1、海通汽车实验室比亚迪“元”细化拆解Haitong Automotive Laboratory- BYD Yuan Detailed Dismantling姚书桥 Barney Yao, 吴旖婕 Yijie Wu, 金云涛Yuntao Jin, 2022年6月26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 fo

2、r English translation of the disclaimer)Equity Asia Research 2写在最前言For 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 资料来源：海通国际这是海通金属+汽车团队的【海通汽车实验室】拆车系列第一次拆车，针对比亚迪“元”。本报告零部件全由实地拍摄原创，我们团队希望用一手

3、的数据展示汽车零部件的详细细节。 3车型介绍For 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 比亚迪元EV360上市于2018年5月27日，共发布4款车型，按配置由低到高可分为智联尚酷型、智联悦酷型、智联炫酷型和智联创酷型。此款车型由比亚迪元燃油车改造而来，新车外观采用了比亚迪最新家族式“龙颜”设计语言，前车身采用了倒梯形设计与

4、封闭的矩阵式前格栅是前部更有气势，车身侧面采用双腰线和双色车身设计增加了层次感，车尾造型保持一致，但配备了全新样式的外挂式备胎。图：比亚迪元车身造型图：比亚迪元EV360车身造型资料来源：懂车帝，汽车之家，海通国际 4车型介绍For 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 元EV360内饰设计与燃油版车型基本保持一致，整体采用

5、环抱对称式设计，并加以银色镀铬饰条进行点缀。三幅式平底方向盘，搭配较大的多功能按键键位。EV360的中控屏升级到了8英寸液晶屏，通过Carpad，驾乘者可在车内轻松实现网页浏览、网购、导航等功能。图：比亚迪元车身内饰图：比亚迪元EV360车身内饰资料来源：汽车之家，海通国际 5车型介绍表：比亚迪元EV360四款车型配置参数For full disclosure of risks, valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest full

6、report on our website 车身尺寸及售价：比亚迪元EV360的四款车型智联尚酷型、智联悦酷型、智联炫酷型和智联创酷型因配置有所差异，售价分别为7?99、8?59、9?39、9?99万元。前三种车型车身尺寸均为4360mm*1785mm*1680mm，创酷型比其他三款高10mm。电池电机：作为比亚迪首款基于e平台打造的A0级SUV，全系四款车型配备三元锂电池，其中尚酷、悦酷、炫酷型三款车型为42kWh，创酷型为43?2kWh，NEDC纯电续航里程均为305km。四款车型均具备快充能力，半小时内可将电池电量由30%充电至80%。四款车型也都搭载了一台前驱的永磁同步电机，其中尚酷、

7、悦酷、炫酷型三款车型的最大功率为70kW，最大扭矩为180Nm，最大马力为95；创酷型为160kW、310Nm、218马力，可见创酷型是主打运动。资料来源：汽车之家，海通国际 6车型介绍表：比亚迪元EV360四款车型配置参数For 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 底盘转向：全系四款车型均以前置前驱方式驱动，前悬架为麦弗

8、逊式独立悬架，后悬架为扭力梁式非独立悬架，电动助力式转向，承载式车体结构。车轮制动：全系四款车型前制动器均采用通风盘式，后制动器采用盘式，驻车制动采用电子驻车。轮胎规格方面，尚酷、悦酷、炫酷型三款车型的前后轮胎均为205/60 R16，创酷型则为215/55 R17，更适合运动型。资料来源：汽车之家，海通国际 7车型介绍表：比亚迪元EV360四款车型配置参数For full disclosure of risks, valuation methodologies and target price formation on all HTI rated stocks, please refer t

9、o the latest full report on our website 辅助/操控配置：尚酷型与悦酷型不搭载前/后驻车雷达，炫酷型可选配后驻车雷达但没有前驻车雷达，创酷型前/后驻车雷达均可选配。辅助驾驶影像方面，除尚酷型可选配倒车影像，其他三款均为标配，炫酷型在此基础上还标配有车侧盲区影像，而创酷型可进一步选配360度全景影像。巡航系统方面，炫酷型与创酷型标配定速巡航，而其他两款均不配备。上坡辅助方面，只有创酷型配有上坡辅助系统。多媒体配置：除尚酷型外，其他三款车型均标配有8英寸触控液晶屏、卫星导航系统、导航路况信息显示、道路救援呼叫、蓝牙/车载电话、手机互联/映射、语音识别控制系统。

10、创酷型配备有6个喇叭，其他三款配备4个。资料来源：汽车之家，海通国际 8E平台2?0：高度集成，推出“33111”理念2019年公司正式推出e平台2?0，e平台2?0在e平台1?0的三电系统基础上继续实现了三电系统的平台化，同时推出了高集成度、低压控制器和车载智慧屏，实现了低压控制模块和智能座舱模块的平台化。公司提出“33111”理念，即电驱动3合一、充配电3合一、1块深度集成的控制模块、1块高安全高比能电池和1个智能网联系统。“33111”将零部件标准化，集成化，使其体积更小，重量更轻，并且能适合各个级别的车型。For full disclosure of risks, valuation

