1、 Table_yemei1 观点聚焦 Investment Focus Table_yejiao1 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海通证券印度私人有限公司，海通国际株式会社和海通国际证券集团其他各成员单位的证券研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证券活动。关于海通国际的分析师证明，重要披露声明和免责声明，请参阅附录。(Please see appendix for English translation of the disclaimer)研究报告 Research Report 14 Dec 2022 中国汽车中国汽车

2、China Automobiles 新能源汽车电池展望：动力电池装车量高景气延续，材料结构技术突破催生新机遇 EV Battery Demand Continues to Grow,Technology Breakthroughs Pave the Way for Mass Adoption Table_Info 市盈率 P/E 股票名称 评级 目标价 2022E 2023E 比亚迪 Outperform 309.80 55 37 长安汽车 Outperform 11.58 16 n.a.赛力斯 Outperform 75.25 n.a.719 伯特利 Outperform 31.25 n.a

3、.78 江淮汽车 Outperform 13.90 80 n.a.资料来源：Factset,HTI Related Reports 特斯拉全系国产车型降价，有望垂直延伸市场份额（Tesla cuts starting prices for China-made models to boost Q4 demand）(25 Oct 2022)英伟达发布车芯 Thor，引领汽车智能芯片革新浪潮（Nvidia Releases Drive Thor,One Chip to Rule All Software-Defined Vehicles）(21 Sep 2022)2022 华为秋季新品发布会：问界

4、 M5 EV 全面对标特斯拉 Model Y，鸿蒙生态全场景覆盖智慧生活（Huawei-backed AITO launches first all-electric model M5 EV to take on Tesla Model Y）(7 Sep 2022)(Please see APPENDIX 1 for English summary)受下游新能源车需求拉动，动力电池产销维持高景气。受下游新能源车需求拉动，动力电池产销维持高景气。2022 年 1-11 月，我国动力电池累计产量 489.2GWh，同增 160%。全球动力电池装机量约 436 GWh，同增 78%；我国动力电池累计

5、装车量258.5GWh，同增 102%。锂电企业积极推进产能建设，根据高工锂电统计，2022 年全球动力电池产能超过 1,000 GWh，正式步入 TWh时代。我们认为，2023 年在行业增速基础上，叠加单车带电量提升趋势，锂电池出货量增速将继续高于行业增速。集中度维持高位，行业格局持续优化。集中度维持高位，行业格局持续优化。2022 年 1-11 月，全球动力电池装车量 CR5 和 CR3 市场份额分别为 77.2%和 65.0%。其中宁德时代与比亚迪分别占比 35.8%/13.1%，居一、三位。根据中国汽车动力电池产业创新联盟统计，2022 年 1-11 月我国共计 51 家动力电池企业实

6、现装车配套，较 2021 年同期减少 3 家，CR3/CR5/CR10 装车量分别为 220/245/254GWh，占总装车量比 85.0%/94.7%/98.1%。正极材料正极材料-三元锂与磷酸铁锂份额分化：三元锂与磷酸铁锂份额分化：2022 年磷酸铁锂体系从微型车垂直向上加速覆盖 A 级与 B 级车，在有效提升性价比的同时，促进 A 级电动车销量扩张。根据电池中国统计，至 2025 年国内厂商正极材料扩产规模近1,000万吨，对应超过4TWh动力电池规模，其中磷酸铁锂占比超过 80%。我们认为，正极材料规划产能可以满足未来 3-5 年装机需求，正极材料或出现高端产能紧缺，低端产能过剩情况。

7、负极材料负极材料-石墨化供需紧张缓解：石墨化供需紧张缓解：2022 年负极产能投资扩产加速，根据百川盈孚统计，2021-2022中国负极新建产能合计扩张超过947万吨。考虑到负极材料扩产周期较长，我们预计 2023 年负极材料产能将迎来集中释放，负极材料价格或进入下降通道。隔膜隔膜-延续供需紧平衡：延续供需紧平衡：受限于产能建设周期与设备供应，2022 年隔膜行业主要新增产能集中于 2022Q4、2023Q1 释放，动力电池隔膜保持紧平衡状态，据百川盈孚，2022 年国内隔膜产量将突破 115亿平方米。电解液电解液-上游原材料增产推动价格回落：上游原材料增产推动价格回落：2022Q2 开始随着

