1、海通國際海通國際AI工業工業+能源能源美國美國AI+數據中心能源解決最新機遇數據中心能源解決最新機遇New Opportunities for AI+Data Center Energy Solutions in North America楊斌楊斌 Bin YANG,2024年年11月月20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。(Please

2、see appendix for English translation of the disclaimer)Equity Asia Research2For 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 目錄目錄01/共和黨執政對能源走勢的影響共和黨執政對能源走勢的影響02/美國當前主要工業設備競爭格局美國當前主要工業設備競爭格

3、局03/美國解決電力短缺措施和落地項目成效美國解決電力短缺措施和落地項目成效04/AI數據中心能耗趨勢及拉動的工業投資規模數據中心能耗趨勢及拉動的工業投資規模05/美國電力短缺給設備公司帶來多少估值增長美國電力短缺給設備公司帶來多少估值增長3For 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 共和黨執政對能源走勢的影響共和黨執政

4、對能源走勢的影響4For 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 共和黨執政共和黨執政5For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to

5、 the latest full report on our website at 美國當前主要設備競爭格局美國當前主要設備競爭格局6For 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 資料來源：Statista,HTI圖：美國數據中心建設投資規模資料來源：JLL,HTI圖：美國在建數據中心情況美國數據中心市場規模負荷增速達美國

6、數據中心市場規模負荷增速達11.48%。自自2023年下半年開始美國數據中心在建規?？焖倥噬?。年下半年開始美國數據中心在建規?？焖倥噬?。數據中心市場規模：預計到數據中心市場規模：預計到2029年超年超2000億，復合增速達億，復合增速達11.5%7For 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 數據中心涉及工業設備范圍數據中

7、心涉及工業設備范圍圖：我們了解資本貨物公司如何以及哪些供應商為數據中心增值的框架：1)誰在增加容量？2)誰在提高生產力？資料來源：Lawrence Berkeley National Laboratory,Edison Electric Institute,EIA,HTI8For 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 蒸汽

8、蒸汽、燃氣及其他汽輪機及汽輪發電機生產價格指數燃氣及其他汽輪機及汽輪發電機生產價格指數2024年年10月為月為159.896，同比增長同比增長4.14%。電氣機械：燃氣輪機及變壓器生產價格走高電氣機械：燃氣輪機及變壓器生產價格走高資料來源：FRED,HTI圖：蒸汽、燃氣及其他汽輪機及汽輪發電機生產價格指數9For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on

9、our website at 根據根據 Mordor Intelligence 數據數據，2024年北美變壓器市場將達到年北美變壓器市場將達到88.6億美元億美元，到到2029年預計年預計達到達到115.4億美元億美元，2024-2029年年復合增速將達到年年復合增速將達到5.41%。北美變壓器玩家主要為大型電氣設備企業北美變壓器玩家主要為大型電氣設備企業，如如Hitachi、伊頓伊頓、ABB、西門子能源西門子能源、GE等等等等。市場空間和競爭格局：到市場空間和競爭格局：到2029年有望達到年有望達到115.4億美元，億美元，CAGR為為5.41%資料來源：MordorIntelligence

10、,HTI圖：北美變壓器市場空間資料來源：Harris Williams,HTI圖：北美變壓器主要公司10For 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 10月份美國變壓器一次產品價格指數為月份美國變壓器一次產品價格指數為427.4，同比增長，同比增長3.35%，變壓器價格指數為，變壓器價格指數為433.3，同比增長，同比增長

11、3.32%。美國變壓器價格指數：美國變壓器價格指數：10月份價格指數繼續維持高位月份價格指數繼續維持高位資料來源：U.S.Bureau of Labor Statistics，HTI資料來源：U.S.Bureau of Labor Statistics,HTI圖：美國變壓器一次產品價格指數圖：美國變壓器價格指數11For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report

12、 on our website at 美國解決電力短缺措施和落地項目成效美國解決電力短缺措施和落地項目成效12For 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 美國上半年整體現貨電力需求穩定美國上半年整體現貨電力需求穩定，夏季電價有季節性上升趨勢夏季電價有季節性上升趨勢。PJM在在7月底的基礎余量拍賣價格反映出未來電力供應趨緊

