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 表 _ 摘要 过去一周，我们在香港的地产巡展和营销活动中，与近 30 位投资者会面。以下

2、是我们会议的一些关键信息。中国房地产中国房地产 关于选股：关于选股：投资者普遍看衰中国房地产经济，我们遇到的投资者中，无一认为现在是买入中国房地产股票的好时机。对于持有中国房地产股票的人来说，他们主要持有中海地产（688 HK）和华润置地（1109 HK）等主要国企开发商的股票，对中小盘开发商不感兴趣。然而，越秀地产(123 HK)和华润置地(1109 HK)是投资者最感兴趣的两家公司。投资者认为，对国企开发商的“买入买权”仅仅是经纪人之间的共识。关于关于 2022 财年业绩：财年业绩：尽管对投资者来说，2022 财年的成果似乎不算可喜可贺（因为预期本就非常低），但投资者也表达了对中海地产的担

3、忧，因为一些投资者预计其 2022 财年报告的收益降幅将大于预期。投资者也普遍认为，人们一致认为的预期收益数据明显被夸大了。关于销售关于销售:一些投资者认为，目前的低市盈率估值反映了较低的销售预期和甚微的投资者兴趣。因此，投资者认为，未来销售的任何明显复苏都将带来股价的大幅上涨。也有人怀疑，如果房屋销售出现明显复苏，碧桂园（2007HK）是否是一个很好行业典型。此外，一些投资者同样怀疑，2022 年非常低的土地销售量是否会导致 2023 年的供应短缺。香港房地产香港房地产 关于房价：关于房价：我们遇到的投资者大多看好香港房地产的未来，尤其是房价方面，因为他们相信：1）内地人才可能会源源不断涌入

4、香港，并在条件允许的情况下在香港置业。2）内地访港旅客人数目前偏低（过去一周平均访港旅客人数仅为 53，277 人，仍远低于 2019 年的约 153，000人）。然而，投资者认为这仅仅是因为申请“往来港澳通行证”需要时间，而该通行证的申请在 2023 年 2 月初才刚回到正常化。3）供给偏紧，利率见顶将推动房价进一步上行。关于选股：关于选股：在香港地产股中，投资者更更为青睐领展房产基金(823 HK)和信和置业(83 HK)。关于领展房产基金，投资者疑惑其为何会在没有收购目标的情况下进行大规模配股。三家主要的香港开发商将于下周公布中期业绩，投资者怀疑是否有开发商会在业绩公布后寻求新股发行。中

5、国物业管理中国物业管理 我们遇到的大多数投资者均未提出一个仅关乎中国物业管理行业的具体问题。一般而言，他们认为该行业的股价很大程度上取决于相关公司的业绩。一些投资者会关注潜在的并购事件，因为部分物业管理公司的控股股东可能会寻求进一步出售的机会。Table_Title 研究报告 Research Report 22 Feb 2023 中国中国&香港香港房地产房地产 中国/香港房地产：近期巡回路演收到的投资者反馈 Andy So,CFA Bonnie Zhou,CFA Evan Zheng 22 Feb 2023 2 表头 1 中国中国&香港房地产香港房地产 我们相信部分投资者会对香港物业股愈加青

6、睐，因为我们相信部分投资者会对香港物业股愈加青睐，因为.与中国地产股相比，香港地产股似乎财务更为稳定，且股息能见度更高。香港地产股在一些关键指数中占相当比例，一些投资者正对其基准进行跟踪。如果不买中国地产股，他们可能会寻向香港地产股作为替代品。香港地产股的股价表现尚可（过去三个月恒生地产指数/恒生指数分别上涨9%/15%），投资者期望更大的上涨空间。我们还将在广州（我们还将在广州（2 月月 24 日）和深圳（日）和深圳（3 月月 3 日）举办房产及物业管理相关的参观日）举办房产及物业管理相关的参观活动，随后我们将会收集更多相关反馈与收获。活动，随后我们将会收集更多相关反馈与收获。2YnUuZh

7、VtUdYxPwO7N8Q6MpNnNmOoNjMqQnPfQtRoNaQnMqQxNnNzQNZmRqN 22 Feb 2023 3 表头 3 中国中国&香港房地产香港房地产 中国房地产中国房地产:估值水平摘要估值水平摘要 股票代码股票代码 股份价格股份价格(港元港元)市值市值(十亿港十亿港元元)资产净值资产净值(港元港元/股股)折扣折扣 至至 资产净值资产净值(%)FY22 市盈率市盈率(倍倍)2023 财年财年市盈率市盈率（倍）（倍）2022 财年财年市净率市净率（倍）（倍）FY23 市净率市净率(倍倍)2022 年上年上半年半年 调整调整杠杆比杠杆比 FY22 净资产收益净资产收益率率

8、(%)FY23 净资产收益净资产收益率率(%)平均每日营平均每日营业额（百万业额（百万港元）港元）奥园 3883.HK 1.18 3.5 8.08 85%0.6 0.5 0.1 0.1 不适用 21%20%0 COGO 0081.HK 3.30 11.7 13.80 76%2.4 2.5 0.3 0.3 47%13%11%10 中国金茂 0817.HK 1.66 22.1 7.10 77%3.7 3.7 0.3 0.3 83%8%8%42 中骏集团 1966.HK 0.93 3.9 10.60 91%1.4 1.4 0.1 0.1 80%9%8%30 万科集团-H 2202.HK 14.50

9、168.6 33.70 57%6.3 6.2 0.6 0.5 36%9%9%220 旭辉控股 0884.HK 1.05 10.9 8.00 87%1.6 1.6 0.2 0.2 80%10%9%425 中海地产 0688.HK 19.72 215.8 53.20 63%5.7 5.5 0.5 0.5 39%9%9%415 碧桂园 2007.HK 2.58 71.3 9.90 74%3.7 3.8 0.3 0.3 46%7%6%1,057 华润土地 1109.HK 36.20 258.1 59.40 39%8.0 7.4 0.9 0.8 34%12%12%404 绿城中国 3900.HK 10.

10、88 27.5 38.50 72%4.6 4.0 0.6 0.5 71%11%12%115 广州富力 2777.HK 2.02 7.6 29.00 93%不适用 不适用 0.1 0.1 146%-11%-7%29 合景泰富 1813.HK 1.78 6.1 不适用 不适用 2.0 1.9 0.1 0.1 93%5%5%70 龙光 3380.HK 1.18 6.7 24.30 95%0.6 0.6 0.1 0.1 135%9%13%28 龙湖 0960.HK 25.40 161.1 53.10 52%5.6 5.4 0.9 0.8 55%17%16%467 宝龙 1238.HK 1.60 6.6

11、 不适用 不适用 1.9 1.8 0.1 0.1 77%7%6%48 世茂 0813.HK 4.42 16.8 24.40 82%1.3 1.3 0.1 0.1 不适用 10%10%0 瑞安 0272.HK 1.02 8.2 6.92 85%不适用 不适用 不适用 不适用 48%不适用 不适用 8 SOHO 中国 0410.HK 1.45 7.5 6.90 79%18.6 不适用 不适用 不适用 43%不适用 不适用 5 Sino-Ocean 3377.HK 1.10 8.4 不适用 不适用 28.9 6.6 0.1 0.1 105%1%2%16 融创 1918.HK 4.58 25.0 89

12、.60 95%3.7 2.8 不适用 不适用 不适用 不适用 12%0 深圳地产 0604.HK 1.45 12.9 7.70 81%3.2 2.8 0.2 0.2 42%8%8%8 时代地产 1233.HK 1.18 2.5 13.90 92%1.3 0.9 0.1 0.1 97%4%4%31 越秀 0123.HK 11.44 35.4 22.50 49%7.3 6.8 0.6 0.6 60%8%8%74 禹州集团 1628.HK 0.41 2.7 12.31 97%34.2 8.7 0.1 0.1 121%-11%2%9 融信集团 3301.HK 0.91 1.5 23.47 96%不适用

13、 不适用 不适用 不适用 70%不适用 不适用 24 美的置业 3990.HK 10.22 13.9 51.30 80%4.0 4.0 0.5 0.4 45%12%10%34 正荣集团 6158.HK 0.34 1.5 14.80 98%不适用 不适用 不适用 不适用 148%不适用 不适用 27 中粮地产 2772.HK 0.66 2.4 19.40 97%0.5 0.4 不适用 不适用 24%不适用 不适用 17 简单平均值简单平均值-80%4.1 3.6 0.32 0.3 73%7%8%-市值加权平均值市值加权平均值-58%5.3 5.4 0.60 0.6-10%10%-注:截至 202

