快讯:长城汽车(02333 HK):公司转型方向笃定，静待二次成长
　　评级：买入   6-18m   目标价: HK$15.93
　　分析员：吴凱翔   报告日期: 2023-02-06
　　长城汽车（GWM或“公司”）2022年全年未经审计业绩低于我们以及市场一致预期，主要原因是公司战略调整叠加年终奖计提所致。公司在转型之际，业绩短期会承压。当前我们给予公司“买入”投资评级，目标价为每股15.93港元，对应9.6倍2023年PE。考虑到公司主动下调2023年的销售目标，并全力开启新能源汽车新纪元，我们将会在下一份公司报告中调整我们的目标价和盈利预测，但会维持“买入”投资评级。
　　战略转型成效凸显，公司2022年所有盈利能力财务指标均录得增长。公司2022年营业收入同比略微增长。经营利润则同比增长25.75%，主要得益于公司提升了产品力，以及车型盈利能力增强。公司品牌成效显著提升，单车平均售价为人民币12.87万元，同比增长20.8%。人民币20万元以上车型销量占比也增至15.27%。即使在汽车行业经历了较为严峻疫情冲击的情况下，公司2022年归母净利润也创历史新高，录得同比双位数的增长至人民币82.79亿元。这充分体现了公司战略转型的成功。
　　后疫情时代，公司2023年海外销量有望保持强劲增长。2022年，公司海外销量也创历史新高，录得17.32万辆，同比增长21.28%。同期，公司新能源汽车成功登陆欧洲、东盟、拉美、中东、非洲以及大洋洲，全力夯实出海战略。公司在2023年会聚焦“一个长城”战略，加速出海业务，为公司增长添加新动力。
　　公司转型方向笃定，“一个长城”战略明确，全面电动化平台助力增长提速。公司哈弗新能源系将采用全新的渠道，正式走向新能源转型，并在品牌和人员上做了相应调整。魏牌和坦克将加速实现针对高端智能新能源市场的战略布局。欧拉则专注纯电动车领域。长城皮卡也将持续推出创新产品来拓展市场。公司设定2023年全年销售目标为160万辆，其中重点强调新能源渗透率目标为40-50%，混动占比则将相对更高。
　　我们相信公司的业绩在2023年第一季度仍将承压，但公司中长期增长向好的势头未变。随着公司转型升级不断深化，叠加国内外消费在后疫情时代迎来复苏，公司的盈利能力将会提升。同时，公司在2023年将会推出众多新款新能源车型，配合全新的渠道以及完备的供应链，长城汽车有望在2023年取得销量的又一步跨越。
　　

研究报告全文：股票研Research究TableTitleEquityResearchDepartmentMorningResearchFocus7February2023TableSummaryTableofContents目录Focus行业和公司焦点今IndustryandCompanyFocus晨无Nil焦Research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FlashNoteTheCompanysGreatWallTransformationDirectionHasBeen02333HKHK1593--Buy--NMotorDeterminedWaitingfortheSecondGrowth长城汽车02333HK快讯公司转型方向笃定静待二次成长HK1593--买入--否SectorReportBi-WeeklyUpdate证PropertyDemand-SideStimulusSeeminglya--Outperform--NSector告券Long-TermCommitment研报行业报告双周报需求端宽松刺激将长房地产行业--跑赢大市--否期发力究究TelecommunicSectorReportWeeklyWrap--Outperform--NationsSectorOperatorsCloudServicesEnhanced报研告通信行业行业报告周报运营商云服务地位加强--跑赢大市--否券EquityResearchReport证AppendicesChineseVersionoftheIndustryandCompanyFocusLatestReports后附行业和公司焦点最新报告摘要中文版HSIPerformanceHSCEIPerformance31000140002900012000270002500010000230002100080001900060001700015000400013000110002000Feb22May22Aug22Nov22Feb23Feb22May22Aug22Nov22Feb23SourceBloombergSourceBloombergSeethelastpagefordisclaimer1of8MorningResearchFocusPreviousIntradayHKmRMBmTradingDayChange百万港元百万人民币前一交易日单日涨跌HSIIndexDailyTurnoverMainlandChinaDailyTurnover2122216-202136020527613恒生指数总成交额内地总成交额HSCEIIndexStockConnectNetInflowMarketCapSSE718937-268198942699909国企指数互联互通净流入沪市市值HSTECHIndexMarketCapHKExMarketCapSZSE446482-3653897040035517400科技指数港股市值深市市值资料来源国泰君安国际BloombergNotethemarketcapitalvalueofHKExSSESZSEandMainlandChinaDailyTurnoverwasrecordedasatFeb03PleasesubscribetoourGTJAIResearchandStrategyTeamWechatsubscriptionaccountsPleasescantheQRcodesontheright-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NHGTJTableFocusIndustryandCompanyFocusNil无Seethelastpagefordisclaimer2of8MorningResearchFocusTableLatestLatestReportsFlashNoteGreatWallMotor02333HKTheCompanysTransformationDirectionHasBeenDeterminedWaitingfortheSecondGrowthRatingBuy6-18mTPHK1593AnalystIvanWuReportDate2023-02-06SummaryTheunauditedresultsofGreatWallMotorsGWMortheCompanyforthefullyearof2022waslowerthanourandmarketconsensusexpectationsmainlyduetotheCompanysstrategicadjustmentandyear-endbonusaccrualTheCompanyisundergoingtransformationitsoperationsremainsunderpressureintheshorttermCurrentlywegivetheCompanyaBuyinvestmentratingwithatargetpriceofHK1593persharecorrespondingto96x2023PEConsideringthattheCompanyhastakentheinitiativetoloweritssalestargetfor2023andisfullycommittedtoopeninganeweraofnewenergyvehiclesNEVwewilladjustourtargetpriceandearningsforecastinthenextCompanyReportbutmaintaintheinvestmentratingofBuyThestrategictransformationachievedoutstandingresultsandallfinancialindicatorsoftheCompanysprofitabilityin2022recordedgrowthTheCompanys2022revenueincreasedslightlyyoyOperatingprofitincreasedby2575yoymainlyduetotheCompanysenhancedproductstrengthandenhancedprofitabilityofvehiclemodelsTheCompanysbrandperformancehasimprovedsignificantlyandtheASPofvehicleswasRMB128700upby208yoyTheproportionofsalesofmodelsaboveRMB200000alsoroseto1527EvenwhentheautoindustryexperiencedrelativelysevereimpactfromtheCovidpandemictheCompanys2022netprofitattributabletoshareholdershitarecordhighrecordingdouble-digityoygrowthtoRMB8279bnThisfullyreflectsthesuccessoftheCompanysstrategictransformationInthepost-pandemiceratheCompanysoverseassalesareexpectedtomaintainstronggrowthin2023In2022theCompanysoverseassaleshitarecordhighrecording173200vehiclesayoyincreaseof2128DuringthesameperiodtheCompanysNEVsweresuccessfullylaunchedinEuropeASEANLatinAmericatheMiddleEastAfricaandOceaniamakingeveryefforttoenhanceitsoverseasstrategyIn2023theCompanywillfocusontheOneGreatWallstrategytoaccelerateoverseasbusinessandaddnewimpetustotheCompanysgrowthTheCompanystransformationdirectionhasbeendeterminedtheOneGreatWallstrategyisclearandthecomprehensiveelectrificationplatformwillhelptoaccelerategrowthTheCompanysHavalnewenergyserieswilladoptanewchanneltoofficiallymovetowardsnewenergytransformationandmakecorrespondingadjustmentsinbrandandpersonnelWEIandTANKwillacceleratetherealizationofthestrategiclayoutforthehigh-endsmartnewenergymarketORAfocusesonbatteryelectricvehiclesTheGWMpickupwillcontinuetolaunchinnovativeproductstoexpandthemarketTheCompanyhassetasalestargetof16mnvehiclesfor2023emphasizingthatthenewenergypenetrationratetargetis40-50andtheproportionofplug-inhybridelectricvehiclesisrelativelyhigherWebelievethattheCompanysgrowthwillstillbeunderpressurein1Q2023buttheCompanysmedium-andlong-termgrowthmomentumhasnotchangedWiththecontinuousdeepeningoftheCompanystransformationandupgradingpairingwiththerecoveryofdomesticandforeignconsumptioninthepost-pandemiceratheCompanysprofitabilitywillincreaseMeanwhiletheCompanywilllaunchmanybrand-newNEVmodelsin2023togetherwithbrand-newchannelsandacompletesupplychainGWMisexpectedtoachieveanothersuccessinsalesin2023SectorReportPropertySectorBi-WeeklyUpdateDemand-SideStimulusSeeminglyaLong-TermCommitmentRatingOutperform6-18mTPnaAnalystChunliZhanReportDate2023-02-06SummarySluggishhomebuyingdemandduringtheCNYperiodWedidnotseeanyholdingupofhomebuyingdemandfromthereturneesduringthispastCNYperiodAccordingtothetrackingdatafromCRICduringtheweek21Jan2023to27Jan2023GFAsoldinthemajor40citiesdeclinedby14YoYwhichalsoimpliedagreaterdeclineof46ifcomparedtothedataduringthesameweekin2021WeattributethelacklustersalesperformanceduringthispastCNYperiodtotwoSeethelastpagefordisclaimer3of8MorningResearchFocusmainreasonsOneisthatmostdevelopershavecompressedsaleableresourcesin2023duetothelowernew-startsdatain2022-394YoYNewlaunchesfromdevelopersinJan2023weremuchlowerthanpreviousyearsTheotherreasonisthatawaitandseeattitudefromhomebuyerscontinuedespeciallyinthelower-tiercitiesDemand-sidestimulusseemstobealong-termcommitmentfromthegovernmentAlthoughthe5-yearLPRhaskeptstableat43foraconsecutivesixmonthsanumberofcitiesinmainlandChinaloweredmortgageratesbelow40inJan2023Weexpectthatmorecitieswillannouncetolowerorremovethefloorofmortgageratesforfirst-timehomebuyersin1Q2023Moreoversincethegovernmenthasshowedstrongdeterminationindemand-sidestimulusweexpectmoresupportivemeasurestocomeinthenearfutureintheformof1lowermortgageratesforsecond-timehomebuyersand2lowerdownpaymentratioformortgageloanseg20WecontinuetorecommendqualitynamesinthesectorAlthoughawaveofdemand-sidepolicyisexpectedtocomeouttofurthersupportmarketsentimentwesuggestinvestorstostaycautiousinFeb2023becausewethinkawaveofprofitwarningsmaycomeoutforH-sharelisteddevelopersinFeb2023WesuggestinvestorstostaymoreselectiveonstockpicksWestillrecommendSOEsandqualityprivatenamesinthesectorAmongthequalitynameswerecommendLongfor00960HKGemdale600383SHPolyDevelopment600048SHandVanke-H02202HKRisks1Reopeningofup-frontfinancingincreasingtheindustrysleverage2deterioratinghomebuyingdemandSectorReportTelecommunicationsSectorWeeklyWrapOperatorsCloudServicesEnhancedRatingOutperform6-18mTPnaAnalystGinYuReportDate2023-02-06SummaryTelecomoperatorspubliccloudplatformsrankhighandprivatecloudhasgreatpotentialRecentlyIDCreleasedtheChinapubliccloudservicemarket2022Q3trackingreportInthedomesticpubliccloudIaaSPaaSmarketChinaTelecomCloudrankedtop3withashareof102ChinaMobilespubliccloudmarketsharerankedsixthInrecentyearsoperatorshavecontinuouslyinvestedinthecoretechnologiesofcloudcomputingandthelayoutofcloudnetworkresourcesForexampleChinaTelecomhascreatedafull-stackcloudproductsystemandhasalwaysadheredtothefull-stackself-developmentofIaaSPaaSkeytechnologiesChinaMobilehascontinuedtoimproveresourcelayoutandindependentresearchandhastakentheleadinestablishingself-developedoperatingsystemsandserversinthecloudcomputingindustryChinaUnicomhastakentheleadinconceptsofsevenscenario-basedcloudproductsAtthesametimeIDCpredictedthatthededicatedcloudservicemarketwillbecomethefastest-growingfieldintheoverallcloudcomputingmarketinthenextfiveyearsthegovernmentwillstillbethemainforceinthededicatedcloudservicemarketbutdemandfromenergymanufacturingtransportationandmedicalindustrieswillalsobegintostrengthenIn1H22marketshareofthethreemajoroperatorsincreasedfrom302in1H21to370ThethreemajoroperatorsareacceleratingthetransformationfromIDCbusinesstocloudbusinessfromthegroupstrategiclevelandsustainabilityinallaspectswillbegraduallystrengthenedIn2022spendinginNorthAmericagrewrapidlyLookingforwardinto2023Googlesexpenditurewillbeconsistentwiththatin2022anditwillincreasetheproportionofinfrastructureinvestmentandsignificantlyreducetheproportionofofficefacilitiesAmazonwillcontinuetoincreaseinvestmentintechnicalinfrastructureMetaguidedexpenditurestorangefromUS30billiontoUS33billionandwilluseamorecost-effectivenewdatacenterarchitecturetosupportartificialintelligenceloadsMicrosoftwillcontinuetoincreasespendingbuttherewillbeseasonalchangeswiththeconstructionofcloudfacilitiesWegiveanOutperformratingWerecommendChinaMobile00941HKChinaTelecom00728HKChinaUnicom00762HKZTE00763HKandBYDElectronic00285HKRiskWarningSlower-than-expecteddevelopmentofcloudcomputingoverseascloudbusinessdemandmayfluctuateSeethelastpagefordisclaimer4of8MorningResearchFocusChineseTranslation中文翻译TableFocuschi行业和公司焦点Nil无TableLatestchi最新报告快讯长城汽车02333HK公司转型方向笃定静待二次成长评级买入6-18m目标价HK1593分析员吴凱翔报告日期2023-02-06报告摘要长城汽车GWM或公司2022年全年未经审计业绩低于我们以及市场一致预期主要原因是公司战略调整叠加年终奖计提所致公司在转型之际业绩短期会承压当前我们给予公司买入投资评级目标价为每股1593港元对应96倍2023年PE考虑到公司主动下调2023年的销售目标并全力开启新能源汽车新纪元我们将会在下一份公司报告中调整我们的目标价和盈利预测但会维持买入投资评级战略转型成效凸显公司2022年所有盈利能力财务指标均录得增长公司2022年营业收入同比略微增长经营利润则同比增长2575主要得益于公司提升了产品力以及车型盈利能力增强公司品牌成效显著提升单车平均售价为人民币1287万元同比增长208人民币20万元以上车型销量占比也增至1527即使在汽车行业经历了较为严峻疫情冲击的情况下公司2022年归母净利润也创历史新高录得同比双位数的增长至人民币8279亿元这充分体现了公司战略转型的成功后疫情时代公司2023年海外销量有望保持强劲增长2022