有色金屬行業：中國社融規模環比大幅上升-230108（28頁）.pdf

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1、中國社融規模環比大幅上升中國社融規模環比大幅上升Chinas social financing scale increased significantly month on month吳旖婕吳旖婕 Yijie W2023年年1月月8日日本研究報告由海通國際分銷，海通國際是由海通國際研究有限公司，海通證券印度私人有限公司，海通國際株式會社和海通國際證券集團其他各成員單位的證券研究團隊所組成的全球品牌，海通國際證券集團各成員分別在其許可的司法管轄區內從事證券活動。關于海通國際的分析師證明，重要披露聲明和免責聲明，請參閱附錄。(Pleasesee appendix for English trans

2、lation of the disclaimer)Equity Asia Research2金屬金屬單位單位最新報價最新報價Q4均價均價Q3均價均價現價較現價較Q4均價均價變化變化銅銅美元美元/噸噸8437.007985.997720.495.65%鋁鋁美元美元/噸噸2303.002343.672356.52-1.74%鋅鋅美元美元/噸噸3013.002978.673206.951.15%錫錫美元美元/噸噸25115.0021379.0523349.4617.47%鎳鎳美元美元/噸噸28850.0025398.7322087.0813.59%金金美元美元/盎司盎司1869.701736.501

3、734.937.67%銀銀美元美元/盎司盎司23.9821.3419.1812.38%金屬鋰金屬鋰元元/噸噸2925000.002942500.002956923.08-0.59%鐵礦石鐵礦石元元/噸噸844.00737.03716.4714.51%螺紋鋼螺紋鋼元元/噸噸4070.003752.603921.808.46%氧化鐠釹氧化鐠釹元元/噸噸718000.00672451.61729523.086.77%仲鎢酸銨仲鎢酸銨元元/噸噸175500.00168475.00173688.464.17%鎂鎂元元/噸噸22950.0024596.6725354.62-6.69%表：主要產品的最新價格

4、、年初價格及年初至今漲跌幅（截止表：主要產品的最新價格、年初價格及年初至今漲跌幅（截止2023年年1月月6日）日）資料來源：WIND1.主要產品價格數據主要產品價格數據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 at 3WuYfZkZfUmNxPpNbRdNaQpNpPsQpMfQmMnMeRoPqQ7NoOyRxNnQwOM

5、YqMtM32.鋰行業庫存鋰行業庫存碳酸鋰庫存：碳酸鋰庫存：12月月26日當周日當周，百川碳酸鋰庫存為百川碳酸鋰庫存為5068噸噸，單周環比增長單周環比增長0.22%。氫氧化鋰庫存：氫氧化鋰庫存：12月月26日當周日當周，百川氫氧化鋰庫存百川氫氧化鋰庫存959噸噸，單周環比增長單周環比增長1.37%。圖：碳酸鋰庫存（噸）圖：碳酸鋰庫存（噸）圖：氫氧化鋰庫存（噸）圖：氫氧化鋰庫存（噸）資料來源：百川，海通國際For full disclosure of risks,valuation methodologies and target price formation on all HTI rate

6、d stocks,please refer to the latest full report on our website at 400045005000550060006500700075002021-102021-112021-122022-012022-022022-032022-042022-052022-062022-072022-082022-092022-102022-112022-1202004006008001000120043.智利銅礦產量智利銅礦產量智利銅礦產量：智利銅礦產量：2022年年10月智利銅礦產量為月智利銅礦產量為477000噸，同比增長噸，同比增長1.38%

7、，環比增長，環比增長9.76%。資料來源：智利銅委員會，海通國際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 at -30%-20%-10%0%10%20%30%40%01000002000003000004000005000006000002014-012014-052014-092015-012015-052015-0920

8、16-012016-052016-092017-012017-052017-092018-012018-052018-092019-012019-052019-092020-012020-052020-092021-012021-052021-092022-012022-052022-09智利月度銅產量及同比增速月度產量(噸）同比增速54.全球原鋁產量全球原鋁產量全球原鋁產量：全球原鋁產量：2022年年11月全球原鋁產量為月全球原鋁產量為561萬噸，同比上升萬噸，同比上升3.79%，環比下降，環比下降3.21%。資料來源：全球鋁業協會官網，海通國際For full disclosure of

9、risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at -4%-2%0%2%4%6%8%01002003004005006007002019-012019-032019-052019-072019-092019-112020-012020-032020-052020-072020-092020-112021-012021-032021-052021-072021-092021-

