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)工业金属：工业金属：铜行业开工率环比上升，云南电解铝减产影响将逐步体现。铜行业开工率环比上升，云南电解铝减产影响将逐步体现。3 月 3 日-3 月 10 日，LME 铜、铝价涨跌幅分别为-1.64%、-3.65%；上期所铜、铝价涨跌幅为-1.45%、-2.72%。据SMM数据，2月中国电解铜产量为90.78万吨，环比上升6.4%，同比增加6.49%；产量增长原因包括：1、新投产的冶炼厂产量持续上升；2、完成检修的3 家冶炼厂在 2 月复产情况良好，实际产量较多；3、部分冶炼厂 2 月有开门红的任务。2 月电解铜行业的整体开工率为 84.87%，环比上升 5pct。电解铝

3、方面，2 月份（28 天）国内电解铝产量 309.2 万吨，同比增长 4.9%。据 SMM 统计，截止 3 月初运行产能回落至 3987.7 万吨，全国电解铝开工率约为 88.1%。进入 3 月份，云南等地区前期的减产影响将逐步体现，贵州、四川等地区运行产能虽有复产预期，但新启动的电解槽对产量贡献较小，国内电解铝日均产量有望回落。国内 2023年经济工作有望突出做好稳增长、稳就业、稳物价等事项，我们认为 2023年国内地产需求有望复苏，拉动工业金属需求，继续看好基本金属价格上涨以及行业标的投资机会。建议关注：紫金矿业、洛阳钼业、铜陵有色、天山铝业、云铝股份等公司。能源金属：能源金属：正极材料排

4、产回暖，锂盐需求有望持续上升。正极材料排产回暖，锂盐需求有望持续上升。3 月 3 日-3 月 10 日，能源金属价格涨跌不一，涨跌幅度为电池级碳酸锂-9.21%，工业级碳酸锂-11.76%，氢氧化锂-3.91%，钴价格上涨 2.25%，硫酸镍价格不变。3 月10 日亚洲金属网公布 2 月中国金属生产情况，2 月中国碳酸锂产量 3.08 万吨，环比减少 14%。产量下降主要是由于大型辉石冶炼企业检修以及月末督查影响。2 月中国氢氧化锂产量 2.44 万吨，环比增长 15%，增量主要来自于新厂产能爬坡以及前期检修企业恢复生产。在需求方面，2 月中国三元材料产量 4.92 万吨，环比增长 21%；磷

5、酸铁锂产量 7.15 万吨，环比增长 11%。我们认为下游材料需求处于稳步增长，开工率有所回升。展望 3 月，我们认为锂盐需求将会继续回暖。建议关注：天齐锂业、赣锋锂业、永兴材料、盛新锂能、中矿资源、融捷股份、雅化集团、科达制造、华友钴业、格林美、盛屯矿业等公司。贵金属：贵金属：美国就业市场紧张状况边际缓解，叠加硅谷银行事件引发市场避险情绪，贵金属板块中黄金价格表现美国就业市场紧张状况边际缓解，叠加硅谷银行事件引发市场避险情绪，贵金属板块中黄金价格表现亮眼。亮眼。本周伦敦现货金价上涨 1.09%，伦敦现货银价下降 4.74%，我们认为价格出现分化的主要原因在于黄金避险价值凸显。美国新增非农就业

6、人数较 1 月有所下滑，但薪资环比延续 1 月下降态势，美国劳动力市场紧张状况边际缓解，就数据来看，美国 2 月新增非农人数 31.1 万人，预期 20.5 万人，前值 51.7 万人；失业率 3.6%，预期3.4%，前值 3.4%；时薪环增 0.2%，前值 0.3%。硅谷银行因流动性不足和资不抵债已由 FDIC 接管，受此影响，市场避险情绪拉动黄金价格上涨。推荐：山东黄金、银泰黄金和赤峰黄金；建议关注：招金矿业、盛达资源、湖南黄金、中金黄金等公司。稀土和小金属、新材料：稀土和小金属、新材料：需求向好，稀土价格有望上涨。需求向好，稀土价格有望上涨。本周氧化镨钕价格收于 61 万元/吨，较前一周

