1、 Table_yemei1 观点聚焦 Investment Focus 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)研究报告 Research Report 24 Apr 2023 中国有色金属中国有

2、色金属 China Non-ferrous Metals 电机分类：绿色低碳背景下，产业发展前景广阔 Motor Classification:motor industry with prospects under the background of green and low-carbon Table_Info 股票名称 评级 股票名称 评级 紫金矿业 Outperform 永兴材料 Outperform 洛阳钼业 Outperform 天华超净 Outperform 赣锋锂业 Outperform 横店东磁 Outperform 天齐锂业 Outperform 银泰黄金 Outperfor

3、m 山东黄金 Outperform 驰宏锌锗 Outperform 中国铝业 Outperform 赤峰黄金 Outperform 华友钴业 Outperform 锡业股份 Outperform 中金黄金 Outperform 东阳光 Outperform 云铝股份 Outperform 金力永磁 Outperform 石英股份 Outperform 川能动力 Outperform 神火股份 Outperform 西藏矿业 Outperform 南山铝业 Outperform 盛屯矿业 Outperform 中矿资源 Outperform 云海金属 Outperform 格林美 Outperf

4、orm 安宁股份 Outperform 铜陵有色 Outperform 立中集团 Outperform 天山铝业 Outperform 万丰奥威 Outperform 资料来源：Factset,HTI Related Reports Presentation:2023 年 3 月中国社会融资规模为 53800 亿元，环比上升70.47%(In March 2023,Chinas social financing scale was 53800 billion yuan,up 70.47%month on month)(16 Apr 2023)Presentation：2 月智利铜矿产量为 38

5、4462 吨，环比下降 12.20%(In February 2023,Chile Copper Output was 384462 tons,Down 12.20%Month on Month)(10 Apr 2023)水泥行业深度：产能控制推动供给结构优化，基建支撑水泥需求（Cement Industry In-Depth Report:Capacity Control Promotes the Optimization of Supply Structure,Infrastructure Supports Cement Demand）(31 Mar 2023)(Please see AP

6、PENDIX 1 for English summary)本报告聚焦于电机领域，旨在介绍电机的分类及各类别主要产品，分析其各自特点及梳理行业产业链。电机是一种利用电与磁相互作用从而实现能量转换与传递的机械电电机是一种利用电与磁相互作用从而实现能量转换与传递的机械电磁装置。电动机从电系统吸收电能，向机械系统输出机械能，各类磁装置。电动机从电系统吸收电能，向机械系统输出机械能，各类型的电机广泛应用于我国经济生产各部门以及家用电器中，主要作型的电机广泛应用于我国经济生产各部门以及家用电器中，主要作为驱动各种机械设备的动力。为驱动各种机械设备的动力。电机可以主要分为动力电机和控制电机。有刷直流电机具备

7、扭力高、结构简单容易维护（即换碳刷）、便宜的优点，交流电机中的永磁同步电机和永磁异步电机是常用的汽车搭载电机。永磁同步电机指的是定子上的线圈通电后产生的磁场能带动永磁体（转子）进行同步旋转，转子的转速也能够与旋转磁场的转速相同，不容易造成转速损耗。优点是体积小，效率高，但是一旦速度增加，永磁体产生反电势，导致高温，强震动就容易退磁。因此不适合在高速下使用。控制电机又可以分为伺服电机、步进电机和信号电机等。电机产业链上游行业中的原材料价格变动与电机企业的产品定价电机产业链上游行业中的原材料价格变动与电机企业的产品定价政策、成本水平、销售业绩有较大影响，关联度较高。政策、成本水平、销售业绩有较大影

8、响，关联度较高。目前中国电机企业主要分布在江苏省和山东省。截至 2023 年 2 月，江苏省共有相关工业电机企业超过 3700 家，江苏省工业电机企业约为3400 家。从中国工业电机供给主体区域分布来看，江苏省和山东省电机企业数量相对较高。从驱动电机竞争力的比较来看，我国原材料方面优势明显。Table_Author 吴旖婕吴旖婕 Yijie Wu 5075100125150Apr-22Jul-22Oct-22Jan-23Apr-23HAI China Non-ferrous MetalsMSCI China 24 Apr 2023 2 Table_header1 中国有色金属中国有色金属 1.

