有色金屬行業：銅鋁行業開工率繼續上升需求復蘇逐步發力-230316（18頁）.pdf

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1、 Table_yejiao1 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。(Please see appendix for English translation of the disclaimer)Table_yemei1 熱點速評 Flash Analysis Table_summary(Please see APPENDIX 1 for Engl

2、ish summary)工業金屬：工業金屬：銅行業開工率環比上升，云南電解鋁減產影響將逐步體現。銅行業開工率環比上升，云南電解鋁減產影響將逐步體現。3 月 3 日-3 月 10 日，LME 銅、鋁價漲跌幅分別為-1.64%、-3.65%；上期所銅、鋁價漲跌幅為-1.45%、-2.72%。據SMM數據，2月中國電解銅產量為90.78萬噸，環比上升6.4%，同比增加6.49%；產量增長原因包括：1、新投產的冶煉廠產量持續上升；2、完成檢修的3 家冶煉廠在 2 月復產情況良好，實際產量較多；3、部分冶煉廠 2 月有開門紅的任務。2 月電解銅行業的整體開工率為 84.87%，環比上升 5pct。電解鋁

3、方面，2 月份（28 天）國內電解鋁產量 309.2 萬噸，同比增長 4.9%。據 SMM 統計，截止 3 月初運行產能回落至 3987.7 萬噸，全國電解鋁開工率約為 88.1%。進入 3 月份，云南等地區前期的減產影響將逐步體現，貴州、四川等地區運行產能雖有復產預期，但新啟動的電解槽對產量貢獻較小，國內電解鋁日均產量有望回落。國內 2023年經濟工作有望突出做好穩增長、穩就業、穩物價等事項，我們認為 2023年國內地產需求有望復蘇，拉動工業金屬需求，繼續看好基本金屬價格上漲以及行業標的投資機會。建議關注：紫金礦業、洛陽鉬業、銅陵有色、天山鋁業、云鋁股份等公司。能源金屬：能源金屬：正極材料排

4、產回暖，鋰鹽需求有望持續上升。正極材料排產回暖，鋰鹽需求有望持續上升。3 月 3 日-3 月 10 日，能源金屬價格漲跌不一，漲跌幅度為電池級碳酸鋰-9.21%，工業級碳酸鋰-11.76%，氫氧化鋰-3.91%，鈷價格上漲 2.25%，硫酸鎳價格不變。3 月10 日亞洲金屬網公布 2 月中國金屬生產情況，2 月中國碳酸鋰產量 3.08 萬噸，環比減少 14%。產量下降主要是由于大型輝石冶煉企業檢修以及月末督查影響。2 月中國氫氧化鋰產量 2.44 萬噸，環比增長 15%，增量主要來自于新廠產能爬坡以及前期檢修企業恢復生產。在需求方面，2 月中國三元材料產量 4.92 萬噸，環比增長 21%；磷

5、酸鐵鋰產量 7.15 萬噸，環比增長 11%。我們認為下游材料需求處于穩步增長，開工率有所回升。展望 3 月，我們認為鋰鹽需求將會繼續回暖。建議關注：天齊鋰業、贛鋒鋰業、永興材料、盛新鋰能、中礦資源、融捷股份、雅化集團、科達制造、華友鈷業、格林美、盛屯礦業等公司。貴金屬：貴金屬：美國就業市場緊張狀況邊際緩解，疊加硅谷銀行事件引發市場避險情緒，貴金屬板塊中黃金價格表現美國就業市場緊張狀況邊際緩解，疊加硅谷銀行事件引發市場避險情緒，貴金屬板塊中黃金價格表現亮眼。亮眼。本周倫敦現貨金價上漲 1.09%，倫敦現貨銀價下降 4.74%，我們認為價格出現分化的主要原因在于黃金避險價值凸顯。美國新增非農就業

