我们维持“买入”的投资评级并上调目标价至29.20港元。我们预测2023-2025财年的每股盈利为人民币2.058元/ 2.390元/ 2.783元。考虑未来业绩增速和历史估值水平，我们给予12.5倍2023年市盈率，对应目标价29.20港元，维持投资评级为“买入”。
　　我们预计2023年公司电信网络侧业务将稳步增长。公司2022财年业绩符合我们预期。2023年中国5G基站建设量将与2022年持平，而目前千兆光网络渗透率不足20%，我们预计千兆光网络建设将快速爬升，将为公司光网络设备业务提供增长机会。
　　我们预计第二曲线业务的发展将超过市场预期。在新基建、东数西算、双碳等大背景下，公司快速拓展服务器及存储、5G行业应用、终端、数字能源、汽车电子等“第二曲线”布局，通过将自身的ICT技术能力外延，强化与行业头部企业合作。作为电信运营商新的投资重点和数字中国建设的重要基础设施，算力网络投资今年有望继续保持强劲增长。因此，我们预计2023年对电信运营商的服务器和存储出货量仍将强劲。
　　催化剂：第二曲线业务发展快于预期；千兆光网建设提速。
　　风险提示：中美贸易摩擦风险；政企客户需求弱于预期。

研究报告全文：股票研究TableTitleEquityResearchResearchDepartmentMorningResearchFocus15March2023TableSummaryTableofContents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BusinessesintheSecondCurvetoZTE00763HKHK2920Buy--YGrowRapidlyBuy中兴通讯00763HK第二曲线业务快速成长买入HK2920买入--是SectorReportBi-WeeklyWrapAIGCIntegratingMRintoSoftwareElectronics证andHardwareMatureTechnology--Outperform--NSector告DevelopmentWillPromote券RevolutionaryInnovation研报行业报告双周报人工智能生成内容与电子行业混合现实软硬结合成熟的技术发展将推--跑赢大市--否究究进颠覆性创新FlashNoteRevenueExceeded报研ExpectationsbutProfitabilityUnder告JoySpreader06988HKHK273--Buy--N券Short-TermPressureInnovationEquityResearchReportHoldsPromise证快讯营收超预期但盈利性短期承压创乐享集团06988HKHK273--买入--否新性值得期待TypeofReportTitleIssueDate报告类型标题MacroCNYWhatiftheFedCutsPolicyRate14March2023AppendicesChineseVersionoftheIndustryandCompanyFocusLatestReports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HSIIndexDailyTurnoverMainlandChinaDailyTurnover1924796-227130895523752恒生指数总成交额内地总成交额HSCEIIndexStockConnectNetInflowMarketCapSSE643900-229489143032379国企指数互联互通净流入沪市市值HSTECHIndexMarketCapHKExMarketCapSZSE379062-2593573350034611800科技指数港股市值深市市值资料来源国泰君安国际BloombergNotethemarketcapitalvalueofHKExSSESZSEandMainlandChinaDailyTurnoverwasrecordedasatMar13PleasesubscribetoourGTJAIResearchWechatsubscriptionaccountsPleasescantheQRcodesontheright-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Seethelastpagefordisclaimer2of9MorningResearchFocusTableTableFocusLatestLatestReportsZTE00763HKBusinessesintheSecondCurvetoGrowRapidlyBuyRatingBuy6-18mTPHK2920AnalystGinYuReportDate2023-03-14SummaryWemaintaintheinvestmentratingasBuyandraiseTPtoHK2920WeforecastFY23-FY25EPStobeRMB2058RMB2390RMB2783respectivelyConsideringfutureperformancegrowthrateandhistoricalvaluationlevelwegivea125x2023PERcorrespondingtoTPofHK2920andmaintaintheinvestmentratingasBuyWeexpecttheCompanysbusinessinthetelecomnetworksidetogrowsteadilyin2023TheCompanysFY22resultswereinlinewithourexpectations5GbasestationconstructionvolumeinChinain2023willbesimilartothatin2022Atpresentthepenetrationrateofgigabitopticalnetworksislessthan20andweexpecttheconstructionofgigabitopticalnetworkstoclimbrapidlywhichwillprovidegrowthopportunitiesfortheCompanysbusinessinopticalnetworkequipmentWeexpectdevelopmentofbusinessesinthesecondcurvetoexceedmarketexpectationsUnderthebackgroundofnewinfrastructuretheEasternDataandWesternComputinginitiativeaswellascarbonpeakingandcarbonneutralitytheCompanyisquicklydevelopingitssecondcurvelayoutinserversandstorage5GindustryapplicationsterminalsdigitalenergyautomotiveelectronicsetcandstrengthencooperationwithleadingcompaniesinvariousindustriesbyextendingitsownICTtechnologycapabilitiesAsnewfocusoninvestmentsbytelecomoperatorsandasignificantinfrastructurefortheconstructionofdigitalChinaistakingplaceinvestmentincomputingpowernetworksisexpectedtocontinuetogrowstronglythisyearThusweexpectshipmentsofserversandstoragein2023totelecomoperatorstostillbestrongCatalystsFaster-than-expectedgrowthwithinitsdifferentbusinessareasinthesecondcurveaccelerationofgigabitopticalnetworkRiskwarningRiskofSino-UStradefrictionweaker-than-expecteddemandfromgovernmentandcorporatecustomersSectorReportElectronicsSectorBi-WeeklyWrapAIGCIntegratingMRintoSoftwareandHardwareMatureTechnologyDevelopmentWillPromoteRevolutionaryInnovationRatingOutperform6-18mTPnaAnalystJackLiuReportDate2023-03-14SummaryCurrenttechnologydevelopmentinartificialintelligentgeneratedcontentAIGCandmixedrealityMRhassurpassedacriticalthresholdleadingtomaturecommercialapplicationonthehorizonIn2017GoogleintroducedanovelneuralnetworkarchitectureusedforlanguageunderstandingtasksTransformermodelwhichoutperformedtherecurrentneuralnetworkRNNandconvolutionalneuralnetworkCNNmodelsatthetimeApplealsolauncheditsARkitwhichintegratediOSdevicecamerasandmotionfeaturestoproduceaugmentedrealityexperiencesinmobileappsandgamesIn2023ChatGPThasbecomepopulararoundtheworldwhilethepre-saleofApplesfirst-generationMRdeviceisapproachingInaggregatewebelievethattechnologybreakthroughsinAIGCandMRwillresultinsuccessfulcommercialapplicationsintheconsumerelectronicssectorAIGCoffersrandomnessstimulatinghardwareexpansiononthebasisofasoundcontentecosystemAIGCofferscustomizeduserexperienceAIGCismainlysupportedbyrelativelymaturelanguagemodelsandisgraduallyextendingtowardsimageandvideoapplicationsaswellasotherverticalapplicationsAscontentecosystemcontinuestoimprovedemandforhighcomputationalpowerchipsandcloudserverswillgrowatafasterpaceMRpromotesecosystemdevelopmentonmaturehardwareplatformsApplesMRcontentecosystemwillinherittheopenarchitectureoftheiOSsystemwhileawell-developedhardwarefoundationwillprovidepowerfulsupportKeyplayersintheMRsupplychainwillbenefitincludingLuxsharePrecision002475SZHYCTech688001SHZhaoweiMachinery003021SZandJPTOpto-electronics688025SHCatalystsApplesMRproductreleaseandpre-salelaunchSeethelastpagefordisclaimer3of9MorningResearchFocusRisksApplesMRproductlaunchmaybedelayedworse-than-expectedcompetitivenessandsalesperformanceofMRproductsFlashNoteJoySpreader06988HKRevenueExceededExpectationsbutProfitabilityUnderShort-TermPressureInnovationHoldsPromiseRatingBuy6-18mTPHK273AnalystTeddyLinReportDate2023-03-14SummaryWhathappenedJoySpreadertheCompanyannouncedaprofitalertfor2022expectingitsfull-yearrevenuetobenolessthanHK3700mnwithdomesticbusinessrecordingrevenueofnolessthanapproximatelyHK610mnandoverseasbusinessrecordingrevenueofnolessthanHK3090mnAsfornetprofittheCompanyexpectsitsnetlossattributabletoshareholderstobebetweenHK3222mnandHK3561mnin2022CommentsandviewsJoySpreadersoverallrevenuein2022basicallymetourforecastofHK3724mnandexceededBloombergsconsensusbyabout74TheCompanysoversease-commercebusinessrevenueisthekeyreasonwhyoverallrevenueexceededmarketexpectationsTheoversease-commercebusinessoftheCompanywaslaunchedinthefourthquarterof2021anditsannualGMVexceededHK3bninjustoneyearfurtherconfirmingourpreviousviewthattheCompanyscoreadvantagescomefromitscorealgorithmforinternetusertrafficaswellasitsabilitytoaccuratelymatchlong-tailusertrafficandnichemarketsHowevertheCompanysprofitmarginwaslowerthanourexpectationsresultinginanetlossWebelievethisismainlyduetothemarketsubsidycostsgeneratedbytheexpansionofitsoverseasbusinessandthehigher-than-expectedexpensesforexpandingsaleschannelsaswellasthelowergrossprofitmarginofitsdomesticmarketingbusinessduetoimpactfromtheCovid-19pandemicAtpresenttheoversease-commercebusinessisinastageofrapidexpansionanditrequireshighlevelsofinvestmentinRDandmarketingtopenetrateintooverseasmarketsthustheentireoverseasbusinessiscurrentlyloss-makingLookingaheadto2023theprofitmarginoftheoverseasbusinessisexpectedtograduallyimproveWeexpectthisbusinesstoachieveprofitabilitybytheendof2025Asforthedomesticbusinessthedisappointingperformancein2022ismainlyattributedtothehugeimpactfromthepandemicondomesticbusinessactivityandthestrictregulatorypoliciesinChinasgameindustryCurrentlythetwomajornegativefactorsaffectingdomesticbusinessin2022havebeenbasicallyclearedChinaspandemicpreventionandcontrolmeasureshavebeenfullyrelaxedandforChinesebrandadvertisersthegradualrecoveryofbusinessactivityalsomeansthattheirmarketingbudgetswillgraduallyrecoveraccordinglyOntheotherhandtheissuanceofgamecopyrightsinChinahasreturnedtonormalwhichhassignificantlyimprovedprospectsfortheCompanysmarketingbusinessforinteractiveentertainmentandotherdigitalproductsInvestmentsuggestionTheexceptionalperformanceofoverseasbusinessonceagaindemonstratesJoySpreadersinnovativeabilityasaninternettechnologycompanyandtheadvantagesofitsalgorithmsWeexpectthattheimprovementinpandemicpreventionandcontrolmeasuresandtherelaxationofpolicyinthegameindustrywillsignificantlyimprovetheCompanysdomesticmarketingbusinessperformancein2023AtthesametimetheCompanyismaintainingitsinnovationJoySpreadersstrategicpartnerPolyJoySpreaderDigi-EntertainmentJoySpreaderssubsidiaryLexiangCultureTechnologyholdsa10sharehasitsblockchaininformationservicenameincludedintheannouncementoftheeleventhbatchofdomesticblockchaininformationservicerecordnumberspublishedbytheNationalInternetInformationOfficeonFebruary212023OnFebruary28PolyJoySpreaderDigi-EntertainmentannouncedthatithadbecomethefirstbatchofecologicalpartnersofBaiduErnieBotBaidusself-developedChatGPT-styleAIcontentgenerationapplicationWeexpectthatinthefuturePolyJoySpreaderDigi-EntertainmentwillapplyBaidusleadingintelligentdialoguetechnologytoitsdigitalnativecontentdigitalartandtraditionalofflineculturalsceneapplicationsInMarch2022JoySpreadersubscribedforPolyJoySpreaderDigi-Entertainmentsregisteredsharecapitalandbegantocollaboratewiththecentralstate-ownedculturalenterprisestoexpandnewdigitalbusinessopportunitiescombiningfilmandtelevisionentertainmentwithinternettechnologyWebelievethatJoySpreadersalgorithmicanalysiscapabilitiesforvideocontentcombinedwithitssolidaccumulationintheinternetindustryareexpectedtogeneratenewsynergiesandinnovationsinculturalcontentcreatione-commerceandmarketingbusinessesInthelongrunweareconfidentinJoySpreadersfuturebusinessinnovationandprofitabilityWecurrentlymaintainaBuyinvestmentratingandwilladjustprofitforecastsandtargetpricesinthenextCompanyReportRiskwarningOverseasbusinessmaybearhighercostsandexpensesthanexpectedleadingtoalongerperiodoflossesthanexpectedtherecoveryofChinasgameindustrymaybeslowerthanexpectedandthenumberofgamecopyrightsreleasedinthenichemarketmaybelowerthanexpectedresultinginslower-than-expectedrecoveryoftheCompanysinteractiveentertainmentmarketingbusinessesSeethelastpagefordisclaimer4of9MorningResearchFocusCNYWhatiftheFedCutsPolicyRateMacroTeamHaoZhouReportDate2023-03-14SummaryTherecentfalloutofSiliconValleyBankSVBhassignificantlyincreasedtherisksforourbaselineFedcallThe2-yearUSTreasuryyieldshavebeenfallinglikeastonesuggestingthatthemarkethasbeenpricinginmuchlessaggressivenessfortheFedspolicyasfinancialstabilityhasbeenendangeredWhileitlooksimpossibletoprovideaconcretecallonFedpolicyastherearesomanymovingpartsincludingtheuncertaintyininflationoutlookwebelievethatitmakessensetoprojectanewUSD-CNYtrajectorywhichassumesatleastone25bpcuttoFFRthisyearObviouslythereislittledoubtthatUSD-CNYwillseebigdownsideiftheFedcutspolicyratesthisyearIfthecutfallsintothesecondhalfofthisyearwhichalsoconsidersalowerCPIprintbythenwereckonayear-endrateat640forUSD-CNYHenceweremainbullishontheChinesecurrencywhichhasbeenreinforcedbyrecentSVBfalloutsGenerallyspeakingtheSVBeventhasbecomeanewandimportantcatalystasithassomehowdramaticallychangedthemarketsmindsetThereforeagenerallylowerUSbondyieldcurvecanbeexpectedAssuchwemaintainourcallonUSD-CNHforwardsandseethat1000pipswillbeattainableforone-yearUSD-CNHforwardpointsChineseTranslation中文翻译行业和公司焦点TableFocuschiNil无TableLatestchi最新报告中兴通讯00763HK第二曲线业务快速成长买入评