中国2022年12月财新制造业PMI为49，低于11月0.4个百分点，降至近三个月来最低，连续第五个月处于收缩区间。生产指数、新订单指数、新出口订单指数和供应商配送时间指数均降至5月以来最低。
　　美国12月Markit制造业PMI终值为46.2，创2020年5月以来新低。

研究报告全文：股票研Research究TableTitleEquityResearchDepartmentMorningResearchFocus4January2023TableSummaryTableofContents目录Focus新闻焦点今NewsFocus行业和公司焦点晨IndustryandCompanyFocus焦ResearchNil无点LatestReports最新报告摘要MorningCompanyEPSCodeTitleTPChgRatingChgNameEstChange代码标题目标价z评级变动公司名称盈利预测是否改变TextilesSectorReportBi-WeeklyWrapApparelOfflineConsumptionIsRecovering--Outperform--NSectorOutperform行业报告双周报线下消费正在复苏跑纺织服装行业--跑赢大市--否赢大市证FlashNoteWeighingMoreonTigerNon告-BankThanonFutuRegulatoryMeasureto券Finance--Outperform--NBringUncertaintytoFundsof研Sector报OnshoreClients快讯对老虎证券的不利影响大于对富途究究非银金融行业证券的影响监管举措给境内客户资金带--跑赢大市--否报研来不确定性SectorReportBi-WeeklyUpdate告Machinery券ChinasManufacturingIndustryIsEquityResearchReport--Outperform--NSectorExpectedToRecoveryAfterThe证Epidemic行业报告双周报中国制造业疫情后复机械行业--跑赢大市--否苏可期ToAcquireControllingInterestinChinaPower02380HKJinzishanWindPowerHK425Buy--YInternationalTransformationinFullSwing将收购金紫山风电控股股权转型如荼展中国电力02380HKHK425买入--是开TypeofReportTitleIssueDate报告类型标题MarketDataCriticalSectorDataUpdate3January2023市场数据行业关键数据更新2023年1月3日NewlyPublishedKeyEconomicDataforChinaUSandEurope中美欧最新公布的重要经济数据AppendicesChineseVersionoftheIndustryandCompanyFocusLatestReports后附行业和公司焦点最新报告摘要中文版Seethelastpagefordisclaimer1of10MorningResearchFocusHSIPerformanceHSCEIPerformance31000140002900012000270002500010000230002100080001900060001700015000400013000110002000Jan22Apr22Jul22Oct22Jan23Jan22Apr22Jul22Oct22Jan23SourceBloombergSourceBloombergPreviousIntradayHKmRMBmTradingDayChange百万港元百万人民币前一交易日单日涨跌HSIIndexDailyTurnoverMainlandChinaDailyTurnover2014529184120653790463恒生指数总成交额内地总成交额HSCEIIndexStockConnectNetInflowMarketCapSSE683398192425040765691国企指数互联互通净流入沪市市值HSTECHIndexMarketCapHKExMarketCapSZSE4233372533558200032839145科技指数港股市值深市市值资料来源国泰君安国际BloombergNotethemarketcapitalvalueofHKExSSESZSEwasrecordedasatDec30PleasesubscribeGTJAIResearchandanalystsWechatsubscriptionaccount国泰君安国际研究部戴清策略研究PleasescantheQRcodesontheright-handsideResearchReportDatabase1wwwgtjaicomResearchFocusCompanyResearchHighlights2BloombergReportPageRESPGJIRorNHGTJ欢迎订阅国泰君安国际研究部和策略团队的微信公众号公众号账号国泰君安国际研究部戴清策略研究研究报告库1wwwgtjaicom研究报告公司点评专题研究2Bloomberg报告页面RESPGJIR或NHGTJNewsFocus新闻焦点TableNewsFocusMarketNews市场新闻ChinasDecember2022CaixinmanufacturingPMIcameinat49down04percentagepointsfromNovemberfallingtothelowestinnearlythreemonthsandthefifthconsecutivemonthincontractionterritoryIndexesforproductionnewordersnewexportordersandsupplierdeliverytimesallfelltotheirlowestlevelssinceMay中国2022年12月财新制造业PMI为49低于11月04个百分点降至近三个月来最低连续第五个月处于收缩区间生产指数新订单指数新出口订单指数和供应商配送时间指数均降至5月以来最低TheUSfinalMarkitmanufacturingPMIforDecembercameinat462thelowestreadingsinceMay2020美国12月Markit制造业PMI终值为462创2020年5月以来新低Seethelastpagefordisclaimer