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 26 Jun 2022 中国有色金属中国

2、有色金属 China Non-ferrous Metals 比亚迪 iTAC 技术浅析 Analysis of BYD ITAC Technology Table_Info 股票名称 评级 股票名称 评级 紫金矿业 Outperform 锡业股份 Outperform 赣锋锂业 Outperform 驰宏锌锗 Outperform 天齐锂业 Outperform 赤峰黄金 Outperform 华友钴业 Outperform 银泰黄金 Outperform 洛阳钼业 Outperform 盛屯矿业 Outperform 山东黄金 Outperform 立中集团 Outperform 天华超净

3、Outperform 博威合金 Outperform 格林美 Outperform 安宁股份 Outperform 石英股份 Outperform 万丰奥威 Outperform 南山铝业 Outperform 宁波韵升 Outperform 横店东磁 Outperform 甬金股份 Outperform 中矿资源 Outperform 贵研铂业 Outperform 铜陵有色 Outperform 鑫铂股份 Outperform 川能动力 Outperform 盛达资源 Outperform 神火股份 Outperform 盛达资源 Outperform 金力永磁 Outperform 资料

4、来源： Factset, HTI (Please see APPENDIX 1 for English summary) 1. 新能源汽车自动控制系统：电机驱动需要制动新思路：新能源汽车自动控制系统：电机驱动需要制动新思路：传统汽车与新能源汽车在驱动力上的改变提升了自动控制的上限，带来新制动思路的需求。 2. iTAC 系统系统 VS ESP 系统：制动环节的全面提升：系统：制动环节的全面提升：相比 ESP，iTAC 在检测、判断和制动环节有了全面的提升。模式转变带来更高发展上限，市场潜在规模大，并且在实际测试中效能显著更好。 3. 自动控制系统市场格局：国外厂商垄断，国内比亚迪争取技术突自动

5、控制系统市场格局：国外厂商垄断，国内比亚迪争取技术突破：破：外资巨头几乎垄断整个市场，国产厂商逐渐崭露头角；市场环境向好，装配需求增加。 4. 战略意义：新能源汽车领域的底层架构：战略意义：新能源汽车领域的底层架构：iTAC 创新了电机扭矩的前端控制，是比亚迪战略构架里的重要一环，透露出其跳出传统燃油车控制思路的深层次思考。 5. 风险提示风险提示：iTAC 将搭载在 E 平台 3.0 全新车型上，市场拓展面临竞品竞争风险。 Table_Author Yijie Wu Yuntao Jin 3065100135170Jun-21Sep-21Dec-21Mar-22Jun-22HAI China

6、 Non-ferrous MetalsMSCI China 26 Jun 2022 2 Table_header1 中国有色金属中国有色金属 一、一、新能源汽车自动控制系统：电机驱动需要制动新思路新能源汽车自动控制系统：电机驱动需要制动新思路 1.1 新能源汽车新能源汽车 VS 传统汽车制动：关键组成改变传统汽车制动：关键组成改变 汽车自动控制系统指在紧急情况下自动制动保证安全，或提升制动精度增强驾控乐趣。通过检测汽车驾驶预期并对比实际情况，自动调整扭矩，获得良好驾驶效果。 汽车的自动控制系统从 ABS 发展至 ESP，再到 iTAC，制动逻辑相似，可分为四部分：传感器、控制单元、执行器、显示

7、器。 Table_PicPe 图表图表1 传统车自动控制系统与新能源汽车自动控制系统组成对比传统车自动控制系统与新能源汽车自动控制系统组成对比 系统组成 ESP iTAC 部件功能 应用范围 燃油车+新能源 新能源 传感器 方向盘转角传感器 方向盘转角传感器 传递驾驶期望 轮速传感器轮速传感器 轮速传感器轮速传感器 横摆角速度传感器 横摆角速度传感器 传递实际驾驶信息 侧向加速传感器 侧向加速传感器 电子旋变传感器电子旋变传感器 控制单元 ECU VCU 判断汽车行驶状态，作出制动决定 执行器 发动机进气歧管助力 电动真空泵助力 控制动力输出 以燃油机燃油机为主 以电机电机为主 显示器 ESP

