研究报告全文：股票研Research究TableTitleEquityResearchDepartmentMorningResearchFocus11April2023TableSummaryTableofContents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AnnualEarningsGrewSteadilyTheGreatWallCompanyAcceleratesNewEnergy02333HKHK1300Buy--YMotorStrategicTransformationMaintainBuy全年业绩实现稳健增长公司加速新能源长城汽车02333HKHK1300买入--是战略转型维持买入证SectorReportBi-WeeklyWrapConstruction告ConstructionEngineeringCentral券EngineeringSOEs2022ResultsMet--Outperform--N研Sector报ExpectationsinGeneralwithAbundantBacklogs究究行业报告双周报建筑工程央企2022建筑工程行业--跑赢大市--否年业绩普遍符合预期在手合同充裕报研SectorReportWeeklyWrapZTE告Telecommunic券ExpandsAIComputingPower--Outperform--NEquityResearchReportationsSectorMarketFirstDraftofCPOStandard证Released行业报告周报中兴发力AI算力市场通信行业--跑赢大市--否首个CPO标准草案发布TypeofReportTitleIssueDate报告类型标题宏观研究人民币国际化来自离岸市场的2023年4月10日宏观研究人工智能对欧盟及美国劳动力市场的影响2023年4月10日MacroTheGreatRecyclingANewApproachtowardsCNYInternationalization06April2023AppendicesChineseVersionoftheIndustryandCompanyFocusLatestReports后附行业和公司焦点最新报告摘要中文版Seethelastpagefordisclaimer1of9MorningResearchFocusHSIPerformanceHSCEIPerformance31000140002900012000270002500010000230002100080001900060001700015000400013000110002000Apr22Jul22Oct22Jan23Apr23Apr22Jul22Oct22Jan23Apr23SourceBloombergSourceBloombergPreviousIntradayHKmRMBmTradingDayChange百万港元百万人民币前一交易日单日涨跌HSIIndexDailyTurnoverMainlandChinaDailyTurnover20331200281016861056521恒生指数总成交额内地总成交额HSCEIIndexStockConnectNetInflowMarketCapSSE689405027388543631458国企指数互联互通净流入沪市市值HSTECHIndexMarketCapHKExMarketCapSZSE4237630103661950035660600科技指数港股市值深市市值资料来源国泰君安国际BloombergNotethemarketcapitalvalueofHKExSSESZSEandMainlandChinaDailyTurnoverwasrecordedasatApr6andApr7PleasesubscribetoourGTJAIResearchWechatsubscriptionaccountsPleasescantheQRcodesontheright-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NHGTJMorningResearchFocusIndustryTableFocusandCompanyFocusNil无TableLatestLatestReportsGreatWallMotor02333HKAnnualEarningsGrewSteadilyTheCompanyAcceleratesNewEnergyStrategicTransformationMaintainBuyRatingBuy6-18mTPHK1300AnalystIvanWuReportDate2023-04-07SummaryMaintainBuybutlowertheTPtoHK1300ConsideringthattheCompanywillacceleratenewenergystrategictransformationthisyearresultingintheimpactofnewpricingstrategyonprofitscombinedwiththeindustrysconsiderablycompetitiveoperatingenvironmentin2023wegivetheCompany2023-2024PEvaluationof18x10xthetargetpriceisloweredtoHK1300withanupsideof46fromcurrenttargetpriceAnnualearningsgrewsteadilyandvehiclemodelpremiumizationboostedprofitabilityTheCompanysrevenuein2022increasedslightlyup07yoytoRMB13734bnDuringtheperiodthenetprofitattributabletotheparentcompanywasRMB827bnup229yoyTheCompanysannualsalesofaboveRMB200000vehiclemodelsaccountedfor153VehicleASPincreasedtoRMB129400up215yoywhichwasattributabletovehiclemodelpremiumizationTheCompanyspremiumizationstrategyin2022hassuccessfullydriventheimprovementofprofitabilityandtheGPMhasincreasedby32pptsto194NPMroseby11pptsto60OneGreatWallstrategiclandscapeshowedresultsandexportsalessoaredGWMfurtherdeployeditsoverseasbusinessin2022focusingontheEuropeanandASEANmarketsandachievedremarkableresultsExportsalesfortheyearwere172000unitsup231yoyManymodelswillbelaunchedinoverseasmarketswhichisexpectedtopromotehighexportgrowthin2023NewtechnologiesandnewchannelstoacceleratenewenergystrategictransformationTheCompanyreleasedthenewHi4intelligentfour-wheeldrivehybridelectrictechnologywhichprovidesuniquetechnicaladvantagesthatcombinecost-efficiencyandfour-wheeldriveperformanceInadditionHavalwilllaunchnewenergymodelsoftheXiaolongseriesandexclusivesaleschannelsfornewenergyinthesecondquarterTheXiaolongseriesmodelsareexpectedtobecomethenexthitmodelsoftheHavalbrandacceleratingnewenergystrategictransformationSectorReportConstructionEngineeringSectorBi-WeeklyWrapConstructionEngineeringCentralSOEs2022ResultsMetExpectationsinGeneralwithAbundantBacklogsRatingOutperform6-18mTPnaAnalystGaryWongReportDate2023-04-10SummaryInvestmentsuggestionsOurtoppicksarecompaniesbenefitingfromthethemesofrealestatesectorrecoveryandcontinuedpushininfrastructureinvestmentespeciallywithmodularintegratedconstructionMiCandbuilding-integratedphotovoltaicsBIPVexposurewhichincludeChinaStateConstructionInternational03311HKtargetpriceHK1610ratingBuyChinaStateConstructionDevelopment00830HKtargetpriceHK266ratingBuyReiterateOutperformratingforthesectorSectornewsupdates1BrazilandChinanolongeruseUSDollarasintermediatecurrency2RMB137trillionofnewspecialdebtwasissuedin1Q2023Companynewsupdates1ChinaCommunicationsConstruction01800HK2022shareholdersnetprofitincreased94YoYtoRMB201billion2ChinaRailwayConstruction01186HK2022shareholdersprofitincreased79YoYtoRMB266billion3ChinaRailwayGroup00390HK2022shareholdersnetprofitincreasedSeethelastpagefordisclaimer3of9MorningResearchFocus132YoYtoRMB313billion4BroadHomes02163HK2022shareholdersnetLosswasRMB808millionRisks1Governmentinfrastructurespendingmaybelowerthanexpected2inflationcouldexceedexpectationsandmaycausepolicytighteningSectorReportTelecommunicationsSectorWeeklyWrapZTEExpandsAIComputingPowerMarketFirstDraftofCPOStandardReleasedRatingOutperform6-18mTPnaAnalystGinYuReportDate2023-04-10SummaryZTEtheCompanyexpandsAIcomputingpowermarketwilllaunchGPUserverssupportingChatGPTAIbringshugedemandforcomputingpowerandoperatorscontinuestoincreasecomputingpowernetworkinvestmentsthusmarketdemandfortheCompanyssecond-curvebusinessisstrongIn2022theglobalservermarketwasaroundUS100billionandChinasservermarketwasaroundRMB180billionandChinaservermarketisexpectedtogrowataCAGRofaround9inthenextfiveyearsIn2022theCompanysserverrevenuereachedRMB10billionanincreaseof80yoyrankingfifthintheindustryintermsofrevenuesizeTheCompanyreleasedtheG5serveratthebeginningoftheyearacceleratingtheconstructionoftheEasternDataandWesternComputingaswellasdatacenterandprocurementofserversTheCompanysserversalesareexpectedtomaintainrapidgrowthin2023InadditiontheCompanywilllaunchGPUserverssupportinglargebandwidthChatGPTattheendof2023andpreviouslytheCompanyhasannouncedthattheirserverswillsupportBaidusERNIEBotWeexpectthatmassivedemandforcomputingpowerfromAItocreatehugemarketopportunitiesfortheCompanysserverbusinessOIFreleasedthefirstdraftofCPOstandardcontinuingtopromoteopticalco-locationecology5April2023OIFOpticalInterworkingForumaninternationalopticalinterconnectionorganizationreleasedtheindustrysfirstdraftofCPOstandardwhichmainlydefines32TCPOmodulesforEthernetswitcheswhichcanbebasedon100Gelectricalchannelsandprovide50GchannelbackwardcompatibilityThemoduledefinitioncanbeusedforopticalmodulesaswellasforpassivecableassembliesandcansupportopticalelectricalinterfaceimplementationsthatenable512TbpsaggregationbandwidthswitchesAtOFC2023Broadcomisalsodemonstratingitssecondgenerationsiliconoptical-basedswitchwhichuseseight64TCPOopticalenginestoachieve512TswitchingcapacityWebelievethatfromanopennetworkingperspectivethisdraftpromotesthedevelopmentofaneco-standardforopticalco-locationlayingagoodfoundationfortechnologyupgradeandindustrychainmaturityWegiveanOutperformratingWerecommendChinaMobile00941HKChinaTelecom00728HKChinaUnicom00762HKZTE00763HKandBYDElectronic00285HKRisksSlower-than-expectedconstructionofEast-to-WestComputingResourceTransferProjectandcloudcomputingdevelopmentoftrafficservicesandindustrialinternetapplicationsmaybeslowerthanexpectedTheGreatRecyclingANewApproachtowardsCNYInternationalizationMacroTeamHaoZhouReportDate2023-04-06SummaryChinahaspromotedtherenminbitradesettlementwhichaimstopushforwardtheCNYinternationalizationOneofthemostsignificantmovesrecentlyisthatChinaandBrazilhavereportedlyreachedadealtotradeintheirowncurrenciesChinahasbeenpushingforCNYinternationalizationsince2010whentheoffshorerenminbiCNHmarketwasestablishedHowevertherewereafewsetbackssince2015ThingshavechangedquitealotsincethepandemicastheUSFedentersanaggressivetighteningprocessduetoinflationconcernsAsthedollarrateshavesurpassedthatofrenminbibyalargemarginmarketparticipantsintendedtoshiftthedollarfundingtorenminbiliabilitiesthatbearmuchlowercostsAsaresulttheissuanceofCNHbondssurgedoverthepastfewyearsreflectingthisregimechangeThegamechangerinouropinionistherenminbi-settlementagreementbetweenChinaanditstradepartnersparticularlythecommodityexportersforChinaChinaisrunningtradedeficitswithmostofthecommodityexportersSeethelastpagefordisclaimer4of9MorningResearchFocussuggestingthatthesecounterpartiesmightbepotentialinvestorsfortherenminbi-denominatedfinancialassetsinthenearfutureIftheserenminbifundscanbeinvestedbacktoCNHmarketorevenonshoreChinamarketsthiswillcreateagreatrecyclingprocessforrenminbiChineseTranslation中文翻译行业和公司焦点TableFocuschiNil无TableLatestchi最新报告长城汽车02333HK全年业绩实现稳健增长公司加速新能源战略转型维持买入评级买入6-18m目标价HK1300分析员吴凱翔报告日期2023-04-07报告摘要维持买入但降目标价至1300港元考虑到公司于今年加速新能源转型导致新定价策略对利润产生冲击叠加2023年行业经营环境内卷严重的影响我们给予公司2023-2024年18倍10倍PE估值降目标价至1300港元较当前目标价有46上行空间全年业绩实现稳健增长车型高端化推升盈利能力公司2022年营业收入同比微增07至人民币13734亿元期间实现归母净利润人民币827亿元同比大增229公司全年人民币20万元以上车型销量占比达153单车价格提升至人民币129400元辆同比增长215这得益于车型高端化的推动公司2022年车型高端化战略成功驱动盈利能力提升毛利率提升32个百分点至194净利率上升11个百分点至60一个长城战略布局成效显现出口销量猛增长城汽车2022年海外业务进一步完善布局重点发力欧洲和东盟市场并收获丰厚成果全年出口销量为172万辆同比增长231随着众多车型即将登陆海外市场有望推动2023年出口高增长新技术叠加新渠道加速新能源战略转型公司发布全新Hi4智能四驱电混技术提供独有兼具性价比与四驱性能技术优点此外哈弗将于第二季度推出龙系列的新能源车型和新能源专属销售渠道枭龙系列车型有望成为哈弗品牌下一个流量爆款加速新能源转型落地行业报告建筑工程行业双周报建筑工程央企2022年业绩普遍符合预期在手合同充裕评级跑赢大市6-18m目标价na分析员黄家玮报告日期2023-04-10报告摘要投资建议我们的首选股为受惠于地产回暖基建投资持续发力主题的公司尤其是具备组装合成法及光伏建筑一体化工程能力的公司包括中国建筑国际03311HK目标价1610港元评级买入及中国建筑兴业00830HK目标价266港元评级买入重申行业跑赢大市评级行业新闻更新1巴西和中国不再使用美元作为中间货币22023年一季度新增专项债人民币137万亿元公司新闻更新1中国交通建设01800HK2022年股东净利同比增长94至人民币201亿元2中国铁建01186Seethelastpagefordisclaimer5of9MorningResearchFocusHK2022年股东净利同比增长79至人民币266亿元3中国中铁00390HK2022年股东净利同比增长132至人民币313亿元4远大住工02163HK2022年股东净亏损为人民币808亿元风险1政府基础设施支出可能低于预期2通胀可能超预期并导致政策收紧行业报告通信行业周报中兴发力AI算力市场首个CPO标准草案发布评级跑赢大市6-18m目标价na分析员余劲同报告日期2023-04-10报告摘要中兴公司发力AI算力市场将推出支持ChatGPT的GPU服务器人工智能带来大量算力需求运营商算力网络继续加大投资公司深耕的第二曲线业务市场需求旺盛2022年全球服务器市场规模约1000多亿美元中国服务器市场规模约人民币1800多亿元预计未来五年中国服务器市场规模年复合增长率约92022年公司服务器营收达人民币百亿元同比增80营收规模排行业第五公司年初发布G5服务器加速东数西算及数据中心建设和服务器的采购预计2023年公司服务器销售额将保持快速增长此外公司将会在2023年底推出支持大带宽ChatGPT的GPU服务器此前公司就宣布服务器将支持百度的文言一心我们预计AI带来的大量算力需求将为公司的服务器业务带来巨大的市场机会OIF发布首个CPO标准草案持续推动光电合封生态2023年4月5日OIF光互联论坛国际光互联组织发布了业内第一个CPO标准草案其主要定义了用于以太网交换机的32TCPO模块可基于100G电通道并提供50G通道后向兼容该模块定义可以用于光模块也可以用于无源的电缆组件可支持实现512Tbps汇聚带宽交换机的光和或电接口在OFC2023上博通也展示了其基于硅光的第二代交换机其使用8个64TCPO光引擎实现512T交换容量我们认为从开放网络的角度本次草案推动了光电合封生态标准的制定为技术的升级和产业链成熟奠定良好的基础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风险提示东数西算落地进程不及预期云计算发展不及预期流量类业务及产业互联网应用发展不及预期宏观研究报告人工智能对欧盟及美国劳动力市场的影响宏观组周浩孙英超报告日期2023-04-09报告摘要人工智能AI是眼下最为热门的话题没有之一我们也选取了一篇刊载于美国白宫网站的关于人工智能对劳动力市场影响的研究报告1并对此进行翻译试图找到欧美国家中对于人工智能的最新思考这篇报告详实地介绍了AI并指出人工智能对工作的影响一方面人工智能可能提高生产力创造新的就业机会并提高生活水平另一方面由于人工智能已经开始执行以前被认为严格属于人类才可以执行的任务人工智能可能会扰乱现有的劳动力市场并损害现有工人的工作机会对于不同行业而言人工智能的影响虽然不同但影响却会是巨大且长期的比如说人工智能已经并会继续影响招聘和仓储行业其带来了效率的极大提升改变了产业的格局也要求从业者更加理解人工智能人工智能的推广的确为经济发展提供了许多机会但是人工智能也带来了一些挑战综合考虑政府必须要制定监管措施以引导人工智能向积极方向发展人工智能对于劳动力市场的影响才刚刚开始但本文中最让我们触动的一个案例是1970年左右引进的第一台自动取款机被预测为将结束传统银行柜员的工作但今天美国反而有更多的银行柜员Seethelastpagefordisclaimer6of9MorningResearchFocus宏观研究报告人民币国际化来自离岸市场的思考宏观组周浩报告日期2023-04-10报告摘要近期关于人民币国际化和去美元化的话题讨论热度很高事实上人民币国际化已经起步多年2010年离岸人民币CNH市场的诞生可以说是人民币国际化的重要事件而离岸人民币市场在2015年之后开始降温直到近两年才有所升温对离岸人民币市场发展进行梳理可以让我们对国际货币环境以及人民币国际化有更好的认识人民币国际化的下一步CNH市场仍然是一个重要的抓手一方面这个市场已经经历过洗礼另一方面出于资本管控的考量完全打开在岸市场也存在相关的金融风险此外国际投资者也会更加适应香港的监管环境美元利率上升的大背景也为CNH市场的再度繁荣提供了契机中资机构持有的美元债务存在着再融资的需求但美元的高利率让很多机构考虑人民币融资近两年点心债发行规模的再度上行就反映出这样的趋势在这样的趋势下通过更多的人民币贸易结算来让人民币流通到离岸市场会有利于市场的供需均衡更加重要的是如果更多的海外主权财富基金能够持有更多的人民币并投资在点心债市场将有利于离岸市场形成一个资金的循环人民币国际化在一定程度上意味着去美元化但真正的去美元化仍然有很长的道路要走做实离岸人民币市场是一小步也是一大步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yongguogtjascomhk8675523976671GinYu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-HSHARES00598HKCHOWTAIFOOKJEWELLERY01929HKCGNMEIYAPOWER01811HKGOMEELECTRICALAPPLIANCES00493HKCHINAAOYUANPROPERTY03883HKCIFIHOLDINGSGROUP00884HKWUXIAPPTEC02359HKCITS01880HKYANZHOUCOAL01171HKSPC00338HKGUANGZHOUAUTOMOBILE-HSHARES02238HKNWS00659HKCHINASOUTHCITY01668HKSIHUANPHARMACEUTICAL00460HKSINOPECENGINEERING-HSHARES02386HKGCLNEWENERGY00451HKNEWWORLDDEVELOPMENT00017HKBIDU-SW09888HKSENSETIME-W00020HKXIAOMICORPORATION01810HKALIBABA09988HKZGCTECLEASING01601HKAOYUANHEALTHYLIFEGROUP03662HKFOSUNINTL00656HKKUAISHOU-W01024HKWEIGAOGROUP01066HKCHENMING01812HKSUNAC01918HKNAYUKI02150HKCARSGEN02171HKCHINAOVSPPT02669HKSMOORE06969HKXPENG09868HKYEAHKA09923HKPOPMART09992HKDFZQ-HSHARES03958HKBILIBILI-SW09626HKCHINASUNTIEN00956HKCHINARISUNGROUP01907HKIRICOGROUPNEWENERGY00438HKJIANGSUEXPRESSWAY00177HKSINOPECKANTONS00934HKCHINANONFERROUSMINING01258HKLEEMANPAPER02314HKJOYSPREADER06988HKVOBILEGROUP03738HKCHERVON02285HKKINGSOFT03888HKJDCOM09618HKCHINALESSO02128HKZHONGLIANGHOLDINGS02772HKLOGANGROUP03380HKZHENROPROPERTIES06158HKAGILEGROUP03383HKCIFIESSERVICE01995HKBANKOFGANSU02139HKA-LIVING03319HKHONGJIUFRUIT06689HK360DIGITECH-S03660HKBOSSZHIPIN02076HKGEELYAUTOMOBILE00175HKCHINACONSTRUCTIONBANK-HSHARES00939HKBANKOFCOMMUNICATIONS-HSHARES03328HKCHINAMINSHENGBANKINGCORP-HSHARES01988HKTENCENT00700HKBINHAIINVESTMENT02886HKCHINAPETROLEUMCHEMICAL-HSHARES00386HKFINANCIALSTREETPROPERTY01502HKKWGGROUP01813HKJINKESERVICES09666HKmentionedinthisResearchReportwithinthepreceding12months5GuotaiJunananditsgroupcompaniesaremakingorwillmakeamarketinthesecuritiesinrespectofHONGKONGEXCHANGESANDCLEARING00388HKGALAXYENTERTAINMENT00027HKGREATWALLMOTOR-HSHARES02333HKAIA01299HKSANDSCHINA01928HKCHINAAOYUANPROPERTY03883HKAACTECHNOLOGIESHOLDINGS02018HKSUNNYOPTICALTECHNOLOGY02382HKSINOPHARMGROUP-HSHARES01099HKCNOOC00883HKWUXIBIOLOGICS02269HKBIDU-SW09888HKMEITUAN-W03690HKCHINATOWERCORPORATION-HSHARES00788HKXIAOMICORPORATION01810HKALIBABA09988HKNETEASE09999HKJDCOM09618HKSMIC00981HKALIBABAHEALTH00241HKLOGANGROUP03380HKGEELYAUTOMOBILE00175HKBYDCOMPANY-HSHARES01211HKCHINAOVERSEASLANDINVESTMENT00688HKLENOVO00992HKCHINATELECOM-HSHARES00728HKCHINAUNICOM00762HKCHINAMOBILE-HSHARES00941HKCHINACONSTRUCTIONBANK-HSHARES00939HKINDUSTRIALANDCOMMERCIALBANKOFCHINA-HSHARES01398HKBOCHONGKONG02388HKCHINAMERCHANTSBANK-HSHARES03968HKBANKOFCHINA-HSHARES03988HKHSBC00005HKAGRICULTURALBANKOFCHINA-HSHARES01288HKPINGANINSURANCE-HSHARES02318HKCHINALIFEINSURANCE-HSHARES02628HKTENCENT00700HKKUAISHOU-W01024HKXPENG09868HKCITICSEC-HSHARES06030HKmentionedinthisResearchReport6GuotaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficerofanyissuersmentionedinthisResearchReportThereisnoofficerofanyissuersmentionedinthisResearchReportassociatedwithGuotaiJunananditsgroupcompaniesDISCLAIMERThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanGuotaiJunananditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunangroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunandoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunananditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdiction2023GuotaiJunanSecuritiesHongKongLimitedAllRightsReserved27FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongTel8522509-9118Fax8522509-7793WebsitewwwgtjaicomSeethelastpagefordisclaimer9of9