信息产业有限公司,300017.CH,0302.HK 及 300336.CH目

44、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。000802.CH,大庆北纬科技有限公司,002445.CH,002605.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,002624.CH,300133.CH,300251.CH,300364.CH,300459.CH,安徽出版集团有限责任公司,黑龙江出版集团有限公司,阿里巴巴（北京）软件服务有限公司,阿里巴巴（成都）软件技术有限公司,阿里巴巴（中国）网络技术有限公司,杭州阿里巴巴创业投资管理有限公司,杭州阿里巴巴泽泰信息技术

45、有限公司,英特尔半导体（大连）有限公司,英特尔产品（成都）有限公司,北京东方宝辰国际投资有限公司,北京东方华晟投资管理有限公司,北京东方顺泰金属制品有限公司,北京东方蜗牛投资管理有限公司,北京东方蜗牛投资管理有限公司东方蜗牛复合策略一号基金,北京东方蜗牛投资管理有限公司东方蜗牛积极进取二号私募基金,北京东方蜗牛投资管理有限公司东方蜗牛稳健回报三号私募基金,北京东方引擎投资管理有限公司引擎资本基业长青混合私募证券投资基金,北京东方雨虹防水技术股份有限公司,北京东方雨虹防水技术股份有限公司回购专用证券账户,北京东海长基投资基金管理有限公司,北京东世佳商贸有限公司,北京东泰阳光纺织品有限公司,北京京

46、东绿谷农业科技有限公司,南京东宇汽车集团有限公司,上海京东工贸商行,云南网易特信息产业有限公司,300017.CH,0302.HK and 300336.CH are/were a client of Haitong currently or within the past 12months.The client has been provided for non-investment-banking securities-related services.海通在过去12个月中获得对2013.HK,600188.CH 及 FUTU.US提供投资银行服务的报酬。Haitong received

47、in the past 12 months compensation for investment banking services provided to 2013.HK,600188.CH and FUTU.US.11APPENDIX 2海通预计将（或者有意向）在未来三个月内从002027.CH,2013.HK,8083.HK,600188.CH,WB.US 及 FUTU.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

48、 next three months from 002027.CH,2013.HK,8083.HK,600188.CH,WB.US and FUTU.US.海通在过去的12个月中从002445.CH,002624.CH,300133.CH,300364.CH,安徽出版集团有限责任公司,黑龙江出版集团有限公司,阿里巴巴（北京）软件服务有限公司,阿里巴巴（成都）软件技术有限公司,阿里巴巴（中国）网络技术有限公司,杭州阿里巴巴创业投资管理有限公司,杭州阿里巴巴泽泰信息技术有限公司,北京东方宝辰国际投资有限公司,北京东方华晟投资管理有限公司,北京东方顺泰金属制品有限公司,北京东方蜗牛投资管理有限公司,

49、北京东方蜗牛投资管理有限公司东方蜗牛复合策略一号基金,北京东方蜗牛投资管理有限公司东方蜗牛积极进取二号私募基金,北京东方蜗牛投资管理有限公司东方蜗牛稳健回报三号私募基金,北京东方引擎投资管理有限公司引擎资本基业长青混合私募证券投资基金,北京东方雨虹防水技术股份有限公司,北京东方雨虹防水技术股份有限公司回购专用证券账户,北京东海长基投资基金管理有限公司,北京东世佳商贸有限公司,北京东泰阳光纺织品有限公司,北京京东绿谷农业科技有限公司,南京东宇汽车集团有限公司,上海京东工贸商行及 300336.CH获得除投资银行服务以外之产品或服务的报酬。Haitong has received compensa

50、tion in the past 12 months for products or services other than investment banking from 002445.CH,002624.CH,300133.CH,300364.CH,安徽出版集团有限责任公司,黑龙江出版集团有限公司,阿里巴巴（北京）软件服务有限公司,阿里巴巴（成都）软件技术有限公司,阿里巴巴（中国）网络技术有限公司,杭州阿里巴巴创业投资管理有限公司,杭州阿里巴巴泽泰信息技术有限公司,北京东方宝辰国际投资有限公司,北京东方华晟投资管理有限公司,北京东方顺泰金属制品有限公司,北京东方蜗牛投资管理有限公司,北京东

51、方蜗牛投资管理有限公司东方蜗牛复合策略一号基金,北京东方蜗牛投资管理有限公司东方蜗牛积极进取二号私募基金,北京东方蜗牛投资管理有限公司东方蜗牛稳健回报三号私募基金,北京东方引擎投资管理有限公司引擎资本基业长青混合私募证券投资基金,北京东方雨虹防水技术股份有限公司,北京东方雨虹防水技术股份有限公司回购专用证券账户,北京东海长基投资基金管理有限公司,北京东世佳商贸有限公司,北京东泰阳光纺织品有限公司,北京京东绿谷农业科技有限公司,南京东宇汽车集团有限公司,上海京东工贸商行and 300336.CH.海通担任3690.HK 及 0700.HK有关证券的做市商或流通量提供者。Haitong acts

