行业报告:汽车行业:双周报：节后销量回暖如期而至，三月车市正式步入正轨
　　评级：跑赢大市6-18m目标价: n.a.
　　分析员：吴凱翔报告日期: 2023-02-28
　　报告摘要
　　销量预期正在修复，未来数月销量高增速可期。最近两周新车密集上市。行业分化加剧，自主转型提速。“自主崛起+出口高增”将是常态。我们重申销量与业绩兑现能力较强的头部自主新能源车企股价将优先反弹。汽车板块机会仍在整车，个别零部件企业也将受益。
　　节后销量回暖如期而至，预计3月乘用车销量将步入正轨。乘联会预测2月狭义乘用车零售市场销量为135.0万辆，同比增7.2%，环比增4.3%；新能源汽车零售约为40.0万辆，同比增46.6%，环比增20.3%，渗透率约为29.6%。2月乘用车销量与我们此前预测一致，节后乘用车市场回暖趋势显现。随着新一轮地方政府促进汽车消费政策密集出台刺激终端需求，叠加多城在2月下旬至3月开展春季车展，客流量将明显回升。我们预计在低基数、消费回暖、车企促销和政策预期等因素共同作用下，3月乘用车销量有望正式步入正轨。
　　欧盟通过禁售燃油车法案，国内新能源汽车政策仍可期。欧盟于2月14日通过2035年禁售燃油车法案，国内汽车出口业务有望猛增。另外，德国、荷兰、挪威等国家已有明确燃油车禁售时间。多家车企也已公布全面电动化时点，法案出台或将推动全球新能源汽车行业加速发展。2月21日，工信部发布《免征车辆购置税的新能源汽车车型目录》（第六十二批），众多新能源车型在列。我们相信短期还会有更多汽车行业扶持政策出台。
　　多强格局维持，机会仍在整车。整车板块，我们推荐吉利汽车（00175 HK）、长城汽车-H（02333 HK）和理想汽车-W（02015 HK）；零部件板块，我们推荐耐世特（01316 HK）。
　　风险提示：1）行业竞争加剧，价格战超预期；2）销量不及预期。
　　
　　

研究报告全文：股票研究TableTitleEquityResearchResearchDepartmentMorningResearchFocus1March2023TableSummaryTableofContents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SectorReportBi-WeeklyUpdateAutomobilesSalesRecoveredasPredictedafter--Outperform--NSectortheFestivaltheAutoMarketWillbeOfficiallyonTrackinMarch行业报告双周报节后销量回暖如期而汽车行业--跑赢大市--否至三月车市正式步入正轨证VIPDirectCouldBeatExpectationsWynnMacau01128HKHK1100--BuyY告UpgradetoBuy券研永利澳门报01128HK直销贵宾业务有望超预期上调至买入HK1100--买入是究究SectorReportBi-WeeklyWrapElectronicsMixedRealityWillLeadNew--Outperform--N报Sector研ConsumerElectronicsInnovationCycle告券行业报告双周报混合现实将引领新一EquityResearchReport电子行业--跑赢大市--否轮消费电子创新周期证SectorReportBi-WeeklyUpdateNonferrousDomesticMetalMarketHadBetter--Outperform--NMetalsSectorPerformancethanOverseasMarket行业报告双周报国内金属市场表现好有色金属行业--跑赢大市--否于海外市场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HSIIndexDailyTurnoverMainlandChinaDailyTurnover1978594-079142473756877恒生指数总成交额内地总成交额HSCEIIndexStockConnectNetInflowMarketCapSSE658147-133-321442861658国企指数互联互通净流入沪市市值HSTECHIndexMarketCapHKExMarketCapSZSE392506-1623602520035026200科技指数港股市值深市市值资料来源国泰君安国际BloombergNotethemarketcapitalvalueofHKExSSESZSEandMainlandChinaDailyTurnoverwasrecordedasatFeb27PleasesubscribetoourGTJAIResearchWechatsubscriptionaccountsPleasescantheQRcodesontheright-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Seethelastpagefordisclaimer2of8MorningResearchFocusTableLatestLatestReportsSectorReportAutomobilesSectorBi-WeeklyUpdateSalesRecoveredasPredictedaftertheFestivaltheAutoMarketWillbeOfficiallyonTrackinMarchRatingOutperform6-18mTPnaAnalystIvanWuReportDate2023-02-28SummarySalesareexpectedtoberestoredandhighsalesgrowthisexpectedinthenextfewmonthsNewvehiclemodelshavebeenlaunchedintensivelyinthepasttwoweeksIndustrydifferentiationisintensifyingandself-ownedbrandtransformationisacceleratingSelf-ownedbrandrisehighexportsbusinessgrowthwillbethenormalWereiteratestockpricesofleadingindependentNEVcompanieswithstrongsalesandperformancerealizationcapabilitieswillreboundfirstOpportunitiesintheautosectorstilllieinOEMsandsomecomponentcompanieswillalsobenefitSalesrecoveredaspredictedaftertheFestivalItisexpectedthatthesalesofPVinMarchwillbeontrackTheCPCAspredictionsonPVsretailsalesinthenarrowsenseinFebare135mnunitsup72yoyand43momNEVretailsalesarearound400mnunitsup466yoyand203momandthepenetrationrateis296InFebPVsaleswereconsistentwithourpreviouspredictionsandthetrendofrecoveringPVmarketaftertheFestivalappearedWiththenewroundoflocalgovernmentspromotingvehicleconsumptionsviaintensivelyintroducingpoliciestostimulateend-marketneedstogetherwithmanycitieswilllaunchSpringAutoShowsinlateFeb-to-MarthefoottrafficwillsignificantlyreboundUnderthejointeffectsoflowbaseconsumptionrecoveryOEMpromotionsandpolicyexpectationsinMarPVsalesareexpectedtoofficiallyentertherighttrackTheEUbanonFVbillwaspassedanddomesticNEVpoliciescanstillbeexpectedTheEUpassedtheFVbillfor2035on14FebdomesticautoexportbusinessisexpectedtosurgePluscountriessuchasGermanytheNetherlandsandNorwayhaveclearlyclarifiedthetimeforFVsalesAnumberofcarcompanieshavealsoannouncedthetimeslotsofcomprehensiveelectrificationandthebillissuedmaypromotetheaccelerateddevelopmentoftheglobalNEVindustryOn21FebtheMIITissuedtheNEVModelsExemptfromVehiclePurchaseTax62ndbatchManynewenergyvehiclesarelistedWebelievethatmoreautomotiveindustrysupportingpolicieswillbeintroducedintheshorttermAlandscapeofseveralmajorpowersmaintainedandopportunitiesstilllieinOEMsFortheOEMsectorwerecommendGeelyAuto00175HKGreatWallMotor-H02333HKandLiAuto-W02015HKforthecomponentssectorwerecommendNexteer01316HKRiskwarning1Industrycompetitionintensifiespricewarexceedsexpectations2salesmayfallshortofexpectationsWynnMacau01128HKVIPDirectCouldBeatExpectationsUpgradetoBuyRatingBuy6-18mTPHK1100AnalystNoahHudsonReportDate2023-02-28SummaryWeupgradeWynnMacausinvestmentratingfromNeutraltoBuyandincreasetargetpricetoHK1100basedon115x2024EVEBITDAWeforecast2022-2024adjustedpropertyEBITDAof-HK173bnHK257bnandHK803bnrespectivelyWethinkWynnMacauscurrentsharepricereflectsoverlypessimisticviewsontheimpactoflossofVIPbusinessWeforecastthatbythemiddle2024WynnMacausrevenuewillcatchupwithits2019levelWethinkWynnMacaucouldsurprisethemarketwithmoreVIPjunketbusinessmigratingtodirectbusinessduring