10、112022-012022-032022-052022-072022-092022-11全球鋁產量月度數據及同比增速產量(萬噸)同比增速6中美歐電動車總計銷量：中美歐電動車總計銷量：2022年年11月中美歐電動車總計銷量為月中美歐電動車總計銷量為1155790輛，同比上升輛，同比上升55.41%，環，環比上升比上升14.37%。圖：中美歐新能源車銷量圖：中美歐新能源車銷量資料來源：Wind，InsideEV，Clean technica，海通國際5.中國中國+美國美國+歐洲的電動車銷量和同比歐洲的電動車銷量和同比For full disclosure of risks,valuation me

11、thodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at -100%-50%0%50%100%150%200%250%300%0200,000400,000600,000800,0001,000,0001,200,0001,400,000美國新能源汽車月度銷量歐洲新能源汽車月度銷量中國新能源汽車月度銷量中國、歐洲、美國新能源汽車月度總銷量同比增速76.中國電網投資額及同比中國電網投資額及同比中國電網投資額：中國電網

12、投資額：2022年年11月中國電網基本建設投資額為月中國電網基本建設投資額為918億元億元，同比上升同比上升35.4%，環比上升環比上升34.8%。圖：中國電網基本建設投資額及同比增速圖：中國電網基本建設投資額及同比增速資料來源：Wind，海通國際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 at -100%-50%0%50%1

13、00%150%200%250%300%350%400%0204060801001201401601802016-092016-122017-032017-062017-092017-122018-032018-062018-092018-122019-032019-062019-092019-122020-032020-062020-092020-122021-032021-062021-092021-122022-032022-062022-09中國電網基本建設投資額(十億元，左軸)同比增速(%，右軸)87.中國社會融資規模中國社會融資規模及同比及同比中國社會融資規模：中國社會融資規模：20

14、22年年11月中國社會融資規模為月中國社會融資規模為19874億元，同比下降億元，同比下降23.51%，環比增長，環比增長117.42%。圖：中國社會融資規模月度數據及同比增速圖：中國社會融資規模月度數據及同比增速資料來源：Wind，海通國際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 at -100%-50%0%50%100%

15、150%200%250%300%350%400%01,0002,0003,0004,0005,0006,0007,0002016-072016-102017-012017-042017-072017-102018-012018-042018-072018-102019-012019-042019-072019-102020-012020-042020-072020-102021-012021-042021-072021-102022-012022-042022-072022-10中國社會融資規模月度數據(十億元，左軸)同比增速(%，右軸)98.中國中國和美國和美國新屋開工新屋開工數據數據及同比

16、及同比中國新屋開工：中國新屋開工：2022年年11月中國新屋開工面積為月中國新屋開工面積為3384萬平方米萬平方米，同比下降同比下降22.92%，環比下降環比下降25.71%。美國新屋開工：美國新屋開工：2022年年11月美國新屋已開工月美國新屋已開工142.7萬套萬套，同比下降同比下降16.35%，環比下降環比下降0.49%。圖：美國新屋開工月度數據及同比增速圖：美國新屋開工月度數據及同比增速圖：中國月度新屋開工面積及同比增速圖：中國月度新屋開工面積及同比增速資料來源：wind，海通國際For full disclosure of risks,valuation methodologies

17、and target price formation on all HTI rated stocks,please refer to the latest full report on our website at -200%-100%0%100%200%300%400%500%0.0010.0020.0030.0040.0050.0060.0070.002016-072016-112017-032017-072017-112018-032018-072018-112019-032019-072019-112020-032020-072020-112021-032021-072021-1120

18、22-032022-072022-11中國新屋開工面積月度數據(百萬平方米，左軸)同比增速(%，右軸)-40%-30%-20%-10%0%10%20%30%40%50%60%70%0204060801001201401601802002016-072016-122017-052017-102018-032018-082019-012019-062019-112020-042020-092021-022021-072021-122022-052022-10美國新屋開工月度數據(萬套，左軸)同比增速(%，右軸)For full disclosure of risks,valuation metho

19、dologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 109.不確定性分析不確定性分析全球經濟增長不確定性；新能源車銷量不及預期。全球經濟增長不確定性；新能源車銷量不及預期。APPENDIX 1SummaryIn the week of December 26,the inventory of lithium carbonate in Baichuan was 5068 tons,up 0.22%month on m

