1、春节春节旅游消费情况跟踪旅游消费情况跟踪：目的地旅游、出境游回暖，海南复苏亮眼目的地旅游、出境游回暖，海南复苏亮眼Spring Festival Tourism Consumption Tracking:Destination Tourism,Outbound Travel Rebound,Hainan Recovery Shines汪立亭汪立亭 Liting Wang 许樱之许樱之 Yingzhi Xu 张若白张若白 Ruobai Zhang 2023年年1月月30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

2、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。(Pleasesee appendix for English translation of the disclaimer)Equity Asia Research2SubtitleFor full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the la

3、test full report on our website at 1.国内出游人次、旅游收入分别恢复至国内出游人次、旅游收入分别恢复至19年同期的年同期的89%、73%2.出行：国内客运逐步恢复出行：国内客运逐步恢复，铁路客运量恢复至，铁路客运量恢复至19年同期年同期83%3.免税：免税：海口海关海口海关、商务厅口径海南免税销售额各增长商务厅口径海南免税销售额各增长5.9%、20.7%4.航班：海南机场客流复苏强劲，三亚恢复程度优于海口航班：海南机场客流复苏强劲，三亚恢复程度优于海口5.零售：春节返乡，二三线城市恢复优于一线零售：春节返乡，二三线城市恢复优于一线6.酒店：酒店：预定间夜创新

4、高，跨省游、五星级酒店订单占比提升预定间夜创新高，跨省游、五星级酒店订单占比提升7.旅游：重点省市游客量与旅游收入同比明显增长旅游：重点省市游客量与旅游收入同比明显增长8.OTA：黄金周强势回归，出境游与长途游重迎热潮黄金周强势回归，出境游与长途游重迎热潮9.行业观点行业观点10.风险提示风险提示nXjWtVvXlV8Z8X9UvYfWaQaO8OsQqQoMoNlOmMoMlOmMpOaQqQvNwMqNwPuOoPmQ48%32%54%51%79%75%95%103%99%87%70%74%68%67%87%73%61%43%89%39%19%37%31%70%59%57%77%75%79

5、%60%56%39%44%66%61%44%35%73%0%20%40%60%80%100%120%20春节20清明20劳动20端午20国庆&中秋21春节21清明21劳动21端午21中秋21国庆22春节22清明22劳动22端午22中秋22国庆23元旦23春节接待游客数旅游收入3For 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

6、1.国内出游国内出游人次人次、旅游、旅游收入分别恢复至收入分别恢复至19年同期的年同期的89%、73%经文化和旅游部数据中心测算，2023 年 春节假期全国国内旅游出游3.08亿人次，恢复至2019年同期的88.6%。实现国内旅游收入3758.43亿元，同比增长30%，恢复至2019年同期的73.1%。图图 20-23年节假日旅游恢复（同比年节假日旅游恢复（同比19年）年）资料来源：资料来源：国家文化和旅游部、文旅之声、中国政府网，HTI接待游客数（亿人）接待游客数（亿人）同比同比恢复至恢复至2019年年旅游收入（亿元）旅游收入（亿元）同比同比恢复至恢复至2019年年21春节2.5615.7%

7、75.3%30118.2%58.6%清明节1.02144.6%94.5%272228.9%56.7%劳动节2.30119.7%103.2%1132138.1%77.0%端午节0.8994.1%98.7%294139.7%74.8%中秋节0.8887.2%37178.6%国庆节5.15-1.5%70.1%3891-4.7%59.9%22春节2.51-2.0%73.9%2892-3.9%56.3%清明节0.75-26.2%68.0%188-30.9%39.2%劳动节1.60-30.2%66.8%647-42.9%44.0%端午节0.80-10.7%86.8%258-12.2%65.6%中秋节0.7