年公司海外销量也创历史新高录得1732万辆同比增长2128同期公司新能源汽车成功登陆欧洲东盟拉美中东非洲以及大洋洲全力夯实出海战略公司在2023年会聚焦一个长城战略加速出海业务为公司增长添加新动力公司转型方向笃定一个长城战略明确全面电动化平台助力增长提速公司哈弗新能源系将采用全新的渠道正式走向新能源转型并在品牌和人员上做了相应调整魏牌和坦克将加速实现针对高端智能新能源市场的战略布局欧拉则专注纯电动车领域长城皮卡也将持续推出创新产品来拓展市场公司设定2023年全年销售目标为160万辆其中重点强调新能源渗透率目标为40-50混动占比则将相对更高我们相信公司的业绩在2023年第一季度仍将承压但公司中长期增长向好的势头未变随着公司转型升级不断深化叠加国内外消费在后疫情时代迎来复苏公司的盈利能力将会提升同时公司在2023年将会推出众多新款新能源车型配合全新的渠道以及完备的供应链长城汽车有望在2023年取得销量的又一步跨越行业报告房地产行业双周报需求端宽松刺激将长期发力评级跑赢大市6-18m目标价na分析员詹春立报告日期2023-02-06报告摘要春节期间购房需求仍然疲弱在今年的春节期间我们认为来自返乡置业的购房需求仍然疲软根据克而瑞的跟踪数据春节周2023年1月21日至27日来自主要40城的住房成交面积同比下跌了14如果与2021年春节周的住房成交数字相比下跌幅度更大达46我们认为春节置业复苏较弱的原因在于两个方面一是由于2022年新开工萎缩同比跌394导致大部分地产开发商2023年可售货值减少2023年1月份的推盘量远低于往年二是因为购房者的观望情绪持续低线城市尤甚Seethelastpagefordisclaimer5of8MorningResearchFocus政府会长期推动需求端的宽松刺激虽然5年期的LPR已经连续6个月没有发生变化保持在43但是国内不少城市已经在2023年1月份开始将贷款利率下调至40以下我们预计更多的城市会在今年一季度宣布降低或者取消首套房贷利率下限更重要的是考虑到政府在需求端刺激的较强决心我们期待更多的支持政策在近期出台包括1更低的二套房贷款利率以及2更低的首付比例例如20我们持续推荐行业中的优质企业虽然需求端宽松政策会进一步改善市场情绪但是考虑到港股上市房企在2月份可能会宣布的一波盈利预警我们仍然建议投资人在今年2月份相对谨慎我们建议投资人在个股筛选上更为谨慎我们仍然推荐行业中的国企和优质民企我们推荐龙湖集团00960HK金地集团600383SH保利发展600048SH和万科企业02202HK风险1重新放开前融行业杠杆上行以及2购房需求加速下行行业报告通信行业周报运营商云服务地位加强评级跑赢大市6-18m目标价na分析员余劲同报告日期2023-02-06报告摘要运营商公有云排名靠前专有云潜力巨大近日IDC发布中国公有云服务市场2022年第三季度跟踪报告国内公有云IaaSPaaS市场中中国电信天翼云以102的份额跻身三甲中国移动公有云市场份额第六最近几年运营商在云计算的核心技术云网资源布局等方面不断投入例如中国电信打造了全栈云产品体系并始终坚持IaaSPaaS关键技术全栈自研中国移动在资源布局和自主研发方面不断精进率先建立云计算行业自研操作系统与服务器中国联通率先提出七大场景云理念同时IDC预测未来五年专有云服务市场将成为整体云计算市场中增长最快的领域其中政府依然是专有云服务市场主力但能源制造交通医疗行业需求也将开始走强2022上半年三大运营商市场份额从2021上半年的302提升至370三大运营商正在从集团战略层面加快IDC业务向云业务的转型各方面持续性将逐步加强2022年北美开支高增长展望2023年谷歌预料开支与2022年一致会加大基础设施投入比重显著减少办公设施比重亚马逊预计将继续提升技术基础设施的投入Meta指引开支区间为300-330亿美元将使用更具成本效益的新数据中心架构以支持人工智能的负载微软则将继续增加开支但会随云设施建设有季节性的变化我们给予行业跑赢大市评级推荐中国移动00941HK中国电信00728HK中国联通00762HK中兴通讯00763HK和比亚迪电子00285HK风险提示云计算发展或不及预期海外云业务需求波动Seethelastpagefordisclaimer6of8MorningResearchFocusResearchDepartment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zhucaogtjascomhk8675523976870GinYu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gebaigtjascomhk85225097202IvanWu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francoligtjascomhk85225097204EsabellaZhao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-HSHARES01816HKGOMEELECTRICALAPPLIANCES00493HKCHINAAOYUANPROPERTY03883HKGUANGZHOUAUTOMOBILE-HSHARES02238HKNWS00659HKCHINASOUTHCITY01668HKSIHUANPHARMACEUTICAL00460HKSINOPECENGINEERING-HSHARES02386HKGCLNEWENERGY00451HKNEWWORLDDEVELOPMENT00017HKCHINARISUNGROUP01907HKSENSETIME-W00020HKGEELYAUTOMOBILE00175HKCHINACONSTRUCTIONBANK-HSHARES00939HKBANKOFCOMMUNICATIONS-HSHARES03328HKCHINAMINSHENGBANKINGCORP-HSHARES01988HKTENCENT00700HKBINHAIINVESTMENT02886HKCHINAPETROLEUMCHEMICAL-HSHARES00386HKXIAOMICORPORATION01810HKCHENMING01812HKSUNAC01918HKNAYUKI02150HKCARSGEN02171HKCHINAOVSPPT02669HKSMOORE06969HKXPENG09868HKYEAHKA09923HKPOPMART09992HKDFZQ-HSHARES03958HKWUXIAPPTEC02359HKBANKOFCHONGQING01963HKCITS01880HKYANZHOUCOAL01171HKSPC00338HKHONGJIUFRUIT06689HKSINOPECKANTONS00934HKCGNMINING01164HKCHINANONFERROUSMINING01258HKLEEMANPAPER02314HKJOYSPREADER06988HKVOBILEGROUP03738HKCHERVON02285HKKINGSOFT03888HKALIBABA09988HKZGCTECLEASING01601HKAOYUANHEALTHYLIFEGROUP03662HKJDCOM09618HKCHINALESSO02128HKZHONGLIANGHOLDINGS02772HKLOGANGROUP03380HKZHENROPROPERTIES06158HKAGILEGROUP03383HKCIFIESSERVICE01995HKBANKOFGANSU02139HKA-LIVING03319HKFINANCIALSTREETPROPERTY01502HKIRICOGROUPNEWENERGY00438HKCIFIHOLDINGSGROUP00884HKBIDU-SW09888HKKWGGROUP01813HKBILIBILI-SW09626HKCHINASUNTIEN00956HKJINKESERVICES09666HKJIANGSUEXPRESSWAY00177HKFOSUNINTL00656HKWEIGAOGROUP01066HKmentionedinthisResearchReportwithinthepreceding12months5GuotaiJunananditsgroupcompaniesaremakingorwillmakeamarketinthesecuritiesinrespectofLENOVO00992HKCHINAMOBILE-HSHARES00941HKHONGKONGEXCHANGESANDCLEARING00388HKGALAXYENTERTAINMENT00027HKGREATWALLMOTOR-HSHARES02333HKAIA01299HKSANDSCHINA01928HKCHINAAOYUANPROPERTY03883HKWUXIBIOLOGICS02269HKMEITUAN-W03690HKAACTECHNOLOGIESHOLDINGS02018HKSINOPHARMGROUP-HSHARES01099HKSUNNYOPTICALTECHNOLOGY02382HKCNOOC00883HKGEELYAUTOMOBILE00175HKBYDCOMPANY-HSHARES01211HKCHINACONSTRUCTIONBANK-HSHARES00939HKINDUSTRIALANDCOMMERCIALBANKOFCHINA-HSHARES01398HKBOCHONGKONG02388HKBANKOFCHINA-HSHARES03988HKHSBC00005HKPINGANINSURANCE-HSHARES02318HKCHINALIFEINSURANCE-HSHARES02628HKTENCENT00700HKCHINATOWERCORPORATION-HSHARES00788HKXIAOMICORPORATION01810HKALIBABA09988HKNETEASE09999HKJDCOM09618HKSMIC00981HKALIBABAHEALTH00241HKLOGANGROUP03380HKBIDU-SW09888HKKUAISHOU-W01024HKSUNAC01918HKXPENG09868HKCITICSEC-HSHARES06030HKmentionedinthisResearchReport6GuotaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficerofanyissuersmentionedinthisResearchReportThereisnoofficerofanyissuersmentionedinthisResearchReportassociatedwithGuotaiJunananditsgroupcompaniesDISCLAIMERThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanGuotaiJunananditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunangroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunandoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunananditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdiction2023GuotaiJunanSecuritiesHongKongLimitedAllRightsReserved27FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongTel8522509-9118Fax8522509-7793WebsitewwwgtjaicomSeethelastpagefordisclaimer8of8