中国必需消费 China Staples

HTI 消费品成本指数：棕榈油跌势延续，行业现货成本偏弱

HTI CGCI: Palm Oil Prices Continued to Decline, and the Spot Costs were Relatively Weak

[Table_yemei1] 观点聚焦 Investment Focus

币盈率P/E
股票名称	评级	目标价	2023E 2024E
百威亚太	Underperform	21.00	31 29
华润啤酒	Outperform	77.00 27	22
海底捞	Outperform	28.20 25	18
康师傅	Outperform	15.20 19	16
中国飞鹤	Outperform	7.70 6	5
九毛九	Outperform	21.68 25	18
颐海国际	Outperform	24.33 13	n.a.
现代牧业	Outperform	1.23 9	5
优然牧业	Outperform	2.70 8	5
澳优	Outperform	4.53 9	7

资料来源： Factset, HTI

Related Reports

HTI 消费品成本指数：铝材价格高位跳水，白糖强势再刷新高（HTI CGCI: Aluminum Prices Plummeted from a High Point, While Sugar Surged to a New High） (24 May 2023)

HTI 消费品成本指数：大麦价格跌幅走扩，啤酒期现成本分化（HTICGCI: The Decline in Barley Prices Expanded, Futures and Spot Cost of BeerDifferentiated） (17 May 2023)

HTI 消费品成本指数：铝材现货底部回升，白糖价格再创新高（HTI CGCI: Aluminum Spot Rebounded at the Bottom, and Sugar Prices Hit New Highs） (10 May 2023)

[Table_Author] 闻宏伟 Hongwei Wen

hongwei.wen@htisec.com

陈子叶 Susie Chen

susie.zy.chen@htisec.com

(Please see APPENDIX 1 for English summary)

本周 HTI 跟踪的六类消费品成本，现货指数整体偏弱，期货指数多数反弹。具体来看，本周包材现货端，铝材价格高位回落，跌幅达13.36%，玻璃、瓦楞纸价格下跌 4.48%/1.34%，期货端，玻璃快速走强，涨幅达 6.43%，铝材和塑料小涨 0.78%/0.86%，纸浆微跌0.74%。直接原材料部分，仅小麦和蔬菜价格出现上涨，其中小麦现货、期货价格分别拉升 2.13%/6.27%，下跌品种中，棕榈油现货和大麦期货快速下行，跌幅超过 4%，豆粕现货、棕榈油期货、大米和大豆期货下跌 2.44%/1.61%/1.60%/1.13%，本周白糖现货持平，期货下跌 1.25%。能源方面，本周柴油现货下跌 0.82%，布油期货上涨 3.74%，环比上月下跌 5.63%、上涨 1.31%。

啤酒：截至 6 月 6 日，成本现货指数较上周下降 3.13%，期货指数较上周提升 1.89%。今年年初以来现货、期货指数分别累计变动6.65%/6.71%，较去年同期现货、期货指数分别累计变动 1.82%/15.66%。本周进口加麦下跌 10 元/吨，铝材、玻璃现货高位回落，而期货价格均有走高，因此啤酒现货成本跌而期货成本涨。

调味品：成本现货指数较上周下降 1.05%，期货指数较上周提升1.11%。今年年初以来现货、期货指数分别累计变动 6.58%/3.12%，较去年同期现货、期货指数分别累计变动 4.84%/17.59%。本周大豆、白糖现货价格基本持平，期货小幅下跌，但成本占比较高的玻璃期、现涨跌波动较大，带动调味品成本走势分化。

乳制品：成本现货指数较上周下降 0.36%，期货指数较上周下降0.23%。今年年初以来现货、期货指数分别累计变动 1.23%/4.22%，较去年同期现货、期货指数分别累计变动 7.87%/11.2%。本周生鲜乳价格小幅下跌，奶牛饲养成本中豆粕下跌 0.11 元/公斤，纸和白糖价格波动向下，乳制品成本微跌。

方便面：成本现货指数较上周下降 0.52%，期货指数较上周提升1.26% 。今年年初以来现货、期货指数分别累计变动5.38%/12.04%，较去年同期现货、期货指数分别累计变动22.18%/30.36%。本周棕榈油价格继续走低，但近期小麦受阴雨天影响，期、现价格出现不同程度的跳涨，导致方便面现货成本降幅收窄，期货成本小幅上行。

速冻食品：成本现货指数较上周提升 0.07%，期货指数较上周提升0.72%。今年年初以来现货、期货指数分别累计变动 1.27%/2.9%，较去年同期现货、期货指数分别累计变动1.72%/10.25%。本周速冻食品现货成本持平，因小麦期货快速走强，期货上涨明显。

软饮料：成本现货指数较上周下降 0.42%，期货指数较上周提升0.01%。今年年初以来现货、期货指数分别累计变动 0.38%/7.4%，较去年同期现货、期货指数分别累计变动12.5%/21.47%。本周白糖和纸的价格波动向下，塑料现货企稳而期货小涨，综合导致软饮料现货成本下降，期货成本持平。

