研究报告全文：tekrahMcraendsFebruary22023eRMorningBriefHUANGYanming8621-38676036huangyanminggtjascomSACLicS0880512090001SFCLicANY447gninroMContentsTopRecommendationsfMacroResearchFiscalRevenueExpenditureDec2022eirMacroResearch8PointsofPost-pandemicResidentExpectationsBRealEstateSectorUpdateReportAirlinesSectorUpdateReportThermalPowerSectorUpdateReportSectorRatingsoftheMonthMarketStrategyWeeklyViewpoint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TopRecommendationsMacroResearchFiscalRevenueExpenditureDec2022InDec2022themonthlygrowthrateofgeneralpublicbudgetrevenuescorednewhighsince2022buttherevenuereachedonly969ofthebudgettargetIncontrasttothedeclineoftaxrevenuenon-taxrevenuesbecamethepillarincomeButtherewassomerecoveryofdomesticvalue-addedtaxandimport-andland-relatedtaxrevenuesInthesamemonththemonthlygrowthrateofgeneralpublicbudgetexpenditurewentdownslightlywiththeprogressofexpenditureslowerthanthatoftheprevioustwoyearsTheexpendituresonpeopleslivelihoodremainedhighwhileinfrastructureexpendituressawconstantdecreaserateGenerallyspeakingthegovernmentmanagedtosecuretheexpendituresonpeopleslivelihoodin2022withlimitedfinancialresourcesWhenthepandemicimpactsdiminishthekeyareaofexpenditureswillchangefromhealthcaretosocialsecurityandemploymentInthesamemonthgovernmentfundrevenuecontinuedtogodownandslacklandsalesremainthemajorcauseAndtherateofbudgetcompletioninDec2022wasthelowestinhistoryDuetothedecreaseofrevenuethegovernmentfundexpenditurealsoslumpedyoyinDec2022MacroResearch8PointsofPost-pandemicResidentExpectationsOurinvestigationsconclude8pointsasfollows1InfectionCoverageCloseto90peopleinquiredhavebeeninfected68andofthemsaidthattheywouldpaymoreattentiontohealthcarelater2GrowthofConsumptionConsumerservicesandmassconsumergoodssuchastourismcateringmedicareandhealthcarecontributedtomostoftheconsumptiongrowth69peopleinquiredanticipatedsomegrowthofconsumerserviceexpendituresin2023and56anticipatedsomegrowthofmassconsumergoodsexpenditures3ExcessBankSavingsMorethan60peopleinquiredrefusedtoreducetheirbanksavingsAndtheoutletsofbanksavingsweremainlyfinancialassetpurchaseandconsumerexpendituresandhomepurchaserepresentedaverysmallproportion4HouseholdIncomeThemajorityofthepeopleinquiredanticipatedconstanthouseholdincomeinthenextseveralyearsatthepre-pandemiclevelThepandemicimpactsleftascarinthehistoryofhouseholdincome5HomePurchaseThewillingofhomepurchasewaslowduetolackoffundsandthedimoutlookofhomepricesMorethan80peopleinquiredanticipatednegativegrowthorzerogrowthofhomeprices6Post-pandemicinfrastructureconstructionMostofthepeopleinquiredanticipatedconstantlevelofinfrastructureconstructionduringthepost-pandemicperiodAndthepercentagethatanticipatedpositivegrowthofinfrastructureconstructionwasalmostthesameasthatanticipatednegativegrowth287Post-pandemicWordResumptionTheabsolutemajorityofthepeopleinquiredbelievethatthepandemicdidnotposethreattoworkresumptionAverysmallproportionofthepeopleinquiredwerestillworriedaboutCovid-19infectionsandsymptoms8StockMarketOutlookin202363peopleinquiredanticipatedstockmarkettogoupin2023ofwhich44anticipatedasmallriseand19anticipatedabigriseAtotalof12anticipatedthemarkettostayflatorgodownRealEstateSectorUpdateReportInJan2023homesalesreboundedespeciallythesalesofSOErealestatedevelopersThesalesoftop50developerswasRMB1388bn-252yoy16ptmomofwhichthesalesgrowthofprivatedeveloperswas234yoy311ptmomandthatofSOEdeveloperswas-56yoy-33ptmomThegrowthoftop10continuedtoslowdownwhilethatoftop1150reboundedOfthetop20PolyDevelopment600048ChinaResourcesLand1109HKCMShekou001979CDIntl1908HKYuexiuProperty0123HKGreentownChina3900HKandBinjiang002244managedpositivegrowthAirlinesSectorUpdateReportByJan28ththeairpassengertransportduringtheLunarNewYear2023restoredtocloseto70ofthepre-pandemiclevelin2019inlinewithexpectationTherecoveryoftraveldesiremayspeedupthebusinesstravelfirstinMarchandAprilaswellasthissummerNowisthemomenttobuildstrategicstockpositionWemaintainOverweightratingforAirChina601111JuneyaoAirlines603885andTravelSkyTech0696HKBeijingCapitalIntlAirport0694HKisanotherbeneficiaryThermalPowerSectorUpdateReportWemaintainOverweightratingforthethermalpowersectorDuringtherestructuringofnew-typeelectricpowersystemthepositionandcorevalueofthermalpowerindustryhavealreadychangedOffeaturedcompanieswerecommendthosecapableofsustainablegrowththroughbusinesstransformationlikeGDPower600795andShenergy600642OtherbeneficiariesincludeHuanengPowerIntl600011ChinaResourcesPower0836HKChinaPowerIntl2380HKGuangdongPower9000539andGuangzhouHengyun00053138SectorRatingsoftheMonthRatingSectorBuildingMaterialsComprehensiveFinanceInsuranceCommercialBankingCoalFoodDrinkOWPharmaceuticalRealEstateMachineryManufacturingTransportationConstructionEngineeringNonferrousMetalsHouseholdAppliancesTransportationEquipmentMassMediaCulturalAgricultureTextileNTGarmentsRetailingPowerEquipmentSocialServicesPublicUtilitiesIronSteelUWInformationTechnologyInformationScienceNoteTheratingsabovearemadebyGTJAStrategyTeamwhichmaynotalwaysbeinlinewiththeopinionsofGTJAindustryanalystsduetodifferentemphasesandtimerangeswhentheseratingsaremadeMarketStrategyWeeklyViewpointLastUpdateJanuary15th2023A-ShareStrategyASpringRiseontheWayAspringriseofA-sharemarketisonthewayAswehadanticipatedsinceNovember2022mostofthepro-cyclicsectorswerecommendedegrealestateindustrialchainfinancialandconsumersectorshaveappreciatedbymorethan20sofarandShanghai50andCSI300havefaroutperformedSMEandSTARindicesDespitethemarketconcernovertheeconomicslowdownwethinkthemostimportanteventin2023isactuallythesystematicdecreaseoftheuncertaintiesofCovid-19pandemiceconomicgeopoliticalandothermacrofactorsthathavedeeplydepressedmarketconfidenceforthepasttwoyearsOutofthedeclineofquasi-macrorisksbullmarketmayariseledbythesectorsofbusinessturnaroundslikethecasesinSeptember2014andJanuary2019ForthetimebeingtheeffectsofquantitativepoliciescannotbedisprovedChinaseconomicgrowthisrecommencingandhighseasoniscomingcomparedtotherecordlowoverallstockmarketvaluationatpresentStatisticsshowthatlong-horizoninvestorsegforeigninvestorsassetmanagementandinsurancehavealreadystartedtoreplenishtheirstockpositionsThemarketoutlookremainsoptimisticTheactualcauseforthemarketrisethistimeisthesystematicdecreaseofmacrorisksanduncertaintiesAllthehighuncertaintiespandemiceconomicorpoliticalwhichoncedeliveredheavyimpactsonbusinessandhouseholdsectorsin2022willstarttoreversein2023AfterOctober2022theauthoritieseasedpandemiccontrolandclaimedclearlytosupportprivateeconomyplatformeconomyandrealestateindustryAftertheinaugurationofthenewadministrationtheCentralEconomicWorkmeetingproposedtostrengthenmarketconfidenceandexpanddomesticdemandSmallermacrorisksanduncertaintieswillnotonlyhelptoimprovemarketexpectationsfor2023-2024butalsoreducethediscountratesofequityassetsandpushupstockvaluationsPro-cyclicsectorsarenowthesectorsofthebiggestchangeofmarketexpectationsandatthesametimethesmallestpressureofstocksellingBesidestheincreaseofdomesticdemandtheprofitmarginofmidstreamanddownstreamindustrieswillalsoreboundin2023because1bulkcommoditiespriceshavestarted48toleveloff2thesupplycapacitieshavebeenseriouslyreducedbythepandemiccontrolandpolicytighteningforthepastthreeyearsand3theoverseassupplyisunabletocoverthegrowthofoverseasdemandAftertheheavysellingin2022institutionalinvestorspositionsofpro-cyclicalsectorsarenowatrecordlowTheinvestorsoflowriskappetiteandtheinvestorsforabsolutereturnwillbothtakethischancetobuildpositionTheceilingsofpastmarketreboundsundersuchconditionswere5060closetothehistoricalaveragevaluationTakenintoaccountbothFY2024EbusinessearningsandFY2019-basedstockvaluationsmostpro-cyclicsectorsarestillabletorisebyanother20AsforsectorallocationandthematicinvestmentvaluestockswhicharesensitivetoeconomicrecoveryierealestateindustrialchainfinancialandconsumersectorsareourprimarychoicefollowedbygrowthstocksIndetailwerecommend1realestateindustrialchainOrientalYuhongWaterproof002271KibingGroup601636ZbomHomeCollection603801andRobamAppliances0025082financialsectorsBankofSuzhou002966SinolinkSecurities600109andPingAnInsurance6013183consumersectorsYingjiaDistillery603198TsingtaoBrewery600600BolexFood603170andMeituan3690HKandpharmaceuticalsectorAierEyeHospital300015OfgrowthstocksweprefernewenergyequipmentmaterialandoperationcompaniesincludingChangshengBearings300718XCCGroup603667GDPower600795andYueyangXingchangPetro-Chemical000819OfinvestmentthemeswerecommendthethemesofdigitaleconomyegmetaverseandITapplicationinnovationandSOEreformsMajorrisksbigger-than-expectedpandemicimpactsglobalgeopoliticalunrests58GuotaiJunanSecuritiesCoLtdhasacquiredthequalificationforsecuritiesinvestmentconsultingbusinessfromChinaSecuritiesRegulatoryCommissionAnalystsStatementTheauthorhasobtainedthepracticingqualificationforsecuritiesinvestmentconsultingbusinessawardedbythesecuritiesassociationofChinaorhasequivalentprofessionalcompetencetoensurealldatainthereportaresourcedfromlegitimatechannelsandanalysislogicsarebasedontheauthorsprofessionalunderstandingThisreportclearlyandaccuratelyreflectstheauthorsresearchideasbeingindependentobjectiveandfairandtheconclusionisnotsuggestedoraffectedbyanythirdpartiesAnycomponentsoftheanalystscompensationarenotdirectlyorindirectlyrelatedtothespecificadviceorviewsexpressedinthisresearchreportItisherebydeclaredDisclaimerThisreportissolelyavailabletocustomerswhohavesubscribedresearchservicesofGuotaiJunanSecuritiesCoLtdorGuotaiJunanSecuritiesHongKongLimitedhereaftercollectivelyreferredtoasGuotaiJunanThereceiptofthisreportwillnotbeconsideredbyGuotaiJunanasanexofficiocustomerofGuotaiJunanThisreportisdistributedonlyaspermittedbyapplicablelawsandforinformationalpurposesonlyItdoesnotconstituteanyadvertisementTheinformationinthisreportisderivedfrompubliclyavailableinformationandGuotaiJunanmakesnowarrantyastotheaccuracycompletenessorreliabilityofsuchinformationTheinformationopinionsandassumptionspresentedinthisreportonlyreflectGuotaiJunansjudgmentasofthedateofissuanceofthisreportThepricevalueandinvestmentincomeofthesecuritiesorinvestmenttargetsreferredtointhisreportmayriseorfallPastperformanceshouldnotbetakenasabasisforfutureperformanceAtdifferenttimesGuotaiJunanmayissuereportsthatareinconsistentwiththeinformationopinionsandassumptionscontainedhereinGuotaiJunandoesnotwarrantthattheinformationcontainedinthisreportiskeptuptodateAtthesametimetheinformationcontainedinthisreportmaybemodifiedbyGuotaiJunanwithoutnoticeandtheinvestorshallpayattentiontothecorrespondingupdateormodificationTheinvestmentsandservicesreferredtointhisreportmaynotbeappropriateforcertainclientsanddonotconstituteprivateadvicetoclientsInanycircumstancestheinformationoropinionsexpressedinthisreportdoesnotconstituteinvestmentrecommendationsforanypersonInanycircumstancesGuotaiJunanitsemployeesoraffiliatedinstitutionsshallnotpromiseinvestorsthattheywillmakeprofitsshallnotshareinvestmentgainswithinvestorsandshallnotbeliableforanylosscausedbyanypersonsuseofanycontentinthisreportInvestorsareremindedthatanyinvestmentdecisionsmadebythemarenotrelatedtoGuotaiJunanitsemployeesoritsaffiliatesGuotaiJunanusesinformationwallstocontroltheflowofinformationbetweenoneormorefieldsdepartmentsorrelatedinstitutionswithinGuotaiJunanThereforeinvestorsshouldpayattentiontothatwherepermittedbylawGuotaiJunananditssubordinateaffiliatesmayholdsecuritiesoroptionsissuedbycompaniesmentionedinthereportandconducttradingofthosesecuritiesoroptionsandmayprovideortrytoprovideservicessuchasinvestmentbankingfinancialadvisingorfinancialproductstothosecompaniesWherepermittedbylawemployeesofGuotaiJunanmayserveasdirectorsofcompaniesmentionedinthisreportThestockmarketisriskyandinvestmentneedstobecautiousInvestorsshouldnotusethisreportasthesolereferenceformakinginvestmentdecisionsnorshouldtheyconsiderthisreporttobeasubstitutefortheirownjudgmentBeforedecidingtoinvestifnecessaryinvestorsmustconsultprofessionalsandmakeprudentdecisionsThisreportisnotintendedtobesentordistributedtoanyinstitutionorpersonwhoisnotallowedtosendordistributethisreportunderlocallawsorregulatoryrulesnorisitintendedtobesentordistributedtoanyinstitutionorpersonwhoseavailabilityoruseofthisreportwouldcauseGuotaiJunantoviolateorbesubjecttolocallawsorregulatoryrulesThecopyrightofthisreportissolelyownedbyGuotaiJunanWithoutwrittenpermissionnoinstitutionorindividualmayreproducecopypublishorquoteinanyformIfitisquotedorpublishedwiththeconsentofGuotaiJunanitmustbeusedwithinthepermittedscopeandthesourcemustbeindicatedasGuotaiJunanSecuritiesResearchorGuotaiJunanHongKongResearchandthereportmustnotbequoteddeletedormodifiedinanywaythatiscontrarytotheoriginalintentionGuotaiJunanSecuritiesHongKongLimitedshallbeliabletoGuotaiJunanSecuritiesCoLtdforthecontentanddistributionofresearchreportsIfanorganizationotherthanGuotaiJunanhereinafterreferredtoastheOrganizationsendsthisreportitshallbesolelyresponsibleforsuchsendingInvestorswhoobtainthisreportthroughthismeansshouldcontacttheOrganizationontheirowntorequestmoredetailedinformationortofurthertradeinthesecuritiesreferredtointhisreportThisreportshallnotconstituteinvestmentadviceprovidedbyGuotaiJunantotheclientsoftheOrganizationnorshallGuotaiJunanitsemployeesoraffiliatesbeliableforanylossesincurredbytheclientsoftheOrganizationasaresultoftheuseofthisreportorthecontentscontainedinthereport68ThefollowingimportantstatementsareapplicabletoresearchreportspublishedinHongKongThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanHongKongGuotaiJunanHongKonganditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunanHongKonggroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanHongKongThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunanHongKongdoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunanHongKonganditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdictionDITSaCbLleOSDUISRCELOFSUINRTEEORFEINSTESRESTS1TheAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthisResearchReport2TheAnalystsandtheirassociatesdonothaveanyfinancialinterestsinrelationtotheissuermentionedinthisResearchReport3ExceptforSFREIT02191HKJINSHANGBANK02558HKBANKOFZHENGZHOU06196HKLUZHOUBANK01983HKChinaGrandPharmaceuticalandHealthcare00512HKSINOHYTEC02402HKGuotaiJunananditsgroupcompaniesdonotholdequaltoormorethan1ofthemarketcapitalizationoftheissuermentionedinthisResearchReport4GuotaiJunananditsgroupcompanieshavehadinvestmentbankingrelationshipswithVobileGroup03738HKTencent00700HKAlibaba09988HKGeelyAutomobile00175HKSinotrans-Hshares00598HKBankofCommunications-Hshares03328HKJDcom09618HKBIDU-SW09888HKKingsoft03888HKNWS00659HKSenseTime-W00020HKChinaNonferrousMining01258HKJoySpreader06988HKGuangzhouAutomobile-Hshares02238HKChinaLesso02128HKKWGGroup01813HKCIFIHoldingsGroup00884HKZhenroProperties06158HKBILIBILI-SW09626HKCountryGarden02007HKAgileGroup03383HKChinaAoyuanProperty03883HKLoganGroup03380HKSUNAC01918HKNewWorldDevelopment00017HKCHINASUNTIEN00956HKChinaConstructionBank-Hshares00939HKFOSUNINTL00656HKCITS01880HKHONGJIUFRUIT06689HKCARSGEN02171HKChinaMinshengBankingCorp-Hshares01988HKGCLNewEnergy00451HKChowTaiFookJewellery01929HKIRICOGroupNewEnergy00438HKFinancialStreetProperty01502HKGOMEElectricalAppliances00493HKCHINAOVSPPT02669HKAoyuanHealthyLifeGroup03662HKJinkeServices09666HKA-LIVING03319HKBankofGansu02139HKYANZHOUCOAL01171HKBinhaiInvestment02886HKChinaSouthCity01668HKChinaRisunGroup01907HKYEAHKA09923HKWEIGAOGROUP01066HKZhongliangHoldings02772HKSihuanPharmaceutical00460HKBANKOFCHONGQING01963HKDFZQ-Hshares03958HKCGNPower-Hshares01816HKCGNMeiyaPower01811HKCGNMining01164HKJiangsuExpressway00177HKWUXIAPPTEC02359HKChervon02285HKXPENG09868HKNAYUKI02150HKXIAOMICORPORATION01810HKCIFIESService01995HKSinopecKantons00934HKSINOPECEngineering-Hshares02386HKSPC00338HKChinaPetroleumChemical-Hshares00386HKPOPMART09992HKCHENMING01812HKLeeManPaper02314HKSMOORE06969HKZGCTecLeasing01601HKKANZHUNLIMITEDBZUSTencentMusicEntertainmentGroupTMEUSDiDiDIDIUSBilibiliIncBILIUSZhihuZHUSNIONIOUSJDcomJDUSFutuFUTUUSSinopecSNPUSBTL603596SHSUPCON688777SHSINOTRANS601598SHMACALLINE601828SHGACGROUP601238SHHUNDSUN600570SHCHINASUNTIENGREENENERGY600956SHCCB601939SHFANGDACARBON600516SHCITS601888SHLUANEED601699SHCMB600036SHINDUSTRIALBANK601166SHBANKOFCHONGQING601963SHORIENTSECURITIES600958SHJIANGSUEXPRESS600377SHBANKCOMM601328SHWUXIAPPTEC603259SHBBMG601992SHSPC600688SHSINOPECCORP600028SHTHUNDERSOFT300496SZYUNDACORP002120SZGXHT002074SZZHONGNANCONSTRUCTION000961SZJINKE000656SZYCC000878SZCGN003816SZEASTMONEY300059SZBOTANEEGROUP300957SZLBG002601SZSCPH000488SZmentionedinthisResearchReportwithinthepreceding12months5GuotaiJunananditsgroupcompaniesaremakingorwillmakeamarketinthesecuritiesinrespectofLenovo00992HKChinaMobile-Hshares00941HKHongKongExchangesandClearing00388HKGalaxyEntertainment00027HKGreatWallMotor-Hshares02333HKAIA01299HKSandsChina01928HKKUAISHOU-W01024HKXPENG09868HKSunnyOpticalTechnology02382HKSinopharmGroup-Hshares01099HKCNOOC00883HKWuXiBiologics02269HKMeituan-W03690HKCHINATOWERCORPORATION-Hshares00788HKXIAOMICORPORATION01810HKAlibaba09988HKNetease09999HKJDcom09618HKSMIC00981HKAlibabaHealth00241HKBIDU-SW09888HKCITICSEC-Hshares06030HKGeelyAutomobile00175HKBYDCompany-Hshares01211HKChinaConstructionBank-Hshares00939HKIndustrialandCommercialBankofChina-Hshares01398HKBOCHongKong02388HKBankofChina-Hshares03988HKHSBC0000578HKPingAnInsurance-Hshares02318HKChinaLifeInsurance-Hshares02628HKTencent00700HKAACTechnologiesHoldings02018HKSUNAC01918HKLoganGroup03380HKChinaAoyuanProperty03883HKmentionedinthisResearchReport6GuotaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficerofanyissuersmentionedinthisResearchReportThereisnoofficerofanyissuersmentionedinthisResearchReportassociatedwithGuotaiJunananditsgroupcompaniesRatingDefinitionRatingDefinitionIncreaserelativetoCSI300HangSengOverweightComparisonbenchmarkforinvestmentIndexover15suggestionsCautiouslyIncreaserelativetoCSI300HangSengInvestmentratingsaredividedintostockCompanyOverweightIndexbetween5and15ratingandsectorratingRatingIncreaserelativetoCSI300HangSengThemarketperformancewithinthe12NeutralIndexbetween-5and5monthsafterthepublicationofthereportisDecreaserelativetoCSI300HangSengconsideredasthecomparisonbenchmarkUnderweightIndexover5TheincreaseanddecreaseoftheSignificantlystrongerthanCSI300HangcompanysstockpriceorindustryindexOverweightSengIndexwithinthe12monthsafterthepublicationofBasicallyflatwithCSI300HangSengthereportiscomparedwiththeincreaseSectorRatingNeutralanddecreaseofCSI300HangSengIndexIndexSignificantlyweakerthanCSI300HanginthesameperiodUnderweightSengIndexGuotaiJunanSecuritiesResearchInstituteAddressPostalCodeTel20FOneMuseumPlace669XinzhaRdJinganDistrictShanghai20004186213867-6666Shanghai18FSouthBuildingFinancialStreetCenter9AFinancialBeijing10003286108393-9888StreetXichengDistrictBeijing27FBuildingBRongchaoTower6003YitianRoadFutianShenzhen518026867552397-6888DistrictShenzhenE-mailgtjaresearchgtjascomGuotaiJunanSecuritiesHongKongLimitedAddressFaxTel27FLowBlockGrandMillenniumPlaza181HongKong8522509-77938522509-9118QueensRoadCentralHongKongWebsitewwwgtjacomhk2023CopyrightGuotaiJunanAllrightsreserved88