日本老龄化下医药市场机遇

Opportunities in the Pharmaceutical Market Amidst Japan's Aging Society

孟科含 Kehan Meng kh.meng@htisec.com

孙旭东 Xudong Sun xd.sun@htisec.com

2024年6月12日

东证医药股市值集中，大药企主导

 截至2024/6/3，东证医药股市值共计4,247亿美金，约为A股的1/2。

 A股总市值11.9万亿美金，医药8,477亿美金，占总市值的7.1%，略高于东证。

东京证券交易所总市值6.5万亿美金

For 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 equities.htisec.com

 中国医药股总市值是日本的2倍，因发展阶段、技术水平、国际竞争力、政策环境等因素，龙头集中度不高，但相比10年前已实现长足进步，如器械、CXO等。

日本医药股高度集中且持续提升

公司2015/6/3	领域	市值/亿美元	公司2024/6/3	领域	市值/亿美元
武田制药	药企	383.5	第一三共	药企	679.1
安斯泰来	药企	327.8	中外制药	药企	517.2
卫材	药企	188.3	豪雅	医疗器械	432.6
大冢	药企	179.1	武田制药	药企	425.6
中外制药	药企	172.5	泰尔茂	医疗器械	255.7
豪雅	医疗器械	163.9	大冢	药企	231.5
第一三共	药企	136.3	奥林巴斯	医疗器械	188.2
小野药品	药企	126.4	安斯泰来	药企	180.4
盐野义	药企	126.2	盐野义	药企	135.1
希森美康	医疗器械	118.9	卫材	药企	129.5
日本东证指数医药股市值TOP10占比63.1%			日本东证指数医药股市值TOP10占比74.8%

中国医药股尚未出现同级别体量药企

公司2015/6/3	领域	市值/亿美元	公司2024/6/3	领域	市值/亿美元
恒瑞医药	药企	151.7	迈瑞医疗	医疗器械	505.9
上海莱士	血制品	148.3	恒瑞医药	药企	381.4
国药控股	流通	131.8	片仔廣	中药	193.9
云南白药	中药	130.8	药明康德	CXO	166.1
复星医药	药企	130.1	百济神州-U	创新药	159.0
上海医药	流通	114.8	爱尔眼科	医疗服务	157.8
天士力	药企	114.8	联影医疗	医疗器械	142.3
同仁堂	中药	96.8	云南白药	中药	132.8
白云山	中药	95.8	翰森制药	药企	125.2
九州通	流通	91.7	万泰生物	疫苗	118.7
A +H医药股TOP10市值占比14.8%			A +H医药股TOP10市值占比19.5%

For 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 equities.htisec.com

日本中度老龄化时期医药股兼具韧性和成长性

 老龄化进展将驱动医疗卫生需求增长。1994年日本进入65岁以上人口占比超过15%的中度老龄化社会，中国于2021年中度老龄化社会，近似对标日本90年代。

65岁以上人口占比	日本（亚洲最早进入老龄化的国家之一）	中国（少子化老龄化迅速加剧中）
当前（2022年）	29%	15%
7%一老龄化社会	1970年 24年	2000年 21年
15%一中度老龄化社会	1994年	2021年
21%一超老龄化社会	11年 2005年	9-12年 2030-2035年

资料来源：日本厚生劳动省，国家卫健委，Yanan Luo, Binbin Su, Xiaoying Zheng. Trends and Challenges for Population and Health During Population Aging — China, 2015–2050[J]. China CDC Weekly, 2021, 3(28): 593-598.,HTI

