【研報】醫藥行業：新冠疫苗研發技術及進展-20200415[34頁].pdf

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1、 新冠疫苗研發技術及進展新冠疫苗研發技術及進展 R and that I (including members of my household) have no financial interest in the security or securities of the subject companies discussed. 我，舒影嵐，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

2、有 任何財務利益。I, Linda Shu, 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 spec

3、ific recommendations 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. APPENDIX 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

4、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（如果沒有披露事項，則意味著目前不存在該等關系）。 If no disclosures are included, it means that at the time of publication there is no conflict of interest pursuant to applicable regulations. APPENDIX 2 評級定義評級定義（從從2019年年9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：買入、賣出或中性。投資者應仔細

5、閱讀HTI的評級定義。并且HTI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 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 TOPIX, 韓國

6、KOSPI, 臺灣 TAIEX, 印度 Nifty100; 其他所有中國概念股 MSCI China. Ratings Definitions (from 1 September 2019): Haitong International uses a relative rating system using Buy, Neutral or Sell for recommending the stocks we cover to investors. Investors should carefully read the definitions of all ratings used in Ha

7、itong International Research. In addition, since Haitong International Research contains more complete information concerning the 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 (o

8、r 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 considerations. Analyst Stock Ratings BUY (B): The stocks total return over the next 12-18 mo

9、nths is expected to exceed the return of its relevant broad market benchmark, as indicated below. Neutral (N): 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 rati

10、ngs distribution rules, our Neutral rating falls into a hold rating category. SELL (S): 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 TOP

11、IX, Korea KOSPI, Taiwan TAIEX, India Nifty100; for all other China-concept stocks MSCI China. APPENDIX 2 Ratings Distribution BUY 84% SELL 4% NEUTRAL 12% Most Recent Full Quarter BUY 84% SELL 6% NEUTRAL 10% Prior Full Quarter 買入買入 84% 賣出賣出 4% 中性中性 12% 最新季度最新季度 買入買入 84% 賣出賣出 6% 中性中性 10% 上一季度上一季度 APPE

12、NDIX 2 截至截至2020年年3月月31日海通國際股票研究評級分布日海通國際股票研究評級分布 買入買入 中性中性 賣出賣出 （持有持有） 海通國際股票研究覆蓋率 84% 4% 12% 投資銀行客戶* 7% 0% 2% *在每個評級類別里投資銀行客戶所占的百分比。 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2019年年8月月31日日）： 買入，未來12個月內高于15%漲幅的絕對上行表現預期 賣出，未來12個月內高于15%跌幅的絕對下跌表現預期 中性，指上行或下跌程度不足以做出

13、買入或賣出評級的股票。 Haitong International Equity Research Ratings Distribution, as of March 31, 2020 BUY Neutral SELL (hold) HTI Equity Research Coverage 84% 4% 12% IB clients* 7% 0% 2% *Percentage of investment banking clients in each rating category. For purposes only of FINRA/NYSE ratings distribution ru

14、les, 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 31 August 2019): BUY 15% absolute upside performance expected within the next 12 months SELL 15% absolute downside

15、performance expected within the next 12 months NEUTRAL: A stock under coverage with insufficient upside or downside to justify a BUY or SELL rating. APPENDIX 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，而僅供參考使用。 Haitong Internatio

16、nal 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 suggested prices do not purport to be stock ratings or target

17、prices or fundamental 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 A-Shares that are

18、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. However, the rating system employed by HS dif

19、fers 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 (Q100

20、) 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 bottom-up research. The Q100 constitue

21、nt companies are reviewed quarterly. APPENDIX 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（“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 Japaninvest KK（“HTIJIKK”）的協助下發行，HTIJIKK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

22、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 India Private Limited（“HTSIPL”）所發行，包括制作及發布涵蓋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

23、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

24、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、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

25、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

26、自營證券交易的第2241條規則之限制。 APPENDIX 2 IMPORTANT DISCLAIMER For research reports on non-Indian securities: The research report is issued by Haitong International Research Limited (“HTIRL”), a wholly owned subsidiary of Haitong International Securities Group Limited (“HTISGL”) and a licensed corporation to c

27、arry on Type 4 regulated activity (advising on securities) for the purpose of the Securities and Futures Ordinance (Cap. 571) of Hong Kong, with the assistance of Haitong International Japaninvest KK (“HTIJIKK”), a wholly owned subsidiary of HTISGL and which is regulated as an Investment Adviser by

28、the Kanto Finance Bureau of Japan. For research reports on Indian securities: The research report is issued by Haitong Securities India Private Limited (“HSIPL”), an Indian company and a Securities and Exchange Board of India (“SEBI”) registered Stock Broker, Merchant Banker and Research Analyst tha

29、t, inter alia, produces and distributes research reports covering listed entities on the BSE Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”) (collectively referred to as “Indian Exchanges”). HSIPL was acquired and became part of the Haitong International Securities Group of

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32、rt may be received, as to their accuracy, completeness or correctness. All opinions expressed herein are as of the date of this research report and are subject to change without notice. This research report is for information purpose only. Descriptions of any companies or their securities mentioned

33、herein are not intended to be complete and this research report is not, and should not be construed expressly or impliedly as, an offer to buy or sell securities. The securities referred to in this research report may not be eligible for purchase or sale in some jurisdictions. If an investment produ

34、ct is denominated in a currency other than an investors home currency, a change in exchange rates may adversely affect the investment. Past performance is not necessarily indicative of future results. Certain transactions, including those involving derivatives, give rise to substantial risk and are

35、not suitable for all investors. You should also bear in mind that recommendations in this research report are not tailor-made for you. The analyst has not taken into account your unique financial circumstances, such as your financial situation and risk appetite. You must, therefore, analyze and shou

36、ld, where applicable, consult your own legal, tax, accounting, financial and other professional advisers to evaluate whether the recommendations suits you before investment. Neither HTISG nor any of its directors, employees or agents accepts any liability whatsoever for any direct or consequential l

37、oss arising from any use of the materials contained in this research report. APPENDIX 2 HTISG and our affiliates, officers, directors, and employees, excluding the analysts responsible for the content of this document, will from time to time have long or short positions in, act as principal in, and

38、buy or sell, the securities or derivatives, if any, referred to in this research report. Sales, traders, and other professionals of HTISG may provide oral or written market commentary or trading strategies to the relevant clients and the companies within HTISG that reflect opinions that are contrary

39、 to the opinions expressed in this research report. HTISG may make investment decisions that are inconsistent with the recommendations or views expressed in this research report. HTI is under no obligation to ensure that such other trading decisions, ideas or recommendations are brought to the atten

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41、 on the cover of this Research is (are) not registered or qualified as a research analyst with FINRA and are not subject to U.S. FINRA Rule 2241 restrictions on communications with companies that are the subject of the Research; public appearances; and trading securities by a research analyst. APPEN

42、DIX 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會的審查。您不應僅根據本研究報告

43、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HTIJIKK編寫。 HTIRL，HSIPL，HTIJIKK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. Institutional Inves

44、tors”）。在向美國機構投資者分發研究報告時，Haitong International 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Fin

45、ancial 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HTIJIKK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HTIJIKK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AD

46、R）可能存在一定風險。非美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 Floor New York, NY 10173 聯系人電話：(212) 351 60

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