观点评论：中国中铁(00390 HK) 2022年全年收入同比增7.6%至人民币11,543亿元。股东净利同比增13.2%至人民币313亿元。业绩符合预期。期内，基建业务收入同比增7.0%至人民币10,197亿元，分部毛利率同比持平于8.1%。整体毛利率9.4%(-0.2个百分点)。销售费用率0.5%(-0.1个百分点)、管理费用率2.3%(-0.1个百分点)、研发费用率2.4%(+0.1个百分点)、财务费用率0.8%(+0.1个百分点)。2022年新签合同人民币30,324亿元(+11.1%)。按业务板块划分，基础设施建设人民币26,659亿元(+10.3%)，其中铁路人民币5,157亿元(+19.0%)、公路人民币3,483亿元(+18.0%)，市政工程及其他人民币18,018亿元(+6.8%)。勘察设计及咨询服务人民币279亿元(+35.7%)，工程装备及零部件制造人民币632亿元(+3.1%)，房地产开发人民币752亿元(+29.6%)，其他业务人民币2,002亿元(+15.9%)。按地区分布来看，国内新签合同人民币28,486亿元(+10.5%)，海外新签合同人民币1,838亿元(+21.1%)。截至2022年底未完成合同人民币49,311亿元，未完成合同/收入比4.3倍，维持高位。
　　投资建议：维持"买入评级"，目标价为7.60港元。1)新一轮国企改革利好政策可期，股权激励/资产质量和现金流好转将提振估值。2)光伏/风电/环保等新兴业务新签合同高速增长，打造第二曲线增强业绩持续性。3)2023年为"一带一路"计划提出十周年并将举行第三次"一带一路"峰会，2022年海外新签合同增速21.1%超预期，铜钼矿产业务提高业绩弹性。

研究报告全文：股票研Research究TableTitleEquityResearchDepartmentMorningResearchFocus31March2023TableSummaryTableofContents目录Focus行业和公司焦点今IndustryandCompanyFocus晨ChinaRailwayGroup00390HK2022ShareholdersNetProfitIncreased132YoYtoRMB313Billion焦ResearchResultswereinLine点中国中铁00390HK2022年全年股东净利同比增132至人民币313亿元业绩符合预期MorningChinaRailwayConstruction01186HK2022ShareholdersProfitIncreased79YoYtoRMB266BillionResultswereinLine中国铁建01186HK2022年全年股东净利同比增79至人民币266亿元业绩符合预期ChinaCommunicationsConstructionCompany01800HK2022ShareholdersNetProfitIncreased94证YoYtoRMB201BillionResultswereinLine告券中交建年全年股东净利同比增至人民币亿元业绩符合预期报01800HK202294201研究究最新报告摘要报研LatestReports告券EquityResearchReportCompanyEPSCodeTitleTPChgRatingChg证NameEstChange代码标题目标价z评级变动公司名称盈利预测是否改变ConcernsonRelated-PartyRisksA-Living03319HKHK720NeutralYRemainNeutral雅生活服务03319HK对关联方风险的顾虑仍然存在中性HK720中性是AppendicesChineseVersionoftheIndustryandCompanyFocusLatestReports后附行业和公司焦点最新报告摘要中文版HSIPerformanceHSCEIPerformance31000140002900012000270002500010000230002100080001900060001700015000400013000110002000Mar22Jun22Sep22Dec22Mar23Mar22Jun22Sep22Dec22Mar23SourceBloombergSourceBloombergSeethelastpagefordisclaimer1of10MorningResearchFocusPreviousIntradayHKmRMBmTradingDayChange百万港元百万人民币前一交易日单日涨跌HSIIndexDailyTurnoverMainlandChinaDailyTurnover2030913058133594984021恒生指数总成交额内地总成交额HSCEIIndexStockConnectNetInflowMarketCapSSE692266064208742668564国企指数互联互通净流入沪市市值HSTECHIndexMarketCapHKExMarketCapSZSE4270320563652010034733100科技指数港股市值深市市值资料来源国泰君安国际BloombergNotethemarketcapitalvalueofHKExSSESZSEandMainlandChinaDailyTurnoverwasrecordedasatMar29PleasesubscribetoourGTJAIResearchWechatsubscriptionaccountsPleasescantheQRcodesontheright-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NHGTJSeethelastpagefordisclaimer2of10MorningResearchFocusIndustryTableFocusandCompanyFocusChinaRailwayGroup00390HK2022ShareholdersNetProfitIncreased132YoYtoRMB313BillionResultswereinLineAnalystGaryWongWhathappenedTheCompanypostedaudited2022resultsKeyFundamentalsareasfollowing2022RMBYoY2H2022RMBYoYNetRevenue11543billion765938billion33GrossProfit1089billion53623billion12ShareholdersNetProfit313billion132162billion112EPS11981550647110DPS020020SourcetheCompanyGuotaiJunanInternationalCommentsandViewsChinaRailwayGroup00390HKs2022revenueincreasedby76YoYtoRMB11543billionShareholdersnetprofitincreased132YoYtoRMB313billionResultswereinlinewithexpectationDuringtheperiodinfrastructureconstructionrevenueincreasedby70YoYtoRMB10197billionsegmentalgrossmarginstayedflatYoYat81Overallgrossmarginwas94-02pptSellingexpensesratiowas05-01pptgeneralandadministrativeexpensesratiowas23-01pptRDexpensesratiowas2401pptfinancecostsratiowas0801ppt2022newcontractswereRMB30324billion111BybusinesssegmentsnewcontractsforinfrastructureconstructionwereRMB26659billion103ofwhichrailwaywereRMB5157billion190highwaywereRMB3483billion180municipalworksandotherswereRMB18018billion68SurveydesignandconsultingserviceswereRMB279billion357engineeringequipmentandcomponentmanufacturingwereRMB632billion31realestatedevelopmentwereRMB752billion296otherbusinesseswereRMB2002billion159ByregionaldistributiondomesticnewcontractswereRMB28486billion105overseasnewcontractswereRMB1838billion211Asatendof2022totalbacklogwasRMB49311billionbacklogtorevenueratiowas43remaininghighInvestmentsuggestionMaintainBuyratingwithatargetpriceofHK7601NewroundoffavorableSOEsreformpoliciesexpectedandsharesincentivesschemeimprovementinassetqualityandcashflowwillboostvaluation2Newcontractsforemergingbusinessessuchasphotovoltaicswindpowerenvironmentalprotectionhavegrownrapidlycreatingasecondgrowthcurvewhichenhancesbusinesssustainability32023isthe10thanniversaryoftheBeltandRoadinitiativeandthethirdBeltandRoadsummitwillbeheldthegrowthrateofnewlysignedoverseascontractswasat211whichexceededexpectationwhilecopperandmolybdenummineralsbusinesseswillenhanceresultselasticityChinaRailwayConstruction01186HK2022ShareholdersProfitIncreased79YoYtoRMB266BillionResultswereinLineAnalystGaryWongWhathappenedTheCompanypostedaudited2022resultsKeyFundamentalsareasfollowing2022RMBYoY2H2022RMBYoYNetRevenue10963billion755558billion46GrossProfit1106billion130637billion122ShareholdersNetProfit266billion79132billion63EPS1760100087074Seethelastpagefordisclaimer3of10MorningResearchFocusDPS0280138SourcetheCompanyGuotaiJunanInternationalCommentsandViewsChinaRailwayConstruction01186HKs2022revenueincreasedby75YoYtoRMB10963billionShareholdersnetprofitincreased79YoYtoRMB266billionResultswereinlinewithexpectationDuringtheperiodconstructionoperationsrevenueincreasedby79YoYtoRMB9647billionsegmentalgrossmarginincreasedby07pptYoYto86Overallgrossmarginwas10105pptSellingexpensesratiowas06stayedflatgeneralandadministrativeexpensesratiowas20stayedflatRDexpensesratiowas2303pptandfinancecostsratiowas03-01ppt2022newcontractswereRMB32450billion151BybusinesssegmentsnewcontractsforconstructionoperationswereRMB18626billion112investmentoperationswereRMB7513billion227environmentalprotectionoperationswereRMB1907billion504planningdesignandconsultancyoperationswereRMB295billion109manufacturingoperationswereRMB373billion95realestatedevelopmentoperationswereRMB1313billion-92materialsandlogisticsoperationswereRMB2249billion236industrialfinanceoperationswereRMB114billion-111emergingindustrieswereRMB60billion15ByregionaldistributiondomesticnewcontractswereRMB29390billion147overseasnewcontractswereRMB3060billion190Asatendof2022totalbacklogwasRMB63627billionbacklogtorevenueratiowas58xreachingnewhighInvestmentsuggestionMaintainBuyratingwithatargetpriceofHK8101TheCompanyranked21stinCRICsTOP100saleslistofChineserealestatecompaniesfromJanuarytoFebruary2023thehighestrankingamongconstructionengineeringcentralSOEsfullybenefitingfromtherecoveryoftherealestatemarket22023isthe10thanniversaryoftheBeltandRoadinitiativeandthethirdBeltandRoadsummitwillbeheldTheCompanysnewlysignedoverseascontractsofRMB306billionin2022wasthelargestamongconstructionengineeringcentralSOEsweexpectthenewlysignedoverseascontractsandgrossmarginswillsimultaneouslyupliftChinaCommunicationsConstructionCompany01800HK2022ShareholdersNetProfitIncreased94YoYtoRMB201BillionResultswereinLineAnalystGaryWongWhathappenedTheCompanypostedaudited2022resultsKeyFundamentalsareasfollowing2022RMBYoY2H2022RMBYoYRevenue7175billion513546billion32GrossProfit831billion17454billion25ShareholdersNetProfit201billion9481billion19EPS114096045023DPS021764SourcetheCompanyGuotaiJunanInternationalCommentsandViewsChinaCommunicationsConstructionCompany01800HKs2022revenueincreasedby51YoYtoRMB7175billionShareholdersnetprofitincreased94YoYtoRMB201billionResultswereinlinewithexpectationDuringtheperiodinfrastructureconstructionrevenueincreasedby42YoYtoRMB6342billionandsegmentalgrossmargindecreasedby07pptYoYto106mainlyduetoincreaseinsubcontractingcostsanddecreaseinrevenuecontributionofinfrastructureinvestmentprojectsOverallgrossmarginwas116-08pptSellingexpensesratiowas0301pptgeneralandadministrativeexpensesratiowas61-02pptnetfinancecostsratiowas3102ppt2022newcontractswereRMB15423billion216BybusinesssegmentinfrastructureconstructionbusinessnewcontractswereRMB13671billion215ofwhichportconstructionwereRMB767billion593roadandbridgeconstructionwereRMB3579billion151railwayconstructionwereRMB449billion795urbanconstructionwereRMB6790billion276overseasprojectswereRMB2086billion-03InfrastructuredesignbusinesswereRMB549billion234dredgingbusinesswereRMB1067billion222otherbusinesseswereRMB136billion270Asatendof2022totalbacklogwasRMB33883billionbacklogtorevenueratiowasSeethelastpagefordisclaimer4of10MorningResearchFocus47xreachingnewhighInvestmentsuggestionMaintainAccumulateratingwithatargetpriceofHK5201NewroundoffavorableSOEsreformpoliciesexpectedandshareincentivesschemerefinancingplansassetrestructuringplansprovidecatalystswhichboostrevaluation2PlantospinoffitssubsidiariesCCCCHighwayConsultantsCCCCFirstHighwayConsultantsandCCCCSecondHighwayConsultantsandgetthemlistedthroughrestructuringwithQilianshanwhichisconducivetothereleaseofhiddenvalueandtheadditionofanewfinancingchannel32023isthe10thanniversaryoftheBeltandRoadinitiativeandthethirdBeltandRoadsummitwillbeheldTheCompanysoverseasnewcontractsaccountforahighproportionofoverallnewcontractsRecoveryinoverseasnewcontractsandgrossmarginshouldboostresultstoexceedexpectationTableLatestLatestReportsA-Living03319HKConcernsonRelated-PartyRisksRemainNeutralRatingNeutral6-18mTPHK720AnalystChunliZhanReportDate2023-03-30SummaryDowngradetoNeutralwithTPofHK720WeforecasttheCompanys2023F-2025FEPStobeRMB1512RMB1716andRMB1938respectivelywhichrepresentsCAGRof144during2022-2025FWeexpectA-LivingtodeliverstablebutrelativelylacklustergrowthinthenextfewyearsOntheotherhandwebelievethatmarketconcernsonitsrelated-partyrisksremainWedowngradeourinvestmentratingtoNeutralwithTPatHK720implying42x2023FPEmultipleResilientgrowthinnon-cyclicalbusinessA-Livingsnon-cyclicalbusinessrevenuemaintainedresilientwithYoYgrowthat217in2022HoweverduetothinnermarginandlargeimpairmentlossfromtradereceivablesA-Livings2022attributablenetprofitrecordedYoYdeclineof203atRMB1840mnWeexpectA-Livingsnon-cyclicalbusinesstomaintainrelativelystablegrowthof10-15peryearinthenextfewyearsconsidering1itssolidmanagedGFAgrowthand2bettergrowthfromthe2Cand2BVASservicesConcernsonrelated-partyrisksremainWebelievethatA-Livingsrelated-partyrisksremainasthemajormarketconcernfromthesecondhalfoflastyearByendof2022A-Livingsshort-termaccountsreceivablesreachedRMB104bnwhichalmostdoubledfromthatattheendof2021UnlessweseemuchmoreimprovementinitsparentsbalancesheettheoverhangwillnotbefullyremovedInadditionthechangeindividendpolicywithnofinaldividendfor2022alsodeepenedconcernsontheCompanyscashmanagementUpsidefactors1Improvementinprofitability2fastergrowthinpropertyownersVASandcityservicesand3liquidityimprovementfromitsparentDownsiderisks1SlowergrowthinGFAexpansion2largeimpairmentlossfromaccountsreceivablesand3laborcosthikesSeethelastpagefordisclaimer5of10MorningResearchFocusChineseTranslation中文翻译TableFocuschi行业和公司焦点中国中铁00390HK2022年全年股东净利同比增132至人民币313亿元业绩符合预期分析员黄家玮事件描述公司公布2022年全年经审计的业绩主要指标表现如下2022人民币同比2H2022人民币同比收入11543亿元765938亿元33毛利1089亿元53623亿元12股东净利313亿元132162亿元112每股净利1198元1550647元110每股股息0200元20资料来源公司国泰君安国际观点评论中国中铁00390HK2022年全年收入同比增76至人民币11543亿元股东净利同比增132至人民币313亿元业绩符合预期期内基建业务收入同比增70至人民币10197亿元分部毛利率同比持平于81整体毛利率94-02个百分点销售费用率05-01个百分点管理费用率23-01个百分点研发费用率2401个百分点财务费用率0801个百分点2022年新签合同人民币30324亿元111按业务板块划分基础设施建设人民币26659亿元103其中铁路人民币5157亿元190公路人民币3483亿元180市政工程及其他人民币18018亿元68勘察设计及咨询服务人民币279亿元357工程装备及零部件制造人民币632亿元31房地产开发人民币752亿元296其他业务人民币2002亿元159按地区分布来看国内新签合同人民币28486亿元105海外新签合同人民币1838亿元211截至2022年底未完成合同人民币49311亿元未完成合同收入比43倍维持高位投资建议维持买入评级目标价为760港元1新一轮国企改革利好政策可期股权激励资产质量和现金流好转将提振估值2光伏风电环保等新兴业务新签合同高速增长打造第二曲线增强业绩持续性32023年为一带一路计划提出十周年并将举行第三次一带一路峰会2022年海外新签合同增速211超预期铜钼矿产业务提高业绩弹性中国铁建01186HK2022年全年股东净利同比增79至人民币266亿元业绩符合预期分析员黄家玮事件描述公司公布2022年全年经审计的业绩主要指标表现如下2022人民币同比2H2022人民币同比收入10963亿元755558亿元46毛利1106亿元130637亿元122股东净利266亿元79132