1、 Table_yemei1 热点速评 Flash Analysis 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)Table_summary(Please see APPENDIX 1 for Engl

2、ish summary)事件事件 1 月 5 日，比亚迪“敢越星河”仰望品牌暨技术发布会正式召开，正式发布首款定位百万级的硬派越野 SUV”U8”，和百万级纯电动性能超跑“U9”超跑车型。在发布会上，比亚迪还正式推出 100%独立自主研发的易四方技术平台，该平台适用纯电、混动，覆盖越野、超跑等车型，以四电机独立驱动为核心，全面革新了汽车动力架构，将搭载于仰望品牌全系车型。点评点评 国内首个量产的四电机驱动技术国内首个量产的四电机驱动技术“易四方易四方”，四电机独立矢量控制技术创造汽车，四电机独立矢量控制技术创造汽车极致极致安全技术体系安全技术体系。“易四方”是一套以四电机独立驱动为核心的动力系

3、统，从感知、决策、执行三个维度全面重构新能源汽车。相较传统的燃油汽车动力系统，“易四方”可以通过感知力更强的电驱系统，毫秒级的独立调整车辆四轮轮端动态，为用户提供更大的安全冗余，比如在车辆单轮爆胎后，通过驱动轮对车身姿态进行补偿干预使车辆稳定可控地停下，从动力的根源极大的避免二次事故发生。搭载“易四方”技术的车型，整车核心系统防护能力将达到 IP68 级别，凭借四轮独立矢量控制功能甚至可以获得应急浮水脱困能力，彻底打破传统燃油汽车的动力技术应用的想象空间。凭借四电机驱动技术的独立正负扭矩输出能力，“易四方”技术可以实现在高附着力路面灵活原地掉头，在转向器、制动器不工作的同时实现低于 40m 的

4、百公里刹停距离、小于 12 米的敏捷转向，使大型 SUV 也拥有不输 A0 级小车的灵活性。在性能上，最高可达 20500rpm 的转速，超 1100 匹的整车马力，可适应街道、越野、赛道等多场景性能需求。“易四方”进一步丰富了比亚迪集团的“四位一体”安全体系，使仰望品牌具备以核心技术优势冲击高端市场的硬实力。百万级新能源高端车型百万级新能源高端车型 U8、U9，硬派越野、电动超跑开启硬派越野、电动超跑开启比亚迪比亚迪仰望之路仰望之路。本次比亚迪仰望品牌两款量产车型 U8、U9 同步亮相，均标配颠覆性的“易四方”技术。定位为百万级新能源硬派越野的仰望 U8是比亚迪仰望品牌首款量产车型，其车长超

5、过 5 米，车宽超过 2 米，将未来感和科技感融入到整车的设计中，采用仰望品牌家族式的“时空之门”设计，极具豪华感的形面和强壮饱满的体量。在“易四方”的技术加持下，仰望 U8 兼具硬派越野的性能和科技智能，极致的四电机技术挑战极致的户外越野场景，出色的科技感把现代文明带到旷野户外。仰望 U9 定位为百万级纯电动性能超跑，零百加速达到 2 秒级，整车搭载易四方动力系统，在设计上同样采用“时空之门”的设计语言，整车的外观在保留了经典超跑设计元素的基础上增添了未来电动超跑的整体感。仰望品牌研发团队用创新的技术挑战最严苛的安全标准，围绕超跑的安全和舒适方面的痛点打造了 U9 极致安全的车身结构，提供“

6、可街可赛”的全新驾驶体验。申请注册多个申请注册多个“仰望仰望”系列商标系列商标，建立自营渠道，建立自营渠道，仰望让用户成为品牌的价值共创者。仰望让用户成为品牌的价值共创者。根据天眼查数据，2022 年 12月 2 日起，比亚迪股份已申请注册多个“仰望”系列商标，包括“仰望星光”“仰望星空”“仰望繁星”“仰望星际”等。仰望品牌也将建立自营渠道，从今年一月起，将在深圳、北京、上海、广州、杭州、成都等城市设立体验中心，确保用户在任意终端触点都可以享受公开透明的服务和一致互通的权益，仰望品牌将着力为用户提供可兑现、可持续的服务，消除品牌和用户的隔阂，更多地聆听用户最真实的反馈，让用户成为仰望品牌价值共

7、创的参与者，成为中国高端汽车文化的创造者。风险风险 芯片及零部件短缺风险，动力电池等原材料涨价风险，仰望品牌销量不及预期。Table_Title 研究报告 Research Report 6 Jan 2023 比亚迪比亚迪 BYD(002594 CH)全新高端品牌仰望正式亮相，携“易四方”黑技术颠覆百万级新能源车市场 The High-end Yangwang Brand Officially Debuted,Bringing the Cutting-edge e4 Technology to Subvert the Million-Rmb-level NEV Market Barney Ya