13、月底的基礎余量拍賣價格反映出未來電力供應趨緊。美國電力短缺：電力需求增加帶動現貨及遠期價格上漲美國電力短缺：電力需求增加帶動現貨及遠期價格上漲資料來源：EIA,HTI圖：美國主要地區平均現貨電價同比走勢圖：美國PJM地區RPM基礎余量拍賣歷史清算價格（$/MW-day）資料來源：PJM,HTI-30%-20%-10%0%10%20%30%Jan2023Feb2023Mar2023Apr2023May2023Jun2023Jul2023Aug2023Sep2023Oct2023Nov2023Dec2023Jan2024Feb2024Mar2024Apr2024May2024TexasVirgin

14、iaCalifornia13For 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 美國部分地區斷電頻發美國部分地區斷電頻發，極端天氣是供電可靠性的主要挑戰極端天氣是供電可靠性的主要挑戰。電力供給不足因素對數據中心供電可持續性影響越來越大電力供給不足因素對數據中心供電可持續性影響越來越大。美國電力短缺：電力對數據中心停機率影響增大美

15、國電力短缺：電力對數據中心停機率影響增大圖：美國數據中心停機原因（圖：美國數據中心停機原因（2020-2023）資料來源：Uptime,HTI圖：美國人均斷電次數（圖：美國人均斷電次數（2013-2022）資料來源：EIA,HTI圖：美國近期各地區斷電情況圖：美國近期各地區斷電情況資料來源：Outage US,HTI14For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full rep

16、ort on our website at 新能源：并網申請積壓嚴重，需要更穩定電源滿足電力需求新能源：并網申請積壓嚴重，需要更穩定電源滿足電力需求資料來源：Phys，HTI圖：美國電網過載情況圖：美國電網排隊情況資料來源：Climable，HTI15For 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 新能源新能源：高利率與全球

17、經濟放緩，新能源股價大幅下跌：高利率與全球經濟放緩，新能源股價大幅下跌資料來源：Google，HTI圖：美股新能源年初至今股價走勢儲能儲能逆變器逆變器光伏光伏16For 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 AI數據中心能耗趨勢及拉動的數據中心能耗趨勢及拉動的工業投資規模工業投資規模17For full disclosur

18、e of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at AI數據中心帶動的電力需求推演數據中心帶動的電力需求推演。美國電網：美國電網：AI數據中心帶動多少電力需求數據中心帶動多少電力需求圖：AI數據中心用電需求模型由假設條件推出的簡單結論由假設條件推出的簡單結論每秒生成的每秒生成的Token數數（萬個）（萬個）5800每秒需要的每秒需要的FLOP8.20E+22需要安

19、裝的需要安裝的H100等效服務器等效服務器2.60E+06需要需要 AI 服務器機架服務器機架5.20E+05AI 機架所需能耗機架所需能耗（GW）（）（服務器、存儲、網絡）服務器、存儲、網絡）31 電源轉換所需能耗（電源轉換所需能耗（GW）9 照明所需能耗（照明所需能耗（GW）2 冷卻所需能耗（冷卻所需能耗（GW）36 AI數據中心所需能源總量（數據中心所需能源總量（GW）78 每年相應電力消耗每年相應電力消耗(TWh)683 假設條件假設條件2030年用戶平均每天使用數據中心推理年用戶平均每天使用數據中心推理次數（億）次數（億）100即平均每天進行即平均每天進行100億次億次Google

20、搜索搜索每個推理生成的平均每個推理生成的平均Token數數500 一個一個Token約為約為3/4文字文字每個每個Token的的FLOP（次）次）7.1 x 1014 對于對于 GPT 3，每個每個Token推理使用推理使用7.1 x 1014 次次操作操作每秒每秒FP8 FLOPs H100服務器需求服務器需求3.2x 1016AI機架功耗機架功耗（kW）608%FLOP利用率利用率0.518For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stoc

21、ks,please refer to the latest full report on our website at 美國擁有電網公司美國擁有電網公司500多家多家，截至截至2022年底年底，美國電網輸電線路長度約為美國電網輸電線路長度約為50萬千米萬千米，配電線路長度約為配電線路長度約為1100萬千萬千米米，美國目前的電網基本上是在美國目前的電網基本上是在20世紀世紀60、70年代建設完成年代建設完成，70%的輸電線使用超過的輸電線使用超過25年年，處于典型處于典型50-80年生年生命周期的尾部命周期的尾部。2023年美國電網投資規模約年美國電網投資規模約970億美元億美元，在凈零情景在凈

22、零情景（NZS）下下，2023-2030年美國電網投資復合增速預計為年美國電網投資復合增速預計為9.3%。美國電網系統：老舊程度全球排名前列，電網投資復合增速達美國電網系統：老舊程度全球排名前列，電網投資復合增速達9.3%資料來源：IEA,HTI圖：美國電網投資金額及展望資料來源：BNEF,HTI圖：全球電網投資展望19For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full rep

23、ort on our website at 各區域最新政策及研究更新各區域最新政策及研究更新。美國電網：政策更新美國電網：政策更新資料來源：CAISO,EROCT,PJM,HTI圖：各獨立系統運營商最新情況更新CAISO 更新未來更新未來20年輸電網投資計劃年輸電網投資計劃PJM輸電網絡建設申輸電網絡建設申請堵塞嚴重請堵塞嚴重ERCOT 考慮需求響應和考慮需求響應和動態線路評級來解決南動態線路評級來解決南德克薩斯州的輸電限制德克薩斯州的輸電限制PJM 和和 MISO 將研究將研究升級輸電線路以增強升級輸電線路以增強區域間電力交換區域間電力交換20For full disclosure of r

24、isks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 美國電力短缺給設備公司帶來多少美國電力短缺給設備公司帶來多少估值增長估值增長21For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the

25、 latest full report on our website at AI數據中心電力需求將為相應產業鏈公司帶來新的盈利增長動能數據中心電力需求將為相應產業鏈公司帶來新的盈利增長動能，按照現有市場份額和業務比例不變按照現有市場份額和業務比例不變，我們對僅我們對僅AI數據中心電力需求帶動的電網投資對重點關注公司盈利提升幅度數據中心電力需求帶動的電網投資對重點關注公司盈利提升幅度。標的更新：標的更新：AI數據中心電力需求帶動的盈利增長預測數據中心電力需求帶動的盈利增長預測公司名稱公司名稱受益板塊受益板塊受益板塊占主營受益板塊占主營業務比重業務比重20232024-2030市市場規模預計場規模

26、預計（億美元）（億美元）市占率市占率年營收提升年營收提升（億美元）（億美元）較較2023年年營收提升營收提升比例比例伊頓伊頓電氣化及數據中心電電氣化及數據中心電力設備力設備25%45030%22.50 9.70%康明斯康明斯自備電自備電10%9025%3.75 1.10%卡特彼勒卡特彼勒自備電自備電26%9040%6.00 0.89%廣達服務廣達服務輸配電及發電輸配電及發電EPC70%28030%20.00 9.58%GEV發電及電氣板塊發電及電氣板塊68%42015%15.00 4.51%鮑威爾工業鮑威爾工業 電力管控及數據中心電力管控及數據中心34%1005%0.83 11.92%現代電氣

27、現代電氣高壓電力設備高壓電力設備60%9815%2.45 11.72%Vertiv冷卻和數據中心電力冷卻和數據中心電力設備設備75%45025%22.50 24.04%日立日立發電及電氣板塊發電及電氣板塊25%42015%10.50 1.64%三菱重工三菱重工發電板塊發電板塊20%22020%7.33 2.39%三菱電機三菱電機電氣設備板塊電氣設備板塊10%2605%2.17 0.62%資料來源：HTI測算圖：至2030年AI數據中心貢獻的營收增長圖：至2030年AI數據中心貢獻的營收年增長占2023年營收比重9.70%1.10%0.89%6.70%3.16%11.92%11.72%24.04

28、%1.64%2.39%0.62%0.00%5.00%10.00%15.00%20.00%25.00%30.00%22For 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 核電：美國主要核電發電公司核電售電業務利潤及估值測算核電：美國主要核電發電公司核電售電業務利潤及估值測算資料來源：NEA,Jefferies,IAEA,HTI*注