7、下滑4.98%；锑价维持不变，钼精矿周跌幅为 1.18%。随着疫情防控政策优化，我们认为下游需求有望复苏，稀土价格有望上涨。建议关注：北方稀土、中国稀土、湖南黄金、金钼股份等公司。风险提示：风险提示：经济复苏不及预期；新能源车、地产消费不及预期；主要经济体货币政策收紧超预期；国际地缘政治风险。Table_Title 研究报告 Research Report 16 Mar 2023 有色金属有色金属 Non-ferrous Metals 铜铝行业开工率继续上升，需求复苏逐步发力 The Operating Rate of Copper and Aluminum Continues to Rise

8、,Recovery of Demand Gradually Gaining Force 甘嘉尧甘嘉尧 Jiayao Gan 16 Mar 2023 2 Table_header1 有色金属有色金属 Non-ferrous Metals 1.申万有色指数本周下跌申万有色指数本周下跌 3.46%Table_PicPe 图图1 申万一级行业周涨跌幅申万一级行业周涨跌幅 资料来源：Wind，HTI 图图2 申万有色二级行业周涨跌幅申万有色二级行业周涨跌幅 资料来源：Wind，HTI 图图3 部分申万有色三级行业和锂矿指数、稀土指数周涨跌幅部分申万有色三级行业和锂矿指数、稀土指数周涨跌幅 资料来源：Wi

9、nd，HTI -3.46%-9%-8%-6%-5%-3%-2%0%环保通信电力设备医药生物计算机国防军工电子公用事业交通运输建筑装饰传媒社会服务机械设备石油石化有色金属纺织服饰农林牧渔综合基础化工钢铁银行煤炭商贸零售食品饮料房地产轻工制造美容护理家用电器非银金融汽车建筑材料-6%-5%-3%-2%0%2%3%贵金属能源金属金属新材料工业金属小金属-6%-5%-3%-2%0%2%3%黄金锂矿指数磁性材料铜铝稀土指数mMmNXXdUfVbZrVcVxU7NdNbRmOpPtRpMkPnNmPiNmNwP7NqRwPMYnRnRvPnNyR 16 Mar 2023 3 Table_header1 有

10、色金属有色金属 Non-ferrous Metals 图图4 申万有色行业周涨幅前十个股申万有色行业周涨幅前十个股 资料来源：Wind，HTI 图图5 申万有色行业周跌幅前十个股申万有色行业周跌幅前十个股 资料来源：Wind，HTI 图图6 有色金属行业海外重点上市公有色金属行业海外重点上市公司股价周涨跌幅司股价周涨跌幅 资料来源：Wind，HTI 0%4%8%12%中润资源银泰黄金中金黄金铜冠铜箔盛达资源西部材料悦安新材西藏珠峰西部黄金山东黄金-16%-14%-12%-10%-8%-6%-4%-2%0%2%4%PilbaraAllkem巴里克黄金必和必拓力拓嘉能可SQM雅保自由港 16 Ma

11、r 2023 4 Table_header1 有色金属有色金属 Non-ferrous Metals 2.主要子板块跟踪主要子板块跟踪 2.1 能源金属：能源金属：长江钴价上涨长江钴价上涨 2.25%，硫酸镍价维持不变，硫酸镍价维持不变 图图7 锂盐价格（万元锂盐价格（万元/吨）吨）资料来源：Wind，HTI 图图8 无锡电子盘碳酸锂期货收盘价（元无锡电子盘碳酸锂期货收盘价（元/千克）千克）资料来源：Wind，HTI 图图9 三元前驱体价格（万元三元前驱体价格（万元/吨）吨）资料来源：Wind，HTI 图图10 锂电池正极材料价格（万元锂电池正极材料价格（万元/吨）吨）资料来源：Wind，HT

