报告摘要
　　国资委启动国有企业对标世界一流企业价值创造行动，关注以电信运营商为代表的国有企业价值重估。会议强调，国企要突出效益效率，加快转变发展方式，聚焦全员劳动生产率、净资产收益率、经济增加值率等指标，有针对性地抓好提质增效稳增长，切实提高资产回报水平；突出产业优化升级，加快布局价值创造的新领域新赛道，一手抓加快战略性新兴产业布局，一手抓加快传统产业转型升级，更好推进新型工业化；突出服务大局，积极对接区域重大战略和区域协调发展战略，巩固在关系国家安全和国民经济命脉重要行业领域的控制地位，提升对公共服务体系的保障能力，高质量参建“一带一路”，进一步强化战略支撑作用。通信领域的国有企业集中于运营商、设备商、数据中心等领域，我们建议重点关注以电信运营商为代表的国有企业价值重估机会。
　　中共中央、国务院印发了《数字中国建设整体布局规划》。关注规划下的两大领域：数字基建和数字资源。1）数字基建层面网络、算力层面有望深度受益。我们建议关注主设备、光纤光缆、光模块、配套设备、IDC等产业。2）数据资源层面，年初以来各级政策对数据要素的推进加速已见端倪，当前更加细化的技术落地正在展开。其中对于数据采集、确权是首要工作；电信运营商将在此占据极为重要的主导位置。
　　我们给予行业“跑赢大市”评级。推荐中国移动(00941 HK)、中国电信(00728 HK)、中国联通(00762 HK)、中兴通讯(00763HK)和比亚迪电子(00285 HK)。
　　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、创新性业务应用发展或不及预期。

研究报告全文：股票研究TableTitleEquityResearchResearchDepartmentMorningResearchFocus7March2023TableSummaryTableofContents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EnergySectorReportPowerWeeklyOperationsDecarbonisationEnergySecurity--Outperform--NSectorRemaintheFocalPoint行业报告能源运营周报减碳与保供仍能源运营行业--跑赢大市--否是关键SectorReportWeeklyWrapSASAC证TelecommunicLaunchedtheValueCreationAction--Outperform--Nations告SectorofSOEstoBenchmarkAgainst券World-ClassEnterprises研报行业报告周报国资委启动国企对标世通信行业--跑赢大市--否界一流企业价值创造行动究究报研TypeofReportTitleIssueDate报告类型标题告券MacroChinaShouldWeWorryAboutaLowerGrowthTargetfor202306March2023EquityResearchReport证AppendicesChineseVersionoftheIndustryandCompanyFocusLatestReports后附行业和公司焦点最新报告摘要中文版HSIPerformanceHSCEIPerformance31000140002900012000270002500010000230002100080001900060001700015000400013000110002000Mar22Jun22Sep22Dec22Mar23Mar22Jun22Sep22Dec22Mar23SourceBloombergSourceBloombergSeethelastpagefordisclaimer1of7MorningResearchFocusPreviousIntradayHKmRMBmTradingDayChange百万港元百万人民币前一交易日单日涨跌HSIIndexDailyTurnoverMainlandChinaDailyTurnover2060319017109084520704恒生指数总成交额内地总成交额HSCEIIndexStockConnectNetInflowMarketCapSSE693750-003227443889860国企指数互联互通净流入沪市市值HSTECHIndexMarketCapHKExMarketCapSZSE417725-0813729680035491200科技指数港股市值深市市值资料来源国泰君安国际BloombergNotethemarketcapitalvalueofHKExSSESZSEandMainlandChinaDailyTurnoverwasrecordedasatMar03PleasesubscribetoourGTJAIResearchWechatsubscriptionaccountsPleasescantheQRcodesontheright-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NHGTJSeethelastpagefordisclaimer2of7MorningResearchFocusIndustryTableFocusandCompanyFocusNil无TableLatestLatestReportsSectorReportEnergyOperationsSectorPowerWeeklyDecarbonisationEnergySecurityRemaintheFocalPointRatingOutperform6-18mTPnaAnalystPeterShaoReportDate2023-03-06SummaryDecarbonisationandreliabilityremainthefocalpointofChinasenergypolicyconsiderationswhileabetterpricingmechanismforcoal-firedpowerisindispensabletomeetingthesetwopillarsoftheenergytrilemmaPerChinas2023GovernmentWorkReportreleasedlastSundaytheChinesegovernmentremainsdedicatedindeliveringongoingreductioninenergyintensitymeanwhilestrengtheningtheexplorationandproductionofmajorenergyandmineralresourcestoensureenergysecurityremainsoneofthekeytasksofthegovernmentTheworkreportimpliesthatdecarbonisationandenergysecurityremainthefocalpointofChinasenergypolicyconsiderationswhilepolicyconcernsonaffordabilityhavenotbeenexacerbatedinourviewWhileweexpectChinatocontinueresortingtoadministrativemeasurestoboostcoalproductioncapacityandmanagecoalpriceswenowseeupsideinthepolicysupportforthedevelopmentofamoremarket-orientedcoal-firedpowerpricingmechanismwhichisnotonlyanindispensablepartofafundamentallytransformedpowersystembutalsokeytothelessdisruptivedeliveryofsuchtransformationThisisbecauseamarket-orientedpricingmechanismcanbetteridentifytheevolvingroleofcoal-firedpowerasrequiredbyChinaspowersystemtransformationiefromadominantsourceofpowersupplytoamajorregulatingandbackuppowersourceThepotentialreasonsbehindtheemergenceoflowtariffsduringrecentoffshorewindauctionsAnumberofcasesregardinglowbiddingtariffsforoffshorewindprojectshaveemergedsince2022Morerecentlyon3Mar2023theShanghaigovernmentreleasedthebiddingresultsforthe800MWoffshorewindprojectinHangzhouBayaccordingtoareportbyFengmangEnergy风芒能源公众号theexpertpaneloftheauctionrecommendedbidderswithabiddingtariffbetweenRMB207-245MWhsignificantlylowerthanthebenchmarktariffsetatRMB4155MWhFromastaticpointofviewassumingsuchatariffrangeaverageutilisationof3600hoursyearandconstructioncostbetweenRMB9000-12000KWourA-shareutilitiesteamestimatesthattheIRRofanoffshorewindprojectcouldstillreachpositiveterritoryupto57Fromadynamicpointofviewhoweverthereturnprofilewouldlookmoreattractivesincethereisupsideassociatedwith1highertariffsrealisedthroughgreenpowertradingand2theongoingcostreductionforoffshorewindprojectsStockperformancelastweek27Feb-3MarExceptforXinyiEnergy00386HKanddiversifiedutilitiesieCLP00002HKandPAH00006HKallourselectedthermalandrenewablesIPPsregainedtheirpricelossfromthepriorweekwithCPID02380HKbeingthemostelasticasusual88wowInvestmentsuggestionWemaintainOutperformforthesectoronthegrowthopportunitiesbroughtbyChinaspowersystemtransformationforboththermalandrenewablesIPPSAmongthermalIPPsundertransformationwerecommendCPID02380HKBuyTPHK490whichhasthemostambitiouslow-carbontransformationplancomparedwithpeersamongrenewablesIPPswerecommendDTR01798HKBuyTPHK334asthecompanyison-tracktobreakthroughthegrowthconstraintsthathavelongweighedonvaluationMajorrisksDelayinnewenergyprojectroll-outsoaringcoalpriceshigher-than-expectedrawmaterialcostslower-than-expectedpowerdemandunfavourablechangesinregulationsandpoliciesforIPPsandextremeweatherconditionsSeethelastpagefordisclaimer3of7MorningResearchFocusSectorReportTelecommunicationsSectorWeeklyWrapSASACLaunchedtheValueCreationActionofSOEstoBenchmarkAgainstWorld-ClassEnterprisesRatingOutperform6-18mTPnaAnalystGinYuReportDate2023-03-06SummaryTheSASAClaunchedthevaluecreationactionofstate-ownedenterprisesSOEstobenchmarkagainstworld-classenterprisespayingattentiontotherevaluationofSOEsrepresentedbytelecomoperatorsThemeetingemphasizedthatitisnecessaryforSOEstohighlightbenefitsandefficiencyandacceleratethetransformationofdevelopmentmethodsaswellasfocusonindicatorssuchastotallaborproductivityROEandeconomicvalue-addedrateandfocusonimprovingqualityincreasingefficiencystabilizinggrowthandeffectivelyimprovingthereturnonassetsSOEsshouldhighlightindustrialoptimizationandupgradingacceleratethelayoutofnewfieldsandnewtracksforvaluecreationacceleratethelayoutofstrategicemergingindustriesontheonehandandacceleratethetransformationandupgradingoftraditionalindustriesontheotherhandtobetterpromotenewindustrializationSOEsshouldfocusonservingtheoverallsituationactivelyalignwithmajorregionalstrategiesandcoordinatedregionaldevelopmentstrategiesstrengthenthecontrollingpositioninimportantindustriesrelatedtonationalsecurityandthelifelineofthenationaleconomyimprovetheabilitytoguaranteethepublicservicesandparticipateintheconstructionoftheBeltandRoadwithhighqualityfurtherstrengtheningtheroleofstrategicsupportSOEsinthetelecommunicationfieldareconcentratedinthefieldsofoperatorsequipmentmanufacturersdatacentersetcwesuggesttopayattentiontotheopportunitiesforrevaluationofSOEsrepresentedbytelecomoperatorsTheCentralCommitteeoftheCommunistPartyofChinaandtheStateCouncilissuedtheOverallLayoutPlanfortheConstructionofDigitalChinaTwomajorareasundertheplantopayattentiontodigitalinfrastructureanddigitalresources1DigitalinfrastructurelevelnetworkandcomputingpowerlevelareexpectedtobenefitdeeplyWesuggesttopayattentiontoindustriessuchasmainequipmentopticalfiberandcableopticalmodulessupportingequipmentsIDCetc2DataresourceslevelsincethebeginningoftheyearpoliciesatalllevelshaveacceleratedthepromotionofdatafactorandtheimplementationofmoredetailedtechnologiesiscurrentlyunderwayAmongthemdatacollectionanddatarightsconfirmationaretheprimarytaskstelecomoperatorswilloccupyanextremelyimportantleadingpositioninthesefieldsWegiveanOutperformratingWerecommendChinaMobile00941HKChinaTelecom00728HKChinaUnicom00762HKZTE00763HKandBYDElectronic00285HKRiskWarningChangesintheexternalenvironmentmayleadtoindustrialchainsecurityrisksoperatorCAPEXplansmayfallshortofexpectationsdevelopmentofinnovativebusinessapplicationsmayfallshortofexpectationsChinaShouldWeWorryAboutaLowerGrowthTargetfor2023MacroTeamHaoZhouReportDate2023-03-06SummaryChinasNationalPeoplesCongressNPCkickedoffovertheweekendwherethenewcabinetwillbeunveiledAspartofChinasnewleadershipthenewcabinetwillberesponsiblefordeliveringdecenteconomicgrowthagainstthechanginggeopoliticallandscapeAt5Chinaloweredtheofficialgrowthtargetfor2023duringtheeye-catchingNationalPeoplesCongresscomparedwith55in2022and6in2021InotherwordstheofficialgrowthtargethasbeenreducedforanotheryearWhilethe5officialgrowthtargetseemstobeanotchlowerthanexpectedthemarketshouldalsoacknowledgethatthiswasmoreorlesswhatinvestorslookedforattheendoflastyearNotablythegovernmentworkreportneedsatleastafewmonthstocommunicatewithdifferentstakeholdersitisnotrealistictochangetheofficialgrowthtargetwithoutcomprehensivecommunicationHencewhilemanyinvestorsmightreceivetheofficialgrowthtargetasadisappointmentthegeneralmessagedeliveredbytheChineseauthoritiesremainsbalancedastheynotonlywanttorestorethecredibilityoftheofficialtargetsbutarealsointenttomanagetheeconomytowardsanewequilibriumMoreimportantlya12mnjobcreationtargetfor2023upfrom11mninthepreviousyearclearlyillustratesthatthegovernmentpaysmoreattentiontogrowthqualityAsjobcreationalsomattersfordomesticconsumptionahighertargetfor2023meansthattheChineseauthoritiesseetheimportanceofconsumptionwhichwillhelpunleashlong-termgrowthSeethelastpagefordisclaimer4of7MorningResearchFocuspotentialAlltoldwhiletheofficialgrowthtargethasbeenloweredforthesecondconsecutiveyearwhichmightbeadisappointmenttothemarketwesuggestinvestorstopayattentiontotheunderlyinggrowthmomentumtogaugetherecoverypaceintheworldssecondlargesteconomyChineseTranslation中文翻译TableFocuschi行业和公司焦点Nil无TableLatestchi最新报告行业报告通信行业周报国资委启动国企对标世界一流企业价值创造行动评级跑赢大市6-18m目标价na分析员余劲同报告日期2023-03-06报告摘要国资委启动国有企业对标世界一流企业价值创造行动关注以电信运营商为代表的国有企业价值重估会议强调国企要突出效益效率加快转变发展方式聚焦全员劳动生产率净资产收益率经济增加值率等指标有针对性地抓好提质增效稳增长切实提高资产回报水平突出产业优化升级加快布局价值创造的新领域新赛道一手抓加快战略性新兴产业布局一手抓加快传统产业转型升级更好推进新型工业化突出服务大局积极对接区域重大战略和区域协调发展战略巩固在关系国家安全和国民经济命脉重要行业领域的控制地位提升对公共服务体系的保障能力高质量参建一带一路进一步强化战略支撑作用通信领域的国有企业集中于运营商设备商数据中心等领域我们建议重点关注以电信运营商为代表的国有企业价值重估机会中共中央国务院印发了数字中国建设整体布局规划关注规划下的