9、电机定义及组成电机定义及组成 电机是一种利用电与磁相互作用从而实现能量转换与传递的机械电磁装置。广义的电机包括电动机、发电机和特种电机。电动机从电系统吸收电能，向机械系统输出机械能，各类型的电机广泛应用于我国经济生产各部门以及家用电器中，主要作为驱动各种机械设备的动力；发电机从机械系统吸收机械能，向电系统输出电能，发电机和相关设备的技术进步，使人们能够利用热能、水能、核能以及风能、太阳能、生物质能等能源发电，向国民经济各部门和广大城乡居民提供所需电能；特种电机主要是指使用环境、生产工艺、技术标准等比较特殊而区别于普通电机的电机。从结构上来看，不同类型电机结构虽然不同，但一般都是由三大部分组成，

10、即固定部分、转动部分和辅助部分。固定部分主要由定子机座、机架、定子铁心、定子绕组、端盖及底板等导磁、导电和支撑固定等结构部件组合；电机的转动部分包括转轴、转子铁心、转子支架、转子绕组、集电环、换向器和风扇等部件；辅助部分包括轴承、电刷和冷却器等。图图1 电机组成电机组成 资料来源：驱动世界，海通国际 2.电机分类电机分类 电机分为动力电机和控制电机。动力电机包含旋转电机和直线电机。图图2 电机电机分类分类 资料来源：PLC 发烧友公众号，海通国际 AUbWgVkWfZmVtWrYtWbRbP6MpNmMsQpMjMmMnRjMpNtO9PoPoOvPpPsMMYqQpO 24 Apr 2023

11、 3 Table_header1 中国有色金属中国有色金属 2.1 直流电机与交流电机直流电机与交流电机 旋转电机可以分为直流电机和交流电机。1）直流电机直流电机 有刷直流电机有刷直流电机 有刷电机又称直流电机或碳刷电机，常说的直流电机就是指有刷直流电机，它采用机械换向，外部磁极不动内部线圈(电枢)动，换向器和转子线圈一起旋转，电刷和磁铁都不动，于是换向器和电刷摩擦摩擦，完成电流方向的切换。有刷直流电机具备扭力高、结构简单容易维护（即换碳刷）、便宜的优点，同时也具有机械换向产生的火花引起换向器和电刷摩擦、电磁干扰、噪声大、寿命短；可靠性差、故障多，需要经常维护；由于换向器存在，限制了转子惯量，

12、限制了最高转速，影响了动态性能的缺点。直流有刷电机被广泛应用于电动玩具车、电风扇、汽车座椅、印刷机械等方面。图图3 有刷直流电机分类有刷直流电机分类 资料来源：机械工程师公众号，海通国际 永磁电机是一种使用永磁体作为励磁源的电机，由于永磁体本身具有持久性，因此不需要二外的电源供给，具有体积小、重量轻、效率高等优点。应用场景主要有工业自动化领域的自动化生产线、CNC 数控机床等设备，用于提高设备准确性、响应速度及稳定性；汽车工业领域的驱动电机、制动系统、电动风扇等，降低能量损失、延长电池寿命；家用电力领域的空调、洗衣机、吸尘器等；动力工具领域的手持电钻、磨削机等。串励串励直流电机的励磁绕组与电枢

13、绕组串联后，再接于直流电源。类似这样的直流电机的励磁电流即为电枢电流。并励并励直流电机的励磁绕组与电枢绕组相并联。并励发电机和并励电动机不同的点是，前者由电机本身发出的端电压为绕组供电，但后者励磁绕组与电枢共用同一电源。他励他励直流电机的励磁绕组与电枢绕组无联接关系，而由其他直流电源对励磁绕组供电的直流电机并称为他励直流电机。他励直流电动机从性能上讲与并励电动机相同。24 Apr 2023 4 Table_header1 中国有色金属中国有色金属 复励复励直流电机有并励和串励两个励磁绕组。根据其串励绕组产生的磁通势与并励绕组产生的磁通势的方向是否相同可以区分复励方式，方向相同称为积复励，两个磁

14、通势方向相反，则称为差复励。无刷直流电机无刷直流电机 无刷电机在某些领域也称直流变频电机（BLDC），由于无刷电机无需使用电刷或换向器即可实现换向，所以采用电子换向（霍尔传感器）检测永磁体位置，引导电流流过驱动器根据检测到的磁极位置绕组。永磁铁可以在线圈外部也可以在线圈内部，于是有了外转子无刷电机和内转子无刷电机之分。无刷电机构造与永磁同步电机相同。不过，单个的无刷电机不是一套完整的动力系统，无刷基本必须通过无刷控制器也就是电调的控制才能实现连续不断的运转。真正决定其使用性能的还是无刷电子调速器（也就是电调）。无刷电机的驱动电流一般有两种，方波和正弦波。前一种可以称为直流无刷电机，而后一种属于