8、 信号显示 iTAC 信号显示 表明系统工作成果 资料来源：汽车维修技术网，太平洋汽车，汽车维修技师学堂，比亚迪官方，海通国际 传统汽车主要为燃油机械的控制，新能源车驱动主力为电机，控制和响应速度更快，带来整车状态识别和动力控制能力的上升。iTAC 组成部件与 ESP 有很大不同：控制单元由 ECU 变化为 VCU，直接与电机对接，集成性更好；执行器从燃油机转变为电机，可控性增强，创新扭矩控制模式。 图表图表2 ESP 系统系统 资料来源：汽车之家，海通国际 图表图表3 iTAC 系统系统 资料来源：比亚迪官方，海通国际 1.2 iTAC 系统运行机制系统运行机制 iTAC 基于新能源汽车的传

9、感、驱动形式，通过电子旋变传感器和轮速传感器检测车辆行驶状态，以更高精度实现电子的前端扭矩控制。 vYdYtV8ZhZkUgVpZdUrQ8O8Q7NmOoOoMoMkPrRqOiNoMvN9PmNpOxNpOsOuOnNnP 26 Jun 2022 3 Table_header1 中国有色金属中国有色金属 二、二、iTAC 系统系统 VS ESP 系统：制动环节的全面提升系统：制动环节的全面提升 2.1 技术革新：多环节全面提升技术革新：多环节全面提升 iTAC 系统结合新能源车的驱动效能，在 ESP 的基础上进行了全面提升。 图表图表4 新能源汽车自动控制系统环节新能源汽车自动控制系统环节

10、 环节 iTAC ESP 检测 电子旋变传感器+轮速传感器 轮速传感器 判断 信号融合、车况判断、目标推测、驱动动作标定 制动 扭矩转移 扭矩降低 价格 较高 较低 资料来源：汽车之家，比亚迪官方，海通国际 在检测环节，iTAC 在传统轮速传感器的基础上加装了电子旋变传感器，与 ESP 相比，识别精度提高 300 多倍，满足电动车瞬间的扭矩突变和爆发，提前 50ms 以上预测车轮轮速变化趋势。 图表图表5 传感器精度对比传感器精度对比 资料来源：比亚迪官方，海通国际 图表图表6 双传感器示意（前轴）双传感器示意（前轴） 资料来源：比亚迪官方，海通国际 图表图表7 双传感器示意（后轴）双传感器示

11、意（后轴） 资料来源：比亚迪官方，海通国际 26 Jun 2022 4 Table_header1 中国有色金属中国有色金属 在判断环节，得益于传感器提供的预测空间，iTAC 可将打滑、偏移等误差作为标定条件合理运用，做到信号“前置”。 在制动模式上，iTAC 采用电机扭矩调整，可以将扭矩进行转移或输出负扭矩，与ESP 降低制动力的单一模式相比，提高了安全性，同时不减少动力输出，保证操作灵活性。 图表图表8 iTAC 扭矩调整模式及对比扭矩调整模式及对比 资料来源：比亚迪官方，海通国际 2.2 充足冗余：发展上限高充足冗余：发展上限高 在未来空间上，ESP 技术已经过长期发展接近成熟，主要在精

12、度、效能、集成性方面改进，系统模式没有全新突破；iTAC 直接改变了检测和制动方式，将事后制动调整为事前防范，在良好基础上对误差和不足进行改进的工作量较大，发展上限高。 图表图表9 ESP 主要发展历程主要发展历程 时间 事件 解读 2002 年 ESP8.0 推出 换代频率大幅度降低，意味着 ESP 的成熟度已经很高， 基本上已接近于理想状态 2010 年 ESP9.0 推出 增加车道检测、碰撞预警、自适应巡航等多项功能 2013 年 iBooster 推出 直接电液压制动系统，再生制动 2020 年 IPB 配备 iBooster 和 ESP 集成，提高轻便性，降低成本 资料来源：网易汽车

13、，汽车之家，海通国际 26 Jun 2022 5 Table_header1 中国有色金属中国有色金属 2.3 价格对比：巨大市场机遇价格对比：巨大市场机遇 在组成对比上，iTAC 和 ESP 系统组成大致相同，但 iTAC 搭载更多高精度传感器，且受到技术成熟度、市场认可等影响，价格较高，选配价格约为 8000 元，目标市场为非低价新能源汽车；ESP 市场成熟、价格较低，一般为 2000 元。 图表图表10 新能源车价格定位细分市场新能源车价格定位细分市场 资料来源：乘联会，海通国际 根据乘联会数据，10 万元以上车型平均约占新能源车总销量的 65%。自 2021 年1 月至 2022 年