风险提示：国内疫情反复，原材料价格反弹，地缘冲突加剧。

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1. 包材期现走势分化，棕榈油跌势延续

本周 HTI 跟踪的六类消费品成本，现货指数整体偏弱，期货质素多数反弹。

具体来看，本周包材现货端，铝材价格高位回落，跌幅达 13.36%，玻璃、瓦楞纸价格下跌 4.48%/1.34%，期货端，玻璃快速走强，涨幅达 6.43%，铝材和塑料小涨0.78%/0.86%，纸浆微跌 0.74%。直接原材料部分，仅小麦和蔬菜价格上涨，其中小麦现货、期货价格分别拉升 2.13%/6.27%，下跌品种中，棕榈油现货和大麦期货快速下行，跌幅达 4.95%/4.70%，豆粕现货、棕榈油期货、大米和大豆期货、鸡肉分别下跌2.44%/1.61%/1.60%/1.13%/1.05%，本周白糖现货持平，期货下跌 1.25%。能源方面，本周柴油现货下跌 0.82%，布油期货上涨 3.74%，环比上月下跌 5.63%、上涨 1.31%。

表1 HTI 消费品现货成本指数

日期	HTI消费品成本指数（现货指数）
日期	啤酒	调味品	乳制品	方便面	速冻食品	软饮料
基准日 2023/6/6	141.23	123.35	114.19	107.79	124.82	121.63
上周 2023/5/30	145.80	124.67	114.60	108.35	124.73	122.14
上月 2023/5/6	142.77	123.18	114.74	110.51	125.97	123.41
今年年初 2023/1/1	132.42	115.73	115.61	113.92	126.43	121.16
去年同期 2022/6/6	143.86	129.63	123.95	138.51	127.00	139.01
较上周	-3.13%	-1.05%	-0.36%	-0.52%	0.07%	-0.42%
较上月	-1.08%	0.14%	-0.48%	-2.46%	-0.91%	-1.44%
较今年年初	6.65%	6.58%	-1.23%	-5.38%	-1.27%	0.38%
较去年同期	-1.82%	-4.84%	-7.87%	-22.18%	-1.72%	-12.50%

资料来源：Wind，HTI

表 2 HTI 消费品期货成本指数

日期	HTI消费品成本指数 (期货指数)
日期	啤酒	调味品	乳制品	方便面	速冻食品	软饮料
基准日 2023/6/6	132.48	124.62	100.98	111.35	124.91	130.40
上周 2023/5/30	130.02	123.25	101.21	109.96	124.02	130.38
上月 2023/5/6	141.95	128.97	101.67	114.45	126.35	132.80
今年年初 2023/1/1	142.00	128.64	105.43	126.58	128.64	140.82
去年同期 2022/6/6	157.08	151.23	113.72	159.89	139.17	166.05
较上周较上月	1.89%	1.11%	-0.23%	1.26%	0.72%	0.01%
较上周较上月	-6.67%	-3.37%	-0.68%	-2.71%	-1.14%	-1.80%
较今年年初较去年同期	-6.71%	-3.12%	-4.22%	-12.04%	-2.90%	-7.40%
较今年年初较去年同期	-15.66%	-17.59%	-11.20%	-30.36%	-10.25%	-21.47%

资料来源：Wind，HTI

2. 现货成本整体偏弱

2.1 啤酒

截至 6 月 6 日，啤酒成本现货指数为 141.23，较上周下降 3.13%；啤酒成本期货指数为 132.48，较上周提升 1.89%。本周进口加麦下跌 10 元/吨，铝材、玻璃现货高位回落，而期货价格均有走高，因此啤酒现货成本跌而期货成本涨。

月度来看，较上月同期啤酒成本现货指数下降 1.08%，啤酒成本期货指数下降6.67%。中长期看，今年年初以来啤酒成本现货指数提升 6.65%，啤酒成本期货指数下降 6.71%，较去年同期，啤酒成本现货指数下降 1.82%，啤酒成本期货指数下降15.66%。

图1 本周 HTI 啤酒成本现货指数下降 3.13%

资料来源：Wind，HTI

图2 本周 HTI 啤酒成本期货指数提升 1.89%

资料来源：Wind，HTI

图3 浮法玻璃市场价（元/吨）

资料来源：Wind，HTI

图4 玻璃期货价（元/吨）

资料来源：Wind，HTI

2.2 调味品

截至 6 月 6 日，调味品成本现货指数为 123.35，较上周下降 1.05%；调味品成本期货指数为 124.62，较上周提升 1.11%。本周大豆、白糖现货价格基本持平，期货小幅下跌，但成本占比较高的玻璃期、现涨跌波动较大，带动调味品成本走势分化。

月度来看，较上月同期调味品成本现货指数提升 0.14%，调味品成本期货指数下降3.37%。中长期看，今年年初以来调味品成本现货指数提升6.58%，调味品成本期货指数下降3.12%，较去年同期，调味品成本现货指数下降4.84%，调味品成本期货指数下降 17.59%。

图5 本周 HTI 调味品成本现货指数下降 1.05%

资料来源：Wind，HTI

图6 本周 HTI 调味品成本期货指数提升 1.11%

资料来源：Wind，HTI

图7 大豆期货收盘价（元/吨）

资料来源：Wind，HTI

图8 白砂糖期货收盘价（元/吨）

资料来源：Wind，HTI

2.3 乳制品

截至 6 月 6 日，乳制品成本现货指数为 114.19，较上周下降 0.36%；乳制品成本期货指数为 100.98，较上周下降 0.23%。本周生鲜乳价格小幅下跌，奶牛饲养成本中豆粕下跌 0.11 元/公斤，纸和白糖价格波动向下，乳制品成本微跌。

月度来看，较上月同期乳制品成本现货指数下降 0.48%，乳制品成本期货指数下降0.68%。中长期看，今年年初以来乳制品成本现货指数下降1.23%，乳制品成本期货指数下降4.22%，较去年同期，乳制品成本现货指数下降7.87%，乳制品成本期货指数下降 11.2%。