6、人數較 1 月有所下滑，但薪資環比延續 1 月下降態勢，美國勞動力市場緊張狀況邊際緩解，就數據來看，美國 2 月新增非農人數 31.1 萬人，預期 20.5 萬人，前值 51.7 萬人；失業率 3.6%，預期3.4%，前值 3.4%；時薪環增 0.2%，前值 0.3%。硅谷銀行因流動性不足和資不抵債已由 FDIC 接管，受此影響，市場避險情緒拉動黃金價格上漲。推薦：山東黃金、銀泰黃金和赤峰黃金；建議關注：招金礦業、盛達資源、湖南黃金、中金黃金等公司。稀土和小金屬、新材料：稀土和小金屬、新材料：需求向好，稀土價格有望上漲。需求向好，稀土價格有望上漲。本周氧化鐠釹價格收于 61 萬元/噸，較前一周

7、下滑4.98%；銻價維持不變，鉬精礦周跌幅為 1.18%。隨著疫情防控政策優化，我們認為下游需求有望復蘇，稀土價格有望上漲。建議關注：北方稀土、中國稀土、湖南黃金、金鉬股份等公司。風險提示：風險提示：經濟復蘇不及預期；新能源車、地產消費不及預期；主要經濟體貨幣政策收緊超預期；國際地緣政治風險。Table_Title 研究報告 Research Report 16 Mar 2023 有色金屬有色金屬 Non-ferrous Metals 銅鋁行業開工率繼續上升，需求復蘇逐步發力 The Operating Rate of Copper and Aluminum Continues to Rise

8、,Recovery of Demand Gradually Gaining Force 甘嘉堯甘嘉堯 Jiayao Gan 16 Mar 2023 2 Table_header1 有色金屬有色金屬 Non-ferrous Metals 1.申萬有色指數本周下跌申萬有色指數本周下跌 3.46%Table_PicPe 圖圖1 申萬一級行業周漲跌幅申萬一級行業周漲跌幅 資料來源：Wind，HTI 圖圖2 申萬有色二級行業周漲跌幅申萬有色二級行業周漲跌幅 資料來源：Wind，HTI 圖圖3 部分申萬有色三級行業和鋰礦指數、稀土指數周漲跌幅部分申萬有色三級行業和鋰礦指數、稀土指數周漲跌幅 資料來源：Wi

9、nd，HTI -3.46%-9%-8%-6%-5%-3%-2%0%環保通信電力設備醫藥生物計算機國防軍工電子公用事業交通運輸建筑裝飾傳媒社會服務機械設備石油石化有色金屬紡織服飾農林牧漁綜合基礎化工鋼鐵銀行煤炭商貿零售食品飲料房地產輕工制造美容護理家用電器非銀金融汽車建筑材料-6%-5%-3%-2%0%2%3%貴金屬能源金屬金屬新材料工業金屬小金屬-6%-5%-3%-2%0%2%3%黃金鋰礦指數磁性材料銅鋁稀土指數mMmNXXdUfVbZrVcVxU7NdNbRmOpPtRpMkPnNmPiNmNwP7NqRwPMYnRnRvPnNyR 16 Mar 2023 3 Table_header1 有

10、色金屬有色金屬 Non-ferrous Metals 圖圖4 申萬有色行業周漲幅前十個股申萬有色行業周漲幅前十個股 資料來源：Wind，HTI 圖圖5 申萬有色行業周跌幅前十個股申萬有色行業周跌幅前十個股 資料來源：Wind，HTI 圖圖6 有色金屬行業海外重點上市公有色金屬行業海外重點上市公司股價周漲跌幅司股價周漲跌幅 資料來源：Wind，HTI 0%4%8%12%中潤資源銀泰黃金中金黃金銅冠銅箔盛達資源西部材料悅安新材西藏珠峰西部黃金山東黃金-16%-14%-12%-10%-8%-6%-4%-2%0%2%4%PilbaraAllkem巴里克黃金必和必拓力拓嘉能可SQM雅保自由港 16 Ma