8、3-16.7%72.6%287-22.8%60.6%国庆节4.22-18.2%60.7%2872-26.2%44.2%23元旦0.530.4%42.8%2654.0%35.1%春节3.0823.1%88.6%375830.0%73.1%4For 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 2.出行：国内客运逐步恢复出行：国内客运

9、逐步恢复，铁路客运量恢复至，铁路客运量恢复至19年同期年同期83%客运交通：客运交通：据交通运输部，2023年1月21-27日期间，全国客运交通发送旅客各恢复至2019年的51%、49%、49%、57%、62%、53%、53%，总体恢复至19年同期水平的53.6%。1月21-27日，全国铁路、公路、水路、民航日均发送游客717、2308、70、129万人次，恢复至19年同期水平的83.1%、47.8%、49.3%、71.6%。图图 春节假期客运交通游客发送量较春节假期客运交通游客发送量较19年同期恢复情况年同期恢复情况（%）资料来源：资料来源：交通运输部公众号，HTI0%20%40%60%80

10、%100%120%1月21日1月22日1月23日1月24日1月25日1月26日1月27日总计民航水路公路铁路5For 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 3.免税：免税：海口海关海口海关、商务厅口径海南免税销售额各增长商务厅口径海南免税销售额各增长5.9%、20.7%春节期间（1月21-27日），海口海关共监管离岛免税购

11、物金额15.6亿元，购物人数15.7万人次，同比分别增长5.88%和9.51%，与2021年同期相比分别增长51.5%和64.9%。图图 新政以来主要节假日新政以来主要节假日海关口径下海关口径下海南离岛免税日均销售额（亿元）海南离岛免税日均销售额（亿元）1.3 1.8 1.4 2.0 2.1 2.0 2.1 1.4 2.2 01232020中秋&国庆2021元旦2021春节2021五一2021国庆2022元旦2022春节2023元旦2023春节资料来源：资料来源：海口海关，HTI6For full disclosure of risks,valuation methodologies and

12、target price formation on all HTI rated stocks,please refer to the latest full report on our website at 3.免税：免税：海口海关海口海关、商务厅口径海南免税销售额各增长商务厅口径海南免税销售额各增长5.9%、20.7%根据海南省商务厅统计显示，1月21-27日，海南省12家离岛免税店总销售额25.72亿元，较2022年春节同比+20.69%，较2019年同比+329%，日均销售额3.67亿元。春节假期前三天，海口国际免税城客流超10万人次。图图 商务厅口径下海南离岛免税店历史节假日日均销售额

13、（亿元）商务厅口径下海南离岛免税店历史节假日日均销售额（亿元）1.9 2.1 2.3 3.0 1.3 2.3 3.7 012342021元旦2021春节2022元旦2022春节2022五一2023元旦2023春节资料来源：资料来源：中国新闻网、中国网、央视新闻、中国政府网、海南省商务厅、海南省政府官网、海南日报、海南特区报，HTI7For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest fu

14、ll report on our website at 4.航班：海南机场客流复苏强劲，三亚恢复程度优于海口航班：海南机场客流复苏强劲，三亚恢复程度优于海口据FlightAware，三亚凤凰机场1月21日-27日日均进出港航班410次，较21年、22年春节同期分别上升39.9%、上升3.3%。图图 凤凰机场七日平均进出港航班（次）凤凰机场七日平均进出港航班（次）资料来源：资料来源：FlightAware，HTI0500300350400450JanFebMarAprMayJunJulAugSepOctNovDec2020年2021年2022年2023年8For full

15、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 4.航班：海南机场客流复苏强劲，三亚恢复程度优于海口航班：海南机场客流复苏强劲，三亚恢复程度优于海口据海口美兰机场官方微博，春节假期1月21日-27日日均进出港航班503次，同比22年春节下降5%，恢复至19年春节的93%。运送旅客日均7.36万人次，同比22年春节增34%，恢复至19年春节的8