 日本老龄化时期：70-90年代经济增速7.5%，医疗卫生费用增速10.2%，老龄人口增速3.8%。

 中国老龄化时期：2000-21年经济增速14.2%，医疗卫生费用增速24.7%，老龄人口增速3.7%。

 日本中度老龄化：90年代经济增速0.6%，医疗卫生费用增速2.3%，老龄人口增速3.5%，持续控费。

日本：控费政策下医疗卫生费用占GDP比率持续提升

中国：随基本医保广泛覆盖，医疗卫生费用高速增长

For 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 equities.htisec.com

1980-1990（老龄化）	公司	领域	涨跌幅%	原因
	小野制药	消化/心血管	529	60年代成为除美第二药品生产国，70年代成为除美第二药物R&D国。1）医药分离，破除以药养医。2）1980年开始药价管控，1983年废止老年人免费医疗，促武田等药企出海。3）1985年开放国内市场，本土市场受外资侵蚀。
	住友制药	神经/心血管	469
	安斯泰来	肿瘤/泌尿	458
	乐敦	眼药及皮肤药	443
	武田制药	肿瘤/消化	334
	协和麒麟	罕见病/肿瘤	289
	盐野义	抗生素等	259
	日本新药	眼科及皮肤药	259
	中外制药	抗体药物	245
	参天	眼科药物	200

1990-2000 （中度）	公司	领域	涨跌幅%	原因
	武田制药	肿瘤/消化	118	医疗器械行业通过高端器械出口完始积累。 1）GDP增长停滞，本土医疗器械市场仍以复合增速5.2%扩张。 2）本土市场继续被侵蚀。 3）行业集中度提升，医药企业从1975年的 1359家下降至2015年的305家。
	参天	眼科药物
	泰尔茂	一次性耗材
	安斯泰来	肿瘤/泌尿
	卫材	神经/肿瘤
	奥林巴斯	内窥镜
	久光制药	-5 镇痛贴剂 -14
	尼普洛	透析器械
希森美康	IVD器械	-15 -23
盐野义	抗生素等	-27

2000-2010	公司	领域	涨跌幅%
	津村	汉方药	650
	久光制药	镇痛贴剂	431
	日本光电	心电/监护设备	399
	泽井	感冒止咳药	383
	希森美康	IVD器械	362
	乐敦	眼药及皮肤药	215
	尼普洛	透析器械	116
	奥林巴斯	内窥镜	106
	泰尔茂	一次性耗材	105
	日本新药	眼科及皮肤药	100

药企洗牌，药品定价政策进一步完善。1）政府调整定价公式，以更好适应药物的创新价值；1997年修订临床实践标准对接欧美，加速引进欧美药物；

2）流通行业变革，随药品降价压力改善，流通企业布局配送、生产、试剂制造、保健品。

1990-2000（深度）	公司	领域	涨跌幅%
	朝日英达	介入器械	3.203
	PeptiDream	多肽偶联药物	1,692
	Ship Healthcare	流通/居家护理	894
	日本新药	眼科及皮肤药	812
	希森美康	IVD器械	514
	中外制药	抗体药物	479
	小林制药	消炎退烧贴剂	398
	日本光电	心电/监护设备	312
	第一三共	ADC药物	271
	参天制药	眼科药物	254

For 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 equities.htisec.com

1）受国内药价限制性影响，本土药企加大拓展美国市场，海外收入持续提升，日本药企海外占比陆续超过50%。

2）药价控制政策持续，政府通过控价和推广仿药减轻公共医保财政压力。

90年代，药械出海和院外产品相对收益明显

 1992-2003年是日本股市的震荡下跌期，此阶段延续80年代开始的药价管控，MNC侵占日本本土市场份额，药械器械在本土市场内需承压下出海。

√ 外需：出海成就第二增长曲线。武田、泰尔茂等药械企业通过与MNC合作研发、管线或专利授权、股权投资出海。内需：医保控费下，本土市场的机会诞生于自费场景与新适老需求。

90年代实现超额收益的企业主要来自药械出海

原因老龄化
Me-too药物机遇，合作MNC出海	与老龄化相关的产品包括久
镇痛消炎新品和剂型迭代，投资东南亚工厂扩产	光制药的镇痛贴剂，可能因躯体疼痛和即时镇痛需求在平均就业年龄增长下更为明显，以及参天制药的白内障、
推动心血管介入器械领域革新，投资出海
降脂药瑞舒伐他汀钙，授权阿斯利康海外权益出海
Me-too药物机遇，授权产品海外权益出海	直接对应。整体而言，人口结构变化直
抗体药物技术平台创新，出售过半股权给罗氏	接产生的医药产品逻辑变化趋势不明显，因此阶段外需
专利数量下降，受MNC药企冲击	和技术进步主导日本医药市场。
日经225指数，-51%；医药显著跑赢大市