11、methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website 图：比亚迪e平台2?0的“33111”技术图：比亚迪e平台2?0空间节省示意图资料来源：公司微博，海通国际 9E平台2?0：高度集成，推出“33111”理念e平台高集成度的驱动三合一相比于分体式总成，成本降低33%，体积降低30%，重量降低25%，扭矩密度提升17%，功率密度提升20%，NEDC效率指标增加1%。高压三合一成本降低40%，效率提升1-2%，功

12、率密度增幅25%，采用系统集成后的产品，体积较分体式产品降幅为40%，重量较分体式产品降幅为25%。For 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 图：驱动三合一进化图示图：高压三合一进化图示资料来源：公司微博，海通国际 10E平台2?0：高度集成，推出“33111”理念此外，比亚迪e平台2?0增加了重要模块高度集成的PCB板

13、。PCB板体积小于A4纸大，但至少集成了传统汽车上十个低压控制器的功能。控制器集成使得壳体减少，线路变少，处理器变少，最终实现轻量化、体积小、能耗低的效果。For 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 图：PCB板控制器图：比亚迪动力电池全产业链布局资料来源：公司微博，海通国际 11E平台2?0：高度集成，推出“33111”

14、理念电池的模块化成绩更为显著。单个电芯组成模组后，通过轻量化模组设计，使质量降低了44%，成本降低14%，有效利用值大于94%，组成pack后的有效利用值大于82%。一块长续航、性能稳定的动力电池是比亚迪e平台中，“份量”最重的成员。现在，比亚迪已经形成了动力电池产业的“全产业链布局”。 e平台战略下，比亚迪的电池包采用了扁平化、单层模组设计思路，带来更高安全性和更合理的空间布局。For full disclosure of risks, valuation methodologies and target price formation on all HTI rated stocks, pl

15、ease refer to the latest full report on our website 图：电池提升效率图：电池模块化资料来源：公司微博，海通国际 12元EV360历史销量元EV360是比亚迪历史上首辆单月销量破万的车型。比亚迪元EV360作为比亚迪e平台首款纯电车型，凭借其优秀的整车设计、丰富的配置以及10万以内的售价，在2018年5月上市后销量迅速爬升，首月便斩获2018台的订单，前三个月累计销量便破万。2019年1月的单月销量更是突破了万级，达到10093台，成为比亚迪历史上首辆单月销量破万的车型。因春节影响导致2月销量有所下滑，但3月再次重回10021台。截至2022年

16、4月，比亚迪元EV车型累计销量已经突破17?4万台。For 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 图：比亚迪元EV历史销量（台）资料来源：乘联会，海通国际 13车型情况本次所拆车辆为2018款比亚迪元EV360，由比亚迪汽车工业有限公司制造，制造年月为2018年9月。型号为智联炫酷型白色款，最大允许总质量为1870kg。原为

17、满足日常通勤需求所购买，里程数7?8万公里。For 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 图：本款比亚迪元EV360外观图：车辆信息铭牌资料来源：海通国际 14车型评价外观：整体简约大方，外观采用了Dragon Face家族式前脸，拼接式外观设计，双色车身搭配悬浮式车顶，再搭配双色车亮面铝合金轮毂，配备外挂式备胎。内饰手感柔

18、软，中控台设计简洁，方向盘中间车标与启动键都镶有蓝色饰条。新车采用双层双模全景天窗，采光面积大，电动一键开启/关闭，带防夹功能。操控：因为本身车也不是很大，整体上操控难度不大，操作也很轻便、灵活。加速很快，声音很小，0-100km/h加速为8?9秒，2秒上60码，有两个ECO与SPORT模式可以切换。整体感觉动力还是比较充足的，爬坡之类的也没有感到缓的情况。动力开关、驾驶模式、空调、电子手刹等常用功能都集合在一起，操作非常便利，不过缺少自动驻车功能。前后排同设置了两组USB接口，方便排乘客使用，并且都带有背光设计，晚上使用也非常方便。中控大屏幕就像一只安卓手机，ac系统也很好操作，自带app音

19、效堪比beats。安全：元EV360配有8安全气囊SRS防护系统、内置循环记录行车记录仪、EPB电子驻车系统、TPMS胎压监测系统、BOS刹车优先系统等。系统自带的pm2?5空气净化系统非常好用，比亚迪云服务app在手机上面就可以查看续航电量，定位车辆，也可以远程开关空调，检查车门是否关好、胎压等等问题，对客户很方便。性价比：10万元内车高性价比车型，节能环保。平时充电费用60-70元就可以开300公里，加上国家地方各种补贴，免购置税，终生保修车辆电池，市区内充电也超方便。前排座椅感觉不大，后排能明显感受到空间小，座椅偏硬，坐仨人会有点挤；后备箱可以放下两个20寸行李箱。续航情况：满荷电量42