16、4%。我们判断，三亚凤凰机场航班数恢复程度优于海口美兰机场，原因是三亚气候更加宜人，且旅游资源丰富，是更多游客的旅游首选目的地。050000100000JanFebMarAprMayJunJulAugSepOctNovDec2019年2020年2021年2022年2023年0200400600JanFebMarAprMayJunJulAugSepOctNovDec2019年2020年2021年2022年2023年图图 美兰机场美兰机场每日运送旅客每日运送旅客（人次人次）图图 美兰机场美兰机场每日每日进出港航班（次）进出港航班（次）资料来源：海口美兰机场官方微博，HTI9For full dis

17、closure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 5.零售：春节返乡，二三线城市恢复优于一线零售：春节返乡，二三线城市恢复优于一线资料来源：资料来源：各省市商务厅、江西省人民政府、现代快报、央广网、河北日报、河南商报、齐鲁晚报、澎湃新闻、辽沈晚报、界面新闻、华龙网，HTI大盘大盘国家税务总局春节假期，全国消费相关行业销售收入同比增长12.2%，比20

18、19年春节假期年均增长12.4%。其中，商品消费和服务消费同比分别增长10%和13.5%，比2019年春节假期年均分别增长13.1%和8.1%。春节假期，粮油食品等基本生活类商品销售收入同比增长31.5%，其中，果品蔬菜、肉禽蛋奶同比分别增长39%、28.6%，比2019年春节假期年均分别增长17.2%、13.2%。酒水饮料等商品需求旺盛，酒、饮料及茶叶销售收入同比增长18.7%，比2019年春节假期年均增长16.4%。省市省市北京春节期间，北京市商务局重点监测企业实现销售额50.9亿元，恢复至去年农历同期的98%，较2019年增长13.2%。全市60个重点商圈客流量2531.1万人次，恢复至

19、去年同期的88.7%。上海据上海市商务委抽样调查数据，节前7天重点样本实现销售额54.9亿，同比增长10.5%，节日7天实现销售额54.3亿元，14天累计实现销售额109.1亿元，同比基本持平。河北春节期间，全省重点监测的125家重点零售和餐饮企业收入19.62亿元，同比增长9.61%。其中88家重点监测零售企业销售额19.34亿元，同比增长9.65%；37家重点监测餐饮企业营业额2766.9万元，同比增长6.53%。河南重点监测的302家零售和餐饮企业实现销售27.87亿元，同比增长15.7%。山东1月21-27日全省网上零售额112.5亿元，较2022年春节增长22.5%，其中实物网上零售

20、额96.7亿元，较2022年春节增长25.4%。江西春节前后各级政府累计发放消费券3.1亿元，初步测算，春节假期全省实现商贸销售额443亿元，同比增长11.2%。重庆据重庆商务委，春节期间，重庆主要商圈和重点商贸企业零售额共156.67亿元，同比增长13%。重庆百货销售同比增幅近两位数。重百新世纪超市初一至初四销售同比增长34%。南京春节假期7天，南京市商务局重点监测商贸流通企业合计实现销售额18.9亿元，同比增长3.8%。其中，重点监测的商场、综合体销售额同比增长7.7%；电商企业营业额同比增长13.6%。沈阳截至1月26日抽样监测的12家重点商场、超市春节期间累计销售额1.94亿元，同比增

21、长17.3%。表表 春节期间零售重点数据情况春节期间零售重点数据情况10For 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 6.酒店：酒店：预定间夜创新高，跨省游、五星级酒店订单占比提升预定间夜创新高，跨省游、五星级酒店订单占比提升表表 春节期间酒店重点数据情况春节期间酒店重点数据情况大盘大盘国家税务总局旅游饭店、经济型连锁酒店

