1、 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_yemei1 热点速评 Flash Analysis Table_summary(Please see APPENDIX 1 for Engl

2、ish summary)钢材产量微降钢材产量微降。上周 247 家钢企生铁日产周降 0.81%，成品材也即五大成品钢材产量周环比降 3.80%。钢企持续减产，对前期上涨的原料价格也有一定压力；钢材社会库存增钢材社会库存增 8.03%。由于盈利压力大，钢企产量维持在较低位置，但同时疫情和季节影响需求。上周五大钢材厂库环降 1.61%，社库周环增 8.03%；钢价钢价微涨微涨。主要是原料涨价原因，上周 Myspic 钢价指数微涨 1.11%；原燃料原燃料小涨小涨。普氏矿价指数上周涨 2.14%，焦炭现货价格持平，唐山废钢价格持平；钢企盈利微升。钢企盈利微升。上周各种钢材毛利涨跌互现，但整体看微升。

3、钢铁板块钢铁板块指数上周涨指数上周涨 2.80%。其中武进不锈涨约 14%；进口矿港口库存小幅进口矿港口库存小幅下降下降。上周进口矿港口库存 13131 万吨，周环比降 55 万吨，周环比降幅 0.42%；疫情防控优化利好钢铁疫情防控优化利好钢铁。但因疫情且临近冬季，下游行业需求恢复较为缓慢；个股投资建议。个股投资建议。建议关注宝钢股份、华菱钢铁、首钢股份、南钢股份、中信特钢等；风险提示。风险提示。政策风险、疫情风险、外部风险等。Table_Title 研究报告 Research Report 08 Jan 2023 中国钢铁中国钢铁 China Steel 原料渐有压力 The raw ma

4、terial is under pressure 刘彦奇刘彦奇 Yanqi Liu 11 Jan 2023 2 Table_header1 中国钢铁中国钢铁 China Steel 1.市场行情：板块市场行情：板块涨涨 2.80%1.1 板块行情：上周板块行情：上周 Wind 钢铁指数钢铁指数涨涨 2.80%表表 1 钢铁指数上周市场表现（钢铁指数上周市场表现（%）WIND 钢铁指数钢铁指数 上证综指上证综指 深证成指深证成指 沪深沪深 300 周涨跌幅 2.80 2.21 3.19 2.82 钢铁相对收益-0.59-0.39-0.02 年初以来涨跌幅 2.80 2.21 3.19 2.82

5、钢铁相对收益-0.59-0.39-0.02 PB(LF)0.95x 1.30 x 2.61x 1.37x 资料来源：Wind，HTI 图图1 2020 年至今钢铁指数和大盘累计涨跌幅（年至今钢铁指数和大盘累计涨跌幅（%）资料来源：Wind，HTI 1.2 个股行情：个股行情：武进不锈涨武进不锈涨 14%Table_PicPe 图图2 上周钢铁板块个股周上周钢铁板块个股周涨跌幅（涨跌幅（%）-40-20020406080100120Jan-20Apr-20Jul-20Oct-20Jan-21 Apr-21Jul-21Oct-21Jan-22 Apr-22Jul-22Oct-22WIND钢铁指数上

6、证指数深证成指沪深300XYpX8WjWcXoPyQnP9PcM9PmOoOsQnOlOqQqRlOmNmP9PoOwPMYmNmRNZtPqQ 11 Jan 2023 3 Table_header1 中国钢铁中国钢铁 China Steel 资料来源：Wind，HTI 2.钢材钢材现货现货价格价格涨涨 1.11%2.1 现货价格：上周现货价格：上周 Myspic 钢价指数钢价指数涨涨 1.11%表表 2 钢铁指数表现钢铁指数表现 Myspic 指数 长材指数 板材指数 钢价指数 153.45 174.25 133.56 周涨跌幅 1.11%1.27%0.92%资料来源：Wind，HTI 表表

7、 3 上海钢材现货价格上海钢材现货价格 元/吨 螺纹 高线 热轧 冷轧 中板 镀锌 槽钢 工字钢 焊管 无缝 钢材价格 4215 4590 4238 4550 4208 4941 3950 4000 4550 5170 周涨跌 77 65 38 4550 25 16 20 20-20 100 周涨跌幅 1.86%1.44%0.90%0.00%0.60%0.32%0.51%0.50%-0.44%1.97%资料来源：Wind，HTI Table_PicPe 图图3 Myspic 钢材价格指数钢材价格指数-4%-2%0%2%4%6%8%10%12%14%16%常宝股份永兴材料久立特材武进不锈抚顺特钢