29、：基于Jefferies對于微軟20年核電PPA的預測，假設PPA為120美元/MWh?；诖笮涂萍脊緦τ诤穗姷姆e極需求，我們假設未來美國核電的售電量以PPA為主，基于NEA的預測，假設核電LCOE為70美元/MWh。英國的一項研究表明在充分部署的情況下SMR LCOE可與大型核電廠持平，假設為70美元/MWh。2023年利潤為PPA假設，用于后續推導，利潤并非實際利潤。表：美國主要核電發電公司核電售電業務利潤及估值測算公司公司2023年核電發電量年核電發電量（GWh）傳統核電售電業務經營利潤測算傳統核電售電業務經營利潤測算（億美元）（億美元）SMR售電業務經營利潤測算售電業務經營利潤測算（

30、億美元）（億美元）20232030E2050E2030E2050EVistra188939.4510.7520.0106.67Constellation Energy17404787.0299.07184.32061.44Talen Energy178758.9410.1818.9306.31NuScale Power0-0.58000.3442.15OKLO00.12000.1114.05公司公司凈資產（億美元）凈資產（億美元）PB估值估值24H12030E2050E20232030E2050EVistra731445615.842.960.76Constellation Energy118

31、76946117.011.070.18Talen Energy26934873.5610.19NuScale Power0.93242749230.11OKLO2.73145980.1723For 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 1SummaryTOC Market:Gold and copper

32、lead the rise,trend likely to continue.Performance:Leading copper and aluminum corporations show great flexibility,gold sector profits improving.Sub-sectors:Emphasize on aluminum and copper,stick with gold.Risk warning.APPENDIX 2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 Ind

33、ia 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 for the equity research teams of Haitong International Rese

34、arch 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 Group of Companies(“HTISG”),each authorized to engage in secu

35、rities activities in its respectivejurisdiction.HTIRL分析師認證分析師認證Analyst Certification:我，楊斌，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。我和我的家屬（我已經告知他們）將不會在本研究報告發布后的3個工作日內交易此研究報告所討論目標公司的證券。I,Bin YANG,certifythat(

36、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 thisresearch and(ii)no part of my compensation was,is or will be directly or indirectly related to the specific recommendations or views expressed in

37、 this researchreport;and that I(including members of my household)have no financial interest in the security or securities of the subject companies discussed.I and myhousehold,whom I have already notified of this,will not deal in or trade any securities in respect of the issuer that I review within

38、3 business days after the researchreport is published.24APPENDIX 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

39、 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 matters related to such relationship(As the followingdisclosure does not ensure timeliness and completeness,please se

40、nd an email to ERD-D if timely and comprehensive information is needed).No Disclosure25APPENDIX 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

41、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 KOSPI,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 J

42、ul 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 all ratings used in Haitong International Research.In addition,since Haitong International Researc

43、h 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 case,ratings(or research)should not be used or relied upon as investment advice.An investors decisio

44、n 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 12-18 months is expected to exceed the return of its relevant broad market benchmark,as indicated b

45、elow.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 distribution rules,our Neutral rating falls into a hold rating category.Underperform:The stocks t

46、otal 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,Korea KOSPI,Taiwan TAIEX,India Nifty100,US SP500;for all other China-conceptstocks MSCI China.26APPE

47、NDIX 2評級分布評級分布Rating Distribution27APPENDIX 2截至截至2024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91.8%7.8%0.4%投資銀行客戶*3.5%4.4%0.0%*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此前的評級系統定義（直至直至2020年年9

48、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 TAIEX,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 InternationalEquity Research Ratings Dist

49、ribution,as of September 30,2024OutperformNeutralUnderperform(hold)HTI Equity Research Coverage91.8%7.8%0.4%IB clients*3.5%4.4%0.0%*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,

50、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 above.Previous rating system definitions(until 30 Jun 2020):BUY:The stocks total return over th

51、e 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 broad market benchmark,as indicated below.For purposes only of FINRA/NYS

52、E 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 benchmark,as indicated below.Benchmarks for each stocks listed region are as follows:Japan TOPIX,K