图9 本周 HTI 乳制品成本现货指数下降 0.36%

资料来源：Wind，HTI

图10 本周 HTI 乳制品成本期货指数下降 0.23%

资料来源：Wind，HTI

图11 全国玉米平均价（元/公斤）

资料来源：Wind，HTI

图12 全国豆粕平均价（元/公斤）

资料来源：Wind，HTI

2.4 方便面

截至 6 月 6 日，方便面成本现货指数为 107.79，较上周下降 0.52%；方便面成本期货指数为 111.35，较上周提升 1.26%。本周棕榈油价格继续走低，但近期小麦受阴雨天影响，期、现价格出现不同程度的跳涨，导致方便面现货成本降幅收窄，期货成本小幅上行。

月度来看，较上月同期方便面成本现货指数下降 2.46%，方便面成本期货指数下降2.71%。中长期看，今年年初以来方便面成本现货指数下降5.38%，方便面成本期货指数下降12.04%，较去年同期，方便面成本现货指数下降22.18%，方便面成本期货指数下降 30.36%。

图13 本周 HTI 方便面成本现货指数下降 0.52%

资料来源：Wind，HTI

图14 本周 HTI 方便面成本期货指数提升 1.26%

资料来源：Wind，HTI

图15 棕榈油期货收盘价（元/吨）

资料来源：Wind，HTI

图16 小麦期货价（元/吨）

资料来源：Wind，HTI

2.5 速冻食品

截至 6 月 6 日，速冻食品成本现货指数为 124.82，较上周提升 0.07%；速冻食品成本期货指数为 124.91，较上周提升 0.72%。本周速冻食品现货成本持平，期货成本因小麦价格快速走强，提升幅度较现货更大。

月度来看，较上月同期速冻食品成本现货指数下降 0.91%，速冻食品成本期货指数下降1.14%。中长期看，今年年初以来速冻食品成本现货指数下降1.27%，速冻食品成本期货指数下降 2.9%，较去年同期，速冻食品成本现货指数下降 1.72%，速冻食品成本期货指数下降 10.25%。

图17 本周 HTI 速冻食品成本现货指数提升 0.07%

资料来源：Wind，HTI

图18 本周 HTI 速冻食品成本期货指数提升 0.72%

资料来源：Wind，HTI

图19 白条鸡价格（元/公斤）

资料来源：Wind，HTI

图20 平均批发价:28 种重点监测蔬菜

资料来源：Wind，HTI

2.6 软饮料

截至 6 月 6 日，软饮料成本现货指数为 121.63，较上周下降 0.42%；软饮料成本期货指数为 130.4，较上周提升 0.01%。本周白糖和纸的价格波动向下，塑料现货企稳而期货小涨，综合导致软饮料现货成本下降，期货成本持平。

月度来看，较上月同期软饮料成本现货指数下降 1.44%，软饮料成本期货指数下降 1.8%。中长期看，今年年初以来软饮料成本现货指数提升 0.38%，软饮料成本期货指数下降 7.4%，较去年同期，软饮料成本现货指数下降 12.5%，软饮料成本期货指数下降 21.47%。

图21 本周 HTI 软饮料成本现货指数下降 0.42%

资料来源：Wind，HTI

图22 本周 HTI 软饮料成本期货指数提升 0.01%

资料来源：Wind，HTI

图23 瓦楞纸市场价（元/吨）

资料来源：Wind，HTI

图24 PET 切片价格（元/吨）

资料来源：Wind，HTI

3. 风险提示

国内疫情反复，原材料价格持续高位，地缘冲突加剧。

APPENDIX 1 Summary

Among the six categories of consumer goods tracked by HTI this week, the spot index was generally weak, while the futures index mostly rebounded. Specifically, on the spot end of packaging materials, aluminum prices led a decline of 13.36%, and glass and corrugated paper prices fell by 4.48%/1.34%. On the futures side, glass rose rapidly by 6.43%, meanwhile, aluminum and plastics rose by 0.78%/0.86%. In terms of direct raw materials, spot and futures prices of wheat increased by 2.13%/6.27%. However, palm oil spot and barley futures have rapidly declined, both falling by over 4%. Spot soybean meal, palm oil futures, rice and soybean futures fell 2.44%/1.61%/1.60%/1.13%. In terms of energy, diesel spot prices fell by 0.82% this week, while oil futures rose by 3.74%, with a month on month decrease of 5.63% and an increase of 1.31%.

Risks: Repeated domestic epidemics, rebounding raw material prices, intensified geopolitical conflicts.

[Table_APPEND[Table_disclaime附录 APPENDIX

重要信息披露

本研究报告由海通国际分销，海通国际是由海通国际研究有限公司(HTIRL)，Haitong Securities India Private Limited (HSIPL)，Haitong International Japan K.K. (HTIJKK)和海通国际证券有限公司(HTISCL)的证券研究团队所组成的全球品牌，海通国际证券集团(HTISG)各成员分别在其许可的司法管辖区内从事证券活动。

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. (“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 分析师认证 Analyst Certification:

我，闻宏伟，在此保证（i）本研究报告中的意见准确反映了我们对本研究中提及的任何或所有目标公司或上市公司的个人观点，并且（ii）我的报酬中没有任何部分与本研究报告中表达的具体建议或观点直接或间接相关；及就此报告中所讨论目标公司的证券，我们（包括我们的家属）在其中均不持有任何财务利益。我和我的家属（我已经告知他们）将不会在本研究报告发布后的 3 个工作日内交易此研究报告所讨论目标公司的证券。I, Hongwei Wen, 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 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 discussed. I and my household, whom I have already notified of this, will not deal in or trade any securities in respect of the issuer that I review within 3 business days after the research report is published.