8、新钢股份西宁特钢本钢板材三钢闽光中南股份方大特钢柳钢股份华菱钢铁沙钢股份南钢股份安阳钢铁首钢股份中信特钢鞍钢股份太钢不锈八一钢铁马钢股份杭钢股份酒钢宏兴重庆钢铁山东钢铁金洲管道凌钢股份包钢股份新兴铸管河钢股份宝钢股份银龙股份 11 Jan 2023 4 Table_header1 中国钢铁中国钢铁 China Steel 资料来源：Wind，HTI 图图4 棒线材价格（元棒线材价格（元/吨）吨）资料来源：Wind，HTI 图图5 板材价格（元板材价格（元/吨）吨）资料来源：Wind，HTI 图图6 型材价格（元型材价格（元/吨）吨）资料来源：Wind，HTI 图图7 管材价格（元管材价格（元/

9、吨）吨）资料来源：Wind，HTI 2.2 期货价格：螺纹主力期货价格：螺纹主力涨涨 1.46%，热卷，热卷主力主力期货期货涨涨 1.86%00Jan-18Jul-18Jan-19Jul-19Jan-20Jul-20Jan-21Jul-21Jan-22Jul-22MySpic综合钢价指数MySpic指数:长材MySpic指数:扁平300035004000450050005500600065007000Jan-18Jan-19Jan-20Jan-21Jan-22螺纹钢(HRB400 20mm,全国均价)高线(6.5mm,全国均价)25003500450

10、05500650075008500Jan-18Jan-19Jan-20Jan-21Jan-22热轧板卷(3.0mm,全国均价)冷轧板卷(1.0mm,上海价格)中板(普20mm,全国均价)镀锌板卷(1.0mm,全国均价)30003500400045005000550060006500槽钢(16#,北京价格)工字钢(25#,北京价格)3000350040004500500055006000650070007500直缝焊管（1.5寸*3.25，上海价格）无缝管（108*4.5，上海价格）11 Jan 2023 5 Table_header1 中国钢铁中国钢铁 China Steel 表表 4 螺纹与

11、热卷期货价格（元螺纹与热卷期货价格（元/吨）吨）螺纹期货主力 螺纹现货 基差 热卷期货主力 热卷现货 基差 价格 4107 4120 13 4166 4190 24 周涨跌幅 1.46%1.48%12 1.86%1.95%20 周涨跌 59 60 1 76 80 4 资料来源：Wind，HTI 图图8 螺纹钢期货主力合约及现货价格（元螺纹钢期货主力合约及现货价格（元/吨）吨）资料来源：Wind，HTI 图图9 螺纹钢期货主力合约基差（元螺纹钢期货主力合约基差（元/吨）吨）资料来源：Wind，HTI 图图10 热轧卷板期货主力合约及现货价（元热轧卷板期货主力合约及现货价（元/吨）吨）资料来源：W

12、ind，HTI 图图11 热轧卷板期货主力合约基差（元热轧卷板期货主力合约基差（元/吨）吨）资料来源：Wind，HTI 3.成本：成本：普氏矿普氏矿指指涨涨 2.14%3.1 矿石期货主力涨矿石期货主力涨 1.18%表表 5 铁矿石价格走势铁矿石价格走势 250030003500400045005000550060006500螺纹钢期货主力合约收盘价价格:螺纹钢:HRB400 20mm:上海-00700900035004000450050005500600065007000热轧卷板期货主力合约收盘价热轧板卷现货(上海,Q235B,4.75mm)

13、-350450 11 Jan 2023 6 Table_header1 中国钢铁中国钢铁 China Steel 铁矿石 普氏 62%铁矿石指数 铁矿石期货主力 澳大利亚 61.5%PB 粉矿 巴西 65%卡拉加斯粉矿 国产铁矿石 价格(元/吨)117.20 855.0 837 930 838.56 周涨跌幅 2.14%1.18%0.60%0.76%0.60%周涨跌(元/吨)2.45 10.0 5 7 5.00 资料来源：Wind，HTI 图图12 MyIpic 矿价指数矿价指数 资料来源：Wind，HTI 图图13 进口铁矿石价格（青岛港车板价）（元进口铁矿石价格