15、交流伺服电机。2）交流电机交流电机 三相交流三相交流异步电机异步电机 三相交流电机分为同步电机和异步电机，同步电机多用于发电机，异步电机多用于电动机。三相异步电机主要有鼠笼式和绕线式两种。电机的外壳是定子，三相定子绕组（各相差 120 度电角度），通入三相交流电后，将产生一个旋转磁场，该旋转磁场切割转子绕组来发电。异步电机的转子闭合线圈切割旋转磁场，最终变成一个电磁铁，将跟随定子磁场旋转，所以转子的转速必然小于定子的旋转磁场，这样才能切割磁感线。即转子的异步转速小于同步转速，转子与定子磁场存在转速差，所以称之为异步电机。图图4 三相异步电机分类三相异步电机分类 资料来源：驱动世界，海通国际 三

16、相交流三相交流同步电机同步电机 如果让转子速度等于定子磁场旋转速度，就成为了同步电机，此时就需要把定子变成一个电磁铁或永磁铁，即给定子通电，此时不需要再切割磁感线就能旋转，旋转速度与磁场旋转速度相同，即形成同步电机。同步电机转子结构比异步电机复杂，价格高，在生产生活中应用不如异步电机广泛，主要用作发电机上，现在火电站，水电站、汽轮机、水轮机基本都是同步电机。24 Apr 2023 5 Table_header1 中国有色金属中国有色金属 国内大部分车商和国外部分车商都采用永磁同步电动机作为驱动的核心。电机主要由定子、转子以及机械结构组成。图图5 异步电机与永磁同步电机特点异步电机与永磁同步电机

17、特点 优点优点 缺点缺点 异步电机异步电机 廉价 效率低 结构简单 调速困难 可靠性高 启动时电流大 永磁同步电机永磁同步电机 体积小 原材料昂贵 效率高 适应性差 不易造成转速损耗 速度增加时容易退磁 资料来源：海通国际 稀土资源是永磁材料的原材料，而国外稀土矿属于极为稀缺资源，但中国拥有的稀土资源占全球总储量的 70%以上，是世界著名的“稀土王国”，全世界的永磁同步电动机所需稀土材料大部分都靠我国出口，这是我国本土车企的天然优势。图图6 代表性车企搭载车用电机情况代表性车企搭载车用电机情况 主流企业主流企业 车辆型号车辆型号 前置电机、功率前置电机、功率/kW 后置电机、功率后置电机、功率

18、/kW 特斯拉特斯拉 Model 3 异步电机 137 永磁电机 202 Model Y 异步电机 137 永磁电机 180、202 Model S 永磁电机 205 异步电机 210、375 Model X 永磁电机 205 异步电机 210、375 奔驰奔驰 EQC 交流异步 150 异步电机 150 理想理想/永磁电机 130 永磁电机 200 蔚来蔚来 ES 6 永磁电机 160 异步电机 240 ES 8 永磁电机 160 异步电机 240 ET 7 永磁电机 180 异步电机 300 比亚迪比亚迪 唐 DM&EV 永磁电机 160 永磁电机 200 汉 EV 永磁电机 163 永磁

19、电机 200 资料来源：各车企官网，海通国际 图图7 永磁同步电机构造图永磁同步电机构造图 图图8 永磁同步电机的定子和转子构造图永磁同步电机的定子和转子构造图 资料来源：搜狐汽车，海通国际 资料来源：鹏芃科艺，海通国际 24 Apr 2023 6 Table_header1 中国有色金属中国有色金属 特斯拉在自动驾驶就研发了 IPM-SynRM，是内置永磁体的同步磁阻电机。永磁同步电机不适合在高速下使用。大型机械设备通常使用同步磁阻电机，在转子中嵌入铁，使转子处于低磁阻状态，适合高速运转。因此，特斯拉将这两种电机结合，永磁体代替铁嵌入转子，结合了共同的优点。在低速时它能作为永磁电机运转，在高