For 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 equities.htisec.com

 得益于Me-too药物的红利窗口，药企与MNC深度合作实现出海。以武田为例，1985-1999年其与雅培、GSK、诺和诺德、礼来等大药企合作，上市多款重磅Me-too药物，极大增强了国际影响力。1992-2003年其利润率从4.8%提升至26.0%，收入稳步提升。2006年武田海外收入占比突破50%，2022年达到87%。

 日本器械公司精密制造能力强，出海助力其二次成长。以泰尔茂为例，1971年其设立美国公司和欧洲公司；1974年投资美国工厂。1992-2003年其利润率从0.6%提升至9.0%，并实现了收入稳步增长，年复合增速5.5%。2006年泰尔茂海外收入占比为40%，2022年达到75%。

CAGR 3.6% CAGR 20.9%

CAGR 5.5% CAGR 35.0%

单位：mn JPY	1992	2003	CAGR
收入	709,686	1,046,081	3.6%
净利润	33,836	271,762	20.9%
毛利率	42.6%	71.3%	+28.7%
利润率	4.8%	26.0%	+21.2%
PE	33	14

单位：mn JPY	1994	2005	CAGR
收入	111,270	200,625	5.5%
净利润	670	18,155	35.0%
毛利率	46.4%	49.2%	+2.8%
利润率	0.6%	9.0%	+8.4%
PE	267	24

For 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 equities.htisec.com

√ 老龄人口增长驱动老年人医疗产品需求增长。老年人的常见疾病主要集中在精神神经、呼吸系统、消化系统、循环系统和癌症领域，常见症状包括抑郁和痴呆症、肺病、糖尿病、肩颈疼痛、骨关节炎、听力损失、白内障和老视。

 久光制药：公司经营镇痛消炎贴剂，核心产品为Mohrus膏贴（Rx）和Salonpas贴剂（OTC）。随老龄化和年轻劳动力减少，衰老、工作劳损下即时镇痛需求增长。公司产品平价且见效快，如Salonpas单价约70元/140枚/盒。

CAGR 10.5% CAGR 22.7%

单位：mn JPY	1996	2007
收入	36,583	CAGR 109,791 10.5%
净利润	1,676	15,847 22.7%
毛利率	61.6%	70.0% +8.4%
利润率	4.6%	14.4% +9.9%
PE	n.a.	20

透皮贴剂工艺进步驱动贴剂市场增长

单位：百万支	1999	2007	CAGR
日本非甾体抗炎药市场（NSAIDs）	245708	261797	0.8%
1、膏剂	28,708	91,615	15.6%
市占率	12%	35%
2、凝胶剂	79,678	63,027	-2.9%
市占率	32%	24%
3、系统性药物	137,322	107,155	-3.1%
市占率	56%	41%

For 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 equities.htisec.com

超老龄化时期的多死社会，以及分级诊疗下的医疗难民：分级诊疗背景下日本政府大量削减公立医院床位。高医疗依赖型患者难留院因床位不足，难进入疗养院因区域护理资源缺乏，难回到家中因增加照护负担。

 Amvis：公司2023年在日本经营76家临终安养院—医心馆，3795张床位，提供临终护理、康复疗养、上门护理和照护服务，主要为晚期癌症等高医疗依赖型患者。在强需求推动下，公司计划24/25年医心馆扩展至103/131家。

Amvis CAGR 60.6% CAGR 90.5%

单位：mn JPY	2017	2023 CAGR
收入	1,862	31,985 60.6%
净利润	126	6,026 90.5%
毛利率	40.8%	41.5% +0.7%
利润率	6.8%	18.8% +12.1%
PE	n.a.	40