级买入6-18m目标价HK2920分析员余劲同报告日期2023-03-14报告摘要我们维持买入的投资评级并上调目标价至2920港元我们预测2023-2025财年的每股盈利为人民币2058元2390元2783元考虑未来业绩增速和历史估值水平我们给予125倍2023年市盈率对应目标价2920港元维持投资评级为买入我们预计2023年公司电信网络侧业务将稳步增长公司2022财年业绩符合我们预期2023年中国5G基站建设量将与2022年持平而目前千兆光网络渗透率不足20我们预计千兆光网络建设将快速爬升将为公司光网络设备业务提供增长机会我们预计第二曲线业务的发展将超过市场预期在新基建东数西算双碳等大背景下公司快速拓展服务器及存储5G行业应用终端数字能源汽车电子等第二曲线布局通过将自身的ICT技术能力外延强化与行业头部企业合作作为电信运营商新的投资重点和数字中国建设的重要基础设施算力网络投资今年有望继续保持强劲增长因此我们预计2023年对电信运营商的服务器和存储出货量仍将强劲催化剂第二曲线业务发展快于预期千兆光网建设提速风险提示中美贸易摩擦风险政企客户需求弱于预期Seethelastpagefordisclaimer5of9MorningResearchFocus行业报告电子行业双周报人工智能生成内容与混合现实软硬结合成熟的技术发展将推进颠覆性创新评级跑赢大市6-18m目标价na分析员柳晨报告日期2023-03-14报告摘要如今人工智能生成内容AIGC以及混合现实MR相关技术的积累已经达到了一定程度成熟的商业化应用即将出世2017年谷歌推出了一种用于语言理解任务的新型神经网络架构Transformer模型该模型的表现超过了同时期的循环神经网络和卷积神经网络模型苹果也推出了自己的AR开发工具包该工具包可通过整合各种iOS设备上的摄像头与运动特征来创造移动应用程序以及游戏中的增强现实体验2023年ChatGPT火爆全球同时苹果的初代MR设备也临近预售总的来说我们相信AIGC以及MR的技术突破将带来消费电子领域中成功的商业应用AIGC提供随机性以内容生态为基础拉动硬件扩容AIGC提供了客制化的用户体验AIGC主要以较为成熟的语言模型支撑并逐步延伸至图片视频等其他垂直的应用场景随着内容生态不断完善对高算力芯片以及云端服务器的需求也将快速增长MR以硬件平台为基础推动生态建设苹果MR的内容生态将继承iOS系统的开放性架构同时完善的底层硬件基础将提供强有力的支持MR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催化剂苹果混合现实产品发布以及预售开启风险苹果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快讯乐享集团06988HK营收超预期但盈利性短期承压创新性值得期待评级买入6-18m目标价HK273分析员林荣叶报告日期2023-03-14报告摘要事件描述乐享集团公司公布了其关于2022年的盈利预警预期其2022年全年收入不低于3700百万港元其中国内业务将录得收入不低于约610百万港元及海外业务将录得收入不低于3090百万港元而净利润方面公司预期其2022年归股东净亏损在3222百万港元至3561百万港元之间观点评论乐享集团2022年整体收入基本符合我们之前的预期3724百万港元超出彭博一致预期74左右其中海外电商业务收入是公司整体收入超市场预期的主要原因公司的海外电商业务是2021年第四季度才开展的业务短短一年间其业务年GMV已突破30亿港元进一步印证了我们对公司的核心优势来自其对于流量的核心算法的观点以及对其精准配对长尾流量和长尾市场的能力的认可然而公司的利润率差于我们的预期出现了净亏损我们认为这主要是来自其海外业务的扩张所产生的市场补贴费用和拓展销售渠道的支出高于预期以及国内市场营销业务的毛利率因疫情扰动而低于早前的平均水平目前海外电商业务处于快速扩张阶段在渗透海外市场前期需要投入较高拓展和研发的相关费用因此整个海外业务处于亏损状态展望2023年海外业务的利润率有望逐步提升我们预计该业务在2025年底之前能实现盈利而国内业务方面2022年的不尽人意表现主要归咎于疫情对于国内商业活动的巨大扰动以及游戏行业的严监管政策从目前来看2022年影响国内业务的两大负面因素已经基本扫清中国的疫情防控已经全面放开对于中国的品牌主广告商而言商业活动的逐步恢复也意味着其市场营销上的预算相应逐步恢复另一方面国内游戏版号发放恢复常态化管理对于公司的互动娱乐及数字产品的营销业务而言也出现显著边际改善投资建议海外业务的超预期表现再一次显露出乐享集团作为一家互联网科技公司的创新能力以及其算法的优势我们预期疫情防控以及游戏行业的政策边际改善会显著改善公司2023年国内营销业务的表现与此同时公司目前也保持其一贯的创新性乐享集团的战略合作伙伴保利乐享文娱科技乐享子公司乐享文化科技持有10股份旗下的区块链信息服务名称出现在2023年2月21日国家互联网信息办公室公布的关于第十一批境内区块链信息服务备案编号公告当中保利乐享文娱科技于2月28日宣布成为百度文心一言百度自主研发的类ChatGPT人工智能内容生成应用的首批生态合作伙伴我们预计保利乐享文娱科技未来将应用百度领先的智能对话技术于其数字原生内容数字艺术以及结合传统线下文化场景应用乐享集团于2022年3月认购了保利乐享文娱科技的注册股份开始与文化央企共同开拓影视文娱及互联网科技相结合的数字化新业务机会我们认为乐享集团在视频内容的算法分析能力结合其扎实的互联网行业积累有望在文化内容创造和其电商业务以及市场营销业务上产生新的协同和创新长期来看我们对乐享集团未来业务的创新性以及盈利性Seethelastpagefordisclaimer6of9MorningResearchFocus充满信心我们目前维持买入的投资评级将会在下份公司报告中调整盈利预测以及目标价风险提示海外业务可能会承受比预期高的成本和支出导致亏损的周期比预期长中国的游戏行业恢复可能不及预期长尾市场的游戏发行数量可能低于预期导致公司的互动娱乐营销业务恢复不及预期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-HSHARES02238HKNWS00659HKCHINASOUTHCITY01668HKSIHUANPHARMACEUTICAL00460HKSINOPECENGINEERING-HSHARES02386HKGCLNEWENERGY00451HKNEWWORLDDEVELOPMENT00017HKCHINARISUNGROUP