市场新闻
　　美联储布拉德表示，通胀仍然极高，通胀仍远高于美联储的目标，但正在放缓；美联储的政策将通胀预期保持在可控范围内。
　　日本央行可能会在下周上调通胀预期，并讨论是否需要采取进一步措施来解决市场扭曲问题。
　　

研究报告全文：股票研Research究TableTitleEquityResearchDepartmentMorningResearchFocus13January2023TableSummaryTableofContents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NonferrousSectorReport2023Aluminum--Outperform--NMetalsSectorMarketSupplyShockRisksRemain行业报告2023年铝市场供给冲击的风有色金属行业--跑赢大市--否险仍然存在证ConservativeAboutBottom-LineAntaSports02020HKGrowthin2022ConfidentAboutHK12700Buy--Y券SalesRecoveryin2023对2022年业绩预测偏保守对2023年研安踏体育02020HKHK12700买入--是的销售复苏充满信心告究SectorReportTheChineseNewMedia报YearMovieScheduleIsanImportant报--Outperform--NCultureSectorGuidetoCinemaRecovery告究OutperformEquityResearchReport行业报告春节档对电影复苏具有重要传播文化行业研--跑赢大市--否指引意义跑赢大市券Appendices证ChineseVersionoftheIndustryandCompanyFocusLatestReports后附行业和公司焦点最新报告摘要中文版HSIPerformanceHSCEIPerformance31000140002900012000270002500010000230002100080001900060001700015000400013000110002000Jan22Apr22Jul22Oct22Jan23Jan22Apr22Jul22Oct22Jan23SourceBloombergSourceBloombergSeethelastpagefordisclaimer1of8MorningResearchFocusPreviousIntradayHKmRMBmTradingDayChange百万港元百万人民币前一交易日单日涨跌HSIIndexDailyTurnoverMainlandChinaDailyTurnover2151410036159584683424恒生指数总成交额内地总成交额HSCEIIndexStockConnectNetInflowMarketCapSSE731184001242241430620国企指数互联互通净流入沪市市值HSTECHIndexMarketCapHKExMarketCapSZSE448707-1323828400033597630科技指数港股市值深市市值资料来源国泰君安国际BloombergNotethemarketcapitalvalueofHKExSSESZSEwasrecordedasatJan11PleasesubscribetoourGTJAIResearchandStrategyTeamWechatsubscriptionaccountsPleasescantheQRcodesontheright-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InflationremainsextremelyhighinflationisstillwellabovetheFedstargetbutitisslowingsaidFedBullardTheFedspolicieshavekeptinflationexpectationundercontrol美联储布拉德表示通胀仍然极高通胀仍远高于美联储的目标但正在放缓美联储的政策将通胀预期保持在可控范围内TheBoJislikelytoraiseitsinflationexpectationsnextweekanddiscusswhetherfurtherstepsneededtoaddressmarketdistortions日本央行可能会在下周上调通胀预期并讨论是否需要采取进一步措施来解决市场扭曲问题Seethelastpagefordisclaimer2of8MorningResearchFocusIndustryTableFocusandCompanyFocusNil无TableLatestLatestReportsSectorReportNonferrousMetalsSector2023AluminumMarketSupplyShockRisksRemainRatingOutperform6-18mTPnaAnalystKevinGuoReportDate2023-01-12SummaryTheimpactofthe2022EuropeansupplyshocktoaluminumpricewasgreatbuttheactualimpacttoglobalaluminumsupplywaslimitedAluminumpricewasoncedriventoahistoricalhighofUS3849tonon3March2022HoweverhighaluminumpricedidnotpersistforlonganddroppedrapidlystartingApril2022andreturnedtothelevelofaboutUS2500tonatyear-end2022TheproductionofprimaryaluminuminEuropewasseverelyimpactedbyrisingenergycostsin2022About13milliontonsofprimaryaluminumproductioncapacityinEuropehasbeenclosedduetohighenergypricesaccountingforabout13oftotalproductioncapacityInthefirst11monthsof2022westernandcentralEuropeproduced268milliontonsofprimaryaluminumwhichwas122lowercomparedtothesameperiodlastyearGlobalprimaryaluminumoutputin2022wasonlyslightlyimpactedbyoutputcutinEuropeProductionfromChinawhichisthelargestproducerofprimaryaluminumwasnotimpactedandChinasoutputincreased31yoyto3683milliontonsinthefirst11monthsof2022Asaresultglobalprimaryaluminumoutputinthefirst11monthsof2022increased15yoyto6247milliontonsIn2023weexpectglobalprimaryaluminumsupplytobestablebutshort-termsupplyshockriskremainsGenerallyspeakingonlytheproductionofprimaryaluminuminwesternandcentralEuropeconfrontstheriskoffluctuatingenergycostsandpossibleelectricitysupplyshortageThesupplyofmaterialsandelectricityfortheproductionofprimaryaluminumelsewhereisstableWerecommendChinaHongqiao01378HKNetprofitofChinaHongqiaoishighlysensitivetofluctuationsinaluminumpriceareboundinaluminumpricewilldriveupitsstockpriceAntaSports02020HKConservativeAboutBottom-LineGrowthin2022ConfidentAboutSalesRecoveryin2023RatingBuy6-18mTPHK12700AnalystHansenTangReportDate2023-01-12SummaryRaiseTPtoHK12700andmaintainBuyWecutshareholdersprofitforecastsby10774and79toRMB7249millionRMB9647millionandRMB12073millionfor2022-2024respectivelyconsideringAntaSportsAntaortheCompanyweakretailsalesperformancein4Q2022WeraiseourTPtoreflectthecurrentrecoveryinmarketsentimentandhighervisibilityoftheCompanysfutureperformanceThenewTPcorrespondsto31x2023PER4Q2022retailperformanceinlinewithexpectationsIn4Q2022retailsalesofAntabrandFILAandallotherbrandsrecordedYoYdeclineofhigh-single-digitpercentagelow-teenspercentageandYoYgrowthoflow-teenspercentagerespectivelyRetailchannelinventory-to-salesratioforAntabrandandFILArecordedhigherthan50xand70-80xrespectivelywhichwasnotworsethanthatin3Q2022OverallretaildiscountsofAntaandFILAbrandsstayedlargelyflatYoYWeareconservativeaboutforecastingbottom-linegrowthin2022butconfidentaboutsalesrecoveryin2023Weexpectmoreexpenseincurredtoweighonbottom-linegrowthin2022duetooperatingdeleveragingWeareSeethelastpagefordisclaimer3of8MorningResearchFocusoptimisticthattheCompanysretailsaleswillregainsalesgrowthmomentumstartingfrom2Q2023eventhoughthepaceofrecoverycouldbeerraticWealsoexpecttheCompanysinventoriesanddiscountlevelstocontinuetoimprovetoanormallevelin2Q2023WeexpecttheCompanysoperatingprofitmargintoreboundwithgradualimprovementofinventorylevelandstructurein1H2023Catalysts1Substantialconsumptionrecovery2better-than-expectedsalesduringtheSpringFestivaland3milderchanneldiscountlevelRisks1ProlongedCovidpandemic2slower-than-expecteddestockingpaceSectorReportMediaCultureSectorTheChineseNewYearMovieScheduleIsanImportantGuidetoCinemaRecoveryOutperformRatingOutperform6-18mTPnaAnalystTeddyLinReportDate2023-01-12SummaryOverthepasttwoweeksthemarketcap-weightedaverageshareperformanceofthemediaculturesectorrose159outperformingtheHangSengIndexandtheHangSengTechnologyIndexBysubsectortheperformanceofinteractivemediaserviceswasthemostprominentup163Thesub-industryofinteractivemediaservicesandadvertisingwhichsufferedthemostfromvaluationdamagehasstartedtoshowsignificantreboundinvaluationgiventhegradualremovalofuncertaintiesintheindustryinourviewDespitedisappointingboxofficeperformanceoverthepastthreeyearsChinasmovieinfrastructurehaslargelymaturedandtheboxofficeiswellpositionedforsubsequentrecoveryLookingaheadtothepre-saleofmoviesduringthe2023ChineseNewYearweexpectthatthetotalboxofficeof2023ChineseNewYearislikelytobreakarecordhighandbecomeanimportantsignaltoboostthemovieindustryLookingbackattheboxofficerankingsofChinesemoviesinthepasttheboxofficeduringtheChineseNewYearhasarelativelyhighcontributiontotheannualboxofficeThereforewebelievethatrelevantlistedcompanieswithmoviesinthepipelineduringtheSpringFestivalperiodarelikelytobenefitincludingChinaRuyi00136HKDuetodeclininguseractivityandpayingratiothedomesticmarketofChinesegamesrecordedadeclineinsalesrevenueinNovember2022onbothasequentialandyear-on-yearbasiswhichwebelieveismainlyduetothelackofsupplyofnewgameslaunchedtomarketAlthoughapprovalofgamecopyrighthaslargelyreturnedtonormalitwilltakeatleastafewmonthsforagamecopyrighttobeapprovedandlaunchedtothemarketThereforewebelievethatimprovementsincurrentindustrypolicieswillbereflectedinindustryresultsbymid-2023AsthegovernmentresumesissuingcopyrightapprovalforgamesimportedfromoverseasandthemarketforChinesegameslaunchedoverseasgrowswebelievethatthegamesindustrywillrecoverin2023andthereisstillalotofroomforvaluationimprovementWebelievethattheleadinggamecompanieswillbethefirsttobenefitfromindustryrecoveryandrecommendTencent00700HKandNetEase09999HKChineseTranslation中文翻译TableFocuschi行业和公司焦点Nil无Seethelastpagefordisclaimer4of8MorningResearchFocusTableLatestchi最新报告行业报告有色金属行业2023年铝市场供给冲击的风险仍然存在评级跑赢大市6-18m目标价na分析员郭勇报告日期2023-01-12报告摘要2022年欧洲的供给冲击对铝价的影响是巨大的但对全球铝供应的实际影响有限2022年3月3日铝价一度被推高至3849美元吨的历史高位但是高铝价并没有持续很长时间从2022年4月开始快速下跌并在2022年年底回到约2500美元吨的水平2022年欧洲的原铝生产受到能源成本上升的严重影响欧洲大概有130万吨的原铝产能由于高能源价格而被关闭占总产能的13左右2022年前11个月西欧和中欧生产了268万吨电解铝比去年同期少了1222022年全球电解铝产量仅受到欧洲减产的轻微影响原铝最大生产者中国的生产并未受到影响2022年前11个月中国的产量同比增长31至3683万吨因此2022年前11个月全球电解铝产量同比增长15至6247万吨我们预计2023年全球原铝供应稳定但短期供给冲击的风险仍然存在总体来说只有西欧和中欧的原铝生产面临能源成本波动和可能的电力供应短缺的风险其它地方电解铝生产的原料和电力供应是稳定的我们推荐中国宏桥01378HK中国宏桥的净利润受铝价变化的影响很大铝价的反弹将会推高其股价安踏体育02020HK对2022年业绩预测偏保守对2023年的销售复苏充满信心评级买入6-18m目标价HK12700分析员汤瀚森报告日期2