14、（青岛港车板价）（元/湿吨）湿吨）资料来源：Wind，HTI 图图14 普氏普氏 62%铁矿石指数（美元铁矿石指数（美元/吨）吨）资料来源：Wind，HTI 图图15 铁矿石期货主力合约收盘价（元铁矿石期货主力合约收盘价（元/吨）吨）资料来源：Wind，HTI 3.2 燃料：焦炭现货燃料：焦炭现货持平持平 30800MyIpic矿价指数MyIpic指数:进口矿MyIpic指数:国产矿40060080000澳大利亚61.5%PB粉矿巴西65%卡拉加斯粉矿50709000300500700

15、9000 11 Jan 2023 7 Table_header1 中国钢铁中国钢铁 China Steel 表表 6 焦煤焦炭价格（元焦煤焦炭价格（元/吨）吨）唐山二级冶金焦 焦煤期货主力 焦炭期货主力 价格(元/吨)2650 1823 2678 周涨跌幅 0.00%-0.68%1.79%周涨跌(元/吨)0-12.5 47.0 资料来源：Wind，HTI 图图16 唐山二级冶金焦价格（元唐山二级冶金焦价格（元/吨）吨）资料来源：Wind，HTI 图图17 焦煤焦炭期货主力合约收盘价（元焦煤焦炭期货主力合约收盘价（元/吨）吨）资料来源：Wind，HTI 3.3 上周唐山废钢

16、上周唐山废钢持平持平，BDI 指数指数跌跌 31.52%表表 7 废钢和海运费价格汇总（元废钢和海运费价格汇总（元/吨）吨）唐山废钢不含税价 BDI 指数 西澳-青岛（美元/吨）巴西图巴郎-青岛（美元/吨）价格 2715 1130 7.21 18.46 周涨跌幅 0.00%-31.52%-20.78%-20.52%周涨跌 0-520-1.89-4.77 资料来源：Wind，HTI 图图18 唐山废钢价格（元唐山废钢价格（元/吨）吨）资料来源：Wind，HTI 图图19 海运费价格指数（波罗的海干散货航运指数海运费价格指数（波罗的海干散货航运指数 BDI）资料来源：Wind，HTI 150020

17、0025003000350040004500Jun-18Jun-19Jun-20Jun-21Jun-22700027003200370042004700Jan-18Jan-19Jan-20Jan-21Jan-22焦炭期货主力合约收盘价焦煤期货主力合约收盘价025003000350040004500唐山6-8mm废钢市场价(不含税)钢厂不含税铁水成本（64家中小钢厂调查统计）00400050006000 11 Jan 2023 8 Table_header1 中国钢铁中国钢铁 China Steel 图图20 海运费：西澳海运费：

18、西澳-青岛（青岛（BCI-C5，美元，美元/吨）吨）资料来源：Wind，HTI 图图21 海运费：巴西图巴郎海运费：巴西图巴郎-青岛（青岛（BCI-C3，美元，美元/吨）吨）资料来源：Wind，HTI 4.盈利水平：五大钢材毛利盈利水平：五大钢材毛利微升微升 表表 8 钢材毛利汇总（元钢材毛利汇总（元/吨）吨）螺纹钢 圆钢 盘螺 高线 热轧板卷 冷轧板卷 镀锌板卷 中板 澳矿毛利-390-98-426-807-299-792-1059-438 周变化 38 20-7-7 64-16-1 20 内矿毛利-365-73-401-781-274-767-1034-412 周变化 44 27 0 0

19、71-9 6 27 热轧带钢 冷轧带钢 直缝焊管 无缝管 槽钢 工字钢 角钢 H 型钢 澳矿毛利-193-172-92 6-443-399-452-558 周变化 29-7-24 82 11 11 11 2 内矿毛利-168-146-67 31-418-374-427-533 周变化 35 0-18 88 18 18 18 9 资料来源：Wind，HTI Table_PicPe 图图22 用澳矿模拟的吨钢毛利（元用澳矿模拟的吨钢毛利（元/吨）吨）3813182328Jan-18Jan-19Jan-20Jan-21Jan-22818283848Jan-18Jan-19Jan-20Jan-21Ja

20、n-22 11 Jan 2023 9 Table_header1 中国钢铁中国钢铁 China Steel 资料来源：Wind，HTI 5.供给：上周日产生铁供给：上周日产生铁减减 0.81%，五大钢材环，五大钢材环降降 3.80%表表 9 生铁与钢材产量周度环比生铁与钢材产量周度环比 247 钢企生铁日产 螺纹 线材 热轧 冷轧 中厚 五大合计 周/日产（万吨）220.72 247.75 117.4 301.11 79.19 138.23 883.68 周增量（万吨）-1.79-23.88 0.77-7.92-0.52-2.04-33.59 周环比增-0.81%-9.64%0.66%-2.6