我，陈子叶，在此保证（i）本研究报告中的意见准确反映了我们对本研究中提及的任何或所有目标公司或上市公司的个人观点，并且（ii）我的报酬中没有任何部分与本研究报告中表达的具体建议或观点直接或间接相关；及就此报告中所讨论目标公司的证券，我们（包括我们的家属）在其中均不持有任何财务利益。我和我的家属（我已经告知他们）将不会在本研究报告发布后的 3 个工作日内交易此研究报告所讨论目标公司的证券。I, Susie Chen, 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 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 discussed. I and my household, whom I have already notified of this, will not deal in or trade any securities in respect of the issuer that I review within 3 business days after the research report is published.

利益冲突披露 Conflict of Interest Disclosures

海通国际及其某些关联公司可从事投资银行业务和/或对本研究中的特定股票或公司进行做市或持有自营头寸。就本研究报告而言，以下是有关该等关系的披露事项（以下披露不能保证及时无遗漏，如需了解及时全面信息，请发邮件至 ERD-Disclosure@htisec.com）

HTI and some of its affiliates may engage in investment banking and / or serve as a market maker or hold proprietary trading positions of certain stocks 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-Disclosure@htisec.com if timely and comprehensive information is needed).

香港华润(集团)有限公司上海代表处, 嘉谟证券有限公司－海底捞国际金融私人有限公司 R 及嘉谟证券有限公司－海底捞控股私人有限公司 R 目前或过去 12 个月内是海通的客户。海通向客户提供非投资银行业务的证券相关业务服务。

香港华润(集团)有限公司上海代表处, 嘉谟证券有限公司－海底捞国际金融私人有限公司 R and 嘉谟证券有限公司－海底捞控股私人有限公司 R are/were a client of Haitong currently orwithin the past 12 months. The client has been provided for non-investment-banking securities-related services.

海通在过去的 12 个月中从嘉谟证券有限公司－海底捞国际金融私人有限公司 R 及嘉谟证券有限公司－海底捞控股私人有限公司 R 获得除投资银行服务以外之产品或服务的报酬。

Haitong has received compensation in the past 12 months for products or services other than investment banking from 嘉谟证券有限公司－海底捞国际金融私人有限公司 R and 嘉谟证券有限公司－海底捞控股私人有限公司 R.

评级定义（从 2020 年 7月 1日开始执行）：

海通国际（以下简称“HTI”）采用相对评级系统来为投资者推荐我们覆盖的公司：优于大市、中性或弱于大市。投资者应仔细阅读 HTI 的评级定义。并且 HTI发布分析师观点的完整信息，投资者应仔细阅读全文而非仅看评级。在任何情况下，分析师的评级和研究都不能作为投资建议。投资者的买卖股票的决策应基于各自情况（比如投资者的现有持仓）以及其他因素。

分析师股票评级

优于大市，未来 12-18 个月内预期相对基准指数涨幅在 10%以上，基准定义如下

中性，未来 12-18 个月内预期相对基准指数变化不大，基准定义如下。根据FINRA/NYSE 的评级分布规则，我们会将中性评级划入持有这一类别。

弱于大市，未来 12-18 个月内预期相对基准指数跌幅在 10%以上，基准定义如下

各地股票基准指数：日本 – TOPIX, 韩国 – KOSPI, 台湾 – TAIEX, 印度 – Nifty100, 美国 – SP500; 其他所有中国概念股 – MSCI China.

Ratings Definitions (from 1 Jul 2020):

Haitong International uses a relative rating system using Outperform, Neutral, or Underperform for recommending the stocks we cover to investors. Investors 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 analyst's views, investors 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 investor's decision to buy or sell a stock should depend on individual circumstances (such as the investor's existing holdings) and other considerations.

Analyst Stock Ratings

Outperform: The stock’s 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 stock’s 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.

Underperform: The stock’s 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 stock’s listed region are as follows: Japan – TOPIX, Korea – KOSPI, Taiwan – TAIEX, India – Nifty100, US – SP500; for all other China-concept stocks – MSCI China.

截至 2023 年 3月 31日海通国际股票研究评级分布

评级分布 Rating Distribution

	优于大市	中性 (持有)	弱于大市
海通国际股票研究覆盖率	89.6%	9.2%	1.2%
投资银行客户*	5.2%	6.4%	9.5%

*在每个评级类别里投资银行客户所占的百分比。
上述分布中的买入，中性和卖出分别对应我们当前优于大市，中性和落后大市评级。
只有根据 FINRA/NYSE 的评级分布规则，我们才将中性评级划入持有这一类别。请注意在上表中不包含非评级的股票。
此前的评级系统定义（直至 2020 年 6 月 30日）：
买入，未来 12-18 个月内预期相对基准指数涨幅在 10%以上，基准定义如下
中性，未来 12-18 个月内预期相对基准指数变化不大，基准定义如下。根据 FINRA/NYSE 的评级分布规则，我们会将中性评级划入持有这一类别。
卖出，未来 12-18 个月内预期相对基准指数跌幅在 10%以上，基准定义如下

各地股票基准指数：日本 – TOPIX, 韩国 – KOSPI, 台湾 – TAIEX, 印度 – Nifty100; 其他所有中国概念股 – MSCI China.