2of10MorningResearchFocusIndustryTableFocusandCompanyFocusNil无TableLatestLatestReportsSectorReportTextilesApparelSectorBi-WeeklyWrapOfflineConsumptionIsRecoveringOutperformRatingOutperform6-18mTPnaAnalystHansenTangReportDate2023-01-03SummaryThereopeninghasbeenacceleratingAstherecentsurgeinCovid-19casesinChinareducedpeopleswillingnesstogooutintheshorttermdomesticretailsalesremainedunderpressureintheshorttermHowevertherateofinfectioninmajorcitiesexceededourpreviousexpectationAsnumberofinfectionsmaypeakinadvanceweexpectthepaceofrecoveryinofflineconsumptiontoaccelerateTherecentmeasuresannouncedbythegovernmentclearlypointtoawaytoboostdomesticconsumptionin2023AsChinaissettoremovealmostallCovidrestrictionsinJanuaryweexpectretailsalesofapparelproductsinChinatosubstantiallyrecoverin2023NikesearningsinFY2023Q2beatexpectationsIn2QFY2023Nikesrevenueincreasedby172YoYtoUS1332billionandnetincomerecordedUS133billionwhichwasflatYoYbeatingmarketexpectationsInventorieswereupby43YoYtoUS933billionanddeclinedby35QoQThemanagementmentionedonitsconferencecallthatitsinventorysituationinChinahasreturnedtoahealthylevelbytheendofNov2022Weexpectaturningpointofordervolumeandcapacityutilizationofdomestictextilemanufacturingcompaniesin2Q2023Althoughmanufacturingordershavebeendepressedsince2H2022duetohighoverseasinventoriesandinflationbothissuesareeasingatthemarginsWemaintainOutperformratingforthetextilesandapparelsectorWerecommendchoosingsportswearbrandswithsoundlongterminventorymanagementWerecommendLiNing02331HKAntaSports02020HKXtep01368HKandTopsports06110HKRisks1Globalpandemicresurgence2higher-than-expectedglobalinflation3slower-than-expecteddestockingpaceand4increaseinrawmaterialpricesSeethelastpagefordisclaimer3of10MorningResearchFocusFlashNoteNon-BankFinanceSectorWeighingMoreonTigerThanonFutuRegulatoryMeasuretoBringUncertaintytoFundsofOnshoreClientsRatingOutperform6-18mTPnaAnalystFrancoLiReportDate2022-SummaryWhatHappenedOn30December2022theChinaSecuritiesRegulatoryCommissionCSRCannouncedthatitispushingforwardtherectificationoftheillegalcross-borderstocktradingbusinessofFutuHoldingsLtdFUTUUSFutuandUpfintechHoldingLtdTIGRUSTigerWhyDidThisHappenFutuandTigerhavebeenoperatingtheircross-borderstocktradingbusinessesfortheirmainlandChineseclientsforyearswithoutanyrelatedonshorelicensebutonlyoffshorelicensesTheregulatoryrisksaroundFutuandTigersurfacedinOctober2021whenPeoplesDailynewspaperquestionedhowthetwocompanieshandledChineseinvestorspersonaldataincross-borderstocktradesandaseniorChinesecentralbankerwarnedthatonlinebrokeragesnotlicensedinChinawereoperatingillegallyHowwilltherectificationbepushedforwardCSRCwillpushforwardthecorrectivemeasuresaccordingtotheideaofEffectivelycurbingtheadditionsandorderlyresolvingtheexistingItaskedFutuandTigertostoptakingnewonshoreinvestorsascustomersoropeningnewaccountsforthemExistingonshoreclientscancontinuetotradeontheplatformswithoutaddingnewfundsthatarenon-compliantwiththeregulationsofforeignexchangeadministrationAccordingtotheregulationsofforeignexchangeadministrationeverydomesticindividualisallowedtopurchaseforeignexchangeequivalentto50000dollarsperyearforthepaymentundercurrentaccountsuchasoverseastravelsbutnotforinvestmentsundercapitalaccountsuchasbuyingrealestateandstockssuchinvestmentsshouldbedoneviaQDIIorotherregulatedchannelsWhatwillbetheimpactWeexpectthattheheadwindsforcross-borderbrokerageswillnotonlycomefromthebanofnewonshoreclientadditionsbutalsofromthelikelyoutflowsofexistingfundsofonshoreinvestorsWeexpecttheactionoforderlyresolvingtheexistingmentionedbyCSRCwillbeconductedgraduallyandthatthereasonwhycurrentonshoreclientsarestillallowedtotradeisthattheregulatordoesnotwanttocauseanypanicThereforeweexpectadditionalregulatorymeasurestobeannouncedinthefutureandtocauseoutflowsofexistingfundsofonshoreinvestorsInadditionweexpectthattheregulatoryrisksthathaveemergedwillleadtoincreasingawarenessoffundsafetyamongonshoreinvestorstriggeringoutflowsofexistingfundsHowbigwilltheimpactbeWeexpecttheadverseimpacttobebiggeronTigerthanonFutubecauseTigerhasabiggerrevenueexposuretomainlandChineseclientsthanFutuMainlandclientsaccountfor40oftigersexistingclientsAstheirassetspercapitawerehigherthantheaverageweestimatemainlandclientstogeneratemorethan50oftotalrevenuewhilearound44ofFutusrevenuecamefromitsmainlandclientsin1H22TigerisstrugglingtobreakevenandismorevulnerabletoadropinrevenuewhileFutumaintainshealthynetprofitmarginsIn1-3Q22Tigerrecordednetlosswithnetlossmarginof2WeexpectthepotentialoutflowsofexistingfundswilldragTigerintoconsistentlosssituationandputpressureonitsfutureexpansionandmanagementIn1-3Q22Futustillrecordedahealthynetprofitmarginofaround37againstthebackdropofsluggishstockmarketThepotentialoutflowsofexistingfundswilldragdownrevenueandweakenitsoperatingleveragebutweexpectthatFutuwillstillbeabletomakeprofitgivingleewaytofutureexpansionanddevelopmentTigerstillneedstospendmoneyontheexpensesidesuchasresearchanddevelopmenttocatchupwithFutugiventhatFutuhasbuiltabettertradingplatformandhasbettercustomerqualityHoweverpotentialconsistentlossduetotheoutflowsofexistingfundsislikelytoconstrainTigersfuturespendingandthuslimititsfuturedevelopmentBullCase-existingfundsofonshoreinvestorsarenotaffectedInthiscasetheimpactonTigerandFutuisminimalasonlyrevenuecomingfromnewonshoreclientsisaffectedTigerandFutuhaveswitchedtheirfocustooffshoremarketsinceregulatoryriskemergedinOctober2021In2022mainlandclientsaccountforonly10-20ofnewclientadditionsofTigerandFutuThusrevenuegrowthofTigerandFutuwillbedraggeddownsingle-digitpointsBaseCase-one-thirdofexistingfundsofonshoreinvestorsflowoutInthiscaseweexpectTigersrevenuetodropbymorethan17andFutusrevenuetodroparound14IntermsofbottomlineweexpectTigertorecordnetlossconsistentlyasitisstillstrugglingtobreakevencurrentlybutstillneedstomaintaincertainspendingtomaintainthecompetitivenessofitsonlinetradingplatformWeexpectFutusnetprofittodropbymorethan14duetoweakeningoperatingleverageasresearchanddevelopmentexpenseaccountsforaround40ofitsexpenseswhichisessentialtoSeethelastpagefordisclaimer4of10MorningResearchFocusitscompetitivenessandthusisunlikelytobecutsubstantiallyBearCase-80ofexistingfundsofonshoreinvestorsflowoutInthiscaseweexpectTigersrevenuetodropmorethan40andFutusrevenuetodroparound35IntermsofbottomlineweexpectthatitwillbehardforTigertosustainitsoperationsaslargenetlosswillconstrainitsfuturespendingandmakeithardertocatchupwithFutuForFutuweexpectthatitwillstillbeabletorecordprofitasitmaintainsahealthynetprofitmarginofaround37toabsorbsuchshockSectorReportMachinerySectorBi-WeeklyUpdateChinasManufacturingIndustryIsExpectedToRecoveryAfterTheEpidemicRatingOutperform6-18mTPnaAnalystAlexBaiReportDate2023-01-03SummaryChinasmanufacturingPMIcontinuestodeclineshowingthattheepidemichasaffectedbothsupplyanddemandInDecember2022ChinasmanufacturingPMIwas470anewlowsinceMarch2020WiththerapidspreadoftheepidemicinmainlandChinatheoperatingrateoffactoriesisinsufficientanddownstreamdemandisweakThemanufacturingindustryisunderpressureintheshorttermAstheimpactoftheepidemicgraduallysubsidesinthefuturethemachineryindustrywillrecoverwiththeimprovementofthemacroenvironmentChinasenterprisecreditcontinuedtoimprovedrivingtherecoveryofthemanufacturingindustryChinaadjustedmacropoliciestosupporttheeconomyandmediumandlong-termloanstoenterprisescontinuetoincreaseInNovember2022themediumandlong-termloansofenterprisesreachedRMB7367billionanincreaseof1156YoYWiththesupportofnationalpoliciestheincreaseinmediumandlong-termloanstoenterprisesinthisroundismainlydrivenbythemanufacturingindustryWebelievethatindustrialautomationequipmentmayenteranupwardcycleandweareoptimisticabouttheopportunitiesinthemachinetoolindustryinjectionmoldingmachineindustryanddie-castingmachineindustryUnderthede-globalizationtideChinasmanufacturingindustrywillcontinuetoimproveinthelongrunThenecessityofautonomyandcontrollabilityincoretechnologiesinChinahasincreasedThekeytechnologiesofthemachineryindustryareparticularlyimportantUnderthetrendoftechnologicalupgradinganddomesticsubstitutionChinasadvancedmanufacturingindustryhaspolicysupportsuchasinterestratecutsandtaxcutsWearelong-termoptimisticabouttheinvestmentopportunitiesbroughtaboutbythestrengtheningofChinasmanufacturingindustryRiskfactorsEconomicrecoverymaybeweakerthanexpectedChinaPowerInternational02380HKToAcquireControllingInterestinJinzishanWindPowerTransformationinFullSwingRatingBuy6-18mTPHK425AnalystPeterShaoReportDate2023-01-03SummaryEventOn3Jan2023