8、各头部企业大批量投产六氟磷酸锂、VC、DMC 等原材料，电解液价格快速回落。头部企业对原材料把控能力更强，产能利用率更高，行业集中度进一步提升。Table_Author Barney Yao 557085100115Dec-21Mar-22Jun-22Sep-22Dec-22HAI China AutomobilesMSCI China 14 Dec 2022 2 Table_header2 中国汽车中国汽车 电池材料体系与结构技术变化催生从电池材料体系与结构技术变化催生从 0 到到 1 新机遇。新机遇。随着行业成熟度不断提升，动力电池技术革新成为驱动行业发展的核心因素，主要通过现有材料体系的

9、迭代升级和结构创新推动能量密度提升，实现降本增效。我们认为，中期铁锂与三元仍然是材料体系的主流路线，并将在成分方面不断优化改良，长期来看低成本+高能量密度发展趋势较为明确。风险风险提示。提示。新能源车销量不及预期，新技术应用进度不及预期，原材料价格上涨，贸易摩擦加剧等。ZVbWvYoUdUoWoN6MdNaQpNqQpNoMlOmNoMkPmNnQbRpPxOwMnMtMvPrNnQ 14 Dec 2022 3 Table_header2 中国汽车中国汽车 动力电池：全球电动化加速，材料技术创新带动产业结动力电池：全球电动化加速，材料技术创新带动产业结构升级构升级 1.受下游新能源车需求拉动，

10、动力电池产销维持高景气受下游新能源车需求拉动，动力电池产销维持高景气 供给端：供给端：受下游新能源汽车高景气影响，2021 年全球动力电池出货量达到296.8GWh，步入快速增长阶段。2022 年 1-11 月，我国动力电池累计产量489.2GWh，同增 160%。其中三元电池累计产量 190.0GWh，占总产量 38.8%，累计同增 131%；磷酸铁锂电池累计产量 298.5GWh，占总产量比 61.0%，累计同增183%。锂电企业积极推进产能建设，根据高工锂电统计，2022年全球动力电池产能超过 1,000 GWh，正式步入 TWh 时代。我们认为，2023 年在行业增速基础上，叠加单车带

11、电量提升趋势，锂电池出货量增速将维持高于行业。需求端需求端：2022 年 1-11 月，全球动力电池装机量约 436 GWh，同增 78%；我国动力电池累计装车量 258.5GWh，同增 102%。其中三元电池累计装车 99.0GWh，占总产量比 38.3%，累计同增 57%；磷酸铁锂电池累计装车 159.1GWh，占总产量比61.5%，累计同增 146%。全球电动车市场除中国、欧洲、美国外，其他国家和地区新能源渗透率低于 2%，市场空间仍然广阔。我们认为，2023 年美国市场有望在 IRA法案补贴驱动下实现渗透率快速提升，本土产业链配套不足的情况下催生头部企业出海建厂机遇，中期技术储备和成本

12、控制能力优秀的龙头企业有望受益于美国本土产能缺口，进一步提升全球份额与盈利弹性。图表图表 1 中国与全球动力电池出货量中国与全球动力电池出货量 资料来源：中国汽车动力电池产业创新联盟，SNE Research，海通国际 图表图表 2 中国与全球动力电池装车量中国与全球动力电池装车量 资料来源：前瞻产业研究院，海通国际 2.集中度维持高位，行业格局持续优化集中度维持高位，行业格局持续优化 全球动力电池集中度较高。全球动力电池集中度较高。根据 SNE Research 数据，近五年全球动力电池行业集中度总体呈上升趋势。2022 年 1-11 约，全球动力电池装车量 CR5 市场份额77.2%，CR

13、3 65.0%。其中宁德时代与比亚迪分别占比 35.8%/13.1%，居一三位。根据中国汽车动力电池产业联盟统计，2022 年 1-11 月我国共计 51 家动力电池企业实现装 车 配 套，较2021年 同 期 减 少3家，CR3/CR5/CR10装 车 量 分 别 为220/245/254GWh，占总装车量比 85.0%/94.7%/98.1%。14 Dec 2022 4 Table_header2 中国汽车中国汽车 图表图表 3 全球动力电池市场集中度全球动力电池市场集中度 资料来源：SNE Research，海通国际 图表图表 4 2022.1-11 月全球动力市场份额月全球动力市场份额

14、 资料来源：SNE Research，海通国际 正极材料正极材料-三元与磷酸铁锂份额分化。三元与磷酸铁锂份额分化。受原材料价格上涨影响，主机厂为降低成本压力，转而采用铁锂电池，通过 CTP 等技术实现提升整包能量密度提升，缩小与三元电池的差距。2022 年磷酸铁锂体系从微型车垂直向上加速覆盖 A 级与 B 级车，有效提升性价比，促进 A 级电动车销量扩张。根据电池中国统计，至 2025 年国内厂商正极材料扩产规模近 1,000万吨，对应超过 4TWh动力电池规模，其中磷酸铁锂占比超过 80%。我们认为，正极材料规划产能可以满足未来 3-5 年装机需求，正极材料或出现高端产能紧缺，低端产能过剩情

15、况。图表图表 5 中国正极材料出货量（中国正极材料出货量（MWh）资料来源：Wind，海通国际 图表图表 6 正极材料价格变动（万元正极材料价格变动（万元/吨）吨）资料来源：Wind，海通国际 负极材料负极材料-石墨化供需紧张缓解。石墨化供需紧张缓解。2021 年受“能耗双控”影响，石墨化存量产能开工率与新增产能受限，成为影响负极材料产量的主要瓶颈。2022 年负极产能投资扩产加速，根据百川盈孚统计，2021-2022中国负极新建产能合计扩张超过 947万吨。考虑到负极材料扩产周期较长，一体化项目审批周期 6-12 个月，建设周期约 6 个月，设备调试 3-6 个月，预计 2023 年负极产能

16、将迎来集中释放，负极材料价格或进入下降通道。14 Dec 2022 5 Table_header2 中国汽车中国汽车 图表图表 7 中国负极材料产量中国负极材料产量 资料来源：百川盈孚，海通国际 图表图表 8 石墨化代加工费用（元石墨化代加工费用（元/吨）吨）资料来源：百川盈孚，海通国际 隔膜隔膜-延续供需紧平衡。延续供需紧平衡。受限于产能建设周期与设备供应，2022 年隔膜行业主要新增产能集中于 2022Q4、2023Q1 释放，动力电池隔膜保持紧平衡状态，据百川盈孚，2022 年国内隔膜产量将突破 115 亿平方米。2019 年以来，湿法隔膜占隔膜总出货量超过 70%，CR5 市场份额约

17、90%，集中度较高。图表图表 9 中国锂电隔膜出货量中国锂电隔膜出货量 资料来源：百川盈孚，海通国际 图表图表 10 中国湿法、干法隔膜出货量占比中国湿法、干法隔膜出货量占比 资料来源：百川盈孚，海通国际 电解液电解液-上游原材料增产推动价格回落。上游原材料增产推动价格回落。2022Q2 开始随着各头部企业大批量投产六氟磷酸锂、VC、DMC 等原材料，电解液价格快速回落。头部企业对原材料把控能力更强，产能利用率更高，行业集中度进一步提升。图表图表 11 电解液月度产量（吨）电解液月度产量（吨）资料来源：百川盈孚，海通国际 图表图表 12 六氟磷酸锂与电解液价格走势（万元六氟磷酸锂与电解液价格走

18、势（万元/吨）吨）资料来源：百川盈孚，海通国际 14 Dec 2022 6 Table_header2 中国汽车中国汽车 锂盐价格仍是影响动力电池产业链成本控制的核心因素。锂盐价格仍是影响动力电池产业链成本控制的核心因素。2022 年正极材料占动力电池整体成本已超过 40%，原材料成本是正极和负极的主要成本，占比分别为90%/86%。根据 BloombergNEF 预测，2023 年可用于新能源汽车的锂供给约 90 万吨LCE，同比增长 47.5%，行业供需比逐步改善，考虑到中游电池厂商加速扩产，锂供应持续延续紧张状态，中期碳酸锂价格取决于供给端达产情况。图表图表 13 2022 全球锂电池产