Haitong International Equity Research Ratings Distribution, as of Mar 31, 2023

	Outperform	Neutral (hold)	Underperform

HTI Equity Research Coverage	89.6%	9.2%	1.2%
IB clients*	5.2%	6.4%	9.5%

*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 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 stock’s 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 stock’s 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 stock’s 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 stock’s listed region are as follows: Japan – TOPIX, Korea – KOSPI, Taiwan – TAIEX, India – Nifty100; for all other China-concept stocks – MSCI China.

海通国际非评级研究：海通国际发布计量、筛选或短篇报告，并在报告中根据估值和其他指标对股票进行排名，或者基于可能的估值倍数提出建议价格。这种排名或建议价格并非为了进行股票评级、提出目标价格或进行基本面估值，而仅供参考使用。

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 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.

海通国际 A 股覆盖：海通国际可能会就沪港通及深港通的中国 A 股进行覆盖及评级。海通证券（600837.CH），海通国际于上海的母公司，也会于中国发布中国 A 股的研究报告。但是，海通国际使用与海通证券不同的评级系统，所以海通国际与海通证券的中国 A 股评级可能有所不同。

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 research 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.

海通国际优质 100 A 股（Q100）指数：海通国际 Q100 指数是一个包括 100 支由海通证券覆盖的优质中国 A 股的计量产品。这些股票是通过基于质量的筛选过程，并结合对海通证券 A股团队自下而上的研究。海通国际每季对 Q100 指数成分作出复审。

Haitong International Quality 100 A-share (Q100) Index: HTI’s 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 team’s bottom-up research. The Q100 constituent companies are reviewed quarterly.

MSCI ESG 评级免责声明条款：尽管海通国际的信息供货商（包括但不限于 MSCI ESG Research LLC 及其联属公司（「ESG 方」）从其认为可靠的来源获取信息（「信息」）, ESG 方均不担保或保证此处任何数据的原创性，准确性和或完整性，并明确表示不作出任何明示或默示的担保，包括可商售性和针对特定目的的适用性。该信息只能供阁下内部使用，不得以任何形式复制或重新传播，并不得用作任何金融工具、产品或指数的基础或组成部分。此外，信息本质上不能用于判断购买或出售何种证券, 或何时购买或出售该证券。即使已被告知可能造成的损害, ESG 方均不承担与此处任何资料有关的任何错误或遗漏所引起的任何责任，也不对任何直接、间接、特殊、惩罚性、附带性或任何其他损害赔偿（包括利润损失）承担任何责任。

MSCI ESG Disclaimer: Although Haitong International’s information providers, including without limitation, MSCI ESG Research LLC and its affiliates (the “ESG Parties”), obtain information (the “Information”) from sources they consider reliable, none of the ESG Parties warrants or guarantees the originality, accuracy and/or completeness, of any data herein and expressly disclaim all express or implied warranties, including those of merchantability and fitness for a particular purpose. The Information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for, or a component of, any financial instruments or products or indices. Further, none of the Information can in and of itself be used to determine which securities to buy or sell or when to buy or sell them. None of the ESG Parties shall have any liability for any errors or omissions in connection with any data herein, or any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

盟浪义利（FIN-ESG）数据通免责声明条款：在使用盟浪义利（FIN-ESG）数据之前，请务必仔细阅读本条款并同意本声明：

第一条义利（FIN-ESG）数据系由盟浪可持续数字科技有限责任公司（以下简称“本公司”）基于合法取得的公开信息评估而成，本公司对信息的准确性及完整性不作任何保证。对公司的评估结果仅供参考，并不构成对任何个人或机构投资建议，也不能作为任何个人或机构购买、出售或持有相关金融产品的依据。本公司不对任何个人或机构投资者因使用本数据表述的评估结果造成的任何直接或间接损失负责。

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重要免责声明：

非印度证券的研究报告：本报告由海通国际证券集团有限公司（“HTISGL”）的全资附属公司海通国际研究有限公司（“HTIRL”）发行，该公司是根据香港证券及期货条例（第 571 章）持有第 4 类受规管活动（就证券提供意见）的持牌法团。该研究报告在 HTISGL 的全资附属公司 Haitong International (Japan) K.K.（“HTIJKK”）的协助下发行，HTIJKK 是由日本关东财务局监管为投资顾问。

印度证券的研究报告：本报告由从事证券交易、投资银行及证券分析及受 Securities and Exchange Board of India（“SEBI”）监管的 Haitong Securities India Private Limited（“HTSIPL”）所发行，包括制作及发布涵盖 BSE Limited（“BSE”）和 National Stock Exchange of India Limited（“NSE”）上市公司（统称为「印度交易所」）的研究报告。HTSIPL 于 2016 年 12 月 22 日被收购并成为海通国际证券集团有限公司（“HTISG”）的一部分。

所有研究报告均以海通国际为名作为全球品牌，经许可由海通国际证券股份有限公司及/或海通国际证券集团的其他成员在其司法管辖区发布。

本文件所载信息和观点已被编译或源自可靠来源，但 HTIRL、HTISCL 或任何其他属于海通国际证券集团有限公司（“HTISG”）的成员对其准确性、完整性和正确性不做任何明示或暗示的声明或保证。本文件中所有观点均截至本报告日期，如有更改，恕不另行通知。本文件仅供参考使用。文件中提及的任何公司或其股票的说明并非意图展示完整的内容，本文件并非/不应被解释为对证券买卖的明示或暗示地出价或征价。在某些司法管辖区，本文件中提及的证券可能无法进行买卖。如果投资产品以投资者本国货币以外的币种进行计价，则汇率变化可能会对投资产生不利影响。过去的表现并不一定代表将来的结果。某些特定交易，包括设计金融衍生工具的，有产生重大风险的可能性，因此并不适合所有的投资者。您还应认识到本文件中的建议并非为您量身定制。分析师并未考虑到您自身的财务情况，如您的财务状况和风险偏好。因此您必须自行分析并在适用的情况下咨询自己的法律、税收、会计、金融和其他方面的专业顾问，以期在投资之前评估该项建议是否适合于您。若由于使用本文件所载的材料而产生任何直接或间接的损失，HTISG 及其董事、雇员或代理人对此均不承担任何责任。

