研究报告全文：tekrahMcraerdsJanuary32023eRMorningBriefHUANGYanming8621-38676036huangyanminggtjascomSACLicS0880512090001SFCLicANY447gninroMContentsTopRecommendationsfMacroResearchCommentsonDecPMIeirA-ShareStrategySpecialJanRecommendationsBOverseasMarketHongKongStocksAutomobileSectorSpecialReportElectricPowerSectorUpdateReportLatestReportsKweichowMoutai600519OWTPRMB234843SenturyTire002984OWTPRMB4060LushangDevelopment600223OWTPRMB1367HuataiSecurities601688OWTPRMB1766MingYangSmartEnergy601615OWTPRMB3460BabiFood605338OWTPRMB3700SectorRatingsoftheMonthMarketStrategyWeeklyViewpoint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TopRecommendationsMacroResearchCommentsonDecPMIInDecember2022manufacturingPMIdipped10ptmomto470withcontinueddeclineofoutputanddemandslightreboundofoutputpricesandinputpricesandslightdeclineofstocksTheclimatesofmanufacturingindustryconstructionindustryandserviceindustrywereallmuchlowerthanseasonallevelsInDecember2022non-manufacturingPMIfell51ptmomto416ServiceindustryandconstructionindustrybothwentdownespeciallytheserviceindustrythathasdirectcontactwithcustomersThedeclineofthecivilengineeringPMIalsoreflectedslowerprogressofinfrastructureconstructionTakenintoaccountboththespreadoftheCovid-19pandemicindifferentpartsofChinaandthecomingarrivaloftheLunarNewYearpeaktravelseasonlateJanuary2023thepandemicimpactswillnotdiminishin2023Q1In2023Q2theeconomymaybottomoutButitshouldbenotedthatintermsofBusinessConditionsIndexBCItheworsemomentofbusinessexpectationsmayalreadybeoverA-ShareStrategySpecialJanRecommendationsStockRecommendationsJanuary20231buildingmaterialsOrientalYuhong002271andKibing6016362foodbeverageTsingtaoBrewery600600andYingjiaDistillery6031983transportationJuneyaoAirlines6038854chemicalSenturyTire002984andHoshineSilicon6032605pharmaceuticalHengruiPharmaceutical600276andAierEyeHospital3000156non-bankfinanceSinolinkSecurities6001097bankBankofSuzhou0029668electronicLuxshare002475andUniversalScientificIndustrial6012319machineryNewayValve603699andMaxwell30075110telecomWillfarInfo688100andHengtong60048711powerequipmentnewenergyAiko600732andMingYangSmartEnergy601615and12pubicutilitiesGDPower600795MarketTrendAbullmarketisonthewayupontheturnaroundofmarketexpectationsBecauseofsmalleruncertaintiesofpandemiceconomicandpoliticalconditionswefirmlybelievethattheyear2023isgoingtowitnessabullA-sharemarketFirstin2023Q3grossdemandROEandbusinessearningsareallexpectedtoreviveasaresultofpolicyeasingpost-pandemicopening-upandtherisingprofitmarginofmidstreamanddownstreamindustriesSecondriskappetitewillgoupwhentheuncertaintiesofexternalandinternalenvironmentsgodownThirdthesimultaneousappearanceofthethreebottomsofgovernmentpolicymacroeconomyandstockvaluationusuallysuggesthugepotentialofequityinvestmentreturnSectorAllocationThematicInvestmentTheopportunitiesexistindomesticdemandnationalsecurityandSOEreformsIntermsofeconomicexpectationpolicysupportandeconomiclifecyclewerecommendfinancialsectorconsumersectorandrealestateindustrialchainIntermsofindustrialupgradingandnationalsecurityandalsoinviewoftheinventoryreplenishingofsemiconductorindustryandthepopularityofnewAPPLEhardwarewerecommendequipmentmaterialsandpharmaceuticalsectorsAsforthematicinvestmenttheSOEsthatcapableofnational-level210sciencetechdevelopmentnationwidemarketintegrationandproductioncapacityexportoverseasemigrationwillplaytheleadingroleofwhichweadvisetofocusontheSOEsengagedinthethemesofManufacturingPlusandBeltRoadInitiativeOverseasMarketHongKongStocksInthepastweek10yUST-bondyieldgainedbymorethan20bpwithitsaveragelevelrisingfrom35toabove37InthelongrunHSIhaspositivecorrelationwith10yUST-bondrateWhenHSIearningsrisequicklyupontherevivalofChinaeconomyHSIwillbelesssensitivetotheriseofUST-bondratethanitusedtoHongKongstockmarketmayenteraperiodoftemporarycorrectionsundertheinfluencesofbothstrongmarketsentimentsandweakeconomicstatisticsHoweversuchcorrectionswillnotreversethemedium-andlong-termriseofHongKongstockmarketFirstthebottomofgovernmentpolicyhasbeenconfirmedbuttherecoveryofmacroeconomyandbusinessearningsmaybedelayedbytheremovalofpandemiccontrolinChinaAndthefluctuationofUST-bondsandUSstocksmayaddtotheuncertaintiesSecondwhenallthenegativenewshascometrueandbeenpricedinanewbullmarketmayarrivein2023AutomobileSectorSpecialReportTheTeslaindustrialchainisinfaceofbothchallengesandopportunitiesin2023InUSTeslasalesmayskyrocketuponthelaunchingofelectricpickupsandthegrantingofmoregovernmentsubsidiesInEuropetherisingproductioncapacityoftheplantinBerlinmayincreaseTeslaslocalmarketsharesInChinaTeslaalsohaschancetorealizefastsalesgrowthbymeansofappropriatepricingTeslaModel3upgradinganddistributionchannelrenovationAsforTeslasupplychaincompaniestheyhavetoexpandtheirproductrangefornewautomodelsandnewproductioncapacitiesOffeaturedcompanieswerecommendShuanghuanDriveline002472Sonavox688533Xusheng603305Xinquan603179Tuopu601689andMingxinAutoLeather605068OtherbeneficiariesincludeSanhua002050PacificPrecisionForging300258andYinlun002126ElectricPowerSectorUpdateReportWemaintainOverweightratingforthesectorOfsub-sectorsandfeaturedcompaniesweprefer1thermalpowernewenergybusinessexpansionGDPower600795Shenergy600642HuanengPowerIntl600011GuangdongPower000539ChinaResourcesPower0836HKandChinaPower2380HK2newenergyrisingROEandinstalledcapacityThreeGorgesRenewables600905LongyuanPower001289andYunnanEnergyInvestment0020533hydropowervalueinvestmentYangtzePower600900ChuantouEnergy600674HuanengHydropower600025andSDICPower6008864nuclearpowerlow-carbondevelopmentgovtsupportChinaNuclearPower601985andCGNPower003816LatestReports310KweichowMoutai600519OWTPRMB234843RatingOWPrvOWTPRMB234843PrvRMB234843MPRMB172700Mkt-CapRMB2169454mnTheCompanyrealizedmuchfasterprofitgrowthin2022Q4andits2022resultswereinlinewithexpectationBasedonitslatest2022forecastweslightlylowerourforecastoftheCompanys2022EPStoRMB4984-029WemaintainourforecastsoftheCompanys2023-2024EPSofRMB5822and6744andmaintaintargetpriceofRMB234843andOverweightratingSenturyTire002984OWTPRMB4060RatingOWPrvOWTPRMB4060PrvRMB3870MPRMB3079Mkt-CapRMB20003mnOnDec302022theCompanyannounceditsplanofprivateplacementtocollectuptoRMB4bntofinanceforitsproject12mntireyearforsedansandlighttrucksandcashflowinSpainanditsplantospendUSD297mntobuildnewcapacity6mntireyearforsedansandlighttrucksinMoroccoWemaintainourforecastsoftheCompanys2022-2024EPSofRMB129203and277Withreferencetothevaluationsofcomparablecompanieswesuggest2023PEof20xandraisethecorrespondingtargetpricetoRMB4060OverweightratingmaintainedLushangDevelopment600223OWTPRMB1367RatingOWPrvOWTPRMB1367PrvRMB1141MPRMB1059Mkt-CapRMB10765mnBeforethecompletionofitsmaterialassetdisposalwemaintainourforecastsoftheCompanys2022-2024EPSofRMB041049and054Inviewofthefastgrowthofrealestatesalesandtherecoveryofhealthcarebusinessandbasedonsum-of-the-partsvaluationmethodweraisetargetpricetoRMB1367226andmaintainOverweightratingHuataiSecurities601688OWTPRMB1766RatingOWPrvOWTPRMB1766PrvRMB2845MPRMB1274Mkt-CapRMB115623mnOnDec312022theCompanydiscloseditsrightsissuanceplantocollectuptoRMB28bnBecausetherightsissuancewillhelptospeeduptheCompanysbusinessdevelopmentweslightlyraiseourforecastsoftheCompanys2022-2024EPStoRMB111144001and178001orRMB086111and137basedonthetotalequityaftertherightsissuanceTakingintoaccountthecurrentcapitalmarketsituationwelowertargetpricetoRMB1766PBof11xPEof159xOverweightratingmaintainedMingYangSmartEnergy601615OWTPRMB3460RatingOWPrvOWTPRMB3460PrvRMB3460MPRMB2526Mkt-CapRMB57393mnTheproductionof715MWonshorewindturbinesandthelaunchingofthenew-generation85MWturbineshavedemonstratedtheCompanyscompetenceinindigenoustechdevelopmentandproductiterationWemaintainourforecastsoftheCompanys2022-2024EPSofRMB182243and320andmaintaintargetpriceofRMB3460andOverweightrating410BabiFood605338OWTPRMB3700RatingOWPrvOWTPRMB3700PrvRMB3500MPRMB3173Mkt-CapRMB7869mnTheCompanyinitiateditsfirstequityincentiveafterlistingwhichwillhelptosustainitslong-termgrowthWemaintainourforecastsoftheCompanys2022-2024EPSofRMB097122and147orRMB082101and123beforenonrecurringgainslossesWithreferencetothesectorvaluationwesuggest2023PEbeforenonrecurringgainslossesof37xandraisethecorrespondingtargetpricetoRMB37Overweightratingmaintained510SectorRatingsoftheMonthRatingSectorBuildingMaterialsComprehensiveFinanceInsuranceCommercialBankingCoalFoodDrinkOWPharmaceuticalRealEstateMachineryManufacturingTransportationConstructionEngineeringNonferrousMetalsHouseholdAppliancesTransportationEquipmentMassMediaCulturalAgricultureTextileNTGarmentsRetailingPowerEquipmentSocialServicesPublicUtilitiesIronSteelUWInformationTechnologyInformationScienceNoteTheratingsabovearemadebyGTJAStrategyTeamwhichmaynotalwaysbeinlinewiththeopinionsofGTJAindustryanalystsduetodifferentemphasesandtimerangeswhentheseratingsaremadeMarketStrategyWeeklyViewpointLastUpdateDecember4th2022A-ShareStrategyWeeklyIncreaseRiskExposureforNewOpportunitiesWeadvisetomoderatelyincreaseriskexposurefornewopportunitiesSinceOctober16ourreportshaverevealedouroptimismaboutthemarketoutlookAfteranintervalofmanyyearstheauthorityapprovedrealestateequityre-financingrecentlyTherecentfastereasingofpandemiccontrolpoliciesalsoreflectedthatthegovernmenthadstartedtostressoneconomicgrowthagainnotethefinancialpolicyeasingin2014didpushupstockmarketdespitethedeteriorationofeconomicfundamentalsThesewillimprovethecross-yeareconomicexpectationsandriskappetitefortheyear2023WepredictthenetprofitofallA-sharesexcludingfinancialsectortorise10TheriskpremiumandvaluationofShanghaiCompositearealso10belowtheirhistoricalaveragebuttheirrecoverycannotbedoneinstantlyLowriskappetiteinvestorshavealreadybeguntoreplenishtheirpositionswhilehighriskappetiteinvestorsremainactiveinstockmarkettransactionsMeanwhilethedeclineofUSdollarinterestrateandthereboundofRMBexchangeratehavebothmadeRMB-denominatedassetsmoreattractiveEveniftherearesomedownwardcorrectionslatertheywillnotgotoofarbecauseoftheturnaroundofmarketexpectationsandthelowstockvaluationsandpricesInsteadatthismomentlargerpositionandexposureofriskassetswillhelptocatchthenewopportunitiesarisingfromnewmarginalandcyclicalopportunitiesItisadvisabletotakeadvantageofthemarketsetbackstoincreasepositionsBluechipsfirstthengrowthstocksDuetotheuncertaintiesofpandemicsituationandtheenduringweaknessofrealestateindustrythenear-termEPSin2022Q4-2023Q1canhardlyrevealsustainableimprovementofbusinessperformancesinfutureWefoundthreecommoncharacteristicsofprevioustwobullmarkets2014H22015H12019drivenbylowstockvaluationdespiteslowbusinessprofitgrowth1recordlowstockvaluation2turnaroundofkeyfactorsfinancein2014consumptionin2019and3theappearanceofaseconddriveregInternetandMadebyChina2025in2015theriseofsemiconductorand5Gcommunicationsectorsin2019whentheexpectationsforcontinuouseconomicrecoveryfailedNowtheconditionsarealmostthesamelowstockvaluationturnaroundofkeyfactorsandslackfundamentalsbutpowerfulindustrialpolicysupportsIn2022defensivesectorsofgoodprofitgrowthandcashflowoutperformedothersInfuturedespitetheuncertaintiesofthepathsofmacroeconomicrecoveryitisadvisabletoemployamoreactiveportfoliostructurebymeansoftakingtherecoveringassetsielowvaluationatpresentbuthugerpotentialofrecoveryin2023and610emergingassetsieengaginginindustrialtransformationandupgradingimportsubstitutionandfast-growthindustriesbluechipsfirstandthengrowthstocksAmajorthreadisthereconstructionofacapitalmarketvaluationsystemofChinesecharacteristicsThevaluationsystemintheWeststressesonbusinessefficiencyprofitgrowthandthereturnofprivateshareholdersItslowstate-ownedinterestratiotradablemarketvalueofSOEsandlocalSOEscloseto45oftotalisnothighenoughtoreflectthesocialresponsibilitieseconomiccostsandindustrialchainleadershipoftheenterprisesAfterCSRCchairmanYiHuimanpledgedtoexploreandconstructacapitalmarketvaluationsystemofChinesecharacteristicsShanghaiStockExchangeworkedoutits3-yearActionPlanofComprehensiveServicesforSOEsclaimingtohelptorestorethereasonablevaluationofSOEstohelptopushforwardtheprofessionalizedrestructuringofSOEsandtohelptoimprovethemoderncorporatesystemofChinesecharacteristicsInhistorySOEreformswerealwaysthesaverandstabilizerofbearmarketsinChinaNowisjustthemomentofthestartingpointofChinese-stylecapitalmarketvaluationconstructiontheendofthe3-yearplanofSOEreformsandthestartingpointofanewroundofSOEreformsthestartingpointoftheconstructionofaunifiedbignationalmarketandtheeveofthe10-yearanniversaryoftheBeltandRoadInitiativeThespeculationsonSOEreform-relatedthemesmaythriveagainespeciallythespeculationsontheSOEsinvolvedinindustrialintegrationandmanufacturingindustryupgradingAsforsectorallocationandthematicinvestmenttherearetwothreadsOneistherecoveryofcyclicalsectorstheheadrealestatedevelopersB-endbuildingmaterialsuppliersandbankinginsuranceandconstructionsectorsandconsumersectorsfoodbeverageretailingandmediasectorsTheotheristheexpansionofdomesticdemandfueledbythethemesofeconomictransformationindustrialupgradingandnationalsecurityandthebeneficiarysectorsincludepharmaceuticalandimport-substitutionandindustrialupgrading-relatedmanufacturingwarindustrycomputertelecommachineryandnewmaterialssteelnonferrousmetalschemicalsectorsForthematicinvestmentthekeythemesareSOEreformsBeltRoadInitiativeandelectricpowerspotmarketconstruction710GuotaiJunanSecuritiesCoLtdhasacquiredthequalificationforsecuritiesinvestmentconsultingbusinessfromChinaSecuritiesRegulatoryCommissionAnalystsStatementTheauthorhasobtainedthepracticingqualificationforsecuritiesinvestmentconsultingbusinessawardedbythesecuritiesassociationofChinaorhasequivalentprofessionalcompetencetoensurealldatainthereportaresourcedfromlegitimatechannelsandanalysislogicsarebasedontheauthorsprofessionalunderstandingThisreportclearlyandaccuratelyreflectstheauthorsresearchideasbeingindependentobjectiveandfairandtheconclusionisnotsuggestedoraffectedbyanythirdpartiesAnycomponentsoftheanalystscompensationarenotdirectlyorindirectlyrelatedtothespecificadviceorviewsexpressedinthisresearchreportItisherebydeclaredDisclaimerThisreportissolelyavailabletocustomerswhohavesubscribedresearchservicesofGuotaiJunanSecuritiesCoLtdorGuotaiJunanSecuritiesHongKongLimitedhereaftercollectivelyreferredtoasGuotaiJunanThereceiptofthisreportwillnotbeconsideredbyGuotaiJunanasanexofficiocustomerofGuotaiJunanThisreportisdistributedonlyaspermittedbyapplicablelawsandforinformationalpurposesonlyItdoesnotconstituteanyadvertisementTheinformationinthisreportisderivedfrompubliclyavailableinformationandGuotaiJunanmakesnowarrantyastotheaccuracycompletenessorreliabilityofsuchinformationTheinformationopinionsandassumptionspresentedinthisreportonlyreflectGuotaiJunansjudgmentasofthedateofissuanceofthisreportThepricevalueandinvestmentincomeofthesecuritiesorinvestmenttargetsreferredtointhisreportmayriseorfallPastperformanceshouldnotbetakenasabasisforfutureperformanceAtdifferenttimesGuotaiJunanmayissuereportsthatareinconsistentwiththeinformationopinionsandassumptionscontainedhereinGuotaiJunandoesnotwarrantthattheinformationcontainedinthisreportiskeptuptodateAtthesametimetheinformationcontainedinthisreportmaybemodifiedbyGuotaiJunanwithoutnoticeandtheinvestorshallpayattentiontothecorrespondingupdateormodificationTheinvestmentsandservicesreferredtointhisreportmaynotbeappropriateforcertainclientsanddonotconstituteprivateadvicetoclientsInanycircumstancestheinformationoropinionsexpressedinthisreportdoesnotconstituteinvestmentrecommendationsforanypersonInanycircumstancesGuotaiJunanitsemployeesoraffiliatedinstitutionsshallnotpromiseinvestorsthattheywillmakeprofitsshallnotshareinvestmentgainswithinvestorsandshallnotbeliableforanylosscausedbyanypersonsuseofanycontentinthisreportInvestorsareremindedthatanyinvestmentdecisionsmadebythemarenotrelatedtoGuotaiJunanitsemployeesoritsaffiliatesGuotaiJunanusesinformationwallstocontroltheflowofinformationbetweenoneormorefieldsdepartmentsorrelatedinstitutionswithinGuotaiJunanThereforeinvestorsshouldpayattentiontothatwherepermittedbylawGuotaiJunananditssubordinateaffiliatesmayholdsecuritiesoroptionsissuedbycompaniesmentionedinthereportandconducttradingofthosesecuritiesoroptionsandmayprovideortrytoprovideservicessuchasinvestmentbankingfinancialadvisingorfinancialproductstothosecompaniesWherepermittedbylawemployeesofGuotaiJunanmayserveasdirectorsofcompaniesmentionedinthisreportThestockmarketisriskyandinvestmentneedstobecautiousInvestorsshouldnotusethisreportasthesolereferenceformakinginvestmentdecisionsnorshouldtheyconsiderthisreporttobeasubstitutefortheirownjudgmentBeforedecidingtoinvestifnecessaryinvestorsmustconsultprofessionalsandmakeprudentdecisionsThisreportisnotintendedtobesentordistributedtoanyinstitutionorpersonwhoisnotallowedtosendordistributethisreportunderlocallawsorregulatoryrulesnorisitintendedtobesentordistributedtoanyinstitutionorpersonwhoseavailabilityoruseofthisreportwouldcauseGuotaiJunantoviolateorbesubjecttolocallawsorregulatoryrulesThecopyrightofthisreportissolelyownedbyGuotaiJunanWithoutwrittenpermissionnoinstitutionorindividualmayreproducecopypublishorquoteinanyformIfitisquotedorpublishedwiththeconsentofGuotaiJunanitmustbeusedwithinthepermittedscopeandthesourcemustbeindicatedasGuotaiJunanSecuritiesResearchorGuotaiJunanHongKongResearchandthereportmustnotbequoteddeletedormodifiedinanywaythatiscontrarytotheoriginalintentionGuotaiJunanSecuritiesHongKongLimitedshallbeliabletoGuotaiJunanSecuritiesCoLtdforthecontentanddistributionofresearchreportsIfanorganizationotherthanGuotaiJunanhereinafterreferredtoastheOrganizationsendsthisreportitshallbesolelyresponsibleforsuchsendingInvestorswhoobtainthisreportthroughthismeansshouldcontacttheOrganizationontheirowntorequestmoredetailedinformationortofurthertradeinthesecuritiesreferredtointhisreportThisreportshallnotconstituteinvestmentadviceprovidedbyGuotaiJunantotheclientsoftheOrganizationnorshallGuotaiJunanitsemployeesoraffiliatesbeliableforanylossesincurredbytheclientsoftheOrganizationasaresultoftheuseofthisreportorthecontentscontainedinthereport810ThefollowingimportantstatementsareapplicabletoresearchreportspublishedinHongKongThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanHongKongGuotaiJunanHongKonganditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunanHongKonggroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanHongKongThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunanHongKongdoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunanHongKonganditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdictionDITSaCbLleOSDUISRCELOFSUINRTEEORFEINSTESRESTS1TheAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthisResearchReport2TheAnalystsandtheirassociatesdonothaveanyfinancialinterestsinrelationtotheissuermentionedinthisResearchReport3ExceptforSFREIT02191HKJINSHANGBANK02558HKBANKOFZHENGZHOU06196HKLUZHOUBANK01983HKChinaGrandPharmaceuticalandHealthcare00512HKGuotaiJunananditsgroupcompaniesdonotholdequaltoormorethan1ofthemarketcapitalizationoftheissuermentionedinthisResearchReport4GuotaiJunananditsgroupcompanieshavehadinvestmentbankingrelationshipswithGeelyAutomobile00175HKSinotrans-Hshares00598HKBankofCommunications-Hshares03328HKJDcom09618HKBIDU-SW09888HKKingsoft03888HKNWS00659HKSenseTime-W00020HKChinaNonferrousMining01258HKJoySpreader06988HKGuangzhouAutomobile-Hshares02238HKChinaLesso02128HKKWGGroup01813HKCIFIHoldingsGroup00884HKZhenroProperties06158HKBILIBILI-SW09626HKCountryGarden02007HKTencent00700HKAgileGroup03383HKChinaAoyuanProperty03883HKLoganGroup03380HKSUNAC01918HKNewWorldDevelopment00017HKCHINASUNTIEN00956HKChinaConstructionBank-Hshares00939HKFOSUNINTL00656HKCITS01880HKHONGJIUFRUIT-Hshares06689HKCARSGEN02171HKChinaMinshengBankingCorp-Hshares01988HKGCLNewEnergy00451HKChowTaiFookJewellery01929HKIRICOGroupNewEnergy00438HKFinancialStreetProperty01502HKGOMEElectricalAppliances00493HKCHINAOVSPPT02669HKAoyuanHealthyLifeGroup03662HKJinkeServices09666HKA-LIVING03319HKBankofGansu02139HKYANZHOUCOAL01171HKBinhaiInvestment02886HKChinaSouthCity01668HKChinaRisunGroup01907HKYEAHKA09923HKWEIGAOGROUP01066HKAlibaba09988HKZhongliangHoldings02772HKSihuanPharmaceutical00460HKBANKOFCHONGQING01963HKDFZQ-Hshares03958HKCGNPower-Hshares01816HKCGNMeiyaPower01811HKCGNMining01164HKJiangsuExpressway00177HKWUXIAPPTEC02359HKGreentownChina03900HKChervon02285HKAsymchem-Hshares06821HKXPENG09868HKNAYUKI02150HKXIAOMICORPORATION01810HKCIFIESService01995HKSinopecKantons00934HKSINOPECEngineering-Hshares02386HKSPC00338HKChinaPetroleumChemical-Hshares00386HKPOPMART09992HKCHENMING01812HKLeeManPaper02314HKSMOORE06969HKZGCTecLeasing01601HKKANZHUNLIMITEDBZUSTencentMusicEntertainmentGroupTMEUSDiDiDIDIUSBilibiliIncBILIUSZhihuZHUSNIONIOUSJDcomJDUSFutuFUTUUSSinopecSNPUSSINOTRANS601598SHMACALLINE601828SHGACGROUP601238SHHUNDSUN600570SHCHINASUNTIENGREENENERGY600956SHCCB601939SHFANGDACARBON600516SHCITS601888SHLUANEED601699SHCMB600036SHINDUSTRIALBANK601166SHBANKOFCHONGQING601963SHORIENTSECURITIES600958SHJIANGSUEXPRESS600377SHBANKCOMM601328SHWUXIAPPTEC603259SHBBMG601992SHSPC600688SHSINOPECCORP600028SHGXHT002074SZZHONGNANCONSTRUCTION000961SZJINKE000656SZYCC000878SZCGN003816SZEASTMONEY300059SZCASYMCHEM002821SZBOTANEEGROUP300957SZLBG002601SZSCPH000488SZmentionedinthisResearchReportwithinthepreceding12months5GuotaiJunananditsgroupcompaniesaremakingorwillmakeamarketinthesecuritiesinrespectofLenovo00992HKChinaMobile-Hshares00941HKHongKongExchangesandClearing00388HKGalaxyEntertainment00027HKGreatWallMotor-Hshares02333HKAIA01299HKSandsChina01928HKKUAISHOU-W01024HKXPENG09868HKCITICSEC-Hshares06030HKAACTechnologiesHoldings02018HKSunnyOpticalTechnology02382HKSinopharmGroup-Hshares01099HKCNOOC00883HKWuXiBiologics02269HKGeelyAutomobile00175HKBYDCompany-Hshares01211HKChinaConstructionBank-Hshares00939HKIndustrialandCommercialBankofChina-Hshares01398HKBOCHongKong02388HKBankofChina-Hshares03988HKHSBC00005HKPingAnInsurance-Hshares02318HKChinaLifeInsurance-Hshares02628HKTencent00700HKMeituan-W03690HKCHINATOWERCORPORATION-Hshares00788HKXIAOMICORPORATION01810HKAlibaba09988HKNetease09999HKJDcom09618HKSMIC00981HKAlibaba910Health00241HKBIDU-SW09888HKSUNAC01918HKLoganGroup03380HKChinaAoyuanProperty03883HKmentionedinthisResearchReport6GuotaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficerofanyissuersmentionedinthisResearchReportThereisnoofficerofanyissuersmentionedinthisResearchReportassociatedwithGuotaiJunananditsgroupcompaniesRatingDefinitionRatingDefinitionIncreaserelativetoCSI300HangSengOverweightComparisonbenchmarkforinvestmentIndexover15suggestionsCautiouslyIncreaserelativetoCSI300HangSengInvestmentratingsaredividedintostockCompanyOverweightIndexbetween5and15ratingandsectorratingRatingIncreaserelativetoCSI300HangSengThemarketperformancewithinthe12NeutralIndexbetween-5and5monthsafterthepublicationofthereportisDecreaserelativetoCSI300HangSengconsideredasthecomparisonbenchmarkUnderweightIndexover5TheincreaseanddecreaseoftheSignificantlystrongerthanCSI300HangcompanysstockpriceorindustryindexOverweightSengIndexwithinthe12monthsafterthepublicationofBasicallyflatwithCSI300HangSengthereportiscomparedwiththeincreaseSectorRatingNeutralanddecreaseofCSI300HangSengIndexIndexSignificantlyweakerthanCSI300HanginthesameperiodUnderweightSengIndexGuotaiJunanSecuritiesResearchInstituteAddressPostalCodeTel20FOneMuseumPlace669XinzhaRdJinganDistrictShanghai20004186213867-6666Shanghai18FSouthBuildingFinancialStreetCenter9AFinancialBeijing10003286108393-9888StreetXichengDistrictBeijing27FBuildingBRongchaoTower6003YitianRoadFutianShenzhen518026867552397-6888DistrictShenzhenE-mailgtjaresearchgtjascomGuotaiJunanSecuritiesHongKongLimitedAddressFaxTel27FLowBlockGrandMillenniumPlaza181HongKong8522509-77938522509-9118QueensRoadCentralHongKongWebsitewwwgtjacomhk2023CopyrightGuotaiJunanAllrightsreserved1010