CPIDannouncedthatitwillacquire7967equityinterestinJinzishanWindPowerJWPfromGuangxiOverseas55heldbySPICand40heldbyCPIDforaconsiderationofRMB5466mnUponcompletionoftheacquisitionCPIDsstakeinJWPwillincreasefrom4709to9489PertheannouncementtheacquisitionwillincreaseCPIDsinstalledwindcapacityby579MWamongwhichwebelievearound200MWarestillunderconstructionOurtakeontheacquisitionGivenGuangxiOverseasiseffectively55heldbySPICwedeemtheacquisitionasanotherassetinjectionfromSPICtosupportCPIDstransformationThedealreflectsaPBofaround11xperourestimatefavourableforCPIDsshareholdersinourviewDrivenbyChinasongoingSOEreformSPICisexpectedtocontinueinjectingassetsintolistedsubsidiariesespeciallyintoCPIDwhichhasapreferentialrighttoacquireSPICspowerassetsWebelieveSPICstillhasaround60-70GWofunlistedrenewablesTransformationinfullswingTodaysannouncedacquisitioncamejustafewdaysafterCPIDannounceditslargestthermalassetdisposalsinceestablishmenton28Dec2022bothassetinjectionfromSPICandthermalassetdisposalarekeymeasurestosecureCPIDsgreentransformationGiventheserecentmoveswebelieveCPIDisnowinfullswingtocatchupwithitstransformationplanwhichenvisagestheCompanytohaveover90ofinstalledcapacityinSeethelastpagefordisclaimer5of10MorningResearchFocuscleanenergyby2025CPIDscleanenergyaccountedfor507bytheendof1H22MaintainBuyraiseTPtoHK425WebelievetherewillbemorevisibilityonCPIDstransformationin2023likelyleadingtofurthervaluationre-rateWhileCPIDsshareshavesurgedover30sincelastweekwebelievetheupsidehasnotbeenfullyrealisedgivenCPIDsvaluationlevelsoverthepasttwoyearsWeraiseourSTOP-basedTPtoHK42506x2023PBforthermalpower92x2023PEfornewenergy120x2023PEforhydropowerChineseTranslation中文翻译行业和公司焦点TableFocuschiNil无TableLatestchi最新报告行业报告纺织服装行业双周报线下消费正在复苏跑赢大市评级跑赢大市6-18m目标价na分析员汤瀚森报告日期2023-01-03报告摘要重新开放的步伐已在加快随着近期中国新冠病毒感染病例激增人们短期内外出意愿有所降低国内零售销售短期仍面临压力然而主要城市的感染率超出了我们之前的预期随着感染人数可能提前达到峰值我们预计线下消费复苏节奏将加快政府近期宣布的一系列措施为2023年提振国内消费指明了方向随着中国将在1月份取消几乎所有相关疫情限制措施我们预计2023年中国服装零售销售将迎来实质性复苏Nike2023财年第二季度业绩超预期Nike2023财年第二季度收入同比增长27至1332亿美元归母净利录得133亿美元同比基本持平超市场预期库存同比增长43至933亿美元环比下降35管理层在电话会议上提到截至2022年11月底其中国区的库存状况已恢复到健康水平我们预计2023年第二季度国内纺织制造企业的订单和产能利用率有望迎来拐点尽管2022年下半年以来海外高库存与高通胀的问题导致制造订单持续低迷但以上两个问题正边际缓解我们维持纺织服装行业跑赢大市的评级长期看我们推荐库存管理完善的运动服饰品牌我们推荐李宁02331HK安踏体育02020HK特步01368HK和滔搏06110HK风险1全球疫情反复2全球通胀超预期3去库存进度不及预期4原材料涨价快讯非银金融行业对老虎证券的不利影响大于对富途证券的影响监管举措给境内客户资金带来不确定性评级跑赢大市6-18m目标价na分析员李炜报告日期2023-01-03报告摘要发生了什么2022年12月30日中国证监会发布公告称正在推进对富途控股有限公司FUTUUS富途和UpfintechHoldingLtdTIGRUS老虎的非法跨境股票交易业务的整治工作为什么会发生近年来富途和老虎为中国大陆客户提供跨境股票交易业务没有任何相关的大陆牌照只有海外牌照2021年10月富途和老虎的监管风险开始浮出水面当时人民日报质疑这两家公司对跨境股票交易中的中国投资者个人数据的处理问题而中国一位高级央行官员则警告称未在中国获得许可的在线券商属于非法经营Seethelastpagefordisclaimer6of10MorningResearchFocus整改将如何推进证监会将按照有效遏制增量有序化解存量的思路推进整改它要求富途和老虎停止接受新的境内投资者作为客户或为他们开设账户而现有大陆客户可继续在平台交易但是增量资金须符合外汇管理条例根据外汇管理条例境内个人每年可购汇等值5万美元用于境外旅游等经常项目支付但不得用于购置房地产和股票等资本项目投资此类投资应通过QDII或其