22、销售收入同比分别增长16.4%、30.6%，分别恢复至2019年春节假期的73.4%、79.9%。民宿服务提供个性化服务受到游客欢迎，销售收入同比增长74.2%，比2019年春节假期年均增长13.3%。同程春节期间酒店预订热门目的地前三为西安、三亚、成都，西安、洛阳等城市酒店预定量同比增长超10倍，普洱、西双版纳等目的地酒店预定量同比增长超4倍。去哪儿春节期间，酒店预订间夜量达到历史新高；酒店连住3天以上订单量同创历史峰值，平均入住时长同比增长3.6小时。马蜂窝春节期间，五星级酒店订单占比50%，三亚奢华度假酒店为长途出行游客的首选。携程携程平台跨省酒店预订占比近7成，预订量反超2019年春节

23、。美团酒店套餐类产品销量同比增长约200%。公司公司华住集团截至1月18日，春节7天假期预定量：海南万宁的预订率超80%，西双版纳的预订率超75%，普洱、北海预订率超60%，广州沙面、上下九等热门商圈预订率超73%，北京天安门、哈尔滨市中央大街预订率超65%。锦江酒店 1月第1周入住率环比净提升9%，1月10日满房酒店为2021年同期3倍以上。资料来源：资料来源：澎湃财经、同程、去哪儿、马蜂窝、携程、美团，HTI11For full disclosure of risks,valuation methodologies and target price formation on all HTI

24、 rated stocks,please refer to the latest full report on our website at 7.旅游：重点省市游客量与旅游收入同比明显增长旅游：重点省市游客量与旅游收入同比明显增长湖南：湖南：1月21-27日，湖南全省共接待游客1568万人次，同比增长71%，同口径较19年增长1.53%。湖北：湖北：截至27日15时，湖北省春节假期七天共接待游客3345万人次，同比增长29%；A级旅游景区共接待游客883万人次，同比增长41。四川：四川：2023年春节期间，四川省纳入统计的743家A级旅游景区累计接待游客2960万人次，实现门票收入3.0亿元，

25、各恢复至19年春节同期的77%和76%。云南：云南：2023年春节假期，云南省共接待游客4515万人次，实现旅游收入384亿元，分别恢复至2019年的130.3%和132.5%。海南：海南：海南省春节期间共接待游客639万人次，同比增长18%。表表 各省市旅游数据情况各省市旅游数据情况重点省市旅游数据情况重点省市旅游数据情况四川A级旅游景区共接待游客2960.34万人次，实现门票总收入30367.6万元，同比增长55.1%，恢复到2019年春节的75.57%湖南春节假期七天，湖南省共计接待游客1568万人次，实现旅游收入160亿元，同比增长66%湖北春节假期七天，湖北省共计接待游客3345万人

26、次，实现旅游收入177亿元，同比增长45%云南春节假期七天，云南省共计接待游客4515万人次，实现旅游收入384亿元，同比增长249%海南春节假期七天，海南省共计接待游客639万人次，同比增长18%，实现旅游总收入93亿元，同比增长24%资料来源：资料来源：四川省文旅厅、长沙晚报、中国新闻网、三亚发布、人民网，HTI12For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full rep

27、ort on our website at 8.OTA：黄金周强势回归，出境游与长途游重迎热潮：黄金周强势回归，出境游与长途游重迎热潮春节旅游市场火爆春节旅游市场火爆，OTA成绩亮眼成绩亮眼。1月27日，多平台发布春节旅游报告，国内外订单均同比暴涨，其中，携程平台旅行订单整体较去年增长4倍。国内长线游、短途周边游、出境游多市场全面开花。跨境旅行放开跨境旅行放开，出境游重新迎来热潮出境游重新迎来热潮。作为跨境旅行放开后的首个长假，出境游显著反弹。国家移民管理局数据显示，春节假期前6天共查验出入境人员239.2万人次，较2022年春节同期增长123.9%。携程出境游订单同比增长640%；飞猪国际机