8、o Oscar Wang 6 Jan 2023 2 Table_header1 比亚迪比亚迪(002594 CH)图表图表 1 仰望仰望 U8 外观外观 资料来源：仰望品牌暨技术发布会，海通国际 图表图表 2 仰望仰望 U9 外观外观 资料来源：仰望品牌暨技术发布会，海通国际 图表图表 3 “易四方易四方”四电机独立驱动架构四电机独立驱动架构 资料来源：仰望品牌暨技术发布会，海通国际 图表图表 4 仰望汽车拥有仰望汽车拥有 IP68 级防水及应急浮水脱困能力级防水及应急浮水脱困能力 资料来源：仰望品牌暨技术发布会，海通国际 图表图表 5 仰望汽车仰望汽车“易四方易四方”极限性能极限性能 资料来

9、源：仰望品牌暨技术发布会，海通国际 图表图表 6 仰望仰望 U8 可实现在高附着力路面灵活原地掉头可实现在高附着力路面灵活原地掉头 资料来源：仰望品牌暨技术发布会，海通国际 QZmVnPnPQYjYuYXUtVbRdN9PsQoOmOmPkPqQqRlOrRyR9PqRnNMYpNtNNZnMmN 6 Jan 2023 3 Table_header1 比亚迪比亚迪(002594 CH)图表图表 7 易四方平台电驱易四方平台电驱总成系统总成系统 资料来源：仰望品牌暨技术发布会，海通国际 图表图表 8 仰望深度整车融合感知仰望深度整车融合感知 资料来源：仰望品牌暨技术发布会，海通国际 图表图表 9

10、 易四方与传统易四方与传统 ABS 驱动对比驱动对比 资料来源：仰望品牌暨技术发布会，海通国际 6 Jan 2023 4 Table_header1 比亚迪比亚迪(002594 CH)图表图表 10 仰望系列新商标注册情况仰望系列新商标注册情况 资料来源：天眼查，海通国际 图表图表 11 仰望仰望 U8 核心参数及同类车型对比核心参数及同类车型对比 车型 仰望仰望 U8 奔驰奔驰 G500 路虎卫士路虎卫士 特斯拉特斯拉 Model X 理想理想 L9 蔚来蔚来 ES8 基基础础参参数数 长/宽/高（mm）5300/NA/NA 4866/1931/1975 4583/2008/1969 503

11、7/2070/1684 5218/1998/1800 5099/1989/1750 轴距（mm）3050 2890 2587 2965 3105 3070 整备质量（kg）/2524 2140 2373/2468 2520 2000 售价（万元）80-150*183.2 71.8-169.8 87.99-103.99 45.98-47.98 52.8-65.6 电电动动性性能能 CLTC 续航里程（km）/1315 1080（NEDC）664/700 1315 465/605 百公里加速（秒）3 5.9 7.1 3.9/2.6 3 5.9 最高车速（km/h）/210 191 250/262

12、180 200 电机数量（个）4/2/3 2 2 电机功率（kw）220-240/493/750 前 130/后 200 前 180/后 300 系统最大功率（kw）330 330 245 493/750 330 480 电池容量（kWh）/100 44.5 75/100 电芯类型 磷酸铁锂电池/三元锂电池 三元锂电池 三元锂电池 资料来源：汽车之家，海通国际*仰望 U8 售价为公司预计值 6 Jan 2023 5 Table_header2 比亚迪比亚迪(002594 CH)APPENDIX 1 Summary Event On January 5,BYD Dare to Cross the

13、 Star River brand and technology conference was officially held,officially launching the first million-yuan-class hard-core cross-country SUV U8 and the million-yuan-class pure electric performance supercar U9.At the conference,BYD also officially launched the 100%independent research and developmen

14、t of the e4 technology platform,which is applicable to pure electric and hybrid vehicles,covering off-road and supercar models,with four-motor independent drive as the core,which has comprehensively revolutionized the power architecture of the car and will be equipped with the whole series of models

15、 of the Yangwang brand.Comments The first mass-produced four-motor drive technology e4,four-motor independent vector control technology to create the ultimate safety technology system.e4 is a set of power system with four-motor independent drive as the core,which comprehensively reconstructs new ene

16、rgy vehicles from three dimensions:perception,decision and execution.Compared with the traditional fuel car power system,e4 can independently adjust the four wheel end dynamics of the vehicle at millisecond level through the electric drive system with stronger perception,providing users with greater

17、 safety redundancy,for example,after a single wheel blowout,the vehicle can be brought to a stable and controllable stop through the drive wheels compensatory intervention on the body posture,and the root cause of secondary accidents can be greatly avoided.The core system protection capability of th

18、e vehicle will reach IP68 level for the models equipped with the e4 technology,and the emergency floating water release capability can even be obtained with the four-wheel independent vector control function,which completely breaks the imagination of the power technology application of traditional f

