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 4 Sep 2022 中国有色金属中国有色

2、金属 China Non-ferrous Metals 机器人专题系列（四）：电机驱动勇立潮头 Special Theme on Robots(IV)Table_Info 股票名称 评级 股票名称 评级 紫金矿业 Outperform 赤峰黄金 Outperform 天齐锂业 Outperform 川能动力 Outperform 赣锋锂业 Outperform 银泰黄金 Outperform 华友钴业 Outperform 驰宏锌锗 Outperform 洛阳钼业 Outperform 盛屯矿业 Outperform 山东黄金 Outperform 锡业股份 Outperform 石英股份 O

3、utperform 立中集团 Outperform 天华超净 Outperform 安宁股份 Outperform 格林美 Outperform 博威合金 Outperform 中矿资源 Outperform 甬金股份 Outperform 南山铝业 Outperform 万丰奥威 Outperform 神火股份 Outperform 宁波韵升 Outperform 横店东磁 Outperform 贵研铂业 Outperform 东阳光 Outperform 鑫铂股份 Outperform 铜陵有色 Outperform 盛达资源 Outperform 金力永磁 Outperform 资料来源

4、：Factset,HTI Related Reports 机器人专题系列（三）（Special Theme on Robots()）(28 Aug 2022)海外龙头铜企 2022H1 产量同降 4%，连续下修全年产量指引（The output of overseas leading copper enterprises decreased by 4%in 2022H1,and the annual output guideline was continuously revised）(23 Aug 2022)海外锂企 22Q2 经营情况梳理售价持续上修，扩产加速进行中（Overseas Lit

5、hium Enterprises 2Q22 ReviewSales Price Increase with Capacity Expansion Accelerated）(21 Aug 2022)(Please see APPENDIX 1 for English summary)本专题系列报告聚焦于机器人领域，旨在介绍机器人驱动系统搭载的常见电机，分析其各自特点及使用场景，探索未来机器人电机驱动更多自由度的实现。机器人关节的运转在灵活度、可靠性、速度、形态方面均对驱动电机器人关节的运转在灵活度、可靠性、速度、形态方面均对驱动电机提出较高要求。伺服电机凭借较高的稳定性和较强的的调速、过机提出较

6、高要求。伺服电机凭借较高的稳定性和较强的的调速、过载能力成为机器人驱动方式的不二选择，且其具备多种应用场景。载能力成为机器人驱动方式的不二选择，且其具备多种应用场景。交流伺服电机，凭借速度高、惯量小、转动平滑、力矩稳定等特点，用于对位置，控制精度，速度和力矩有比较高要求的需要，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；直流伺服电机，具备结构简单、运行可靠、维护方便、运行效率高、无励磁损耗以及调速性能好的特点，在各种精度高的场合日益普及，如医疗器械、化工、机器人等。步进电机没有电刷、维护方便、寿命长，容易控制，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

7、合，如工业控制系统、办公自动化、机器人等领域。电机性能的差异直接影响机器人的行动灵活度和工作稳定性。机电机性能的差异直接影响机器人的行动灵活度和工作稳定性。机器人的关节驱动离不开伺服系统，其自由度实现越多，所需使用器人的关节驱动离不开伺服系统，其自由度实现越多，所需使用的伺服电机数量越多。的伺服电机数量越多。优必选 Walker X 机器人高度模仿人的身体结构，41 个高性能纯电机伺服驱动关节，其中腿部 12 个，臂部 14个，手部 12 个，颈部 3 个，能实现 3km/h 的最大行走速度，具备不平整地面平稳行走以及结构化地形行走能力，满足不同家庭场景的需要。特斯拉 Optimus 机器人搭

8、载永磁同步电机，体积小效率高，但容易退磁，成本较高。拥有多达40个机电一体化的执行器，其中手臂 12 个、脖子 2 个、躯干 2 个、手部 12 个和腿部 12 个，可灵活完成各种人类动作，行走可做到稳中有速。Table_Author Yijie Wu 金云涛金云涛 Yuntao Jin 557085100115Sep-21Dec-21Mar-22Jun-22Aug-22HAI China Non-ferrous MetalsMSCI China 4 Sep 2022 2 Table_header1 中国有色金属中国有色金属 1.电机电机 机器人电动伺服驱动系统是利用各种电动机产生的力矩和力，

9、直接或间接地驱动机器人本体以获得机器人的各种运动的执行机构。控制用电机是电气伺服控制系统的动力部件。它是将电能转换为机械能的一种能量转换装置。机电一体化产品中常用的控制用电机是指能提供正确运动或较复杂动作的伺服电机。1.1 机器人电机须符合的主要要求机器人电机须符合的主要要求 机器人关节的运转对驱动电机提出了较高要求，在灵活度上，要求其有最大功率质量比和扭矩惯量比、高起动转矩、低惯量；在性能上，伺服电动机须有较高的可靠性、稳定性，同时需能快速响应，具有较高的可靠性和稳定性；在动作上，能够控制特性的连续性和直线性；在速度上，要求较宽广且平滑的调速范围；在形态上，体积小、质量小、轴向尺寸短，且能经

