美联储理事米歇尔鲍曼表示，她认为有必要继续加息，然后将利率维持在较高水平以应对通胀。鲍曼周一在佛罗里达州奥兰多举行的美国银行家协会社区银行会议上表示：“距离实现价格稳定还很远，我预计有必要进一步收紧货币政策，将通货膨胀率降低到我们的目标。这样做可能会导致经济活动增长放缓，劳动力市场状况有所放缓”。
　　在过去的二十年里，寻求利用内部信息进行非法交易的美国上市公司的管理人员和董事拥有一张几乎万无一失的出狱证。这种制度即将改变，美国证券交易委员会的一项新规则承诺消除许多允许公司内部人士隐藏在这些交易计划背后的漏洞。对于大多数美国上市公司而言，新的披露要求将于4月1日生效。
　　拜登政府官员周一为他们本周末击落北美上空不明飞行物的决定进行了辩护，并对北京方面关于美国使用高空气球侵犯中国领空的新说法提出异议。中国官员对本月早些时候美国在大西洋沿岸击落疑似间谍气球感到遗憾，并表示自2022年初以来，美国在其领空上空飞行高空气球超过10次，加剧了不断升级的两国之间的外交关系僵局，破坏了重建关系的努力。

研究报告全文：股票研Research究TableTitleEquityResearchDepartmentMorningResearchFocus14February2023TableSummaryTableofContents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SectorReportBi-WeeklyWrapBankingPayingMoreAttentiontothe--Outperform--NSectorPersistenceofCreditandTSFOutperform行业报告双周报重点关注信贷和社会银行行业--跑赢大市--否证融资总额的可持续性跑赢大市告券TextilesSectorReportBi-WeeklyUpdateApparelFocusIsontheTurningPointof--Outperform--N研报SectorManufacturingOrders究行业报告双周报关注制造端订单的拐究跑赢大市否纺织服装行业----点ResearchReport报Construction研SectorReportBi-WeeklyWrap告EngineeringDevelopmentofPrefabricated--Outperform--N券SectorConstructionIndustryWillAccelerateEquity行业报告双周报装配式建筑行业发展证建筑工程行业--跑赢大市--否将加快TypeofReportTitleIssueDate报告类型标题MacroThematicReport-ChinaTheSavingsGlutDeepens13February2023宏观美联储增量加息给出的增量信息2023年2月13日AppendicesChineseVersionoftheIndustryandCompanyFocusLatestReports后附行业和公司焦点最新报告摘要中文版HSIPerformanceHSCEIPerformance14000310002900012000270002500010000230002100080001900060001700015000400013000110002000Feb22May22Aug22Nov22Feb23Feb22May22Aug22Nov22Feb23SourceBloombergSourceBloombergSeethelastpagefordisclaimer1of9MorningResearchFocusPreviousIntradayHKmRMBmTradingDayChange百万港元百万人民币前一交易日单日涨跌HSIIndexDailyTurnoverMainlandChinaDailyTurnover2116442-012112074982315恒生指数总成交额内地总成交额HSCEIIndexStockConnectNetInflowMarketCapSSE714445026318643026098国企指数互联互通净流入沪市市值HSTECHIndexMarketCapHKExMarketCapSZSE4374900293807100036071987科技指数港股市值深市市值资料来源国泰君安国际BloombergNotethemarketcapitalvalueofHKExSSESZSEwasrecordedasatFeb13PleasesubscribetoourGTJAIResearchandStrategyTeamWechatsubscriptionaccountsPleasescantheQRcodesontheright-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FederalReservegovernorMichelleBowmansaidsheseestheneedtokeepraisinginterestratesandthenholdthematahigherleveltotackleinflationWearestillfarfromachievingpricestabilityandIexpectthatitwillbenecessarytofurthertightenmonetarypolicytobringinflationdowntowardourgoalMsBowmansaidMondayatanAmericanBankersAssociationcommunity-bankingconferenceinOrlandoFlaDoingsowilllikelyleadtosubduedgrowthineconomicactivityandsomesofteninginlabormarketconditions美联储理事米歇尔鲍曼表示她认为有必要继续加息然后将利率维持在较高水平以应对通胀鲍曼周一在佛罗里达州奥兰多举行的美国银行家协会社区银行会议上表示距离实现价格稳定还很远我预计有必要进一步收紧货币政策将通货膨胀率降低到我们的目标这样做可能会导致经济活动增长放缓劳动力