20、速时又是一台磁阻电机，改善了电子线圈切割转子磁场的情况。单相交流串励电机（有刷）单相交流串励电机（有刷）单相交流串励电动机，俗称串励电机或通用电机，电枢绕组和励磁绕组串联在一起工作。单相串励电动机的优点是由于它转速高、起动力矩大、体积小、重量轻、不容易堵转、适用电压范围很广，可以用调压的方法来调速，简单且易于实现。单相串励电机的定子铁心必须由硅钢片叠压而成，定子绕组是由圆漆包线绕制的集中绕组，与电枢绕组串联，转子的电枢绕组是由圆漆包线绕组的单迭绕组。单相串励电机的调速，大多数采用调节电压的方法，就是改变电动势。单相交流串励电机（有刷）主要应用在电动工具中，如角磨机、手电钻等。单相单相交流鼠笼式

21、电机（无刷）交流鼠笼式电机（无刷）单相交流鼠笼式电机在结构上酷似鼠轮，由此得名鼠笼式电机。单相电流通过电枢绕组时产生的是脉振磁场而不是旋转磁场，所以单相异步电动机不能自起动。为了解决起动问题，单相交流供电的异步电动机实际上往往做成两相的。主绕组由单相电源直接供电；副绕组在空间上与主绕组差 90(电角度，等于机械角度被电动机磁极对数除)。副绕组串联电容或电阻后再接到单相交流电源，使其中通过的电流和主绕组中的电流有一定的相位差。使合成磁场成椭圆形旋转磁场，甚至可能接近于圆形旋转磁场。电动机因此获得起动转矩。利用电阻分相方法的电动机价格低廉，例如副绕组用较细的导线绕制即可，但分相效果较差，且电阻上要

22、消耗能量。除此之外，为使分相异步电动机获得较好的起动性或较好的运行特性，所需的电容可分为电容运转、电容起动和双值电容三种。图图9 单相交流电机分类单相交流电机分类 资料来源：驱动世界，海通国际 24 Apr 2023 7 Table_header1 中国有色金属中国有色金属 2.3 控制电机控制电机 控制电机包含伺服电机，步进电机，信号电机等。1）直流伺服直流伺服电机电机 直流伺服电动机，分为有刷直流伺服电机和无刷直流伺服电机。有刷直流伺服电机，优点是成本低，结构简单，启动转矩大，速度调节范围宽，控制容易，维护方便。缺点是会产生电磁干扰，对环境有要求。无刷直流伺服电机，具备体积小，重量轻，出力

23、大，转动平滑，力矩稳定，高速且灵敏等优势，容易实现智能化，其电子换相方式灵活，可以方波换相或正弦波换相。电机免维护，不存在碳刷损耗的情况，效率很高，运行温度低，不易产生火花，噪音小，电磁辐射小，寿命相对较长。应用场景方面，有刷直流伺服电机由于其成本较低，可用于对成本敏感的普通工业和民用场合。无刷直流伺服电机凭借其结构简单、运行可靠且效率高、调速性能好等特点，适用于各种对精度要求高的场合。2）交流伺服电机交流伺服电机 交流伺服电动机，包括同步型交流伺服电动机及异步型交流伺服电动机等。异步型交流伺服电动机有三相和单相之分，通常多用鼠笼式三相感应电动机，主要为了使伺服电动机具有较宽的调速范围和快速响

24、应的性能。其优点为结构简单，质量轻，噪声小，省去了昂贵的永磁体，价格相对便宜。缺点为难以实现平滑调整速度，控制系统成本高。同步型交流伺服电动机的复杂程度介于感应电动机与直流电动机二者之间。其定子装有对称三相绕组，转子由绕组形成的电磁铁构成，根据结构不同分为电磁式及非电磁式两大类。其无需励磁电流，没有励磁损耗，提高了电动机的效率和功率密度。应用场景方面，交流伺服电动机凭借其速度高、惯量小、转动平滑、力矩稳定等特点，多用于如印刷设备，激光加工，机器人，机床设备，机械手，自动化生产线等对位置、控制精度、速度、力矩有较高要求的领域。3）步进电动机步进电动机 步进电动机，将电脉冲信号转变为角位移或线位移

25、的开环控制元件，包括永磁式(PM)、反应式(VR)和混合式(HB)。反应式步进一般为三相，可实现大转矩输出，步进角一般为 1.5 度，但噪声大、振动幅度大，已在 80 年代被欧美等发达国家淘汰；混合式步进是指混合了永磁式和反应式的优点，分为两相、三相和五相，是工业运动控制运用最常见的电机。当步进驱动器接收到一个脉冲信号，就会驱动步进电机按设定的方向转动固定角度。步进电机没有电刷、维护方便、寿命长，停止、正转、反转容易控制；控制精度由相数、拍数决定；低速时易出现低频振动现象，运转平稳性不足；输出力矩随转速升高而下降，一般不具备过载能力；加速性能欠佳，不适用于快速启动场合。其广泛应用于ATM机、喷

