研究报告全文：tekrahMcraethsDecember282022eRMorningBriefHUANGYanming8621-38676036huangyanminggtjascomSACLicS0880512090001SFCLicANY447gninroMContentsTopRecommendationsfBondMarketLiquidityMonetaryPolicyOutlookeirQuantitativeResearchSpecialReportBAirlinesSectorUpdateReportLevimaAdvancedMaterials003022OWTPRMB3920SectorRatingsoftheMonthMarketStrategyWeeklyViewpoint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TopRecommendationsBondMarketLiquidityMonetaryPolicyOutlookFromnowontill2023Q1monetaryliquiditymayremainstableorevengoupWhenthepandemicimpactshavediminishedthemarketinterestratesmayheadbacktowardspolicyinterestratesmorequicklyinlate-2023Q2In2023fiscalpoliciescontributiontothenarrow-senseliquiditywillgodownandPBoCwillgainanupperhandIn2023thekeypointisapprehendingPBoCsintentionintimeofstructuralliquidityinsufficiencyTheeasingofpandemiccontrolwillresultintemporaryriseofinfectionsandseverecaseswhichwillbenegativetotheeconomyontheotherhandAndPBoCmaythereforeresorttomonetarytighteningagainWhenthepandemicimpactshavediminishedcontinuedrecoveryofgrossdemandmaybringlaggedinflationtriggeringneutralattitudeofPBoConmonetaryliquidityAsformonetarypoliciestheroomforquantitativemonetaryinstrumentswillbelimitedThemarketmaybeusedto025ptRRRcutonein2023H1andanotherin2023H2PBoCmayprobablylowerpolicyinterestratesin2023Q1IncomparisontheroomforstructuralmonetaryinstrumentsremainshugeOfwhichre-loanswillprevailPSLmaycontinuetoincreaseanddirectinstrumentsofcrediteasingmayhelptorevivemedium-andlong-termbusinessloansAsforfiscalpoliciesthefiscaldeficitin2023isestimatedataroundRMB4trncorrespondingto3deficitrateorevenhigherThenewissuanceofspecialgovernmentbondsincludingtheuseofremainingquotamaybeaboveRMB4trnwhichwilladdtothepressurefromthesupplysidecomparedtotheyear2022Policyandinnovativefinancialinstrumentsnamelyquasi-fiscalinstrumentsmaybecomemorepopularQuantitativeResearchSpecialReportOurreporthasdepictedacertaintypeofevent-driveninvestmentopportunitieswhentheweightofpro-stockfundsrisestoabove10oftotalfundstheirheavy-weightsectorswithoutmarketconsensusyetwillwitnessa6-month-longperiodofinvestmentopportunitiesOf18suchsampleperiodssince2012theaveragecumulativereturn6monthsaftertheoccurrenceofsucheventwas2194withsuccessrateof7222AirlinesSectorUpdateReportThecomingarrivalofthepost-pandemicrecoveryofoutboundtravelswillleadtoabigprofitgrowthofairlinescompaniesAirlinessectorhasbeenoneofourkeyrecommendationssinceAugust2021Nowthepost-pandemicrecoveryhasstartedInadditiontorecoveryofoutboundtravelsthebottleneckofairtrafficschedulearrangementwillalsohelptoimprovetheprofitmarginButitshouldbenotedthattheairlinesindustriesinChinaandUSareinthedifferentstagesofbusinesslifecycleAsforChineseairlinesindustryitwilltakesometimetorestoremarketconfidenceButtheameliorationofmedium-andlong-termmarketexpectationswillbeprovedbybetterstockmarketperformanceatfirstWemaintainOverweightratingforthe28airlinessectorWemaintainOverweightratingforAirChina601111JuneyaoAirlines603885TravelSkyTech0696HKSouthernAirlines600029EasternAirlines600115andSpringAirlines601021BeijingCapitalIntlAirport0694HKisanotherbeneficiaryLevimaAdvancedMaterials003022OWTPRMB3920RatingOWPrvOWTPRMB3920PrvRMB3920MPRMB3076Mkt-CapRMB41082mnTheCompanydiscloseditsFY2022A-shareprivateplacementdraftplanThisprivateplacementwillhelptheCompanytoplayabetterroleasaplatformcompanyfornewmaterialsindustryWemaintaintargetpriceofRMB3920andOverweightrating38SectorRatingsoftheMonthRatingSectorBuildingMaterialsComprehensiveFinanceInsuranceCommercialBankingCoalFoodDrinkOWPharmaceuticalRealEstateMachineryManufacturingTransportationConstructionEngineeringNonferrousMetalsHouseholdAppliancesTransportationEquipmentMassMediaCulturalAgricultureTextileNTGarmentsRetailingPowerEquipmentSocialServicesPublicUtilitiesIronSteelUWInformationTechnologyInformationScienceNoteTheratingsabovearemadebyGTJAStrategyTeamwhichmaynotalwaysbeinlinewiththeopinionsofGTJAindustryanalystsduetodifferentemphasesandtimerangeswhentheseratingsaremadeMarketStrategyWeeklyViewpointLastUpdateDecember4th2022A-ShareStrategyWeeklyIncreaseRiskExposureforNewOpportunitiesWeadvisetomoderatelyincreaseriskexposurefornewopportunitiesSinceOctober16ourreportshaverevealedouroptimismaboutthemarketoutlookAfteranintervalofmanyyearstheauthorityapprovedrealestateequityre-financingrecentlyTherecentfastereasingofpandemiccontrolpoliciesalsoreflectedthatthegovernmenthadstartedtostressoneconomicgrowthagainnotethefinancialpolicyeasingin2014didpushupstockmarketdespitethedeteriorationofeconomicfundamentalsThesewillimprovethecross-yeareconomicexpectationsandriskappetitefortheyear2023WepredictthenetprofitofallA-sharesexcludingfinancialsectortorise10TheriskpremiumandvaluationofShanghaiCompositearealso10belowtheirhistoricalaveragebuttheirrecoverycannotbedoneinstantlyLowriskappetiteinvestorshavealreadybeguntoreplenishtheirpositionswhilehighriskappetiteinvestorsremainactiveinstockmarkettransactionsMeanwhilethedeclineofUSdollarinterestrateandthereboundofRMBexchangeratehavebothmadeRMB-denominatedassetsmoreattractiveEveniftherearesomedownwardcorrectionslatertheywillnotgotoofarbecauseoftheturnaroundofmarketexpectationsandthelowstockvaluationsandpricesInsteadatthismomentlargerpositionandexposureofriskassetswillhelptocatchthenewopportunitiesarisingfromnewmarginalandcyclicalopportunitiesItisadvisabletotakeadvantageofthemarketsetbackstoincreasepositionsBluechipsfirstthengrowthstocksDuetotheuncertaintiesofpandemicsituationandtheenduringweaknessofrealestateindustrythenear-termEPSin2022Q4-2023Q1canhardlyrevealsustainableimprovementofbusinessperformancesinfutureWefoundthreecommoncharacteristicsofprevioustwobullmarkets2014H22015H12019drivenbylowstockvaluationdespiteslowbusinessprofitgrowth1recordlowstockvaluation2turnaroundofkeyfactorsfinancein2014consumptionin2019and3theappearanceofaseconddriveregInternetandMadebyChina2025in2015theriseofsemiconductorand5Gcommunicationsectorsin2019whentheexpectationsforcontinuouseconomicrecoveryfailedNowtheconditionsarealmostthesamelowstockvaluationturnaroundofkeyfactorsandslackfundamentalsbutpowerfulindustrialpolicysupportsIn2022defensivesectorsofgoodprofitgrowthandcashflowoutperformedothersInfuturedespitetheuncertaintiesofthepathsofmacroeconomicrecoveryitisadvisabletoemployamoreactiveportfoliostructurebymeansoftakingtherecoveringassetsielowvaluationatpresentbuthugerpotentialofrecoveryin2023and48emergingassetsieengaginginindustrialtransformationandupgradingimportsubstitutionandfast-growthindustriesbluechipsfirstandthengrowthstocksAmajorthreadisthereconstructionofacapitalmarketvaluationsystemofChinesecharacteristicsThevaluationsystemintheWeststressesonbusinessefficiencyprofitgrowthandthereturnofprivateshareholdersItslowstate-ownedinterestratiotradablemarketvalueofSOEsandlocalSOEscloseto45oftotalisnothighenoughtoreflectthesocialresponsibilitieseconomiccostsandindustrialchainleadershipoftheenterprisesAfterCSRCchairmanYiHuimanpledgedtoexploreandconstructacapitalmarketvaluationsystemofChinesecharacteristicsShanghaiStockExchangeworkedoutits3-yearActionPlanofComprehensiveServicesforSOEsclaimingtohelptorestorethereasonablevaluationofSOEstohelptopushforwardtheprofessionalizedrestructuringofSOEsandtohelptoimprovethemoderncorporatesystemofChinesecharacteristicsInhistorySOEreformswerealwaysthesaverandstabilizerofbearmarketsinChinaNowisjustthemomentofthestartingpointofChinese-stylecapitalmarketvaluationconstructiontheendofthe3-yearplanofSOEreformsandthestartingpointofanewroundofSOEreformsthestartingpointoftheconstructionofaunifiedbignationalmarketandtheeveofthe10-yearanniversaryoftheBeltandRoadInitiativeThespeculationsonSOEreform-relatedthemesmaythriveagainespeciallythespeculationsontheSOEsinvolvedinindustrialintegrationandmanufacturingindustryupgradingAsforsectorallocationandthematicinvestmenttherearetwothreadsOneistherecoveryofcyclicalsectorstheheadrealestatedevelopersB-endbuildingmaterialsuppliersandbankinginsuranceandconstructionsectorsandconsumersectorsfoodbeverageretailingandmediasectorsTheotheristheexpansionofdomesticdemandfueledbythethemesofeconomictransformationindustrialupgradingandnationalsecurityandthebeneficiarysectorsincludepharmaceuticalandimport-substitutionandindustrialupgrading-relatedmanufacturingwarindustrycomputertelecommachineryandnewmaterialssteelnonferrousmetalschemicalsectorsForthematicinvestmentthekeythemesareSOEreformsBeltRoadInitiativeandelectricpowerspotmarketconstruction58GuotaiJunanSecuritiesCoLtdhasacquiredthequalificationforsecuritiesinvestmentconsultingbusinessfromChinaSecuritiesRegulatoryCommissionAnalystsStatementTheauthorhasobtainedthepracticingqualificationforsecuritiesinvestmentconsultingbusinessawardedbythesecuritiesassociationofChinaorhasequivalentprofessionalcompetencetoensurealldatainthereportaresourcedfromlegitimatechannelsandanalysislogicsarebasedontheauthorsprofessionalunderstandingThisreportclearlyandaccuratelyreflectstheauthorsresearchideasbeingindependentobjectiveandfairandtheconclusionisnotsuggestedoraffectedbyanythirdpartiesAnycomponentsoftheanalystscompensationarenotdirectlyorindirectlyrelatedtothespecificadviceorviewsexpressedinthisresearchreportItisherebydeclaredDisclaimerThisreportissolelyavailabletocustomerswhohavesubscribedresearchservicesofGuotaiJunanSecuritiesCoLtdorGuotaiJunanSecuritiesHongKongLimitedhereaftercollectivelyreferredtoasGuotaiJunanThereceiptofthisreportwillnotbeconsideredbyGuotaiJunanasanexofficiocustomerofGuotaiJunanThisreportisdistributedonlyaspermittedbyapplicablelawsandforinformationalpurposesonlyItdoesnotconstituteanyadvertisementTheinformationinthisreportisderivedfrompubliclyavailableinformationandGuotaiJunanmakesnowarrantyastotheaccuracycompletenessorreliabilityofsuchinformationTheinformationopinionsandassumptionspresentedinthisreportonlyreflectGuotaiJunansjudgmentasofthedateofissuanceofthisreportThepricevalueandinvestmentincomeofthesecuritiesorinvestmenttargetsreferredtointhisreportmayriseorfallPastperformanceshouldnotbetakenasabasisforfutureperformanceAtdifferenttimesGuotaiJunanmayissuereportsthatareinconsistentwiththeinformationopinionsandassumptionscontainedhereinGuotaiJunandoesnotwarrantthattheinformationcontainedinthisreportiskeptuptodateAtthesametimetheinformationcontainedinthisreportmaybemodifiedbyGuotaiJunanwithoutnoticeandtheinvestorshallpayattentiontothecorrespondingupdateormodificationTheinvestmentsandservicesreferredtointhisreportmaynotbeappropriateforcertainclientsanddonotconstituteprivateadvicetoclientsInanycircumstancestheinformationoropinionsexpressedinthisreportdoesnotconstituteinvestmentrecommendationsforanypersonInanycircumstancesGuotaiJunanitsemployeesoraffiliatedinstitutionsshallnotpromiseinvestorsthattheywillmakeprofitsshallnotshareinvestmentgainswithinvestorsandshallnotbeliableforanylosscausedbyanypersonsuseofanycontentinthisreportInvestorsareremindedthatanyinvestmentdecisionsmadebythemarenotrelatedtoGuotaiJunanitsemployeesoritsaffiliatesGuotaiJunanusesinformationwallstocontroltheflowofinformationbetweenoneormorefieldsdepartmentsorrelatedinstitutionswithinGuotaiJunanThereforeinvestorsshouldpayattentiontothatwherepermittedbylawGuotaiJunananditssubordinateaffiliatesmayholdsecuritiesoroptionsissuedbycompaniesmentionedinthereportandconducttradingofthosesecuritiesoroptionsandmayprovideortrytoprovideservicessuchasinvestmentbankingfinancialadvisingorfinancialproductstothosecompaniesWherepermittedbylawemployeesofGuotaiJunanmayserveasdirectorsofcompaniesmentionedinthisreportThestockmarketisriskyandinvestmentneedstobecautiousInvestorsshouldnotusethisreportasthesolereferenceformakinginvestmentdecisionsnorshouldtheyconsiderthisreporttobeasubstitutefortheirownjudgmentBeforedecidingtoinvestifnecessaryinvestorsmustconsultprofessionalsandmakeprudentdecisionsThisreportisnotintendedtobesentordistributedtoanyinstitutionorpersonwhoisnotallowedtosendordistributethisreportunderlocallawsorregulatoryrulesnorisitintendedtobesentordistributedtoanyinstitutionorpersonwhoseavailabilityoruseofthisreportwouldcauseGuotaiJunantoviolateorbesubjecttolocallawsorregulatoryrulesThecopyrightofthisreportissolelyownedbyGuotaiJunanWithoutwrittenpermissionnoinstitutionorindividualmayreproducecopypublishorquoteinanyformIfitisquotedorpublishedwiththeconsentofGuotaiJunanitmustbeusedwithinthepermittedscopeandthesourcemustbeindicatedasGuotaiJunanSecuritiesResearchorGuotaiJunanHongKongResearchandthereportmustnotbequoteddeletedormodifiedinanywaythatiscontrarytotheoriginalintentionGuotaiJunanSecuritiesHongKongLimitedshallbeliabletoGuotaiJunanSecuritiesCoLtdforthecontentanddistributionofresearchreportsIfanorganizationotherthanGuotaiJunanhereinafterreferredtoastheOrganizationsendsthisreportitshallbesolelyresponsibleforsuchsendingInvestorswhoobtainthisreportthroughthismeansshouldcontacttheOrganizationontheirowntorequestmoredetailedinformationortofurthertradeinthesecuritiesreferredtointhisreportThisreportshallnotconstituteinvestmentadviceprovidedbyGuotaiJunantotheclientsoftheOrganizationnorshallGuotaiJunanitsemployeesoraffiliatesbeliableforanylossesincurredbytheclientsoftheOrganizationasaresultoftheuseofthisreportorthecontentscontainedinthereport68ThefollowingimportantstatementsareapplicabletoresearchreportspublishedinHongKongThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanHongKongGuotaiJunanHongKonganditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunanHongKonggroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanHongKongThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunanHongKongdoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunanHongKonganditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdictionDITSaCbLleOSDUISRCELOFSUINRTEEORFEINSTESRESTS1TheAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthisResearchReport2TheAnalystsandtheirassociatesdonothaveanyfinancialinterestsinrelationtotheissuermentionedinthisResearchReport3ExceptforSFREIT02191HKJINSHANGBANK02558HKBANKOFZHENGZHOU06196HKLUZHOUBANK01983HKChinaGrandPharmaceuticalandHealthcare00512HKGuotaiJunananditsgroupcompaniesdonotholdequaltoormorethan1ofthemarketcapitalizationoftheissuermentionedinthisResearchReport4GuotaiJunananditsgroupcompanieshavehadinvestmentbankingrelationshipswithGeelyAutomobile00175HKSinotrans-Hshares00598HKBankofCommunications-Hshares03328HKJDcom09618HKBIDU-SW09888HKKingsoft03888HKNWS00659HKSenseTime-W00020HKChinaNonferrousMining01258HKJoySpreader06988HKGuangzhouAutomobile-Hshares02238HKChinaLesso02128HKKWGGroup01813HKCIFIHoldingsGroup00884HKZhenroProperties06158HKBILIBILI-SW09626HKCountryGarden02007HKTencent00700HKAgileGroup03383HKChinaAoyuanProperty03883HKLoganGroup03380HKSUNAC01918HKNewWorldDevelopment00017HKCHINASUNTIEN00956HKChinaConstructionBank-Hshares00939HKFOSUNINTL00656HKCITS01880HKCARSGEN02171HKChinaMinshengBankingCorp-Hshares01988HKGCLNewEnergy00451HKChowTaiFookJewellery01929HKIRICOGroupNewEnergy00438HKFinancialStreetProperty01502HKGOMEElectricalAppliances00493HKCHINAOVSPPT02669HKAoyuanHealthyLifeGroup03662HKJinkeServices09666HKA-LIVING03319HKBankofGansu02139HKYANZHOUCOAL01171HKBinhaiInvestment02886HKChinaSouthCity01668HKChinaRisunGroup01907HKYEAHKA09923HKWEIGAOGROUP01066HKAlibaba09988HKZhongliangHoldings02772HKSihuanPharmaceutical00460HKBANKOFCHONGQING01963HKDFZQ-Hshares03958HKCGNPower-Hshares01816HKCGNMeiyaPower01811HKCGNMining01164HKJiangsuExpressway00177HKWUXIAPPTEC02359HKGreentownChina03900HKChervon02285HKAsymchem-Hshares06821HKXPENG09868HKNAYUKI02150HKXIAOMICORPORATION01810HKCIFIESService01995HKSinopecKantons00934HKSINOPECEngineering-Hshares02386HKSPC00338HKChinaPetroleumChemical-Hshares00386HKPOPMART09992HKCHENMING01812HKLeeManPaper02314HKSMOORE06969HKZGCTecLeasing01601HKKANZHUNLIMITEDBZUSTencentMusicEntertainmentGroupTMEUSDiDiDIDIUSBilibiliIncBILIUSZhihuZHUSNIONIOUSJDcomJDUSFutuFUTUUSSinopecSNPUSSINOTRANS601598SHMACALLINE601828SHGACGROUP601238SHHUNDSUN600570SHCHINASUNTIENGREENENERGY600956SHCCB601939SHFANGDACARBON600516SHCITS601888SHLUANEED601699SHCMB600036SHINDUSTRIALBANK601166SHBANKOFCHONGQING601963SHORIENTSECURITIES600958SHJIANGSUEXPRESS600377SHBANKCOMM601328SHWUXIAPPTEC603259SHBBMG601992SHSPC600688SHSINOPECCORP600028SHGXHT002074SZZHONGNANCONSTRUCTION000961SZJINKE000656SZYCC000878SZCGN003816SZEASTMONEY300059SZCASYMCHEM002821SZBOTANEEGROUP300957SZLBG002601SZSCPH000488SZmentionedinthisResearchReportwithinthepreceding12months5GuotaiJunananditsgroupcompaniesaremakingorwillmakeamarketinthesecuritiesinrespectofGalaxyEntertainment00027HKGreatWallMotor-Hshares02333HKAIA01299HKSandsChina01928HKAACTechnologiesHoldings02018HKSunnyOpticalTechnology02382HKSinopharmGroup-Hshares01099HKCNOOC00883HKWuXiBiologics02269HKMeituan-W03690HKCHINATOWERCORPORATION-Hshares00788HKXIAOMICORPORATION01810HKAlibaba09988HKNetease09999HKJDcom09618HKSMIC00981HKAlibabaHealth00241HKGeelyAutomobile00175HKBYDCompany-Hshares01211HKChinaConstructionBank-Hshares00939HKIndustrialandCommercialBankofChina-Hshares01398HKLenovo00992HKChinaMobile-Hshares00941HKHongKongExchangesandClearing00388HKBOCHongKong02388HKBankofChina-Hshares03988HKHSBC00005HKPingAnInsurance-Hshares02318HKChinaLifeInsurance-Hshares02628HKTencent00700HKKUAISHOU-W01024HKXPENG09868HKCITICSEC-Hshares06030HKBIDU-SW09888HKSUNAC01918HKLoganGroup03380HKChina78AoyuanProperty03883HKmentionedinthisResearchReport6GuotaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficerofanyissuersmentionedinthisResearchReportThereisnoofficerofanyissuersmentionedinthisResearchReportassociatedwithGuotaiJunananditsgroupcompaniesRatingDefinitionRatingDefinitionIncreaserelativetoCSI300HangSengOverweightComparisonbenchmarkforinvestmentIndexover15suggestionsCautiouslyIncreaserelativetoCSI300HangSengInvestmentratingsaredividedintostockCompanyOverweightIndexbetween5and15ratingandsectorratingRatingIncreaserelativetoCSI300HangSengThemarketperformancewithinthe12NeutralIndexbetween-5and5monthsafterthepublicationofthereportisDecreaserelativetoCSI300HangSengconsideredasthecomparisonbenchmarkUnderweightIndexover5TheincreaseanddecreaseoftheSignificantlystrongerthanCSI300HangcompanysstockpriceorindustryindexOverweightSengIndexwithinthe12monthsafterthepublicationofBasicallyflatwithCSI300HangSengthereportiscomparedwiththeincreaseSectorRatingNeutralanddecreaseofCSI300HangSengIndexIndexSignificantlyweakerthanCSI300HanginthesameperiodUnderweightSengIndexGuotaiJunanSecuritiesResearchInstituteAddressPostalCodeTel20thFloorBohuaPlazaNo669XinzhaRoadShanghai20004186213867-6666JinganDistrictShanghaiFloor1818thFloorSouthBuildingFinancialStreetBeijingCenterNo9FinancialStreetXichengDistrict10003286108393-9888Beijing34thFloorNewWorldBusinessCenterNo6009Shenzhen518026867552397-6888YitianRoadFutianDistrictShenzhenE-mailgtjaresearchgtjascomGuotaiJunanSecuritiesHongKongLimitedAddressFaxTel27FLowBlockGrandMillenniumPlaza181HongKong8522509-77938522509-9118QueensRoadCentralHongKongWebsitewwwgtjacomhk2022CopyrightGuotaiJunanAllrigh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