1Q2023thaniscurrentlygenerallyexpectedDuringChineseNewYearCNYWynnMacausdirectVIPbusinessrevenuewasaround40higherthanthatofCNYin2019andmasstabledropreached95of2019ChineseNewYearlevelswithstrongperformancefromcoremasstopremiummasswhichincludedaportionofformerVIPjunketplayerswhomigratedtodirectplayWynnMacaussharepriceissignificantlylowernowwhenCovidtravelrestrictionsaregonethanitwasinMarch2021whenCovidwasragingandseverecross-bordertravelrestrictionswerestillinplaceNowwithCovidtravelcontrolsfullydismantledandMacaogamingrecoveryalreadyunderwaywethinkthatWynnMacauscurrentsharepriceisundervaluedat50belowitspost-CovidhighofHK1644RisksMacroeconomicrecoverymaybeweakerthanexpectedpandemicresurgenceSeethelastpagefordisclaimer3of8MorningResearchFocusSectorReportElectronicsSectorBi-WeeklyWrapMixedRealityWillLeadNewConsumerElectronicsInnovationCycleRatingOutperform6-18mTPnaAnalystJackLiuReportDate2023-02-28SummaryAnewroundofinnovationcyclewillcreatebrandnewindustryecosystemConsumersnowadaysarenostrangerstovirtual-realityVRproductssmartphonestabletsandlaptopcomputersUsersarefamiliarwithapplicationscenariossuchasofficeworksvideowatchinggamingandmodelingMixed-realityMRdevicescanconvertthesebasicapplicationscenariosintheflattwo-dimensionalcyberspaceintoamorevisibleandmoreoperationalthree-dimensionalworldwhichisfundamentallydestructivetoourcurrentwayoflifeWeexpectMRdevicesandapplicationecosystemtorevolutionizethewayweproduceandthewayweliveintheforeseeablefutureMRwillcreateahugeincrementalmarketAccordingtoInternationalDataCorporationIDCannualsalesvolumeofVRdevicesreachedapproximately10millionunitsinrecentyearsWeanticipatepotentialdemandofMRdevicesinthefuturetobesimilarwiththatofcurrentVRdevicesAveragesellingpriceASPofMRdevicesareexpectedtodroptothesamelevelofhigh-endiPhonesaroundRMB10000aftermassproductionJointlyconsideringoursalesvolumeforecastandASPassumptionweprojectincrementalmarketscaleofMRwillreachRMB100billionperyearThesupplychainoffirst-generationMRdevicesisbasicallyestablishedItsbeenmorethan5yearssincetheprojectinitiationofApplesfirst-generationMRproductlineWebelievethecertaintyofenteringMRsupplychainismoresignificantthanthevalueelasticityofasingledeviceKeyplayersintheMRsupplychainwillbenefitincludingLuxsharePrecision002475SZHYCTech688001SHZhaoweiMachinery003021SZandJPTOpto-electronics688025SHCatalystsMRproductreleaseandpre-salelaunchRisksMRproductlaunchdelayworse-than-expectedcompetitivenessandsalesperformanceofMRproductsSectorReportNonferrousMetalsSectorBi-WeeklyUpdateDomesticMetalMarketHadBetterPerformancethanOverseasMarketRatingOutperform6-18mTPnaAnalystKevinGuoReportDate2023-02-28SummaryDomesticmetalpricesweresupportedbydomesticeconomicrecoveryandhadbetterperformancethanoverseasmetalpricesThetightmonetarypolicyoftheUSFederalReservemaybemaintainedforalongerperiodtocurbinflationwhichmaynegativelyimpacttheinvestmentdemandofbasemetalsHoweverdomesticmetalpricesweresupportedbystrongerfundamentalsaseconomicrecoveryisexpectedtobringmoredemandofmetalsDemandrecoverywaslowerthanmarketexpectationandaluminuminventorydeclinewasnotsmoothProductioncutinYunnanProvinceislowerthanmarketexpectationInthedemandsideproductionofaluminumsemi-fabricatingcompaniesresumedslowlyaftertheChineseNewYearandwaslowercomparedtothesameperiodlastyearSupportfromfinancialmarketinvestmentdemandisdecliningcopperpricemaybeunderpressureProductionfromoverseascoppermineswasstilldisturbedbyuncontrollablefactorswhichwillimpactglobalminingsupplyFinancialinvestorsinvestmentdemandincopperisdecliningsothesupportforcopperpricewilldecreaseDomesticcopperconsumptiondemandisimprovingasmorelocalsupportingpoliciesonthepropertysectorwerereleasedandpropertytradingdatawasimprovingWemaintainOutperforminvestmentratingforthenonferrousmetalssectorWerecommendChinaHongqiao01378HKXingfaAluminium00098HKandZijinMining02899HKSeethelastpagefordisclaimer4of8MorningResearchFocusChineseTranslation中文翻译行业和公司焦点TableFocuschiNil无TableLatestchi最新报告行业报告汽车行业双周报节后销量回暖如期而至三月车市正式步入正轨评级跑赢大市6-18m目标价na分析员吴凱翔报告日期2023-02-28报告摘要销量预期正在修复未来数月销量高增速可期最近两周新车密集上市行业分化加剧自主转型提速自主崛起出口高增将是常态我们重申销量与业绩兑现能力较强的头部自主新能源车企股价将优先反弹汽车板块机会仍在整车个别零部件企业也将受益节后销量回暖如期而至预计3月乘用车销量将步入正轨乘联会预测2月狭义乘用车零售市场销量为1350万辆同比增72环比增43新能源汽车零售约为400万辆同比增466环比增203渗透率约为2962月乘用车销量与我们此前预测一致节后乘用车市场回暖趋势显现随着新一轮地方政府促进汽车消费政策密集出台刺激终端需求叠加多城在2月下旬至3月开展春季车展客流量将明显回升我们预计在低基数消费回暖车企促销和政策预期等因素共同作用下3月乘用车销量有望正式步入正轨欧盟通过禁售燃油车法案国内新能源汽车政策仍可期欧盟于2月14日通过2035年禁售燃油车法案国内汽车出口业务有望猛增另外德国荷兰挪威等国家已有明确燃油车禁售时间多家车企也已公布全面电动化时点法案出台或将推动全球新能源汽车行业加速发展2月21日工信部发布免征车辆购置税的新能源汽车车型目录第六十二批众多新能源车型在列我们相信短期还会有更多汽车行业扶持政策出台多强格局维持机会仍在整车整车板块我们推荐吉利汽车00175HK长城汽车-H02333HK和理想汽车-W02015HK零部件板块我们推荐耐世特01316HK风险提示1行业竞争加剧价格战超预期2销量不及预期永利澳门01128HK直销贵宾业务有望超预期上调至买入评级买入6-18m目标价HK1100分析员NoahHudson报告日期2023-02-28报告摘要我们将永利澳门的投资评级由中性上调至买入并将目标价上调至1100港元基于115倍的2024年EVEBITDA我们预测2022-2024年经调整物业息税折旧摊销前利润分别为-173亿港元257亿港元及803亿港元我们认为永利澳门目前的股价反映了市场对VIP业务损失的影响过于悲观的看法我们预测到2024年中期永利澳门的收入将赶上2019年的水平我们认为贵宾中介业务转为直销业务有望助永利澳门2023年第一季度业绩超预期春节期间永利澳门的直销贵宾业务收入高于2019年春节约40中场赌桌投注额达到2019年同期的95核心中场至高端中场的表现都很强劲其中包括部分原贵宾中介客户转为直销贵宾客户当新冠旅行限制取消后永利澳门的股价现在仍明显低于2021年3月水平当时新冠疫情反弹并且有严格的跨境旅行限制现在疫情相关旅行管制措施全面解除而且澳门博彩业的复苏已经开始我们认为永利澳门目前的股价被低估比Seethelastpagefordisclaimer5of8MorningResearchFocus疫情后高点的1644港元低50风险宏观经济复苏弱于预期疫情反复行业报告电子行业双周报混合现实将引领新一轮消费电子创新周期评级跑赢大市6-18m目标价na分析员柳晨报告日期2023-02-28报告摘要新一轮创新周期将催生全新的行业生态当今消费者对于虚拟现实智能手机平板笔记本电脑这些产品并不陌生用户对于办公观看视频游戏做模型这些应用场景也十分熟悉混合现实MR设备可以将二维扁平网络世界下的基础应用场景转化到更具可视性和可操作性的三维世界中这本身对于我们现有的生活方式是具有破坏性的我们期待混合现实设备以及应用生态能够在可见的未来颠覆我们的生产和生活方式混合现实将会带来巨大的增量市场根据国际数据公司IDC近几年虚拟现实设备的年销售量大约在1000万台左右我们预计混合现实设备未来的潜在需求与目前的虚拟现实设备相若在量产后混合现实设备的平均单价有望下降至高端iPhone的价格水平约人民币10000元综合考虑我们的销量预测与单价假设我们预计MR每年将带来约人民币1000亿元的增量市场规模初代混合现实供应链已经基本建立苹果的初代混合现实产品线立项至今已超过5年我们认为进入混合现实供应链的确定性比单机价值量弹性更为重要混合现实供应链中的关键参与者将迎来利好包括立讯精密002475SZ华兴源创688001SH兆威机电003021SZ杰普特688025SH催化剂混合现实产品发布以及预售开启风险混合现实产品发布延期混合现实产品竞争力以及销售表现不及预期行业报告有色金属行业双周报国内金属市场表现好于海外市场评级跑赢大市6-18m目标价na分析员郭勇报告日期2023-02-28报告摘要受国内经济复苏支撑国内金属价格表现好于海外金属价格美联储的紧缩货币政策可能会保持更长时间以抑制通胀这将影响基本金属的投资需求但是国内金属价格受到更强劲基本面的支撑因为经济复苏预计将带来更多金属需求需求复苏低于市场预期铝库存下降并不平稳云南的减产低于市场预期在需求方面铝加工企业在春节后复工缓慢且低于去年同期水平来自金融市场投资需求的支撑在减少铜价可能承压海外铜矿的生产仍然受到不可控因素的影响这将影响到全球的矿产供应金融投资者对铜的投资需求在下降这将减少对铜价的支撑随着更多地方支持房地产政策的发布和房地产交易数据的改善国内铜的消费需求在改善我们维持有色金属行业跑赢大市的投资评级我们推荐中国宏桥01378HK兴发铝业00098HK和紫金矿业02899HKSeethelastpagefordisclaimer6of8MorningResearchFocusResearchDepartment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-5orthefundamentaloutlookofthesectorisunfavorableDISCLOSURETableDISCLOSUREOFINTERESTSOFINTERESTS1TheAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthisResearchReport2TheAnalystsandtheirassociatesdonothaveanyfinancialinterestsinrelationtotheissuermentionedinthisResearchReport3ExceptforCHINAGRANDPHARMACEUTICALANDHEALTHCARE00512HKLUZHOUBANK01983HKSFREIT02191HKJINSHANGBANK02558HKBANKOFZHENGZHOU06196HKDONGGUANRURALCOMMERCIALBANK09889HKGuotaiJunananditsgroupcompaniesdonotholdequaltoormorethan1ofthemarketcapitalizationoftheissuermentionedinthisResearchReport4GuotaiJunananditsgroupcompanieshavehadinvestmentbankingrelationshipswithCOUNTRYGARDEN02007HKSINOTRANS-HSHARES00598HKCHOWTAIFOOKJEWELLERY01929HKCGNMEIYAPOWER01811HKCGNPOWER-HSHARES01816HKGOMEELECTRICALAPPLIANCES00493HKCHINAAOYUANPROPERTY03883HKSINOPECKANTONS00934HKCGNMINING01164HKCHINANONFERROUSMINING01258HKLEEMANPAPER02314HKJOYSPREADER06988HKVOBILEGROUP03738HKCHERVON02285HKKINGSOFT03888HKXIAOMICORPORATION01810HKALIBABA09988HKZGCTECLEASING01601HKAOYUANHEALTHYLIFEGROUP03662HKJDCOM09618HKCHINALESSO02128HKZHONGLIANGHOLDINGS02772HKLOGANGROUP03380HKZHENROPROPERTIES06158HKAGILEGROUP03383HKCIFIESSERVICE01995HKBANKOFGANSU02139HKHONGJIUFRUIT06689HK360DIGITECH-S03660HKGUANGZHOUAUTOMOBILE-HSHARES02238HKNWS00659HKCHINASOUTHCITY01668HKSIHUANPHARMACEUTICAL00460HKSINOPECENGINEERING-HSHARES02386HKGCLNEWENERGY00451HKNEWWORLDDEVELOPMENT00017HKCHINARISUNGROUP01907HKGEELYAUTOMOBILE00175HKCHINACONSTRUCTIONBANK-HSHARES00939HKBANKOFCOMMUNICATIONS-HSHARES03328HKCHINAMINSHENGBANKINGCORP-HSHARES01988HKTENCENT00700HKBINHAIINVESTMENT02886HKCHINAPETROLEUMCHEMICAL-HSHARES00386HKSENSETIME-W00020HKA-LIVING03319HKFINANCIALSTREETPROPERTY01502HKIRICOGROUPNEWENERGY00438HKCIFIHOLDINGSGROUP00884HKBIDU-SW09888HKKWGGROUP01813HKBILIBILI-SW09626HKCHINASUNTIEN00956HKJINKESERVICES09666HKJIANGSUEXPRESSWAY00177HKFOSUNINTL00656HKWEIGAOGROUP01066HKCHENMING01812HKSUNAC01918HKNAYUKI02150HKCARSGEN02171HKCHINAOVSPPT02669HKSMOORE06969HKXPENG09868HKYEAHKA09923HKPOPMART09992HKDFZQ-HSHARES03958HKWUXIAPPTEC02359HKBANKOFCHONGQING01963HKCITS01880HKYANZHOUCOAL01171HKSPC00338HKmentionedinthisResearchReportwithinthepreceding12months5GuotaiJunananditsgroupcompaniesaremakingorwillmakeamarketinthesecuritiesinrespectofLENOVO00992HKCHINAMOBILE-HSHARES00941HKHONGKONGEXCHANGESANDCLEARING00388HKGALAXYENTERTAINMENT00027HKGREATWALLMOTOR-HSHARES02333HKAIA01299HKSANDSCHINA01928HKCHINAAOYUANPROPERTY03883HKCHINATOWERCORPORATION-HSHARES00788HKXIAOMICORPORATION01810HKALIBABA09988HKNETEASE09999HKJDCOM09618HKSMIC00981HKALIBABAHEALTH00241HKLOGANGROUP03380HKBIDU-SW09888HKKUAISHOU-W01024HKXPENG09868HKCITICSEC-HSHARES06030HKAACTECHNOLOGIESHOLDINGS02018HKSUNNYOPTICALTECHNOLOGY02382HKSINOPHARMGROUP-HSHARES01099HKCNOOC00883HKWUXIBIOLOGICS02269HKMEITUAN-W03690HKGEELYAUTOMOBILE00175HKBYDCOMPANY-HSHARES01211HKCHINACONSTRUCTIONBANK-HSHARES00939HKINDUSTRIALANDCOMMERCIALBANKOFCHINA-HSHARES01398HKBOCHONGKONG02388HKBANKOFCHINA-HSHARES03988HKHSBC00005HKPINGANINSURANCE-HSHARES02318HKCHINALIFEINSURANCE-HSHARES02628HKTENCENT00700HKmentionedinthisResearchReport6GuotaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficerofanyissuersmentionedinthisResearchReportThereisnoofficerofanyissuersmentionedinthisResearchReportassociatedwithGuotaiJunananditsgroupcompaniesDISCLAIMERThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanGuotaiJunananditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunangroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunandoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunananditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdiction2023GuotaiJunanSecuritiesHongKongLimitedAllRightsReserved27FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongTel8522509-9118Fax8522509-7793WebsitewwwgtjaicomSeethelastpagefordisclaimer8of8