11、r 2023 4 Table_header1 有色金屬有色金屬 Non-ferrous Metals 2.主要子板塊跟蹤主要子板塊跟蹤 2.1 能源金屬：能源金屬：長江鈷價上漲長江鈷價上漲 2.25%，硫酸鎳價維持不變，硫酸鎳價維持不變 圖圖7 鋰鹽價格（萬元鋰鹽價格（萬元/噸）噸）資料來源：Wind，HTI 圖圖8 無錫電子盤碳酸鋰期貨收盤價（元無錫電子盤碳酸鋰期貨收盤價（元/千克）千克）資料來源：Wind，HTI 圖圖9 三元前驅體價格（萬元三元前驅體價格（萬元/噸）噸）資料來源：Wind，HTI 圖圖10 鋰電池正極材料價格（萬元鋰電池正極材料價格（萬元/噸）噸）資料來源：Wind，HT

12、I 圖圖11 LME、SHFE 鎳價鎳價 資料來源：Wind，HTI 圖圖12 全球鎳庫存（萬噸）全球鎳庫存（萬噸）資料來源：Wind，HTI 010203040506021/0321/0922/0322/0923/03電池級碳酸鋰工業級碳酸鋰氫氧化鋰275280285290295300305MM+1M+2M+3M+42023-03-032023-03-108101214161821/0321/0922/0322/0923/03NCM111NCM523NCM622NCM81148121620101520253035404521/0922/0322/0923/03NCM111（左軸）NCM523

13、（左軸）NCM622（左軸）NCM811（左軸）磷酸鐵鋰（右軸）051015202530012345621/0321/0922/0322/0923/03LME鎳（萬美元/噸；左軸）SHFE鎳（萬元/噸；右軸）05101520253021/0321/0922/0322/0923/03LME鎳庫存SHFE鎳庫存 16 Mar 2023 5 Table_header1 有色金屬有色金屬 Non-ferrous Metals 圖圖13 硫酸鎳和高鎳鐵價格硫酸鎳和高鎳鐵價格 資料來源：Wind，HTI 圖圖14 上期所鎳期貨收盤價（萬元上期所鎳期貨收盤價（萬元/噸）噸）資料來源：Wind，HTI 圖圖1

14、5 長江鈷及長江鈷及 MB 鈷價鈷價 資料來源：Wind，HTI 2.2 工業金屬：工業金屬：SHFE 鉛價下跌鉛價下跌 0.92%，SHFE 陰極銅庫存下降陰極銅庫存下降 10.79%圖圖16 LME、SHFE 銅價銅價 資料來源：Wind，HTI 圖圖17 全球銅庫存（萬噸）全球銅庫存（萬噸）資料來源：Wind，HTI 100012001400160018003456721/0321/0922/0322/0923/03硫酸鎳（萬元/噸；左軸）高鎳鐵（元/鎳；右軸）171819MM+1 M+2 M+3 M+4 M+5 M+6 M+7 M+8 M+9 M+10M+112023/03/03202

15、3/03/101020304050253545556521/0321/0922/0322/0923/03長江鈷（萬元/噸；左軸）MB鈷：標準級（美元/磅；右軸）MB鈷：合金級（美元/磅；右軸）56786000700080009000100001100021/0321/0922/0322/0923/03LME銅（美元/噸；左軸）SHFE陰極銅（萬元/噸；右軸）010203040506021/0321/0922/0322/0923/03LME銅SHFE陰極銅SHFE國際銅COMEX銅 16 Mar 2023 6 Table_header1 有色金屬有色金屬 Non-ferrous Metals 圖