除对本文内容承担责任的分析师除外，HTISG 及我们的关联公司、高级管理人员、董事和雇员，均可不时作为主事人就本文件所述的任何证券或衍生品持有长仓或短仓以及进行买卖。HTISG 的销售员、交易员和其他专业人士均可向 HTISG 的相关客户和公司提供与本文件所述意见相反的口头或书面市场评论意见或交易策略。HTISG 可做出与本文件所述建议或意见不一致的投资决策。但 HTIRL 没有义务来确保本文件的收件人了解到该等交易决定、思路或建议。

请访问海通国际网站www.equities.htisec.com，查阅更多有关海通国际为预防和避免利益冲突设立的组织和行政安排的内容信息。

非美国分析师披露信息：本项研究首页上列明的海通国际分析师并未在 FINRA 进行注册或者取得相应的资格，并且不受美国FINRA有关与本项研究目标公司进行沟通、公开露面和自营证券交易的第 2241 条规则之限制。

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 carry 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 (Japan) K.K. (“HTIJKK”), a wholly owned subsidiary of HTISGL 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 Securities and Exchange Board of India (“SEBI”) registered Stock Broker, Merchant Banker and Research Analyst that, 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 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 Company Limited (“HTISCL”) and/or any other

members within HTISG in their respective jurisdictions.

The information and opinions contained in this research report have been compiled or arrived at from sources believed to be reliable and in good faith but no representation or warranty, express or implied, is made by HTIRL, HTISCL, HSIPL, HTIJKK or any other members within HTISG from which this research report 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 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 inves tment product is denominated in a currency other than an investor's 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 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 should, 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 loss arising from any use of the materials contained in this research report.

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 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 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 attention of any recipient of this research report.

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分发和地区通知：

除非下文另有规定，否则任何希望讨论本报告或者就本项研究中讨论的任何证券进行任何交易的收件人均应联系其所在国家或地区的海通国际销售人员。

香港投资者的通知事项：海通国际证券股份有限公司(“HTISCL”)负责分发该研究报告，HTISCL 是在香港有权实施第 1 类受规管活动（从事证券交易）的持牌公司。该研究报告并不构成《证券及期货条例》（香港法例第 571 章）（以下简称“SFO”）所界定的要约邀请，证券要约或公众要约。本研究报告仅提供给 SFO 所界定的“专业投资者”。本研究报告未经过证券及期货事务监察委员会的审查。您不应仅根据本研究报告中所载的信息做出投资决定。本研究报告的收件人就研究报告中产生或与之相关的任何事宜请联系 HTISCL 销售人员。

美国投资者的通知事项：本研究报告由 HTIRL，HSIPL 或 HTIJKK 编写。 HTIRL，HSIPL，HTIJKK 以及任何非 HTISG 美国联营公司，均未在美国注册，因此不受美国关于研究报告编制和研究分析人员独立性规定的约束。本研究报告提供给依照 1934 年“美国证券交易法”第 15a-6 条规定的豁免注册的「美国主要机构投资者」（“Major U.S. Institutional Investor”）和「机构投资者」（”U.S. Institutional Investors”）。在向美国机构投资者分发研究报告时，Haitong International Securities (USA) Inc. （“HTI USA”）将对报告的内容负责。任何收到本研究报告的美国投资者，希望根据本研究报告提供的信息进行任何证券或相关金融工具买卖的交易，只能通过 HTI USA。HTI USA 位于 340 Madison Avenue, 12th Floor, New York, NY 10173，电话（212）351-6050。 HTI USA 是在美国于 U.S. Securities and Exchange Commission（“SEC”）注册的经纪商，也是 Financial Industry Regulatory Authority, Inc.（“FINRA”）的成员。 HTIUSA 不负责编写本研究报告，也不负责其中包含的分析。在任何情况下，收到本研究报告的任何美国投资者，不得直接与分析师直接联系，也不得通过 HSIPL，HTIRL 或 HTIJKK 直接进行买卖证券或相关金融工具的交易。本研究报告中出现的 HSIPL，HTIRL 或 HTIJKK 分析师没有注册或具备 FINRA 的研究分析师资格，因此可能不受 FINRA 第 2241 条规定的与目标公司的交流，公开露面和分析师账户持有的交易证券等限制。投资本研究报告中讨论的任何非美国证券或相关金融工具（包括 ADR）可能存在一定风险。非美国发行的证券可能没有注册，或不受美国法规的约束。有关非美国证券或相关金融工具的信息可能有限制。外国公司可能不受审计和汇报的标准以及与美国境内生效相符的监管要求。本研究报告中以美元以外的其他货币计价的任何证券或相关金融工具的投资或收益的价值受汇率波动的影响，可能对该等证券或相关金融工具的价值或收入产生正面或负面影响。美国收件人的所有问询请联系：

Haitong International Securities (USA) Inc.