14、3 年 2 月 16 日的股价数据；资产净值估值基于海通证券研究所估值，其他估值倍数基于彭博共识 资料来源：公司、彭博社、海通估值 22 Feb 2023 4 表头 3 中国中国&香港房地产香港房地产 香港房地产香港房地产:估值水平摘要估值水平摘要 开发物业开发物业 股票代码股票代码 股份股份价格价格(港元港元)市值市值(十亿十亿港元港元)财政年财政年度结束度结束于于 评级评级 目标价格目标价格(港元港元)资产净值资产净值/股（港股（港元）元）折扣至折扣至 资产净值资产净值(%)市盈市盈率率(倍倍)市盈市盈率率(倍倍)市净市净率率(倍倍)市净市净率率(倍倍)收益收益率率(%)收益收益率率(%)

15、净资产收净资产收益率益率(%)净资产收净资产收益率益率(%)净负债净负债(%)平均每平均每日日（股（股债）成债）成交量交量 FY22 FY23 FY22 FY23 FY22 FY23 FY22 FY23 End-1 H22(百万港百万港元元)长江实业 1113.HK 50.55 181.7 12 月 优于大盘 67.10 122.00 59%8.4 8.8 0.5 0.5 4.5%4.6%5.9%5.5%净货币资金 206 恒基兆业地产 0012.HK 27.55 133.4 12 月 中性 25.80 73.80 63%11.3 10.3 0.4 0.4 6.5%6.6%3.5%3.9%26

16、%81 新世界集团 0017.HK 22.30 56.1 6 月 中性 24.80 70.90 69%7.7 9.3 0.3 0.3 9.3%8.8%2.8%2.6%61%164 信和集团 0083.香港 10.30 83.0 6 月 优于大盘 14.10 23.50 56%11.4 13.4 0.5 0.5 5.5%5.7%4.3%3.5%净货币资金 48 新鸿基地产 0016.HK 111.10 321.9 6 月 优于大盘 117.80 214.20 48%10.9 11.1 0.5 0.5 4.5%4.5%4.9%4.6%17%377 香港地下铁路公司 0066.HK 40.35 25

17、0.3 12 月 优于大盘 51.00 46.40 13%24.9 20.6 1.4 1.3 3.2%3.3%5.2%6.4%13%114 简单平均值简单平均值-51%12.4 12.2 0.6 0.6 5.6%5.6%4.4%4.4%29%-市值加权平均市值加权平均值值-45%13.8 13.0 0.7 0.7 4.8%4.8%4.8%4.9%15%投资性房地产投资性房地产 股票代码股票代码 股份股份价格价格(港元港元)市值市值(十亿十亿港元港元)财政年财政年度结束度结束于于 评级评级 目标价格目标价格(港元港元)资产净值资产净值/股（港股（港元）元）折扣至折扣至 资产净值资产净值 (%)市

18、盈市盈率率(倍倍)市盈市盈率率(倍倍)市净市净率率(倍倍)市净市净率率(倍倍)收益收益率率(%)收益收益率率(%)净资产收净资产收益率益率(%)净资产收净资产收益率益率(%)净负债净负债(%)平均每平均每日日（股（股债）成债）成交量交量 FY22 FY23 FY22 FY23 FY22 FY23 FY22 FY23 End-1 H22(百万港百万港元元)鹰君集团 0041.HK 18.42 13.8 12 月 不适用 不适用 不适用 不适用 不适用 不适用 不适用 不适用 不适用 不适用 不适用 不适用 47%3 恒隆地产 0101.HK 16.02 72.1 12 月 优于大盘 19.60

19、39.10 59%15.5 13.5 0.5 0.5 4.9%5.0%3.3%4.0%29%81 希慎兴业 0014.HK 26.80 27.5 12 月 中性 25.40 72.50 63%14.2 12.8 0.4 0.4 5.4%5.4%2.5%2.8%28%31 太古地产 1972.HK 21.10 123.4 12 月 弱于大市 16.80 42.10 50%15.7 15.2 0.4 0.4 4.7%4.8%2.7%2.7%5%63 九龙仓集团 0004.HK 18.74 57.3 12 月 弱于大市 23.70 47.40 60%13.1 10.5 0.3 0.3 2.2%3.4

20、%2.5%3.0%7%143 九龙仓置业 1997.HK 43.85 133.1 12 月 优于大盘 43.80 62.60 30%20.3 19.4 0.6 0.6 3.1%3.3%3.2%3.3%24%163 简单平均值简单平均值-52%15.8 14.3 0.5 0.5 4.0%4.4%2.8%3.2%23%-市值加权平均市值加权平均值值-47%16.1 15.0 0.5 0.5 3.8%4.1%2.8%3.1%18%-香港房地产投香港房地产投资信托基金资信托基金 22 Feb 2023 5 表头 3 中国中国&香港房地产香港房地产 股票代码股票代码 股份股份价格价格(港元港元)市值市值

