1、 Table_yemei1 觀點聚焦 Investment Focus 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)研究報告 Research Report 14 Dec 2022 中國必需消費中國必

2、需消費 China Staples HTI 消費品成本指數：玻璃期貨大漲，包材漲多跌少 HTI CGCI:The Price of Glass Futures Rose Sharply,Most Packaging Materials Went Up Table_Info 市盈率 P/E 股票名稱 評級 目標價 2022E 2023E 百威亞太 Underperform 21.00 32 n.a.華潤啤酒 Outperform 64.00 42 35 海底撈 Outperform 21.40 21 17 康師傅 Outperform 17.10 16 14 中國飛鶴 Outperform 8.

3、54 10 8 恒安國際 Neutral 55.80 9 9 九毛九 Outperform 21.68 33 25 頤海國際 Outperform 24.33 24 19 優然牧業 Outperform 5.55 4 3 澳優 Outperform 7.32 5 4 現代牧業 Outperform 1.43 6 5 資料來源：Factset,HTI Related Reports HTI 消費品成本指數：包材現貨價格走弱，推動行業成本下行（HTI CGCI:Weak Price of Packaging Materials Led to the Costs Down）(7 Dec 2022)H

4、TI 消費品成本指數：棕櫚油再度大漲，包材價格多數走強（HTI CGCI:Palm Oil Rose Again,Most Packaging Materials Prices Went up）(30 Nov 2022)HTI 消費品成本指數：原材料價格走弱，行業成本繼續下行（HTI CGCI:The Price of Raw Materials Fell,the Sector Cost Continued to Decline）(23 Nov 2022)(Please see APPENDIX 1 for English summary)本周本周 HTI 跟蹤的六類消費品中，成本指數現貨端跌

5、勢延續，期貨端跟蹤的六類消費品中，成本指數現貨端跌勢延續，期貨端多數上漲，啤酒期貨和調味品期貨漲幅居前多數上漲，啤酒期貨和調味品期貨漲幅居前。具體來看，本周包材部分，玻璃期貨價格大漲 10.69%，塑料期貨和鋁材現貨上漲1.93%/1.39%，紙漿期貨和 PET 塑料現貨漲幅在 1%以內，鋁材期貨價格下行較多，幅度達 2.32%，玻璃和瓦楞紙現貨緊隨其后，跌幅達 1.56%/0.98%。直接原材料部分，本周多數下跌，棕櫚油價格延續回落，現貨、期貨下跌 6.21%/5.53%，與上周跌幅相當，蔬菜止漲回落，下滑 1.96%，大麥小幅回調，幅度達 1.56%，白糖現貨、期貨上漲 0.49%/2.8

6、6%。能源方面，本周油價小幅回升，布油現貨、期貨上漲 0.69%/1.68%。啤酒：啤酒：截至 12 月 13 日，成本現貨指數較上周下降 0.69%，期貨指數較上周提升 3.79%。今年年初以來現貨、期貨指數分別累計變動9.3%/1.19%，較 去 年 同 期 現 貨、期 貨 指 數 分 別 累 計 變 動9.93%/3.34%。本周啤酒現貨成本下行主因進口加麥和玻璃的小幅回落，但期貨端由于玻璃價格大幅抬升，啤酒期貨成本快速上行。調味品：調味品：成本現貨指數較上周下降 0.37%，期貨指數較上周提升2.57%。今年年初以來現貨、期貨指數分別累計變動 6.28%/5.7%，較去年同期現貨、期貨

7、指數分別累計變動 5.88%/6.61%。本周現貨端，大豆和包材價格整體偏弱，調味品成本下降，期貨端塑料和玻璃價格走強，白糖價格上漲，整體成本抬升較多。乳制品：乳制品：成本現貨指數較上周下降 0.07%，期貨指數較上周提升0.57%。今年年初以來現貨、期貨指數分別累計變動 7.26%/6.25%，較去年同期現貨、期貨指數分別累計變動 8.61%/6.81%。本周乳制品期貨、現貨成本走勢分化主因包材期現價格漲跌不一導致，白糖期貨也較現貨上漲更多。方便面：方便面：成本現貨指數較上周下降 1.08%，期貨指數較上周下降0.07%。今年年初以來現貨、期貨指數分別累計變動 7.06%/0.94%，較去年