20、度，交流慢充充满大概7小时，从25%-80%用时3个半小时。直流快充充电功率大概在40kW左右，0?5h能够充满80%的电量。夏天全程空调，普通模式，大概能跑290KM，基本符合官方续航。夏天这辆车比较省电，但是到了冬天就特别耗电，冬天不开空调的话车窗有雾气，影响视线，但是一旦开空调，电量就会唰唰唰往下掉，使用巡航等功能的时候对续航的影响还比较明显。代表的意义：脱胎于e平台的元EV360，是在同级别中真正意义上同时做到售价低于10万元和为消费者提供高品质用车体验的车型。它把比亚迪纯电动车型的购置门槛降到了8万以内，同时也是比亚迪纯电家族首款A0级产品，极大丰富了现有产品线。元EV360是行业第

21、一款诞生于高度集成化纯电动汽车平台e平台的量产车型。这是行业第一个实现电驱动、充配电、多个功能控制模块高度集成化、智能化的纯电动汽车平台，具有里程碑意义。For 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 15能耗情况比亚迪元EV360于2018年5月上市，于2019年3月停产。共有4款车型，分别为智联创酷型，智联尚酷型，智联悦酷

22、型，智联炫酷型。动力性能方面，元EV360使用了比亚迪自主研发的永磁同步电机。其中，元EV360智联创酷型最大功率为160kW，最大扭矩为310Nm，百公里耗电量为13?9kWh/100km，远超同级主流车型。其余3款，最大功率为70kW，最大扭矩为180Nm，百公里耗电量为13?6kWh/100km。元EV360使用三元锂电池，NEDC纯电续航里程为305km。另外，元EV360具有极速充电功能，30分钟可完成80%充电，1?1小时可充满。For full disclosure of risks, valuation methodologies and target price format

23、ion on all HTI rated stocks, please refer to the latest full report on our website 车型智联创酷智联尚酷智联悦酷智联炫酷类别小型SUV厂商指导价9?99万7?99万8?59万9?39万补贴后售价9?99万7?99万8?59万9?39万能源类型纯电动长*宽*高4360*1785*1690 mm车身结构5门5座SUV电动机218Ps95Ps电机类型永磁/同步电动机总功率160kW70kW电动机总扭矩310Nm180Nm前电动机最大功率160kW70kW车型智联创酷智联尚酷智联悦酷智联炫酷前电动机最大扭矩310Nm18

24、0Nm驱动电机数单电机电机布局前置电池类型三元锂电池NEDC纯电续航里程305km电池能量43?2kWh42kWh百公里耗电量13?9kWh13?6kWh电池组质保八年或15万公里快充时间0?5h慢充时间7h快充电量80%80%80%80%表：本款比亚迪元EV360外观资料来源：汽车之家，海通国际 16保养情况自顾客购车之日起6个月或行驶里程12000公里以内（总里程），可到比亚迪服务店进行首次免费保养，免费保养项目为：保养检查。首次免费保养后，一般使用条件下，按照6个月或12000公里为周期进行定期保养（时间、公里数以先到达者为准），在严酷条件下使用车辆时，可适当缩短车辆保养周期。保养内容如

25、表所示，未提及的其他零部件在必要时进行检查、修正、更换、改变或润滑，在恶劣工况时则需增加保养项目。For 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 保养项目保养内容驱动电机冷却液每4年或100000公里更换长效有机酸冷却液制动液每行驶2年或40000公里更换一次，每72000公里或6个月进行容量测试及校正变速器内的齿轮油首次24

26、个月或40000公里，后续24个月或48000公里检查和更换空调冷却液每4年或100000公里更换长效有机酸型冷却液近光初始下倾角度每隔10000公里校准一次安全气囊模块及ECU、传感器10年更换一次前舱盖锁紧及其紧固件每年检查一次表：比亚迪元2018款EV360保养项目及内容资料来源：保养手册，海通国际 17购置成本以北京为例，按照国地补10?5地区扣除国家补贴、地方补贴等，新车补贴后的售价为7?99-9?99万元。四款车型中，以智联创酷型为例，2018年8月北京地区补贴后售价为9?99万元。商业保险费用包含基础的交强险、车船税、第三者责任险、车辆损失险、不计免赔险。由于新能源车免交车船税，

27、核算下来，车辆保险费用在3000元左右。上牌费用主要包括新车上线检测缴纳的费用、拓号照相以及新车牌照的费用，各地稍有差异，整体费用在500元左右。因此以智联创酷为例，购置总成本为10?34万元。For 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 补贴后车辆售价（元）车船税（元）其他商业保险（元）上牌费（元）999000300050

28、0合计：103400（元）表：比亚迪元2018款EV360售价及相关费用资料来源：保养手册，海通国际 For 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 18结构件部分主要包括：车身结构、四门两盖、保险杠、前后防撞梁。车身结构：比亚迪元2018款EV360智联创酷型整车身长4360mm，宽1785mm，高度1690mm，轴距253

29、5mm，前轮距1525mm，后轮距1535mm。车身为钢制车身，比亚迪元系列中，元PLUS的车架85%使用高强度钢，目前15万级车一般为60-70%。其中55%为超高强度钢，抗拉强度1500Mpa的热成型钢占比11%。结构件-车身结构图：白车身资料来源：海通国际 For 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 19图：前车门长

