研究报告全文：股票研Research究TableTitleEquityResearchDepartmentMorningResearchFocus3March2023TableSummaryTableofContents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FlashNoteH-SharePlacementtoChinaVanke02202HKHK2490--Buy--NFurtherEnhanceOffshoreFund万科企业02202HK快讯H股配股进一步增强境外资金HK2490--买入--否FlashNoteMinistryofFinanceTheConstructionGovernmentWillActivelyLooktoEngineering--Outperform--N证ExpandConstructionInvestmentinSector告StrategicAreas券快讯财政部政府将积极扩大重点领研建筑工程行业报--跑赢大市--否域的建设投资究究TypeofReportTitle研IssueDate报报告类型标题告MacroNothingCanStopChinaEmbracing6Growth2March2023券EquityResearchReportMarketStrategyBargainHuntingDuringHongKongEquityMarketLateSpringColdPeriod2March2023证AppendicesChineseVersionoftheIndustryandCompanyFocusLatestReports后附行业和公司焦点最新报告摘要中文版HSIPerformanceHSCEIPerformance31000140002900012000270002500010000230002100080001900060001700015000400013000110002000Mar22Jun22Sep22Dec22Mar23Mar22Jun22Sep22Dec22Mar23SourceBloombergSourceBloombergSeethelastpagefordisclaimer1of9MorningResearchFocusPreviousIntradayHKmRMBmTradingDayChange百万港元百万人民币前一交易日单日涨跌HSIIndexDailyTurnoverMainlandChinaDailyTurnover2042946-092110508392080恒生指数总成交额内地总成交额HSCEIIndexStockConnectNetInflowMarketCapSSE685720-083731143637008国企指数互联互通净流入沪市市值HSTECHIndexMarketCapHKExMarketCapSZSE412631-1423723650035680200科技指数港股市值深市市值资料来源国泰君安国际BloombergNotethemarketcapitalvalueofHKExSSESZSEandMainlandChinaDailyTurnoverwasrecordedasatMar01PleasesubscribetoourGTJAIResearchWechatsubscriptionaccountsPleasescantheQRcodesontheright-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TableLatestLatestReportsFlashNoteChinaVanke02202HKH-SharePlacementtoFurtherEnhanceOffshoreFundRatingBuy6-18mTPHK2490AnalystChunliZhanReportDate2023-03-02SummaryTheH-shareplacementwillhelpfurthereaseoffshoredebtpressureOn2Mar2023morningChinaVankeVanke-HortheCompanyannouncedanH-shareplacementtoissue300millionnewHsharesatthepriceofHK1305pershareThenewsharesaccountfor1360oftheHsharesand251ofthetotalsharesaftertheplacementThroughtheshareplacementVanke-HisexpectedtoraisefundsataroundHK390bnAccordingtotheannouncement60oftheraisedfundsaroundHK234bnwillbeusedtorepaytheexistingoffshoredebtsandtheremaining40aroundHK156bnwillbeusedforoperationalpurposesInadditiontheCompanydisclosedthattheraisedfundswillnotbeusedforlandpurchaseinmainlandChinaWebelievethisH-shareplacementwillfurtherenhancetheCompanysoffshorefundpoolandwilldirectlyeasetheCompanysoffshoredebtpressureintheneartermincludingUS971mnbonddueinApr2023andUS650mnbonddueinMay2023UnliketheH-shareplacementthepreviouslyannouncedA-shareprivateplacementplanneedsmoretimetocompleteTheCompanyalreadyannouncedtheprivateplacementplanforAshareson12Feb2023withtotalamountcappedatRMB15bnwhichwasthelargestfundraisingamountsince2016forA-share-listeddevelopersUnliketheH-shareplacementmainlyforrefinancingtheprivateplacementplanofAsharesshowedtheCompanyscontinuouswillingnesstoleveragepolicysupportforbusinessexpansionAccordingtotheprivateplacementplanRMB105bnfromtheraisedfundswillbeusedfor11projectsalllocatedinhigher-tiercitiesandtheremainingRMB45bnwillusedtoreplenishworkingcapitalThelaunchoftheprivateplacementindicatedthattheCompanyisleveragingitsfinancialedgeforfurthersolidexpansionInvestmentsuggestionAccordingtoChinaRealEstateInformationCorporationCRICVanke-HrecordedsolidcontractedsalesinFeb2023with02MoMgrowthThetotalcontractedsalesamountreachedRMB573bnduringthefirsttwomonthswhichrankedsecondinthesalesleagueofmainlanddevelopersWebelieveboththeCompanysH-shareplacementandA-shareprivateplacementplandemonstratedthattheCompanyhassmoothfinancingchannelsforfurtherexpansionWealsobelieveVanke-Hwillbeonebeneficiaryfortheearlyrecoveryofthepropertymarketinhither-tiercitiesWemaintainour2022E2023E2024EEPSforecastsatRMB2204RMB2320RMB2391WemaintainBuyratingontheCompanyOurtargetpriceisHK2490implying98x2023FunderlyingPERFlashNoteConstructionEngineeringSectorMinistryofFinanceTheGovernmentWillActivelyLooktoExpandConstructionInvestmentinStrategicAreasRatingOutperform6-18mTPnaAnalystGaryWongReportDate2023-03-02SummaryOnMarch12023MrXuHongcaiViceMinisterofFinancesaidatthepressconferenceorganizedbytheStateCouncilInformationOfficethatthescaleofspecialbondswillbereasonablyarrangedthisyeartoensurethatgovernmentinvestmentwillnotdecreasetheproactivefiscalpolicymustbestrengthenedtoimproveefficiencyOnthebasisofcontinuingtosupportingprojectconstructionin11existingfieldsTransportationinfrastructureenergyagricultureforestryandwaterconservancyecologicalenvironmentalprotectionsocialundertakingsurbanandruralcoldchainandotherlogisticsinfrastructuremunicipalandindustrialparkinfrastructuremajornationalstrategicprojectsaffordablehousingprojectsnewinfrastructurenewenergyprojectsthegovernmentwillappropriatelyexpandthescopeofSeethelastpagefordisclaimer3of9MorningResearchFocusfieldsofprojectsthatcanbesupportedandthescopeofcapitalusageandcontinuetostrengthentheconstructionofkeyprojectsAccordingtothestatisticsofmysteelnetasofFebruary212023theresumptionrateof12220constructionengineeringprojectsacrossChinawas861aWoWincreaseof96pptsaYoYincreaseof57pptsintermsofthelunarcalendaryearlaborarrivalratewas839aWoWincreaseof157pptsaYoYincreaseof28pptsintermsofthelunarcalendaryearFromtheperspectiveofprojecttypestheresumptionrateofinfrastructureconstructionprojectswas873aYoYincreaseof41pptsthemunicipalresumptionratewas882aYoYincreaseof41pptsthehousingconstructionresumptionratewas841aYoYincreaseof31pptsmarginalimprovementswereobviousAccordingtostatisticsfromtheNationalBureauofStatisticsofChinathebusinessactivityindexoftheconstructionindustryinFebruarywas602anincreaseof38pointsfromJanuarytheneworderindexoftheconstructionindustrywas621anincreaseof47pointsfromJanuaryshowingthatmarketdemandcontinuedtopickupWethinkthatwiththegovernmentsstrongwillingnesstoactivelyexpandinvestmenttostabilizetheeconomyandrecoveryinfiscalrevenueforlocalgovernmentsprovidingfinancialsupportthefull-yeargrowthrateofinfrastructureinvestmentcanremainat7-10OnFebruary24thePeoplesBankofChinaandtheChinaBankingandInsuranceRegulatoryCommissiondraftedtheOpinionsonFinancialSupportfortheDevelopmentoftheHousingLeasingMarketDraftforCommentputtingforward17opinionstocultivateanddevelopthehousingleasingmarketandpromotethestableandhealthydevelopmentoftherealestatemarketThiswillprovidefinancialsupportfortheconstruction-in-progressandcompletionofhousingprojectsInadditionaccordingtodatafromChinaRealEstateInformationCorporationCRICthesalesofrealestateenterprisesinFebruaryimprovedmorethanexpectedespeciallyforcentralstate-ownedenterprisesThetop50realestatecompaniesachievedsalesofRMB3213billionanincreaseof289YoYandareboundof554pptsfromJanuaryAmongthemthesalesgrowthrateofprivateenterprisesreboundedby300pptsfromJanuaryreaching-179Thegrowthrateofstate-ownedenterprisesrosesharplyby510pptsfromJanuaryreaching714Thegrowthrateofcentralenterprisesrosesharplyby1326pptsfromJanuaryreaching1282Realestate-relatedconstructioncentralenterprisesbenefitedfromtheacceleratedinvestmentinconstruction-in-progressandcompletionandtherealestatedevelopmentbusinessrevenueandprofitswillincreasesignificantlyTheresultsofthoseenterprisesforthisyearmayexceedexpectationsWemainlyrecommendcompaniesthatbenefitfromthethemesofacceleratedinvestmentinhousingconstructionandcompletionexpectedsignificantincreaseinrealestatedevelopmentbusinessperformancecontinuedpushininfrastructureinvestmentnewopportunitiesalongtheBeltandRoadbenefitfromstate-ownedenterprisereformandlowvaluationincludingChinaRailwayGroup00390HKtargetpriceHK760ratingBuyChinaRailwayConstruction01186HKtargetpriceHK810ratingBuyChinaCommunicationsConstruction01800HKtargetpriceHK520ratingAccumulateWealsorecommendcompaniesbenefitingfromthethemesofrealestatesectorrecoveryandcontinuedpushininfrastructureinvestmentespeciallywithMiCexposureincludingChinaStateConstructionInternational03311HKtargetpriceHK1586ratingBuyChinaStateConstructionDevelopment00830HKtargetpriceHK266ratingBuyandBroadHomes02163HKtargetpriceHK850ratingAccumulateReiterateOutperformratingforthesectorRiskwarning1Governmentinfrastructurespendingmaybelowerthanexpected2possibleinflationexceedingexpectationsmaycausepolicytightening3worldwidepandemicsituationmightseefluctuationNothingCanStopChinaEmbracing6GrowthMacroTeamHaoZhouReportDate2023-03-02SummaryThestrongreboundofChinasPMIfigureshasclearedconcernscloudingChinaseconomicrecoverysuggestingthattheeconomyremainedonsolidfootingatthebeginningoftheyearNotablytheofficialmanufacturingPMIhitthehighestlevelin10yearspointingtosolidmomentumaftertheChineseNewYearInthemeantimetheprivateCaixinmanufacturingPMIalsotouchedthehighestlevelsincemid-2022WhileweneedtointerpretthesestrongnumberswithcautionastheremightbesignificantseasonalandeventfactorstheoverallrecoverytrendremainsvalidlargelysuggestingthatCovidwillnolongerweighontheeconomyWhilewestillneedmoredatatogaugethestrengthoftheeconomicgrowththeupsidesurprisefromthePMInumberssuggeststhatrecoveryremainsthethemefortheChineseeconomyPropertysaleswillbethekeyareathatinvestorswillSeethelastpagefordisclaimer4of9MorningResearchFocuspayspecialattentiontoastherearegreenshootsvisibleinthehigh-frequencydataAlltoldthedecentPMIreadingsprovideapositivenotefortheupcomingNationalPeoplesCongressWeexpectthegovernmenttorolloutfurthersupportivepoliciestocementeconomicrecoveryTheremightbesomeupsidesurpriseonthefiscalfrontasthenewgovernmentwillattempttodelivermorethanexpectedinthefirstyearofendorsementThereforewemaintainourentireyearGDPforecastat54andreinforcethatunderthebullcasetheChineseeconomywillgrowmorethan6MarketStrategy-BargainHuntingDuringHongKongEquityMarketLateSpringColdPeriodAnalystAndyHuangReportDate2023-03-02SummaryInrecentyearstheHongKongstockmarkethasfacedvariousunfavorablefactorsaroundmid-FebruarylikethelatespringcoldperiodWefindthatthedurationofmarketthelatespringcoldisaround1monthorroughly25tradingdaysDuringandaftertheretreatperiodin20202021and2022someindustrieswouldexperiencedeclineandreboundafterWefoundthat1ifthelatespringcoldimpactedsectorfundamentalsbuyingsectorswithabigdeclineintheHongKongequitymarketisnotthebeststrategyInthiscasetheHangSengIndexandmostsectorsgenerallyreboundslowlyanddonotrecoverimmediatelyafterthelatespringcoldsuchsectorsincludeautomobilesandconsumerelectronicssectorsthatarediscretionaryspendingindustriesSectorsinsensitivetothemacroeconomysuchasconsumerstaplestelecomswouldrecoverthefastest2TheoversoldreboundstrategyiseffectiveifthelatespringcoldiscausedbyoverseasliquidityorgeopoliticaleventsandtheHongKongstockmarketandmostsectorswouldreboundquicklyThemostobviousreboundhasbeeninthepharmaceuticalsectorwhichhasthehighestcorrelationofmarketliquidityabletorecoverclosetoorevenmorethanthepreviousdecline3NotedthatsomesectorindexeshitduringthelatespringcoldreboundquicklyandevenreachhigherthankstotheirstrongfundamentalsincludingsectorssuchastelecomservicesandenergysectorsduringtheRussiaandUkraineconflictperiodInthecurrentlatespringcoldperiodwerecommendedhigh-dividendstrategiesandsectorssuchastelecomservicesfinanceandutilitiesTheendingsignalsofthelatespringcoldare1whentheHangSengIndexfallstoaround19000-20000wherewethinkisthelowerboundaryofareasonablevaluation2the10-yearUSTreasuryyieldupperboundaryof40to43andtheChineseyuannear70againstUSDmeaningthattheshort-termcontractionperiodfromoverseasliquiditymaybeoverInthemeantimewerecommendtobargainhuntonsectorswithlargerreboundpotentialinthefutureThesesectorsare1liquidity-sensitivesectorsweexpectthattheliquidity-sensitivesectorssuchaspharmaceuticalssemiconductorandhardwarewillreboundsignificantly2Sectorsnearthebottomoftheirbusinesscyclesemiconductorhardwareandothersectorindexeshavelowvaluationcurrentlyandmaybeclosetothebottomofthebusinesscycle3AdversityreversesectorstherearesignsofrecoveryforthepropertysectorpolicysupportforpropertysectorinthefutureisworththewaitWerecommendpropertyfinanceandmaterialssectors4SectorsexperiencingaretreatwhiletheirfundamentalsremainstrongRiskFactors1TheUSFederalReservemaytightenitspolicymorethanmarketexpectation2uncertaintiesinChina-USrelationsChineseTranslation中文翻译行业和公司焦点TableFocuschiNil无TableLatestchiSeethelastpagefordisclaimer5of9MorningResearchFocus最新报告快讯万科企业02202HKH股配股进一步增强境外资金评级买入6-18m目标价HK2490分析员詹春立报告日期2023-03-02报告摘要H股配股将有助于进一步缓解境外债的到期压力2023年3月2日早上万科企业万科H或公司宣布了配售H股的公告将配售3亿股新股H股每股的配售价为1305港元配售完成之后新的配售股份分别占已发行H股的1360以及占所有发行股份的251通过此次配售万科H总共预计将募得资金390亿港元根据配售协议此次募集资金的60约234亿港元将用于偿还现有的境外债务剩下的40约156亿港元将会用于公司的一般运营用途另外公司还披露了此次募集的资金将不会用于获取境内新增开发项目我们相信此次H股的配售将进一步增强公司境外资金池并且会直接缓解公司即将到来的境外债务偿还压力目前公司的境外债中有一笔本金为971亿美元的债券2023年4月到期以及一笔本金为650亿美元的债券2023年5月到期与H股配售不同公司之前宣布的A股非公开发行股票方案可能需要较长时间完成公司在2023年2月12日已经公布了非公开发行A股的预案募集资金总额为不超过人民币150亿元这是自2016年以来A股上市房企最大的一笔股权融资金额与此次H股配售主要用于债务偿还不同A股的非公开发行方案显示公司的主要目的是利用政策上的支持继续扩大业务根据非公开发行预案其中约人民币105亿元募集资金将用于投资11个地产项目所有项目都在高线城市另外剩下的人民币45亿元将用作补充运营资金非公开股票发行方案显示了公司将利用财务融资优势继续稳健增长的决心投资建议根据克而瑞数据万科H在2023年2月录得坚实的销售数据环比有02的增长2023年1-2月总的合约销售额达到人民币573亿元在所有内房中排名第二位我们认为公司的H股配股以及A股非公开发行方案都显示了公司有畅通的融资渠道以继续扩大业务我们相信在高线城市销售率先复苏背景下万科H也将持续受益我们维持2022-2024年的每股盈利预测分别为人民币220423202391元每股我们维持公司买入评级我们的目标价为2490港元对应2023年98倍的核心市盈率快讯建筑工程行业财政部政府将积极扩大重点领域的建设投资评级跑赢大市6-18m目标价na分析员黄家玮报告日期2023-03-02报告摘要2023年3月1日财政部副部长许宏才在国新办的新闻发布会表示今年将合理安排专项债券规模确保政府投资力度不减积极的财政政策要加力提效将在重点支持现有11个领域项目交通基础设施能源农林水利生态环保社会事业城乡冷链等物流基础设施市政和产业园区基础设施国家重大战略项目保障性安居工程新型基础设施新能源项目建设基础上适量扩大资金投向领域和用作项目资本金范围持续加力重点项目建设根据百年建筑网的统计截至2023年2月21日全国12220个工程项目开复工率为861周环比升96个百分点农历同比升57个百分点劳务到位率839周环比升157个百分点农历同比升28个百分点从项目类型看基建开复工率873同比升41个百分点市政开复工率882同比升41个百分点房建开复工率841同比提升31个百分点边际改善明显根据中国统计局的数据2月建筑业商务活动指数为602比1月升38个百分点建筑业新订单指数为621比1月升47个百分点市场需求继续回暖我们认为在政府积极扩大投资以稳定经济的强烈意愿下叠加地方政府财政收入回暖可提供资金支持全年基建投资增速将维持在7-102月24日中国人民银行中国银保监会起草了关于金融支持住房租赁市场发展的意见征求意见稿提出十七条意见以培育及发展住房租赁市场促进房地产市场平稳健康发展将为房建项目的施工端和竣工端提供资金支持此外根据克而瑞的数据2月房企销售改善超预期央国企尤其明显TOP50房企实现销售人民币3213亿元同比增长289较1月回升554个百分点其中民企销售增速较1月回升300个百分点达到-179国企增速较1月大幅回升510个百分点达到714央企增速较1月大幅回升1326个百分点达到1282涉房建筑央企受惠于施工及竣工端投资加快房地产开发业务收入及利润将大幅提升相关企业今年的业绩或超预期我们重点推荐受益于房建施工及竣工端投资加快叠加房地产开发业务业绩预计将大幅增长基建投资持续发力一带一路Seethelastpagefordisclaimer6of9MorningResearchFocus沿线新机遇国有企业改革和低估值等主题的公司包括中国中铁00390HK目标价760港元评级买入中国铁建01186HK目标价810港元评级买入中国交通建设01800HK目标价520港元评级收集我们同时推荐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港元评级买入中国建筑兴业00830HK目标价266港元评级买入及远大住工02163HK目标价850港元评级收集重申行业跑赢大市评级风险提示1政府基础设施支出可能低于预期2通胀可能超预期导致政策收紧3世界各地的疫情可能会出现波动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-HSHARES01816HKGOMEELECTRICALAPPLIANCES00493HKCHINAAOYUANPROPERTY03883HKSENSETIME-W00020HKXIAOMICORPORATION01810HKALIBABA09988HKZGCTECLEASING01601HKAOYUANHEALTHYLIFEGROUP03