报告摘要
　　2023年2月17日，中国证监会正式发布《境内企业境外发行证券和上市管理试行办法》和5项配套指引，将于2023年3月31日起正式实施。
　　此办法旨在推动境内企业境外上市的全面监管。此前对于红筹公司在境外上市，境内监管机构未能实施全面有效的监管。2021年底，证监会曾对境内企业境外上市备案制发布征求意见稿，此次试行办法等文件核心内容相较征求意见稿变动不大。
　　境内企业境外发行证券和上市正式迈入统一的备案制监管新时代。主要内容包括：
　　1）明确间接上市标准，统一管理直接和间接境外发行。境内公司境外间接上市（红筹公司，包括VIE）与境内公司境外直接上市（H股上市）均纳入证监会监管，实行备案制，取消原先H股上市的行政许可制度。境内企业间接境外上市，是指主要经营活动在境内，但以在境外注册成立的企业名义在境外上市的企业。该判断依据两个标准：最近一个会计年度的营业收入、利润总额、总资产或者净资产，任一指标占发行人同期经审计合并财务报表相关数据的比例超过50%；且经营活动的主要环节在境内开展或者主要场所位于境内，或高级管理人员多数为中国公民或者经常居于境内。
　　2）完善负面清单制度。对于法律法规禁止上市融资、境外上市可能危害国家安全、企业存在违法犯罪行为、股权存在重大权属纠纷等情形，禁止境外发行上市。
　　3）明确备案时间及程序。涉及安全审查的企业应在提交境外上市申请前履行相关安全审查程序；企业在提交境外发行上市申请材料后3个工作日内向中国证监会提交备案申请。备案材料完整的，提交后20个工作日可以完成备案。
　　4）设置新老划分，明确存量企业标准。已在境外上市，或已获境外监管机构同意且会在6个月内完成境外发行上市的企业视为存量企业。存量企业不要求立即备案，后续如涉及再融资等备案事项时应按要求备案。
　　5）境外上市监管制度得以完善，海外收入占比高的头部投行将受益。新规扩大了受监管主体的范围，或令企业海外上市速度有所减慢，但新规明确了各项规则细节，降低了境内企业境外上市政策的不确定性，有助于境内企业境外上市活动的长期健康持续发展。我们认为投行能力强、海外收入占比高的券商将受益。我们推荐中信证券(06030 HK)和中金公司(03908 HK)。

研究报告全文：股票研Research究TableTitleEquityResearchDepartmentMorningResearchFocus27February2023TableSummaryTableofContents目录Focus行业和公司焦点今IndustryandCompanyFocus晨Nil无焦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FlashNoteFiling-BasedSupervisionNon-BankofOverseasListingToBenefitTopFinance--Outperform--NInvestmentBanksWithStrongGlobalSectorOperations快讯境外上市备案制利好国际化程度高非银金融行业--跑赢大市--否的头部投行证告券TypeofReportTitle研报IssueDate报告类型标题究究MacroWhenDoWeExpectaTurnaroundinUSD-CNY26February2023报研告券NewlyPublishedKeyEconomicDataforChinaUSandEuropeEquityResearchReport中美欧最新公布的重要经济数据证AppendicesChineseVersionoftheIndustryandCompanyFocusLatestReports后附行业和公司焦点最新报告摘要中文版HSIPerformanceHSCEIPerformance31000140002900012000270002500010000230002100080001900060001700015000400013000110002000Feb22May22Aug22Nov22Feb23Feb22May22Aug22Nov22Feb23SourceBloombergSourceBloombergSeethelastpagefordisclaimer1of7MorningResearchFocusPreviousIntradayHKmRMBmTradingDayChange百万港元百万人民币前一交易日单日涨跌HSIIndexDailyTurnoverMainlandChinaDailyTurnover2001004-168116313782914恒生指数总成交额内地总成交额HSCEIIndexStockConnectNetInflowMarketCapSSE670345-228823442960325国企指数互联互通净流入沪市市值HSTECHIndexMarketCapHKExMarketCapSZSE401066-3343688200035512432科技指数港股市值深市市值资料来源国泰君安国际BloombergNotethemarketcapitalvalueofHKExSSESZSEwasrecordedasatFeb23PleasesubscribetoourGTJAIResearchWechatsubscriptionaccountsPleasescantheQRcodesontheright-handsideResearchReportDatabase1wwwgtjaicomResearchFocusCompanyResearchHighlights2BloombergReportPageRESPGJIRorNHGTJ欢迎订阅国泰君安国际研究部的微信公众号公众号账号国泰君安国际研究部研究报告库1wwwgtjaicom研究报告公司点评专题研究2Bloomberg报告页面RESPGJIR或NHGTJTableFocusIndustryandCompanyFocusNil无Seethelastpagefordisclaimer2of7MorningResearchFocusTableLatestLatestReportsFlashNoteNon-BankFinanceSectorFiling-BasedSupervisionofOverseasListingToBenefitTopInvestmentBanksWithStrongGlobalOperationsRatingOutperform6-18mTPnaAnalystFrancoLiReportDate2023-02-24SummaryOnFebruary172023theChinaSecuritiesRegulatoryCommissionCSRCofficiallyreleasedtheTrialImplementationofOverseasSecuritiesIssuanceandListingofDomesticEnterprisesand5supportingguidelineswhichwillbeofficiallyimplementedonMarch312023ThismeasureaimstoimprovethecomprehensivesupervisionofoverseaslistingofdomesticenterprisesPreviouslyCSRCfailedtocomprehensivelyandeffectivelysuperviseoverseaslistingsofred-chipcompaniesAttheendof2021CSRCissuedrelevantconsultingpapersonthefilingsystemforoverseaslistingofdomesticenterprisesComparedwiththeconsultingpapersthereislittlechangeinthecorecontentofthistrialimplementationTheoverseassecuritiesissuanceandlistingofdomesticenterpriseshasofficiallyenteredaneweraofcomprehensivefiling-basedsupervisionThemaincontentsinclude1ClarifyingthestandardsforindirectlistingandimplementingtheunifiedmanagementofdirectandindirectoverseasissuanceTheoverseasindirectlistingofdomesticenterprisesred-chipcompaniesincludingVIEsandtheoverseasdirectlistingofdomesticenterprisesH-sharelistingarebothunderthefiling-basedsupervisionofCSRCandtheoriginaladministrativelicensingsystemforH-sharelistinghasbeencancelledIndirectoverseaslistingofdomesticenterprisesreferstoenterpriseswhosemainbusinessactivitiesareinChinabutarelistedoverseasinthenameofenterprisesincorporatedoverseasSuchjudgementisbasedon2criteriaAnyoneoftheoperatingincometotalprofittotalassetsornetassetsofthemostrecentfiscalyearhasaccountedformorethan50oftherelevantnumbersintheissuersauditedconsolidatedfinancialstatementsforthesameperiodwhilemainbusinessactivitiesareinChinaormostofitsseniormanagersareChinesecitizensoroftenliveinChina2ImprovingtherestrictedlistsIncaseswherelawsandregulationsprohibitlistingandfinancingoverseaslistingmayendangernationalsecurityenterpriseshaveillegalandcriminalactivitiesandtherearemajordisputesovertheownershipofequityoverseasissuanceandlistingareprohibited3ClarifyingthefilingtimeandproceduresEnterprisesinvolvedinsafetyreviewshouldcompleterelevantsafetyreviewproceduresbeforesubmittingoverseaslistingapplicationsenterprisesshouldsubmitthefilingdocumentstoCSRCwithin3workingdaysaftersubmittingtheapplicationmaterialsforoverseaslistingIfthefilingmaterialsarecompletethefilingprocedurewillbefinishedwithin20workingdaysaftersubmission4DifferentiatingtherulesfornewlistingandexistinglistedenterprisesandclarifyingthestandardsforexistinglistedenterprisesEnterprisesthathavebeenlistedoverseasorhavebeenapprovedbyoverseasregulatorsandwillcompleteoverseaslistingwithin6monthsareregardedasexistinglistedenterprisesExistinglistedenterprisesarenotrequiredtofileimmediatelybuttheyshouldfileasrequiredifsubsequentfilingmatterssuchasrefinancingareinvolvedOverseaslistingsupervisionsystemisimprovedbenefitingtopinvestmentbankswithhighproportionofoverseasrevenueThenewregulationexpandsthescopeofregulatedentitieswhichmaylowerthespeedofoverseaslistingofenterprisesbutthedetailsofvariousruleshavebeenclarifiedreducingtheuncertaintyofoverseaslistingpoliciesofdomesticenterpriseswhichisconducivetothelong-termhealthyandsustainabledevelopmentofoverseaslistingactivitiesofdomesticenterprisesWebelievethatsecuritiesfirmswithstronginvestmentbankingcapabilitiesandhighproportionofoverseasrevenuewillbenefitWerecommendCITIC06030HKandCICC03908HKSeethelastpagefordisclaimer3of7MorningResearchFocusWhenDoWeExpectaTurnaroundinUSD-CNYMacroteamHaoZhouReportDate2023-02-26SummaryTheChinesecurrencyweakenedrapidlyoverthepastfewsessionswithUSD-CNYhoveringaroundthe7markfornowInour2023outlookpiecewereckonthemajortradingbandforUSD-CNYwouldbe680-715whichremainsintactgiventherecentcurrencydynamicsTheUSdollarhasbeenstrengtheningrecentlyasthemarkethaspricedinfurtherratehikesThefuturesmarkethasalmostpenciledinanothertwo25bphikesduringtheFOMCmeetingsinMayandJuneInthemeantimeasinflationremainspersistentintheUSaccordingtorecentdatapointsthehopeofaratecutbeforetheendof2023looksextremelyunlikelyfornowAsaresultthedollarindexreboundedbyabout5fromthebottominJanuarytothe105markInthemeantimedomesticfactorshavealsocontributedtotherecentCNYdeprecationThereopeningeuphoriahasmoreorlessgoneasthemarkethasturnedthefocustoriskfactorsparticularlyfromgeopoliticalfrontsMoreimportantlyasitsmarketstillexpectsfurthermonetaryeasingfromthePBoCtheratesdisadvantagehasalsodriventheCNYweakerLookingaheadwhiletheCNYweaknessisprobablytheshort-termthemewestillthinkitprudenttosellUSD-CNYintheupperbandof680-715withatimewindowgraduallyopeninginAprilTheChineseeconomywillseemomentumacceleratingfromQ1onwardswhichwillbeafundamentallysupportingfactorfortheChinesecurrencyWebelievethatpropertysaleswillseesignificantimprovementfromQ2thankstostrongpolicysupportwhichisimportantforthegrowthoutlooktocontinueimprovingOntheUSsiderenewedinflationandtighteningconcernsmighttakesometimetobefullypricedinbythemarketHoweverasinflationhaspeakedandisheadedtowardsalowerleveltowardstheH22023policytighteningintheUSisanyhowenteringtheconcludingphaseNewlyPublishedKeyEconomicDataforChinaUSandEurope中美欧最新公布的重要经济数据AnalystAndyHuang分析员黄凯鸿CurrentMarketCountryIndicatorDataPeriodMoMQoQYoYValueConsensus国家指标名称数据期间环比变动同比变动当期值市场一致预期USPCEDeflatorYoYJan5401ppts07ppts50美国PCE物价指数同比增长1月USPCECoreDeflatorYoYJan4701ppts05ppts43美国核心PCE物价指数同比增长1月USNewHomeSalesMoMJan7200ppts82ppts07美国新屋销售环比增速1月USUofMichSentimentFeb67021ppts42ppts664美国密歇根大学消费者信心指数2月SourceNationalBureauofStatisticsofChinaUniversityofMichiganBloomberg数据来源中国国家统计局密歇根大学彭博ChineseTranslation中文翻译TableFocuschi行业和公司焦点Nil无Seethelastpagefordisclaimer4of7MorningResearchFocusTableLatestchi最新报告快讯非银金融行业境外上市备案制利好国际化程度高的头部投行评级跑赢大市6-18m目标价na分析员李炜报告日期2023-02-24报告摘要2023年2月17日中国证监会正式发布境内企业境外发行证券和上市管理试行办法和5项配套指引将于2023年3月31日起正式实施此办法旨在推动境内企业境外上市的全面监管此前对于红筹公司在境外上市境内监管机构未能实施全面有效的监管2021年底证监会曾对境内企业境外上市备案制发布征求意见稿此次试行办法等文件核心内容相较征求意见稿变动不大境内企业境外发行证券和上市正式迈入统一的备案制监管新时代主要内容包括1明确间接上市标准统一管理直接和间接境外发行境内公司境外间接上市红筹公司包括VIE与境内公司境外直接上市H股上市均纳入证监会监管实行备案制取消原先H股上市的行政许可制度境内企业间接境外上市是指主要经营活动在境内但以在境外注册成立的企业名义在境外上市的企业该判断依据两个标准最近一个会计年度的营业收入利润总额总资产或者净资产任一指标占发行人同期经审计合并财务报表相关数据的比例超过50且经营活动的主要环节在境内开展或者主要场所位于境内或高级管理人员多数为中国公民或者经常居于境内2完善负面清单制度对于法律法规禁止上市融资境外上市可能危害国家安全企业存在违法犯罪行为股权存在重大权属纠纷等情形禁止境外发行上市3明确备案时间及程序涉及安全审查的企业应在提交境外上市申请前履行相关安全审查程序企业在提交境外发行上市申请材料后3个工作日内向中国证监会提交备案申请备案材料完整的提交后20个工作日可以完成备案4设置新老划分明确存量企业标准已在境外上市或已获境外监管机构同意且会在6个月内完成境外发行上市的企业视为存量企业存量企业不要求立即备案后续如涉及再融资等备案事项时应按要求备案5境外上市监管制度得以完善海外收入占比高的头部投行将受益新规扩大了受监管主体的范围或令企业海外上市速度有所减慢但新规明确了各项规则细节降低了境内企业境外上市政策的不确定性有助于境内企业境外上市活动的长期健康持续发展我们认为投行能力强海外收入占比高的券商将受益我们推荐中信证券06030HK和中金公司03908HKSeethelastpagefordisclaimer5of7MorningResearchFocusResearchDepartment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kaihonghuanggtjascomhk8675523976702EvanLi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pennypangtjascomhk85225092632Seethelastpagefordisclaimer6of7MorningResearchFocusCompanyRatingDefinitionTheBenchmarkHongKongHangSengIndexNASDAQCompositeIndexTimeHorizon6to18monthsRatingDefinitionBuy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-5orthefundamentaloutlookofthesectorisunfavorableDISCLOSURETableDISCLOSUREOFINTERESTSOFINTERESTS1TheAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthisResearchReport2TheAnalystsandtheirassociatesdonothaveanyfinancialinterestsinrelationtotheissuermentionedinthisResearchReport3ExceptforCHINAGRANDPHARMACEUTICALANDHEALTHCARE00512HKLUZHOUBANK01983HKSFREIT02191HKJINSHANGBANK02558HKBANKOFZHENGZHOU06196HKDONGGUANRURALCOMMERCIALBANK09889HKGuotaiJunananditsgroupcompaniesdonotholdequaltoormorethan1ofthemarketcapitalizationoftheissuermentionedinthisResearchReport4GuotaiJunananditsgroupcompanieshavehadinvestmentbankingrelationshipswithCOUNTRYGARDEN02007HKSINOTRANS-HSHARES00598HKCHOWTAIFOOKJEWELLERY01929HKCGNMEIYAPOWER01811HKCGNPOWER-HSHARES01816HKGOMEELECTRICALAPPLIANCES00493HKCHINAAOYUANPROPERTY03883HKFOSUNINTL00656HKWEIGAOGROUP01066HKCHENMING01812HKSUNAC01918HKNAYUKI02150HKCARSGEN02171HKCHINAOVSPPT02669HKSMOORE06969HKXPENG09868HKYEAHKA09923HKGUANGZHOUAUTOMOBILE-HSHARES02238HKPOPMART09992HKDFZQ-HSHARES03958HKWUXIAPPTEC02359HKBANKOFCHONGQING01963HKCITS01880HKYANZHOUCOAL01171HKSPC00338HKHONGJIUFRUIT06689HK360