14、5 月，新能源车销量总共为 470.3 万辆，10 万元以上车型即 iTAC 目标市场量约为 305 万辆。 2.4 实际应用：多场景、高效能实际应用：多场景、高效能 iTAC 运用场景丰富，在实际测试中表现亮眼，比一般自动控制系统性能有显著提升。 图表图表11 iTAC 实测表现实测表现 测试项目 实测效果 0-60km/h 全力加速 快 0.7 秒 冰-沥青对接路面起步 明显抑制打滑，迅速起步 过弯测试 弧线顺滑不失控 绕圈测试 快 5-10km/h 漂移 可通过后驱模式，实现智能漂移 资料来源：比亚迪官网，海通国际 26 Jun 2022 6 Table_header1 中国有色金属中国

15、有色金属 图表图表12 iTAC 实测对比实测对比 资料来源：比亚迪官网，海通国际 26 Jun 2022 7 Table_header1 中国有色金属中国有色金属 三、三、自动控制系统市场格局：国外厂商垄断，国内比亚迪争取技术突自动控制系统市场格局：国外厂商垄断，国内比亚迪争取技术突破破 ESP 大牌制造商几乎垄断了所有整车制造商的 ESP 装备。 3.1 国外垄断：国内自主研发逐渐崭露头角国外垄断：国内自主研发逐渐崭露头角 ESP是博世公司的专利产品，只有博世公司的车身电子稳定系统才可被称为ESP；除了博世的产品外，业内其他供应商也推出了众多名称各异、功能相近的产品，通用名称为 ESC。

16、ESC 系统集成性强、技术精度要求高、一般为整体配备，绝大部分整车生产商不会自己生产 ESC 系统。 博世、大陆集团、ADVICS（爱德克斯）、NISSIN、日立 Hitachi Astemo 5 家外资巨头几乎垄断整个市场，份额合计占比超过 90%。 图表图表13 国际整车企业的国际整车企业的 ESC 系统来源系统来源 整车企业 ESC 配套企业 丰田 博世，电装 沃尔沃 大陆特威斯 大众 博世，大陆特威斯，天合 奥迪 博世，大陆特威斯 宝马 博世，大陆特威斯 菲亚特 博世，天合 福特 博世，大陆特威斯，天合 通用 博世，大陆特威斯，天合 奔驰 博世，大陆特威斯，德尔福 日产 博世 保时捷

17、博世，大陆特威斯 标致/雪铁龙 博世，大陆特威斯，天合 雷诺 博世，大陆特威斯 资料来源：中汽电子，海通国际 虽然车身稳定系统行业被外资巨头垄断、集成性趋势明显，但是技术壁垒逐渐被攻克、成本会逐渐降低，国内企业具有一定的优势竞争力，国产替代空间大。 图表图表14 国内国内 ESC 供应商供应商 公司 主要客户 苏州博世 上汽大众、上汽通用、一汽大众、上汽通用五菱、北京现代、东风日产、长城、神龙 大陆索密克 上汽大众、上汽通用、一汽大众、长安、长安福特、上汽通用五菱 苏州万都 北京现代 京西重工 江汽、吉利、长安 浙江亚太机电 东风小康 伯特利 长安汽车、成都吉利、东风小康 拿森科技 比亚迪、长

18、安、长城、吉利、福特、江淮、东风汽车 资料来源：立鼎产业研究中心，高工智能汽车，东方财富网，各公司官网，海通国际 在国产化方面，京西重工、伯特利、拿森科技等厂商力争突围。 26 Jun 2022 8 Table_header1 中国有色金属中国有色金属 3.2 环境向好：装配需求增加环境向好：装配需求增加 国内新能源汽车市场持续增长，车型向高端过度，装配需求增加。从细分市场来看，新能源汽车势头良好，给 iTAC 提供了专门的发展空间。 图表图表15 乘用车市场乘用车市场 资料来源：乘联会，海通国际 图表图表16 新能源车市场新能源车市场 资料来源：乘联会，海通国际 今年上半年，狭义乘用车市场增

19、速不稳定的情况下，新能源车保持稳定高速增长，市场态势好。 图表图表17 新能源汽车价格定位细分市场新能源汽车价格定位细分市场 资料来源：乘联会，海通国际 26 Jun 2022 9 Table_header1 中国有色金属中国有色金属 图表图表18 4 月主要新能源车型月主要新能源车型 车型 销量（台） 售价 宋 PLUS（新能源） 5061 15.28-21.68 万元 秦 PLUS 5244 11.18-17.58 万元 宏光 MINI EV 3334 3.28-6.98 万元 海豚 2199 10.28-13.08 万元 资料来源：乘联会，汽车之家，海通国际 过去 12 个月，10 万元