疗养或护理设施死亡人数占比近年显著提升

Amvis商业模式特点：

高床位使用率：成熟机构床位使用率约85%，新设施床位使用率约54%。（难保持90%的原因是，平均50-100张床位/设施，每月10-15人去世）

√ 高速盈亏平衡：新设施建设1-2年，4-6月月度盈亏平衡（使用率50%），1年内床位使用率达到80%，5年回本。

 依赖保险收入：公司约90%收入来自医疗和护理保险。

Amvis不同于传统疗养院：1）聚焦高医疗依赖型患者；2）收入多元，来自医疗保险、介护保险、入住费；3）护理员工1v1服务患者

For 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 equities.htisec.com

 老龄化带来更多生活疾病预防需求和基础医疗护理需求。2000年日本厚生劳动省提出“21世纪日本国民健康促进运动”，包括鼓励开发和销售具有特定功能的保健品；鼓励家庭护理和社区护理服务发展，减轻医疗机构压力。

For 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 equities.htisec.com

√ 日本医药企业能够出海的原因是：在美国Me-too药物红利期积极与欧美大药企进行股权和研发合作，因定价环境好，审评审批制度成熟，出海美国至今仍然是日本医药企业的第一策略。

 日本医药企业国际竞争力强的原因是：擅长在高难度领域深耕细做，崇尚匠人精神和源创新，利用发酵技术、精密制造、光学领域产业基础扩大优势。日本企业侧重高端市场，产品和文化同时出口，产品议价能力强，带回了丰厚的利润。

√ 中国的机会是：尽管中国出海面临的环境更复杂，但对比日本，我们的优势是Biotech产业的发达，以及本土较大的统一市场规模。中国有庞大的临床市场，审评审批制度健全，我们认为中国企业更可能在难且复杂的赛道奠定国际竞争力。

中国具有本土较大的统一医药市场：

√ 2023年中国人口数量是日本的11x（中国14亿，日本1.26亿），

√ 2021年中国医药市场规模是日本的2x（中国超过1600亿美金，日本870亿美金），即便中国执行了更为严苛政策，多数跨国药企仍然认为单药在中国能实现的规模是日本的2x。

√ 日本医药企业海外收入占比一半，仅看本土市场中国是日本的2x，且10倍于日本的人口数量，随中国企业国际竞争力提升，老龄化下中国医药市场机遇广阔。

FY23日本与老龄化/消费习惯变化相关公司海外收入占比
公司	领域	市值	收入	海外收入	海外收入占比	净利润
亿美元		2024/4/15	2022	2022	2022	2022
武田制药	药企	421.3	307.2	267.3	87%	24.2
奥林巴斯	医疗器械	172.9	67.3	57.9	86%	11.0
安斯泰来	药企	170.1	115.8	95.8	83%	17.1
资生堂	化妆品	103.5	81.4	63.3	78%	2.6
任天堂	电子游戏	647.4	122.2	94.3	77%	33.0
Seven &i(711）	便利店	342.4	900.9	682.1	76%	21.4
泰尔茂	医疗器械	250.8	62.6	46.8	75%	6.8
迅销（优衣库）	平价纺服	861.0	211.0	143.1	68%	22.6
卫材	药企	115.9	56.8	37.7	66%	4.3
大家制药	药企	230.1	132.6	82.6	62%	10.2
Keyence	工厂自动化	1023.1	70.4	43.8	62%	27.7
第一三共	药企	577.4	97.5	56.8	58%	8.3
希森美康	医疗器械	100.1	31.3	16.2	52%	3.5
盐野义	药企	144.6	32.5	16.6	51%	14.1
中外制药	药企	557.3	89.1	39.0	44%	24.2
Bandai Namco	游戏/动漫	124.7	75.5	31.4	42%	6.9
Pan Pacific	折扣店/百货店	162.3	147.7	24.1	16%	5.0

Summary

The market value of the pharmaceutical stocks on the Tokyo Stock Exchange is concentrated, with major pharmaceutical companies playing a dominant role.
During Japan's period of moderate aging, pharmaceutical stocks exhibit both resilience and growth potential.
In the 1990s, the overseas expansion of pharmaceutical and medical device companies and the relative returns of out-of-hospital products were significant.

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，孟科含，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, Kehan Meng, 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，孙旭东，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, Xudong Sun, 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).

300015.CH, 601607.CH, 600535.CH 及 600085.CH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。

300015.CH, 601607.CH, 600535.CH and 600085.CH are/were a client of Haitong currently or within the past 12 months. The client has been provided for noninvestment-banking securities-related services.