30、106cm高117cm单个重量24?7KG结构件-四门两盖图：后车门长104cm高117cm结构件部分主要包括：车身结构、四门两盖、保险杠、前后防撞梁。四门两盖：前车门：最大长高分别为106/117cm，单个重量24?7kg；后车门：最大长高分别为104/117cm，单个重量23?6kg；前舱盖：最大长宽分别为150/90cm，单个重量14?4kg；后舱盖：最大长高分别为105/135cm，单个重量35?2kg。资料来源：海通国际 For full disclosure of risks, valuation methodologies and target price formation o

31、n all HTI rated stocks, please refer to the latest full report on our website 20四门两盖：前车门：最大长高分别为106/117cm，单个重量24?7kg；后车门：最大长高分别为104/117cm，单个重量23?6kg；前舱盖：最大长宽分别为150/90cm，单个重量14?4kg；后舱盖：最大长高分别为105/135cm，单个重量35?2kg。图：前舱盖宽90cm长150cm单个重量14?4kg结构件-四门两盖图：后舱盖长105cm高135cm资料来源：海通国际 For full disclosure of risk

32、s, valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website 21结构件部分主要包括：车身结构、四门两盖、保险杠、前后防撞梁。保险杠：前保险杠：长高分别为184*60cm，单个重量10?2kg；后保险杠：长高分别为210*74cm，单个重量6?9kg。图：前保险杠高60cm长184cm单个重量10?2KG结构件-保险杠图：后保险杠长210cm高74cm单个重量6?9KG资料来源：海通国际 Fo

33、r 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 22结构件部分主要包括：车身结构、四门两盖、保险杠、前后防撞梁。防撞梁：前防撞梁：最大长宽厚分别为113*27*21cm，单个重量7?55kg；后防撞梁：最大长宽厚分别为112*14*13?5cm，单个重量2?35kg。图：前防撞梁宽27cm长113cm单个重量7?55kg结构件-防

34、撞梁图：后防撞梁长112cm宽14cm单个重量2?35kg资料来源：海通国际 For 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 23比亚迪元的底盘结构中，主要包括前、后副车架，减震器等。副车架可以看成是前后车桥的骨架,是前后车桥的组成部分。副车架并非完整的车架，只是支承前后车桥、悬挂的支架，使车桥、悬挂通过它再与“正车架”相连，

35、习惯上称为“副架”。副架的作用是阻隔振动和噪声，减少其直接进入车厢。经我们测量，元的前副车架长度150cm，纵向长度52cm，总体重量44?10KG。根据零部件经销商报价，单个价值量约为1050元。底盘结构件-前副车架长150cm宽52cm总重44?10KG图：前副车架资料来源：海通国际 For full disclosure of risks, valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on our web

36、site 24比亚迪元的底盘结构中，主要包括前、后副车架，减震器等。副车架可以看成是前后车桥的骨架,是前后车桥的组成部分。副车架并非完整的车架，只是支承前后车桥、悬挂的支架，使车桥、悬挂通过它再与“正车架”相连，习惯上称为“副架”。副架的作用是阻隔振动和噪声，减少其直接进入车厢。元的后副车架长164cm，最宽处63cm，总重60?45KG。根据零部件经销商报价，单个价值量约为1150元。元的前、厚副车架作为大型的底盘结构，一前一后拖住中间的电池。底盘结构件-后副车架图：后副车架长164cm宽63cm总重60?45KG资料来源：海通国际 For full disclosure of risks,

37、 valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website 25底盘结构件-前减震器图：前减震器比亚迪元共配有前后4个减震器，减震器有缓冲震动的作用，能使车辆平稳行驶。比亚迪元的前减震器共两个，单个长57cm，最大直径处14cm，短边直径4-5cm，单个重量7?95KG。根据零部件经销商报价，前减震器单个价值量约为275元。长57cm直径14cm直径4-5cm总重7?95KG资料来源：海通国际

38、For 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 26比亚迪元共配有前后4个减震器，减震器有缓冲震动的作用，能使车辆平稳行驶。后减震器也同为两个，单个长度77cm，最宽处直径12cm左右，单个重量2?7KG。弹簧长度38cm，直径12cm，单个重量2?5KG。根据零部件经销商报价，后减震器单个价值量约为225元。底盘结构件-后减

39、震器+后减震弹簧图：后减震器图：后减震弹簧长77cm直径12cm总重2?7KG直径12cm长38cm总重2?5KG资料来源：海通国际 For 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 27比亚迪元的前座椅长宽高分别为70*44*106cm，单个重量在20?4KG。根据零部件经销商报价，左前座椅单个3200元，右前座椅单个1850

40、元，右后座椅单个1100元，左后座椅1580元。座椅图：前座椅正面图图：前座椅侧面图长70cm高106cm宽44cm总重20?4KG资料来源：海通国际 For 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 28比亚迪前大灯共两个，单个长宽高分别为70*30*20cm，单个总重4?25KG。根据零部件经销商报价，前大灯单个价值量约为1

41、200元。灯具图：前大灯正面图图：前大灯侧面图长70cm总重4?25KG宽30cm厚度20cm资料来源：海通国际 For 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 29比亚迪尾灯共2个，单个长宽高分别为47*20*12cm，单个总重1?2KG。根据零部件经销商报价，尾灯单个价值量约为450元。灯具图：尾灯正面图图：尾灯侧面图长4

42、7cm总重1?2KG宽20cm厚度12cm资料来源：海通国际 For 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 30比亚迪雾灯共2个，单个长宽高分别为30*20*12cm，单个总重0?35KG。根据零部件经销商报价，雾灯单个价值量约为100元。灯具图：雾灯正面图图：雾灯侧面图厚度12cm总重0?35KG宽20cm长30cm资料来

43、源：海通国际 31线束-高压线束For 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 高压线束主要是对新能源车辆提供高压强电供电作用，在新能源汽车中属于高安全件，具有大电压/大电流、大线径、导线数量多等特点。新能源车电池电压可达600V及以上，对应耐电流等级达300A；传统燃油车电池电压一般为12V，对应导线耐压等级小于60V。纯电

44、动汽车高压线束一般分为动力电池高压线束、电机控制器高压线束、充电高压线束、空调系统线束等。图：充放电电缆总成资料来源：海通国际充放电线缆总成重量：约2?1kg长度：约145cm供应商：比亚迪汽车工业有限公司 32线束-低压线束-前舱线束For 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 低压线束是汽车电路的网络主体，是汽车的“中枢

45、神经”，低压线束分布遍布全车。低压线束总成分为整车线束和小线束，其中小线束包括仪表盘线束、四门线束、顶棚线束、前舱线束、电机控制器通讯线束等。图：前舱线束资料来源：海通国际根据我们实地测量，前舱线束重量约5?5kg。 33线束-低压线束-车身线束For 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 图：车身线束资料来源：海通国际线束

46、编成的形式基本一致，由电线、连接器和包裹胶带组成。汽车电线大多为铜质多蕊软线，几条乃至几十条软铜线包裹在塑料绝缘管（聚氯乙烯）内，柔软且不易折断。根据我们实地测量，车身线束重量约5?5kg 34方向盘+EPS总成For 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 资料来源：海通国际比亚迪元2018款 EV360 智联创酷型方向盘为

47、塑料材质，直径约40cm，总长度约为60cm，方向盘+EPS总成的重量约为12?5kg。方向盘+EPS总成转向轴锁60cmEPS控制器EPS电机 35方向盘+EPS总成For 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 资料来源：海通国际EPS电机 供应商：TRW供应商：豫北凯斯特隆汽车转向轴锁 36隔音材料For full di

48、sclosure of risks, valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website 资料来源：海通国际内饰件是影响座舱乘员NVH体验的核心部件，因此内饰中的顶棚、地毯、前围板、行李箱隔板等均需具备良好的隔音隔热性能，其单车价值量可超1000元。 37隔音材料For full disclosure of risks, valuation methodologies and target

49、 price formation on all HTI rated stocks, please refer to the latest full report on our website 资料来源：海通国际车顶隔音隔音材料隐藏于车身各个角落。 38整车主地毯For 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 资料来源：海通国际

50、汽车地毯分为主地毯和装饰性地毯两种，左图为主地毯。主地毯一般由塑料和化纤注塑而成，是整车出厂必备的零件之一。常用轿车地毯内饰件一般由面料层、中间骨架层和底料层构成，装饰性地毯和后备箱垫是集吸水、吸尘、去污、隔音、保护五大主要功能为一体的内饰零部件。 For 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 39元的多媒体系统包括中控主机

51、和车机屏幕两大部分，其中屏幕为8英寸液晶屏；整套系统由比亚迪自主研发设计。多媒体系统资料来源：海通国际中控主机尺寸：38*23*18重量：2?7kg供应商：比亚迪汽车车机屏幕（8英寸） For 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 40多媒体系统拆解后，包括两大部分PCB板：1）8英寸屏幕后PCB板；2）主机内有两层PCB板

52、。多媒体系统资料来源：海通国际车机屏幕后PCB板主机PCB板 For 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 418寸屏幕后PCB板包括：车机屏幕的驱动板、以及车机屏幕下按钮对应的按键板两部分。多媒体系统：屏幕后PCB资料来源：海通国际车机驱动板车机按键板 For full disclosure of risks, valua

53、tion methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website 42主机内PCB板包括：1）上层板：核心芯片包括NXP i.MX6、Sandisk e.MMC、NANYA DRAM及ADI视频解码芯片等；2）下层板：为车机主板，包括多媒体收音机模块等。多媒体系统：主机PCB资料来源：海通国际图：主机PCB上板NANYA DRAMADI视频解码芯片NXP i.MX 6Sandisk e.MMC车机主板多媒体收音机

54、模块图：主机PCB下板 For 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 43比亚迪元采用组合仪表，包括双步进电机转速表、以及4?3英寸小屏幕，供应商由比亚迪自主研发设计。组合仪表资料来源：海通国际机械仪表+4?3英寸液晶仪表尺寸：35*13*15重量：1?05kg供应商：比亚迪汽车 For full disclosure of

55、 risks, valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website 44组合仪表控制器中核心芯片包括：NXP MCU、ISSI SDRAM、MXIC Nor Flash等。组合仪表：控制器资料来源：海通国际步进电机ISSI SDRAMMXIC Nor FlashNXP MCU For full disclosure of risks, valuation methodologies and

56、 target price formation on all HTI rated stocks, please refer to the latest full report on our website 45比亚迪元空调控制面板供应商为比亚迪空调长沙工厂，控制板主要为小屏幕及按键的驱动板。空调控制面板资料来源：海通国际尺寸：27*20*10重量：0?65 kg供应商：比亚迪空调长沙工厂 For full disclosure of risks, valuation methodologies and target price formation on all HTI rated stocks

57、, please refer to the latest full report on our website 46本车的热管理系统采用传统的空调制冷+PTC加热的方式，热管理系统总体包括了空调制冷系统、PTC加热系统、冷却液/冷媒管路和控制面板等组成。热管理系统资料来源：海通国际空调箱总成（HVAC）前端冷却模块PTC加热器冷却液泵冷媒泵电动压缩机空调控制面板电子膨胀阀冷媒管路冷却液管路Chiller For full disclosure of risks, valuation methodologies and target price formation on all HTI rate

58、d stocks, please refer to the latest full report on our website 47一个典型的空调制冷系统包括电动压缩机、电子膨胀阀和冷凝器/蒸发器等核心部件。压缩机是空调系统的“心脏”，其作用是将低温低压的气态冷媒从低压侧吸入压缩，使其温度和压力升高，再泵入高压侧成为高温高压的气态冷媒，往复循环，是连接空调回路低压侧和高压侧的关键。热管理系统-空调制冷系统资料来源：海通国际电动压缩机生产厂家：比亚迪工业单车价值量：1500-2000元空调系统高功率线束 For full disclosure of risks, valuation method

59、ologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website 48膨胀阀又称节流阀，是空调系统中的关键部件，在空调的基本回路中置于冷凝器和蒸发器之间，作用是将中温高压的液态冷媒节流为低温低压的液态冷媒（湿蒸汽形态），同时控制冷媒的流量不过高或过低。与压缩机相对的，膨胀阀是连接空调回路高压侧和低压侧的关键。热管理系统-空调制冷系统资料来源：海通国际电子膨胀阀生产厂家：三花智控 For full disclosure of risks

60、, valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website 49空调散热器总成（前端冷却模块）置于汽车前部，包括了冷媒回路下的冷凝器、冷却液回路下的散热器和电子风扇。冷凝器是空调回路中与外部进行热交换的部件。热管理系统-空调制冷系统资料来源：海通国际冷凝器生产厂商：比亚迪长沙空调厂成本：300 For full disclosure of risks, valuation methodolog

61、ies and target price formation on all HTI rated stocks, please refer to the latest full report on our website 50散热器是冷却液回路中与外部进行热交换的部件。热管理系统-空调制冷系统资料来源：海通国际散热器生产厂商：比亚迪长沙空调厂成本：250 For full disclosure of risks, valuation methodologies and target price formation on all HTI rated stocks, please refer to

62、the latest full report on our website 51电子风扇的作用是加速散热器模块的空气流通速率，从而提升热交换的效率。热管理系统-空调制冷系统资料来源：海通国际生产厂商：比亚迪长沙空调厂成本：1002电子风扇2 For 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 52空调箱总成（HVAC）是制冷空调的

63、车内模块，其主要部件包括蒸发器、鼓风机和控制器，配合外部出风口为座舱送风。热管理系统-空调制冷系统资料来源：海通国际HVAC总成出风口鼓风机蒸发器鼓风机额定电压：12V额定转速：2800-3100r/min供应商：比亚迪长沙空调厂座舱蒸发器 For 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 53电池的热管理系统需要实现对电池包的

64、加热和制冷两个作用，其中与电池的热量交换主要由电池盒内的水冷板实现，而电池包的能量与外界传递的主要中转站就是电池冷却器(Chiller)，其融合了蒸发器和换热器的功能。热管理系统-电池热管理系统资料来源：海通国际Chiller供应商：三花智控 For 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 54该车型采用PTC制热的方式，其利

65、用PTC热敏电阻元件为发热源，本质是常见的电流热效应。热量的传递模式是水暖，也即采用冷却液管路配合鼓风机为座舱加热，在电池制热回路中与冷却液制冷模式共用管路。热管理系统-水暖PTC制热系统资料来源：海通国际高压水暖PTC供应商：长沙比亚迪空调厂单价：1000额定功率：7kW For 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 55

66、元EV电池采用独立铝制托盘，安装于底盘下，电池采用三元锂离子电池，容量为43?2kWh，电池包能量密度为127Wh/kg，全部为比亚迪自制。电池系统-电池包资料来源：海通国际高压附件系统（BDU、手动维护开关等）电池上盖尺寸参数：长：117cm 宽：100cm 高：18cm For 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 56

67、电池包内部由石棉绝热垫起到阻隔保护作用。电池系统-电池包内部资料来源：海通国际石棉绝热垫冷却液进出口电池托盘维修开关盖维修开关高压互锁端子 For 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 57元EV360的电池包总计43?2kWh，由11个串联电池模组，其中6个模组为10节单体串联，5个模组为8节单体串联，即电池包由共计100

68、节单体串联组成。电池系统-电池包内部资料来源：海通国际10S电池模组电池检测单元（LECU）采样线束8S电池模组 For 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 58电池包采用单体电池为120Ah的三元锂离子电池，额定电压3?6V。电池系统-电芯、模组资料来源：海通国际8S电池模组LECU*3单体电芯尺寸参数：173*122?

