报告摘要
　　澳门2月博彩总收入为103.2亿澳门元，同比增长33.1%，高于彭博一致预期的30.0%增幅。2月博彩总收入环比下降10.8%，相当于2019年2月博彩总收入的41.9%。1月和2月累计博彩总收入同比增长57.6%，相当于2019年1月和2月累计博彩总收入的44.2%。
　　当新冠旅行限制取消后，行业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，我们认为行业被低估。
　　催化剂：1）新物业将在2023年2季度和3季度开业和扩张；2）VIP中介客户部分迁移至VIP直销；3）压抑三年博彩需求的释放；4）多余储蓄的释放。
　　我们推荐永利澳门（01128 HK）和金沙中国（01928 HK）。
　　风险：宏观经济复苏弱于预期；疫情反复。

研究报告全文：股票研究TableTitleEquityResearchResearchDepartmentMorningResearchFocus6March2023TableSummaryTableofContents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SectorReportFebruaryGamingGamingRevenueBeatUp331YoY--Outperform--NSectorExpectthePositiveMomentumtoContinue行业报告2月博彩收入超预期同比增博彩行业--跑赢大市--否331预期正面势头将持续证ResultsinLineWithOurChina告Tower00788HKExpectationsOutstandingTwoHK102--Accumulate--Y券WingsBusinessAccumulate研报业绩符合我们预期两翼业务表现亮中国铁塔00788HKHK102--收集--是眼收集究究PropertySectorReportExpectMoreSunlight--Outperform--N报Sector研AfteraSmallRevival告房地产行业行业报告小阳春之后期待更多暖阳跑赢大市否券----EquityResearchReport证TypeofReportTitleIssueDate报告类型标题宏观中国香港通关后房地产市场回暖了么2023年03月03日AppendicesChineseVersionoftheIndustryandCompanyFocusLatestReports后附行业和公司焦点最新报告摘要中文版HSIPerformanceHSCEIPerformance31000140002900012000270002500010000230002100080001900060001700015000400013000110002000Mar22Jun22Sep22Dec22Mar23Mar22Jun22Sep22Dec22Mar23SourceBloombergSourceBloombergSeethelastpagefordisclaimer1of8MorningResearchFocusPreviousIntradayHKmRMBmTradingDayChange百万港元百万人民币前一交易日单日涨跌HSIIndexDailyTurnoverMainlandChinaDailyTurnover2056754068105783482029恒生指数总成交额内地总成交额HSCEIIndexStockConnectNetInflowMarketCapSSE693962120225143637008国企指数互联互通净流入沪市市值HSTECHIndexMarketCapHKExMarketCapSZSE4211312063694910035494500科技指数港股市值深市市值资料来源国泰君安国际BloombergNotethemarketcapitalvalueofHKExSSESZSEandMainlandChinaDailyTurnoverwasrecordedasatMar02PleasesubscribetoourGTJAIResearchWechatsubscriptionaccountsPleasescantheQRcodesontheright-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NHGTJIndustryandCompanyFocusNil无Seethelastpagefordisclaimer2of8MorningResearchFocusTableTableFocusLatestLatestReportsSectorReportGamingSectorFebruaryGamingRevenueBeatUp331YoYExpectthePositiveMomentumtoContinueRatingOutperform6-18mTPnaAnalystNoahHudsonReportDate2023-03-03SummaryMacaosFebruarygrossgamingrevenueGGRwasMOP1032billionup331YoYhigherthanBloombergconsensusaverageestimateofa300increaseFebruaryGGRdecreased108MoMandwasequivalentto419ofFebruary2019GGRForJanuaryandFebruarycombinedGGRincreased576YoYandwasequivalentto442ofJanuaryandFebruary2019combinedGGRSectorsharepricesaresignificantlylowernowwhenCovidtravelrestrictionsaregonethaninMarch2021whenCovidwasragingandseverecross-bordertravelrestrictionswerestillinplaceNowwithCovidtravelcontrolsfullydismantledandMacaogamingrecoveryalreadyunderwaywethinkthesectorisundervaluedCatalysts1Openingandrampingupofnewpropertiesin2Q2023and3Q20232partialmigrationofVIPjunketcustomerstoVIPdirect3releaseofthreeyearsofpent-upgamingdemand4releaseofexcesssavingsWerecommendWynnMacau01128HKandSandsChina01928HKRisksMacroeconomicrecoverymaybeweakerthanexpectedpandemicresurgenceChinaTower00788HKResultsinLineWithOurExpectationsOutstandingTwoWingsBusinessAccumulateRatingAccumulate6-18mTPHK102AnalystGinYuReportDate2023-03-03SummaryWemaintainTPatHK102