19、业调研价格为全球锂电池产业调研价格为 151 美元美元/KWh 资料来源：BloombergNEF，海通国际 3.电池材料体系与结构技术变化催生从电池材料体系与结构技术变化催生从 0 到到 1 新机遇新机遇 随着行业成熟度不断提升，动力电池技术革新成为驱动行业发展的核心因素，主要通过现有材料体系的迭代升级和结构创新推动能量密度提升，实现降本增效。我们认为，中期铁锂与三元仍然是材料体系的主流路线，并将在成分方面不断优化改良，长期来看低成本+高能量密度发展方向较为明确。材料体系材料体系：正、负极材料决定能量密度，其中正极材料的突破最有可能带来动力电池能量密度大幅提升。结构创新结构创新：在已实现成熟

20、应用的锂电池材料体系下，电芯、模组、封装方式等结构上的改进和精简有助提升电池的系统性能，如 4680 大圆柱电池、比亚迪刀片电池、宁德时代CTP、CTC技术等，结构革新是除材料迭代以外另一条重要的技术发展路径。14 Dec 2022 7 Table_header2 中国汽车中国汽车 图表图表 14 化学与结构体系迭代是动力电池行业发展的核心驱动化学与结构体系迭代是动力电池行业发展的核心驱动 资料来源：中国锂电行业发展报告，德勤，海通国际 图表图表 15 刀片电池采用创新电芯形状与电池包内部空间排布刀片电池采用创新电芯形状与电池包内部空间排布 资料来源：中国锂电行业发展报告，德勤，海通国际 图表

21、图表 16 集成化集成化 CTC 可实现电池与电驱系统的结合可实现电池与电驱系统的结合 资料来源：中国锂电行业发展报告，德勤，海通国际 正极材料正极材料-富锂锰基：富锂锰基：富锂锰基材料属于固溶体材料，优点为高电压下的尖晶石结构放电比容量达到400mAh/g，具有较高的能量密度，单瓦时成本大幅低于三元高镍 30%-40%。富锂锰基正极材料商业化需克服高电压下电池循环、原材料配套问题等，目前仍以中低压应用为主。14 Dec 2022 8 Table_header2 中国汽车中国汽车 图表图表 17 富锂锰基具备成为新一代正极材料的特性富锂锰基具备成为新一代正极材料的特性 资料来源：中国锂电行业发

22、展报告，德勤，海通国际 图表图表 18 富锂锰基仍处于产业化初期富锂锰基仍处于产业化初期 资料来源：中国锂电行业发展报告，德勤，海通国际 负极材料负极材料-硅基负极硅基负极：硅碳、氧化亚硅碳理论比容量最高可达 4,000mAh/g，是石墨材料 10 倍以上，并且可从各个方向提供锂离子嵌入和脱出通道，快充性能优异。硅基负极在嵌锂过程中体积膨胀、材料导电性不佳、循环性能等缺陷制约了商业化应用。目前，硅基负极主要采用掺杂的方式加入人造石墨中，其中硅碳负极采取纳米硅与石墨材料混合的方式，硅氧负极采用氧化亚硅与石墨材料复合。根据高工锂电统计，2022 年硅基负极渗透率不足 2%，市场潜力巨大。受益于大圆

23、柱电池产业化加速，硅基负极趋势明确，有望带动粘结剂 PAA、补锂剂、碳纳米管粉体等新型材料的发展。图表图表 19 硅基负极材料理论容量硅基负极材料理论容量 资料来源：中国锂电行业发展报告，德勤，海通国际 图表图表 20 硅基负极国内厂商与产业化进程硅基负极国内厂商与产业化进程 资料来源：中国锂电行业发展报告，德勤，海通国际 钠离子电池钠离子电池：钠电池在能量密度、循环寿命、工作电压、热稳定性与安全性方面理论上接近磷酸铁锂电池，同时低温性能与自放电率更优，量产后的软碳钠离子电池材料成本相比磷酸铁锂有 30%-40%的下降空间。目前，钠电池仍处于商业化探索与改良阶段，工程化设备、供应链配套尚未形成

24、，产品性能、成本控制与应用场景有待进一步检验。钠电池由正极材料、负极材料、集流体、隔膜、电解液、壳体等部件组成。目前进展较快的正极路线是镍铁锰/铜铁锰和普鲁士化合物路线，负极材料采取碳基材料，电解液采用六氟磷酸钠，集流体可用铝箔替代。我们认为，在锂价维持高位情况下，钠电池有望率先在两轮车、低俗电动车、电动工具、储能等场景率先落地应用，对铅酸电池形成有效替代。14 Dec 2022 9 Table_header2 中国汽车中国汽车 图表图表 21 钠离子电池与锂离子电池能量密度对比钠离子电池与锂离子电池能量密度对比 资料来源：中国锂电行业发展报告，德勤，海通国际 图表图表 22 钠电池具备成本、

25、安全性等优势钠电池具备成本、安全性等优势 资料来源：中国锂电行业发展报告，德勤，海通国际 风险提示风险提示 新能源车销量不及预期，新技术应用进度不及预期，贸易摩擦加剧等。14 Dec 2022 10 Table_header2 中国汽车中国汽车 APPENDIX 1 Summary Driven by downstream demand for new energy vehicles,power battery production and sales maintain a high boom From January to November 2022,Chinas cumulative po

26、wer battery output was 489.2 GWh,+160%YoY.Global power battery installed capacity is about 436 GWh,+78%YoY;Chinas cumulative installed capacity is 258.5 GWh,+102%YoY.Lithium enterprises are actively promoting capacity construction.According to Shenzhen Gaogong Industry Research,global power battery

27、capacity will exceed 1,000 GWh in 2022,officially stepping into the TWh era.We believe that in 2023,based on the industry growth rate,superimposed on the trend towards higher charge carrying capacity per EV to enhance the growth rate of lithium battery shipments will continue to be higher than the i

28、ndustry growth rate.Concentration remains high,and the industry pattern continues to be optimized From January to November 2022,the global power battery installed CR5 and CR3 market share was 77.2%and 65.0%,respectively.CATL and BYD accounted for 35.8%/13.1%,ranking one and three,respectively.Accord

29、ing to the China Automotive Power Battery Industry Innovation Alliance,from January to November 2022,51 power battery enterprises in China realized the installation of supporting vehicles,three less than in the same period in 2021.The CR3/CR5/CR10 installation volume was 220/245/254GWh,accounting fo

30、r 85.0%/94.7%/98.1%of the total installation volume.Cathode materials differentiation of ternary lithium and lithium iron phosphate share:In 2022,the lithium iron phosphate system is accelerating vertically upwards from micro cars to cover Class A and Class B cars,effectively improving the cost perf

31、ormance at the same time,promoting the expansion of A-class electric vehicle sales.According to CBEA,by 2025,domestic manufacturers expansion scale of Cathode material will be nearly 10 million tons,corresponding to more than 4TWh power battery scale,of which lithium iron phosphate accounted for mor

32、e than 80%.We believe that the planned production capacity of Anode materials can meet the installed demand in the next 3-5 years.There may be a shortage of high-end production capacity and excess capacity at the low end of cathode materials.Anode materials-graphitization supply and demand tension e

33、asing:2022 negative electrode capacity investment and expansion accelerated,according to Baiinfo,2021-2022 Chinas negative electrode new production capacity expansion of more than 9.47 million tons in total.Considering the long expansion cycle of Anode materials,We expect to see a significant releas

34、e of Anode material capacity by 2023,and the price of Anode materials may enter a downward channel.Separators-Continuation of the tight supply-demand balance.:Limited by the capacity construction cycle and equipment supply,2022 Power Battery Separators industry,the main new production capacity conce