69、5*50mm For 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 59电池包的BMS采用分布式架构，包括一个中央控制器（CECU，电池包外）和3个局部控制器（LECU，电池包内），其中CECU采用飞思卡尔MC9S12XET256MAA（HCS12系列），其主要作用是实施监测电池状态（SOC、温度、SOH等），并控制电池包充放电等。

70、电池系统-BMS CECU资料来源：海通国际BMS（CECU）MCU飞思卡尔MC9S12单价：160元 For 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 60电池包内包括3个LECU，对别对应11个电池模组的采样数据。电池系统-BMS CECU资料来源：海通国际BMS（LECU）*3采样线束 For full disclosur

71、e of risks, valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website 61LECU的主要作用是采集电池模组内的一次状态信息，主要是各个串联电芯的电压和温度传感器测量的模组内2个温度数据，其采用的数据采集IC芯片是美信的MAX17823B。电池系统-BMS CECU资料来源：海通国际BMS（LECU）美信MAX17823B单价：100元 For full disclosure of r

72、isks, valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website 62元EV采用三合一的电驱总成，即电机、减速器和控制器集成的方案，电驱总成核心部件均为比亚迪自制。电驱系统资料来源：海通国际电机控制器高压驱动线束电驱支撑轴冷却液管路减速器驱动电机永磁同步电机参数峰值功率：70kW额定功率：35kW最大扭矩：180Nm额定扭矩：90Nm功率密度：3W/g For full disclosure

73、 of risks, valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website 63电机采用单电机方案，为永磁同步电机，峰值功率70kW，额定功率35kW。电驱系统-电机、减速器资料来源：海通国际驱动电机减速器输出轴 For full disclosure of risks, valuation methodologies and target price formation on all HT

74、I rated stocks, please refer to the latest full report on our website 64电机控制器采用TI的DSP（数字信号处理器）芯片TMS320配合Lattice的CPLD（复杂可编程逻辑器件）芯片LAMXO256C。电驱系统-电机、减速器资料来源：海通国际TI DSPTMS320单价：200元Lattice CPLDLAMXO256C单价：80元 For full disclosure of risks, valuation methodologies and target price formation on all HTI ra

75、ted stocks, please refer to the latest full report on our website 65元EV采用三合一的小三电集成方案，即车载充电机（OBC）、DC-DC、PDU集成在一个模块内。小三电模块资料来源：海通国际小三电总成充电接口 For 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 6

76、6充电接口在整车前部，分为6?6kW的慢充接口和60kW的快充接口，支持7小时慢充或者0?5小时快充（冲至80% SOC）。小三电模块资料来源：海通国际慢充接口快充接口 For 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 67元EV的轮胎采用佳通的205/60 R16 92V的轮胎。轮胎资料来源：海通国际轮胎参数轮胎宽度：205m

77、m扁平比：60%型号：子午线轮胎轮毂直径：16英寸载重量：620kg速度级别：V（240km/h）单价：250元 For 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 68元EV的12V低压系统仍然采用铅酸电池，为天能的38B20L，主要为低压系统供电可以通过DC-DC由高压系统充电。启停电池资料来源：海通国际供应商：天能汽车电池型

78、号： 12V车用铅酸电池单价：300-400元 APPENDIX 1This is the first time that the Haitong Metal + Automobile Teams HaitongAutomobile Laboratory car dismantling series has been dismantled, aimed atBYD Yuan.The parts for this report are all originally filmed on the spot, and our team hopesto show the detailed details

79、 of the auto parts with first?hand data.69 APPENDIX 2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 InternationalJapan 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 DISCLOSURESThis research report

80、is distributed by Haitong International, a global brand name for the equity research teams of Haitong InternationalResearch Limited (“HTIRL”), Haitong Securities India Private Limited (“HSIPL”), Haitong International Japan K?K. (“HTIJKK”), HaitongInternational Securities Company Limited (“HTISCL”),

81、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Analyst Certification:我，姚书桥，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

82、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, Barney Yao, certify that (i) the views expressed in this research report accurately reflect my personal views about any or all ofthe subject companies or issuers referred to in this research and (ii) no part of my compensation was, is or will be d

83、irectly or indirectly relatedto the specific recommendations or views expressed in this research report; and that I (including members of my household) have nofinancial interest in the security or securities of the subject companies discussed.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，

84、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, Yijie Wu, certify that (i) the views expressed in this research report accurately reflect my personal views about any or all ofthe subject companies or issuers referred to in this research and (ii) no part of my c