12、I 图图11 LME、SHFE 镍价镍价 资料来源：Wind，HTI 图图12 全球镍库存（万吨）全球镍库存（万吨）资料来源：Wind，HTI 0021/0321/0922/0322/0923/03电池级碳酸锂工业级碳酸锂氢氧化锂275280285290295300305MM+1M+2M+3M+42023-03-032023-03-1821/0321/0922/0322/0923/03NCM111NCM523NCM622NCM8004521/0922/0322/0923/03NCM111（左轴）NCM523

13、（左轴）NCM622（左轴）NCM811（左轴）磷酸铁锂（右轴）0512345621/0321/0922/0322/0923/03LME镍（万美元/吨；左轴）SHFE镍（万元/吨；右轴）051/0321/0922/0322/0923/03LME镍库存SHFE镍库存 16 Mar 2023 5 Table_header1 有色金属有色金属 Non-ferrous Metals 图图13 硫酸镍和高镍铁价格硫酸镍和高镍铁价格 资料来源：Wind，HTI 图图14 上期所镍期货收盘价（万元上期所镍期货收盘价（万元/吨）吨）资料来源：Wind，HTI 图图1

14、5 长江钴及长江钴及 MB 钴价钴价 资料来源：Wind，HTI 2.2 工业金属：工业金属：SHFE 铅价下跌铅价下跌 0.92%，SHFE 阴极铜库存下降阴极铜库存下降 10.79%图图16 LME、SHFE 铜价铜价 资料来源：Wind，HTI 图图17 全球铜库存（万吨）全球铜库存（万吨）资料来源：Wind，HTI 06721/0321/0922/0322/0923/03硫酸镍（万元/吨；左轴）高镍铁（元/镍；右轴）171819MM+1 M+2 M+3 M+4 M+5 M+6 M+7 M+8 M+9 M+10M+112023/03/03202

15、3/03/0253545556521/0321/0922/0322/0923/03长江钴（万元/吨；左轴）MB钴：标准级（美元/磅；右轴）MB钴：合金级（美元/磅；右轴）567860007000800090001/0321/0922/0322/0923/03LME铜（美元/吨；左轴）SHFE阴极铜（万元/吨；右轴）0021/0321/0922/0322/0923/03LME铜SHFE阴极铜SHFE国际铜COMEX铜 16 Mar 2023 6 Table_header1 有色金属有色金属 Non-ferrous Metals 图

16、图18 中国铜加工费中国铜加工费 资料来源：Wind，HTI 图图19 上期所铜期货收盘价（万元上期所铜期货收盘价（万元/吨）吨）资料来源：Wind，HTI 图图20 LME、SHFE 铝价铝价 资料来源：Wind，HTI 图图21 全球铝库存（万吨）全球铝库存（万吨）资料来源：Wind，HTI 图图22 上期所铝期货收盘价（万元上期所铝期货收盘价（万元/吨）吨）资料来源：Wind，HTI 图图23 A00 铝和氧化铝价格铝和氧化铝价格 资料来源：Wind，HTI 24680521/0321/0922/0322/0923/03粗炼费(TC，美元/干吨；左轴)精炼费(RC，

17、美元/磅；右轴)6.756.856.95MM+2M+4M+6M+8M+102023-03-032023-03-101.41.82.22.6030003500400021/0321/0922/0322/0923/03LME铝（美元/吨；左轴）SHFE铝（万元/吨；右轴）050030021/0321/0922/0322/0923/03LME铝SHFE铝COMEX铝1.801.821.841.861.881.90MM+1 M+2 M+3 M+4 M+5 M+6 M+7 M+8 M+9 M+10M+112023-03-032023-03-1020002500