662HKJDCOM09618HKCHINALESSO02128HKZHONGLIANGHOLDINGS02772HKLOGANGROUP03380HKZHENROPROPERTIES06158HKAGILEGROUP03383HKCIFIESSERVICE01995HKBANKOFGANSU02139HKA-LIVING03319HKFINANCIALSTREETPROPERTY01502HKIRICOGROUPNEWENERGY00438HKCIFIHOLDINGSGROUP00884HKBIDU-SW09888HKKWGGROUP01813HKBILIBILI-SW09626HKCHINASUNTIEN00956HKJINKESERVICES09666HKFOSUNINTL00656HKWEIGAOGROUP01066HKCHENMING01812HKSUNAC01918HKNAYUKI02150HKCARSGEN02171HKCHINAOVSPPT02669HKSMOORE06969HKXPENG09868HKYEAHKA09923HKPOPMART09992HKDFZQ-HSHARES03958HKWUXIAPPTEC02359HKCITS01880HKYANZHOUCOAL01171HKSPC00338HKHONGJIUFRUIT06689HK360DIGITECH-S03660HKGUANGZHOUAUTOMOBILE-HSHARES02238HKGEELYAUTOMOBILE00175HKCHINACONSTRUCTIONBANK-HSHARES00939HKBANKOFCOMMUNICATIONS-HSHARES03328HKCHINAMINSHENGBANKINGCORP-HSHARES01988HKTENCENT00700HKBINHAIINVESTMENT02886HKCHINAPETROLEUMCHEMICAL-HSHARES00386HKNWS00659HKCHINASOUTHCITY01668HKSIHUANPHARMACEUTICAL00460HKSINOPECENGINEERING-HSHARES02386HKGCLNEWENERGY00451HKNEWWORLDDEVELOPMENT00017HKCHINARISUNGROUP01907HKJIANGSUEXPRESSWAY00177HKSINOPECKANTONS00934HKCGNMINING01164HKCHINANONFERROUSMINING01258HKLEEMANPAPER02314HKJOYSPREADER06988HKVOBILEGROUP03738HKCHERVON02285HKKINGSOFT03888HKmentionedinthisResearchReportwithinthepreceding12months5GuotaiJunananditsgroupcompaniesaremakingorwillmakeamarketinthesecuritiesinrespectofGREATWALLMOTOR-HSHARES02333HKAIA01299HKSANDSCHINA01928HKCHINAAOYUANPROPERTY03883HKCHINATOWERCORPORATION-HSHARES00788HKXIAOMICORPORATION01810HKALIBABA09988HKNETEASE09999HKJDCOM09618HKSMIC00981HKALIBABAHEALTH00241HKLOGANGROUP03380HKBIDU-SW09888HKKUAISHOU-W01024HKXPENG09868HKCITICSEC-HSHARES06030HKAACTECHNOLOGIESHOLDINGS02018HKGEELYAUTOMOBILE00175HKBYDCOMPANY-HSHARES01211HKCHINACONSTRUCTIONBANK-HSHARES00939HKINDUSTRIALANDCOMMERCIALBANKOFCHINA-HSHARES01398HKBOCHONGKONG02388HKBANKOFCHINA-HSHARES03988HKHSBC00005HKPINGANINSURANCE-HSHARES02318HKCHINALIFEINSURANCE-HSHARES02628HKTENCENT00700HKSUNNYOPTICALTECHNOLOGY02382HKSINOPHARMGROUP-HSHARES01099HKWUXIBIOLOGICS02269HKMEITUAN-W03690HKCNOOC00883HKLENOVO00992HKCHINAMOBILE-HSHARES00941HKHONGKONGEXCHANGESANDCLEARING00388HKGALAXYENTERTAINMENT00027HKmentionedinthisResearchReport6GuotaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficerofanyissuersmentionedinthisResearchReportThereisnoofficerofanyissuersmentionedinthisResearchReportassociatedwithGuotaiJunananditsgroupcompaniesDISCLAIMERThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanGuotaiJunananditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunangroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunandoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunananditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdiction2023GuotaiJunanSecuritiesHongKongLimitedAllRightsReserved27FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongTel8522509-9118Fax8522509-7793WebsitewwwgtjaicomSeethelastpagefordisclaimer9of9