85、ompensation was, is or will be directly or indirectly relatedto the specific recommendations or views expressed in this research report; and that I (including members of my household) have nofinancial interest in the security or securities of the subject companies discussed.我，金云涛，在此保证（i）本研究报告中的意见准确反

86、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, Yuntao Jin, certify that (i) the views expressed in this research report accurately reflect my personal views about any or all ofthe subject companies or issuers referred to in this

87、 research and (ii) no part of my compensation was, is or will be directly or indirectly relatedto the specific recommendations or views expressed in this research report; and that I (including members of my household) have nofinancial interest in the security or securities of the subject companies d

88、iscussed.70 APPENDIX 2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 positi

89、ons ofcertain stocks or companies in this research report. As far as this research report is concerned, the following are the disclosure mattersrelated to such relationship (As the following disclosure does not ensure timeliness and completeness, please send an email to ERD-D if timely and comprehen

90、sive 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002594?CH and 002050?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 investment

91、 banking projects of 002594?CH and002050?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 002594?CH and 002050?CH for which Haitong acted as sponso

92、r, lead-underwriter or financial advisor; 3. listing by introduction in the new three board, target placement, M&A projects in which Haitong acted aslead?brokerage firm.002594?CH 及 002050?CH目前或过去12个月内是海通的投资银行业务客户。002594?CH and 002050?CH are/were an investment bank clients of Haitong currently or wit

93、hin the past 12 months.江西一诺新材料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。江西一诺新材料有限公司 is/was a client of Haitong currently or within the past 12 months. The client has been provided for non?securitiesservices.71 APPENDIX 2海通在过去12个月中获得对002594?CH提供投资银行服务的报酬。Haitong received in the past 12 months compensation

94、for investment banking services provided to 002594?CH.海通预计将（或者有意向）在未来三个月内从002594?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 002594?CH.海通在过去的12个月中从江西一诺新材料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 compensa

95、tion in the past 12 months for products or services other than investment banking from 江西一诺新材料有限公司.海通担任002594?CH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 002594?CH.72 APPENDIX 2评级定义（从2020年7月1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

96、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，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，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 TAI

97、EX, 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 toinvestors. Investors should carefully read the definitions of all ratings used i

98、n Haitong International Research. In addition, since HaitongInternational Research contains more complete information concerning the analysts views, investors should carefully read Haitong InternationalResearch, in its entirety, and not infer the contents from the rating alone. In any case, ratings

99、(or research) should not be used or relied upon asinvestment advice. An investors decision to buy or sell a stock should depend on individual circumstances (such as the investors existingholdings) and other considerations.Analyst Stock RatingsOutperform: The stocks total return over the next 12-18 m

100、onths is expected to exceed the return of its relevant broad market benchmark, asindicated 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, asindicated below. For purposes only of FINRA/NYSE ratings di

101、stribution 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: Japan TOPIX Ko

102、rea KOSPI Taiwan TAIEX India Nifty100 US SP500; for all other73 APPENDIX 2评级分布Rating Distribution74 APPENDIX 2截至2022年3月31日海通国际股票研究评级分布优于大市中性弱于大市(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

103、非评级的股票。此前的评级系统定义（直至2020年6月30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; 其他所有中国概念股 MSCI China.Haitong International Equity Research Ratings Distribu

104、tion, as of Mar 31, 2022Outperform 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,

105、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 anNR designation are not included in the table above.Previous rating system definitions (until 30 Jun 2020):BUY: The stocks total return ove

106、r the next 12-18 months is expected to exceed the return of its relevant broad market benchmark, as indicatedbelow.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 FIN

107、RA/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, asindicated below.Benchmarks for each stocks listed region are as follows: Japa

108、n TOPIX, Korea KOSPI, Taiwan TAIEX, India Nifty100; for all other China-concept stocks MSCI China.75 APPENDIX 2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 quant

109、itative, screening or short reports which may rank stocksaccording to valuation and other metrics or may suggest prices based on possible valuation multiples. Such rankings or suggested prices do notpurport to be stock ratings or target prices or fundamental values and are for information only.海通国际A

110、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 Hong Kong StockConnect scheme with Shanghai and Shenzhen.

111、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 differsfrom that used by HTI and as a result there may be a difference in the

112、HTI and HS ratings for the same A-share stocks.海通国际优质100 A股（Q100）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

113、A-sharesunder coverage at HS in Shanghai. These stocks are carefully selected through a quality?based screening process in combination with a reviewof the HS A-share teams bottom?up research. The Q100 constituent companies are reviewed quarterly.76 APPENDIX 2MSCI ESG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

114、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引起的任何责任，也不对任何直接、间接、特殊、惩罚性、附带性或任何其他损害赔偿（包括利润损失）承担任何责任

115、。MSCI ESG Disclaimer: Although Haitong Internationals information providers, including without limitation, MSCI ESG Research LLC and itsaffiliates (the “ESG Parties”), obtain information (the “Information”) from sources they consider reliable, none of the ESG Parties warrants orguarantees the origin

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