20、onth.In the weekof December 26,the inventory of lithium hydroxide in Baichuan was 959 tons,up 1.37%month on month.In October 2022,Chilecopper output was 477000 tons,up 1.38%year on year and up 9.76%month on month.In November 2022,global primary aluminumproduction was 5610000 tons,up 3.79%year on yea

21、r and down 3.21%month on month.In November 2022,sales volume of electricvehicles in China,America and Europe was 1155790 vehicles,up 55.41%year on year and up 14.37%month on month.In November2022,Chinas investment in power grid infrastructure was 91.8 billion yuan,up 35.4%year on year and up 34.8%mo

22、nth on month.InNovember 2022,Chinas social financing scale was 19874 billion yuan,down 23.51%year on year and up 117.42%month on month.In November 2022,the construction area of new housing in China will be 33.84 million square meters,down 22.92%year on year anddown 25.71%month on month.1.427 million

23、 new housing units in the United States have been constructed,down 16.35%year onyear and down 0.49%month on month.11For 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 at APPENDIX 2重要信息披露重要信息披露本

24、研究報告由海通國際分銷，海通國際是由海通國際研究有限公司(HTIRL)，Haitong Securities India Private Limited(HSIPL)，Haitong International Japan K.K.(HTIJKK)和海通國際證券有限公司(HTISCL)的證券研究團隊所組成的全球品牌，海通國際證券集團(HTISG)各成員分別在其許可的司法管轄區內從事證券活動。IMPORTANT DISCLOSURESThis research report is distributed by Haitong International,a global brand name f

25、or the equity research teams of Haitong International Research Limited(“HTIRL”),Haitong Securities India Private Limited(“HSIPL”),Haitong International Japan K.K.(“HTIJKK”),Haitong International Securities Company Limited(“HTISCL”),and anyother members within the Haitong International Securities Gro

26、up of Companies(“HTISG”),each authorized to engage in securities activities in its respectivejurisdiction.HTIRL分析師認證分析師認證Analyst Certification:我,吳旖婕，在此保證（i）本研究報告中的意見準確反映了我們對本研究中提及的任何或所有目標公司或上市公司的個人觀點，并且（ii）我的報酬中沒有任何部分與本研究報告中表達的具體建議或觀點直接或間接相關；及就此報告中所討論目標公司的證券，我們（包括我們的家屬）在其中均不持有任何財務利益。I,Yijie WU,certi

27、fy that(i)the views expressed in this research report accurately reflect my personal views about any or all of the subject companiesor 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 viewsexpre

28、ssed in this research report;and that I(including members of my household)have no financial interest in the security or securities of the subject companiesdiscussed.12APPENDIX 2利益沖突披露利益沖突披露Conflict of Interest Disclosures海通國際及其某些關聯公司可從事投資銀行業務和/或對本研究中的特定股票或公司進行做市或持有自營頭寸。就本研究報告而言，以下是有關該等關系的披露事項（以下披露不能

29、保證及時無遺漏，如需了解及時全面信息，請發郵件至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 orcompanies in this research report.As far as this research report is concerned,the following are the disclosure matter

30、s related to such relationship(As the followingdisclosure does not ensure timeliness and completeness,please send an email to ERD-D if timely and comprehensive information is needed).13APPENDIX 2評級定義評級定義（從從2020年年7月月1日開始執行日開始執行）：海通國際（以下簡稱“HTI”）采用相對評級系統來為投資者推薦我們覆蓋的公司：優于大市、中性或弱于大市。投資者應仔細閱讀HTI的評級定義。并且HT

31、I發布分析師觀點的完整信息，投資者應仔細閱讀全文而非僅看評級。在任何情況下，分析師的評級和研究都不能作為投資建議。投資者的買賣股票的決策應基于各自情況（比如投資者的現有持倉）以及其他因素。分析師股票評級分析師股票評級優于大市優于大市，未來12-18個月內預期相對基準指數漲幅在10%以上，基準定義如下中性中性，未來12-18個月內預期相對基準指數變化不大，基準定義如下。根據FINRA/NYSE的評級分布規則，我們會將中性評級劃入持有這一類別。弱于大市弱于大市，未來12-18個月內預期相對基準指數跌幅在10%以上，基準定義如下各地股票基準指數：日本各地股票基準指數：日本 TOPIX,韓國韓國 KO

32、SPI,臺灣臺灣 TAIEX,印度印度 Nifty100,美國美國 SP500;其他所有中國概念股其他所有中國概念股 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 to investors.Investors shouldcarefully read the definitions of

33、all ratings used in Haitong International Research.In addition,since Haitong International Research contains more completeinformation concerning the analysts views,investors should carefully read Haitong International Research,in its entirety,and not infer the contents from the ratingalone.In any ca

34、se,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 individualcircumstances(such as the investors existing holdings)and other considerations.Analyst Stock RatingsOutperform:The stocks total return over the next 1

35、2-18 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 broad market benchmark,as indicated below.Forpurposes only of FINRA/NYSE ratings

36、 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 indicated below.Benchmarks for each stocks listed region are as follows:Japan TOPIX,Ko

37、rea KOSPI,Taiwan TAIEX,India Nifty100,US SP500;for all other China-conceptstocks MSCI China.14APPENDIX 2評級分布評級分布Rating Distribution15APPENDIX 2截至截至2022年年9月月30日日海通國際股票研究評級分布海通國際股票研究評級分布優于大市優于大市中性中性弱于大市弱于大市(持有持有)海通國際股票研究覆蓋率89.4%9.2%1.4%投資銀行客戶*5.5%6.8%4.5%*在每個評級類別里投資銀行客戶所占的百分比。上述分布中的買入，中性和賣出分別對應我們當前優于大

38、市，中性和落后大市評級。只有根據FINRA/NYSE的評級分布規則，我們才將中性評級劃入持有這一類別。請注意在上表中不包含非評級的股票。此前的評級系統定義此前的評級系統定義（直至直至2020年年6月月30日日）：買入買入，未來12-18個月內預期相對基準指數漲幅在10%以上，基準定義如下中性中性，未來12-18個月內預期相對基準指數變化不大，基準定義如下。根據FINRA/NYSE的評級分布規則，我們會將中性評級劃入持有這一類別。賣出賣出，未來12-18個月內預期相對基準指數跌幅在10%以上，基準定義如下各地股票基準指數：日本各地股票基準指數：日本 TOPIX,韓國韓國 KOSPI,臺灣臺灣 T

39、AIEX,印度印度 Nifty100;其他所有中國概念股其他所有中國概念股 MSCI China.Haitong International Equity Research Ratings Distribution,as of Sep 30,2022OutperformNeutralUnderperform(hold)HTI Equity Research Coverage89.4%9.2%1.4%IB clients*5.5%6.8%4.5%*Percentage of investment banking clients in each rating category.BUY,Neutra

40、l,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 designation are notincluded in the table ab

41、ove.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 months is expected to be in line with the re

42、turn 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 return of its relevant broad market bench

43、mark,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 MSCIChina.16APPENDIX 2海通國際非評級研究：海通國際非評級研究：海通國際發布計量、篩選或短篇報告，并在報告中根據估值和其他指標對股票進行排名，或者基于可能的估值倍數提出建議價格。這種排名或建議價格并非為了進行股票評級、提出目標價格或進行基本面估值

44、，而僅供參考使用。Haitong International Non-Rated Research:Haitong International publishes quantitative,screening or short reports which may rank stocks according to valuation andother metrics or may suggest prices based on possible valuation multiples.Such rankings or suggested prices do not purport to be s

45、tock ratings or target prices orfundamental values and are for information only.海通國際海通國際A股覆蓋股覆蓋：海通國際可能會就滬港通及深港通的中國A股進行覆蓋及評級。海通證券（600837.CH），海通國際于上海的母公司，也會于中國發布中國A股的研究報告。但是，海通國際使用與海通證券不同的評級系統，所以海通國際與海通證券的中國A股評級可能有所不同。Haitong International Coverage of A-Shares:Haitong International may cover and rate

46、A-Shares that are subject to the Hong Kong Stock Connect scheme withShanghai and Shenzhen.Haitong Securities(HS;600837 CH),the ultimate parent company of HTISG based in Shanghai,covers and publishes research on these sameA-Shares for distribution in mainland China.However,the rating system employed

47、by HS differs from that used by HTI and as a result there may be a difference in theHTI and HS ratings for the same A-share stocks.海通國際海通國際優質優質100 A股股（Q100）指數指數：海通國際Q100指數是一個包括100支由海通證券覆蓋的優質中國A股的計量產品。這些股票是通過基于質量的篩選過程，并結合對海通證券A股團隊自下而上的研究。海通國際每季對Q100指數成分作出復審。Haitong International Quality 100 A-share(Q

48、100)Index:HTIs Q100 Index is a quant product that consists of 100 of the highest-quality A-shares under coverage atHS 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-upresearch.The Q100 constituent