21、3%-0.66%-1.48%-3.80%资料来源：Mysteel，HTI 图图23 247 家钢企生铁日均产量（万吨）家钢企生铁日均产量（万吨）资料来源：Wind，HTI 图图24 钢材周度产量（万吨）钢材周度产量（万吨）资料来源：Wind，HTI 6.上周社会库存增上周社会库存增 8.03%6.1 五大钢材五大钢材厂库厂库周环周环降降 1.61%，社，社库库周环增周环增 8.03%表表 10 Mysteel 五大钢材厂库和社库（万吨）五大钢材厂库和社库（万吨）-600-6008000Jan-19Jun-19Nov-19Apr-20Sep-20

22、Feb-21Jul-21Dec-21May-22Oct-22螺纹钢(HRB400 20mm,天津价格)热轧板卷(3.0mm,上海价格)冷轧板卷(1.0mm,上海价格)中板(普20mm,上海价格)工字钢(25#,北京价格)02002250260Jan-19Jan-20Jan-21Jan-22247家钢铁企业：铁水：日均产量：中国（周）6007008009001,0001,1001,200Jan-19Jan-20Jan-21Jan-22五大钢材合计产量 11 Jan 2023 10 Table_header1 中国钢铁中国钢铁 China Steel 上

23、周库存 上周库存 周增量 周环比 五大钢材厂库 430 437 -7 -1.61%五大钢材社库 1540 1425 114 8.03%建材厂库 234 241 -7 -2.96%建材社库 848 761 87 11.38%资料来源：Wind，HTI Table_PicPe 图图25 全国主要城市钢材社会库存及同比全国主要城市钢材社会库存及同比 资料来源：Wind，HTI 图图26 全国主要城市长材社会库存及同比全国主要城市长材社会库存及同比 资料来源：Wind，HTI 图图27 全国主要城市板材社会库存及同比全国主要城市板材社会库存及同比 资料来源：Wind，HTI 6.2 矿石港口库存周环比

24、矿石港口库存周环比降降 0.42%表表 11 铁矿石港口库存（万吨）铁矿石港口库存（万吨）全国主要港口铁矿石库存（万吨）周库存 13131 周环比增减-55 周环比-0.42%同比-1.90%资料来源：Wind，HTI -60-40-200204060800300600900023000Jan-18Jul-18Jan-19Jul-19Jan-20Jul-20Jan-21Jul-21Jan-22Jul-22钢材社会库存（万吨，左轴）同比（%，右轴）-60-40-20020406080020040060080001600180020

25、00Jan-20Jul-20Jan-21Jul-21Jan-22Jul-22长材社会库存（万吨，左轴）同比（%，右轴）-40-30-20-506000500600700800900Jan-20Jul-20Jan-21Jul-21Jan-22Jul-22板材社会库存（万吨，左轴）同比（%，右轴）11 Jan 2023 11 Table_header1 中国钢铁中国钢铁 China Steel Table_PicPe 图图28 全国主要港口铁矿石库存（万吨）全国主要港口铁矿石库存（万吨）资料来源：Wind，HTI 7.风险提示风险提示 政策风险、疫情风险

26、、外部风险等。6000800040001600018000Jan-16Jul-16Jan-17Jul-17Jan-18Jul-18Jan-19Jul-19Jan-20Jul-20Jan-21Jul-21Jan-22Jul-22 11 Jan 2023 12 Table_header2 中国钢铁中国钢铁 China Steel APPENDIX 1 Summary Steel output fell slightly.Last week,the daily pig iron production of 247 steel companies fell by 0.81%on

27、a weekly basis,and the output of finished products,that is,the five major finished steel products,fell by 3.80%on a week-on-week basis.Steel enterprises continue to reduce production,which also puts some pressure on the previous rise in raw material prices;Steel social inventory increased by 8.03%.D

28、ue to the high pressure on profitability,the output of steel enterprises has remained at a low level,but at the same time the epidemic and seasons have affected demand.Last Friday,the inventory of large steel factories decreased by 1.61%,and the social inventory increased by 8.03%.Steel prices rose

29、slightly.Mainly due to the price increase of raw materials,the Myspic steel price index rose slightly by 1.11%last week;Raw materials rose slightly.The Platts ore price index rose by 2.14%last week,the spot price of coke remained flat,and the price of scrap steel in Tangshan remained flat;The profit