8、同期現貨、期貨指數分別累計變動 6.53%/0.9%。本周棕櫚油價格繼續錄得中個位數下跌，推動方便面成本下行。速凍食品：速凍食品：成本現貨指數較上周下降 0.21%，期貨指數較上周下降0.1%。今年年初以來現貨、期貨指數分別累計變動 3.99%/4.27%，較去年同期現貨、期貨指數分別累計變動 2.96%/3.16%。本周蔬菜和雞肉價格小幅波動，速凍食品成本波動不大。軟飲料：軟飲料：成本現貨指數較上周下降 0.23%，期貨指數較上周提升1.27%。今年年初以來現貨、期貨指數分別累計變動 12.39%/5.16%，較去年同期現貨、期貨指數分別累計變動 12.5%/3.56%。本周瓦楞紙現貨跌而期

9、貨漲，PET 塑料和白糖的期貨價格也較現貨端上行更多，軟飲料期貨成本繼續走強。風險風險提示：提示：國內疫情反復，原材料價格持續高位，地緣沖突加劇。Table_Author 聞宏偉聞宏偉 Hongwei Wen 陳子葉陳子葉 Susie Chen 557085100115Dec-21Mar-22Jun-22Sep-22Dec-22HAI China StaplesMSCI China 14 Dec 2022 2 Table_header1 中國必需消費中國必需消費 1.玻璃期貨大幅拉升玻璃期貨大幅拉升，棕櫚油價格延續下跌，棕櫚油價格延續下跌 本周 HTI 跟蹤的六類消費品中，成本指數現貨端跌勢延

10、續，期貨端多數上漲，啤酒期貨和調味品期貨漲幅居前。具體來看，本周包材部分，玻璃期貨價格大漲 10.69%，塑料期貨和鋁材現貨上漲1.93%/1.39%，紙漿期貨和塑料現貨漲幅在 1%以內，鋁材期貨價格下行較多，幅度達2.32%，玻璃和瓦楞紙現貨緊隨其后，跌幅達 1.56%/0.98%。直接原材料部分，本周多數下跌，棕櫚油價格延續回落，現貨、期貨下跌 6.21%/5.53%，與上周跌幅相當，蔬菜止漲回落，下滑 1.96%，大麥小幅回調，幅度達 1.56%，白糖現貨、期貨上漲0.49%/2.86%。能源方面，本周油價小幅回升，布油現貨、期貨上漲 0.69%/1.68%。表表 1 HTI 消費品現貨

11、成本指數消費品現貨成本指數 資料來源：Wind，HTI 表表 2 HTI 消費品期貨成本指數消費品期貨成本指數 資料來源：Wind，HTI 啤酒調味品乳制品方便面速凍食品軟飲料基準日2022/12/13133.82117.74117.60114.60128.66121.27上周2022/12/6134.76118.17117.68115.85128.92121.55上月2022/11/13137.47121.18119.21118.21129.05122.29今年年初2022/1/1147.54125.63126.81123.31123.73138.41去年同期2021/12/13148.58

12、125.09128.68122.61124.96138.59-0.69%-0.37%-0.07%-1.08%-0.21%-0.23%-2.66%-2.84%-1.35%-3.05%-0.31%-0.84%-9.30%-6.28%-7.26%-7.06%3.99%-12.39%-9.93%-5.88%-8.61%-6.53%2.96%-12.50%較去年同期HTI消費品成本指數（現貨指數）較上周較上月較今年年初日期啤酒調味品乳制品方便面速凍食品軟飲料基準日2022/12/13140.04128.80108.12126.66129.57144.19上周2022/12/6134.92125.5710