亿元63每股净利1760元1000870元74Seethelastpagefordisclaimer6of10MorningResearchFocus每股派息0280元138资料来源公司国泰君安国际观点评论中国铁建01186HK2022年全年收入同比增75至人民币10963亿元股东净利同比增79至人民币266亿元业绩符合预期期内工程承包业务收入同比增79至人民币9647亿元分部毛利率同比提高07个百分点至86整体毛利率10105个百分点销售费用率06持平管理费用率20持平研发费用率2303个百分点财务费用率03-01个百分点2022年新签合同额人民币32450亿元151按业务板块划分施工业务新签合同人民币18626亿元112投资业务人民币7513亿元227环保业务人民币1907亿元504规划设计及咨询业务人民币295亿元109制造业务人民币373亿元95房地产开发业务人民币1313亿元-92材料和物流业务人民币2249亿元236工业金融业务人民币114亿元-111新兴产业业务人民币60亿元15按地区分布看国内新签合同人民币29390亿元147海外新签合同人民币3060亿元190截至2022年底未完成合同人民币63627亿元未完成合同收入比58倍创新高投资建议维持买入评级目标价为810港元1克而瑞2023年1-2月中国房地产企业销售TOP100排行榜排名21建筑工程央企里排名最高充份受惠房地产市场回暖22023年为一带一路计划提出十周年并将举行第三次一带一路峰会公司2022年境外新签合同人民币3060亿元央企规模最大我们预计其2023年海外业务新签合同和毛利率有望双升中交建01800HK2022年全年股东净利同比增94至人民币201亿元业绩符合预期分析员黄家玮事件描述公司公布2022年全年经审计的业绩主要指标表现如下2022人民币同比2H2022人民币同比收入7175亿元513546亿元32毛利831亿元17454亿元25股东净利201亿元9481亿元19每股净利1140元960450元23每股派息0217元64资料来源公司国泰君安国际观点评论中交建01800HK2022年全年收入同比增51至人民币7175亿元股东净利同比增94至人民币201亿元业绩符合预期期内基建建设业务收入同比增42至人民币6342亿元分部毛利率同比下跌07个百分点至106主要由于分包成本增加及基建投资项目收入占比减少整体毛利率116-08个百分点销售费用率0301个百分点管理费用率61-02个百分点净财务费用率3102个百分点2022年新签合同人民币15423亿元216按业务板块划分基建建设业务人民币13671亿元215其中港口建设人民币767亿元593道路与桥梁建设人民币3579亿元151铁路建设人民币449亿元795城市建设人民币6790亿元276海外项目人民币2086亿元-03基建设计业务人民币549亿234元疏浚业务人民币1067亿元222其他业务人民币136亿元270截至2022年底未完成合同人民币33883亿元未完成合同收入比47倍创新高投资建议维持收集评级目标价为520港元1新一轮国企改革利好政策可期股权激励再融资资产重组催化价值重估2拟分拆所属子公司公规院一公院二公院通过与祁连山进行重组的方式实现重组上市有利于隐藏价值释放及增加新的融资渠道32023年为一带一路计划提出十周年并将举行第三次一带一路峰会公司海外订单占比高海外订单和毛利率修复业绩预计超预期Seethelastpagefordisclaimer7of10MorningResearchFocusTableLatestchi最新报告雅生活服务03319HK对关联方风险的顾虑仍然存在中性评级中性6-18m目标价HK720分析员詹春立报告日期2023-03-30报告摘要下调至中性评级目标价720港元我们预测公司2023-2025年每股盈利分别为人民币1512元人民币1716元及人民币1938元对应2022-2025年的年复合增长率为144我们预计雅生活在未来几年将录得稳定但放缓的增长另一方面我们认为市场对于其关联方风险的顾虑仍未解除我们下调投资评级至中性目标价720港元对应2023年42倍的市盈率来自非周期业务的增长仍具韧性雅生活2022年的非周期业务收入增长保持了韧性全年同比增长217但是由于毛利率承压以及大额计提的坏账拨备雅生活2022年归属股东净利润录得了同比203的下滑为人民币184亿元考虑到其1在管面积的稳健拓张以及22C和2B增值服务的较快增长我们预计雅生活未来几年非周期业务的增长将稳定维持在每年10-15对关联方风险的顾虑仍然存在从去年下半年开始我们认为市场对雅生活最大的顾虑一直是来自关联方风险2022年底雅生活短期应收账款达到人民币104亿元几乎比2021年底翻倍我们认为除非看到其母公司资产负债表的更多改善否则市场的担忧不会完全消解另外公司分红派息政策的调整及2022年不派末期股息也加深了对于公司现金管控的担忧上行因素1利润率改善2更快发展的业主增值服务以及城市服务以及3母公司流动性改善下行风险1在管面积增长变慢2大额计提坏账以及3人工成本增加Seethelastpagefordisclaimer8of10MorningResearchFocusResearchDepartment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pennypangtjascomhk85225092632Seethelastpagefordisclaimer9of10MorningResearchFocusCompanyRatingDefinitionTheBenchmarkHongKongHangSengIndexNASDAQCompositeIndexTimeHorizon6to18monthsRatingDefinitionBuy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-HSHARES00598HKCHOWTAIFOOKJEWELLERY01929HKCGNMEIYAPOWER01811HKGOMEELECTRICALAPPLIANCES00493HKCHINAAOYUANPROPERTY03883HKGUANGZHOUAUTOMOBILE-HSHARES02238HKNWS00659HKCHINASOUTHCITY01668HKSIHUANPHARMACEUTICAL00460HKSINOPECENGINEERING-HSHARES02386HKGCLNEWENERGY00451HKNEWWORLDDEVELOPMENT00017HKCHINARISUNGROUP01907HKGEELYAUTOMOBILE00175HKCHINACONSTRUCTIONBANK-HSHARES00939HKBANKOFCOMMUNICATIONS-HSHARES03328HKCHINAMINSHENGBANKINGCORP-HSHARES01988HKTENCENT00700HKBINHAIINVESTMENT02886HKCHINAPETROLEUMCHEMICAL-HSHARES00386HKFOSUNINTL00656HKKUAISHOU-W01024HKSENSETIME-W00020HKXIAOMICORPORATION01810HKZGCTECLEASING01601HKAOYUANHEALTHYLIFEGROUP03662HKJDCOM09618HKCHINALESSO02128HKZHONGLIANGHOLDINGS02772HKLOGANGROUP03380HKZHENROPROPERTIES06158HKAGILEGROUP03383HKCIFIESSERVICE01995HKBANKOFGANSU02139HKA-LIVING03319HKFINANCIALSTREETPROPERTY01502HKIRICOGROUPNEWENERGY00438HKCIFIHOLDINGSGROUP00884HKBIDU-SW09888HKKWGGROUP01813HKBILIBILI-SW09626HKCHINASUNTIEN00956HKJINKESERVICES09666HKJIANGSUEXPRESSWAY00177HKWEIGAOGROUP01066HKCHENMING01812HKSUNAC01918HKNAYUKI02150HKCARSGEN02171HKCHINAOVSPPT02669HKSMOORE06969HKXPENG09868HKYEAHKA09923HKPOPMART09992HKDFZQ-HSHARES03958HKWUXIAPPTEC02359HKCITS01880HKYANZHOUCOAL01171HKSPC00338HKHONGJIUFRUIT06689HK360DIGITECH-S03660HKBOSSZHIPIN02076HKSINOPECKANTONS00934HKCHINANONFERROUSMINING01258HKLEEMANPAPER02314HKJOYSPREADER06988HKVOBILEGROUP03738HKCHERVON02285HKKINGSOFT03888HKALIBABA09988HKmentionedinthisResearchReportwithinthepreceding12months5GuotaiJunananditsgroupcompaniesaremakingorwillmakeamarketinthesecuritiesinrespectofCHINAOVERSEASLANDINVESTMENT00688HKLENOVO00992HKCHINATELECOM-HSHARES00728HKCHINAUNICOM00762HKCHINAMOBILE-HSHARES00941HKHONGKONGEXCHANGESANDCLEARING00388HKGALAXYENTERTAINMENT00027HKGREATWALLMOTOR-HSHARES02333HKAIA01299HKSANDSCHINA01928HKCHINAAOYUANPROPERTY03883HKAACTECHNOLOGIESHOLDINGS02018HKSUNNYOPTICALTECHNOLOGY02382HKSINOPHARMGROUP-HSHARES01099HKCNOOC00883HKWUXIBIOLOGICS02269HKMEITUAN-W03690HKCHINATOWERCORPORATION-HSHARES00788HKGEELYAUTOMOBILE00175HKBYDCOMPANY-HSHARES01211HKCHINACONSTRUCTIONBANK-HSHARES00939HKINDUSTRIALANDCOMMERCIALBANKOFCHINA-HSHARES01398HKBOCHONGKONG02388HKCHINAMERCHANTSBANK-HSHARES03968HKBANKOFCHINA-HSHARES03988HKHSBC00005HKAGRICULTURALBANKOFCHINA-HSHARES01288HKPINGANINSURANCE-HSHARES02318HKCHINALIFEINSURANCE-HSHARES02628HKTENCENT00700HKKUAISHOU-W01024HKXPENG09868HKCITICSEC-HSHARES06030HKALIBABA09988HKXIAOMICORPORATION01810HKNETEASE09999HKJDCOM09618HKSMIC00981HKALIBABAHEALTH00241HKLOGANGROUP03380HKBIDU-SW09888HKmentionedinthisResearchReport6GuotaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficerofanyissuersmentionedinthisResearchReportThereisnoofficerofanyissuersmentionedinthisResearchReportassociatedwithGuotaiJunananditsgroupcompaniesDISCLAIMERThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanGuotaiJunananditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunangroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunandoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunananditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdiction2023GuotaiJunanSecuritiesHongKongLimitedAllRightsReserved27FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongTel8522509-9118Fax8522509-7793WebsitewwwgtjaicomSeethelastpagefordisclaimer10of10