18、30003500400045001.01.52.02.521/0321/0922/0322/0923/03A00铝（万元/吨；左轴）氧化铝（元/吨；右轴）16 Mar 2023 7 Table_header1 有色金属有色金属 Non-ferrous Metals 图图24 LME、SHFE 锌价锌价 资料来源：Wind，HTI 图图25 全球主要交易所锌库存（万吨）全球主要交易所锌库存（万吨）资料来源：Wind，HTI 图图26 LME、SHFE 锡价锡价 资料来源：Wind，HTI 图图27 全球主要交易所锡库存（吨）全球主要交易所锡库存（吨）资料来源：Wind，HTI 图图28 LME、

19、SHFE 铅价铅价 资料来源：Wind，HTI 图图29 全球主要交易所铅库存（万吨）全球主要交易所铅库存（万吨）资料来源：Wind，HTI 2.02.53.025003000350040004500500021/0321/0922/0322/0923/03LME锌（美元/吨；左轴）SHFE锌（万元/吨；右轴）01/0321/0922/0322/0923/03LME锌SHFE锌2345621/0321/0922/0322/0923/03LME锡（万美元/吨；左轴）SHFE锡（万元/吨；右轴）0200040006000800040

20、0021/0321/0922/0322/0923/03LME锡SHFE锡1.31.41.51.61.70300021/0321/0922/0322/0923/03LME铅（美元/吨；左轴）SHFE铅（万元/吨；右轴）051/0321/0922/0322/0923/03LME铅SHFE铅 16 Mar 2023 8 Table_header1 有色金属有色金属 Non-ferrous Metals 2.3 贵金属：贵金属：COMEX 黄金上涨黄金上涨 0.53%图图30 黄金价格黄金价格 资料来源：Wind，HTI 图图31 白银价格白银价格 资料来源

21、：Wind，HTI 图图32 全球主要经济体央行总资产全球主要经济体央行总资产 资料来源：Wind，HTI 图图33 美国美国 CPI 当月同比与联邦基金利率（当月同比与联邦基金利率（%）资料来源：Wind，HTI 图图34 美国国债长短期利差（美国国债长短期利差（%）资料来源：Wind，HTI 图图35 金银比和铜金比金银比和铜金比 资料来源：Wind，HTI 3503703904001900210021/0321/0922/0322/0923/03COMEX黄金（美元/盎司；左轴）SHFE黄金（元/克；右轴）35004500550065001520253021/032

22、1/0922/0322/0923/03COMEX银（美元/盎司；左轴）SHFE白银（元/千克；右轴）020040060080002468008200202023美国:所有联储银行:总资产（万亿美元；左轴）欧洲央行:资产:总额（万亿欧元；左轴）日本央行:资产:总额（万亿日元；右轴）0021/0321/0922/0322/0923/03美国CPI：当月同比（左轴）美国联邦基金利率（右轴）-2-1012321/0321/0922/0322/0923/03美国国债收益率：10Y-2Y美国国债收益率：10Y-3M4567607080901

23、0021/0321/0922/0322/0923/03金银比（金价/银价；左轴）铜金比（铜价/金价；右轴）16 Mar 2023 9 Table_header1 有色金属有色金属 Non-ferrous Metals 图图36 SPDR、iShares 黄金黄金 ETF 持有量（吨）持有量（吨）资料来源：Wind，HTI 2.4 稀土等小金属：锑价持平稀土等小金属：锑价持平 图图37 主要稀土价格主要稀土价格 资料来源：Wind，HTI 图图38 钼精矿和锑价格钼精矿和锑价格 资料来源：Wind，HTI 图图39 锗锭和钨精矿价格锗锭和钨精矿价格 资料来源：Wind，HTI 图图40 海绵钛和