16、圖18 中國銅加工費中國銅加工費 資料來源：Wind，HTI 圖圖19 上期所銅期貨收盤價（萬元上期所銅期貨收盤價（萬元/噸）噸）資料來源：Wind，HTI 圖圖20 LME、SHFE 鋁價鋁價 資料來源：Wind，HTI 圖圖21 全球鋁庫存（萬噸）全球鋁庫存（萬噸）資料來源：Wind，HTI 圖圖22 上期所鋁期貨收盤價（萬元上期所鋁期貨收盤價（萬元/噸）噸）資料來源：Wind，HTI 圖圖23 A00 鋁和氧化鋁價格鋁和氧化鋁價格 資料來源：Wind，HTI 2468102545658510521/0321/0922/0322/0923/03粗煉費(TC，美元/干噸；左軸)精煉費(RC，

17、美元/磅；右軸)6.756.856.95MM+2M+4M+6M+8M+102023-03-032023-03-101.41.82.22.615002000250030003500400021/0321/0922/0322/0923/03LME鋁（美元/噸；左軸）SHFE鋁（萬元/噸；右軸）05010015020025030021/0321/0922/0322/0923/03LME鋁SHFE鋁COMEX鋁1.801.821.841.861.881.90MM+1 M+2 M+3 M+4 M+5 M+6 M+7 M+8 M+9 M+10M+112023-03-032023-03-1020002500

18、30003500400045001.01.52.02.521/0321/0922/0322/0923/03A00鋁（萬元/噸；左軸）氧化鋁（元/噸；右軸）16 Mar 2023 7 Table_header1 有色金屬有色金屬 Non-ferrous Metals 圖圖24 LME、SHFE 鋅價鋅價 資料來源：Wind，HTI 圖圖25 全球主要交易所鋅庫存（萬噸）全球主要交易所鋅庫存（萬噸）資料來源：Wind，HTI 圖圖26 LME、SHFE 錫價錫價 資料來源：Wind，HTI 圖圖27 全球主要交易所錫庫存（噸）全球主要交易所錫庫存（噸）資料來源：Wind，HTI 圖圖28 LME、

19、SHFE 鉛價鉛價 資料來源：Wind，HTI 圖圖29 全球主要交易所鉛庫存（萬噸）全球主要交易所鉛庫存（萬噸）資料來源：Wind，HTI 2.02.53.025003000350040004500500021/0321/0922/0322/0923/03LME鋅（美元/噸；左軸）SHFE鋅（萬元/噸；右軸）0102030405021/0321/0922/0322/0923/03LME鋅SHFE鋅102030405012345621/0321/0922/0322/0923/03LME錫（萬美元/噸；左軸）SHFE錫（萬元/噸；右軸）020004000600080001000012000140

20、0021/0321/0922/0322/0923/03LME錫SHFE錫1.31.41.51.61.7150020002500300021/0321/0922/0322/0923/03LME鉛（美元/噸；左軸）SHFE鉛（萬元/噸；右軸）05101520253021/0321/0922/0322/0923/03LME鉛SHFE鉛 16 Mar 2023 8 Table_header1 有色金屬有色金屬 Non-ferrous Metals 2.3 貴金屬：貴金屬：COMEX 黃金上漲黃金上漲 0.53%圖圖30 黃金價格黃金價格 資料來源：Wind，HTI 圖圖31 白銀價格白銀價格 資料來源

21、：Wind，HTI 圖圖32 全球主要經濟體央行總資產全球主要經濟體央行總資產 資料來源：Wind，HTI 圖圖33 美國美國 CPI 當月同比與聯邦基金利率（當月同比與聯邦基金利率（%）資料來源：Wind，HTI 圖圖34 美國國債長短期利差（美國國債長短期利差（%）資料來源：Wind，HTI 圖圖35 金銀比和銅金比金銀比和銅金比 資料來源：Wind，HTI 350370390410430150017001900210021/0321/0922/0322/0923/03COMEX黃金（美元/盎司；左軸）SHFE黃金（元/克；右軸）35004500550065001520253021/032