35、ntrated in 2022Q4,2023Q1 release.Power Battery Separators to maintain a tight balance,according to Baiinfo,2022 domestic diaphragm production will exceed 11.5 billion square meters.Electrolyte-Increased upstream raw materials production capacity drives prices back down.:onwards 2022Q2,with the head

36、enterprises mass production of lithium hexafluorophosphate,VC,DMC,and other raw materials,electrolyte prices fell back quickly.The head enterprises have stronger control over raw materials,higher capacity utilization and further increase the concentration of the industry.Changes in battery material

37、system and structure technology create substantial new opportunities As the industrys maturity continues to rise,power battery technology innovation has become the core factor driving the development of the industry,mainly through the iterative upgrading of existing material systems and structural i

38、nnovation to promote energy density and achieve cost reduction and efficiency.We believe that lithium iron and ternary are still the mainstream material systems in the medium term and will continue to optimize and improve the composition.The long-term development trend of low-cost+high energy densit

39、y is clear.Risks Evs sales are not as expected;New technology application progress is not as expected;Raw material price increase;Trade friction intensifies,etc.11 Table_APPENDIX Table_disclaimer 附录附录APPENDIX 重要信息披露重要信息披露 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司(HTIRL)，Haitong Securities India Private Limited(

40、HSIPL)，Haitong International Japan K.K.(HTIJKK)和海通国际证券有限公司(HTISCL)的证券研究团队所组成的全球品牌，海通国际证券集团(HTISG)各成员分别在其许可的司法管辖区内从事证券活动。IMPORTANT DISCLOSURES This research report is distributed by Haitong International,a global brand name for the equity research teams of Haitong International Research Limited(“HTIR

41、L”),Haitong Securities India Private Limited(“HSIPL”),Haitong International Japan K.K.(“HTIJKK”),Haitong International Securities Company Limited(“HTISCL”),and any other members within the Haitong International Securities Group of Companies(“HTISG”),each authorized to engage in securities activities

42、 in its respective jurisdiction.HTIRL分析师认证分析师认证Analyst Certification:我，Barney Yao，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,Barney Yao,certify that(i)the views expressed in this research report accurately

43、reflect my personal views about any or all of the subject companies or issuers referred to in this research and(ii)no part of my compensation was,is or will be directly or indirectly related to the specific recommendations or views expressed in this research report;and that I(including members of my

44、 household)have no financial interest in the security or securities of the subject companies discussed.利益冲突披露利益冲突披露Conflict of Interest Disclosures 海通国际及其某些关联公司可从事投资银行业务和/或对本研究中的特定股票或公司进行做市或持有自营头寸。就本研究报告而言，以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 i

45、n investment banking and/or serve as a market maker or hold proprietary trading positions of certain stocks or companies in this research report.As far as this research report is concerned,the following are the disclosure matters related to such relationship(As the following disclosure does not ensu

46、re 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1211.HK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

47、subsidiaries(collectively,the Haitong)have a role in investment banking projects of 1211.HK within the past 12 months.The investment banking projects include 1.IPO projects in which Haitong acted as pre-listing tutor,sponsor,or lead-underwriter;2.equity or debt refinancing projects of 1211.HK for wh

48、ich 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002074.CH一类普通股证券的1%或以上。The Haitong beneficially owns 1%or more of a class of common equity securiti

49、es of 002074.CH.1211.HK,002074.CH 及 600884.CH目前或过去12个月内是海通的投资银行业务客户。1211.HK,002074.CH and 600884.CH are/were an investment bank clients of Haitong currently or within the past 12 months.江西一诺新材料有限公司 及 欣旺达惠州动力新能源有限公司目前或过去12个月内是海通的客户。海通向客户提供非证券业务服务。江西一诺新材料有限公司 and 欣旺达惠州动力新能源有限公司 are/were a client of Ha

50、itong currently or within the past 12 months.The client has been provided for non-securities services.海通在过去12个月中获得对1211.HK 及 600884.CH提供投资银行服务的报酬。Haitong received in the past 12 months compensation for investment banking services provided to 1211.HK and 600884.CH.海通预计将（或者有意向）在未来三个月内从1211.HK,002074.C