26、绘机、刻字机、写真机、喷涂设备、医疗仪器及设备、计算机外设及海量存储设备、精密仪器、工业控制系统、办公自动化、机器人等领域，特别适合要求运行平稳、低噪音、响应快、使用寿命长、高输出扭矩的应用场合。24 Apr 2023 8 Table_header1 中国有色金属中国有色金属 图图10 24/48/72VDC 低压直流伺服电机图低压直流伺服电机图 资料来源：中国制造网，海通国际 图图11 交流伺服电机组成及结构图交流伺服电机组成及结构图 资料来源：电工之家，海通国际 3.电机行业产业链电机行业产业链 3.1 电机行业产业链梳理电机行业产业链梳理 我国电机的上游主要为绝缘体、电解铜、电工用硅钢和

27、合金钢等原材料；中游为电机制造；下游为电机应用领域，包括水务设备、电力设备、风电设备、火电设备和家电设备等。图图12 电机行业产业链电机行业产业链 资料来源：前瞻产业研究院，海通国际 24 Apr 2023 9 Table_header1中国有色金属中国有色金属 上游行业中的原材料价格变动与电机企业的产品定价政策、成本水平、销售业绩有较大影响，关联度较高。目前，电机产品主要原材料是电解铜、硅钢、碳结钢等，这些行业的技术工艺成熟、市场竞争充分、产品供应充足，能够较好的满足电机行业的生产经营需求，为电机行业的可持续发展提供了重要保障。下游电机产品广泛应用于国民经济的各个领域，特别是大中型电机，广泛

28、应用于冶金、水利、石化、建材、风电等行业。相关产业的快速发展，为电机行业提供了广阔的市场空间，促进了整个电机行业的有序发展。根据中国企业数据库企查猫，目前中国电机企业主要分布在江苏省和山东省。截至 2023 年 2 月，江苏省共有相关工业电机企业超过 3700 家，江苏省工业电机企业约为 3400 家。从中国工业电机供给主体区域分布来看，江苏省和山东省电机企业数量相对较高。3.2 国内外驱动电机竞争力比较国内外驱动电机竞争力比较 图图13 驱动电机发展关键驱动电机发展关键 资料来源：前瞻产业研究院，海通国际 从原材料看，钕铁硼永磁材料属于我国优势资源，硅钢也基本可以用国产产品替代，作为我国传统

29、制造业，定转子生产厂商众多，总体来看国内驱动电机原材料具有明显优势。从制造工艺和设备来看，国内企业不如国外企业成熟，我国的加工技术与日本、意大利、德国等国家有一定差距；但我国设备性价比更高，产业工人价格也更低，且国内企业进步很快，我国的制造工艺发展越来越好，向国内制作替代国外靠近。从设计、材料工艺整合来看，虽然装备制造能力与国外有一定差距，但从设计上看国内企业，尤其近年来，并不逊色国外企业；下一阶段中行业会更加需要能从材料、设计到工艺完成很好结合的综合实力较强的企业。当前驱动电机行业竞争激烈，无论是国内市场还是国际市场，价格战逐渐成为常态趋势，尤其是在整车厂规定电机方案后同质化竞争愈演愈烈；在

30、这种情景下，驱动电机厂商必须抓住在技术更新迭代的机会，及时布局扁线电机等技术风口，才能冲出重围，在下一阶段竞争中抢占先机。24 Apr 2023 10 Table_header2中国有色金属中国有色金属 APPENDIX 1 Summary The report focuses on the field of electric motors,aiming to introduce the classification of electric motors and the main products of each category,analyze their respective charac

31、teristics,and sort out the industry chain.Motor is an electromagnetic mechanical device that utilizes the interaction between electricity and magnetism to achieve energy conversion and transmission.The broad definition of electric motors includes electric motors,generators,and special motors.Various

32、 types of electric motors are widely used in various sectors of the national economy and household appliances,mainly as power to drive various mechanical equipment.Motors can be mainly divided into power motors and control motors.Brushed DC motors have the advantages of high torque,simple structure,

33、easy maintenance(i.e.carbon brush replacement),and low cost.Permanent magnet synchronous motors and permanent magnet asynchronous motors in AC motors are commonly used in automotive motors.Permanent magnet synchronous motor means that the magnetic field generated after the coil on the stator is ener