andmaintaintheCompanysinvestmentratingasAccumulateWeforecastFY23-FY25EPStobeRMB0053RMB0063RMB0075respectivelyConsideringthefast-growingTwoWingsbusinesswemaintaintheinvestmentratingasAccumulateChinaTowersFY22resultswereinlinewithourexpectationsRevenueincreasedby65yoyandshareholdersnetprofitincreasedby199yoyDuetodiscountsonexistingordersandrisingco-locationdiscountrateonnewordersaccordingtothenewserviceagreementsrevenueoftowerbusinesswillbenegativelyaffectedweexpecttowerbusinessrevenuetorecordaslightyoydeclinein2023Butduetostable5Gnetworkexpansionweexpectbusinesstorecoverslightyoygrowthin2024andthereafterWeexpectthegrowthrateofTwoWingsbusinesstoexceedmarketexpectationsCurrentlythenumberofsitesutilizedinsmarttowerbusinessonlyaccountedforasmallportionofthetotalnumberoftowersitesgiventhesupportfromdigitaldevelopmentpoliciesandhugemarketdemandfromverticalindustriesweexpectsmarttowerbusinesstofurtherexpandtomoreareasandgreaterdepthofbusinesscooperationInadditionsmarttowerbusinesswillcontinuetotransformfromsimplyprovidingsiteresourcestoprovidingcomprehensiveinformationservicesupgradingcommunicationtowersandcommunicationequipmentroomstodigitaltowersanddigitalequipmentroomswhichwillcontinuetoimprovevaluepersiteItsenergycompanyiscurrentlylistedintheSASACdouble-carbonreformenterpriselistUnderthebackgroundofthedouble-carbontargetbasedonitsownadvantagesitisexpectedtocontinuetoconsolidateitsleadingpositioninthebatteryexchangemarketandmeanwhileexpandthepowerbackupbusinessbasedonlocalizationadvantagesCatalystRisingdividendpayoutratiofaster-than-expectedgrowthofTwoWingsbusinessRiskwarningSlower-than-expectedgrowthofTwoWingsbusinessslower-than-expected5GconstructionSeethelastpagefordisclaimer3of8MorningResearchFocusSectorReportPropertySectorExpectMoreSunlightAfteraSmallRevivalRatingOutperform6-18mTPnaAnalystChunliZhanReportDate2023-03-03SummaryDevelopersFebsalescameoutasastrongbeatwithbothMoMandYoYgrowthCRICrecentlydisclosedFeb2023contractedsalesfordevelopersTheleading46developerswetrackedrecordedstrongreboundincontractedsalesperformancewith272MoMgrowthand106YoYgrowthinFeb2023Recentdatareinforcedourpreviousviewthatthepropertymarkethasembracedasmallrevivalwithearlyrecoveryofthepropertymarketinsomehigher-tiercitiesGoingforwardweexpectstrongerrecoveryinpropertysalesasmostoftheprojectsdisposedofbythedistresseddevelopersin2022especiallyinhigher-tiercitiesaregoingtolaunchin2Q2023Moreoverweexpecttoseemoresunlightontheroadtorecoveryconsidering1risinghouseholdsavingsand2moreeasingpoliciesfromtheTwoSessionsCSRCspilotprivateinvestmentschemewillaccelerateresidentialhomesalesanddeliveryOn20Feb2023CSRCannouncedanewpilotschemetoencourageprivateinvestmenttoflowintothepropertymarketnotonlyforsocialhousingprojectsbutalsoforexistingresidentialprojectsWebelievethepilotschemeislargelyinlinewithmarketexpectationthatthepolicywillremainsupportiveespeciallyinresolvingtheproblemofstalledprojectsandrevitalizingsomenon-performingprojectsheldbydevelopersThereforeweexpectthepilotprivateinvestmentschemetoacceleratehomesalesanddeliveryinthefutureWeexpectthatthediversifiedparticipantsinthemarketwillcontinuetosupportastableandhealthypropertyindustryWerecommendleadingnamesinthesectorwithqualitylandbankWebelievetherecoveryofcontractedsalesnationwidewillbenefittheleadingdeveloperswithqualitylandbankAmongthequalitynameswerecommendLongfor00960HKGemdale600383SHPolyDevelopment600048SHandVanke-H02202HKbasedontheirsolidoperationsandfinancialedgeRisks1Reopeningofup-frontfinancingincreasingtheindustrysleverage2deterioratinghomebuyingdemandChineseTranslation中文翻译TableFocuschi行业和公司焦点Nil无TableLatestchi最新报告行业报告博彩行业2月博彩收入超预期同比增331预期正面势头将持续评级跑赢大市6-18m目标价na分析员NoahHudson报告日期2023-03-03报告摘要澳门2月博彩总收入为1032亿澳门元同比增长331高于彭博一致预期的300增幅2月博彩总收入环比下降108相当于2019年2月博彩总收入的4191月和2月累计博彩总收入同比增长576相当于2019年1月和2月累计博彩总收入的442当新冠旅行限制取消后行业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行业被低估催化剂1新物业将在2023年2季度和3季度开业和扩张2VIP中介客户部分迁移至VIP直销3压抑三年博彩需Seethelastpagefordisclaimer4of8MorningResearchFocus求的释放4多余储蓄的释放我们推荐永利澳门01128HK和金沙中国01928HK风险宏观经济复苏弱于预期疫情反复中国铁塔00788HK业绩符合我们预期两翼业务表现亮眼收集评级收集6-18m目标价HK102分析员余劲同报告日期2023-03-03报告摘要我们维持102港元的目标价并维持公司收集的投资评级我们预测2023-2025财年的每股盈利为人民币005300630075元考虑到快速发展的两翼业务我们维持收集的投资评级中国铁塔2022财年业绩符合我们的预期收入同比增长65而股东净利润同比增长199根据新的服务协议现有订单的折扣和新订单的共享折扣率上升将对铁塔业务的收入产生负面影响我们预计2023年塔类业务收入将录得同比小幅下滑但由于5G网络扩张稳定我们预计该业务将在2024年及之后恢复小幅同比增长我们预计两翼业务的增速有望超出市场预期目前铁塔智联业务的站址数仅占塔类站址数的一小部分在数字中国规划等政策的支持和垂直行业巨大的市场需求下我们预计智联业务将进一步扩展到更多领域和更深度的业务合作此外智联业务将继续从单纯提供站址资源向提供综合信息服务转型将通信塔通信机房升级为数字塔数字机房持续提升单站价值旗下能源公司目前入选国资委双碳改革企业有望在双碳目标背景下立足自身优势继续巩固在换电市场的龙头地位同时发挥属地化优势拓展备电业务催化剂派息率的上升两翼业务增速快于市场预期风险提示两翼业务增速慢于预期5G建设慢于预期行业报告房地产行业小阳春之后期待更多暖阳评级跑赢大市6-18m目标价na分析员詹春立报告日期2023-03-03报告摘要开发商二月份销售数据显示超预期同时录得环比和同比的增长克而瑞近期披露了2023年2月份开发商的合约销售数据对于我们跟踪的主要46家开发商2023年2月份的销售数据出现反弹明显总的合约销售额录得了环比272增长以及同比106的增长近期的数据证实了我们之前的观点即楼市迎来小阳春部分高线城市的房地产市场率先有所复苏展望近期考虑到许多在2022年由出险房企处置的高线城市地产项目可能在今年二季度推出我们认为销售复苏可能会更为强烈另外我们认为还有两个因素也将继续推动楼市回暖1较高的居民储蓄以及2来自两会更多关于房地产放松政策的声音证监会启动不动产私募投资基金试点将进一步推动住宅销售和交付2023年2月20日证监会公布不动产私募基金试点推动私募资金流向房地产市场范围不仅是保障性住房也包括存量商品住宅我们认为此次试点推行大致符合市场预期即在解决停滞项目以及盘活不良资产上面政策一直保持积极的势态因此我们认为此次不动产私募基金试点将进一步推动商品住宅未来的销售和交付我们相信市场参与者机构的多样变化也将是继续推动房地产市场稳定健康发展的重要一环我们推荐行业中土储优质的领先房地产企业我们认为近期全国范围内地产销售的复苏势态将有利于行业中拥有优质土储的龙头房企在优质房企中考虑到稳健的运营和财务上的优势我们推荐龙湖集团00960HK金地集团600383SH保利发展600048SH和万科企业02202HK风险1重新放开前融行业杠杆上行以及2购房需求下行Seethelastpagefordisclaimer5of8MorningResearchFocus中国香港通关后房地产市场回暖了么宏观组周浩孙英超报告日期2023-03-03报告摘要随着边境的重新开放中国香港的经济开始重新启航香港政府统计处2023年3月2日公布的数据显示2023年1月香港零售销售额同比跃升70环比大幅提升59个百分点高于市场预期值45中国香港政府2023年财政预算方案近日公布这是两地通关政策调整后的第一份财政预算在中国今年经济发展预期大幅上修的情况下市场对该方案给予了相当的关注期望该方案能够随着外界环境的改善推动香港经济快速复苏最新的预算案也调降了购买住宅或非住宅的印花税调整后售价低于1008万港元的房屋交易印花税会有不同程度的降低这项政策将惠及绝大多数的购房者香港逐步通关后市场非常关心房地产市场是否出现回暖由于房地产的相关成交数据往往比较滞后我们通过实地探访后发现千万级别的刚需房市场出现明显企稳回升的迹象与此同时租房市场开始呈现活跃迹象但租金尚未出现明显抬升然而贷款利率的提高也在一定程度上压抑了买房者的热情总体而言伴随着内地经济的进一步回升香港房地产市场的成交量有望进一步走高由于港币的融资主要集中在房地产领域房地产市场的回暖不仅有利于香港经济也有利于改善港币的供求关系并最终助推港币汇率需要指出的是由于我们采取的是现场调查和访谈的方式相关数据可能会存在一定的偏差Seethelastpagefordisclaimer6of8MorningResearchFocusResearchDepartment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-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-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunananditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdiction2023GuotaiJunanSecuritiesHongKongLimitedAllRightsReserved27FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongTel8522509-9118Fax8522509-7793WebsitewwwgtjaicomSeethelastpagefordisclaimer8of8