10、受得起苛刻的运行条件。1.2 机器人驱动系统中常用的电机机器人驱动系统中常用的电机 机器人驱动系统常采用的电机大致可细分为以下几种：直流伺服电机(DC Servo Motor)、交流伺服电机(AC Servo Motor)、步进电机（Stepping Motor）。图图1 机器人常用电机类型机器人常用电机类型 资料来源：海通国际 4 Sep 2022 3 Table_header1 中国有色金属中国有色金属 1.2.1 直流伺服电动机直流伺服电动机 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。

11、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。1.2.2 交流伺服电动机交流伺服电动机 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

12、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

13、矩有较高要求的领域。1.2.3 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

14、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。4 Sep 2022 4 Table_header1 中国有色金属中国有色金属 图图2 电机类型、特点、原理、控制方式电机类型、特点、原理、控制方式 电机类型电机类型 主要特点主要特点 构造与工作原理构造与工作原理 控制方式控制方式 直流伺服电机直流伺服电机 只要接通直流电即可工作，控制简单；启动转矩大、

15、体积小、转速和转矩容易控制、效率高，需要维护和更换电刷。由永磁体定子、线圈转子、电刷和换向器构成。通过电刷和换向器使电流方向不断随着转子的转动角度而改变，实现连续旋转运动。主要有两种：电枢电压控制、励磁磁场控制。转速控制采用电压控制方式。转矩控制采用电流控制方式。交流伺服电机交流伺服电机 发热少，高速控制，高精确度位置控制。运行平稳、噪音小。没有电刷和换向器、不需维持。驱动电路复杂。按结构分为同步电机和异步电机，转子是由永磁体构成的为同步电机，转子是由绕组形成的电磁铁构成的为异步电机。无刷直流电机，结构与同步电机相同，特性与直流电机相同。分为电压控制和频率控制两种方式。异步电机通常采用电压控制

16、方式。步步进电机进电机 直接用数字信号进行控制，与计算机的接口比较容易；没有电刷、维护方便、寿命长；启动、停止、正转、反转容易控制。能量转换效率低，易失步。按产生转矩的方式可分为永磁体式（PM），可变磁阻式（VR），和混合式（HB）。PM 式产生的转矩较小，多用于计算机外围设备。HB 式能够产生较大转矩，因此应用最广。单相励磁：精度高，但易失步。双相励磁：输出转矩大，转子过冲小，常用方式，但效率低。单-双相励磁分辨率高，运转平稳。资料来源：同心制造网，海通国际 图图3 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4 交流伺服电机组成及结构图

17、交流伺服电机组成及结构图 资料来源：电工之家，海通国际 4 Sep 2022 5 Table_header1 中国有色金属中国有色金属 1.3 纯电机驱动的机器人纯电机驱动的机器人 1.3.1 优必选优必选 Walker X 机器人机器人 Walker X 高度模仿人的身体结构，身高 1.3 米，体重 63 公斤，41 个高性能伺服驱动关节，面部 160环绕 4.6K 高清双柔性曲面屏。整体外部光滑圆润，没有明显的棱角，关节部位没有外露的机械限位结构，非常符合其家庭服务的定位。此外，Walker X 具备开放、灵活、丰富、便捷的 AloT 接口，能够依据用户习惯和场景，自主控制灯光、冰箱等常见

18、的 AloT 设备，全方位满足智能家具场景的应用。图图5 优必选优必选 WalkerX 机器人机器人 资料来源：优必选官网，海通国际 运动控制方面，硬件上，Walker X 采用纯电机伺服，凭借 41 个高性能伺服驱动关节实现类人步态行走，其中腿部 12 个，臂部 14 个，手部 12 个，颈部 3 个。软件上，Walker X 能实现 3km/h 的最大行走速度，虽然速度不快，但能精准地控制运动的幅度和角度，具备在碎石地、草坪等不平整地面平稳行走以及斜坡、楼梯等结构化地形行走的能力，以满足不同家庭场景的需要。另外，内置的行走平衡控制系统也使其能够在单腿站立或行走时抵抗外来干扰，落足稳定柔顺，

