研究报告全文：股票研Research究TableTitleEquityResearchDepartmentMorningResearchFocus28February2023TableSummaryTableofContents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SectorReportPowerWeeklyEnergyExpandedSupplyScopeforGreenOperations--Outperform--NPowerTradingMorePolicyRoomforSectorDemandSide行业报告能源运营周报绿电交易供应能源运营行业--跑赢大市--否端扩容需求端政策空间更大证ConstructionSectorReportBi-WeeklyWrapNewEngineering告SupportingPoliciestoBoost--Outperform--N券SectorRecoveryinRealEstateMarket研报行业报告双周报新的支持政策助推房建筑工程行业--跑赢大市--否地产市场复苏究究SectorReportWeeklyWrapTechnologicalInnovationin报Telecommunic研OptoelectronicsEventsand--Outperform--N告ationsSector券SatelliteCommunicationUsheredinEquityResearchReportCatalysts证行业报告周报光电盛会技术创新卫通信行业--跑赢大市--否星通信迎催化SectorReportBi-WeeklyWrapNewBankingMeasuresfortheCapital--Outperform--NSectorManagementBenefitHigh-qualityCityBanksOutperform行业报告双周报新资本管理办法利好银行行业--跑赢大市--否优质城商行跑赢大市TextilesSectorReportBi-WeeklyUpdateToApparelCatchtheInvestmentOpportunities--Outperform--NSectoronUndervaluedApparelBrands行业报告双周报把握低估值服装品牌纺织服装行业--跑赢大市--否的投资机会AppendicesChineseVersionoftheIndustryandCompanyFocusLatestReports后附行业和公司焦点最新报告摘要中文版Seethelastpagefordisclaimer1of9MorningResearchFocusHSIPerformanceHSCEIPerformance31000140002900012000270002500010000230002100080001900060001700015000400013000110002000Feb22May22Aug22Nov22Feb23Feb22May22Aug22Nov22Feb23SourceBloombergSourceBloombergPreviousIntradayHKmRMBmTradingDayChange百万港元百万人民币前一交易日单日涨跌HSIIndexDailyTurnoverMainlandChinaDailyTurnover1994351-033112416431500恒生指数总成交额内地总成交额HSCEIIndexStockConnectNetInflowMarketCapSSE667022-050604942960325国企指数互联互通净流入沪市市值HSTECHIndexMarketCapHKExMarketCapSZSE398983-0523623690035280200科技指数港股市值深市市值资料来源国泰君安国际BloombergNotethemarketcapitalvalueofHKExSSESZSEandMainlandChinaDailyTurnoverwasrecordedasatFeb24PleasesubscribetoourGTJAIResearchWechatsubscriptionaccountsPleasescantheQRcodesontheright-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NHGTJSeethelastpagefordisclaimer2of9MorningResearchFocusIndustryTableFocusandCompanyFocusNil无LatestTableLatestReportsSectorReportEnergyOperationsSectorPowerWeeklyExpandedSupplyScopeforGreenPowerTradingMorePolicyRoomforDemandSideRatingOutperform6-18mTPnaAnalystPeterShaoReportDate2023-02-27SummaryExpandedsupplyscopeforgreenpowertradingOn23Feb2023ChinasNationalDevelopmentandReformCommissionNDRCMinistryofFinanceMoFandNationalEnergyAgencyNEAjointlyreleasedanoticetoclarifygreenpowertradingforrenewableenergyREprojects关于享受中央政府补贴的绿电项目参与绿电交易有关事项通知ThenoticespecifiedthatsubsidisedREprojectscanparticipateingreenpowertradingiemid-to-long-termpowertransactionsgiventheyoffsetrenewablesubsidycollectableswithanypricepremiumovertheprojectsdesignatedbenchmarkpricealternativelytheycankeepallthepremiumiftheygiveupfuturesubsidiesWebelievethisnewpolicywhichexpandedthescopeofsupplyisinstrumentalforthefurtherdevelopmentofgreenpowertradingaswellasprovidinganalternativesolutionforunpaidsubsidiesalthoughthepracticeofsubsidisedREprojectsparticipatingingreenpowertradingalreadyexistedpriortothenoticewebelievesuchpracticewasconstrainedbyalackofregulatorycertaintypreviouslyCurrentlygreenpowertradinginChinaremainsatanearlydevelopmentstageaccordingtotheNEAChinaissued2006mngreencertificatesin2022correspondingto20600GWhofpowersoldabout08oftotalgenerationfromnewenergyduringtheyearChangingthestatusquoofgreenpowertradingwouldrequiremoredemandsideincentivesinourviewWebelievethecurrentdemandforgreenpowertradingremainstepidgivenlimitedgreeniumthepremiumabovethefeed-intariffsofcomparablewindandsolarpowerdatafromChinaspowerexchangecentresshowsthatthegreeniumofgreenpowercontractssignedin2022rangedbetweenRMB3-5centsKWhCurrentlytherearethreemajorsourcesofdemandforgreenpowertradinginChinainourview1regulatoryrequirementsegcompaniesfromcertainindustriessuchasnonferrousmetalsarerequiredtohavecertainproportionofrenewablesintheirtotalpowerconsumption2overseascarbonregulationsegEUcarbontariffsaffectingexport-orientedfirmsinChinaand3voluntarycarbonreductionmostlyMNCsinChinaWebelievethekeytofundamentallychangethestatusquoofChinasgreenpowertradingcurrentlyliesinthedemandsideandweseeconsiderableroomforChinatotightenitsregulatoryrequirementsontheconsumptionofgreenpowerbothintermsofscopewhoarerequiredtoconsumeandextenthowmuchtoconsumeGoingforwardweexpectregulatorstointroducemoredemand-sidestimuluswhichislikelytoleadtobothhighertradingvolumeandhighergreeniumStockperformancelastweek20-24Feb2023ExceptfordiversifiedutilitieswhichshoweddefensivenessourselectedthermalandrenewablesIPPsretreatedby32to97lastweekInvestmentsuggestionsWemaintainOutperformforthesectoronthegrowthopportunitiesbroughtbyChinaspowersystemtransformationforboththermalandrenewablesIPPSAmongthermalIPPsundertransformationwerecommendCPID02380HKBuyTPHK490whichhasthemostambitiouslow-carbontransformationplancomparedwithpeersamongrenewablesIPPswerecommendDTR01798HKBuyTPHK343asthecompanyison-tracktobreakthroughthegrowthconstraintsthathavelongweighedonvaluationMajorrisksDelayinnewenergyprojectroll-outsoaringcoalpriceshigher-than-expectedrawmaterialcostslower-than-expectedpowerdemandunfavourablechangesinregulationsandpoliciesforIPPsandextremeweatherconditionsSeethelastpagefordisclaimer3of9MorningResearchFocusSectorReportConstructionEngineeringSectorBi-WeeklyWrapNewSupportingPoliciestoBoostRecoveryinRealEstateMarketRatingOutperform6-18mTPnaAnalystGaryWongReportDate2023-02-27SummaryInvestmentsuggestionsOurtoppicksarecompaniesbenefitingfromthethemesofrealestatesectorrecoveryandcontinuedpushininfrastructureinvestmentespeciallywithmodularintegratedconstructionMiCandbuilding-integratedphotovoltaicsBIPVexposurewhichincludeChinaStateConstructionInternational03311HKtargetpriceHK1586ratingBuyandChinaStateConstructionDevelopment00830HKtargetpriceHK266ratingBuyReiterateOutperformratingforthesectorSectornewsupdates1SASACbelievedthatSOEcanplayabiggercontributiontotheconstructionofmodernChina2CSRCstartedthepilotprogramofrealestateprivateequityinvestmentfundsCompanynewsupdatesChinaRailwayGroup00390HKWinningofbidsformaterialprojectsamountingtoRMB429billionRisks1Governmentinfrastructurespendingmaybelowerthanexpected2inflationcouldexceedexpectationsandmaycausepolicytightening3worldwidepandemicsituationmightseefluctuationSectorReportTelecommunicationsSectorWeeklyWrapTechnologicalInnovationinOptoelectronicsEventsandSatelliteCommunicationUsheredinCatalystsRatingOutperform6-18mTPnaAnalystGinYuReportDate2023-02-27SummaryOptoelectronicseventsarecomingoneafteranotherandenterpriseswithcoretechnicalcapabilitiesareusheringinanexcellentconfigurationwindowThereleaseofChatGPThastriggeredgiantssuchasMicrosoftGoogleMetaandBaidutofollowandincreaseinvestmentsinAIcomputingpoweranddatacentersThemarkethasrekindledattentionontheimplementationandapplicationofnewoptoelectronictechnologiesUndersuchcircumstancesbothdomesticandforeignoptoelectronicseventsareexpectedtorestartin2023domesticandforeignmanufacturersareexpectedtoexhibitmorenewtechnologiesandapplicationsonthespotformingcatalystsWepredictthat2023willbeabigyearforopticalcommunicationtechnologyinnovationanditwillbeakeyyearfortheindustrytogrowItisrecommendedtofocusontheapplicationofco-packagedopticsCPO800Gsiliconphotonicsandhigh-speedopticalchiptechnologyrelatedtoAIcomputingpowerefficiencyimprovementandconsumptionreductionaswellastheimplementationprogressofmetrowavedivisionmultiplexingandthin-filmlithiumniobatechipsinlarge-capacitycommunicationtransmissionTheopticalcommunicationsectorsexpectationsforfutureindustrygrowthhavebeenreversedandcompanieswithcoretechnicalcapabilitiesareusheringinanexcellentconfigurationwindowThehigh-throughputsatellitewassuccessfullylaunchedandthesatellitecommunicationsectorusheredincatalystsOnFeb232023Chinasfirsthigh-throughputsatellitewithacapacityofover100GbpsChinaSat26tookofffromtheXichangsatellitelaunchcenterandsuccessfullyenteredthepredeterminedorbitWeexpectthatduringthe14thFive-YearPlanandthe15thFive-YearPlanperiodChinassatelliteinternetindustrychainisexpectedtodevelopbyleapsandboundsThesatellitecommunicationsectorandtheupstreampotentialsuppliersofsatellitecommunicationcomponentsareexpectedtousherinacatalystWegiveanOutperformratingWerecommendChinaMobile00941HKChinaTelecom00728HKChinaUnicom00762HKZTE00763HKandBYDElectronic00285HKRiskWarningChangesintheexternalenvironmentmayleadtoindustrialchainsecurityrisksoperatorCAPEXplansmayfallshortofexpectationsrecoveryofoverseasdemandmayfallshortofexpectationsdevelopmentofinnovativebusinessapplicationsmayfallshortofexpectationsSeethelastpagefordisclaimer4of9MorningResearchFocusSectorReportBankingSectorBi-WeeklyWrapNewMeasuresfortheCapitalManagementBenefitHigh-qualityCityBanksOutperformRatingOutperform6-18mTPnaAnalystRichardCaoReportDate2023-02-27SummaryThehousingASPhasshowedsomeslightrecoveryinJanuary2023AccordingtoNationalBureauofStatisticsthenew-homeASPintier-1citiesrecorded02MoMgrowthinJanuary2023andthenew-homeASPintier-2citiesrecorded01MoMgrowthInthenearfutureweexpectthatoperatingconditionsandriskforrealestateenterpriseswillimproveoutstandinglywhichwillbenefiteconomicstabilizationandrecoveryTheMeasuresfortheCapitalManagementofCommercialBanksencouragethebanksallocationofassetstorealeconomyandthecitybanksareexpectedtobenefitmoreAccordingtothenewregulationstheweightedmethodhasthefollowingimportantchanges1Theriskweightsofdevelopmentloansbillsandsomeinterbankassetsincrease2theriskweightsofinvestmentgradeandsmallandmedium-sizedenterpriseloansretailloansandlocalgovernmentgeneralbondsdecreaseForthebankswhosesmallandmedium-sizedenterpriseloansandretailloansaccountforahighproportionandtheriskoflocalgovernmentbondsislowtheissuanceofthenewregulationsispositiveWethinkthecitybankswhosecapitalisrelativelytightwillbenefitmoreWemaintainOutperformratingforthebankingsectorin2023AtpresentinmainlandChinathepolicydirectionisfurtherclearandfavorablenewsonthemacroeconomycontinuestoappearwhichwillhelppromotetherecoveryoftheeconomyandboostthemarketsconfidenceonthebankstocksWepickmainlandbankswhowillbenefitmostfromtherelaxationofrealestatepoliciesandmainlandbankswhosefinancialresultsperformanceisexpectedtobebetterasourpriorityrecommendationsWerecommendCMB03968HKandPSBC01658HKMeanwhilewealsorecommendBOCHK02388HKandHSBC00005HKwhowillbenefitfromtheUSFederalReservescontinuousinterestratehikesRiskfactorsThedeclineintheeconomymaybebeyondexpectationstheresultsofpoliciesmaynotbeinlineSectorReportTextilesApparelSectorBi-WeeklyUpdateToCatchtheInvestmentOpportunitiesonUndervaluedApparelBrandsRatingOutperform6-18mTPnaAnalystHansenTangReportDate2023-02-27SummaryWeexpectstockpricesofbusinessmenswearandsomewomenswearcompanieswithrelativelowvaluationstocatchupDuringthe2020-2022pandemicperiodcompetitivelandscapeofdomesticmenswearindustrycontinuedoptimizingMarketshareofleadingcompaniesincreasedassmall-andmedium-sizedenterprisesgraduallyphasedoutSinceJan2023astheimpactofCovid-19fadeddomesticretailsalesofapparelproductsrecoveredsignificantlyamongwhichsalesofbusinessmenswearoutperformedothersub-categoriesMeanwhileweexpectthatsomewomenswearbrandswhichsufferedseriouslyduringthepandemictomeetaturnaroundin2023WerecommendBiemLFdlkk002832SZHLACorp600398SHBaoxiniao002154SZandEllassay603808SHPent-updemandforweddingcelebrationandexpectedrecoveryofpropertysalesmightbepositivecatalystsforhometextilessectorWeexpectpent-updemandforweddingcelebrationafterreopeningoftheChinaseconomytocontinuetoreleaseMeanwhileweexpectthatpropertysalestoimprovefromQ2thankstostrongpolicysupportwhichwillliftthevaluationofhometextilessectorWerecommendLuolaiLifestyle002293SZtheleadinghometextilecompanywhichhaslowvaluationandhighdividendyieldTheturningpointofmanufacturingordersisonthewayAlthoughshort-termordershavenotyetpickedupstrongretailsalesperformancesinceJan2023isexpectedtoenhancetheconfidenceofdownstreamcustomersinplacingordersWeexpectordersfordomesticsalestorecovergraduallyWeexpectaturningpointinexportordervolumeoftextilemanufacturingcompaniesin2Q2023WebelievethatleadingsupplierswillbethefirsttobenefitfromtherecoveryoffundamentalsWerecommendFuchunDyeWeave605189SHHanvoSafety300952SZandTaihuaNewMaterial603055SHRisks1ProlongedCovidpandemic2higher-than-expectedglobalinflation3slower-than-expecteddestockingpace4increaseinrawmaterialpricesSeethelastpagefordisclaimer5of9MorningResearchFocusChineseTranslation中文翻译行业和公司焦点TableFocuschiNil无TableLatestchi最新报告行业报告建筑工程行业双周报新的支持政策助推房地产市场复苏评级跑赢大市6-18m目标价na分析员黄家玮报告日期2023-02-27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1586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国资委相信国有企业可以为现代化中国建设作出更大的贡献2中国证监会启动房地产私募股权投资基金试点公司新闻更新中国中铁00390HK中标多个重大项目合同总值人民币429亿元风险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行业报告通信行业周报光电盛会技术创新卫星通信迎催化评级跑赢大市6-18m目标价na分析员余劲同报告日期2023-02-27报告摘要光电盛会接踵而至具备核心技术能力的企业迎绝佳配置窗口ChatGPT聊天机器人的发布引发微软GoogleMeta百度等巨头跟随并加大在AI算力数据中心领域的投入市场重燃对光电新技术落地和应用的关注在此背景下2023年国内外光电盛会有望重启国内外厂商有望实地展出更多新技术和应用形成持续催化我们预计2023年将是光通信技术创新的大年是行业增长起承转合的关键一年建议重点关注与AI算力提效降耗相关的CPO800G硅光高速光芯片技术应用以及大容量通信传输中的城域波分相干下沉薄膜铌酸锂芯片的落地进度光通信板块对未来行业增长预期已经扭转具备核心技术能力的企业迎来绝佳的配置窗口高通量卫星成功发射卫星通信板块迎来催化2023年2月23日中国首颗超百Gbps容量的高通量卫星中星26号卫星从西昌卫星发射中心起飞并成功进入预定轨道我们预计在十四五和十五五期间中国的卫星互联网产业链有望得到长足发展卫星通信板块及上游潜在卫星通信部件供应商有望迎来催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风险提示外部环境变化或导致产业链安全风险运营商CAPEX计划或不及预期海外需求复苏或不及预期创新性业务应用发展或不及预期Seethelastpagefordisclaimer6of9MorningResearchFocus行业报告银行行业双周报新资本管理办法利好优质城商行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2023-02-27报告摘要2023年1月房产销售价格显示了一些复苏苗头根据国家统计局2023年1月一线城市的新房销售价格指数录得02的环比增长二线城市的新房销售价格指数录得01的环比增长未来一段时间我们预计房地产企业经营状况和风险将明显好转有利于经济企稳回升商业银行资本管理办法鼓励银行向实体经济配置资产预计城商行将更加受益根据新规权重法有以下重要改动1开发贷票据和部分同业资产的风险权重上升2投资级和中小企业贷款零售贷款以及地方政府一般债的风险权重下降新规发布对于中小企业信贷和零售贷款占比高地方政府债券风险低的银行则构成利好我们认为资本金相对紧张的城商行将更受益我们维持银行行业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把握低估值服装品牌的投资机会评级跑赢大市6-18m目标价na分析员汤瀚森报告日期2023-02-27报告摘要我们预计低估值商务男装及部分女装品牌公司股价有望补涨2020-2022年疫情期间国内男装行业竞争格局持续优化随着中小企业逐渐出清龙头公司市场份额提升自2023年1月以来伴随疫情影响逐步淡化国内服装零售显著恢复其中商务男装表现优于其他子品类同时我们预计部分疫情期间遭受严重打击的女装品牌将在2023年迎来困境反转我们推荐比音勒芬002832SZ海澜之家600398SH报喜鸟002154SZ和歌力思603808SH被压抑的婚庆需求和房地产销售的预期复苏将是家纺行业正面的催化剂我们预计在中国经济重新开放后被压抑的婚庆需求将持续释放同时我们预计受益于较强的政策支持房地产销售或将从第二季度改善有望提升家纺板块估值我们推荐低估值高分红的家纺龙头罗莱生活002293SZ制造业订单拐点将现尽管短期订单仍无起色但2023年1月至今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我们预计2023年第二季度纺织制造端出口订单量有望迎来拐点我们认为供应商龙头将率先受惠于基本面复苏我们推荐富春染织605189SH恒辉安防300952SZ和台华新材603055SH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-5orthefundamentaloutlookofthesectorisunfavorableDISCLOSURETableDISCLOSUREOFINTERESTSOFINTERESTS1TheAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthisResearchReport2TheAnalystsandtheirassociatesdonothaveanyfinancialinterestsinrelationtotheissuermentionedinthisResearchReport3ExceptforCHINAGRANDPHARMACEUTICALANDHEALTHCARE00512HKLUZHOUBANK01983HKSFREIT02191HKJINSHANGBANK02558HKBANKOFZHENGZHOU06196HKDONGGUANRURALCOMMERCIALBANK09889HKGuotaiJunananditsgroupcompaniesdonotholdequaltoormorethan1ofthemarketcapitalizationoftheissuermentionedinthisResearchReport4GuotaiJunananditsgroupcompanieshavehadinvestmentbankingrelationshipswithCOUNTRYGARDEN02007HKSINOTRANS-HSHARES00598HKCHOWTAIFOOKJEWELLERY01929HKCGNMEIYAPOWER01811HKCGNPOWER-HSHARES01816HKGOMEELECTRICALAPPLIANCES00493HKCHINAAOYUANPROPERTY03883HKGUANGZHOUAUTOMOBILE-HSHARES02238HKPOPMART09992HKDFZQ-HSHARES03958HKWUXIAPPTEC02359HKBANKOFCHONGQING01963HKCITS01880HKYANZHOUCOAL01171HKSPC00338HKHONGJIUFRUIT06689HK360DIGITECH-S03660HKFOSUNINTL00656HKWEIGAOGROUP01066HKCHENMING01812HKSUNAC01918HKNAYUKI02150HKCARSGEN02171HKCHINAOVSPPT02669HKSMOORE06969HKXPENG09868HKYEAHKA09923HKCHINALESSO02128HKZHONGLIANGHOLDINGS02772HKLOGANGROUP03380HKZHENROPROPERTIES06158HKAGILEGROUP03383HKCIFIESSERVICE01995HKBANKOFGANSU02139HKA-LIVING03319HKFINANCIALSTREETPROPERTY01502HKIRICOGROUPNEWENERGY00438HKCIFIHOLDINGSGROUP00884HKBIDU-SW09888HKKWGGROUP01813HKBILIBILI-SW09626HKCHINASUNTIEN00956HKJINKESERVICES09666HKJIANGSUEXPRESSWAY00177HKSINOPECKANTONS00934HKCGNMINING01164HKCHINANONFERROUSMINING01258HKLEEMANPAPER02314HKJOYSPREADER06988HKVOBILEGROUP03738HKCHERVON02285HKKINGSOFT03888HKGEELYAUTOMOBILE00175HKCHINACONSTRUCTIONBANK-HSHARES00939HKBANKOFCOMMUNICATIONS-HSHARES03328HKCHINAMINSHENGBANKINGCORP-HSHARES01988HKTENCENT00700HKBINHAIINVESTMENT02886HKCHINAPETROLEUMCHEMICAL-HSHARES00386HKNWS00659HKCHINASOUTHCITY01668HKSIHUANPHARMACEUTICAL00460HKSINOPECENGINEERING-HSHARES02386HKGCLNEWENERGY00451HKNEWWORLDDEVELOPMENT00017HKCHINARISUNGROUP01907HKSENSETIME-W00020HKXIAOMICORPORATION01810HKALIBABA09988HKZGCTECLEASING01601HKAOYUANHEALTHYLIFEGROUP03662HKJDCOM09618HKmentionedinthisResearchReportwithinthepreceding12months5GuotaiJunananditsgroupcompaniesaremakingorwillmakeamarketinthesecuritiesinrespectofLENOVO00992HKCHINAMOBILE-HSHARES00941HKHONGKONGEXCHANGESANDCLEARING00388HKGALAXYENTERTAINMENT00027HKGREATWALLMOTOR-HSHARES02333HKAIA01299HKSANDSCHINA01928HKCHINAAOYUANPROPERTY03883HKCITICSEC-HSHARES06030HKAACTECHNOLOGIESHOLDINGS02018HKSINOPHARMGROUP-HSHARES01099HKKUAISHOU-W01024HKSUNAC01918HKXPENG09868HKSUNNYOPTICALTECHNOLOGY02382HKGEELYAUTOMOBILE00175HKBYDCOMPANY-HSHARES01211HKCHINACONSTRUCTIONBANK-HSHARES00939HKINDUSTRIALANDCOMMERCIALBANKOFCHINA-HSHARES01398HKBOCHONGKONG02388HKBANKOFCHINA-HSHARES03988HKHSBC00005HKPINGANINSURANCE-HSHARES02318HKCHINALIFEINSURANCE-HSHARES02628HKTENCENT00700HKCNOOC00883HKWUXIBIOLOGICS02269HKMEITUAN-W03690HKCHINATOWERCORPORATION-HSHARES00788HKXIAOMICORPORATION01810HKALIBABA09988HKNETEASE09999HKJDCOM09618HKSMIC00981HKALIBABAHEALTH00241HKLOGANGROUP03380HKBIDU-SW09888HKmentionedinthisResearchReport6GuotaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficerofanyissuersmentionedinthisResearchReportThereisnoofficerofanyissuersmentionedinthisResearchReportassociatedwithGuotaiJunananditsgroupcompaniesDISCLAIMERThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanGuotaiJunananditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunangroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunandoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunananditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdiction2023GuotaiJunanSecuritiesHongKongLimitedAllRightsReserved27FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongTel8522509-9118Fax8522509-7793WebsitewwwgtjaicomSeethelastpagefordisclaimer9of9