20、以下市场增速放缓，10-20 万元市场稳定增加。结合 4 月 10城市新能源车型销量情况，新能源车的自动控制系统需求市场潜力大。 四、四、战略意义：新能源汽车领域的底层架构战略意义：新能源汽车领域的底层架构 iTAC 创新了电机扭矩的前端控制，透露出其跳出传统燃油车控制思路、在新能源汽车时代下的深层次思考。 4.1 硬技术攻关硬技术攻关 比亚迪对新能源汽车技术不断攻关，展现建立全产业链硬技术护城河的目标。 图表图表19 比亚迪主要技术比亚迪主要技术 技术 意义或功能 542 战略 从性能、安全、油耗三方面重新定义汽车标准 刀片电池 首创无模组电池包，全球意义上的能量密度、安全性突破 e 平台

21、3.0 开放共享的智能域控制架构 BYD OS 中国首个自主研发的软硬件解耦车用操作系统 八合一电驱动总成 深度的整合能力，软、硬件端云深度融合 IGBT4.0 技术 破外资垄断，延长电动车续航 宽温域高效热泵系统 低温续航里程可提升百分 20% 电机升压充电架构 推进电动车向 800V 平台的过渡与迁移，加快社会车辆电动化转型 资料来源：比亚迪官网，汽车之家，太平洋汽车，海通国际 上述绝大多数技术开发时间长、创新性强，后续应用逐步深入、社会影响深远、市场反应好。因此可推断，iTAC 技术会被不断完善且逐步深入推进市场。 4.2 车身稳定系统开发车身稳定系统开发 比亚迪长期以来关注自动控制系统

22、研发，完成了依赖到合作，再到独立的历程。 图表图表20 比亚迪比亚迪自动控制系统自动控制系统研发研发 时间 系统 研发方式 2008 年 ABS 自主研发 2021 年 2 月 IPB 与博世联合研发 2021 年 3 月 dTCS 与博世联合研发 2021 年 10 月 BSC 自主研发 2022 年 5 月 iTAC 自主研发 资料来源：汽车之家，易车原创，比亚迪官方，海通国际 同时，比亚迪在车身控制和硬件的充足储备为 iTAC 技术的快速量产实现提供了坚实基础。 26 Jun 2022 10 Table_header1 中国有色金属中国有色金属 4.3 分布式电机驱动布局分布式电机驱动布

23、局 iTAC 系统仍然存在误差和不足。 图表图表21 扭矩调整扭矩调整不足不足 iTAC ESP 不足原因 解决方法 调整整个前轴/后轴扭矩 调整半轴扭矩 电机输出轴集成在带差速器的单一电机上 每个半轴各有一台电机驱动 资料来源：海通国际 误差随着系统精度的提升可以得到显著降低，但在半轴驱动的不足方面与 ESP 存在较大差距，分布式电机模式可以自然解决该不足。从这个角度来看，iTAC 代表着比亚迪对分布式电机时代到来的信心和推动决心，是比亚迪站在全新电气化架构的上游给出对车身控制的更好解决方案。 五、五、风险提示风险提示 iTAC 将搭载在 E 平台 3.0 全新车型上，市场拓展面临竞品竞争风

24、险。 26 Jun 2022 11 Table_header2 中国有色金属中国有色金属 APPENDIX 1 Summary 1. Automatic control system of new energy vehicles: motor drive requires new ideas of braking: the change in driving force between traditional vehicles and new energy vehicles has raised the upper limit of automatic control, bringing th

25、e demand for new braking ideas. 2. ITAC system vs ESP system: comprehensive improvement in braking: compared with ESP, ITAC has made comprehensive improvement in detection, judgment and braking. The mode change has brought about a higher development ceiling, a large potential market scale, and signi

26、ficantly better performance in the actual test. 3. Market pattern of automatic control system: foreign manufacturers monopolize, while domestic BYD strives for technological breakthroughs: foreign giants almost monopolize the entire market, and domestic manufacturers gradually emerge; The market env

27、ironment is improving and the assembly demand is increasing. 4. Strategic significance: the bottom structure of the new energy vehicle field: ITAC has innovated the front-end control of motor torque, which is an important part of BYDs strategic framework, revealing its deep thinking beyond the tradi

28、tional fuel vehicle control idea. 5. Risk warning: ITAC will be carried on the E platform 3.0 brand-new model, and the market expansion will face the risk of competitive products. 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 Ind

29、ia 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

30、 Research Limited (“HTIRL”), 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 t