19、全身可背 10kg 重物或双手负载3kg 重物行走，拥有极强的稳定性。1.3.2 特斯拉特斯拉 Optimus 机器人机器人 特斯拉机器人身高 5 英尺 8 寸，重量 125 磅，时速 5 英里，具有和人差不多的身高、体重和行走速度。拥有多达 40 个机电一体化的执行器，其中手臂 12 个、脖子 2个、躯干 2 个、手部 12 个和腿部 12 个一体化电机的执行器机构，意味着可以灵活完成各种人类动作。由此可见，机器人系统中最重要的运动性能靠的是电机执行器的负载能力和响应速度，而且随着功能增加和动作的丰富，需要更多大小不一、性能不同的电机一体化执行器。4 Sep 2022 6 Table_hea

20、der1 中国有色金属中国有色金属 图图6 特斯拉特斯拉 Optimus 机器人机器人 资料来源：特斯拉，海通国际 特斯拉机器人搭载永磁同步电机，体积小效率高，但容易退磁，成本较高。电机主要由定子、转子以及机械结构组成。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。此外，永磁同步电机主要用稀土中的高性能钕铁硼永磁材料，成本较高。图图7 永磁同步电机构造图永磁同步电机构造图 资料来源：搜狐汽车，海

21、通国际 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：鹏芃科艺，海通国际 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。4 Sep 2022 7 Table_header1 中国有色金属中国有色金属 图图9 Walker，WalkerX 和和 Optimus

22、自由度数值对比自由度数值对比 腿 臂 手 颈部 总体 Walker 12 14 8 2 36 WalkerX 12 14 12 3 41 Optimus 12 12 12 2 40（躯干 2 个）资料来源：特斯拉，优必选官方，海通国际 图图10 特斯拉特斯拉 Optimus 公开概念细节图公开概念细节图 资料来源：特斯拉，海通国际 4 Sep 2022 8 Table_header2 中国有色金属中国有色金属 APPENDIX 1 Summary This series of reports focuses on the field of robotics,aiming to introduc

23、e the common motors equipped with robot drive systems,analyze their respective characteristics and usage scenarios,and explore the realization of more degrees of freedom for future robot motor drives.The operation of robot joints places high demands on drive motors in terms of flexibility,reliabilit

24、y,speed,and form.Servo motors,with their high stability and strong speed regulation and overload capability,are the best choice for robot drives,and have a variety of application scenarios.AC servo motor,with its high speed,small inertia,smooth rotation,torque stability and other characteristics,for

25、 the position,control accuracy,speed and torque have relatively high requirements,such as printing equipment,laser processing,robotics,machine tool equipment,manipulators,automated production lines,etc.;DC servo motor,with a simple structure,reliable operation,easy maintenance,high operating efficie

26、ncy,no excitation loss and speed regulation performance Good characteristics,in a variety of high precision occasions increasingly popular,such as medical equipment,chemical industry,robotics,etc.Stepper motors have no brushes,easy maintenance,long life,easy control,suitable for applications requiri

27、ng smooth operation,low noise,fast response,long life,high output torque,such as industrial control systems,office automation,robotics and other fields.The difference of motor performance directly affects the action flexibility and work stability of the robot.The robots joint drive is inseparable fr

28、om the servo system,and the more degrees of freedom it achieves,the more servo motors it needs to use.Ubiquity Walker X robot highly imitates the human body structure,with 41 high-performance pure motor servo-driven joints,including 12 for legs,14 for arms,12 for hands,and 3 for neck,which can achie

29、ve a maximum walking speed of 3km/h,with smooth walking on uneven ground and structured terrain walking ability to meet the needs of different family scenarios.Tesla Optimus robot is equipped with permanent magnet synchronous motor,small size and high efficiency,but easy to demagnetize and high cost

30、.With as many as 40 mechatronic actuators,including 12 arms,2 necks,2 torsos,12 hands and 12 legs,it can flexibly complete a variety of human actions and walk can be done at a steady speed.9 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 Securi

31、ties 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 Internati

32、onal 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 to enga

33、ge 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 in this rese

34、arch report accurately reflect my personal views about any or all of the subject companies or issuers referred to in this research and(ii)no part of my compensation was,is or will be directly or indirectly related to the specific recommendations or views expressed in this research report;and that I(

35、including members of my household)have no financial 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 v

36、iews expressed in this research report accurately reflect my personal views about any or all of the subject companies or issuers referred to in this research and(ii)no part of my compensation was,is or will be directly or indirectly related to the specific recommendations or views expressed in this

37、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

38、至ERD-D）HTI and some of its affiliates may engage in investment banking and/or serve as a market maker or hold proprietary trading positions of certain stocks or companies in this research report.As far as this research report is concerned,the following are the disclosure matters related to such rela

39、tionship(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 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

40、；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 600338.CH within the past 12 months.The investment banking projects include 1.IPO projects in which Haitong acted as pre-listing tutor,s