13、7.51126.74129.69142.38上月2022/11/13134.80126.74107.69126.93129.92138.25今年年初2022/1/1141.72136.58101.76127.86124.26152.04去年同期2021/12/13144.88137.92101.23125.52125.59149.513.79%2.57%0.57%-0.07%-0.10%1.27%3.89%1.62%0.40%-0.22%-0.28%4.29%-1.19%-5.70%6.25%-0.94%4.27%-5.16%-3.34%-6.61%6.81%0.90%3.16%-3.56%較

14、去年同期HTI消費品成本指數（期貨指數）較上周較上月較今年年初日期ZVaXpWoUcVpXpM8OdN9PnPrRpNnPlOoPmOlOmNsP7NpPwPxNnMpQwMmPqP 14 Dec 2022 3 Table_header1 中國必需消費中國必需消費 2.啤酒啤酒期貨期貨成本成本快速快速上行上行 2.1 啤酒啤酒 截至 12 月 13 日，啤酒成本現貨指數為 133.82，較上周下降 0.69%；啤酒成本期貨指數為 140.04，較上周提升 3.79%。本周啤酒現貨成本下行主因進口加麥和玻璃的小幅回落，但期貨端由于玻璃價格大幅抬升，啤酒期貨成本快速上行。月度來看，較上月同期啤酒成

15、本現貨指數下降 2.66%，啤酒成本期貨指數提升3.89%。中長期看，今年年初以來啤酒成本現貨指數下降 9.3%，啤酒成本期貨指數下降 1.19%，較去年同期，啤酒成本現貨指數下降 9.93%，啤酒成本期貨指數下降3.34%。圖圖1 本周本周 HTI 啤酒成本現貨指數啤酒成本現貨指數下降下降 0.69%圖圖2 本周本周 HTI 啤酒成本期貨指數啤酒成本期貨指數提升提升 3.79%資料來源：Wind，HTI 資料來源：Wind，HTI 圖圖3 浮法玻璃市場價（元浮法玻璃市場價（元/噸）噸）圖圖4 玻璃期貨價（元玻璃期貨價（元/噸）噸）資料來源：Wind，HTI 資料來源：Wind，HTI 2.2

16、 調味品調味品 截至 12 月 13 日，調味品成本現貨指數為 117.74，較上周下降 0.37%；調味品成本期貨指數為 128.8，較上周提升 2.57%。本周現貨端大豆和包材價格整體偏弱，調味品成本下降，期貨端塑料和玻璃價格走強，白糖價格上漲，整體成本抬升較多。100.0110.0120.0130.0140.0150.0160.0170.0180.019-0119-0720-0120-0721-0121-0722-0122-07HTIHTI啤酒成本指數（現貨）啤酒成本指數（現貨）100.0120.0140.0160.0180.0200.019-0119-0720-0120-0721-01

17、21-0722-0122-07HTIHTI啤酒成本指數（期貨）啤酒成本指數（期貨）0.0500.01,000.01,500.02,000.02,500.03,000.03,500.019-0119-0720-0120-0721-0121-0722-0122-070.0500.01,000.01,500.02,000.02,500.03,000.03,500.019-0119-0720-0120-0721-0121-0722-0122-07 14 Dec 2022 4 Table_header1 中國必需消費中國必需消費 月度來看，較上月同期調味品成本現貨指數下降 2.84%，調味品成本期貨指數

18、提升1.62%。中長期看，今年年初以來調味品成本現貨指數下降6.28%，調味品成本期貨指數下降 5.7%，較去年同期，調味品成本現貨指數下降 5.88%，調味品成本期貨指數下降 6.61%。圖圖5 本周本周 HTI 調味品成本現貨指數調味品成本現貨指數下降下降 0.37%圖圖6 本周本周 HTI 調味品成本期貨指數調味品成本期貨指數提升提升 2.57%資料來源：Wind，HTI 資料來源：Wind，HTI 圖圖7 大豆期貨收盤價（元大豆期貨收盤價（元/噸）噸）圖圖8 白砂糖期貨收盤價（元白砂糖期貨收盤價（元/噸）噸）資料來源：Wind，HTI 資料來源：Wind，HTI 2.3 乳制品乳制品