53、orea KOSPI,Taiwan TAIEX,India Nifty100;for all other China-concept stocks MSCIChina.28APPENDIX 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 International Non-Rated Research:Haitong International publishes quantitativ

54、e,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 stock ratings or target prices orfundamental values and are for information only.海通國際海通國際A股覆蓋股

55、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 subject to the Hong Kong Stock Connect scheme withShanghai and Shenzhen.Hai

56、tong 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 by HS differs from that used by HTI and as a result there may be a difference in theHTI and H

57、S 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)Index:HTIs Q100 Index is a quant product that consists of 100 of the highest-quality A-sh

58、ares 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 companies are reviewed quarterly.29APPENDIX 2盟浪義利盟浪義利（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

59、-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

60、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

61、（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 SusallWave FIN-ESG Data Service.1.FIN-ESG Da

62、ta 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 reference only.It is not for any investment ad

63、vice 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.SusallWave do not consider recipients as custo

64、mers 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 amend the data andrelease other data that contain

65、s 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 copyright of this data belongs to SusallWave,and

66、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 amendment,replication,translation,compilation,re-edit

67、ing,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 shall bear the correspondingcompensation liabilit

68、y.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 SusallWave Website,Privacy Policy of Susallwave

69、Website),it should be executed according to other agreements.If there isany difference between this disclaim and other agreements,this disclaimer shall be applied.30APPENDIX 2重要免責聲明：非印度證券的研究報告：重要免責聲明：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

70、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 India Private Limited（“HTSIPL”）所發行，包括制作及發布涵蓋BSE Limited（“BSE”）和National Stock Exchange

71、 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

72、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、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

73、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

74、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。31APPENDIX 2IMPORTANT DISCLAIMERFor research reports on non-Indian securities:The research report is issued by Haitong International Research Limited(“HTIRL”),a wholly owned subsid

75、iary 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 Haitong International(Japan)K.K.(“HTIJKK”),a wholl

76、y 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 and a Securitiesand Exchange Board of India(

77、“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 as“Indian Exchanges”).HSIPLwas acquired and

78、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 CompanyLimited(“HTISCL”)and/or any other members wit

79、hin 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 by HTIRL,HTISCL,HSIPL,HTIJKK or any other mem

80、bers 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 information purpose only.Descriptions of any

81、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 be eligible for purchase or sale in some ju

82、risdictions.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,including those involving derivatives,give rise

83、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 financial situation and riskappetite.You must,theref

84、ore,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 any liability whatsoever for anydirect or cons

85、equential loss arising from any use of the materials contained in this research report.32APPENDIX 2HTISG 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,

86、and 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 t

87、o 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 attention

88、of any recipient of this research report.Please refer to HTIs website for further information on HTIs organizational and administrative arrangements set up for the prevention and avoidance of conflicts of interest with respect to Research.Non U.S.Analyst Disclosure:The HTI analyst(s)listed on the co

89、ver 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.33APPENDIX 2分發和地區通知：分

90、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中所載的信息做出投資決定。本研究報告的收

91、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.Institutional Investors”）。在向美國機構投資者分發研究報告時，Haito

92、ngInternational 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Financial Industry Regulatory Authority,Inc.

93、（“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

94、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 605034APPENDIX 2DISTRIBUTION AND REGIONAL NOTICESExcept as oth

95、erwise 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 research report is distributed by Hai

96、tong 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 public within the meaning of the SF

97、O.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 contained in thisresearch report.Recipien

98、ts 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,HTIJKK,nor any of the non U.S.HTISG

99、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”and“U.S.institutional investors”in rel

100、iance on theexemption from registration provided by Rule 15a-6 of the U.S.Securities Exchange Act of 1934,as amended.When distributing research reports to“U.S.institutional investors,”HTI USA will accept the responsibilities for the content of the reports.Any U.S.recipient of this research report wi

101、shing to effect anytransaction to buy or sell securities or related financial instruments based on the information provided in this research report should do so only through HaitongInternational Securities(USA)Inc.(“HTI USA”),located at 340 Madison Avenue,12th Floor,New York,NY 10173,USA;telephone(2

