我们上调目标价至16.10港元，对应7.4倍/6.6倍/6.0倍2023 /2024/ 2025年EV/EBITDA。维持“买入”评级。
　　2022年营收和股东净利润分别为1,019.75亿港元和79.57亿港元，同比分别增长31.9%和17.0%。业绩符合预期。公司在2022年收到新合同1,607.26亿港元（同比增长14.8%），而截至2022年12月31日，未完成合约总额为2,945.27亿港元（同比增长4.7%）。
　　中建国际充分受益于香港和内地市场的基建扩张周期。科技驱动业务占比持续提升，将持续改善公司经营现金流。此外，凭借围绕强势品牌、资本实力和技术创新打造的商业模式，公司在获得优质的地方政府合约方面具有巨大的竞争优势。
　　催化剂：1）澳门博彩牌照刚刚确定，大型赌场和度假村设施项目即将动工；2）派息比率或将提高。
　　风险：1）政府基础设施支出可能低于预期；2）可能超预期的通胀或导致政策收紧；3）世界各地的疫情可能会出现波动。
　　

研究报告全文：股票研Research究TableTitleEquityResearchDepartmentMorningResearchFocus24March2023TableSummaryTableofContents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ChinaStateTechnologyandBusinessModelConstruction03311HKCompetitivenessBoostsHigh-QualityHK1610Buy--YInternationalDevelopmentMaintainBuy科技及商业模式优势推动高质量发展维中国建筑国际03311HKHK1610买入--是持买入ChinaImproved2022ResultsonNarrowedResources00836HKThermalLossResultsPoisedtoHK1954--Buy--Y证PowerImproveFurtherin2023告2022年火电亏损收窄推动业绩改善券华润电力00836HKHK1954--买入--是2023年业绩有望进一步提升研报NBVBottomedPCAndInvestmentPingAn02318HKHK6230Buy--Y究究UnderPressureBuy新业务价值筑底财险和投资承压买报中国平安研02318HKHK6230买入--是入告DownstreamDemandIsGradually券EquityResearchReportHaitianRecoveringtheCompanys01882HKHK2460Buy--YInternational证PerformanceWillContinueToImproveMaintainBuy下游需求逐渐复苏公司业绩将持续改海天国际01882HKHK2460买入--是善维持买入TypeofReportTitleIssueDate报告类型标题宏观硅谷银行如何打乱了鲍威尔的如意算盘2023年03月23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HSIIndexDailyTurnoverMainlandChinaDailyTurnover2004964234136306596242恒生指数总成交额内地总成交额HSCEIIndexStockConnectNetInflowMarketCapSSE68364629682742984158国企指数互联互通净流入沪市市值HSTECHIndexMarketCapHKExMarketCapSZSE4198994743567100034643500科技指数港股市值深市市值资料来源国泰君安国际BloombergNotethemarketcapitalvalueofHKExSSESZSEandMainlandChinaDailyTurnoverwasrecordedasatMar22PleasesubscribetoourGTJAIResearchWechatsubscriptionaccountsPleasescantheQRcodesontheright-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Seethelastpagefordisclaimer2of8MorningResearchFocusTableTableFocusLatestLatestReportsChinaStateConstructionInternational03311HKTechnologyandBusinessModelCompetitivenessBoostsHigh-QualityDevelopmentMaintainBuyRatingBuy6-18mTPHK1610AnalystGaryWongReportDate2023-03-23SummaryWeraisetheTPtoHK1610representing74x66x60x202320242025EVEBITDAReiterateBuyrating2022revenueandshareholdersnetprofitwereHK101975millionandHK7957millionYoYincreaseof319and170respectivelyResultswereinlinewithexpectationsTheCompanyreceivedHK160726million148YoYinnewcontractsduring2022whileasatDecember312022totalbacklogwasHK294527million47YoYCSCIfullybenefitedfromtheinfrastructureexpansioncyclesofHongKongandmainlandChinamarketsTherisingproportionoftechnology-drivenbusinesseswillcontinuetoimprovetheCompanysoperatingcashflowInadditionwiththebusinessmodelbeingbuiltaroundastrongbrandcapitalstrengthandtechnologyinnovationtheCompanyhasahugecompetitiveadvantageinobtaininghigh-qualitylocalgovernmentcontractsCatalysts1Macaugaminglicenseshavejustbeenfinalizedlarge-scalecasinoandresortfacilitiesprojectsareabouttostartconstruction2possibleincreaseindividendspayoutRisks1Governmentinfrastructurespendingmaybelowerthanexpected2possibleinflationexceedingexpectationsmaycausepolicytightening3possibleworldwideCovidpandemicresurgencesChinaResourcesPower00836HKImproved2022ResultsonNarrowedThermalLossResultsPoisedtoImproveFurtherin2023RatingBuy6-18mTPHK1954AnalystPeterShaoReportDate2023-03-23SummaryMaintainBuywithTPunchangedatHK1954Our2023-2024EPSforecastsremainlargelyunchangedatHK223andHK277respectivelyandwerolloverourforecaststo2025withanEPSestimateofHK340OurTPofHK1954isderivedviaasum-of-the-partsapproachthermal07x2023PBrenewables90x2023PE2022earningsup23xyoytoHK7042mnTheprofitsurgewasmainlydrivenby1narrowedcorethermallossatHK2582mnvscorelossofHK5942mnin2021and2exchangegainofHK1994mnarisingfromRMBHKDdepreciationExcludingtheexchangegainCRPs2022earningswouldbelargelyinlinewithourexpectationIn2022althoughCRPsrenewablesbusinessdidnotseeearningsgrowthduetolowerutilisationhoursat2398down66hoursyoyandtepidinstalledcapacitygrowthof1562MWvstargetof63GWitscoreearningswasstillsolidatHK8645mninourviewvs2021coreearningsHK8926mnWeexpectresultstoimprovefurtherin2023CRPsaveragedarkspreadimprovedtoRMB888tonin2022upfromRMB502tonin2021andwebelieveitcouldfurtherimprovein2023toabovethebreakevenpointthankstoNDRCsongoingregulatoryeffortindrivinguplong-termcoalcontractfulfilmentanddecliningoverseascoalpricesInadditionthefactorsholdingbackrenewablescapacitygrowthin2022arelargelygoneincludingrevivedzero-COVIDcontainmentmeasuresandsoaringsolarpanelcostsDuring2022CRPobtainednewenergydevelopmentquotacapacityapprovedbyorfiledwiththegovernmentof24930MWincluding6670MWofwindand18260MWofsolarlayingdownasolidfoundationforcapacitygrowthThisyearCRPplanstoaccelerateinstallationofwindandsolarcapacitywithaninstallationtargetof7GWLong-waitedconfirmationonrenewablesspin-offCRPofficiallyproposedanIPOspin-offofitsrenewablesarmChinaResourcesNewEnergyGroupCoLtdtheSpinCoinChinasA-sharemarketsCRPplanstoremainacontrollingshareholderoftheSpinCoWebelievesucharrangementwillimprovetheoperationalefficiencyofbothCRPandtheSpinCoandenhancestheSpinCosfinancialpositiontoexpediterenewablesdevelopmentInapostspin-offworldwebelieveshareholdersofCRPcouldanticipatestabledividendssupportedbyCRPsthermalbusinesswhileSeethelastpagefordisclaimer3of8MorningResearchFocusenjoyingthegrowthupsidebroughtbytheSpinCosrenewablesexposureRisksDelayinprojectroll-outsoaringrawmaterialpricesunfavourablepolicychangeslower-than-expectedpowerdemandhigher-than-expectedcoalpricesandextremeweatherconditionsPingAn02318HKNBVBottomedPCAndInvestmentUnderPressureBuyRatingBuy6-18mTPHK6230AnalystFrancoLiReportDate2023-03-23SummaryMaintaintheinvestmentratingofBuywithtargetpriceofHK6230equivalentto067x2023FPEVShareholdersOPATwasup03yoytoRMB148365mnandDPSwasup17yoytoRMB242slightlybeyondourexpectationShareholdersNPATwasdown176yoytoRMB83774mnmainlydraggeddownbypoorinvestmentperformanceLifeinsuranceNBVbottomedNBVwasbroadlyinlinewithourexpectationdown240yoyFYPusedtocalculateNBVwasdown124yoymainlyduetopoordemandforinsuranceproductsNBVmarginwasdown37pptsto241duetochangeinproductmixwhereFYPoflong-termprotectionproductswasdown50yoyThereformthatPingAnadvancedhasstartedtobearfruitTheproductivityofagentshasimprovedwithNBVperagentup221yoyAccordingtothemanagementteamNBVrecordedpositivegrowthinFeb2023andmaintaineditsmomentuminthefirsthalfofMarchWeexpectNBVgrowthtorecovertopositivein2023thankstorecoveryoftheeconomyfromtheCovidpandemicandtheimprovementofchannelqualityPCsunderwritingprofitwasdraggeddownbyguaranteeinsuranceGWPwasup104yoymainlydrivenbystronggrowthofnon-autoinsuranceup191yoyUnderwritingprofitdeterioratedin2022withCORup23pptsto1003mainlydraggedbythedeteriorationofguaranteeinsurancebusinesswithCORup402pptsyoyto1314duetodecreaseinSMErepaymentabilityamidpooreconomicenvironmentWeexpectCORtobeunderpressurein2023especiallyin1H23asitmaytaketimeforSMEstorecoverHaitianInternational01882HKDownstreamDemandIsGraduallyRecoveringtheCompanysPerformanceWillContinueToImproveMaintainBuyRatingBuy6-18mTPHK2460AnalystAlexBaiReportDate2023-03-23SummaryMaintainBuybutlowerTPtoHK2460WeforecastHaitianInternationalstheCompanyshareholdersnetprofitin202320242025toincreaseYoYby170126and100respectivelyWeforecasttheCompanysearningspersharein202320242025tobeRMB1660RMB1869andRMB2056respectivelyOurTPrepresents130x116x105x2023-2025PEratioAlthoughwebelievethatChinaseconomyisintheprocessofrecoverytherecoveryofdownstreamdemandin1Q2023wasslightlylowerthanourexpectationsoweloweredtheCompanysearningsforecastandtargetpriceTheCompanysperformancein2022wasinlinewithourexpectationsandweexpecttheCompanysperformancein2023toreboundpositivelyAffectedbyChinasepidemicpreventionpolicyandshrinkingdemandtheCompanysperformancein2022waspoorHoweverwebelievethatwiththeadjustmentinChinasmacropolicytheChineseeconomywillcontinuetorecoverin2023TherealestateindustrywillgraduallyimprovewhichwilldrivedemandforinjectionmoldingmachinesindownstreamindustriesWebelievethattheCompanyasaleaderintheinjectionmoldingmachineindustrywillachievebettergrowththantheindustryaverageDemandinoverseasmarketsremainsstrongandtheCompanycontinuestoexpandinoverseasmarketsIn2022theproportionofoverseassalesincreasedto357In1Q2023overseasorderscontinuedtogrowrapidlyAlthoughthereareuncertaintiesinoverseasdemandin2023inthelongruntheCompanysactiveparticipationintheglobalmarketwillhelptheCompanyexpanditsmarketshareandachievesteadygrowthCatalystsDownstreamdemandrecoveryrawmaterialpricedropsincreaseintheCompanyscapacityutilizationSeethelastpagefordisclaimer4of8MorningResearchFocusChineseTranslation中文翻译TableFocuschi行业和公司焦点Nil无TableLatestchi最新报告中国建筑国际03311HK科技及商业模式优势推动高质量发展维持买入评级买入6-18m目标价HK1610分析员黄家玮报告日期2023-03-23报告摘要我们上调目标价至1610港元对应74倍66倍60倍202320242025年EVEBITDA维持买入评级2022年营收和股东净利润分别为101975亿港元和7957亿港元同比分别增长319和170业绩符合预期公司在2022年收到新合同160726亿港元同比增长148而截至2022年12月31日未完成合约总额为294527亿港元同比增长47中建国际充分受益于香港和内地市场的基建扩张周期科技驱动业务占比持续提升将持续改善公司经营现金流此外凭借围绕强势品牌资本实力和技术创新打造的商业模式公司在获得优质的地方政府合约方面具有巨大的竞争优势催化剂1澳门博彩牌照刚刚确定大型赌场和度假村设施项目即将动工2派息比率或将提高风险1政府基础设施支出可能低于预期2可能超预期的通胀或导致政策收紧3世界各地的疫情可能会出现波动中国平安02318HK新业务价值筑底财险和投资承压买入评级买入6-18m目标价HK6230分析员李炜报告日期2023-03-23报告摘要维持买入的投资评级目标价为6230港元相当于067倍2023年PEV股东经营利润同比增长03至人民币148365亿元每股股息同比增长17至人民币242元略高于我们的预期股东净利润同比下降176至人民币83774亿元主要是受投资表现不佳拖累寿险新业务价值触底新业务价值同比下降240基本符合我们预期用于计算新业务价值的首年保费同比下降124主要是由于保险产品需求疲软所致新业务价值率下降37个百分点至241主要由于产品结构的变化所致其中长期保障产品的首年保费同比下降50平安推进的改革初见成效代理人的产能有所提高人均新业务价值同比增长221据管理团队称新业务价值2023年2月录得正增长并在3月上半月保持增长势头我们预计2023年新业务价值增长将恢复正值这得益于经济从疫情中复苏以及渠道质量的改善财险承保利润受保证险拖累保费同比增长104主要受非车险强劲增长同比增191所推动承保利润在2022年转差综合成本率上升23个百分点至1003主要受保证险业务转差的拖累保证险业务综合成本率同比上升402个百分点至1314因中小企业的还款能力在经济环境不佳的情况下有所下降我们预计2023年综合成本率将面临压力尤其是上半年因为中小企业仍需要一定的时间恢复Seethelastpagefordisclaimer5of8MorningResearchFocus海天国际01882HK下游需求逐渐复苏公司业绩将持续改善维持买入评级买入6-18m目标价HK2460分析员白舸报告日期2023-03-23报告摘要维持买入评级但下调目标价至2460港元我们预测海天国际公司202320242025年股东净利润分别同比增长170126100公司202320242025年每股盈利分别为人民币1660元1869元2056元我们目标价对应130倍116倍105倍2023-2025年市盈率尽管我们认为中国经济正处在复苏的过程中但2023年1季度下游需求的恢复略低于我们预期因此我们下调了公司的盈利预测和目标价公司2022年业绩符合我们预期我们预计公司2023年业绩将积极反弹受中国防疫政策和需求萎缩的影响公司2022年业绩表现不佳但我们认为随着中国宏观政策调整中国经济在2023年将持续复苏房地产行业将逐渐改善带动下游行业对注塑机的需求我们认为公司作为注塑机行业龙头将取得好于行业平均的增长海外市场需求维持强劲公司持续拓展海外市场2022年海外销售占比上升至3572023年1季度海外订单继续维持快速增长尽管2023年海外需求存在不确定性但从长期看公司积极参与全球市场有助于公司拓展市场份额取得稳健增长催化剂下游需求复苏原材料价格下行公司产能利用率提升硅谷银行如何打乱了鲍威尔的如意算盘宏观组周浩孙英超报告日期2023-03-23报告摘要美联储隔夜如期加息25个基点并同时暗示由于银行业危机蔓延加息将进入终局与此同时美联储小幅下调了2023年和2024年的经济增长预测但也同时小幅上调了这两年的核心通胀预测美联储主席鲍威尔也承认受到中小银行破产的冲击在3月会议开始的前几天我们曾考虑过暂停加息美联储需要根据实际情形来对政策作出动态调整但过去的10几天中硅谷银行倒闭带来的风险事件频发事实上改变了投资者以及美联储心中的图谱对照3月8日出版的褐皮书BeigeBook我们可以大致分析出硅谷银行事件对于美联储政策的影响褐皮书中多次提到通胀美联储也上调了通胀预测更少提到衰退但美联储下调了经济预期这体现了硅谷银行事件的冲击此外金融风险被反复提示这也反映出加息对于金融行业的影响更大当我们读完美联储的褐皮书会更加了解隔夜美联储的利率决议背后的内心波动事实上美联储本有望在3月的议息会议上宣布软着陆的到来但硅谷银行事件显然打乱了鲍威尔的如意算盘我们需要更多的时间去看待美国经济和金融市场的走向但经济下行通胀顽固金融风险上升却像水墨画一样开始了晕染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-HSHARES01816HKGOMEELECTRICALAPPLIANCES00493HKCHINAAOYUANPROPERTY03883HKPOPMART09992HKDFZQ-HSHARES03958HKWUXIAPPTEC02359HKCITS01880HKYANZHOUCOAL01171HKSPC00338HKGUANGZHOUAUTOMOBILE-HSHARES02238HKNWS00659HKCHINASOUTHCITY01668HKSIHUANPHARMACEUTICAL00460HKSINOPECENGINEERING-HSHARES02386HKGCLNEWENERGY00451HKNEWWORLDDEVELOPMENT00017HKCHINARISUNGROUP01907HKALIBABA09988HKHONGJIUFRUIT06689HK360DIGITECH-S03660HKBOSSZHIPIN02076HKZGCTECLEASING01601HKLEEMANPAPER02314HKJOYSPREADER06988HKVOBILEGROUP03738HKCHERVON02285HKKINGSOFT03888HKFOSUNINTL00656HKWEIGAOGROUP01066HKCHENMING01812HKSUNAC01918HKNAYUKI02150HKCARSGEN02171HKCHINAOVSPPT02669HKSMOORE06969HKXPENG09868HKYEAHKA09923HKGEELYAUTOMOBILE00175HKCHINACONSTRUCTIONBANK-HSHARES00939HKBANKOFCOMMUNICATIONS-HSHARES03328HKCHINAMINSHENGBANKINGCORP-HSHARES01988HKTENCENT00700HKBINHAIINVESTMENT02886HKCHINAPETROLEUMCHEMICAL-HSHARES00386HKSENSETIME-W00020HKXIAOMICORPORATION01810HKAOYUANHEALTHYLIFEGROUP03662HKJDCOM09618HKCHINALESSO02128HKZHONGLIANGHOLDINGS02772HKLOGANGROUP03380HKZHENROPROPERTIES06158HKAGILEGROUP03383HKCIFIESSERVICE01995HKBANKOFGANSU02139HKA-LIVING03319HKFINANCIALSTREETPROPERTY01502HKIRICOGROUPNEWENERGY00438HKCIFIHOLDINGSGROUP00884HKBIDU-SW09888HKKWGGROUP01813HKBILIBILI-SW09626HKCHINASUNTIEN00956HKJINKESERVICES09666HKJIANGSUEXPRESSWAY00177HKSINOPECKANTONS00934HKCGNMINING01164HKCHINANONFERROUSMINING01258HKmentionedinthisResearchReportwithinthepreceding12months5GuotaiJunananditsgroupcompaniesaremakingorwillmakeamarketinthesecuritiesinrespectofCHINAMOBILE-HSHARES00941HKHONGKONGEXCHANGESANDCLEARING00388HKGALAXYENTERTAINMENT00027HKGREATWALLMOTOR-HSHARES02333HKAIA01299HKSANDSCHINA01928HKCHINAAOYUANPROPERTY03883HKCITICSEC-HSHARES06030HKAACTECHNOLOGIESHOLDINGS02018HKSUNNYOPTICALTECHNOLOGY02382HKSINOPHARMGROUP-HSHARES01099HKCNOOC00883HKWUXIBIOLOGICS02269HKMEITUAN-W03690HKALIBABA09988HKGEELYAUTOMOBILE00175HKBYDCOMPANY-HSHARES01211HKCHINACONSTRUCTIONBANK-HSHARES00939HKINDUSTRIALANDCOMMERCIALBANKOFCHINA-HSHARES01398HKBOCHONGKONG02388HKCHINAMERCHANTSBANK-HSHARES03968HKBANKOFCHINA-HSHARES03988HKHSBC00005HKAGRICULTURALBANKOFCHINA-HSHARES01288HKPINGANINSURANCE-HSHARES02318HKCHINALIFEINSURANCE-HSHARES02628HKTENCENT00700HKXIAOMICORPORATION01810HKJDCOM09618HKSMIC00981HKALIBABAHEALTH00241HKLOGANGROUP03380HKBIDU-SW09888HKCHINATOWERCORPORATION-HSHARES00788HKNETEASE09999HKKUAISHOU-W01024HKXPENG09868HKCHINAOVERSEASLANDINVESTMENT00688HKLENOVO00992HKCHINATELECOM-HSHARES00728HKCHINAUNICOM00762HKmentionedinthisResearchReport6GuotaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficerofanyissuersmentionedinthisResearchReportThereisnoofficerofanyissuersmentionedinthisResearchReportassociatedwithGuotaiJunananditsgroupcompaniesDISCLAIMERThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanGuotaiJunananditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunangroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunandoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunananditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdiction2023GuotaiJunanSecuritiesHongKongLimitedAllRightsReserved27FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongTel8522509-9118Fax8522509-7793WebsitewwwgtjaicomSeethelastpagefordisclaimer8of8