24、钛精矿价格海绵钛和钛精矿价格 资料来源：Wind，HTI 4004505005508001000120021/0321/0922/0322/0923/03SPDR黄金ETF（左轴）iShares黄金ETF（右轴）4060801001200.00.51.01.52.021/0321/0922/0322/0923/03氧化镝（万元/千克；左轴）氧化铽（万元/千克；左轴）镨钕氧化物（万元/吨；右轴）5678900040005000600021/0321/0922/0322/0923/03钼精矿:45%-50%（元/吨度；左轴）锑（万元/吨，右轴）90008

25、500900095001000021/0321/0922/0322/0923/03锗锭:50（元/千克；左轴）黑钨精矿:55%（万元/吨；右轴）02400260060657075808521/0321/0922/0322/0923/03海绵钛99.6%（元/千克；左轴）钛精矿（元/吨；右轴）16 Mar 2023 10 Table_header1 有色金属有色金属 Non-ferrous Metals 图图41 电解锰和镁锭价格（万元电解锰和镁锭价格（万元/吨）吨）资料来源：Wind，HTI 图图42 精铋和精铟价格精铋和精铟价格 资料来源：Wind，HTI 3.重要事件

26、重要事件 藏格矿业：藏格矿业：发布 2022 年报。业绩：22 年营收为 82 亿元，同增 126%；22Q1-4分别为 13、22、22、25 亿元。扣非归母净利为 57 亿元，同增 320%；Q1-4 扣非归母净利为 8、16、18、15 亿元。EPS 为 3.57 元/股。碳酸锂：22 年销量为 1.07 万吨，产量为 1.05 万吨，截至 22 年底，库存为 505 吨。氯化钾：22 年销量为 110 万吨，产量为 130 万吨，截至 22 年底，库存为 28 万吨。横店东磁：横店东磁：披露 22 年报业绩。2022 年实现营收 194.51 亿元，同增 54.28%，扣非归母净利 1

27、6 亿元，同增 77.07%；其中 22Q4 营收 53.26 亿元，环增 12%，扣非归母净利 5.4 亿元，环增 34%。销量：光伏产品 8008.4 兆瓦，磁性材料 18.4 万吨，锂电池 1.9亿支，器件 4.0 亿只。英洛华：英洛华：发布2022年报。22年营收为47.3亿元，同增26%；22Q1-4分别为10.3、12.5、12.8、11.8 亿元。扣非归母净利为 2.1 亿元，同增 106%；Q1-4 扣非归母净利为0.43、0.49、0.67、0.53 亿元。EPS 为 0.23 元/股。恒邦股份：恒邦股份：发布 22 年业绩快报。22Q4 实现营收 155.1 亿元，环增 6

28、2%，同增18%；归母净利 1.0 亿元，环减 31%，同减 10%。22 全年实现营收 500.5 亿元，同增21%，归母净利 5.0 亿元，同增 10%。云海金属：云海金属：在南京工厂现有土地新建年产 1.5 万吨铝挤压微通道扁管项目。项目投资额为 3.1 亿元，项目达产后预计实现年净利润为 0.26 亿元，投资回收期为 6.94 年(不含建设期)。4.风险提示风险提示 经济复苏不及预期；新能源车、地产消费不及预期；主要经济体货币政策收紧超预期；国际地缘政治风险。0246801234521/0321/0922/0322/0923/03电解锰（左轴）镁锭（右轴）0160

29、01800345621/0321/0922/0322/0923/03精铋:99.99%（万元/吨；左轴）精铟:99.995%（元/千克；右轴）16 Mar 2023 11 Table_header2 有色金属有色金属 Non-ferrous Metals APPENDIX 1 Summary Industrial metals:The operating rate of the copper industry increased month-on-month,and the impact of Yunnan electrolytic aluminum production reduction

30、will be gradually reflected.Energy metals:The production of cathode materials is picking up,and the demand for lithium salt is expected to continue to rise.Precious metals:Gold prices in the precious metals sector performed well as the marginal easing of tensions in the US labor market,coupled with

