研究报告全文：tekrahMcraethsDecember162022eRMorningBriefHUANGYanming8621-38676036huangyanminggtjascomSACLicS0880512090001SFCLicANY447gninroMContentsTopRecommendationsfNewEnergySectorUpdateReporteirInsuranceSectorUpdateReportBTelecomSectorSectorStrategyIndustryResearchXRVisualDisplayJumpcanPharmaceutical600566OWTPRMB3721LatestReportsAzure002245OWTPRMB1971Hikvision002415OWTPRMB4475XTCNewEnergyMaterials688778OWTPRMB10127CYTSTours600138OWTPRMB2060XiangjiaHusbandry002982OWTPRMB5634TecsunTech002908OWTPRMB2276SinolinkSecurities600109OWTPRMB1227SectorRatingsoftheMonthMarketStrategyWeeklyViewpoint本报告内容译自同日发布的简体中文报告国泰君安晨报报告观点及内容如有任何不一致的地方一律以该简体中文版报告为准TopRecommendationsNewEnergySectorUpdateReportWestressonthefollowinglinksofthephotovoltaicindustrialchainandthecorrespondingfeaturedcompanies1BatterycellslicesandpartsintegrationAiko600732LONGi601012JASolar002459Tongwei600438Drinda002865Trina688599andJinko6882232AccessorymaterialsMetron300861PacificQuartz603688OJing001269HIUV688680CrownAdvancedMaterial688560Cybrid603212YourBest301266Tongling301168QCSolar301278Arctech688408Yihua002897andXinbo0030383DownstreamlinksSungrow300274Ginlong300763Jinpan688676Hoymiles688032Yuneng688348andDeye605117InsuranceSectorUpdateReportThedescendingriskappetiteofhouseholdsectorsisgivingrisetofastincreaseofthedemandforinsuranceassetmanagementproductsofhigh-certaintyreturnWemaintainOverweightratingfortheinsurancesectorOffeaturedcompanieswesuggestOverweightratingforChinaLife601628ChinaLifeisoneofthefirstinsurancecompaniestostartsalespromotionfortheyear2023andthehotsalesofitssavings-typewealthmanagementproductsarepushingupitsNBVTelecomSectorSectorStrategyWerecommendthefollowingfeaturedcompanies1TelecomoperatorsChinaMobile600941ChinaTelecom601728andChinaUnicom6000502StructuralinvestmentandimportsubstitutionZTE000063ShijiaPhotons688313TFCCommunication300394AdvancedFiberResources300620andBaosightSoftware6008453DomesticinvestmentHengtong600487Zhongtian600522YangtzeOpticalFibre601869WillfarInfoTech688100LeaguerMicroelectronics688589ChengchangTech001270andEnvicool0028374ExportnewmarketexplorationHTIntelligentControl002402Topband002139LongtechSmartControl300916andFocuslightTech688167IndustryResearchXRVisualDisplayVRopticssolutionsaremovingtowardlighterandthinnerproductsOfwhichFresnellensisamaturesolutionandPancakeisbecomingthemainstreamARopticssolutionsaremovingtowardlighterbigger-FOVandhigherluminousefficiencyproductsOfwhichBirdbathisamaturesolutionandopticalwaveguideis29thefuturetrendVRmicro-displaysolutionsfocusondisplayeffectandcostefficiencyOfwhichFastLCDwillremainthemainstreamsolutionwhilesilicon-basedOLEDandMiniLEDwilltaketheleadofmedium-andhigh-endsolutionsARmicro-displaysolutionsfocusonportabilitydisplayeffectandcostOfwhichLCoSandsilicon-basedOLEDisthemainstreamsolutionswhileMicro-LEDleadsthefuturetrendJumpcanPharmaceutical600566OWTPRMB3721RatingOWPrvNATPRMB3721PrvNAMPRMB2919Mkt-CapRMB26908mnTheCompanyisaleadingmanufacturerofChinesepatentpediatricmedicineswithsustainedimprovementofproductsanddistributionchannelstructureWeforecasttheCompanys2022-2024EPSofRMB219