34、gized can drive the permanent magnet(rotor)to rotate synchronously,and the speed of the rotor can also be the same as the speed of the rotating magnetic field,which is not easy to cause speed loss.The advantages are small size and high efficiency,but once the speed increases,the permanent magnet gen

35、erates a back electromotive force,leading to high temperature and strong vibration,which is easy to demagnetize.Therefore,it is not suitable for use at high speeds.Control motors can also be divided into servo motors,stepper motors,and signal motors.The changes in raw material prices in the upstream

36、 industries of the motor industry chain have a significant impact on the product pricing policies,cost levels,and sales performance of motor enterprises,with a high degree of correlation.At present,Chinese electrical machinery enterprises are mainly distributed in Jiangsu Province and Shandong Provi

37、nce.As of February 2023,there are over 3700 related industrial motor enterprises in Jiangsu Province,with approximately 3400 industrial motor enterprises in Jiangsu Province.From the regional distribution of industrial motor supply in China,the number of motor enterprises in Jiangsu and Shandong pro

38、vinces is relatively high.From the comparison of driving motor competitiveness,China has obvious advantages in raw materials.11 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

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41、L分析师认证分析师认证Analyst Certification:我，吴旖婕，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。我和我的家属（我已经告知他们）将不会在本研究报告发布后的3个工作日内交易此研究报告所讨论目标公司的证券。I,Yijie Wu,certify that(i)the views expressed in this research report accu

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46、ation 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601600.CH,603799.CH,600988.CH,300748.CH and 002594.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

47、 in investment banking projects of 601600.CH,603799.CH,600988.CH,300748.CH and 002594.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 601600.CH,603799.

48、CH,600988.CH,300748.CH and 002594.CH 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.601600.CH,603799.CH,600988.CH,300748.CH 及 002594.CH目前或过去12个月内是海通的

49、投资银行业务客户。601600.CH,603799.CH,600988.CH,300748.CH and 002594.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,000630.CH 及 002085.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。山东黄金集团财务有限公司,000630.CH and 002085.CH are/were a client of Haitong currently

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51、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 002738.CH.海通在过去的12个月中从荆门市格林美新材料有限公司,000630.CH,宜昌东阳光生化制药有

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53、ies of 603993.CH.12 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%以上，基准定义如下 中性中性，未来12-18个月内预期相对基准

54、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 Outperform,Neutral,or Underperfor

55、m 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,investors should carefully read

56、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(such as the investors existing

57、 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 is expected to be in line with

58、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 the return of its relevant broa

59、d 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2023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

60、际股票研究覆盖率 89.6%9.2%1.2%投资银行客户*5.2%6.4%9.5%*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

61、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13 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 Mar 31,2023 Outperform Neutral Underperform(hold)HTI Equity Research Coverage 89.6%9.2%1.2%IB clients*5.2%6.4%9.5%*Percentag

62、e 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 a hold rating category.Please note

63、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 below.NEUTRAL:The stocks total retu

64、rn 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 return over the next 12-18 months is

65、 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：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

66、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 based on possible valuation multiples

67、.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股评级可能有所不同。Haitong International Cove

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87、 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。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”）

88、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明或保证。本文件中所有观点均截至本报告

89、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

90、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

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92、mited(“HTIRL”),a wholly owned subsidiary of Haitong International Securities 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 Inte

93、rnational(Japan)K.K.(“HTIJKK”),a wholly owned subsidiary of HTISGL and 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

94、 Securities and Exchange Board of India(“SEBI”)registered Stock Broker,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“

95、Indian Exchanges”).HSIPL was acquired and became part of the Haitong International 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 Li

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97、e by HTIRL,HTISCL,HSIPL,HTIJKK or any other members within HTISG from which 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

98、for information purpose only.Descriptions of any companies or their securities 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

99、may not be eligible for purchase or sale in some jurisdictions.If an investment 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 transacti

100、ons,including those involving derivatives,give rise to substantial risk 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

101、 financial situation and risk appetite.You must,therefore,analyze and should,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

102、 accepts any liability whatsoever for any direct or consequential loss 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 lon

103、g or short positions in,act as principal in,and buy or sell,the securities 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 HTI

104、SG that reflect opinions that are contrary to the opinions expressed in 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 r

105、ecommendations are brought to the attention of any recipient of this research 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 D

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107、 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

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