102、12)351 6050.HTI USA is a broker-dealer registered in the U.S.with the U.S.Securities and Exchange Commission(the“SEC”)and a member of the Financial Industry Regulatory Authority,Inc.(“FINRA”).HTI USA is not responsible for the preparation of this research report nor for the analysis contained therei

103、n.Under no circumstances should any U.S.recipient of this research report contact the analyst directly or effect any transaction to buy or sell securities or related financial instruments directly through HSIPL,HTIRL or HTIJKK.The HSIPL,HTIRL or HTIJKK analyst(s)whose name appears in this research r

104、eport is not registered or qualified as a research analyst with FINRA and,therefore,may not be subject to FINRA Rule 2241 restrictions on communications with a subject company,public appearances and trading securities held by aresearch analyst account.Investing in any non-U.S.securities or related f

105、inancial instruments(including ADRs)discussed in this research report may present certainrisks.The securities of non-U.S.issuers may not be registered with,or be subject to U.S.regulations.Information on such non-U.S.securities or related financialinstruments may be limited.Foreign companies may not

106、 be subject to audit and reporting standards and regulatory requirements comparable to those in effectwithin the U.S.The value of any investment or income from any securities or related financial instruments discussed in this research report denominated in acurrency other than U.S.dollars is subject

107、 to exchange rate fluctuations that may have a positive or adverse effect on the value of or income from such securities orrelated financial instruments.All inquiries by U.S.recipients should be directed to:35APPENDIX 2Haitong International Securities(USA)Inc.340 Madison Avenue,12thFloorNew York,NY

108、10173Attn:Sales Desk at(212)351 6050中華人民共和國的通知事項：中華人民共和國的通知事項：在中華人民共和國（下稱“中國”，就本報告目的而言，不包括香港特別行政區、澳門特別行政區和臺灣）只有根據適用的中國法律法規而收到該材料的人員方可使用該材料。并且根據相關法律法規，該材料中的信息并不構成“在中國從事生產、經營活動”。本文件在中國并不構成相關證券的公共發售或認購。無論根據法律規定或其他任何規定，在取得中國政府所有的批準或許可之前，任何法人或自然人均不得直接或間接地購買本材料中的任何證券或任何實益權益。接收本文件的人員須遵守上述限制性規定。加拿大投資者的通知事項：

109、加拿大投資者的通知事項：在任何情況下該等材料均不得被解釋為在任何加拿大的司法管轄區內出售證券的要約或認購證券的要約邀請。本材料中所述證券在加拿大的任何要約或出售行為均只能在豁免向有關加拿大證券監管機構提交招股說明書的前提下由Haitong International Securities(USA)Inc.（“HTIUSA”）予以實施，該公司是一家根據National Instrument 31-103 Registration Requirements,Exemptions and Ongoing Registrant Obligations（“NI 31-103”）的規定得到國際交易商豁免（

110、“International Dealer Exemption”）的交易商，位于艾伯塔省、不列顛哥倫比亞省、安大略省和魁北克省。在加拿大，該等材料在任何情況下均不得被解釋為任何證券的招股說明書、發行備忘錄、廣告或公開發行。加拿大的任何證券委員會或類似的監管機構均未審查或以任何方式批準該等材料、其中所載的信息或所述證券的優點，任何與此相反的聲明即屬違法。在收到該等材料時，每個加拿大的收件人均將被視為屬于National Instrument 45-106 Prospectus Exemptions第1.1節或者Securities Act(Ontario)第73.3(1)節所規定的認可投資者（“

111、Accredited Investor”），或者在適用情況下NationalInstrument 31-103第1.1節所規定的許可投資者（“Permitted Investor”）。新加坡投資者的通知事項：新加坡投資者的通知事項：本研究報告由Haitong International Securities(Singapore)Pte Ltd（“HTISSPL”）于新加坡提供。HTISSPL是符合財務顧問法2001（“FAA”）定義的豁免財務顧問，可（a）提供關于證券，集體投資計劃的部分，交易所衍生品合約和場外衍生品合約的建議（b）發行或公布有關證券、交易所衍生品合約和場外衍生品合約的研究分析