21、(十亿十亿港元港元)财政年财政年度结束度结束于于 评级评级 目标价格目标价格 市盈率市盈率(倍倍)市盈率市盈率(倍倍)市净市净率率(倍倍)市净率市净率(倍倍)收益率收益率(%)收益率收益率(%)净资产收净资产收益率益率(%)净资产收净资产收益率益率(%)杠杆比率杠杆比率 平均每日平均每日（股债）（股债）成交量成交量(港元港元)FY22 FY23 FY22 FY23 FY22 FY23 FY22 FY23 1H-FY22(百万港百万港元元)冠君产业信托 2778.HK 3.57 21.3 12 月 不适用 不适用 16.8 17.9 0.43 0.42 5.8%5.4%2.5%2.4%22%6

22、置富产业信托 0778.HK 6.70 13.3 12 月 优于大盘 8.20 16.3 16.8 0.46 0.46 6.6%6.4%2.8%2.8%22%12 汇贤产业信托 87001.HK 1.20 8.6 12 月 不适用 不适用 不适用 不适用 不适用 不适用 不适用 不适用 不适用 不适用 20%3 朗廷地产 1270.HK 1.16 3.8 12 月 不适用 不适用 不适用 不适用 不适用 不适用 不适用 不适用 不适用 不适用 42%1 领展房产基金 0823.HK 53.75 114.4 3 月 中性 56.40 17.3 17.7 0.70 0.68 5.9%5.8%4.0

23、%3.9%22%433 泓富产业信托 0808.HK 2.27 3.4 12 月 不适用 不适用 不适用 不适用 不适用 不适用 不适用 不适用 不适用 不适用 23%3 阳光房地产投资信托 0435.HK 3.45 5.8 6 月 不适用 不适用 不适用 不适用 不适用 不适用 不适用 不适用 不适用 不适用 23%3 越秀房地产投资信托 0405.HK 2.60 12.4 12 月 不适用 不适用 13.5 12.1 0.64 0.65 7.0%7.3%4.3%4.5%44%10 简单平均值简单平均值-16.0 16.1 0.56 0.55 6.3%6.2%3.4%3.4%27%-市值加权

24、平均市值加权平均值值-14.9 15.2 0.56 0.55 5.3%5.2%3.3%3.2%24%-注:截至 2023 年 2 月 16 日的股价数据；评级和目标价基于海通证券研究所估计。所有其他估值倍数均基于彭博共识；领展房产基金及新光房地产信托资产负债比率（按 2022 财年数据计算）资料来源：公司、彭博社、海通估值 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

25、(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(“HTI

26、RL”),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 activitie

27、s in its respective jurisdiction.HTIRL分析师认证分析师认证Analyst Certification:我，Andy So，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,Andy So,certify that(i)the views expressed in this research report accurately refle

28、ct 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 hous

29、ehold)have no financial interest in the security or securities of the subject companies discussed.我，Bonnie Zhou，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,Bonnie Zhou,certify that(i)the views expressed in t

30、his 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 my compensation was,is or will be directly or indirectly related to the specific recommendations or views expressed in this research report;and

31、 that I(including members of my household)have no financial interest in the security or securities of the subject companies discussed.我，Evan Zheng，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,Evan Zheng,certi

32、fy 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 my compensation was,is or will be directly or indirectly related to the specific recommendations or views exp

33、ressed 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.利益冲突披利益冲突披露露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，

34、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 this research report.As far as this research report is concerned,the following are the disclosure matters relat

35、ed to such relationship(As the following disclosure does not ensure 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0884.HK,2777.HK,1813.HK,1238.HK,3377.HK and 1628.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

36、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 investment banking projects of 0884.HK,2777.HK,1813.HK,1238.HK,3377.HK and 1628.HK within the past 12 months.The investment banking projec

37、ts include 1.IPO projects in which Haitong acted as pre-listing tutor,sponsor,or lead-underwriter;2.equity or debt refinancing projects of 0884.HK,2777.HK,1813.HK,1238.HK,3377.HK and 1628.HK for which Haitong acted as sponsor,lead-underwriter or financial advisor;3.listing by introduction in the new

38、 three board,target placement,M&A projects in which Haitong acted as lead-brokerage firm.作为回报，海通拥有6158.HK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 securities of 6158.HK.0884.HK,2777.HK,1813.HK,3380.HK,1238.HK,3377.HK 及 1628.HK目前或过去12个月内是海通的投资银行业务客户。0884.HK,277