49、companies are reviewed quarterly.17APPENDIX 2MSCI ESG評級免責聲明條款：評級免責聲明條款：盡管海通國際的信息供貨商（包括但不限于MSCI ESG Research LLC及其聯屬公司（ESG方）從其認為可靠的來源獲取信息（信息）,ESG方均不擔?；虮ＷC此處任何數據的原創性，準確性和/或完整性，并明確表示不作出任何明示或默示的擔保，包括可商售性和針對特定目的的適用性。該信息只能供閣下內部使用，不得以任何形式復制或重新傳播，并不得用作任何金融工具、產品或指數的基礎或組成部分。此外，信息本質上不能用于判斷購買或出售何種證券,或何時購買或出售該證券。

50、即使已被告知可能造成的損害,ESG方均不承擔與此處任何資料有關的任何錯誤或遺漏所引起的任何責任，也不對任何直接、間接、特殊、懲罰性、附帶性或任何其他損害賠償（包括利潤損失）承擔任何責任。MSCI ESG Disclaimer:Although Haitong Internationals information providers,including without limitation,MSCI ESG Research LLC and its affiliates(the“ESGParties”),obtain information(the“Information”)from sourc

51、es they consider reliable,none of the ESG Parties warrants or guarantees the originality,accuracy and/orcompleteness,of any data herein and expressly disclaim all express or implied warranties,including those of merchantability and fitness for a particular purpose.TheInformation may only be used for

52、 your internal use,may not be reproduced or redisseminated in any form and may not be used as a basis for,or a component of,anyfinancial instruments or products or indices.Further,none of the Information can in and of itself be used to determine which securities to buy or sell or when to buyor sell

53、them.None of the ESG Parties shall have any liability for any errors or omissions in connection with any data herein,or any liability for any direct,indirect,special,punitive,consequential or any other damages(including lost profits)even if notified of the possibility of such damages.18APPENDIX 2盟浪義

54、利盟浪義利（FIN-ESG）數據通免責聲明條款：數據通免責聲明條款：在使用盟浪義利（FIN-ESG）數據之前，請務必仔細閱讀本條款并同意本聲明：第一條 義利（FIN-ESG）數據系由盟浪可持續數字科技有限責任公司（以下簡稱“本公司”）基于合法取得的公開信息評估而成，本公司對信息的準確性及完整性不作任何保證。對公司的評估結果僅供參考，并不構成對任何個人或機構投資建議，也不能作為任何個人或機構購買、出售或持有相關金融產品的依據。本公司不對任何個人或機構投資者因使用本數據表述的評估結果造成的任何直接或間接損失負責。第二條 盟浪并不因收到此評估數據而將收件人視為客戶，收件人使用此數據時應根據自身實際情

55、況作出自我獨立判斷。本數據所載內容反映的是盟浪在最初發布本數據日期當日的判斷，盟浪有權在不發出通知的情況下更新、修訂與發出其他與本數據所載內容不一致或有不同結論的數據。除非另行說明，本數據（如財務業績數據等）僅代表過往表現，過往的業績表現不作為日后回報的預測。第三條 本數據版權歸本公司所有，本公司依法保留各項權利。未經本公司事先書面許可授權，任何個人或機構不得將本數據中的評估結果用于任何營利性目的，不得對本數據進行修改、復制、編譯、匯編、再次編輯、改編、刪減、縮寫、節選、發行、出租、展覽、表演、放映、廣播、信息網絡傳播、攝制、增加圖標及說明等，否則因此給盟浪或其他第三方造成損失的，由用戶承擔相

56、應的賠償責任，盟浪不承擔責任。第四條 如本免責聲明未約定，而盟浪網站平臺載明的其他協議內容（如盟浪網站用戶注冊協議盟浪網用戶服務（含認證）協議盟浪網隱私政策等）有約定的，則按其他協議的約定執行；若本免責聲明與其他協議約定存在沖突或不一致的，則以本免責聲明約定為準。SusallWave FIN-ESG Data Service Disclaimer:Please read these terms and conditions below carefully and confirm your agreement and acceptance with these termsbefore using

57、 SusallWave FIN-ESG Data Service.1.FIN-ESG Data is produced by SusallWave Digital Technology Co.,Ltd.(In short,SusallWave)s assessment based on legal publicly accessible information.SusallWaveshall not be responsible for any accuracy and completeness of the information.The assessment result is for r

58、eference only.It is not for any investment advice for anyindividual or institution and not for basis of purchasing,selling or holding any relative financial products.We will not be liable for any direct or indirect loss of anyindividual or institution as a result of using SusallWave FIN-ESG Data.2.S