01907HKSENSETIME-W00020HKSINOPECKANTONS00934HKCGNMINING01164HKCHINANONFERROUSMINING01258HKLEEMANPAPER02314HKJOYSPREADER06988HKVOBILEGROUP03738HKCHERVON02285HKKINGSOFT03888HKALIBABA09988HKZGCTECLEASING01601HKAOYUANHEALTHYLIFEGROUP03662HKJDCOM09618HKCHINALESSO02128HKZHONGLIANGHOLDINGS02772HKLOGANGROUP03380HKZHENROPROPERTIES06158HKAGILEGROUP03383HKCIFIESSERVICE01995HKBANKOFGANSU02139HKA-LIVING03319HKFINANCIALSTREETPROPERTY01502HKIRICOGROUPNEWENERGY00438HKCIFIHOLDINGSGROUP00884HKBIDU-SW09888HKKWGGROUP01813HKBILIBILI-SW09626HKCHINASUNTIEN00956HKJINKESERVICES09666HKJIANGSUEXPRESSWAY00177HKFOSUNINTL00656HKWEIGAOGROUP01066HKCHENMING01812HKSUNAC01918HKNAYUKI02150HKCARSGEN02171HKCHINAOVSPPT02669HKSMOORE06969HKXPENG09868HKYEAHKA09923HKPOPMART09992HKDFZQ-HSHARES03958HKWUXIAPPTEC02359HKCITS01880HKYANZHOUCOAL01171HKSPC00338HKHONGJIUFRUIT06689HK360DIGITECH-S03660HKGEELYAUTOMOBILE00175HKCHINACONSTRUCTIONBANK-HSHARES00939HKBANKOFCOMMUNICATIONS-HSHARES03328HKCHINAMINSHENGBANKINGCORP-HSHARES01988HKTENCENT00700HKBINHAIINVESTMENT02886HKCHINAPETROLEUMCHEMICAL-HSHARES00386HKXIAOMICORPORATION01810HKmentionedinthisResearchReportwithinthepreceding12months5GuotaiJunananditsgroupcompaniesaremakingorwillmakeamarketinthesecuritiesinrespectofLENOVO00992HKCHINAMOBILE-HSHARES00941HKHONGKONGEXCHANGESANDCLEARING00388HKGALAXYENTERTAINMENT00027HKGREATWALLMOTOR-HSHARES02333HKAIA01299HKSANDSCHINA01928HKCHINAAOYUANPROPERTY03883HKAACTECHNOLOGIESHOLDINGS02018HKWUXIBIOLOGICS02269HKMEITUAN-W03690HKSUNNYOPTICALTECHNOLOGY02382HKSINOPHARMGROUP-HSHARES01099HKKUAISHOU-W01024HKXPENG09868HKCITICSEC-HSHARES06030HKGEELYAUTOMOBILE00175HKBYDCOMPANY-HSHARES01211HKCHINACONSTRUCTIONBANK-HSHARES00939HKINDUSTRIALANDCOMMERCIALBANKOFCHINA-HSHARES01398HKBOCHONGKONG02388HKBANKOFCHINA-HSHARES03988HKHSBC00005HKPINGANINSURANCE-HSHARES02318HKCHINALIFEINSURANCE-HSHARES02628HKTENCENT00700HKCHINATOWERCORPORATION-HSHARES00788HKXIAOMICORPORATION01810HKALIBABA09988HKNETEASE09999HKJDCOM09618HKSMIC00981HKALIBABAHEALTH00241HKLOGANGROUP03380HKBIDU-SW09888HKCNOOC00883HKmentionedinthisResearchReport6GuotaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficerofanyissuersmentionedinthisResearchReportThereisnoofficerofanyissuersmentionedinthisResearchReportassociatedwithGuotaiJunananditsgroupcompaniesDISCLAIMERThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanGuotaiJunananditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunangroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunandoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunananditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdiction2023GuotaiJunanSecuritiesHongKongLimitedAllRightsReserved27FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongTel8522509-9118Fax8522509-7793WebsitewwwgtjaicomSeethelastpagefordisclaimer9of9