19、uel vehicles.With the independent positive and negative torque output capability of the four-motor drive technology,the e4 technology can realize flexible in-situ turnaround on high adhesion roads,and achieve a 100km braking distance of less than 40m and agile steering of less than 12m while the ste

20、ering and brakes are not working,so that even large SUVs have the agility of A0-class cars.The large SUV has the agility of a small A0-class car.In terms of performance,with a maximum speed of 20,500rpm and over 1,100 horsepower,the vehicle can adapt to the performance needs of street,off-road and t

21、rack scenarios.e4 further enriches BYD Groups Four-in-One safety system and gives the brand the hard power to impact the high-end market with its core technology advantage.Million-yuan-class new energy high-end models U8 and U9,hard-core off-road and electric supercar open the road of BYD Look Up.Th

22、e two mass-production models of BYDs Yangwang auto brand,U8 and U9,were unveiled simultaneously,both equipped with the disruptive e4 technology as standard.Positioned as a million-yuan-class new energy hard-core off-road,the U8 is the first mass-production model of BYDs Yangwang auto brand,with a le

23、ngth of more than 5 meters and a width of more than 2 meters,integrating futuristic and technological sense into the design of the whole vehicle,adopting the family-style Gate of Time and Space design of the Yangwang auto brand,with a very luxurious shape and strong and full volume.With the technica

24、l support of e4,the U8 has both hard-core off-road performance and technological intelligence.The ultimate four-motor technology challenges the ultimate outdoor off-road scenario,and the outstanding technology brings modern civilization to the wild outdoors.The U9 is positioned as a million-yuan-cla

25、ss pure electric performance supercar,with 100km/h acceleration of 2 seconds.The entire vehicle is equipped with an easy four-way power system,and also adopts the design language of Gate of Time and Space.The R&D team of the brand has used innovative technology to challenge the most stringent safety

26、 standards and built the U9s extremely safe body structure around the pain points of supercar safety and comfort,providing a new driving experience that is street-ready and race-ready.BYD has applied for registration of several Yangwang auto series trademarks and established self-operated channels,h

27、oping to make users become the value co-creators of the brand.According to the data of Tian yan cha,BYD has applied for registration of several Yangwang auto series trademarks since December 2,2022,including Yangwang Starlight,Yangwang Starry Night Yangwang Starry Star Yangwang Interstellar,etc.The

28、brand will also establish its own channels,and from January 2023,it will set up experience centers in Shenzhen,Beijing,Shanghai,Guangzhou,Hangzhou,Chengdu and other cities to ensure that users can enjoy open and transparent services and consistent and interoperable rights and interests at any termin

29、al contact.Users will become the participants of the value co-creation of Yangwang brand and the creators of Chinas high-end car culture.Risks Risk of shortage of chips and parts,risk of price increase of raw materials such as power batteries,and sales of the Yangwang brand falls short of expectatio

30、ns.6 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(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 rep

31、ort 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 Securities Company Limited(“HTISCL”),and

32、 any other members within the Haitong International Securities Group of Companies(“HTISG”),each authorized to engage in securities activities in its respective jurisdiction.HTIRL分析师认证分析师认证Analyst Certification:我，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

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34、 directly or indirectly related to the specific recommendations or views expressed in this research report;and that I(including members of my household)have no financial interest in the security or securities of the subject companies discussed.我，Oscar Wang，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

35、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,Oscar Wang,certify that(i)the views expressed in this research report accurately reflect my personal views about any or all of the subject companies or issuers referred to in this research and(ii)no part of

36、 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 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 o

37、f 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 certain stocks or companies in t

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40、n 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 002594.CH and 1211.HK for which Haitong acted as sponsor,lead-underwriter or financial advisor;3.listing by int

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44、ucts or services other than investment banking from 江西一诺新材料有限公司.海通担任002594.CH 及 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 002594.CH and 1211.HK.7 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

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48、research)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

49、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 distributi

50、on 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 listed region are as follows:Japan TOPIX,Korea KOSPI,T

51、aiwan 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

52、布规则，我们才将中性评级划入持有这一类别。请注意在上表中不包含非评级的股票。此前的评级系统定义（直至此前的评级系统定义（直至2020年年6月月30日）：日）：买入，未来12-18个月内预期相对基准指数涨幅在10%以上，基准定义如下 中性，未来12-18个月内预期相对基准指数变化不大，基准定义如下。根据FINRA/NYSE的评级分布规则，我们会将中性评级划入持有这一类别。卖出，未来12-18个月内预期相对基准指数跌幅在10%以上，基准定义如下 各地股票基准指数：日本 TOPIX,韩国 KOSPI,台湾 TAIEX,印度 Nifty100;其他所有中国概念股 MSCI China.8 Haiton