19、截至 12 月 13 日，乳制品成本現貨指數為 117.6，較上周下降 0.07%；乳制品成本期貨指數為 108.12，較上周提升 0.57%。本周乳制品期貨、現貨成本走勢分化主因包材期現價格漲跌不一導致，白糖期貨也較現貨上漲更多。月度來看，較上月同期乳制品成本現貨指數下降 1.35%，乳制品成本期貨指數提升 0.4%。中長期看，今年年初以來乳制品成本現貨指數下降 7.26%，乳制品成本期貨指數提升6.25%，較去年同期，乳制品成本現貨指數下降8.61%，乳制品成本期貨指數提升 6.81%。80.090.0100.0110.0120.0130.0140.019-0119-0720-0120-0

20、721-0121-0722-0122-07HTIHTI調味品成本指數（現貨）調味品成本指數（現貨）90.0110.0130.0150.0170.0190.019-0119-0720-0120-0721-0121-0722-0122-07HTIHTI調味品成本指數（期貨）調味品成本指數（期貨）3,000.03,500.04,000.04,500.05,000.05,500.06,000.06,500.07,000.019-0119-0720-0120-0721-0121-0722-0122-074,500.05,000.05,500.06,000.06,500.019-0119-0720-012

21、0-0721-0121-0722-0122-07 14 Dec 2022 5 Table_header1 中國必需消費中國必需消費 圖圖9 本周本周 HTI 乳制品成本現貨指數乳制品成本現貨指數下降下降 0.07%圖圖10 本周本周 HTI 乳制品成本期貨指數乳制品成本期貨指數提升提升 0.57%資料來源：Wind，HTI 資料來源：Wind，HTI 圖圖11 全國玉米平均價（元全國玉米平均價（元/公斤）公斤）圖圖12 全國豆粕平均價（元全國豆粕平均價（元/公斤）公斤）資料來源：Wind，HTI 資料來源：Wind，HTI 2.4 方便面方便面 截至 12 月 13 日，方便面成本現貨指數為

22、114.6，較上周下降 1.08%；方便面成本期貨指數為 126.66，較上周下降 0.07%。本周棕櫚油價格錄得中個位數下跌，推動方便面成本下行。月度來看，較上月同期方便面成本現貨指數下降 3.05%，方便面成本期貨指數下降0.22%。中長期看，今年年初以來方便面成本現貨指數下降7.06%，方便面成本期貨指數下降0.94%，較去年同期，方便面成本現貨指數下降6.53%，方便面成本期貨指數提升 0.9%。80.090.0100.0110.0120.0130.0140.019-0119-0720-0120-0721-0121-0722-0122-07HTIHTI乳制品成本指數（現貨）乳制品成本指

23、數（現貨）70.080.090.0100.0110.0120.019-0119-0720-0120-0721-0121-0722-0122-07HTIHTI乳制品成本指數（期貨）乳制品成本指數（期貨）1.82.02.22.42.62.83.03.219-0119-0720-0120-0721-0121-0722-0122-072.83.33.84.34.85.35.819-0119-0720-0120-0721-0121-0722-0122-07 14 Dec 2022 6 Table_header1 中國必需消費中國必需消費 圖圖13 本周本周 HTI 方便面成本現貨指數方便面成本現貨指數下