340 Madison Avenue, 12th Floor

New York, NY 10173

联系人电话：(212) 351 6050

DISTRIBUTION AND REGIONAL NOTICES

Except as otherwise indicated below, any Recipient wishing to discuss this research report or effect any transaction in any security discussed in HTI’s research should contact the Haitong International salesperson in their own country or region.

Notice to Hong Kong investors: The research report is distributed by Haitong International Securities Company Limited (“HTISCL”), which is a licensed corporation to carry 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 invitation to the public within the meaning of the SFO. This research report is only to be circulated to "Professional Investors" as defined in the SFO. This research report has not been reviewed by the Securities and Futures Commission. You should not make investment decisions solely on the basis of the information contained in this research report. Recipients of this research report are to contact HTISCL salespersons in respect of any matters arising from, or in connection with, the research report.

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 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 of research analysts. This research report is provided for distribution to “major U.S. institutional investors” and “U.S. institutional investors” in reliance on the exemption 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 wishing to effect any transaction to buy or sell securities or related financial instruments based on the information provided in this research report should do so only through Haitong International Securities (USA)

Inc. (“HTI USA”), located at 340 Madison Avenue, 12th Floor, New York, NY 10173, USA; telephone (212) 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 therein. 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 report 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 a research analyst account. Investing in any non-U.S. securities or related financial instruments (including ADRs) discussed in this research report may present certain risks. 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 financial instruments may be limited. Foreign companies may not be subject to audit and reporting standards and regulatory requirements comparable to those in effect within the U.S. The value of any investment or income from any securities or related financial instruments discussed in this research report denominated in a currency other than U.S. dollars is subject to exchange rate fluctuations that may have a positive or adverse effect on the value of or income from such securities or related financial instruments. All inquiries by U.S. recipients should be directed to:

Haitong International Securities (USA) Inc.

340 Madison Avenue, 12th Floor

New York, NY 10173

Attn: Sales Desk at (212) 351 6050

中华人民共和国的通知事项：在中华人民共和国（下称“中国”，就本报告目的而言，不包括香港特别行政区、澳门特别行政区和台湾）只有根据适用的中国法律法规而收到该材料的人员方可使用该材料。并且根据相关法律法规，该材料中的信息并不构成“在中国从事生产、经营活动”。本文件在中国并不构成相关证券的公共发售或认购。无论根据法律规定或其他任何规定，在取得中国政府所有的批准或许可之前，任何法人或自然人均不得直接或间接地购买本材料中的任何证券或任何实益权益。接收本文件的人员须遵守上述限制性规定。

加拿大投资者的通知事项：在任何情况下该等材料均不得被解释为在任何加拿大的司法管辖区内出售证券的要约或认购证券的要约邀请。本材料中所述证券在加拿大的任何要约或出售行为均只能在豁免向有关加拿大证券监管机构提交招股说明书的前提下由 Haitong International Securities (USA) Inc. （“HTI USA”）予以实施，该公司是一家根据 National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations（“NI 31-103”）的规定得到「国际交易商豁免」（“International Dealer Exemption” ）的交易商，位于艾伯塔省、不列颠哥伦比亚省、安大略省和魁北克省。在加拿大，该等材料在任何情况下均不得被解释为任何证券的招股说明书、发行备忘录、广告或公开发行。加拿大的任何证券委员会或类似的监管机构均未审查或以任何方式批准该等材料、其中所载的信息或所述证券的优点，任何与此相反的声明即属违法。在收到该等材料时，每个加拿大的收件人均将被视为属于National Instrument 45-106 Prospectus Exemptions 第 1.1 节或者 Securities Act (Ontario)第 73.3(1)节所规定的「认可投资者」（“Accredited Investor”），或者在适用情况下 NationalInstrument 31-103 第 1.1 节所规定的「许可投资者」（“Permitted Investor”）。

新加坡投资者的通知事项：本研究报告由 Haitong International Securities (Singapore) Pte Ltd（“HTISSPL”）[公司注册编号 201311400G] 于新加坡提供。HTISSPL 是符合《财务顾问法》（第110 章）（“FAA”）定义的豁免财务顾问，可（a）提供关于证券，集体投资计划的部分，交易所衍生品合约和场外衍生品合约的建议（b）发行或公布有关证券、交易所衍生品合约和场外衍生品合约的研究分析或研究报告。本研究报告仅提供给符合《证券及期货法》（第 289 章）第 4A 条项下规定的机构投资者。对于因本研究报告而产生的或与之相关的任何问题，本研究报告的收件人应通过以下信息与 HTISSPL 联系：

Haitong International Securities (Singapore) Pte. Ltd

50 Raffles Place, #33-03 Singapore Land Tower, Singapore 048623

电话: (65) 6536 1920

日本投资者的通知事项：本研究报告由海通国际证券有限公司所发布，旨在分发给从事投资管理的金融服务提供商或注册金融机构（根据日本金融机构和交易法（“FIEL”））第 61（1）条，第 17-11（1）条的执行及相关条款）。

英国及欧盟投资者的通知事项：本报告由从事投资顾问的 Haitong International Securities Company Limited 所发布，本报告只面向有投资相关经验的专业客户发布。任何投资或与本报告相关的投资行为只面对此类专业客户。没有投资经验或相关投资经验的客户不得依赖本报告。Haitong International Securities Company Limited 的分支机构的净长期或短期金融权益可能超过本研究报告中提及的实体已发行股本总额的 0.5％。特别提醒有些英文报告有可能此前已经通过中文或其它语言完成发布。