53、g International 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

54、 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 designation are not included in the table above.Previous rating system definitions(until 30 J

55、un 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 in

56、dicated 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 stock

57、s listed 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 In

58、ternational 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

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

60、cheme 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 ther

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

62、ists 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

63、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

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66、 any form and may not be used as a basis for,or a component of,any financial instruments or products or indices.Further,none of the Information can in and of itself be used to determine which securities to buy or sell or when to buy or sell them.None of the ESG Parties shall have any liability for a

67、ny 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 possibility of such damages.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

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75、ights in accordance with the law.Without the prior written permission of our company,none of individual or institution can use these data for any profitable purpose.Besides,none of individual or institution can take actions such as amendment,replication,translation,compilation,re-editing,adaption,de

76、letion,abbreviation,excerpts,issuance,rent,exhibition,performance,projection,broadcast,information network transmission,shooting,adding icons and instructions.If any loss of SusallWave or any third-party is caused by those actions,users shall bear the corresponding compensation liability.SusallWave

77、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(including authentication)Agreement of SusallWave Website,Privacy Policy of Susallwave Website),it s

78、hould be executed according to other agreements.If there is any difference between this disclaim and other agreements,this disclaimer shall be applied.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

79、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 India Private 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

80、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”）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

81、/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，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，HT

82、ISG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

83、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。IMPORTANT DISCLAIMER For research reports on non-Indian securities:The research report is issued by Haitong International Research Limited(“HTIRL”),a wholly owned subsidiary of Haitong International Secur

84、ities Group Limited(“HTISGL”)and a licensed corporation to carry on Type 4 regulated activity(advising on securities)for the purpose of the Securities and Futures Ordinance(Cap.571)of Hong Kong,with the assistance of Haitong International(Japan)K.K.(“HTIJKK”),a wholly owned subsidiary of HTISGL and

85、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 Private Limited(“HSIPL”),an Indian company and a Securities and Exchange Board of India(“SEBI”)registered Stock Broker,

86、Merchant Banker and Research Analyst that,inter alia,produces and distributes research reports covering listed entities on the BSE Limited(“BSE”)and the National Stock Exchange of India Limited(“NSE”)(collectively referred to as“Indian Exchanges”).HSIPL was acquired and became part of the Haitong In

87、ternational 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 Haitong International Securities Company Limited(“HTISCL”)and/or any other members within HTISG in their respectiv

88、e 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 no representation or warranty,express or implied,is made by HTIRL,HTISCL,HSIPL,HTIJKK or any other members within HTISG from whic

89、h this research report may be 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 change without notice.This research report is for information purpose only.Descriptions of any companies or their securi

90、ties mentioned herein are not intended to be complete and this research report is not,and should not be construed expressly or impliedly as,an offer to buy or sell securities.The securities referred to in this research report may not be eligible for purchase or sale in some jurisdictions.If an inves

91、tment product is denominated in a currency other than an investors home currency,a change in exchange rates may adversely affect the investment.Past performance is not necessarily indicative of future results.Certain transactions,including those involving derivatives,give rise to 10 substantial risk

92、 and are not suitable for all investors.You should also bear in mind that recommendations in this research report are not tailor-made for you.The analyst has not taken into account your unique financial circumstances,such as your financial situation and risk appetite.You must,therefore,analyze and s

93、hould,where applicable,consult your own legal,tax,accounting,financial and other professional advisers to evaluate whether the recommendations suits you before investment.Neither HTISG nor any of its directors,employees or agents accepts any liability whatsoever for any direct or consequential loss

94、arising from any use of the materials contained in this research report.HTISG and our affiliates,officers,directors,and employees,excluding the analysts responsible for the content of this document,will from time to time have long or short positions in,act as principal in,and buy or sell,the securit

95、ies or derivatives,if any,referred to in this research report.Sales,traders,and other professionals of HTISG may provide oral or written market commentary or trading strategies to the relevant clients and the companies within HTISG that reflect opinions that are contrary to the opinions expressed in

96、 this research report.HTISG may make investment decisions that are inconsistent with the recommendations or views expressed in this research report.HTI is under no obligation to ensure that such other trading decisions,ideas or recommendations are brought to the attention of any recipient of this re

97、search report.Please refer to HTIs website for further information on HTIs organizational and administrative arrangements set up for the prevention and avoidance of conflicts of interest with respect to Research.Non U.S.Analyst Disclosure:The HTI analyst(s)listed on the cover of this Research is(are

98、)not registered or qualified as a research analyst with FINRA and are not subject to U.S.FINRA Rule 2241 restrictions on communications with companies that are the subject of the Research;public appearances;and trading securities by a research analyst.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

99、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

100、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.Institutional 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，Haitong International Securities(USA)Inc.（“H

101、TI 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 Exchange 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

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