24、降下降 1.08%圖圖14 本周本周 HTI 方便面成本期貨指數方便面成本期貨指數下降下降 0.07%資料來源：Wind，HTI 資料來源：Wind，HTI 圖圖15 棕櫚油棕櫚油期貨收盤期貨收盤價（元價（元/噸）噸）圖圖16 小麥期貨價（元小麥期貨價（元/噸）噸）資料來源：Wind，HTI 資料來源：Wind，HTI 2.5 速凍食品速凍食品 截至 12 月 13 日，速凍食品成本現貨指數為 128.66，較上周下降 0.21%；速凍食品成本期貨指數為 129.57，較上周下降 0.1%。本周蔬菜和雞肉價格小幅波動，速凍食品成本變化不大。月度來看，較上月同期速凍食品成本現貨指數下降 0.31

25、%，速凍食品成本期貨指數下降0.28%。中長期看，今年年初以來速凍食品成本現貨指數提升3.99%，速凍食品成本期貨指數提升4.27%，較去年同期，速凍食品成本現貨指數提升2.96%，速凍食品成本期貨指數提升 3.16%。80.090.0100.0110.0120.0130.0140.0150.019-0119-0720-0120-0721-0121-0722-0122-07HTIHTI方便面成本指數（現貨）方便面成本指數（現貨）70.090.0110.0130.0150.0170.019-0119-0720-0120-0721-0121-0722-0122-07HTIHTI方便面成本指數（期貨

26、）方便面成本指數（期貨）0200040006000800010000120001400019-0119-0720-0120-0721-0121-0722-0122-072,000.02,500.03,000.03,500.04,000.019-0119-0720-0120-0721-0121-0722-0122-07 14 Dec 2022 7 Table_header1 中國必需消費中國必需消費 圖圖17 本周本周 HTI 速凍食品成本現貨指數速凍食品成本現貨指數下降下降 0.21%圖圖18 本周本周 HTI 速凍食品成本期貨指數速凍食品成本期貨指數下降下降 0.1%資料來源：Wind，HT

27、I 資料來源：Wind，HTI 圖圖19 白條雞價格（元白條雞價格（元/公斤）公斤）圖圖20 平均批發價平均批發價:28 種重點監測蔬菜種重點監測蔬菜 資料來源：Wind，HTI 資料來源：Wind，HTI 2.6 軟飲料軟飲料 截至 12 月 13 日，軟飲料成本現貨指數為 121.27，較上周下降 0.23%；軟飲料成本期貨指數為144.19，較上周提升1.27%。本周瓦楞紙現貨跌而期貨漲，PET塑料和白糖的期貨價格也較現貨端上行更多，軟飲料期貨成本繼續走強。月度來看，較上月同期軟飲料成本現貨指數下降 0.84%，軟飲料成本期貨指數提升 4.29%。中長期看，今年年初以來軟飲料成本現貨指數

28、下降 12.39%，軟飲料成本期貨指數下降5.16%，較去年同期，軟飲料成本現貨指數下降12.5%，軟飲料成本期貨指數下降 3.56%。90.0100.0110.0120.0130.0140.019-0119-0720-0120-0721-0121-0722-0122-07HTIHTI速凍食品成本指數（現貨）速凍食品成本指數（現貨）90.0100.0110.0120.0130.0140.019-0119-0720-0120-0721-0121-0722-0122-07HTIHTI速凍食品成本指數（期貨）速凍食品成本指數（期貨）15.016.017.018.019.020.021.022.019

29、-0119-0720-0120-0721-0121-0722-0122-073.03.54.04.55.05.56.06.57.019-0119-0720-0120-0721-0121-0722-0122-07 14 Dec 2022 8 Table_header1 中國必需消費中國必需消費 圖圖21 本周本周 HTI 軟飲料成本現貨指數軟飲料成本現貨指數下降下降 0.23%圖圖22 本周本周 HTI 軟飲料成本期貨指數軟飲料成本期貨指數提升提升 1.27%資料來源：Wind，HTI 資料來源：Wind，HTI 圖圖23 瓦楞紙市場價（元瓦楞紙市場價（元/噸）噸）圖圖24 PET 切片價格切片

30、價格（元（元/噸）噸）資料來源：Wind，HTI 資料來源：Wind，HTI 3.風險提示風險提示 國內疫情反復，原材料價格持續高位，地緣沖突加劇。90.0100.0110.0120.0130.0140.0150.019-0119-0720-0120-0721-0121-0722-0122-07HTIHTI軟飲料成本指數（現貨）軟飲料成本指數（現貨）90.0110.0130.0150.0170.0190.019-0119-0720-0120-0721-0121-0722-0122-07HTIHTI軟飲料成本指數（期貨）軟飲料成本指數（期貨）3,000.03,500.04,000.04,500.