59、usallWave do not consider recipients as customers for receiving these data.When using the data,recipients shall make your own independent judgment accordingto your practical individual status.The contents of the data reflect the judgment of us only on the release day.We have right to update and amen

60、d the data andrelease other data that contains inconsistent contents or different conclusions without notification.Unless expressly stated,the data(e.g.,financial performance data)represents past performance only and the past performance cannot be viewed as the prediction of future return.3.The copy

61、right of this data belongs to SusallWave,and we reserve all rights in accordance with the law.Without the prior written permission of our company,noneof individual or institution can use these data for any profitable purpose.Besides,none of individual or institution can take actions such as amendmen

62、t,replication,translation,compilation,re-editing,adaption,deletion,abbreviation,excerpts,issuance,rent,exhibition,performance,projection,broadcast,information networktransmission,shooting,adding icons and instructions.If any loss of SusallWave or any third-party is caused by those actions,users shal

63、l bear the correspondingcompensation liability.SusallWave shall not be responsible for any loss.4.If any term is not contained in this disclaimer but written in other agreements on our website(e.g.User Registration Protocol of SusallWave Website,User Service(including authentication)Agreement of Sus

64、allWave Website,Privacy Policy of Susallwave Website),it should be executed according to other agreements.If there isany difference between this disclaim and other agreements,this disclaimer shall be applied.19APPENDIX 2重要免責聲明：重要免責聲明：非印度證券的研究報告非印度證券的研究報告：本報告由海通國際證券集團有限公司（“HTISGL”）的全資附屬公司海通國際研究有限公司（“

65、HTIRL”）發行，該公司是根據香港證券及期貨條例（第571章）持有第4類受規管活動（就證券提供意見）的持牌法團。該研究報告在HTISGL的全資附屬公司Haitong International(Japan)K.K.（“HTIJKK”）的協助下發行，HTIJKK是由日本關東財務局監管為投資顧問。印度證券的研究報告：印度證券的研究報告：本報告由從事證券交易、投資銀行及證券分析及受Securities and Exchange Board of India（“SEBI”）監管的Haitong Securities IndiaPrivate Limited（“HTSIPL”）所發行，包括制作及發布涵

66、蓋BSE Limited（“BSE”）和National Stock Exchange of India Limited（“NSE”）上市公司（統稱為印度交易所）的研究報告。HTSIPL于2016年12月22日被收購并成為海通國際證券集團有限公司（“HTISG”）的一部分。所有研究報告均以海通國際為名作為全球品牌，經許可由海通國際證券股份有限公司及/或海通國際證券集團的其他成員在其司法管轄區發布。本文件所載信息和觀點已被編譯或源自可靠來源，但HTIRL、HTISCL或任何其他屬于海通國際證券集團有限公司（“HTISG”）的成員對其準確性、完整性和正確性不做任何明示或暗示的聲明或保證。本文件中所

67、有觀點均截至本報告日期，如有更改，恕不另行通知。本文件僅供參考使用。文件中提及的任何公司或其股票的說明并非意圖展示完整的內容，本文件并非/不應被解釋為對證券買賣的明示或暗示地出價或征價。在某些司法管轄區，本文件中提及的證券可能無法進行買賣。如果投資產品以投資者本國貨幣以外的幣種進行計價，則匯率變化可能會對投資產生不利影響。過去的表現并不一定代表將來的結果。某些特定交易，包括設計金融衍生工具的，有產生重大風險的可能性，因此并不適合所有的投資者。您還應認識到本文件中的建議并非為您量身定制。分析師并未考慮到您自身的財務情況，如您的財務狀況和風險偏好。因此您必須自行分析并在適用的情況下咨詢自己的法律、

68、稅收、會計、金融和其他方面的專業顧問，以期在投資之前評估該項建議是否適合于您。若由于使用本文件所載的材料而產生任何直接或間接的損失，HTISG及其董事、雇員或代理人對此均不承擔任何責任。除對本文內容承擔責任的分析師除外，HTISG及我們的關聯公司、高級管理人員、董事和雇員，均可不時作為主事人就本文件所述的任何證券或衍生品持有長倉或短倉以及進行買賣。HTISG的銷售員、交易員和其他專業人士均可向HTISG的相關客戶和公司提供與本文件所述意見相反的口頭或書面市場評論意見或交易策略。HTISG可做出與本文件所述建議或意見不一致的投資決策。但HTIRL沒有義務來確保本文件的收件人了解到該等交易決定、思