他受监管的渠道进行会有什么影响我们预计跨境经纪业务的不利因素不仅来自新增大陆客户的禁止也来自大陆投资者现有资金的潜在流出我们预计证监会提到的有序化解存量的举措会逐步展开目前境内客户仍可以交易的原因是监管不想造成恐慌因此我们预计未来将出台更多监管措施并导致境内投资者存量资金的外流此外我们预计监管风险的出现将导致境内投资者的资金安全意识增强进而引发存量资金流出影响会有多大我们预计对老虎的不利影响将大于对富途的影响因为与富途相比老虎证券对中国大陆客户的收入敞口更大大陆客户占老虎现有客户的40由于他们的人均资产高于平均我们估计内地客户将产生超过50的总收入而富途2022年上半年约44的收入来自其内地客户老虎在盈亏平衡线上挣扎对收入下降的风险抵御能力更弱而富途保持健康的净利率2022年1-3季度老虎录得净亏损净亏损率为2我们预计存量资金的潜在流出将拖累老虎陷入持续亏损的境地并对其未来的扩张和管理构成压力2022年1-3季度在股市低迷的背景下富途仍录得37左右的健康净利率存量资金的潜在流出将拖累收入并削弱其经营杠杆但我们预计富途仍将能够盈利为未来的扩张和发展留有余地老虎还需要在研发等费用方面投入才能赶上富途因为富途搭建了更好的交易平台且客户质量更好然而存量资金流出带来的持续亏损可能会限制老虎未来的支出从而限制其未来的发展乐观情况-境内投资者的现有资金不受影响在这种情况下老虎和富途受到的影响微乎其微因为只有来自新大陆客户的收入受到影响2021年10月出现监管风险后老虎和富途将重心转向离岸市场2022年老虎和富途新增客户中大陆客户仅占10-20因此老虎和富途的收入增长将被拖低个位点数基准情况-境内投资者现有资金的三分之一流出在这种情况下我们预计老虎的收入将下降17以上富途的收入将下降14左右就净利润而言我们预计老虎将持续录得净亏损因为它目前仍在努力实现盈利但仍需要维持一定的支出以保持其在线交易平台的竞争力我们预计富途的净利润将由于经营杠杆减弱而下降超过14因其研发费用占其支出的40左右这对其竞争力至关重要因此不太可能大幅削减悲观情况-境内投资者现有资金80流出在这种情况下我们预计老虎的收入将下降40以上富途的收入将下降35左右在盈利方面我们预计老虎将难以维持其运营因为巨额净亏损将限制其未来支出并使其更难赶上富途对于富途我们预计其仍将能够录得盈利因为其保持的37左右的健康净利率能够吸收这种冲击行业报告机械行业双周报中国制造业疫情后复苏可期评级跑赢大市6-18m目标价na分析员白舸报告日期2023-01-03报告摘要中国制造业PMI继续下行显示疫情对供给和需求均造成影响中国2022年12月PMI为470创2020年3月以来新低随着中国内地疫情快速扩散工厂开工率不足下游需求疲弱制造业短期承压随着未来疫情的影响逐渐消退机械行业将跟随宏观环境的好转而复苏中国企业信贷持续好转推动制造业复苏中国调整宏观政策以支撑经济企业中长期贷款持续提升2022年11月企业中长期贷款人民币7367亿元同比增加1156在国家政策的支持下本轮企业中长期贷款的提升主要由制造业推动我们认为工业自动化设备或将进入上行周期我们看好机床行业注塑机行业压铸机行业的机会逆全球化背景下中国制造业长期向好中国核心技术自主可控的必要性增强机械行业的关键技术尤为重要在技术升级以及国产替代的趋势下中国先进制造业具备降息减税等政策支持我们长期看好中国制造业变强带来的投资机会风险因素经济复苏不及预期Seethelastpagefordisclaimer7of10MorningResearchFocus中国电力02380HK将收购金紫山风电控股股权转型如荼展开评级买入6-18m目标价HK425分析员邵俊樨报告日期2023-01-03报告摘要事件2023年1月3日中国电力公告称将以代价人民币5466亿元收购广西海外国电投持有55中国电力持有40持有的7967的金紫山风电股份收购完成后中国电力持有金紫山风电的股权将由4709增加至9489据公告本次收购将给中国电力带来579兆瓦增量风电容量而这其中我们估计有约200兆瓦为在建容量我们对本次收购的理解由于国电投实际持有广西海外55股份我们认为本次收购是国电投支持中国电力转型的又一次资产注入据我们测算本次交易体现了约11倍PB我们认为对中国电力股东有利受中国持续的国企改革推动国电投预计将持续向上市子公司注入资产尤其是注入到中国电力其对国电投电力资产有优先收购权我们相信国电投目前仍有60-70吉瓦的未上市可再生能源资产转型如荼展开本次宣布的收购距中国电力2022年12月28日公布自成立以来最大的火电资产处置仅过去数日国电投资产注入和火电资产处置都是中国电力实现绿色转型的关键举措考虑到公司近期动作我们认为中国电力目前正在全力追赶转型进度公司计划到2025年清洁能源装机占比超过90截至2022年上半年公司清洁能源占比507维持买入上调目标价至425港元我们认为2023年中国电力转型的能见度将会更高估值有望得到进一步催化虽然公司股价自上周以来已上涨超过30考虑到公司过去两年的估值水平我们认为公司股价仍有上行空间我们上调基于分部估值法得出的目标价至425港元火电06倍2023年PB新能源92倍2023年PE水电120倍2023年PESeethelastpagefordisclaimer8of10MorningResearchFocusResearchDepartment研究部NoahHudsonHeadofResearch主管noahhudsongtjascomhk8675523976684HaoZhou周浩ChiefEconomist首席经济学家haozhougtjascomhk85225097582BillySun孙英超Macro宏观billysungtjascomhk85225092603JakeWang汪昌江Strategy策略changjiangwanggtjascomhk8675523976675AndyHuang黄凯鸿Strategy策略kaihonghuanggtjascomhk8675523976702JackWu吴狄Strategy策略diwugtjascomhk8675523976718EvanLi李少金Strategy策略evanligtjascomhk85225095375GaryWong黄家玮ConstructionEngineering建筑工程garywonggtjascomhk85225092616KevinGuo郭勇NonferrousMetals有色金属yongguogtjascomhk8675523976671RichardCao曹柱Banking银行zhucaogtjascomhk8675523976870JunZhu朱俊杰NewEnergy新能源junjiezhugtjascomhk85225097592DannyLaw罗沛达WholesaleRetail批发零售含教育dannylawgtjascomhk85225097768GinYu余劲同Telecommunications通信ginyugtjascomhk8675523976686JackLiu柳晨Electronics电子chenliugtjascomhk85225092149PeterShao邵俊樨EnergyOperations能源运营petershaogtjascomhk85225095464TeddyLin林荣叶MediaCulture传播文化含体育rongyelingtjascomhk8675523976692ChunliZhan詹春立Property房地产jameszhangtjascomhk85225097745AndyChen陈思超FoodBeverages食品饮料含化妆品andychengtjascomhk85225092665AlexBai白舸Machinery机械gebaigtjascomhk85225097202VincentLiu刘健威MediaCulture传播文化含体育jianweiliugtjascomhk8675523976680IvanWu吴凱翔Automobiles汽车ivanwugtjascomhk85225092649HansenTang汤瀚森TextilesApparel纺织服装hansentanggtjascomhk8675523976884FrancoLi李炜Non-BankFinance非银行金融francoligtjascomhk85225097204DanielTao陶选Computer计算机danieltaogtjascomhk8675523976885EsabellaZhao赵舒蔓ComprehensiveSupport综合支持shumanzhaogtjascomhk8675523976681PennyPan潘凌蕾ComprehensiveSupport综合支持pennypangtjascomhk85225092632Seethelastpagefordisclaimer9of10MorningResearchFocusCompanyRatingDefinitionTheBenchmarkHongKongHangSengIndexNASDAQCompositeIndexTimeHorizon6to18monthsRatingDefinitionBuy买入RelativePerformance15orthefundamentaloutlookofthecompanyorsectorisfavorableAccumulate收集RelativePerformanceis5to15orthefundamentaloutlookofthecompanyorsectorisfavorableNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthecompanyorsectorisneutralReduce减持RelativePerformanceis-5to-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSell卖出RelativePerformance-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSectorRatingDefinitionTheBenchmarkHongKongHangSengIndexNASDAQCompositeIndexTimeHorizon6to18monthsRatingDefinitionOutperform跑赢大市RelativePerformance5orthefundamentaloutlookofthesectorisfavorableNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthesectorisneutralUnderperform跑输大市RelativePerformance-5orthefundamentaloutlookofthesectorisunfavorableDISCLOSURETableDISCLOSUREOFINTERESTSOFINTERESTS1TheAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthisResearchReport2TheAnalystsandtheirassociatesdonothaveanyfinancialinterestsinrelationtotheissuermentionedinthisResearchReport3ExceptforCHINAGRANDPHARMACEUTICALANDHEALTHCARE00512HKLUZHOUBANK01983HKSFREIT02191HKJINSHANGBANK02558HKBANKOFZHENGZHOU06196HKGuotaiJunananditsgroupcompaniesdonotholdequaltoormorethan1ofthemarketcapitalizationoftheissuermentionedinthisResearchReport4GuotaiJunananditsgroupcompanieshavehadinvestmentbankingrelationshipswithCOUNTRYGARDEN02007HKSINOTRANS-HSHARES00598HKCHOWTAIFOOKJEWELLERY01929HKCGNMEIYAPOWER01811HKCGNPOWER-HSHARES01816HKGOMEELECTRICALAPPLIANCES00493HKCHINAAOYUANPROPERTY03883HKFOSUNINTL00656HKWEIGAOGROUP01066HKCHENMING01812HKSUNAC01918HKNAYUKI02150HKCARSGEN02171HKCHINAOVSPPT02669HKSMOORE06969HKXPENG09868HKYEAHKA09923HKPOPMART09992HKCHINALESSO02128HKZHONGLIANGHOLDINGS02772HKLOGANGROUP03380