DIGITECH-S03660HKGEELYAUTOMOBILE00175HKCHINACONSTRUCTIONBANK-HSHARES00939HKBANKOFCOMMUNICATIONS-HSHARES03328HKCHINAMINSHENGBANKINGCORP-HSHARES01988HKTENCENT00700HKBINHAIINVESTMENT02886HKCHINAPETROLEUMCHEMICAL-HSHARES00386HKNWS00659HKCHINASOUTHCITY01668HKSIHUANPHARMACEUTICAL00460HKSINOPECENGINEERING-HSHARES02386HKGCLNEWENERGY00451HKNEWWORLDDEVELOPMENT00017HKCHINARISUNGROUP01907HKSENSETIME-W00020HKXIAOMICORPORATION01810HKALIBABA09988HKZGCTECLEASING01601HKAOYUANHEALTHYLIFEGROUP03662HKJDCOM09618HKCHINALESSO02128HKZHONGLIANGHOLDINGS02772HKLOGANGROUP03380HKZHENROPROPERTIES06158HKAGILEGROUP03383HKCIFIESSERVICE01995HKBANKOFGANSU02139HKA-LIVING03319HKFINANCIALSTREETPROPERTY01502HKIRICOGROUPNEWENERGY00438HKCIFIHOLDINGSGROUP00884HKBIDU-SW09888HKKWGGROUP01813HKBILIBILI-SW09626HKCHINASUNTIEN00956HKJINKESERVICES09666HKJIANGSUEXPRESSWAY00177HKSINOPECKANTONS00934HKCGNMINING01164HKCHINANONFERROUSMINING01258HKLEEMANPAPER02314HKJOYSPREADER06988HKVOBILEGROUP03738HKCHERVON02285HKKINGSOFT03888HKmentionedinthisResearchReportwithinthepreceding12months5GuotaiJunananditsgroupcompaniesaremakingorwillmakeamarketinthesecuritiesinrespectofMEITUAN-W03690HKCHINATOWERCORPORATION-HSHARES00788HKXIAOMICORPORATION01810HKALIBABA09988HKNETEASE09999HKJDCOM09618HKSMIC00981HKALIBABAHEALTH00241HKLOGANGROUP03380HKBIDU-SW09888HKGREATWALLMOTOR-HSHARES02333HKAIA01299HKSANDSCHINA01928HKCHINAAOYUANPROPERTY03883HKKUAISHOU-W01024HKSUNAC01918HKXPENG09868HKAACTECHNOLOGIESHOLDINGS02018HKCITICSEC-HSHARES06030HKSUNNYOPTICALTECHNOLOGY02382HKSINOPHARMGROUP-HSHARES01099HKGEELYAUTOMOBILE00175HKBYDCOMPANY-HSHARES01211HKCHINACONSTRUCTIONBANK-HSHARES00939HKINDUSTRIALANDCOMMERCIALBANKOFCHINA-HSHARES01398HKBOCHONGKONG02388HKBANKOFCHINA-HSHARES03988HKHSBC00005HKPINGANINSURANCE-HSHARES02318HKCHINALIFEINSURANCE-HSHARES02628HKTENCENT00700HKCNOOC00883HKWUXIBIOLOGICS02269HKLENOVO00992HKCHINAMOBILE-HSHARES00941HKHONGKONGEXCHANGESANDCLEARING00388HKGALAXYENTERTAINMENT00027HKmentionedinthisResearchReport6GuotaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficerofanyissuersmentionedinthisResearchReportThereisnoofficerofanyissuersmentionedinthisResearchReportassociatedwithGuotaiJunananditsgroupcompaniesDISCLAIMERThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanGuotaiJunananditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunangroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunandoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunananditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdiction2023GuotaiJunanSecuritiesHongKongLimitedAllRightsReserved27FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongTel8522509-9118Fax8522509-7793WebsitewwwgtjaicomSeethelastpagefordisclaimer7of7