41、ponsor,or lead-underwriter;2.equity or debt refinancing projects of 603799.CH and 600338.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.作为回报，海通拥有0

42、02340.CH 及 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 002340.CH and 002738.CH.603993.CH,603799.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。603993.CH,603799.CH and 600338.CH are/were an investment bank clients of Haitong currently or within the p

43、ast 12 months.603993.CH,000630.CH,西部矿业集团财务有限公司,西部矿业集团有限公司,西部矿业集团财务有限公司,西部矿业集团有限公司,600711.CH,600547.CH,600988.CH,000603.CH,600338.CH 及 300428.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,000630.CH,西部矿业集团财务有限公司,西部矿业集团有限公司,西部矿业集团财务有限公司,西部矿业集团有限公司,600711.CH,600547.CH,600988.CH,000603.CH,600338.C

44、H and 300428.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.福建马坑矿业股份有限公司,000878.CH,封开县威利邦木业有限公司,四川四环锌锗科技有限公司 及 包头盛泰汽车零部件制造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,000878.CH,封开县威利邦木业有限公

45、司,四川四环锌锗科技有限公司 and 包头盛泰汽车零部件制造有限公司 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603799.CH 及 002738.CH获得投资银行服务报酬。Haitong expects to receive,or intends to seek,compensation for investment banking servic

46、es in the next three months from 603799.CH and 002738.CH.10 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,西部矿业集团财务有限公司,西部矿业集团有限公司,000878.CH,封开县威利邦木业有限公司,四川四环锌锗科技有限公司 及 包头盛泰汽车零部件制造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 past 12 months for products or services other than investment bank

47、ing from 福建马坑矿业股份有限公司,000630.CH,西部矿业集团财务有限公司,西部矿业集团有限公司,000878.CH,封开县威利邦木业有限公司,四川四环锌锗科技有限公司 and 包头盛泰汽车零部件制造有限公司.海通担任601899.CH,603993.CH,002460.CH 及 600547.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 601899.CH,603993.CH,002460.CH and 600547.CH.评级定义评级定义（

48、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指数变化不大，基准定义如下。根据FINRA/NYSE的评级

49、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 Underperform for recommending the stocks

50、 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 Haitong International Researc

51、h,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 holdings)and other considera

52、tions.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 the return of its relevant br

53、oad 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 broad market benchmark,as indicat

54、ed 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 11 截至截至2022年年6月月30日海通国际股票研究评级分布日海通国际股票研究评级分布 优于大市优于大市 中性中性 弱于大市弱于大市 (持有)海通国际股票研究覆盖率 89.5%9.2%1.3%投资银

55、行客户*5.9%5.6%5.0%*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12-18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

56、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 Jun 30,2022 Outperform Neutral Underperform (hold)HTI Equity Research Coverage 89.5%9.2%1.3%IB clients*5.9%5.6%5.0%*Percentage of investment banking c

57、lients 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 that stocks with an NR de

58、signation 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 return over the next 12-18 mo

59、nths 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 expected to be below the

60、 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行排名，或者基于可能的估值倍数提出建议价格。这种排

61、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.Such rankings or suggest

62、ed 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 Coverage of A-Shares:Haitong

63、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 research on these same A-Shares for distribution in mainland China.

64、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。Haiton

65、g 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 process in combination with a review of the HS A-share teams b

66、ottom-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

67、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。MSCI ESG Disclaimer:Although Haitong Internationals information providers,including without limitation,MSCI ESG Research LLC and its affiliates(the“ESG Parties”),obtain information

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71、ity of such damages.盟浪义利（盟浪义利（FIN-ESG）数据通免责声明条款：）数据通免责声明条款：在使用盟浪义利（FIN-ESG）数据之前，请务必仔细阅读本条款并同意本声明：第一条 义利（FIN-ESG）数据系由盟浪可持续数字科技有限责任公司（以下简称“本公司”）基于合法取得的公开信息评估而成，本公司对信息的准确性及完整性不作任何保证。对公司述的评估结果造成的任何直接或间接损失负责。第二条 盟浪并不因收到此评估数据而将收件人视为客户，收件人使用此数据时应根据自身实际情况作出自我独立判断。本数据所载内容反映的是盟浪在最初发布本数据日期当日的判断，盟浪有权在不发出通知的情况下更

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81、Website),it should be executed according to other agreements.If there is any difference between this disclaim and other agreements,this disclaimer shall be applied.重要免责声明：重要免责声明：非印度证券的研究报告非印度证券的研究报告：本报告由海通国际证券集团有限公司（“HTISGL”）的全资附属公司海通国际研究有限公司（“HTIRL”）发行，该公司是根据香港证券及期货条例（第571章）持有第4类受规管活动（就证券提供意见）的持牌法团

82、。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”）和National Stock Exchange of India Li

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