30、s of steel enterprises rose slightly.Last week,the gross profit of various steel products was up and down,but overall it saw a slight increase.The steel sector index rose 2.80%last week.Among them,Wujin Stainless Steel rose by about 14%;The port inventory of imported mines decreased slightly.Last we

31、ek,the port inventory of imported mines was 131.31 million tons,a week-on-week decrease of 550,000 tons,a week-on-week decrease of 0.42%;The optimization of epidemic prevention and control is good for steel.However,due to the epidemic situation and the approaching winter,the demand recovery of downs

32、tream industries is relatively slow;Risk reminder.Policy risks,epidemic risks,external risks,etc.13 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(HTISC

33、L)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(“HTIRL”),Haitong Securities India Private Limited(“HSIPL”),Haitong In

34、ternational 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 in its respective jurisdiction.HTIRL分析师认证分析师认证Analyst Certifica

35、tion:我，施毅，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,Yi Shi,certify that(i)the views expressed in this research report accurately reflect my personal views about any or all of the subject companies or issue

36、rs 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 household)have no financial interest in the security or securities of the s

37、ubject 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 in investment banking and/or serve as a market maker or hold proprietary trad

38、ing 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 ensure timeliness and completeness,please send an email to ERD-D if timely and c

39、omprehensive information is needed).600782.CH,000898.CH 及 600507.CH目前或过去12个月内是海通的客户。海通向客户提供非投资银行业务的证券相关业务服务。600782.CH,000898.CH and 600507.CH are/were a client of Haitong currently or within the past 12 months.The client has been provided for non-investment-banking securities-related services.600282

40、.CH,000898.CH 及 中国十七冶集团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。600282.CH,000898.CH and 中国十七冶集团有限公司 are/were a client of Haitong currently or within the past 12 months.The client has been provided for non-securities services.海通在过去的12个月中从000898.CH 及 中国十七冶集团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 com

41、pensation in the past 12 months for products or services other than investment banking from 000898.CH and 中国十七冶集团有限公司.14 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

42、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 TAIEX,印度 Nifty100,美国 SP500;其他所有中国概念股 MSCI China.Ratings Definitions(from 1

43、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 Haitong International Research.In addition,since Haitong International Resea

44、rch 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 research)should not be used or relied upon as investment advice.An investors dec

45、ision 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 expected to exceed the return of its relevant broad market benchmark,as indic

46、ated 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 rules,our Neutral rating falls into a hold rating category.Underperform:The s

47、tocks 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,Taiwan TAIEX,India Nifty100,US SP500;for all other China-concept stocks MSCI Chin

48、a.评级分布评级分布Rating Distribution 截至截至2022年年3月月31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 88.9%9.5%1.6%投资银行客户*6.8%5.8%0.0%*在每个评级类别里投资银行客户所占的百分比。上述分布中的买入，中性和卖出分别对应我们当前优于大市，中性和落后大市评级。只有根据FINRA/NYSE的评级分布规则，我们才将中性评级划入持有这一类别。请注意在上表中不包含非评级的股票。此前的评级系统定义（直至此前的评级系统定义（直至2020年年6月月30日）：日）：买

49、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.15 Haitong International Equity Research Ratings Distribution,as of Mar 31,2022 Outperfo

50、rm Neutral Underperform (hold)HTI Equity Research Coverage 88.9%9.5%1.6%IB clients*6.8%5.8%0.0%*Percentage of investment banking clients in each rating category.BUY,Neutral,and SELL in the above distribution correspond to our current ratings of Outperform,Neutral,and Underperform.For purposes only o

51、f 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 2020):BUY:The stocks total return over the next 12-18 months is expected to

52、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 rules,our Ne

53、utral 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 KOSPI,Taiwan TAIEX,India Nifty

54、100;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 International publishes quantitative,screening or short reports which may rank st

55、ocks 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 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.C

56、H），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 with Shanghai and Shenzhen.Haitong Securities(HS;600837 CH),the ultimate

57、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 may be a difference in the HTI and HS ratings for the same A-share stocks.海通国

58、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 under coverage at HS in Shanghai.Th

59、ese 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）,ES

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75、ween 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

76、。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

77、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/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

78、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，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

79、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

80、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 Securities Group Limited(“HTISGL”)and a licensed corporation to carry on Type 4 reg

81、ulated 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 which is regulated as an Investment Adviser by the Kanto Finance Bureau of Jap

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