31、o engage in securities activities in its respective jurisdiction. HTIRL分析师认证分析师认证Analyst Certification: 我， Yijie Wu，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, Yijie Wu, certify that (i) the views expressed

32、 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 expressed in this research re

33、port; and that I (including members of my household) have no financial interest in the security or securities of the subject companies discussed. 我， Yuntao Jin，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, Yu

34、ntao Jin, 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 this research and (ii) no part of my compensation was, is or will be directly or indirectly related to the specific recommen

35、dations 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 discussed. 利益冲突披露利益冲突披露Conflict of Interest Disclosures 海通国际及其某些关联公司可从事投资银行业务和/或对本研究中的特定股票或公司进行做市或持有自营头寸。就本研究报告而言，以下是有关

36、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 certain stocks or companies in this research report. As far as this research report is concerned, the following are

37、 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 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603799.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

38、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 banking projects of 603799.CH and 002594.CH within the past 12 months. The investment banking projects include 1. IPO

39、 projects in which Haitong acted as pre-listing tutor, sponsor, or lead-underwriter; 2. equity or debt refinancing projects of 603799.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 p

40、rojects in which Haitong acted as lead-brokerage firm. 作为回报，海通拥有002738.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 securities of 002738.CH. 603799.CH, 603993.CH 及 002594.CH目前或过去12个月内是海通的投资银行业务客户。 603799.CH, 603993.CH and 002594.CH are/were an investment bank

41、 clients of Haitong currently or within the past 12 months. 603993.CH, 600547.CH, 000630.CH, 600988.CH, 600711.CH, 300428.CH 及 000603.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。 603993.CH, 600547.CH, 000630.CH, 600988.CH, 600711.CH, 300428.CH and 000603.CH are/were a client of Haitong currently or w

42、ithin the past 12 months. The client has been provided for non-investment-banking securities-related services. 福建马坑矿业股份有限公司, 四川四环锌锗科技有限公司, 包头盛泰汽车零部件制造有限公司 及 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。 福建马坑矿业股份有限公司, 四川四环锌锗科技有限公司, 包头盛泰汽车零部件制造有限公司 and 江西一诺新材料有限公司 are/were a client of Haitong currently

43、or within the past 12 months. The client has been provided for non-securities services. 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 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603799.CH, 002738.CH 及 002594.CH获得投资银行服务报酬。 Haiton

44、g expects to receive, or intends to seek, compensation for investment banking services in the next three months from 603799.CH, 002738.CH and 002594.CH. 13 海通在过去的12个月中从福建马坑矿业股份有限公司, 000630.CH, 四川四环锌锗科技有限公司, 包头盛泰汽车零部件制造有限公司 及 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 compensation in the p

45、ast 12 months for products or services other than investment banking from 福建马坑矿业股份有限公司, 000630.CH, 四川四环锌锗科技有限公司, 包头盛泰汽车零部件制造有限公司 and 江西一诺新材料有限公司. 海通担任601899.CH, 002460.CH, 603993.CH, 600547.CH 及 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 60189

46、9.CH, 002460.CH, 603993.CH, 600547.CH and 002594.CH. 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

47、在10%以上，基准定义如下 中性中性，未来12-18个月内预期相对基准指数变化不大，基准定义如下。根据FINRA/NYSE的评级分布规则，我们会将中性评级划入持有这一类别。 弱于大市弱于大市，未来12-18个月内预期相对基准指数跌幅在10%以上，基准定义如下 各地股票基准指数：日本 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 sy

48、stem using Outperform, 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 th

49、e analysts views, investors 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 o

50、n individual circumstances (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 r

51、eturn 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. Underperform: The stocks total return over the next

52、 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, US SP500; for all other China-concept stocks MSCI China. 评级分布评级分布Rating Distri

53、bution 截至截至2022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) 海通国际股票研究覆盖率 88.9% 9.5% 1.6% 14 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12-1

54、8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 Distribution, as of Mar 31, 2022 Outperform

55、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, and Underperform. For purp

56、oses 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 system definitions (until 30 Jun 2020): BUY: The stocks total return over the next 12-18 month

57、s 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/NYSE ratings dis

58、tribution 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. Benchmarks for each stocks listed region are as follows: Japan TOPIX, Korea K

59、OSPI, 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-Rated Research: Haitong International publishes quantitative, screenin

60、g 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 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

61、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 Stock Connect scheme with Shanghai and Shenzhen. Haito

62、ng 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 HTI and as a result there may be a difference in the HTI

63、 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 quant product that consists of 100 of the highest-

64、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 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

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