112、或研究報告。本研究報告僅提供給符合證券及期貨法2001第4A條項下規定的機構投資者。對于因本研究報告而產生的或與之相關的任何問題，本研究報告的收件人應通過以下信息與HTISSPL聯系：Haitong International Securities(Singapore)Pte.Ltd10 Collyer Quay,#19-01-#19-05 Ocean Financial Centre,Singapore 049315電話:(65)6713 047336APPENDIX 2日本投資者的通知事項：日本投資者的通知事項：本研究報告由海通國際證券有限公司所發布，旨在分發給從事投資管理的金融服務提供商

113、或注冊金融機構（根據日本金融機構和交易法（“FIEL”）第61（1）條，第17-11（1）條的執行及相關條款）。英國及歐盟投資者的通知事項：英國及歐盟投資者的通知事項：本報告由從事投資顧問的Haitong International Securities Company Limited所發布，本報告只面向有投資相關經驗的專業客戶發布。任何投資或與本報告相關的投資行為只面對此類專業客戶。沒有投資經驗或相關投資經驗的客戶不得依賴本報告。Haitong International SecuritiesCompany Limited的分支機構的凈長期或短期金融權益可能超過本研究報告中提及的實體已發行股

114、本總額的0.5。特別提醒有些英文報告有可能此前已經通過中文或其它語言完成發布。澳大利亞投資者的通知事項：澳大利亞投資者的通知事項：Haitong International Securities(Singapore)Pte Ltd,Haitong International Securities Company Limited和Haitong InternationalSecurities(UK)Limited分別根據澳大利亞證券和投資委員會（以下簡稱“ASIC”）第03/1102、03/1103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

115、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（“HTSIPL”）所發布，包括制作及發布涵蓋BSE Limited（“BSE”）和National St

116、ock Exchange of India Limited（“NSE”）（統稱為印度交易所）研究報告。研究機構名稱:Haitong Securities India Private LimitedSEBI 研究分析師注冊號:INH000002590地址:1203A,Floor 12A,Tower 2A,One World Center841 Senapati Bapat Marg,Elphinstone Road,Mumbai 400 013,IndiaCIN U74140MH2011FTC224070電話:+91 22 43156800 傳真:+91 22 24216327合規和申訴辦公室聯

117、系人：Prasanna Chandwaskar；電話:+91 22 43156803;電子郵箱:“請注意，SEBI授予的注冊和NISM 的認證并不保證中介的表現或為投資者提供任何回報保證”。，未經海通國際的書面同意不得予以復制和再次分發。版權所有：海通國際證券集團有限公司2019年。保留所有權利。37APPENDIX 2Peoples Republic of China(PRC):In the PRC,the research report is directed for the sole use of those who receive the research report in acco

118、rdance with theapplicable PRC laws and regulations.Further,the information on the research report does not constitute production and business activities in the PRC underrelevant PRC laws.This research report does not constitute a public offer of the security,whether by sale or subscription,in the PR

119、C.Further,no legal or naturalpersons of the PRC may directly or indirectly purchase any of the security or any beneficial interest therein without obtaining all prior PRC government approvals orlicenses that are required,whether statutorily or otherwise.Persons who come into possession of this resea

120、rch are required to observe these restrictions.Notice to Canadian Investors:Under no circumstances is this research report to be construed as an offer to sell securities or as a solicitation of an offer to buysecurities in any jurisdiction of Canada.Any offer or sale of the securities described here

121、in in Canada will be made only under an exemption from the requirements tofile a prospectus with the relevant Canadian securities regulators and only by Haitong International Securities(USA)Inc.,a dealer relying on the“international dealerexemption”under National Instrument 31-103 Registration Requi

122、rements,Exemptions and Ongoing Registrant Obligations(“NI 31-103”)in Alberta,British Columbia,Ontario and Quebec.This research report is not,and under no circumstances should be construed as,a prospectus,an offering memorandum,an advertisement or apublic offering of any securities in Canada.No secur

123、ities commission or similar regulatory authority in Canada has reviewed or in any way passed upon this researchreport,the information contained herein or the merits of the securities described herein and any representation to the contrary is an offence.Upon receipt of thisresearch report,each Canadi