市场状况有所放缓ForthelasttwodecadesofficersanddirectorsatUSpubliccompaniesseekingtotradeillicitlyoninsideinformationhadanalmostinfallibleget-out-of-jail-freecardThatregimeisabouttochangeAnewSecuritiesandExchangeCommissionrulepromisestoremovemanyoftheloopholesthatallowedcorporateinsiderstohidebehindthesetradingplansFormostUS-listedcompaniesnewdisclosurerequirementswillkickinApril1在过去的二十年里寻求利用内部信息进行非法交易的美国上市公司的管理人员和董事拥有一张几乎万无一失的出狱证这种制度即将改变美国证券交易委员会的一项新规则承诺消除许多允许公司内部人士隐藏在这些交易计划背后的漏洞对于大多数美国上市公司而言新的披露要求将于4月1日生效BidenadministrationofficialsdefendedonMondaytheirdecisionstoshootdownunidentifiedflyingobjectsSeethelastpagefordisclaimer2of9MorningResearchFocusoverNorthAmericathisweekendanddisputednewclaimsbyBeijingthattheUSviolatedChineseairspacewithhigh-altitudeballoonsChineseofficialswhowereangeredbytheUStakedownofitssuspectedspyballoonofftheAtlanticcoastearlierthismonthsaidthattheUShadflownhigh-altitudeballoonsoveritsairspacemorethan10timessincethestartof2022fuelinganescalatingdiplomaticstandoffbetweenthecountriesthathasderailedeffortstoresetrelations拜登政府官员周一为他们本周末击落北美上空不明飞行物的决定进行了辩护并对北京方面关于美国使用高空气球侵犯中国领空的新说法提出异议中国官员对本月早些时候美国在大西洋沿岸击落疑似间谍气球感到遗憾并表示自2022年初以来美国在其领空上空飞行高空气球超过10次加剧了不断升级的两国之间的外交关系僵局破坏了重建关系的努力IndustryandCompanyFocusNil无TableLatestLatestReportsSectorReportBankingSectorBi-WeeklyWrapPayingMoreAttentiontothePersistenceofCreditandTSFOutperformRatingOutperform6-18mTPnaAnalystRichardCaoReportDate2023-02-13SummaryThenumberoftravelersandconsumptionbothrecoveredgiventhelocalCovidepidemicpeakedInJanuary2023demand-sidestimulatingpoliciessuchasflexiblemortgageratesforfirst-timehomebuyerswereissuedInresponsemorethan20citiesloweredfirst-homemortgageratesuptonowGiventhatthepeakoftheepidemichaspassedthevolumeoftravelersrecoveredoutstandinglyandconsumptionpickedupoutstandinglyduringtheSpringFestivalCross-provincepassengerflowrecoveredoutstandinglyGiventhattheepidemicpeakedthepickupinnumberoftravelersandconsumptionisexpectedtoboosteconomicrecoveryBothnewRMBloansandnewTSFbeatmarketexpectationsinJanuary2023InJanuary2023newRMBloansachievedRMB49trnupRMB9256bnYoYNewcorporateloanssignificantlyincreasedbyRMB132trnwhichwasallcontributedbymedium-termandlong-termRMBloansNewTSFamountedtoRMB598trndownRMB195bnYoYTheincreaseinRMBloanswasthemaincontributorforthehighnewTSFInthenearfuturewewillprimarilyobservethepersistenceofloosecreditandtherecoveryofretailloansWemaintainOutperformratingforthebankingsectorin2023AtpresentinmainlandChinathepolicydirectionisbecomingclearerandfavorablenewsonthemacroeconomycontinuestoappearwhichwillhelppromotetherecoveryoftheeconomyandboostmarketconfidenceonbankstocksWepickmainlandbankswhowillbenefitmostfromtherelaxationofrealestatepoliciesandmainlandbankswhosefinancialresultsperformanceisexpectedtobebetterasourpriorityrecommendationsWerecommendCMB03968HKandPSBC01658HKMeanwhilewealsorecommendBOCHK02388HKandHSBC00005HKwhowillbenefitfromtheUSFederalReservescontinuousinterestratehikesRiskfactorsThedeclineintheeconomymaybebeyondexpectationstheresultsofpoliciesmaynotbeinlineSeethelastpagefordisclaimer3of9MorningResearchFocusTableFocusSectorReportTextilesApparelSectorBi-WeeklyUpdateFocusIsontheTurningPointofManufacturingOrdersRatingOutperform6-18mTPnaAnalystHansenTangReportDate2023-02-13SummaryWebelievethattherecentriseinstockpricesofsportswearcompaniesintheHongKongstockmarketlargelyfactoredinoptimisticmarketexpectationonconsumptionrecoveryin2023AccordingtoourchannelcheckretailsalesgrowthofsomemajorapparelbrandsshowedencouragingYoYperformancesinceJan2023amongwhichsportswearandpremiummenswearbrandsoutperformedThankstorobustsalesduringtheSpringFestivalholidaydestockingofsomeapparelbrandshasbeenrelativelysmoothasoptimizationofagingstructureofinventorycontinuedpushinginventorylevelsofsomebrandsbacktohealthylevelsWeexpectthatasofflineconsumertrafficflownormalizesearningsofleadingsportswearcompaniesin2023willbecomemorevisibleandmayseeupwardrevisionstoearningsforecastsTheturningpointofmanufacturingordersisonthewayDomesticsalesfrontcustomersofdomesticapparelbrandcompaniestendtoplaceorderscautiouslyduetoCoviddisruptionsin2022StrongretailsalesperformancesinceJan2023especiallyduringtheSpringFestivalisexpectedtoenhancetheconfidenceofdownstreamcustomersinplacingordersWeexpectordersfordomesticsalestorecovergraduallyExportsalesfrontAlthoughmanufacturingordershavebeendepressedsince2H2022duetohighoverseasinventoriesandinflationbothissuesaremarginallyeasingWeexpectaturningpointinoverseasordersfortextilemanufacturingcompaniesin2Q2023MaintainOutperformratingforthetextilesandapparelsectorInvestorsshouldkeepfocusingoninvestmentopportunitieson1Chinasleadingsportswearcompanies2leadingsupplierswithlong-termcompetitiveedgeand3someapparelbrandcompanieswithlowvaluationsWerecommendShenzhouInternational02313HKLiNing02331HKAntaSports02020HKXtep01368HK361Degrees01361HKandTopsports06110HKandsuggesttoaccumulateondipsRisks1ProlongedCovidpandemic2higher-than-expectedglobalinflation3slower-than-expecteddestockingpace4increaseinrawmaterialpricesSectorReportConstructionEngineeringSectorBi-WeeklyWrapDevelopmentofPrefabricatedConstructionIndustryWillAccelerateRatingOutperform6-18mTPnaAnalystGaryWongReportDate2023-02-13SummaryInvestmentsuggestionsOurtoppicksarecompaniesbenefitingfromthethemesofrealestatesectorrecoveryandcontinuedpushininfrastructureinvestmentespeciallywithmodularintegratedconstructionMiCandbuilding-integratedphotovoltaicsBIPVexposurewhichincludeChinaStateConstructionInternational03311HKtargetpriceHK1420ratingBuyandChinaStateConstructionDevelopment00830HKtargetpriceHK266ratingBuyReiterateOutperformratingforthesectorSectornewsupdates1ThePoliticalBureauoftheCPCCentralCommitteeconductedthesecondcollectivestudyonacceleratingtheestablishmentofanewdevelopmentpattern2IssuanceoftheOutlineforBuildingaQualityPowerfulCountryCompanynewsupdatesChinaCommunicationsConstruction01800HK2022newcontractsincreased216YoYtoRMB15423billionRisks1Governmentinfrastructurespendingmaybelowerthanexpected2Inflationcouldexceedexpectationsandmaycausepolicytightening3worldwidepandemicsituationmightseefluctuationSeethelastpagefordisclaimer4of9MorningResearchFocusThematicReport-ChinaTheSavingsGlutDeepensMacroTeamHaoZhouReportDate2023-02-13SummaryChinassavingsglutdeepenedashouseholdsareholdingmorecashfornowThelatestdatasuggeststhatretainedsavingsdefinedasthedifferencebetweendepositsandloansheldbyhouseholdstouchednewhighsatthebeginningof2023ThemostimportantfactorcontributingtothesavingsglutistheweakeninghouseholddemandforcreditThecloselywatchedmedium-tolong-termloansforhouseholdswhichreflectsriskappetiteamonghouseholdsonlyincreasedbyCNY223bninJanuary24and30oftheloansextendedduringthesameperiodof2021and2022respectivelyThepropertymarketremainsthekeyreasonforhouseholdsdeleveraginginChinaThedeleveragingisnotonlycausedbyreducedpropertyinvestmentbutalsotherushofearlyrepaymentformortgageloansTheotherreasonfortheearlymortgagerepaymentsisthatinvestorsfinditdifficulttoallocatefundstohigh-yieldinginvestmentsduetoshrinkingshadowbankingactivitiesToaddressthesavingsglutinChinathereareafewpolicyinitiativesandmarketimplicationsInthefirstplacethegovernmentneedstocontinuetosupporttheeconomypeoplewillonlyspendmorewhenadecentincomeoutlookissecuredSecondthepropertymarketneedstoberevivedtoattractmorelong-termbuyerswhichagainrecallsourviewsthatthedemandsideisthekeypartforthepropertyoutlookin2023ThirdtheratesforexistingmortgageloanswouldneedtobereducedwhichwouldnotdiscouragepeopletomakeearlyrepaymentsbutalsoimprovedisposableincomeforhouseholdsAlltoldtheChineseauthoritieshavetodeliverstrongcommitmenttoeconomicgrowthwhichisalsothekeypartforinvestorstowatchduringtheupcomingNationalPeoplesCongressChineseTranslation中文翻译TableFocuschi行业和公司焦点Nil无TableLatestchi最新报告行业报告银行行业双周报重点关注信贷和社会融资总额的可持续性跑赢大市评级跑赢大市6-18m目标价na分析员曹柱报告日期2023-02-13报告摘要疫情达峰背景下出行人数及消费均复苏2023年1月首套住房弹性按揭利率等需求端刺激政策出台相应地目前超过20个城市已下调了首套房按揭利率在疫情高峰已过的背景下春节期间出行人数显著恢复消费明显回暖跨省客流明显恢复疫情达峰背景下出行人数及消费均复苏预计将助推经济复苏2023年1月新增人民币贷款及新增社会融资总额均好于市场预期2023年1月新增人民币贷款达49万亿元人民币同比增长9256亿元人民币新增