39、7.HK,1813.HK,3380.HK,1238.HK,3377.HK and 1628.HK are/were an investment bank clients of Haitong currently or within the past 12 months.0884.HK,上海交大海外教育发展有限公司,香港华润(集团)有限公司上海代表处,3377.HK,0604.HK,1628.HK 及 0017.HK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。0884.HK,上海交大海外教育发展有限公司,香港华润(集团)有限公司上海代表处,3377.HK,0

40、604.HK,1628.HK and 0017.HK 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.广州番禺奥林匹克房地产开发有限公司 广州南沙国奥房地产开发有限公司,诺斯（上海）融资租赁有限公司 及 正荣（闽侯）投资发展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。广州番禺奥林匹克房地产开发有限公司 广州南沙国奥

41、房地产开发有限公司,诺斯（上海）融资租赁有限公司 and 正荣（闽侯）投资发展有限公司 are/were a client of Haitong currently or within the past 12 months.The client has been provided for non-securities services.7 海通在过去12个月中获得对2777.HK,1813.HK,3380.HK,1238.HK,3377.HK 及 1628.HK提供投资银行服务的报酬。Haitong received in the past 12 months compensation for

42、 investment banking services provided to 2777.HK,1813.HK,3380.HK,1238.HK,3377.HK and 1628.HK.海通预计将（或者有意向）在未来三个月内从2202.HK,0884.HK,2777.HK,1813.HK,3380.HK,1238.HK,3377.HK,0123.HK,1628.HK 及 0405.HK获得投资银行服务报酬。Haitong expects to receive,or intends to seek,compensation for investment banking services in t

43、he next three months from 2202.HK,0884.HK,2777.HK,1813.HK,3380.HK,1238.HK,3377.HK,0123.HK,1628.HK and 0405.HK.海通在过去的12个月中从广州番禺奥林匹克房地产开发有限公司 广州南沙国奥房地产开发有限公司,诺斯（上海）融资租赁有限公司,0604.HK,正荣（闽侯）投资发展有限公司 及 0017.HK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 products or serv

44、ices other than investment banking from 广州番禺奥林匹克房地产开发有限公司 广州南沙国奥房地产开发有限公司,诺斯（上海）融资租赁有限公司,0604.HK,正荣（闽侯）投资发展有限公司 and 0017.HK.海通担任0688.HK,0012.HK,0016.HK 及 0823.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 0688.HK,0012.HK,0016.HK and 0823.HK.海通国际证券集团有限公司（

45、“海通国际”）有雇员或与关联人士担任1109.HK 及 0017.HK的职员。Haitong International Securities Group Ltd.(Haitong International)having an individual employed by or associated with Haitong International serving as an officer of 1109.HK and 0017.HK.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

46、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

47、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 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 definiti

48、ons of all ratings used in 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.

49、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 individual circumstances(such as the investors existing holdings)and other considerations.Analyst Stock Ratings Outperform:The stocks total return over

50、 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.For purposes only of FINRA/

51、NYSE 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:Ja

52、pan TOPIX,评级分布评级分布Rating Distribution 8 Korea KOSPI,Taiwan TAIEX,India Nifty100,US SP500;for all other China-concept stocks MSCI China.截至截至2022年年12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 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，中性和卖出分别对应我们当前优于大市，中性

53、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

54、有中国概念股 MSCI China.Haitong International Equity Research Ratings Distribution,as of Dec 31,2022 Outperform Neutral Underperform (hold)HTI Equity Research Coverage 89.4%9.2%1.5%IB clients*5.2%7.3%8.3%*Percentage of investment banking clients in each rating category.BUY,Neutral,and SELL in the above di

55、stribution 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 not included in the table above.Previous rating syste

56、m 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 with the return of its relevant broa

57、d 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 market benchmark,as indicated below.B

58、enchmarks for each stocks 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-R

59、ated Research:Haitong International 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 fu

60、ndamental 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 and rate A-Shares that are subject to the H

61、ong Kong Stock Connect scheme 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

62、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

63、 quant product that consists 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 quart

64、erly.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）,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

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66、SG Parties warrants or guarantees the originality,accuracy and/or completeness,of any data herein and expressly disclaim all express or implied warranties,including those of merchantability and fitness for a particular purpose.The Information may only be used for your internal use,may not be reprodu

67、ced or 9 redisseminated in 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 shal

68、l have any liability for any 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（F

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78、on liability.SusallWave 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

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