28、票订单同比增长超4倍。长途游持续升温长途游持续升温。本地和周边游不再是主导。春节假期期间，长途游同比增长超285%，温暖宜人的云南、广东、海南等地成为热门目的地。飞猪半程数据显示，境内长途游订单量同比增长超500%。表表 各平台发布春节假期旅游订单情况（截至各平台发布春节假期旅游订单情况（截至2023.1.27）春节旅游订单情况春节旅游订单情况携程国内外旅行订单皆迎三年巅峰，整体较去年增长4倍。出境游订单同比增长640%，跨境机票订单增长4倍以上；跨省酒店预订占比近7成，预订量超2019年春节；国内景区门票预订量同比暴涨3.2倍；海外景区门票同比增长超六成。同程国内长线游复苏，出境游市场快速增

29、长，短途周边游市场保持活跃。国内机票较2019年同期增长129%，汽车票增长230%，火车票增长18%。飞猪最热门的国内旅游目的是成都、上海、广州三个城市；民宿订单量同比增长超260%；国际机票预订人次同比增长超4倍，办理签证的人次增长超3.4倍。途牛跨省出游人次占比68%，近五成用户选择4-6天行程，超两成选择7天及以上行程；上海、北京、南京等地位列“春节出游热门客源地TOP10”榜单。驴妈妈出游高峰从1月23日到1月25日。长线游人次同比增长近300%，创三年来新高。周边出游中，2天1晚、3天2晚占比超六成，在酒店过年趋势明显。资料来源：资料来源：中国证券网、中新经纬、澎湃新闻、驴妈妈旅游

30、网，HTI13For 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 9.行业观点行业观点行业：2023年春节期间，国内出游人次3.08亿人次，客流量、旅游收入、客运量逐步恢复，跨省游、出境游反弹，部分景区客流量超过19年春节水平，我们认为，节日消费火热的景象再次回归，一定程度上表明消费信心在回升。我们认为，全国旅游消费复苏进程顺利

31、，消费限制的减少、消费信心的复苏将驱动旅游消费逐步恢复、甚至超越19年同期水平，疫情期间经营承压的出行产业链相关标的均有望受益。免税：海南旅游消费热度明显升温，被压抑的旅行需求释放逻辑日趋兑现。12月14日，扩大内需战略规划纲要(2022-2035年)提出要更好满足中高端消费品消费需求，促进免税业健康发展。我们判断未来相关政策有望持续发力，消费回流有望持续，海南旅游消费空间有望进一步拓宽。重点关注：中国中免，王府井。建议关注：海汽集团，海南发展。酒店：短期出行复苏酒店行业景气度回升，中长期行业供给出清带来连锁化率和集中度提升以及供需格局改善。根据STR，10月、11月、12月RevPAR各恢复

32、至2019年的56%、60%、63%；2023年春节出行游客恢复至2019年89%，恢复度自20年以来仅次于21年清明、五一、端午三个假期；春节期间旅游饭店、经济型连锁酒店销售收入各恢复至2019年的73.4%、79.9%。优化措施出台后，随感染高峰渐过，春节期间出行相关行业展现出较强的复苏态势，我们看好酒店住宿需求的持续回暖。重点关注：锦江酒店、华住集团-S、首旅酒店。景区：春节假期，天目湖旅游度假区总接待人次49.21万，同比增31.4%，较19年增41%。宋城演艺旗下景区接待游客可比口径下恢复接近19年的90%，“千古情”演出累计上演133场，可比口径下恢复至19年的85%。我们认为，随

33、着居民消费信心、消费意愿、消费能力的逐步恢复，景区演艺有望逐步恢复至疫情前水平，中长期看，符合消费升级和行业发展趋势、项目打造能力突出的公司有望取得长足发展。重点关注：天目湖，宋城演艺，中青旅；建议关注：众信旅游。14For 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 宏观经济下滑新一轮疫情输入及传播风险居民消费力恢复不及预期1

34、0.风险提示风险提示APPENDIX 1Summary-Domestic travel trips and tourism revenue recovered to 89%and 73%of the same period in 2019 respectively.-Travel:Domestic passenger traffic gradually recovered,and railroad passenger traffic recovered to 83%of the same period in 2019.-Duty-free:Hainan duty-free sales of H

35、aikou Customs and Department of Commerce caliber increased by 5.9%and 20.7%respectively.-Flight:Hainan airport traffic recovered strongly,with Sanya recovering better than Haikou.-Retail:Second-and third-tier cities recovered better than first-tier as the Spring Festival returned home.-Hotels:Record

36、 high in scheduled nights,cross-province travel,five-star hotel orders accounted for an increase.-Tourism:key provinces and cities saw significant year-on-year growth in visitor volume and tourism revenue.-OTA:Golden Week returns strongly,outbound travel and long-distance travel regain the boom.-Ris

37、ks:Macroeconomic downturn,New round of epidemic import and spread risk,Unexpected recovery of residents consumption.15APPENDIX 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，

38、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 name for the equity research teams of Haitong International Research Limited(“HTIRL”),Haitong Securities India Private Limited(“HSIPL”),Haitong International Japan K

39、.K.(“HTIJKK”),Haitong International Securities 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，汪立亭，在此保证（i）本研究

40、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,Liting Wang,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 i

41、n this research 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 d

42、iscussed.我，许樱之，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,Yingzhi Xu,certify that(i)the views expressed in this research report accurately reflect my personal views about any or all of the subjectcompanies

43、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 expressed in this research report;and that I(including members of my household)have no financial interest in the security or securities o

44、f the subjectcompanies discussed.16APPENDIX 2我，张若白，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,Ruobai Zhang,certify that(i)the views expressed in this research report accurately reflect my personal views abo

45、ut 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 expressed in this research report;and that I(including members of my household)have no financial in

46、terest in the security or securities of the subjectcompanies 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

47、 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,the following are the disclosure matters related to such relationship(As the followingdisclosure does not ensure timeliness and completeness,plea

48、se send an email to ERD-D if timely and comprehensive information is needed).中国国旅集团有限公司及 锦江国际(集团)有限公司目前或过去12个月内是海通的客户。海通向客户提供非投资银行业务的证券相关业务服务。中国国旅集团有限公司 and 锦江国际(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-investment-banking securi

49、ties-related services.海通预计将（或者有意向）在未来三个月内从601888.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 601888.CH.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的公司：优于大市、中性或弱于大市。投资者应仔细阅读HTI

50、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，基准定义如下各地股票基准指数：日本各地股票基准指数：日本 TOP

51、IX,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 shouldcarefully read the defin

52、itions 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 contents from the ratingalone

53、.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:The stocks total return over

54、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.Forpurposes only of FINRA/NY

55、SE 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 listed region are as follows:Japa

56、n 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12月月31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%1.5%投资银行客户*5.2%7.3%8.3%*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

57、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：日本各地股票基准指数：日本 TOPIX,韩国韩国 K

58、OSPI,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 InternationalEquity Research Ratings Distribution,as of Dec 31,2022OutperformNeutralUnderperform(hold)HTI Equity Research Coverage89.4%9.2%1.5%IB clients*5.2%7.3%8.3%*Percentage of investment banking clients in each rating category.

59、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 designation are notincluded in th

60、e 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 is expected to be in line w

61、ith 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 return of its relevant broad ma

62、rket 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

63、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 suggested prices do not purpo

64、rt 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:Haitong International may cover

65、 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 China.However,the rating system

66、 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。Haitong International Quality 100

67、 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 bottom-upresearch.The Q100 co

68、nstituent 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

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85、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”）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

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104、ies 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。本研究报告仅提供给SFO所界定的“专业投资者”。本研究报告未经过证

105、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.Institutional Investor”）和机构投资者（”U.S.In

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107、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。投资本研究报告中讨论的任何非美国证券或相关金融工具（包括ADR）可

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