22、1/0922/0322/0923/03COMEX銀（美元/盎司；左軸）SHFE白銀（元/千克；右軸）0200400600800024681020022005200820112014201720202023美國:所有聯儲銀行:總資產（萬億美元；左軸）歐洲央行:資產:總額（萬億歐元；左軸）日本央行:資產:總額（萬億日元；右軸）012345024681021/0321/0922/0322/0923/03美國CPI：當月同比（左軸）美國聯邦基金利率（右軸）-2-1012321/0321/0922/0322/0923/03美國國債收益率：10Y-2Y美國國債收益率：10Y-3M4567607080901

23、0021/0321/0922/0322/0923/03金銀比（金價/銀價；左軸）銅金比（銅價/金價；右軸）16 Mar 2023 9 Table_header1 有色金屬有色金屬 Non-ferrous Metals 圖圖36 SPDR、iShares 黃金黃金 ETF 持有量（噸）持有量（噸）資料來源：Wind，HTI 2.4 稀土等小金屬：銻價持平稀土等小金屬：銻價持平 圖圖37 主要稀土價格主要稀土價格 資料來源：Wind，HTI 圖圖38 鉬精礦和銻價格鉬精礦和銻價格 資料來源：Wind，HTI 圖圖39 鍺錠和鎢精礦價格鍺錠和鎢精礦價格 資料來源：Wind，HTI 圖圖40 海綿鈦和

24、鈦精礦價格海綿鈦和鈦精礦價格 資料來源：Wind，HTI 4004505005508001000120021/0321/0922/0322/0923/03SPDR黃金ETF（左軸）iShares黃金ETF（右軸）4060801001200.00.51.01.52.021/0321/0922/0322/0923/03氧化鏑（萬元/千克；左軸）氧化鋱（萬元/千克；左軸）鐠釹氧化物（萬元/噸；右軸）567891010002000300040005000600021/0321/0922/0322/0923/03鉬精礦:45%-50%（元/噸度；左軸）銻（萬元/噸，右軸）9101112131480008

25、500900095001000021/0321/0922/0322/0923/03鍺錠:50（元/千克；左軸）黑鎢精礦:55%（萬元/噸；右軸）1800200022002400260060657075808521/0321/0922/0322/0923/03海綿鈦99.6%（元/千克；左軸）鈦精礦（元/噸；右軸）16 Mar 2023 10 Table_header1 有色金屬有色金屬 Non-ferrous Metals 圖圖41 電解錳和鎂錠價格（萬元電解錳和鎂錠價格（萬元/噸）噸）資料來源：Wind，HTI 圖圖42 精鉍和精銦價格精鉍和精銦價格 資料來源：Wind，HTI 3.重要事件

26、重要事件 藏格礦業：藏格礦業：發布 2022 年報。業績：22 年營收為 82 億元，同增 126%；22Q1-4分別為 13、22、22、25 億元?？鄯菤w母凈利為 57 億元，同增 320%；Q1-4 扣非歸母凈利為 8、16、18、15 億元。EPS 為 3.57 元/股。碳酸鋰：22 年銷量為 1.07 萬噸，產量為 1.05 萬噸，截至 22 年底，庫存為 505 噸。氯化鉀：22 年銷量為 110 萬噸，產量為 130 萬噸，截至 22 年底，庫存為 28 萬噸。橫店東磁：橫店東磁：披露 22 年報業績。2022 年實現營收 194.51 億元，同增 54.28%，扣非歸母凈利 1

27、6 億元，同增 77.07%；其中 22Q4 營收 53.26 億元，環增 12%，扣非歸母凈利 5.4 億元，環增 34%。銷量：光伏產品 8008.4 兆瓦，磁性材料 18.4 萬噸，鋰電池 1.9億支，器件 4.0 億只。英洛華：英洛華：發布2022年報。22年營收為47.3億元，同增26%；22Q1-4分別為10.3、12.5、12.8、11.8 億元?？鄯菤w母凈利為 2.1 億元，同增 106%；Q1-4 扣非歸母凈利為0.43、0.49、0.67、0.53 億元。EPS 為 0.23 元/股。恒邦股份：恒邦股份：發布 22 年業績快報。22Q4 實現營收 155.1 億元，環增 6

