报告摘要
　　美联储最新的加息25个基点与市场预期一致。我们相信衰退的风险和银行业的危机将限制美联储未来进一步的加息，且可能导致降息更早到来。短期内，预计金属价格将更加波动。
　　旺季消费需求低于市场预期，且库存的减少并不顺利。中国的原铝总产能小幅增长至4,000万吨左右。旺季的消费需求低于市场预期，铝加工企业的产能利用率回升缓慢。
　　市场对衰退和金融危机的担忧大幅上升，铜价可能会更加波动。由于银行危机在短期内得到缓解且未扩散，铜价小幅反弹。美国的PMI数据强劲，但是市场对衰退的担忧在上升。
　　我们维持有色金属行业“跑赢大市”的投资评级。我们推荐中国宏桥（01378 HK）、兴发铝业（00098 HK）和紫金矿业（02899 HK）。

研究报告全文：股票研Research究TableTitleEquityResearchDepartmentMorningResearchFocus30March2023TableSummaryTableofContents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SectorReportBi-WeeklyUpdateNonferrousRisingMarketConcernson--Outperform--NMetalsSectorRecession行业报告双周报市场对衰退的担忧在有色金属行业--跑赢大市--否上升SectorReportBi-WeeklyUpdate证AutomobilesWaitingforPVDemandtoImprove--Outperform--NSector告Self-OwnedBrandsWillAdvance券Further研报行业报告双周报静待乘用车需求改汽车行业--跑赢大市--否善自主品牌进一步发力究究SteadyGrowthinRevenueChinaCRSC03969HKOutstandingPerformanceinHK341--Accumulate--N报研OverseasMarketsAccumulate告券营收稳健增长海外市场表现亮眼收中国通号HK341--收集--否EquityResearchReport03969HK集证2022ResultsBeatExpectingImprovedEarningsProfilein2023Datang01798HKDrivenMorebyOperationalHK320Buy--YRenewableOptimisationthanCapacityExpansion2022年业绩超预期预计2023年盈利大唐新能源01798HK能力提升更多受运营优化带动装机增长HK320买入--是次之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HSIIndexDailyTurnoverMainlandChinaDailyTurnover20192402061464101007561恒生指数总成交额内地总成交额HSCEIIndexStockConnectNetInflowMarketCapSSE687893222306242695027国企指数互联互通净流入沪市市值HSTECHIndexMarketCapHKExMarketCapSZSE4246352473596840034746800科技指数港股市值深市市值资料来源国泰君安国际BloombergNotethemarketcapitalvalueofHKExSSESZSEandMainlandChinaDailyTurnoverwasrecordedasatMar28PleasesubscribetoourGTJAIResearchWechatsubscriptionaccountsPleasescantheQRcodesontheright-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NHGTJSeethelastpagefordisclaimer2of8MorningResearchFocusIndustryTableFocusandCompanyFocusNil无TableLatestLatestReportsSectorReportNonferrousMetalsSectorBi-WeeklyUpdateRisingMarketConcernsonRecessionRatingOutperform6-18mTPnaAnalystKevinGuoReportDate2023-03-29SummaryThelatestinterestratehikeof25bpbytheUSFederalReservewasinlinewithmarketexpectationsWebelievethatrecessionrisksandbankingsectoruncertaintywillconstrainfurtherUSFederalReserveinterestratehikesinthefutureandmayleadtofasterinterestratecutsIntheshorttermmetalpricesareexpectedtobemorevolatileConsumptiondemandinthepeakseasonwaslowerthanmarketexpectationandinventorydeclinewasnotsmoothChinastotalprimaryaluminumproductioncapacityincreasedslightlytoabout40milliontonsConsumptiondemandinthepeakseasonwaslowerthanmarketexpectationandproductioncapacityutilizationrateofaluminumsemi-fabricatingcompaniesonlyresumedslowlyMarketconcernsonarecessionandfinancialcrisisroselargelycopperpricemaybemorevolatileCopperpricereboundedslightlyasthebankingcrisiswasrelievedinashortperiodanddidnotspreadThePMIdataoftheUSwasstrongbutmarketconcernsonarecessionarerisingWemaintainOutperforminvestmentratingforthenonferrousmetalssectorWerecommendChinaHongqiao01378HKXingfaAluminium00098HKandZijinMining02899HKSectorReportAutomobilesSectorBi-WeeklyUpdateWaitingforPVDemandtoImproveSelf-OwnedBrandsWillAdvanceFurtherRatingOutperform6-18mTPnaAnalystIvanWuReportDate2023-03-29SummaryIndustrydifferentiationintensifiesandself-ownedbrandsacceleratingmarketshareSelf-ownedbrandtransformationhasacceleratedandjointventurebrandsarebeingsqueezedoutofthemarketatanacceleratedpaceAccordingtodatafromCAAMthecumulativeshareofself-ownedbrandsreached499in2022Self-ownedbrandrisehighexportgrowthwillbethenormforthisyearSelf-ownedbrandsfurtherseizedmarketshareOpportunitiesintheautosectorstilllieinOEMsandsomecomponentscompanieswillalsobenefitThewait-and-seesentimentinthemarketremainsstrongandself-ownedbrandsareadvancingfurtherCPCApredictsthatpassengervehiclePVretailsalesinMarchwillbe159mnunitsfromanarrowperspectivelevelledoutyoyandup145momNEVretailsaleswillbe560000unitsup258yoyand275momwithapenetrationrateof352furtheracceleratedmomAsthetimeforswitchingtoNationalVIBemissionstandardisapproachingsomeOEMsandcardealersareunderincreasedoperatingpressureRecentlysomeOEMssuccessivelylaunchedpriceprotectionschemeswhichareexpectedtoeaseconsumerswait-and-seesentimentandimprovesalesWearestilloptimisticthatself-ownedbrandswithstrongsalescapabilitieswilladvancefurtherWaitingforPVdemandtoimprovePVsalesforecastin2Q2023toberevisedThefuelvehiclesubsidycrisiswillgraduallyfadeawayTheShanghaiAutoShowinAprilisexpectedtointensivelyrevealnewvehiclemodelsnewtechnologiesWiththecombinationoflocalsubsidiesdiscountschemesandlithiumcarbonatepricecutssalesareexpectedtocontinuetoimprovein2Q2023ThemarketiswaitingforPVdemandtoimproveweareoptimisticaboutsalesofPVin2Q2023Seethelastpagefordisclaimer3of8MorningResearchFocusSeizingFVmarketshareiscontinuingandopportunitiesstilllieinOEMsFortheOEMsectorwerecommendGeelyAuto00175HKGreatWallMotor-H02333HKandLiAuto-W02015HKforthecomponentssectorwerecommendNexteer01316HKRisks1Industrycompetitionintensifiespricewarexceedsexpectations2PVsalesmayfallshortofexpectationsChinaCRSC03969HKSteadyGrowthinRevenueOutstandingPerformanceinOverseasMarketsAccumulateRatingAccumulate6-18mTPHK341AnalystAlexBaiReportDate2023-03-29SummaryWesetaTPofHK341andgivearatingofAccumulateWeforecastChinaCRSCstheCompanyshareholdersnetprofitin2023-2025toreachRMB3848mnRMB3937mnRMB4100mnrespectivelyWeforecastearningspersharein2023-2025tobeRMB0355RMB0363andRMB0378respectivelyOurTPisbasedon2023PERof85xTheCompanyachievedpositivegrowthin2022TheCompanysrevenuerose48YoYtoRMB40220mnin2022DuetotheCompanyshighstandardofmanagementgrossprofitmarginofdesignandintegrationsystemimplementationandconstructioncontractingresultedinayear-on-yearincreaseTheCompanysgrossmarginincreased15pptsto237in2022TheCompanyscoreshareholdersprofitwasup110YoYtoRMB3634mnTheCompanysnewly-signedcontractsremainedstableIn2022theCompanyfurtherstrengtheneditsleadingpositionandmadeeffortstocapturemarketopportunitiesDuringtheyeartheaggregatevalueofnewlysignedcontractsoftheCompanyamountedtoRMB730billionrepresentinganincreaseof101YoYamongwhichthevalueofnewlysignedrailwaysectorcontractsamountedtoRMB239billionrepresentinganincreaseof076YoYthevalueofnewlysignedurbantransitsectorcontractsamountedtoRMB127billionrepresentingadecreaseof481YoYthevalueofnewlysignedoverseascontractsamountedtoRMB26billionrepresentinganincreaseof1723YoYandthevalueofnewlysignedgeneralcontractingandothercontractsamountedtoRMB338billionrepresentinganincreaseof245Asattheendof2022theCompanysordersinhandamountedtoRMB1474billionTheCompanyperformedwellinoverseasmarketsTheCompanysrevenuefromoverseasbusinessin2022significantlyincreasedby3607YoYmainlybecausethekeyprojectsundertheBeltRoadInitiativesuchastheJakarta-BandungHigh-SpeedRailwayinIndonesiatherailwaydual-trackreconstructioninThailandandthesubwayprojectsinMexicoInoverseasmarketstheCompanyleveragedtheuniqueadvantagesofthethree-in-oneservicesofdesignanddevelopmentequipmentmanufacturingandengineeringservicesinthefullindustrialchainsachievingresultsinlocalizedoperationsandtheimplementationofpromotingtheundertakingofprojectswithpracticalworkWeexpecttheCompanytoachieverapidgrowthinoverseasmarketsRisksIntensifiedcompetitionintheindustryinsufficientoverseasdemandunexpectedpricemovementinrawmaterialsDatangRenewable01798HK2022ResultsBeatExpectingImprovedEarningsProfilein2023DrivenMorebyOperationalOptimisationthanCapacityExpansionRatingBuy6-18mTPHK320AnalystPeterShaoReportDate2023-03-29SummaryMaintainBuyWefine-tuneour2023-2024EPSby57and-25respectivelytoRMB034andRMB047inlightofbetter-than-expectedoperatingperformanceandfinancialresultswhilealsoreflectinglower-than-expectedcapacityinstallationtargetfor2023Weintroduceour2025EPSforecastofRMB061OurnewTPofHK320isbasedon82x2023PEreflectinglowermultiplesforHK-listedrenewablesplaysamidthecurrentmacroenvironment2022resultsbeatDatangRenewableDTRortheCompanyrecorded2022shareholdersprofitofHK3485mnhigherthanBloombergconsensusandourestimateby501and419respectivelyThebetter-than-expectedresultswerelargelyattributabletolower-than-expectedOPEXandfinancecostsaswellasaone-offgainofHK333mnrelatedSeethelastpagefordisclaimer4of8MorningResearchFocustocompensationfromwindturbinesuppliersRegardingcapacitygrowthDTRnewlyadded11GWofnewenergycapacityin2022missingtheyearstargetof2GWaprevailingsituationacrosstheindustryduetorevivedCOVIDdisruptionsandsoaringsolarPVcostslastyearFor2023DTRsmanagementguided15GW-20GWofnewenergycapacityadditionaconservativetargetinourviewgiventheCompanysimprovedfinancialpositionsWeexpectDTRtohaveimprovedprofitabilityin2023drivenmorebyoperationaloptimisationratherthancapacityexpansionDTRrecordedoutstandingoperatingresultsin2023withwindutilisationhoursstayingflatyoyat2262despiteamuchhighercurtailmentrateandsolarutilisationup333hoursyoyThankstotechnicaltransformationdigitalisationandimprovedgenerationmanagementingeneralDTRsgenerationlossduetounitperformanceissuesdecreasedby2232yoywhilethatduetounitdefectswasdownby748yoyGiventheroomforoperationalimprovementespeciallyconsideringthepotentialrelatedtowindrepoweringwebelieveDTRsongoingeffortinoperationaloptimisationisaspowerfulascapacityexpansionindrivingearningsgrowthRepoweringwasmentionedforthefirsttimeThetermwindrepoweringappearedinDTRs2022resultsannouncementDTRusedthetermreplacingsmallwithbig以大代小markingthefirsttimetheCompanyhasmentionedthepotentialofrepoweringitsoldwindfarmsinanyofficialannouncementWebelievewindrepoweringwhichhasappealingeconomicsisgainingmomentuminChinaandcouldsoonacceleratewiththecountryprovidingmorepolicycertaintygoingforwardBasedoncasestudiesconducteddomesticallyandoverseaswindrepoweringonaveragecanmorethandoublethegenerationcapacityandtriplethepoweroutputofarepoweredsiteDTRsmanagementpointedoutthattheCompanycurrentlyhasaround2GWofwindpowereligibleandsuitableforrepoweringandweestimatethatthisnumberwillreachnearly4GWbytheendof2025DownsiderisksLower-than-expectedpowerdemandhigher-than-expectedrawmaterialcostsunfavourablechangesofregulationsandpoliciesforIPPsandextremeweatherconditionsChineseTranslation中文翻译TableFocuschi行业和公司焦点Nil无TableLatestchi最新报告行业报告有色金属行业双周报市场对衰退的担忧在上升评级跑赢大市6-18m目标价na分析员郭勇报告日期2023-03-29报告摘要美联储最新的加息25个基点与市场预期一致我们相信衰退的风险和银行业的危机将限制美联储未来进一步的加息且可能导致降息更早到来短期内预计金属价格将更加波动旺季消费需求低于市场预期且库存的减少并不顺利中国的原铝总产能小幅增长至4000万吨左右旺季的消费需求低于市场预期铝加工企业的产能利用率回升缓慢市场对衰退和金融危机的担忧大幅上升铜价可能会更加波动由于银行危机在短期内得到缓解且未扩散铜价小幅反弹美国的PMI数据强劲但是市场对衰退的担忧在上升我们维持有色金属行业跑赢大市的投资评级我们推荐中国宏桥01378HK兴发铝业00098HK和紫金矿业02899HKSeethelastpagefordisclaimer5of8MorningResearchFocus行业报告汽车行业双周报静待乘用车需求改善自主品牌进一步发力评级跑赢大市6-18m目标价na分析员吴凱翔报告日期2023-03-29报告摘要行业分化加剧自主品牌加速市场份额提升自主转型提速合资品牌加速出清根据中汽协数据2022年自主品牌累计份额已达499自主崛起出口高增将会是今年常态自主品牌进一步抢占市场份额汽车板块机会仍在整车个别零部件企业也将受益市场观望情绪依旧凝重自主品牌进一步发力乘联会预测3月狭义乘用车零售销量为159万辆同比持平环比增长145新能源汽车零售销量为56万辆同比增长258环比增长275渗透率为352环比增速进一步加快国六B排放切换时点愈发临近部分整车厂和经销商均承受更大经营压力近期部分车企相继推出保价政策有望缓解消费者观望情绪改善汽车销量销售兑现能力较强的自主品牌的进一步发力仍被看好静待乘用车需求改善2023年第二季度乘用车销量预期将得到修正燃油车补贴风波将会逐步褪去4月上海车展预计迎来新车型新技术密集发布叠加地方补贴优惠政策碳酸锂降价共同作用销量于2023年第二季度有望持续得到改善市场静待乘用车需求改善我们对2023年第二季度乘用车销量不悲观抢占燃油车市场份额仍在延续机会仍在整车整车板块我们推荐吉利汽车00175HK长城汽车-H02333HK和理想汽车-W02015HK零部件板块我们推荐耐世特01316HK风险提示1行业竞争加剧价格战超预期2乘用车销量不及预期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ivanwugtjascomhk85225092649FrancoLi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-HSHARES00598HKCHOWTAIFOOKJEWELLERY01929HKCGNMEIYAPOWER01811HKGOMEELECTRICALAPPLIANCES00493HKCHINAAOYUANPROPERTY03883HKBOSSZHIPIN02076HKGUANGZHOUAUTOMOBILE-HSHARES02238HKNWS00659HKCHINASOUTHCITY01668HKSIHUANPHARMACEUTICAL00460HKSINOPECENGINEERING-HSHARES02386HKGCLNEWENERGY00451HKNEWWORLDDEVELOPMENT00017HKCHINARISUNGROUP01907HKSENSETIME-W00020HKXIAOMICORPORATION01810HKALIBABA09988HKZGCTECLEASING01601HKAOYUANHEALTHYLIFEGROUP03662HKJDCOM09618HKCHINALESSO02128HKZHONGLIANGHOLDINGS02772HKLOGANGROUP03380HKZHENROPROPERTIES06158HKAGILEGROUP03383HKCIFIESSERVICE01995HKBANKOFGANSU02139HKA-LIVING03319HKCHINANONFERROUSMINING01258HKLEEMANPAPER02314HKJOYSPREADER06988HKVOBILEGROUP03738HKCHERVON02285HKKINGSOFT03888HKGEELYAUTOMOBILE00175HKCHINACONSTRUCTIONBANK-HSHARES00939HKBANKOFCOMMUNICATIONS-HSHARES03328HKCHINAMINSHENGBANKINGCORP-HSHARES01988HKTENCENT00700HKBINHAIINVESTMENT02886HKCHINAPETROLEUMCHEMICAL-HSHARES00386HKFINANCIALSTREETPROPERTY01502HKIRICOGROUPNEWENERGY00438HKCIFIHOLDINGSGROUP00884HKBIDU-SW09888HKKWGGROUP01813HKBILIBILI-SW09626HKFOSUNINTL00656HKKUAISHOU-W01024HKWEIGAOGROUP01066HKCHENMING01812HKSUNAC01918HKNAYUKI02150HKCARSGEN02171HKCHINAOVSPPT02669HKSMOORE06969HKXPENG09868HKYEAHKA09923HKPOPMART09992HKDFZQ-HSHARES03958HKWUXIAPPTEC02359HKCITS01880HKYANZHOUCOAL01171HKSPC00338HKHONGJIUFRUIT06689HK360DIGITECH-S03660HKCHINASUNTIEN00956HKJINKESERVICES09666HKJIANGSUEXPRESSWAY00177HKSINOPECKANTONS00934HKmentionedinthisResearchReportwithinthepreceding12months5GuotaiJunananditsgroupcompaniesaremakingorwillmakeamarketinthesecuritiesinrespectofCHINAOVERSEASLANDINVESTMENT00688HKLENOVO00992HKCHINATELECOM-HSHARES00728HKCHINAUNICOM00762HKCHINAMOBILE-HSHARES00941HKHONGKONGEXCHANGESANDCLEARING00388HKGALAXYENTERTAINMENT00027HKGREATWALLMOTOR-HSHARES02333HKAIA01299HKSANDSCHINA01928HKCHINAAOYUANPROPERTY03883HKAACTECHNOLOGIESHOLDINGS02018HKSUNNYOPTICALTECHNOLOGY02382HKSINOPHARMGROUP-HSHARES01099HKCNOOC00883HKWUXIBIOLOGICS02269HKMEITUAN-W03690HKCHINATOWERCORPORATION-HSHARES00788HKXIAOMICORPORATION01810HKALIBABA09988HKNETEASE09999HKJDCOM09618HKSMIC00981HKALIBABAHEALTH00241HKLOGANGROUP03380HKBIDU-SW09888HKKUAISHOU-W01024HKXPENG09868HKCITICSEC-HSHARES06030HKGEELYAUTOMOBILE00175HKBYDCOMPANY-HSHARES01211HKCHINACONSTRUCTIONBANK-HSHARES00939HKINDUSTRIALANDCOMMERCIALBANKOFCHINA-HSHARES01398HKBOCHONGKONG02388HKCHINAMERCHANTSBANK-HSHARES03968HKBANKOFCHINA-HSHARES03988HKHSBC00005HKAGRICULTURALBANKOFCHINA-HSHARES01288HKPINGANINSURANCE-HSHARES02318HKCHINALIFEINSURANCE-HSHARES02628HKTENCENT00700HKmentionedinthisResearchReport6GuotaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficerofanyissuersmentionedinthisResearchReportThereisnoofficerofanyissuersmentionedinthisResearchReportassociatedwithGuotaiJunananditsgroupcompaniesDISCLAIMERThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanGuotaiJunananditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunangroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunandoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunananditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdiction2023GuotaiJunanSecuritiesHongKongLimitedAllRightsReserved27FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongTel8522509-9118Fax8522509-7793WebsitewwwgtjaicomSeethelastpagefordisclaimer8of8