HKZHENROPROPERTIES06158HKAGILEGROUP03383HKCIFIESSERVICE01995HKBANKOFGANSU02139HKA-LIVING03319HKFINANCIALSTREETPROPERTY01502HKIRICOGROUPNEWENERGY00438HKCIFIHOLDINGSGROUP00884HKBIDU-SW09888HKKWGGROUP01813HKBILIBILI-SW09626HKCHINASUNTIEN00956HKJINKESERVICES09666HKJIANGSUEXPRESSWAY00177HKSINOPECKANTONS00934HKCGNMINING01164HKCHINANONFERROUSMINING01258HKLEEMANPAPER02314HKJOYSPREADER06988HKCHERVON02285HKKINGSOFT03888HKASYMCHEM-HSHARES06821HKHONGJIUFRUIT-HSHARES06689HKDFZQ-HSHARES03958HKWUXIAPPTEC02359HKBANKOFCHONGQING01963HKCITS01880HKYANZHOUCOAL01171HKSPC00338HKGUANGZHOUAUTOMOBILE-HSHARES02238HKGEELYAUTOMOBILE00175HKCHINACONSTRUCTIONBANK-HSHARES00939HKBANKOFCOMMUNICATIONS-HSHARES03328HKCHINAMINSHENGBANKINGCORP-HSHARES01988HKTENCENT00700HKBINHAIINVESTMENT02886HKCHINAPETROLEUMCHEMICAL-HSHARES00386HKNWS00659HKCHINASOUTHCITY01668HKSIHUANPHARMACEUTICAL00460HKSINOPECENGINEERING-HSHARES02386HKGCLNEWENERGY00451HKNEWWORLDDEVELOPMENT00017HKCHINARISUNGROUP01907HKGREENTOWNCHINA03900HKSENSETIME-W00020HKXIAOMICORPORATION01810HKALIBABA09988HKZGCTECLEASING01601HKAOYUANHEALTHYLIFEGROUP03662HKJDCOM09618HKmentionedinthisResearchReportwithinthepreceding12months5GuotaiJunananditsgroupcompaniesaremakingorwillmakeamarketinthesecuritiesinrespectofCHINALIFEINSURANCE-HSHARES02628HKTENCENT00700HKWUXIBIOLOGICS02269HKMEITUAN-W03690HKCNOOC00883HKCHINATOWERCORPORATION-HSHARES00788HKXIAOMICORPORATION01810HKALIBABA09988HKNETEASE09999HKJDCOM09618HKSMIC00981HKALIBABAHEALTH00241HKLOGANGROUP03380HKBIDU-SW09888HKLENOVO00992HKCHINAMOBILE-HSHARES00941HKHONGKONGEXCHANGESANDCLEARING00388HKGALAXYENTERTAINMENT00027HKGREATWALLMOTOR-HSHARES02333HKAIA01299HKSANDSCHINA01928HKCHINAAOYUANPROPERTY03883HKKUAISHOU-W01024HKSUNAC01918HKXPENG09868HKCITICSEC-HSHARES06030HKAACTECHNOLOGIESHOLDINGS02018HKSUNNYOPTICALTECHNOLOGY02382HKSINOPHARMGROUP-HSHARES01099HKGEELYAUTOMOBILE00175HKBYDCOMPANY-HSHARES01211HKCHINACONSTRUCTIONBANK-HSHARES00939HKINDUSTRIALANDCOMMERCIALBANKOFCHINA-HSHARES01398HKBOCHONGKONG02388HKBANKOFCHINA-HSHARES03988HKHSBC00005HKPINGANINSURANCE-HSHARES02318HKmentionedinthisResearchReport6GuotaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficerofanyissuersmentionedinthisResearchReportThereisnoofficerofanyissuersmentionedinthisResearchReportassociatedwithGuotaiJunananditsgroupcompaniesDISCLAIMERThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanGuotaiJunananditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunangroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunandoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunananditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdiction2023GuotaiJunanSecuritiesHongKongLimitedAllRightsReserved27FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongTel8522509-9118Fax8522509-7793WebsitewwwgtjaicomSeethelastpagefordisclaimer10of10