企业贷款同比大幅增长132万亿元人民币全部由中长期人民币贷款贡献新增社会融资总额达598万亿元人民币同比下滑1950亿元人民币人民币贷款的增长是新增社会融资总额较高的主要贡献因素未来一段时间我们将重点关注宽信用的持续性及零售贷款的恢复Seethelastpagefordisclaimer5of9MorningResearchFocus我们维持银行行业2023年跑赢大市投资评级当前在中国内地政策方向进一步明确宏观经济利好消息不断出现有助于推动经济回暖提振银行股投资信心我们挑选最受益于房地产政策放松的内地银行以及业绩表现较好的内地银行作为我们的优先推荐我们推荐招商银行03968HK邮储银行01658HK同时我们亦推荐中银香港02388HK汇丰控股00005HK其受益于美联储持续加息风险因素经济下行超出预期政策效果不及预期行业报告纺织服装行业双周报关注制造端订单的拐点评级跑赢大市6-18m目标价na分析员汤瀚森报告日期2023-02-13报告摘要我们认为近期港股运动服饰公司的股价上涨在很大程度上已反映市场对2023年消费复苏的乐观预期根据我们渠道调研自2023年1月以来一些主要服装品牌的零售流水同比增速表现令人鼓舞其中运动服饰和中高端男装领跑行业受益于春节假期销售强劲部分服装品牌去库存过程相对顺利库龄结构持续优化部分品牌库存水平已回归健康水平我们认为随着线下消费客流逐步正常化龙头运动服饰公司2023年的盈利能见度将提升或将迎来盈利预测上修制造端订单拐点将现内销订单2022年由于受疫情影响国内服装品牌公司客户下单偏谨慎2023年1月至今尤其春节期间零售销售的强劲表现有望增强下游客户下单的信心我们预计内销订单有望逐步复苏外销订单尽管2022年下半年以来海外高库存与高通胀的问题导致制造端订单持续低迷但以上两个问题正边际缓解我们预计2023年第二季度纺织服装制造端海外订单有望迎来拐点维持纺织服装行业跑赢大市的评级我们建议投资者应保持关注的投资机会包括1国内运动服饰龙头2长期竞争优势突出的供应商龙头与3部分低估值服装品牌公司我们推荐申洲国际02313HK李宁02331HK安踏体育02020HK特步01368HK361度01361HK和滔搏06110HK并建议逢低收集风险1新冠疫情持续2全球通胀超预期3去库存进度不及预期4原材料涨价行业报告建筑工程行业双周报装配式建筑行业发展将加快评级跑赢大市6-18m目标价na分析员黄家玮报告日期2023-02-13报告摘要投资建议我们的首选股为受惠于地产回暖基建投资持续发力主题的公司尤其是具备组装合成法及光伏建筑一体化工程能力的公司包括中国建筑国际03311HK目标价1420港元评级买入及中国建筑兴业00830HK目标价266港元评级买入重申行业跑赢大市评级行业新闻更新1中共中央政治局就加快建构新发展格局举行第二次集体学习2质量强国建设纲要印发公司新闻更新中交建01800HK2022年新签合同同比增长216至人民币15423亿元风险1政府基础设施支出可能低于预期2通胀可能超预期并导致政策收紧3世界各地的疫情可能会出现波动美联储增量加息给出的增量信息宏观组周浩报告日期2023-02-13报告摘要美联储在5月份再度加息25个基点的概率在升高期货市场给出了接近8成的概率这意味着5月加息已经成为一个基Seethelastpagefordisclaimer6of9MorningResearchFocus准情境利用这个增量信息我们也梳理了过去一段时间的市场表现短期而言市场需要关心两组美国数据一组是明天公布的美国1月份CPI通胀率目前分析师对其的预期有所上升另一组数据则是美国实体经济的表现总体而言美国经济的表现好于预期同时市场倾向于推迟衰退出现的时点从去年底开始美元指数与国债利差的相关度开始明显降低这事实上表明市场倾向于认为利率市场并没有给出太多的增量信息根本上而言美国加息渐入尾声是一个基本的共识近期10年国债利率的温和走高在一定程度上表明市场开始逐步消化新的加息预期对于资产价格而言重要的是判断超预期美国经济表现好于预期联储5月加息窗口打开对于股票投资者而言似乎是一个好消息和一个坏消息因为这意味着分子端盈利和分母端无风险利率出现了同向变化因此美股大概率仍会纠结但相对而言分子端改善可能更加超预期这会大概率改善投资者的风险偏好对于美元指数来说其短期走势可能略显纠结从大方向来看美国和海外经济会出现同步改善这对于汇率这个相对指标来说则意味着美元指数很难走出方向性的行情从全年走势来看美元的走弱仍然是基准情境Seethelastpagefordisclaimer7of9MorningResearchFocusResearchDepartment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pennypangtjascomhk85225092632Seethelastpagefordisclaimer8of9MorningResearchFocusCompanyRatingDefinitionTheBenchmarkHongKongHangSengIndexNASDAQCompositeIndexTimeHorizon6to18monthsRatingDefinitionBuy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-HSHARES01816HKGOMEELECTRICALAPPLIANCES00493HKCHINAAOYUANPROPERTY03883HKGUANGZHOUAUTOMOBILE-HSHARES02238HKNWS00659HKCHINASOUTHCITY01668HKSIHUANPHARMACEUTICAL00460HKSINOPECENGINEERING-HSHARES02386HKGCLNEWENERGY00451HKNEWWORLDDEVELOPMENT00017HKCHINARISUNGROUP01907HKSENSETIME-W00020HKFOSUNINTL00656HKWEIGAOGROUP01066HKLOGANGROUP03380HKZHENROPROPERTIES06158HKAGILEGROUP03383HKCIFIESSERVICE01995HKBANKOFGANSU02139HKA-LIVING03319HKFINANCIALSTREETPROPERTY01502HKIRICOGROUPNEWENERGY00438HKCIFIHOLDINGSGROUP00884HKBIDU-SW09888HKKWGGROUP01813HKBILIBILI-SW09626HKCHINASUNTIEN00956HKJINKESERVICES09666HKJIANGSUEXPRESSWAY00177HKSINOPECKANTONS00934HKCGNMINING01164HKCHINANONFERROUSMINING01258HKLEEMANPAPER02314HKJOYSPREADER06988HKVOBILEGROUP03738HKCHERVON02285HKKINGSOFT03888HKCHENMING01812HKSUNAC01918HKNAYUKI02150HKCARSGEN02171HKCHINAOVSPPT02669HKSMOORE06969HKXPENG09868HKYEAHKA09923HKPOPMART09992HKDFZQ-HSHARES03958HKWUXIAPPTEC02359HKBANKOFCHONGQING01963HKCITS01880HKYANZHOUCOAL01171HKSPC00338HKHONGJIUFRUIT06689HKGEELYAUTOMOBILE00175HKCHINACONSTRUCTIONBANK-HSHARES00939HKBANKOFCOMMUNICATIONS-HSHARES03328HKCHINAMINSHENGBANKINGCORP-HSHARES01988HKTENCENT00700HKBINHAIINVESTMENT02886HKCHINAPETROLEUMCHEMICAL-HSHARES00386HKXIAOMICORPORATION01810HKALIBABA09988HKZGCTECLEASING01601HKAOYUANHEALTHYLIFEGROUP03662HKJDCOM09618HKCHINALESSO02128HKZHONGLIANGHOLDINGS02772HKmentionedinthisResearchReportwithinthepreceding12months5GuotaiJunananditsgroupcompaniesaremakingorwillmakeamarketinthesecuritiesinrespectofLENOVO00992HKCHINAMOBILE-HSHARES00941HKHONGKONGEXCHANGESANDCLEARING00388HKGALAXYENTERTAINMENT00027HKGREATWALLMOTOR-HSHARES02333HKAIA01299HKSANDSCHINA01928HKCHINAAOYUANPROPERTY03883HKAACTECHNOLOGIESHOLDINGS02018HKSUNNYOPTICALTECHNOLOGY02382HKSINOPHARMGROUP-HSHARES01099HKCNOOC00883HKWUXIBIOLOGICS02269HKMEITUAN-W03690HKKUAISHOU-W01024HKSUNAC01918HKXPENG09868HKCITICSEC-HSHARES06030HKGEELYAUTOMOBILE00175HKBYDCOMPANY-HSHARES01211HKCHINACONSTRUCTIONBANK-HSHARES00939HKINDUSTRIALANDCOMMERCIALBANKOFCHINA-HSHARES01398HKBOCHONGKONG02388HKBANKOFCHINA-HSHARES03988HKHSBC00005HKPINGANINSURANCE-HSHARES02318HKCHINALIFEINSURANCE-HSHARES02628HKTENCENT00700HKXIAOMICORPORATION01810HKALIBABA09988HKNETEASE09999HKJDCOM09618HKSMIC00981HKALIBABAHEALTH00241HKLOGANGROUP03380HKBIDU-SW09888HKCHINATOWERCORPORATION-HSHARES00788HKmentionedinthisResearchReport6GuotaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficerofanyissuersmentionedinthisResearchReportThereisnoofficerofanyissuersmentionedinthisResearchReportassociatedwithGuotaiJunananditsgroupcompaniesDISCLAIMERThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanGuotaiJunananditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunangroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunandoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunananditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdiction2023GuotaiJunanSecuritiesHongKongLimitedAllRightsReserved27FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongTel8522509-9118Fax8522509-7793WebsitewwwgtjaicomSeethelastpagefordisclaimer9of9