023-01-12报告摘要上调目标价至12700港元并维持买入的投资评级考虑到2022年第四季度安踏体育安踏或公司疲弱的零售表现我们分别下修2022-2024年股东净利润预测10774及79至人民币725亿元人民币965亿元和人民币1207亿元我们上调目标价以反映当前市场情绪恢复及公司未来更高的业绩可见度新目标价对应31倍2023年市盈率2022年第四季度零售表现符合预期2022年第四季度安踏品牌FILA和其他品牌零售流水分别录得高单位数同比下降10-20低段同比下降及10-20低段同比增长安踏和FILA零售渠道库销比分别略高于50倍和70-80倍较2022年第三季度环比未有转差安踏和FILA整体折扣水平同比持平我们对公司2022年净利润预测偏保守但对2023年的销售复苏充满信心由于负向杠杆效应我们预计更高费用成本将拖累公司2022年利润增速我们乐观认为公司零售增速将在2023年第二季度起重拾增长势头尽管复苏节奏可能仍不稳定我们也预计公司库存和折扣水平将继续改善并在2023年第二季度回归正常水平我们预计随着2023年上半年库存水平及结构逐步改善公司经营利润率将会反弹催化剂1消费实质性复苏2春节期间销售超预期3较温和的渠道折扣水平风险1新冠疫情持续2去库存进度不及预期Seethelastpagefordisclaimer5of8MorningResearchFocus行业报告传播文化行业春节档对电影复苏具有重要指引意义跑赢大市评级跑赢大市6-18m目标价na分析员林荣叶报告日期2023-01-12报告摘要过去两周传媒及文化板块市值加权平均股价表现上涨159强于恒生指数及恒生科技指数从细分行业来看互动媒体及服务的表现最为突出增长163我们认为互动媒体及服务和广告这两个估值受损最严重的子行业随着其行业的不确定性逐渐消除估值已开始出现显著反弹尽管过去三年中国电影票房表现不佳但电影基建却基本成熟已为后续的票房收入复苏做好充分准备展望2023年春节档的票价预售情况我们预计2023年春节档总票房有望突破历史新高成为提振电影行业的重要信号回顾过去中国电影票房排名情况电影春节档期对全年票房贡献占比较高因此我们认为春节档期电影的相关上市公司有望受益包括中国儒意00136HK由于用户活跃度和付费状况的回落2022年11月中国游戏国内市场实际销售收入环比和同比均录得下降我们认为主要还是由于市面上发行的新游戏供给不足尽管游戏版号发放已基本恢复常态化但是一款游戏由获得版号到发行到市面需要起码数月的周期因此我们认为行业政策的边际改善会在2023年的年中在游戏行业的业绩中得到显著反映结合海外游戏版号的恢复发放以及游戏出海的增量市场我们认为游戏行业将在2023年出现复苏估值的提升空间仍具有很高期待我们认为龙头游戏公司将最先受惠于行业复苏推荐腾讯00700HK和网易09999HKSeethelastpagefordisclaimer6of8MorningResearchFocusResearchDepartment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pennypangtjascomhk85225092632Seethelastpagefordisclaimer7of8MorningResearchFocusCompanyRatingDefinitionTheBenchmarkHongKongHangSengIndexNASDAQCompositeIndexTimeHorizon6to18monthsRatingDefinitionBuy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-5orthefundamentaloutlookofthesectorisunfavorableDISCLOSURETableDISCLOSUREOFINTERESTSOFINTERESTS1TheAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthisResearchReport2TheAnalystsandtheirassociatesdonothaveanyfinancialinterestsinrelationtotheissuermentionedinthisResearchReport3ExceptforCHINAGRANDPHARMACEUTICALANDHEALTHCARE00512HKLUZHOUBANK01983HKSFREIT02191HKSINOHYTEC02402HKJINSHANGBANK02558HKBANKOFZHENGZHOU06196HKGuotaiJunananditsgroupcompaniesdonotholdequaltoormorethan1ofthemarketcapitalizationoftheissuermentionedinthisResearchReport4GuotaiJunananditsgroupcompanieshavehadinvestmentbankingrelationshipswithCOUNTRYGARDEN02007HKSINOTRANS-HSHARES00598HKCHOWTAIFOOKJEWELLERY01929HKCGNMEIYAPOWER01811HKCGNPOWER-HSHARES01816HKGOMEELECTRICALAPPLIANCES00493HKCHINAAOYUANPROPERTY03883HKCHINASUNTIEN00956HKJINKESERVICES09666HKFOSUNINTL00656HKWEIGAOGROUP01066HKCHENMING01812HKSUNAC01918HKNAYUKI02150HKCARSGEN02171HKCHINAOVSPPT02669HKSMOORE06969HKXPENG09868HKYEAHKA09923HKPOPMART09992HKDFZQ-HSHARES03958HKWUXIAPPTEC02359HKBANKOFCHONGQING01963HKCITS01880HKYANZHOUCOAL01171HKSPC00338HKHONGJIUFRUIT06689HKCIFIHOLDINGSGROUP00884HKBIDU-SW09888HKKWGGROUP01813HKBILIBILI-SW09626HKGEELYAUTOMOBILE00175HKCHINACONSTRUCTIONBANK-HSHARES00939HKBANKOFCOMMUNICATIONS-HSHARES03328HKCHINAMINSHENGBANKINGCORP-HSHARES01988HKTENCENT00700HKBINHAIINVESTMENT02886HKCHINAPETROLEUMCHEMICAL-HSHARES00386HKJIANGSUEXPRESSWAY00177HKSINOPECKANTONS00934HKCGNMINING01164HKCHINANONFERROUSMINING01258HKLEEMANPAPER02314HKJOYSPREADER06988HKCHERVON02285HKKINGSOFT03888HKGUANGZHOUAUTOMOBILE-HSHARES02238HKNWS00659HKCHINASOUTHCITY01668HKSIHUANPHARMACEUTICAL00460HKSINOPECENGINEERING-HSHARES02386HKGCLNEWENERGY00451HKNEWWORLDDEVELOPMENT00017HKCHINARISUNGROUP01907HKGREENTOWNCHINA03900HKSENSETIME-W00020HKXIAOMICORPORATION01810HKALIBABA09988HKZGCTECLEASING01601HKAOYUANHEALTHYLIFEGROUP03662HKJDCOM09618HKCHINALESSO02128HKZHONGLIANGHOLDINGS02772HKLOGANGROUP03380HKZHENROPROPERTIES06158HKAGILEGROUP03383HKCIFIESSERVICE01995HKBANKOFGANSU02139HKA-LIVING03319HKFINANCIALSTREETPROPERTY01502HKIRICOGROUPNEWENERGY00438HKmentionedinthisResearchReportwithinthepreceding12months5GuotaiJunananditsgroupcompaniesaremakingorwillmakeamarketinthesecuritiesinrespectofLENOVO00992HKCHINAMOBILE-HSHARES00941HKHONGKONGEXCHANGESANDCLEARING00388HKGALAXYENTERTAINMENT00027HKGREATWALLMOTOR-HSHARES02333HKAIA01299HKSANDSCHINA01928HKCHINAAOYUANPROPERTY03883HKKUAISHOU-W01024HKSUNAC01918HKXPENG09868HKCITICSEC-HSHARES06030HKAACTECHNOLOGIESHOLDINGS02018HKSUNNYOPTICALTECHNOLOGY02382HKSINOPHARMGROUP-HSHARES01099HKCNOOC00883HKWUXIBIOLOGICS02269HKMEITUAN-W03690HKCHINATOWERCORPORATION-HSHARES00788HKXIAOMICORPORATION01810HKALIBABA09988HKNETEASE09999HKJDCOM09618HKSMIC00981HKALIBABAHEALTH00241HKLOGANGROUP03380HKBIDU-SW09888HKGEELYAUTOMOBILE00175HKBYDCOMPANY-HSHARES01211HKCHINACONSTRUCTIONBANK-HSHARES00939HKINDUSTRIALANDCOMMERCIALBANKOFCHINA-HSHARES01398HKBOCHONGKONG02388HKBANKOFCHINA-HSHARES03988HKHSBC00005HKPINGANINSURANCE-HSHARES02318HKCHINALIFEINSURANCE-HSHARES02628HKTENCENT00700HKmentionedinthisResearchReport6GuotaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficerofanyissuersmentionedinthisResearchReportThereisnoofficerofanyissuersmentionedinthisResearchReportassociatedwithGuotaiJunananditsgroupcompaniesDISCLAIMERThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanGuotaiJunananditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunangroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunandoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunananditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdiction2023GuotaiJunanSecuritiesHongKongLimitedAllRightsReserved27FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongTel8522509-9118Fax8522509-7793WebsitewwwgtjaicomSeethelastpagefordisclaimer8of8