两大领域数字基建和数字资源1数字基建层面网络算力层面有望深度受益我们建议关注主设备光纤光缆光模块配套设备IDC等产业2数据资源层面年初以来各级政策对数据要素的推进加速已见端倪当前更加细化的技术落地正在展开其中对于数据采集确权是首要工作电信运营商将在此占据极为重要的主导位置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计划或不及预期创新性业务应用发展或不及预期Seethelastpagefordisclaimer5of7MorningResearchFocusResearchDepartment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-HSHARES01816HKGOMEELECTRICALAPPLIANCES00493HKCHINAAOYUANPROPERTY03883HKJIANGSUEXPRESSWAY00177HKSINOPECKANTONS00934HKCGNMINING01164HKCHINANONFERROUSMINING01258HKLEEMANPAPER02314HKJOYSPREADER06988HKVOBILEGROUP03738HKCHERVON02285HKKINGSOFT03888HKGUANGZHOUAUTOMOBILE-HSHARES02238HKNEWWORLDDEVELOPMENT00017HKCHINARISUNGROUP01907HKSENSETIME-W00020HKXIAOMICORPORATION01810HKALIBABA09988HKZGCTECLEASING01601HKAOYUANHEALTHYLIFEGROUP03662HKJDCOM09618HKCHINALESSO02128HKZHONGLIANGHOLDINGS02772HKLOGANGROUP03380HKZHENROPROPERTIES06158HKAGILEGROUP03383HKCIFIESSERVICE01995HKBANKOFGANSU02139HKA-LIVING03319HKFINANCIALSTREETPROPERTY01502HKIRICOGROUPNEWENERGY00438HKCIFIHOLDINGSGROUP00884HKBIDU-SW09888HKKWGGROUP01813HKBILIBILI-SW09626HKCHINASUNTIEN00956HKJINKESERVICES09666HKFOSUNINTL00656HKWEIGAOGROUP01066HKCHENMING01812HKSUNAC01918HKNAYUKI02150HKCARSGEN02171HKCHINAOVSPPT02669HKSMOORE06969HKXPENG09868HKYEAHKA09923HKPOPMART09992HKDFZQ-HSHARES03958HKWUXIAPPTEC02359HKCITS01880HKYANZHOUCOAL01171HKSPC00338HKHONGJIUFRUIT06689HK360DIGITECH-S03660HKGEELYAUTOMOBILE00175HKCHINACONSTRUCTIONBANK-HSHARES00939HKBANKOFCOMMUNICATIONS-HSHARES03328HKCHINAMINSHENGBANKINGCORP-HSHARES01988HKTENCENT00700HKBINHAIINVESTMENT02886HKCHINAPETROLEUMCHEMICAL-HSHARES00386HKNWS00659HKCHINASOUTHCITY01668HKSIHUANPHARMACEUTICAL00460HKSINOPECENGINEERING-HSHARES02386HKGCLNEWENERGY00451HKmentionedinthisResearchReportwithinthepreceding12months5GuotaiJunananditsgroupcompaniesaremakingorwillmakeamarketinthesecuritiesinrespectofLENOVO00992HKCHINAMOBILE-HSHARES00941HKHONGKONGEXCHANGESANDCLEARING00388HKGALAXYENTERTAINMENT00027HKGREATWALLMOTOR-HSHARES02333HKAIA01299HKSANDSCHINA01928HKCHINAAOYUANPROPERTY03883HKAACTECHNOLOGIESHOLDINGS02018HKKUAISHOU-W01024HKXPENG09868HKCITICSEC-HSHARES06030HKGEELYAUTOMOBILE00175HKBYDCOMPANY-HSHARES01211HKCHINACONSTRUCTIONBANK-HSHARES00939HKINDUSTRIALANDCOMMERCIALBANKOFCHINA-HSHARES01398HKBOCHONGKONG02388HKBANKOFCHINA-HSHARES03988HKHSBC00005HKPINGANINSURANCE-HSHARES02318HKCHINALIFEINSURANCE-HSHARES02628HKTENCENT00700HKSUNNYOPTICALTECHNOLOGY02382HKSINOPHARMGROUP-HSHARES01099HKCNOOC00883HKWUXIBIOLOGICS02269HKMEITUAN-W03690HKCHINATOWERCORPORATION-HSHARES00788HKXIAOMICORPORATION01810HKALIBABA09988HKNETEASE09999HKJDCOM09618HKSMIC00981HKALIBABAHEALTH00241HKLOGANGROUP03380HKBIDU-SW09888HKmentionedinthisResearchReport6GuotaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficerofanyissuersmentionedinthisResearchReportThereisnoofficerofanyissuersmentionedinthisResearchReportassociatedwithGuotaiJunananditsgroupcompaniesDISCLAIMERThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanGuotaiJunananditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunangroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunandoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunananditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdiction2023GuotaiJunanSecuritiesHongKongLimitedAllRightsReserved27FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongTel8522509-9118Fax8522509-7793WebsitewwwgtjaicomSeethelastpagefordisclaimer7of7