31、the risk aversion triggered by the Silicon Valley banking incident.Rare earths and small metals,new materials:Demand is good,and rare earth prices are expected to rise.The price of praseodymium oxide and neodymium oxide this week closed at 610,000 yuan/ton,down 4.98%from the previous week;Antimony p

32、rices remained unchanged,with molybdenum concentrate down 1.18%on a weekly basis.With the optimization of epidemic prevention and control policies,we believe that downstream demand is expected to recover,and rare earth prices are expected to rise.It is recommended to pay attention to:North Rare Eart

33、h,China Rare Earth,Hunan Gold,Gold Molybdenum Co.,Ltd.and other companies.12 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

34、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 International Japan K.K.(

35、“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 Certification:我，甘嘉尧，在此保证（i）本研究报告

36、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,Jiayao Gan,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

37、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 subject companies d

38、iscussed.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 trading positions of c

39、ertain 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 comprehensive infor

40、mation 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6837.HK,600711.CH,600988.CH and 600338.CH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 subsidiaries(collectively,the Haitong)have a role in investm

41、ent banking projects of 6837.HK,600711.CH,600988.CH and 600338.CH 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 6837.HK,600711.CH,600988.CH and 600338.C

42、H for which 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002240.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

43、securities of 002240.CH.6837.HK,600711.CH,600988.CH 及 600338.CH目前或过去12个月内是海通的投资银行业务客户。6837.HK,600711.CH,600988.CH and 600338.CH are/were an investment bank clients of Haitong currently or within the past 12 months.山东黄金集团财务有限公司,3993.HK,600711.CH,600988.CH 及 000630.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

44、相关业务服务。山东黄金集团财务有限公司,3993.HK,600711.CH,600988.CH and 000630.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.荆门市格林美新材料有限公司,四川四环锌锗科技有限公司，封开县威利邦木业有限公司 及 封开县威利邦木业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。

45、荆门市格林美新材料有限公司,四川四环锌锗科技有限公司，封开县威利邦木业有限公司 and 封开县威利邦木业有限公司 are/were a client of Haitong currently or within the past 12 months.The client has been provided for non-securities services.海通预计将（或者有意向）在未来三个月内从002738.CH 及 6837.HK获得投资银行服务报酬。Haitong expects to receive,or intends to seek,compensation for inves

46、tment banking services in the next three months from 002738.CH and 6837.HK.海通在过去的12个月中从荆门市格林美新材料有限公司,600711.CH,封开县威利邦木业有限公司 及 000630.CH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 services other than investment banking from 荆门市格林美新材料有限公司,600711.CH,封开县威

47、利邦木业有限公司 and 000630.CH.海通担任3993.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 3993.HK.13 海通国际证券集团有限公司（“海通国际”）有雇员或与关联人士担任6837.HK的职员。Haitong International Securities Group Ltd.(Haitong International)having an individual employed by or associated with Haito

48、ng International serving as an officer of 6837.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

49、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 Jul 2020):Haitong International uses a relative rating system using Out

50、perform,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 Research contains more complete information concerning the analysts views,in

51、vestors 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 decision to buy or sell a stock should depend on individual circumstances(

52、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 indicated below.Neutral:The stocks total return over the next 12-18 months i

53、s 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 stocks total return over the next 12-18 months is expected to be below t

54、he 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 China.评级分布评级分布Rating Distribution 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

55、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

56、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。14 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.Haitong International Equity Research Ratings Distribution,as of Dec 31,2022 Outperform Neutral Underperform (hold)HTI Equity Research Coverage 89.4%9.2%1.

57、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 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

58、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 exceed the return of its relevant broad market benchmark,as indicated

59、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.SELL:The stocks total r

60、eturn 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;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：

61、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 stocks according to valuation and other metrics or may suggest prices ba

62、sed 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.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

63、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 parent company of HTISG based in Shanghai,covers and publishes researc

64、h 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

65、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.These stocks are carefully selected through a quality-based screening pr

66、ocess 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）,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

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