176yoy248131yoyand279126yoyWesuggesttargetpriceofRMB37212023PEof15xandOverweightratingLatestReportsAzure002245OWTPRMB1971RatingOWPrvOWTPRMB1971PrvRMB2846MPRMB1633Mkt-CapRMB18813mnInviewoftheslackexportofelectricpowertoolsduetotheeconomicrecessioninUSandEuropewelowerourforecastsoftheCompanys2022-2024EPStoRMB040-029073-053and107-074WithreferencetothevaluationsofcomparablecompanieswelowertargetpricetoRMB19712023PEof27xandmaintainOverweightratingHikvision002415OWTPRMB4475RatingOWPrvOWTPRMB4475PrvRMB4475MPRMB3491Mkt-CapRMB329313mnIn2023therevenuesfromthreeBGsiePBGEBGandSMBGmaygoupagainFollowingthestablegrowthofoverseasbusinessandinnovativebusinesstheproportionoffast-growthbusinesseshasrisentocloseto40WemaintainourforecastsoftheCompanys2022-2024EPSofRMB147179and202andmaintaintargetpriceofRMB44752023PEof25xandOverweightratingXTCNewEnergyMaterials688778OWTPRMB10127RatingOWPrvOWTPRMB10127PrvRMB20370MPRMB8788Mkt-CapRMB26412mnBecauseoftheproductioninterruptionduetotheternaryprecursorproductionlineinnovationoftheCompanyandalsotakingintoaccounttheimpactfromtherisingproductioncapacityoftheentireindustrywelowerourforecastsoftheCompanys2022-2024EPStoRMB367-039533-070and700-087WithreferencetothevaluationsofcomparablecompanieswelowertargetpricetoRMB101272023PEof19xOverweightratingmaintained39CYTSTours600138OWTPRMB2060RatingOWPrvOWTPRMB2060PrvRMB1400MPRMB1612Mkt-CapRMB11668mnTheleadershipoftheCompanysnewmanagementandtherestartingofrealestatefinancingwillhelptheCompanytorealizelong-termbusinessgrowthAndtheCompanyisabletocopyitssecond-orderconsumptionbusinesspatternoutsideofitslocalmarketWeraiseourforecastsoftheCompanys2022-2024EPStoRMB-035040and0793TheCompanyranksamongthetoptourismcompaniesanditscurrentstockvaluationisrelativelylowcomparedtoitspeersWesuggestaverage2024sectorPEof26xandraisethecorrespondingtargetpricetoRMB206OverweightratingmaintainedXiangjiaHusbandry002982OWTPRMB5634RatingOWPrvOWTPRMB5634PrvRMB5634MPRMB4630Mkt-CapRMB4717mnTheCompanydisclosedthatinNovember2022theCompanysold3785900-582mom100yoylivepoultryforRMB941833mn-1800mom1162yoyataveragepriceofRMB1284kg-1574mom750yoyWemaintainourforecastsoftheCompanys2022-2024EPSofRMB131212and228andmaintaintargetpriceofRMB5634andOverweightratingTecsunTech002908OWTPRMB2276RatingOWPrvOWTPRMB2276PrvRMB2276MPRMB1701Mkt-CapRMB5249mnDuetopandemicimpactswelowerourforecastsoftheCompanys2022-2024netprofittoRMB112mn-40mn188mn-86mnand269mn-81mnandEPStoRMB036-013061-027and087-026WemaintaintargetpriceofRMB22762023PEof37xandOverweightratingSinolinkSecurities600109OWTPRMB1227RatingOWPrvOWTPRMB1227PrvRMB1227MPRMB905Mkt-CapRMB33705mnOnDec15theCompanydisclosedthatCSRCapprovedthechangeoftheCompanysmainshareholdersthestate-ownedChengduIndustrialCapitalGroupandChengduChengduJiaoziFinancialHoldinGroupbecametheCompanysmainshareholdersThischangewillhelptheCompanytoacceleratetheimplementationofitsInvestmentBankingEnginestrategyaswellasitsprofitgrowthWemaintainourforecastsoftheCompanys2022-2024EPSofRMB040060and077andBVPSofRMB845902and974WemaintaintargetpriceofRMB1227andOverweightrating49SectorRatingsoftheMonthRatingSectorBuildingMaterialsComprehensiveFinanceInsuranceCommercialBankingCoalFoodDrinkOWPharmaceuticalRealEstateMachineryManufacturingTransportationConstructionEngineeringNonferrousMetalsHouseholdAppliancesTransportationEquipmentMassMediaCulturalAgricultureTextileNTGarmentsRetailingPowerEquipmentSocialServicesPublicUtilitiesIronSteelUWInformationTechnologyInformationScienceNoteTheratingsabovearemadebyGTJAStrategyTeamwhichmaynotalwaysbeinlinewiththeopinionsofGTJAindustryanalystsduetodifferentemphasesandtimerangeswhentheseratingsaremadeMarketStrategyWeeklyViewpointLastUpdateDecember4th2022A-ShareStrategyWeeklyIncreaseRiskExposureforNewOpportunitiesWeadvisetomoderatelyincreaseriskexposurefornewopportunitiesSinceOctober16ourreportshaverevealedouroptimismaboutthemarketoutlookAfteranintervalofmanyyearstheauthorityapprovedrealestateequityre-financingrecentlyTherecentfastereasingofpandemiccontrolpoliciesalsoreflectedthatthegovernmenthadstartedtostressoneconomicgrowthagainnotethefinancialpolicyeasingin2014didpushupstockmarketdespitethedeteriorationofeconomicfundamentalsThesewillimprovethecross-yeareconomicexpectationsandriskappetitefortheyear2023WepredictthenetprofitofallA-sharesexcludingfinancialsectortorise10TheriskpremiumandvaluationofShanghaiCompositearealso10belowtheirhistoricalaveragebuttheirrecoverycannotbedoneinstantlyLowriskappetiteinvestorshavealreadybeguntoreplenishtheirpositionswhilehighriskappetiteinvestorsremainactiveinstockmarkettransactionsMeanwhilethedeclineofUSdollarinterestrateandthereboundofRMBexchangeratehavebothmadeRMB-denominatedassetsmoreattractiveEveniftherearesomedownwardcorrectionslatertheywillnotgotoofarbecauseoftheturnaroundofmarketexpectationsandthelowstockvaluationsandpricesInsteadatthismomentlargerpositionandexposureofriskassetswillhelptocatchthenewopportunitiesarisingfromnewmarginalandcyclicalopportunitiesItisadvisabletotakeadvantageofthemarketsetbackstoincreasepositionsBluechipsfirstthengrowthstocksDuetotheuncertaintiesofpandemicsituationandtheenduringweaknessofrealestateindustrythenear-termEPSin2022Q4-2023Q1canhardlyrevealsustainableimprovementofbusinessperformancesinfutureWefoundthreecommoncharacteristicsofprevioustwobullmarkets2014H22015H12019drivenbylowstockvaluationdespiteslowbusinessprofitgrowth1recordlowstockvaluation2turnaroundofkeyfactorsfinancein2014consumptionin2019and3theappearanceofaseconddriveregInternetandMadebyChina2025in2015theriseofsemiconductorand5Gcommunicationsectorsin2019whentheexpectationsforcontinuouseconomicrecoveryfailedNowtheconditionsarealmostthesamelowstockvaluationturnaroundofkeyfactorsandslackfundamentalsbutpowerfulindustrialpolicysupportsIn2022defensivesectorsofgoodprofitgrowthandcashflowoutperformedothersInfuturedespitetheuncertaintiesofthepathsofmacroeconomicrecoveryitisadvisabletoemployamoreactiveportfoliostructurebymeansoftakingtherecoveringassetsielowvaluationatpresentbuthugerpotentialofrecoveryin2023and59emergingassetsieengaginginindustrialtransformationandupgradingimportsubstitutionandfast-growthindustriesbluechipsfirstandthengrowthstocksAmajorthreadisthereconstructionofacapitalmarketvaluationsystemofChinesecharacteristicsThevaluationsystemintheWeststressesonbusinessefficiencyprofitgrowthandthereturnofprivateshareholdersItslowstate-ownedinterestratiotradablemarketvalueofSOEsandlocalSOEscloseto45oftotalisnothighenoughtoreflectthesocialresponsibilitieseconomiccostsandindustrialchainleadershipoftheenterprisesAfterCSRCchairmanYiHuimanpledgedtoexploreandconstructacapitalmarketvaluationsystemofChinesecharacteristicsShanghaiStockExchangeworkedoutits3-yearActionPlanofComprehensiveServicesforSOEsclaimingtohelptorestorethereasonablevaluationofSOEstohelptopushforwardtheprofessionalizedrestructuringofSOEsandtohelptoimprovethemoderncorporatesystemofChinesecharacteristicsInhistorySOEreformswerealwaysthesaverandstabilizerofbearmarketsinChinaNowisjustthemomentofthestartingpointofChinese-stylecapitalmarketvaluationconstructiontheendofthe3-yearplanofSOEreformsandthestartingpointofanewroundofSOEreformsthestartingpointoftheconstructionofaunifiedbignationalmarketandtheeveofthe10-yearanniversaryoftheBeltandRoadInitiativeThespeculationsonSOEreform-relatedthemesmaythriveagainespeciallythespeculationsontheSOEsinvolvedinindustrialintegrationandmanufacturingindustryupgradingAsforsectorallocationandthematicinvestmenttherearetwothreadsOneistherecoveryofcyclicalsectorstheheadrealestatedevelopersB-endbuildingmaterialsuppliersandbankinginsuranceandconstructionsectorsandconsumersectorsfoodbeverageretailingandmediasectorsTheotheristheexpansionofdomesticdemandfueledbythethemesofeconomictransformationindustrialupgradingandnationalsecurityandthebeneficiarysectorsincludepharmaceuticalandimport-substitutionandindustrialupgrading-relatedmanufacturingwarindustrycomputertelecommachineryandnewmaterialssteelnonferrousmetalschemicalsectorsForthematicinvestmentthekeythemesareSOEreformsBeltRoadInitiativeandelectricpowerspotmarketconstruction69GuotaiJunanSecuritiesCoLtdhasacquiredthequalificationforsecuritiesinvestmentconsultingbusinessfromChinaSecuritiesRegulatoryCommissionAnalystsStatementTheauthorhasobtainedthepracticingqualificationforsecuritiesinvestmentconsultingbusinessawardedbythesecuritiesassociationofChinaorhasequivalentprofessionalcompetencetoensurealldatainthereportaresourcedfromlegitimatechannelsandanalysislogicsarebasedontheauthorsprofessionalunderstandingThisreportclearlyandaccuratelyreflectstheauthorsresearchideasbeingindependentobjectiveandfairandtheconclusionisnotsuggestedoraffectedbyanythirdpartiesAnycomponentsoftheanalystscompensationarenotdirectlyorindirectlyrelatedtothespecificadviceorviewsexpressedinthisresearchreportItisherebydeclaredDisclaimerThisreportissolelyavailabletocustomerswhohavesubscribedresearchservicesofGuotaiJunanSecuritiesCoLtdorGuotaiJunanSecuritiesHongKongLimitedhereaftercollectivelyreferredtoasGuotaiJunanThereceiptofthisreportwillnotbeconsideredbyGuotaiJunanasanexofficiocustomerofGuotaiJunanThisreportisdistributedonlyaspermittedbyapplicablelawsandforinformationalpurposesonlyItdoesnotconstituteanyadvertisementTheinformationinthisreportisderivedfrompubliclyavailableinformationandGuotaiJunanmakesnowarrantyastotheaccuracycompletenessorreliabilityofsuchinformationTheinformationopinionsandassumptionspresentedinthisreportonlyreflectGuotaiJunansjudgmentasofthedateofissuanceofthisreportThepricevalueandinvestmentincomeofthesecuritiesorinvestmenttargetsreferredtointhisreportmayriseorfallPastperformanceshouldnotbetakenasabasisforfutureperformanceAtdifferenttimesGuotaiJunanmayissuereportsthatareinconsistentwiththeinformationopinionsandassumptionscontainedhereinGuotaiJunandoesnotwarrantthattheinformationcontainedinthisreportiskeptuptodateAtthesametimetheinformationcontainedinthisreportmaybemodifiedbyGuotaiJunanwithoutnoticeandtheinvestorshallpayattentiontothecorrespondingupdateormodificationTheinvestmentsandservicesreferredtointhisreportmaynotbeappropriateforcertainclientsanddonotconstituteprivateadvicetoclientsInanycircumstancestheinformationoropinionsexpressedinthisreportdoesnotconstituteinvestmentrecommendationsforanypersonInanycircumstancesGuotaiJunanitsemployeesoraffiliatedinstitutionsshallnotpromiseinvestorsthattheywillmakeprofitsshallnotshareinvestmentgainswithinvestorsandshallnotbeliableforanylosscausedbyanypersonsuseofanycontentinthisreportInvestorsareremindedthatanyinvestmentdecisionsmadebythemarenotrelatedtoGuotaiJunanitsemployeesoritsaffiliatesGuotaiJunanusesinformationwallstocontroltheflowofinformationbetweenoneormorefieldsdepartmentsorrelatedinstitutionswithinGuotaiJunanThereforeinvestorsshouldpayattentiontothatwherepermittedbylawGuotaiJunananditssubordinateaffiliatesmayholdsecuritiesoroptionsissuedbycompaniesmentionedinthereportandconducttradingofthosesecuritiesoroptionsandmayprovideortrytoprovideservicessuchasinvestmentbankingfinancialadvisingorfinancialproductstothosecompaniesWherepermittedbylawemployeesofGuotaiJunanmayserveasdirectorsofcompaniesmentionedinthisreportThestockmarketisriskyandinvestmentneedstobecautiousInvestorsshouldnotusethisreportasthesolereferenceformakinginvestmentdecisionsnorshouldtheyconsiderthisreporttobeasubstitutefortheirownjudgmentBeforedecidingtoinvestifnecessaryinvestorsmustconsultprofessionalsandmakeprudentdecisionsThisreportisnotintendedtobesentordistributedtoanyinstitutionorpersonwhoisnotallowedtosendordistributethisreportunderlocallawsorregulatoryrulesnorisitintendedtobesentordistributedtoanyinstitutionorpersonwhoseavailabilityoruseofthisreportwouldcauseGuotaiJunantoviolateorbesubjecttolocallawsorregulatoryrulesThecopyrightofthisreportissolelyownedbyGuotaiJunanWithoutwrittenpermissionnoinstitutionorindividualmayreproducecopypublishorquoteinanyformIfitisquotedorpublishedwiththeconsentofGuotaiJunanitmustbeusedwithinthepermittedscopeandthesourcemustbeindicatedasGuotaiJunanSecuritiesResearchorGuotaiJunanHongKongResearchandthereportmustnotbequoteddeletedormodifiedinanywaythatiscontrarytotheoriginalintentionGuotaiJunanSecuritiesHongKongLimitedshallbeliabletoGuotaiJunanSecuritiesCoLtdforthecontentanddistributionofresearchreportsIfanorganizationotherthanGuotaiJunanhereinafterreferredtoastheOrganizationsendsthisreportitshallbesolelyresponsibleforsuchsendingInvestorswhoobtainthisreportthroughthismeansshouldcontacttheOrganizationontheirowntorequestmoredetailedinformationortofurthertradeinthesecuritiesreferredtointhisreportThisreportshallnotconstituteinvestmentadviceprovidedbyGuotaiJunantotheclientsoftheOrganizationnorshallGuotaiJunanitsemployeesoraffiliatesbeliableforanylossesincurredbytheclientsoftheOrganizationasaresultoftheuseofthisreportorthecontentscontainedinthereport79ThefollowingimportantstatementsareapplicabletoresearchreportspublishedinHongKongThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanHongKongGuotaiJunanHongKonganditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunanHongKonggroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanHongKongThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunanHongKongdoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunanHongKonganditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdictionDITSaCbLleOSDUISRCELOFSUINRTEEORFEINSTESRESTS1TheAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthisResearchReport2TheAnalystsandtheirassociatesdonothaveanyfinancialinterestsinrelationtotheissuermentionedinthisResearchReport3ExceptforSFREIT02191HKJINSHANGBANK02558HKBANKOFZHENGZHOU06196HKLUZHOUBANK01983HKChinaGrandPharmaceuticalandHealthcare00512HKGuotaiJunananditsgroupcompaniesdonotholdequaltoormorethan1ofthemarketcapitalizationoftheissuermentionedinthisResearchReport4GuotaiJunananditsgroupcompanieshavehadinvestmentbankingrelationshipswithGeelyAutomobile00175HKSinotrans-Hshares00598HKBankofCommunications-Hshares03328HKJDcom09618HKBIDU-SW09888HKKingsoft03888HKNWS00659HKSenseTime-W00020HKChinaNonferrousMining01258HKJoySpreader06988HKGuangzhouAutomobile-Hshares02238HKChinaLesso02128HKKWGGroup01813HKCIFIHoldingsGroup00884HKZhenroProperties06158HKBILIBILI-SW09626HKCountryGarden02007HKTencent00700HKAgileGroup03383HKChinaAoyuanProperty03883HKLoganGroup03380HKSUNAC01918HKNewWorldDevelopment00017HKCHINASUNTIEN00956HKChinaConstructionBank-Hshares00939HKFOSUNINTL00656HKCITS01880HKCARSGEN02171HKChinaMinshengBankingCorp-Hshares01988HKGCLNewEnergy00451HKChowTaiFookJewellery01929HKIRICOGroupNewEnergy00438HKFinancialStreetProperty01502HKGOMEElectricalAppliances00493HKCHINAOVSPPT02669HKAoyuanHealthyLifeGroup03662HKJinkeServices09666HKA-LIVING03319HKBankofGansu02139HKYANZHOUCOAL01171HKBinhaiInvestment02886HKChinaSouthCity01668HKChinaRisunGroup01907HKYEAHKA09923HKWEIGAOGROUP01066HKAlibaba09988HKZhongliangHoldings02772HKSihuanPharmaceutical00460HKBANKOFCHONGQING01963HKDFZQ-Hshares03958HKCGNPower-Hshares01816HKCGNMeiyaPower01811HKCGNMining01164HKJiangsuExpressway00177HKWUXIAPPTEC02359HKGreentownChina03900HKChervon02285HKAsymchem-Hshares06821HKXPENG09868HKNAYUKI02150HKXIAOMICORPORATION01810HKCIFIESService01995HKSinopecKantons00934HKSINOPECEngineering-Hshares02386HKSPC00338HKChinaPetroleumChemical-Hshares00386HKPOPMART09992HKCHENMING01812HKLeeManPaper02314HKSMOORE06969HKZGCTecLeasing01601HKKANZHUNLIMITEDBZUSTencentMusicEntertainmentGroupTMEUSDiDiDIDIUSBilibiliIncBILIUSZhihuZHUSNIONIOUSJDcomJDUSFutuFUTUUSSinopecSNPUSSINOTRANS601598SHMACALLINE601828SHGACGROUP601238SHHUNDSUN600570SHCHINASUNTIENGREENENERGY600956SHCCB601939SHFANGDACARBON600516SHCITS601888SHLUANEED601699SHCMB600036SHINDUSTRIALBANK601166SHBANKOFCHONGQING601963SHORIENTSECURITIES600958SHJIANGSUEXPRESS600377SHBANKCOMM601328SHWUXIAPPTEC603259SHBBMG601992SHSPC600688SHSINOPECCORP600028SHGXHT002074SZZHONGNANCONSTRUCTION000961SZJINKE000656SZYCC000878SZCGN003816SZEASTMONEY300059SZCASYMCHEM002821SZBOTANEEGROUP300957SZLBG002601SZSCPH000488SZmentionedinthisResearchReportwithinthepreceding12months5GuotaiJunananditsgroupcompaniesaremakingorwillmakeamarketinthesecuritiesinrespectofLenovo00992HKChinaMobile-Hshares00941HKHongKongExchangesandClearing00388HKGalaxyEntertainment00027HKGreatWallMotor-Hshares02333HKAIA01299HKSandsChina01928HKAACTechnologiesHoldings02018HKSunnyOpticalTechnology02382HKSinopharmGroup-Hshares01099HKCNOOC00883HKWuXiBiologics02269HKMeituan-W03690HKKUAISHOU-W01024HKXPENG09868HKCITICSEC-Hshares06030HKCHINATOWERCORPORATION-Hshares00788HKXIAOMICORPORATION01810HKAlibaba09988HKNetease09999HKJDcom09618HKSMIC00981HKAlibabaHealth00241HKBIDU-SW09888HKGeelyAutomobile00175HKBYDCompany-Hshares01211HKChinaConstructionBank-Hshares00939HKIndustrialandCommercialBankofChina-Hshares01398HKBOCHongKong02388HKBankofChina-Hshares03988HKHSBC00005HKPingAnInsurance-Hshares02318HKChinaLifeInsurance-Hshares02628HKTencent00700HKSUNAC01918HKLoganGroup03380HKChinaAoyuan89Property03883HKmentionedinthisResearchReport6GuotaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficerofanyissuersmentionedinthisResearchReportThereisnoofficerofanyissuersmentionedinthisResearchReportassociatedwithGuotaiJunananditsgroupcompaniesRatingDefinitionRatingDefinitionIncreaserelativetoCSI300HangSengOverweightComparisonbenchmarkforinvestmentIndexover15suggestionsCautiouslyIncreaserelativetoCSI300HangSengInvestmentratingsaredividedintostockCompanyOverweightIndexbetween5and15ratingandsectorratingRatingIncreaserelativetoCSI300HangSengThemarketperformancewithinthe12NeutralIndexbetween-5and5monthsafterthepublicationofthereportisDecreaserelativetoCSI300HangSengconsideredasthecomparisonbenchmarkUnderweightIndexover5TheincreaseanddecreaseoftheSignificantlystrongerthanCSI300HangcompanysstockpriceorindustryindexOverweightSengIndexwithinthe12monthsafterthepublicationofBasicallyflatwithCSI300HangSengthereportiscomparedwiththeincreaseSectorRatingNeutralanddecreaseofCSI300HangSengIndexIndexSignificantlyweakerthanCSI300HanginthesameperiodUnderweightSengIndexGuotaiJunanSecuritiesResearchInstituteAddressPostalCodeTel20thFloorBohuaPlazaNo669XinzhaRoadShanghai20004186213867-6666JinganDistrictShanghaiFloor1818thFloorSouthBuildingFinancialStreetBeijingCenterNo9FinancialStreetXichengDistrict10003286108393-9888Beijing34thFloorNewWorldBusinessCenterNo6009Shenzhen518026867552397-6888YitianRoadFutianDistrictShenzhenE-mailgtjaresearchgtjascomGuotaiJunanSecuritiesHongKongLimitedAddressFaxTel27FLowBlockGrandMillenniumPlaza181HongKong8522509-77938522509-9118QueensRoadCentralHongKongWebsitewwwgtjacomhk2022CopyrightGuotaiJunanAllrightsreserved99