69、路或建議。請訪問海通國際網站 ，查閱更多有關海通國際為預防和避免利益沖突設立的組織和行政安排的內容信息。非美國分析師披露信息：非美國分析師披露信息：本項研究首頁上列明的海通國際分析師并未在FINRA進行注冊或者取得相應的資格，并且不受美國FINRA有關與本項研究目標公司進行溝通、公開露面和自營證券交易的第2241條規則之限制。20APPENDIX 2IMPORTANT DISCLAIMERFor research reports on non-Indian securities:The research report is issued by Haitong International Res

70、earch Limited(“HTIRL”),a wholly owned subsidiary ofHaitong International Securities Group Limited(“HTISGL”)and a licensed corporation to carry on Type 4 regulated activity(advising on securities)for the purpose ofthe Securities and Futures Ordinance(Cap.571)of Hong Kong,with the assistance of Haiton

71、g International(Japan)K.K.(“HTIJKK”),a wholly owned subsidiary ofHTISGL 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

72、and a Securitiesand Exchange Board of India(“SEBI”)registered Stock Broker,Merchant Banker and Research Analyst that,inter alia,produces and distributes research reportscovering listed entities on the BSE Limited(“BSE”)and the National Stock Exchange of India Limited(“NSE”)(collectively referred to

73、as“Indian Exchanges”).HSIPLwas 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 CompanyL

74、imited(“HTISCL”)and/or any other members within HTISG in their respective jurisdictions.The information and opinions contained in this research report have been compiled or arrived at from sources believed to be reliable and in good faith but norepresentation or warranty,express or implied,is made b

75、y HTIRL,HTISCL,HSIPL,HTIJKK or any other members within HTISG from which this research report maybe 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 changewithout notice.This research report is for i

76、nformation purpose only.Descriptions of any companies or their securities mentioned herein are not intended to becomplete 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 thisresearch report may not

77、 be eligible for purchase or sale in some jurisdictions.If an investment product is denominated in a currency other than an investors homecurrency,a change in exchange rates may adversely affect the investment.Past performance is not necessarily indicative of future results.Certain transactions,incl

78、uding those involving derivatives,give rise to substantial risk and are not suitable for all investors.You should also bear in mind that recommendations in thisresearch report are not tailor-made for you.The analyst has not taken into account your unique financial circumstances,such as your financia

79、l situation and riskappetite.You must,therefore,analyze and should,where applicable,consult your own legal,tax,accounting,financial and other professional advisers to evaluatewhether the recommendations suits you before investment.Neither HTISG nor any of its directors,employees or agents accepts an

80、y liability whatsoever for anydirect or consequential loss arising from any use of the materials contained in this research report.21APPENDIX 2HTISG and our affiliates,officers,directors,and employees,excluding the analysts responsible for the content of this document,will from time to time have lon

81、g orshort 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 ofHTISG may provide oral or written market commentary or trading strategies to the relevant clients and the companies within HTISG

82、 that reflect opinions that arecontrary to the opinions expressed in this research report.HTISG may make investment decisions that are inconsistent with the recommendations or viewsexpressed in this research report.HTI is under no obligation to ensure that such other trading decisions,ideas or recom

83、mendations are brought to the attention ofany recipient of this research report.Please refer to HTIs website for further information on HTIs organizational and administrative arrangements set up for the preventionand avoidance of conflicts of interest with respect to Research.Non U.S.Analyst Disclos

84、ure:The HTI analyst(s)listed on the cover of this Research is(are)not registered or qualified as a research analyst with FINRA and are notsubject to U.S.FINRA Rule 2241 restrictions on communications with companies that are the subject of the Research;public appearances;and trading securities bya re

85、search analyst.22APPENDIX 2分發和地區通知：分發和地區通知：除非下文另有規定，否則任何希望討論本報告或者就本項研究中討論的任何證券進行任何交易的收件人均應聯系其所在國家或地區的海通國際銷售人員。香港投資者的通知事項：香港投資者的通知事項：海通國際證券股份有限公司(“HTISCL”)負責分發該研究報告，HTISCL是在香港有權實施第1類受規管活動（從事證券交易）的持牌公司。該研究報告并不構成證券及期貨條例（香港法例第571章）（以下簡稱“SFO”）所界定的要約邀請，證券要約或公眾要約。本研究報告僅提供給SFO所界定的“專業投資者”。本研究報告未經過證券及期貨事務監察委員