52、as a market maker or liquidity provider in the securities of 3690.HK and 0700.HK.12APPENDIX 2评级定义评级定义（从从2020年年7月月1日开始执行日开始执行）：海通国际（以下简称“HTI”）采用相对评级系统来为投资者推荐我们覆盖的公司：优于大市、中性或弱于大市。投资者应仔细阅读HTI的评级定义。并且HTI发布分析师观点的完整信息，投资者应仔细阅读全文而非仅看评级。在任何情况下，分析师的评级和研究都不能作为投资建议。投资者的买卖股票的决策应基于各自情况（比如投资者的现有持仓）以及其他因素。分析师股票评级分

53、析师股票评级优于大市优于大市，未来12-18个月内预期相对基准指数涨幅在10%以上，基准定义如下中性中性，未来12-18个月内预期相对基准指数变化不大，基准定义如下。根据FINRA/NYSE的评级分布规则，我们会将中性评级划入持有这一类别。弱于大市弱于大市，未来12-18个月内预期相对基准指数跌幅在10%以上，基准定义如下各地股票基准指数：日本各地股票基准指数：日本 TOPIX,韩国韩国 KOSPI,台湾台湾 TAIEX,印度印度 Nifty100,美国美国 SP500;其他所有中国概念股其他所有中国概念股 MSCI China.Ratings Definitions(from 1 Jul 2

54、020):Haitong International uses a relative rating system using Outperform,Neutral,or Underperform for recommending the stocks we cover to investors.Investors shouldcarefully read the definitions of all ratings used in Haitong International Research.In addition,since Haitong International Research co

55、ntains more completeinformation concerning the analysts views,investors should carefully read Haitong International Research,in its entirety,and not infer the contents from the ratingalone.In any case,ratings(or research)should not be used or relied upon as investment advice.An investors decision to

56、 buy or sell a stock should depend on individualcircumstances(such as the investors existing holdings)and other considerations.Analyst Stock RatingsOutperform:The stocks total return over the next 12-18 months is expected to exceed the return of its relevant broad market benchmark,as indicated below

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

58、 return over the next 12-18 months is expected to be below the return of its relevant broad market benchmark,as indicated below.Benchmarks for each stocks listed region are as follows:Japan TOPIX,Korea KOSPI,Taiwan TAIEX,India Nifty100,US SP500;for all other China-conceptstocks MSCI China.13APPENDIX

59、 2评级分布评级分布Rating Distribution14APPENDIX 2截至截至2022年年9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89.4%9.2%1.4%投资银行客户*5.5%6.8%4.5%*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

60、日日）：买入买入，未来12-18个月内预期相对基准指数涨幅在10%以上，基准定义如下中性中性，未来12-18个月内预期相对基准指数变化不大，基准定义如下。根据FINRA/NYSE的评级分布规则，我们会将中性评级划入持有这一类别。卖出卖出，未来12-18个月内预期相对基准指数跌幅在10%以上，基准定义如下各地股票基准指数：日本各地股票基准指数：日本 TOPIX,韩国韩国 KOSPI,台湾台湾 TAIEX,印度印度 Nifty100;其他所有中国概念股其他所有中国概念股 MSCI China.Haitong International Equity Research Ratings Distrib

61、ution,as of Sep 30,2022OutperformNeutralUnderperform(hold)HTI Equity Research Coverage89.4%9.2%1.4%IB clients*5.5%6.8%4.5%*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 Under

62、perform.For purposes only of FINRA/NYSE ratings distribution rules,our Neutral rating falls into a hold rating category.Please note that stocks with an NR designation are notincluded in the table above.Previous rating system definitions(until 30 Jun 2020):BUY:The stocks total return over the next 12

63、-18 months is expected to exceed the return of its relevant broad market benchmark,as indicated below.NEUTRAL:The stocks total return over the next 12-18 months is expected to be in line with the return of its relevant broad market benchmark,as indicated below.For purposes only of FINRA/NYSE ratings

64、 distribution rules,our Neutral rating falls into a hold rating category.SELL:The stocks total return over the next 12-18 months is expected to be below the return of its relevant broad market benchmark,as indicated below.Benchmarks for each stocks listed region are as follows:Japan TOPIX,Korea KOSP

65、I,Taiwan TAIEX,India Nifty100;for all other China-concept stocks MSCIChina.15APPENDIX 2海通国际非评级研究：海通国际非评级研究：海通国际发布计量、筛选或短篇报告，并在报告中根据估值和其他指标对股票进行排名，或者基于可能的估值倍数提出建议价格。这种排名或建议价格并非为了进行股票评级、提出目标价格或进行基本面估值，而仅供参考使用。Haitong International Non-Rated Research:Haitong International publishes quantitative,screeni