28、2%，同增18%；歸母凈利 1.0 億元，環減 31%，同減 10%。22 全年實現營收 500.5 億元，同增21%，歸母凈利 5.0 億元，同增 10%。云海金屬：云海金屬：在南京工廠現有土地新建年產 1.5 萬噸鋁擠壓微通道扁管項目。項目投資額為 3.1 億元，項目達產后預計實現年凈利潤為 0.26 億元，投資回收期為 6.94 年(不含建設期)。4.風險提示風險提示 經濟復蘇不及預期；新能源車、地產消費不及預期；主要經濟體貨幣政策收緊超預期；國際地緣政治風險。0246801234521/0321/0922/0322/0923/03電解錳（左軸）鎂錠（右軸）100012001400160

29、01800345621/0321/0922/0322/0923/03精鉍:99.99%（萬元/噸；左軸）精銦:99.995%（元/千克；右軸）16 Mar 2023 11 Table_header2 有色金屬有色金屬 Non-ferrous Metals APPENDIX 1 Summary Industrial metals:The operating rate of the copper industry increased month-on-month,and the impact of Yunnan electrolytic aluminum production reduction

30、will be gradually reflected.Energy metals:The production of cathode materials is picking up,and the demand for lithium salt is expected to continue to rise.Precious metals:Gold prices in the precious metals sector performed well as the marginal easing of tensions in the US labor market,coupled with

31、the risk aversion triggered by the Silicon Valley banking incident.Rare earths and small metals,new materials:Demand is good,and rare earth prices are expected to rise.The price of praseodymium oxide and neodymium oxide this week closed at 610,000 yuan/ton,down 4.98%from the previous week;Antimony p

32、rices remained unchanged,with molybdenum concentrate down 1.18%on a weekly basis.With the optimization of epidemic prevention and control policies,we believe that downstream demand is expected to recover,and rare earth prices are expected to rise.It is recommended to pay attention to:North Rare Eart

33、h,China Rare Earth,Hunan Gold,Gold Molybdenum Co.,Ltd.and other companies.12 Table_APPENDIX Table_disclaimer 附錄附錄APPENDIX 重要信息披露重要信息披露 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(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

34、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 DISCLOSURES This research report is distributed by Haitong International,a global brand name for the equity research teams of Haitong International Research Limited(“HTIRL”),Haitong Securities India Private Limited(“HSIPL”),Haitong International Japan K.K.(

35、“HTIJKK”),Haitong International Securities Company Limited(“HTISCL”),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分析師認證分析師認證Analyst Certification:我，甘嘉堯，在此保證（i）本研究報告

36、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,Jiayao Gan,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

37、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(including members of my household)have no financial interest in the security or securities of the subject companies d

38、iscussed.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 c

39、ertain stocks or companies in this research report.As far as this research report is concerned,the following are 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 infor

40、mation is needed).海通證券股份有限公司和/或其子公司（統稱“海通”）在過去12個月內參與了6837.HK,600711.CH,600988.CH and 600338.CH的投資銀行項目。投資銀行項目包括：1、海通擔任上市前輔導機構、保薦人或主承銷商的首次公開發行項目；2、海通作為保薦人、主承銷商或財務顧問的股權或債務再融資項目；3、海通作為主經紀商的新三板上市、目標配售和并購項目。Haitong Securities Co.,Ltd.and/or its subsidiaries(collectively,the Haitong)have a role in investm

41、ent banking projects of 6837.HK,600711.CH,600988.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,sponsor,or lead-underwriter;2.equity or debt refinancing projects of 6837.HK,600711.CH,600988.CH and 600338.C

42、H 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.作為回報，海通擁有002240.CH一類普通股證券的1%或以上。The Haitong beneficially owns 1%or more of a class of common equity