86、會的審查。您不應僅根據本研究報告中所載的信息做出投資決定。本研究報告的收件人就研究報告中產生或與之相關的任何事宜請聯系HTISCL銷售人員。美國投資者的通知事項：美國投資者的通知事項：本研究報告由HTIRL，HSIPL或HTIJKK編寫。HTIRL，HSIPL，HTIJKK以及任何非HTISG美國聯營公司，均未在美國注冊，因此不受美國關于研究報告編制和研究分析人員獨立性規定的約束。本研究報告提供給依照1934年“美國證券交易法”第15a-6條規定的豁免注冊的美國主要機構投資者（“Major U.S.Institutional Investor”）和機構投資者（”U.S.Institutiona

87、l Investors”）。在向美國機構投資者分發研究報告時，HaitongInternational Securities(USA)Inc.（“HTI USA”）將對報告的內容負責。任何收到本研究報告的美國投資者，希望根據本研究報告提供的信息進行任何證券或相關金融工具買賣的交易，只能通過HTI USA。HTI USA位于340 Madison Avenue,12th Floor,New York,NY 10173，電話（212）351-6050。HTI USA是在美國于U.S.Securities and Exchange Commission（“SEC”）注冊的經紀商，也是Financia

88、l Industry Regulatory Authority,Inc.（“FINRA”）的成員。HTIUSA不負責編寫本研究報告，也不負責其中包含的分析。在任何情況下，收到本研究報告的任何美國投資者，不得直接與分析師直接聯系，也不得通過HSIPL，HTIRL或HTIJKK直接進行買賣證券或相關金融工具的交易。本研究報告中出現的HSIPL，HTIRL或HTIJKK分析師沒有注冊或具備FINRA的研究分析師資格，因此可能不受FINRA第2241條規定的與目標公司的交流，公開露面和分析師賬戶持有的交易證券等限制。投資本研究報告中討論的任何非美國證券或相關金融工具（包括ADR）可能存在一定風險。非美

89、國發行的證券可能沒有注冊，或不受美國法規的約束。有關非美國證券或相關金融工具的信息可能有限制。外國公司可能不受審計和匯報的標準以及與美國境內生效相符的監管要求。本研究報告中以美元以外的其他貨幣計價的任何證券或相關金融工具的投資或收益的價值受匯率波動的影響，可能對該等證券或相關金融工具的價值或收入產生正面或負面影響。美國收件人的所有問詢請聯系：Haitong International Securities(USA)Inc.340 Madison Avenue,12th FloorNew York,NY 10173聯系人電話：(212)351 605023APPENDIX 2DISTRIBUTI

90、ON AND REGIONAL NOTICESExcept as otherwise indicated below,any Recipient wishing to discuss this research report or effect any transaction in any security discussed in HTIs research shouldcontact the Haitong International salesperson in their own country or region.Notice to Hong Kong investors:The r

91、esearch report is distributed by Haitong International Securities Company Limited(“HTISCL”),which is a licensed corporation tocarry on Type 1 regulated activity(dealing in securities)in Hong Kong.This research report does not constitute a solicitation or an offer of securities or an invitationto the

92、 public within the meaning of the SFO.This research report is only to be circulated to Professional Investors as defined in the SFO.This research report hasnot been reviewed by the Securities and Futures Commission.You should not make investment decisions solely on the basis of the information conta

93、ined in thisresearch report.Recipients of this research report are to contact HTISCL salespersons in respect of any matters arising from,or in connection with,the researchreport.Notice to U.S.investors:As described above,this research report was prepared by HTIRL,HSIPL or HTIJKK.Neither HTIRL,HSIPL,

94、HTIJKK,nor any of the non U.S.HTISG affiliates is registered in the United States and,therefore,is not subject to U.S.rules regarding the preparation of research reports and the independence ofresearch analysts.This research report is provided for distribution to“major U.S.institutional investors”an

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110、03或03/1099號規章在澳大利亞分發本項研究，該等規章免除了根據2001年公司法在澳大利亞為批發客戶提供金融服務時海通國際需持有澳大利亞金融服務許可的要求。ASIC的規章副本可在以下網站獲?。簑ww.legislation.gov.au。海通國際提供的金融服務受外國法律法規規定的管制，該等法律與在澳大利亞所適用的法律存在差異。印度投資者的通知事項：印度投資者的通知事項：本報告由從事證券交易、投資銀行及證券分析及受Securities and Exchange Board of India（“SEBI”）監管的Haitong Securities IndiaPrivate Limited（“

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