澳大利亚投资者的通知事项：Haitong International Securities (Singapore) Pte Ltd, Haitong International Securities Company Limited 和 Haitong International Securities (UK) Limited 分别根据澳大利亚证券和投资委员会（以下简称“ASIC”）公司（废除及过度性）文书第 2016/396 号规章在澳大利亚分发本项研究，该等规章免除了根据 2001 年《公司法》在澳大利亚为批发客户提供金融服务时海通国际需持有澳大利亚金融服务许可的要求。ASIC 的规章副本可在以下网站获取：www.legislation.gov.au。海通国际提供的金融服务受外国法律法规规定的管制，该等法律与在澳大利亚所适用的法律存在差异。

印度投资者的通知事项：本报告由从事证券交易、投资银行及证券分析及受 Securities and Exchange Board of India（“SEBI”）监管的 Haitong Securities India Private Limited（“HTSIPL”）所发布，包括制作及发布涵盖 BSE Limited（“BSE”）和 National Stock Exchange of India Limited（“NSE”）（统称为「印度交易所」）研究报告。

研究机构名称: Haitong Securities India Private Limited

SEBI 研究分析师注册号: INH000002590

地址: 1203A, Floor 12A, Tower 2A, One World Center

841 Senapati Bapat Marg, Elphinstone Road, Mumbai 400 013, India

CIN U74140MH2011FTC224070

电话: +91 22 43156800 传真:+91 22 24216327

合规和申诉办公室联系人： Prasanna Chandwaskar ；电话: +91 22 43156803; 电子邮箱: prasanna.chandwaskar@htisec.com

“请注意，SEBI 授予的注册和NISM 的认证并不保证中介的表现或为投资者提供任何回报保证”。

People’s Republic of China (PRC): In the PRC, the research report is directed for the sole use of those who receive the research report in accordance with the applicable PRC laws and regulations. Further, the information on the research report does not constitute "production and business activities in the PRC" under relevant PRC laws. This research report does not constitute a public offer of the security, whether by sale or subscription, in the PRC. Further, no legal or natural persons of the PRC may directly or indirectly purchase any of the security or any beneficial interest therein without obtaining all prior PRC government approvals or licenses that are required, whether statutorily or otherwise. Persons who come into possession of this research 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 buy securities in any jurisdiction of Canada. Any offer or sale of the securities described herein in Canada will be made only under an exemption from the requirements to file a prospectus with the relevant Canadian securities regulators and only by Haitong International Securities (USA) Inc., a dealer relying on the “international dealer exemption” under National Instrument 31-103 Registration Requirements, 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 a public offering of any securities in Canada. No securities commission or similar regulatory authority in Canada has reviewed or in any way passed upon this research report, the information contained herein or the merits of the securities described herein and any representation to the contrary is an offence. Upon receipt of this research report, each Canadian recipient will be deemed to have represented that the investor is an “accredited investor” as such term is defined in section 1.1 of National 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 such term is defined 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”) [Co Reg No 201311400G. HTISSPL is an Exempt Financial Adviser under the Financial Advisers Act (Cap. 110) (“FAA”) to (a) advise on securities, units in a collective investment scheme, exchange-traded derivatives contracts and over-thecounter derivatives contracts and (b) issue or promulgate research analyses or research reports on securities, exchange-traded derivatives contracts and over-the-counter derivatives contracts. This research report is only provided to institutional investors, within the meaning of Section 4A of the Securities and Futures Act (Cap. 289). Recipients of this research report are to contact HTISSPL via the details below in respect of any matters arising from, or in connection with, the research report:
Haitong International Securities (Singapore) Pte. Ltd.

10 Collyer Quay, #19-01 - #19-05 Ocean Financial Centre, Singapore 049315

Telephone: (65) 6536 1920

Notice to Japanese investors: This research report is distributed by Haitong International Securities Company Limited and intended to be distributed to Financial Services 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 distributed by Haitong International Securities Company Limited. This research is directed at persons having professional experience in matters relating to investments. Any investment or investment activity to which this research relates is availa ble only to such persons or will be engaged in only with such persons. Persons who do not have professional experience in matters relating to investments should not rely on this research. Haitong International Securities Company Limited’s affiliates may have a net long or short financial interest in excess of 0.5% of the total issued share capital of the entities mentioned in this research report. Please be aware that any report in English may have been published previously in Chinese or another language.

Notice to Australian investors: The research report is distributed in Australia by Haitong International Securities (Singapore) Pte Ltd, Haitong International Securities Company Limited, and Haitong International Securities (UK) Limited in reliance on ASIC Corporations (Repeal and Transitional) Instrument 2016/396, which exempts those HTISG entities from the requirement to hold an Australian financial services license under the Corporations Act 2001 in respect of the financial services it provides to wholesale clients in Australia. A copy of the ASIC Class Orders may be obtained at the following website, www.legislation.gov.au. Financial services provided by Haitong International Securities (Singapore) Pte Ltd, Haitong International Securities Company Limited, and Haitong International Securities (UK) Limited are regulated 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 Exchange Board of India (“SEBI”) registered Stock Broker, Merchant Banker and Research Analyst that, 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”).
Name of the entity: Haitong Securities India Private Limited
SEBI Research Analyst Registration Number: INH000002590
Address : 1203A, Floor 12A, Tower 2A, One World Center
841 Senapati Bapat Marg, Elphinstone Road, Mumbai 400 013, India
CIN U74140MH2011FTC224070
Ph: +91 22 43156800 Fax:+91 22 24216327
Details of the Compliance Officer and Grievance Officer : Prasanna Chandwaskar : Ph: +91 22 43156803; Email id: prasanna.chandwaskar@htisec.com
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