31、05,000.019-0119-0720-0120-0721-0121-0722-0122-074,000.05,000.06,000.07,000.08,000.09,000.010,000.011,000.019-0119-0720-0120-0721-0121-0722-0122-07 14 Dec 2022 9 Table_header2 中國必需消費中國必需消費 APPENDIX 1 Summary Among the six categories of consumer goods tracked by HTI this week,the spot cost index fell,

32、while most futures cost index rose,with beer futures and condiment futures leading the way.For packaging materials this week,the price of glass futures rose 10.69%.Plastic futures and aluminum spot rose 1.93%/1.39%.Pulp futures and PET plastic spot rose within 1%.However,aluminum futures fell 2.32%,

33、and glass and corrugated paper fell 1.56%/0.98%.For direct raw materials,palm oil spot and futures fell 6.21%/5.53%.Vegetable prices fell 1.96%and barley fell 1.56%.Sugar spot and futures rose 0.49%/2.86%.In terms of energy,the oil price rose slightly this week.The spot and futures of oil distributi

34、on rose 0.69%/1.68%.Risks:Repeated domestic epidemics,continued high raw material prices and intensified geopolitical conflicts.10 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 Japa

35、n 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 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 Priv

36、ate 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 engage in securities activities in its respective jurisdiction.H

37、TIRL分析師認證分析師認證Analyst Certification:我，聞宏偉，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,Hongwei Wen,certify that(i)the views expressed in this research report accurately reflect my personal views about any or

38、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(including members of my household)have no financial interest i

39、n the security or securities of the subject companies discussed.我，陳子葉，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,Susie Chen,certify that(i)the views expressed in this research report accurately reflect my p

40、ersonal 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(including members of my household)h

41、ave no financial interest in the security or securities of the subject companies discussed.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

42、 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 relationship(As the following disclosure does not ensure timelines

43、s and completeness,please send an email to ERD-D if timely and comprehensive information 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1044.HK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

44、(collectively,the Haitong)have a role in investment banking projects of 1044.HK 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 1044.HK for which Haitong

45、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.1044.HK目前或過去12個月內是海通的投資銀行業務客戶。1044.HK is/was an investment bank clients of Haitong currently or within the past 12 month

46、s.香港華潤(集團)有限公司上海代表處目前或過去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相關業務服務。香港華潤(集團)有限公司上海代表處 is/was a client of Haitong currently or within the past 12 months.The client has been provided for non-investment-banking securities-related services.海通擔任0291.HK有關證券的做市商或流通量提供者。Haitong acts as a market maker or liquidity p

47、rovider in the securities of 0291.HK.11 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%以上，基準定義如下 中

48、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 Outperform,Ne

49、utral,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,investors sh

50、ould 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(such as th

51、e 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 is expected

52、 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 the return

53、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9月月30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 優于大市優于大市

54、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%1.4%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。根據FINRA/NYSE

55、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，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 12 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 Sep 30,2022 Outperform Neutral Underperform (hold)HTI Equity Research Coverage 89.4%9.2%1.4%IB client

56、s*5.5%6.8%4.5%*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 a hold rati

57、ng 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 below.NEUTR

58、AL: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 return over

59、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：海通國際發布計量、篩選

60、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 based on poss

61、ible 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股評級可能有所不同。Ha

62、itong 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 research on these

63、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。這些股票是通過基于質量的篩選過

64、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 process in co

65、mbination 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。該信息只能供閣下內部使用，不

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