51、H 及 600884.CH获得投资银行服务报酬。Haitong expects to receive,or intends to seek,compensation for investment banking services in the next three months from 1211.HK,002074.CH and 600884.CH.海通在过去的12个月中从江西一诺新材料有限公司 及 欣旺达惠州动力新能源有限公司获得除投资银行服务以外之产品或服务的报酬。Haitong has received compensation in the past 12 months for pr

52、oducts or services other than investment banking from 江西一诺新材料有限公司 and 欣旺达惠州动力新能源有限公司.海通担任1211.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 1211.HK.12 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。

53、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，基准定义如下 各地股票基准指数：日本 TOPIX,韩国 KOSPI,台湾

54、 TAIEX,印度 Nifty100,美国 SP500;其他所有中国概念股 MSCI China.Ratings Definitions(from 1 Jul 2020):Haitong International uses a relative rating system using Outperform,Neutral,or Underperform for recommending the stocks we cover to investors.Investors should carefully read the definitions of all ratings used in

55、Haitong International Research.In addition,since Haitong International Research contains more complete information concerning the analysts views,investors should carefully read Haitong International Research,in its entirety,and not infer the contents from the rating alone.In any case,ratings(or rese

56、arch)should not be used or relied upon as investment advice.An investors decision to buy or sell a stock should depend on individual circumstances(such as the investors existing holdings)and other considerations.Analyst Stock Ratings Outperform:The stocks total return over the next 12-18 months is e

57、xpected 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 distribution r

58、ules,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 listed region are as follows:Japan TOPIX,Korea KOSPI,Taiwa

59、n TAIEX,India Nifty100,US SP500;for all other China-concept stocks MSCI China.评级分布评级分布Rating Distribution 截至截至2022年年9月月30日海通国际股票研究评级分布日海通国际股票研究评级分布 优于大市优于大市 中性中性 弱于大市弱于大市 (持有)海通国际股票研究覆盖率 89.4%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，

60、我们才将中性评级划入持有这一类别。请注意在上表中不包含非评级的股票。此前的评级系统定义（直至此前的评级系统定义（直至2020年年6月月30日）：日）：买入，未来12-18个月内预期相对基准指数涨幅在10%以上，基准定义如下 中性，未来12-18个月内预期相对基准指数变化不大，基准定义如下。根据FINRA/NYSE的评级分布规则，我们会将中性评级划入持有这一类别。卖出，未来12-18个月内预期相对基准指数跌幅在10%以上，基准定义如下 13 各地股票基准指数：日本 TOPIX,韩国 KOSPI,台湾 TAIEX,印度 Nifty100;其他所有中国概念股 MSCI China.Haitong I

61、nternational Equity Research Ratings Distribution,as of Sep 30,2022 Outperform Neutral Underperform (hold)HTI Equity Research Coverage 89.4%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 ou

62、r 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 designation are not included in the table above.Previous rating system definitions(until 30 Jun

63、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 is expected to be in line with the return of its relevant broad market benchmark,as indic

64、ated 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 return of its relevant broad market benchmark,as indicated below.Benchmarks for each stocks l

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

66、national publishes quantitative,screening or short reports which may rank stocks according to valuation and other metrics or may suggest prices based on possible valuation multiples.Such rankings or suggested prices do not purport to be stock ratings or target prices or fundamental values and are fo

67、r 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:Haitong International may cover and rate A-Shares that are subject to the Hong Kong Stock Connect sche

68、me with Shanghai and Shenzhen.Haitong Securities(HS;600837 CH),the ultimate parent company of HTISG based in Shanghai,covers and publishes research on these same A-Shares for distribution in mainland China.However,the rating system employed by HS differs from that used by HTI and as a result there m

69、ay be a difference in the HTI and HS ratings for the same A-share stocks.海通国际海通国际优质优质100 A股股（Q100）指数指数：海通国际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 consist

70、s of 100 of the highest-quality A-shares under coverage at HS 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-up research.The Q100 constituent companies are reviewed quarterly.MSCI ESG评级免责声明条款：评级免责声

71、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

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