43、securities of 002240.CH.6837.HK,600711.CH,600988.CH 及 600338.CH目前或過去12個月內是海通的投資銀行業務客戶。6837.HK,600711.CH,600988.CH and 600338.CH are/were an investment bank clients of Haitong currently or within the past 12 months.山東黃金集團財務有限公司,3993.HK,600711.CH,600988.CH 及 000630.CH目前或過去12個月內是海通的客戶。海通向客戶提供非投資銀行業務的證券

44、相關業務服務。山東黃金集團財務有限公司,3993.HK,600711.CH,600988.CH and 000630.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.荊門市格林美新材料有限公司,四川四環鋅鍺科技有限公司，封開縣威利邦木業有限公司 及 封開縣威利邦木業有限公司目前或過去12個月內是海通的客戶。海通向客戶提供非證券業務服務。

45、荊門市格林美新材料有限公司,四川四環鋅鍺科技有限公司，封開縣威利邦木業有限公司 and 封開縣威利邦木業有限公司 are/were a client of Haitong currently or within the past 12 months.The client has been provided for non-securities services.海通預計將（或者有意向）在未來三個月內從002738.CH 及 6837.HK獲得投資銀行服務報酬。Haitong expects to receive,or intends to seek,compensation for inves

46、tment banking services in the next three months from 002738.CH and 6837.HK.海通在過去的12個月中從荊門市格林美新材料有限公司,600711.CH,封開縣威利邦木業有限公司 及 000630.CH獲得除投資銀行服務以外之產品或服務的報酬。Haitong has received compensation in the past 12 months for products or services other than investment banking from 荊門市格林美新材料有限公司,600711.CH,封開縣威

47、利邦木業有限公司 and 000630.CH.海通擔任3993.HK有關證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 3993.HK.13 海通國際證券集團有限公司（“海通國際”）有雇員或與關聯人士擔任6837.HK的職員。Haitong International Securities Group Ltd.(Haitong International)having an individual employed by or associated with Haito

48、ng International serving as an officer of 6837.HK.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 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

49、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 TOPIX,韓國 KOSPI,臺灣 TAIEX,印度 Nifty100,美國 SP500;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 Out

50、perform,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 the analysts views,in

51、vestors 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 on individual circumstances(

52、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 return over the next 12-18 months i

53、s 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 12-18 months is expected to be below t

54、he 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.評級分布評級分布Rating Distribution 截至截至2022年年12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

55、布 優于大市優于大市 中性中性 弱于大市弱于大市 (持有)海通國際股票研究覆蓋率 89.4%9.2%1.5%投資銀行客戶*5.2%7.3%8.3%*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（直至此前的評級系統定義（直至2020年年6月月30日）：日）：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，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

56、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。14 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 KOSPI,臺灣 TAIEX,印度 Nifty100;其他所有中國概念股 MSCI China.Haitong International Equity Research Ratings Distribution,as of Dec 31,2022 Outperform Neutral Underperform (hold)HTI Equity Research Coverage 89.4%9.2%1.

57、5%IB clients*5.2%7.3%8.3%*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 purposes only of FINRA/NYSE ratings distribution rules,our Neutral rating falls into

58、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 months is expected to exceed the return of its relevant broad market benchmark,as indicated

59、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 distribution rules,our Neutral rating falls into a hold rating category.SELL:The stocks total r

60、eturn 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 KOSPI,Taiwan TAIEX,India Nifty100;for all other China-concept stocks MSCI China.海通國際非評級研究：海通國際非評級研究：

61、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 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 ba

62、sed 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

63、評級可能有所不同。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.Haitong Securities(HS;600837 CH),the ultimate parent company of HTISG based in Shanghai,covers and publishes researc

64、h 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 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

65、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)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 pr

66、ocess in combination with a review of the HS A-share teams bottom-up research.The Q100 constituent companies are reviewed quarterly.MSCI 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

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127、016/396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 India Private Limited（“HT

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