124、an recipient will be deemed to have represented that the investor is an“accredited investor”as such term is defined in section 1.1 ofNational Instrument 45-106 Prospectus Exemptions or,in Ontario,in section 73.3(1)of the Securities Act(Ontario),as applicable,and a“permitted client”as suchterm is def

125、ined in section 1.1 of NI 31-103,respectively.Notice to Singapore investors:This research report is provided in Singapore by or through Haitong International Securities(Singapore)Pte Ltd(“HTISSPL”).HTISSPL isan Exempt Financial Adviser under the Financial Advisers Act 2001(“FAA”)to(a)advise on secur

126、ities,units in a collective investment scheme,exchange-tradedderivatives contracts and over-the-counter derivatives contracts and(b)issue or promulgate research analyses or research reports on securities,exchange-tradedderivatives contracts and over-the-counter derivatives contracts.This research re

127、port is only provided to institutional investors,within the meaning of Section 4A ofthe Securities and Futures Act 2001.Recipients of this research report are to contact HTISSPL via the details below in respect of any matters arising from,or inconnection with,the research report:Haitong Internationa

128、l Securities(Singapore)Pte.Ltd.10 Collyer Quay,#19-01-#19-05 Ocean Financial Centre,Singapore 049315Telephone:(65)6713 047338APPENDIX 2Notice to Japanese investors:This research report is distributed by Haitong International Securities Company Limited and intended to be distributed to FinancialServi

129、ces Providers or Registered Financial Institutions engaged in investment management(as defined in the Japan Financial Instruments and Exchange Act(FIEL)Art.61(1),Order for Enforcement of FIEL Art.17-11(1),and related articles).Notice to UK and European Union investors:This research report is distrib

130、uted by Haitong International Securities Company Limited.This research is directed atpersons having professional experience in matters relating to investments.Any investment or investment activity to which this research relates is available only tosuch persons or will be engaged in only with such pe

131、rsons.Persons who do not have professional experience in matters relating to investments should not rely on thisresearch.Haitong International Securities Company Limiteds affiliates may have a net long or short financial interest in excess of 0.5%of the total issued sharecapital of the entities ment

132、ioned in this research report.Please be aware that any report in English may have been published previously in Chinese or anotherlanguage.Notice to Australian investors:The research report is distributed in Australia by Haitong International Securities(Singapore)Pte Ltd,Haitong International Securit

133、iesCompany Limited,and Haitong International Securities(UK)Limited in reliance on ASIC Class Order 03/1102,03/1103 or 03/1099,respectively,which exempts thoseHTISG entities from the requirement to hold an Australian financial services license under the Corporations Act 2001 in respect of the financi

134、al services it provides towholesale clients in Australia.A copy of the ASIC Class Orders may be obtained at the following website,www.legislation.gov.au.Financial services provided byHaitong International Securities(Singapore)Pte Ltd,Haitong International Securities Company Limited,and Haitong Inter

135、national Securities(UK)Limited areregulated under foreign laws and regulatory requirements,which are different from the laws applying in Australia.Notice to Indian investors:The research report is distributed by Haitong Securities India Private Limited(“HSIPL”),an Indian company and a Securities and

136、 ExchangeBoard of India(“SEBI”)registered Stock Broker,Merchant Banker and Research Analyst that,inter alia,produces and distributes research reports covering listedentities on the BSE Limited(“BSE”)and the National Stock Exchange of India Limited(“NSE”)(collectively referred to as“Indian Exchanges”

137、).Name of the entity:Haitong Securities India Private LimitedSEBI Research Analyst Registration Number:INH00000259039APPENDIX 2Address:1203A,Floor 12A,Tower 2A,One World Center841 Senapati Bapat Marg,Elphinstone Road,Mumbai 400 013,IndiaCIN U74140MH2011FTC224070Ph:+91 22 43156800 Fax:+91 22 24216327

138、Details of the Compliance Officer and Grievance Officer:Prasanna Chandwaskar:Ph:+91 22 43156803;Email id:“Please note that Registration granted by SEBI and Certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors”.This research report is intended for the recipients only and may not be reproduced or redistributed without the written consent of an authorized signatory of HTISG.Copyright:Haitong International Securities Group Limited 2019.All rights reserved.40