海通在过去的12个月中从600535.CH 及 600085.CH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 600535.CH and 600085.CH.

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.

评级分布Rating Distribution

Most Recent Ful Quarter

Prior Full Quarter

截至2024年3月31日海通国际股票研究评级分布

	优于大市	中性 (持有)	弱于大市
海通国际股票研究覆盖率	90.4%	8.8%	0.8%
投资银行客户*	3.3%	4.9%	0.0%

*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9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 March 31, 2024

	Outperform	Neutral (hold)	Underperform
HTI Equity Research Coverage	90.4%	8.8%	0.8%
IB clients*	3.3%	4.9%	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, 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.

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。

第二条盟浪并不因收到此评估数据而将收件人视为客户，收件人使用此数据时应根据自身实际情况作出自我独立判断。本数据所载内容反映的是盟浪在最初发布本数据日期当日的判断，盟浪有权在不发出通知的情况下更新、修订与发出其他与本数据所载内容不一致或有不同结论的数据。除非另行说明，本数据（如财务业绩数据等）仅代表过往表现，过往的业绩表现不作为日后回报的预测。

第三条本数据版权归本公司所有，本公司依法保留各项权利。未经本公司事先书面许可授权，任何个人或机构不得将本数据中的评估结果用于任何营利性目的，不得对本数据进行修改、复制、编译、汇编、再次编辑、改编、删减、缩写、节选、发行、出租、展览、表演、放映、广播、信息网络传播、摄制、增加图标及说明等，否则因此给盟浪或其他第三方造成损失的，由用户承担相应的赔偿责任，盟浪不承担责任。

第四条如本免责声明未约定，而盟浪网站平台载明的其他协议内容（如《盟浪网站用户注册协议》《盟浪网用户服务（含认证）协议》《盟浪网隐私政策》等）有约定的，则按其他协议的约定执行；若本免责声明与其他协议约定存在冲突或不一致的，则以本免责声明约定为准。

SusallWave FIN-ESG Data Service Disclaimer: Please read these terms and conditions below carefully and confirm your agreement and acceptance with these terms before using SusallWave FIN-ESG Data Service.

FIN-ESG Data is produced by SusallWave Digital Technology Co., Ltd. (In short, SusallWave)’s assessment based on legal publicly accessible information. SusallWave shall not be responsible for any accuracy and completeness of the information. The assessment result is for reference only. It is not for any investment advice for any individual 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 any individual or institution as a result of using SusallWave FIN-ESG Data.
SusallWave do not consider recipients as customers for receiving these data. When using the data, recipients shall make your own independent judgment according to 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 and release other data that contains 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.
The copyright of this data belongs to SusallWave, and we reserve all rights in accordance with the law. Without the prior written permission of our company, none of 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-editing, adaption, deletion, abbreviation, excerpts, issuance, rent, exhibition, performance, projection, broadcast, information network transmission, shooting, adding icons and instructions. If any loss of SusallWave or any third-party is caused by those actions, users shall bear the corresponding compensation liability. SusallWave shall not be responsible for any loss.
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 Website), it should be executed according to other agreements. If there is any difference between this disclaim and other agreements, this disclaimer shall be applied.

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 IndiaPrivate 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 investment 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.

Please refer to HTI’s website www.equities.htisec.com for further information on HTI’s 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 cover of this Research is (are) not registered or qualified as a research analyst with FINRA and are not subject to U.S. FINRA Rule 2241 restrictions on communications with companies that are the subject of the Research; public appearances; and trading securities by a research analyst.

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，HaitongInternationalSecurities(USA)Inc.（“HTIUSA”）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 brokerdealer 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. （“HTIUSA”）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National Instrument 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。HaitongInternationalSecuritiesCompany 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 InternationalSecurities (UK) Limited分别根据澳大利亚证券和投资委员会（以下简称“ASIC”）第03/1102、03/1103或03/1099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 IndiaPrivate 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-the-counter 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 available 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 Class Order 03/1102, 03/1103 or 03/1099, respectively, 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

“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.

http://equities.htisec.com/x/legal.html

海通国际-医药行业：日本老龄化下医药市场机遇-240612.pdf