66、ng or short reports which may rank stocks according to valuation andother metrics or may suggest prices based on possible valuation multiples.Such rankings or suggested prices do not purport to be stock ratings or target prices orfundamental values and are for information only.海通国际海通国际A股覆盖股覆盖：海通国际可能

67、会就沪港通及深港通的中国A股进行覆盖及评级。海通证券（600837.CH），海通国际于上海的母公司，也会于中国发布中国A股的研究报告。但是，海通国际使用与海通证券不同的评级系统，所以海通国际与海通证券的中国A股评级可能有所不同。Haitong International Coverage of A-Shares:Haitong International may cover and rate A-Shares that are subject to the Hong Kong Stock Connect scheme withShanghai and Shenzhen.Haitong Secu

68、rities(HS;600837 CH),the ultimate parent company of HTISG based in Shanghai,covers and publishes research on these sameA-Shares for distribution in mainland China.However,the rating system employed by HS differs from that used by HTI and as a result there may be a difference in theHTI and HS ratings

69、 for the same A-share stocks.海通国际海通国际优质优质100 A股股（Q100）指数指数：海通国际Q100指数是一个包括100支由海通证券覆盖的优质中国A股的计量产品。这些股票是通过基于质量的筛选过程，并结合对海通证券A股团队自下而上的研究。海通国际每季对Q100指数成分作出复审。Haitong International Quality 100 A-share(Q100)Index:HTIs Q100 Index is a quant product that consists of 100 of the highest-quality A-shares unde

70、r coverage atHS in Shanghai.These stocks are carefully selected through a quality-based screening process in combination with a review of the HS A-share teams bottom-upresearch.The Q100 constituent companies are reviewed quarterly.16APPENDIX 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 Res

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128、投资者（“Permitted Investor”）。新加坡投资者的通知事项：新加坡投资者的通知事项：本研究报告由Haitong International Securities(Singapore)Pte Ltd（“HTISSPL”）公司注册编号201311400G 于新加坡提供。HTISSPL是符合财务顾问法（第110章）（“FAA”）定义的豁免财务顾问，可（a）提供关于证券，集体投资计划的部分，交易所衍生品合约和场外衍生品合约的建议（b）发行或公布有关证券、交易所衍生品合约和场外衍生品合约的研究分析或研究报告。本研究报告仅提供给符合证券及期货法（第289章）第4A条项下规定的机构投资者。对

129、于因本研究报告而产生的或与之相关的任何问题，本研究报告的收件人应通过以下信息与HTISSPL联系:Haitong International Securities(Singapore)Pte.Ltd50 Raffles Place,#33-03 Singapore Land Tower,Singapore 048623电话:(65)6536 192024APPENDIX 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

130、关条款）。英国及欧盟投资者的通知事项：英国及欧盟投资者的通知事项：本报告由从事投资顾问的Haitong International Securities Company Limited所发布，本报告只面向有投资相关经验的专业客户发布。任何投资或与本报告相关的投资行为只面对此类专业客户。没有投资经验或相关投资经验的客户不得依赖本报告。Haitong International SecuritiesCompany Limited的分支机构的净长期或短期金融权益可能超过本研究报告中提及的实体已发行股本总额的0.5。特别提醒有些英文报告有可能此前已经通过中文或其它语言完成发布。澳大利亚投资者的通知事项

131、：澳大利亚投资者的通知事项：Haitong International Securities(Singapore)Pte Ltd,Haitong International Securities Company Limited和Haitong InternationalSecurities(UK)Limited分别根据澳大利亚证券和投资委员会（以下简称“ASIC”）第03/1102、03/1103或03/1099号规章在澳大利亚分发本项研究，该等规章免除了根据2001年公司法在澳大利亚为批发客户提供金融服务时海通国际需持有澳大利亚金融服务许可的要求。ASIC的规章副本可在以下网站获取：www.

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133、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。25APPENDIX 2Peoples Republic of China(PRC):In the PRC,the research report is directed for the sole use of those who receive the research report in accordance with theapplicable PRC laws and regulations.Further,the information on the re

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137、spectus with the relevant Canadian securities regulators and only by Haitong International Securities(USA)Inc.,a dealer relying on the“international dealerexemption”under National Instrument 31-103 Registration Requirements,Exemptions and Ongoing Registrant Obligations(“NI 31-103”)in Alberta,British

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140、nvestor”as such term is defined in section 1.1 ofNational Instrument 45-106 Prospectus Exemptions or,in Ontario,in section 73.3(1)of the Securities Act(Ontario),as applicable,and a“permitted client”as suchterm is defined in section 1.1 of NI 31-103,respectively.Notice to Singapore investors:This res

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