研究报告全文：SFCLicAVV666SFCLicnoahhudsongtjascomhk25095441-TPRMB1944802648OWTPRMB1890OW026488523bankFinancialSectorUpdateReportReportFinancialbankUpdateSector202-thSatelliteChemical0ChemicalSatelliteTPRMB3794OW603005CSPLevelWaferOW688012AMECTPHKD2180AccumulateHKHaitianInternational01882NonferrousMetalsSectorUpdateReportReportUpdateSectorMetalsNonferrousReportUpdateAllocationAssetPassiveActiveWillPolicyPropertyResearchChinaRelaxMacroBondMarketStrategyUpdateReportReportUpdateStrategyBondMarketNonNoahHudsonNoahMarketStrategyWeeklyViewpointWeeklyStrategyMarketSectorRatingsoftheMonththeofRatingsSectorLatestReportsLatestTopRecommendationsTopJuly25本报告部分内容译自同日发布的简体中文报告国泰君安晨报报告观点及内容如有任何不一致的地方一律以该简体中文版报告为准本报告仅在中国香港地区使用ContentsMorningBriefMarketResearchMorningBriefTopRecommendationsBondMarketStrategyUpdateReportThecurrentdeclineofinterestratesisbecauseoftherationalthinkingofinvestorsTheoddsareslimforfurtherplungesinJulywhengoodnewsisallreleasedAlthoughitisgenerallyanticipatedthattheCPCCentralPoliticalBureauisgoingtofocusonlong-termmechanismssomeinvestorsstillconcernabouttheshort-termeconomicstimulusBeforethekeynoteofeconomicpoliciesfor2023H1isconfirmedbytheCPCCentralPoliticalBureausmeetinglaterthisJulyinterestratesmaycontinuetogodownNon-bankFinancialSectorUpdateReportAscanbeobservedfromthesectorallocationbytheendof2023Q2thepositionsofnon-bankfinancialsectorwerestillatrecordlowinsurance109andsecurities251Ourroadshowsconcludedthatthegovernmentpromotionofconsumerprotectionincludingthefeereductionininvestmentbankingindustryhasresultedinthelowvaluationsofnon-bankfinancialsectorespeciallythevaluationsofsecuritiesfirmsWemaintainourrecommendationofthenon-bankfinancialsectorespeciallythesecuritiessub-sectorofwhichwepreferthesecuritiescompanieswhicharemorecompetentininstitutionalbusinessesNonferrousMetalsSectorUpdateReportWemaintainOverweightratingforlithiumandcobaltindustriesLithiumLithiumpricesaregoingdownduetounsatisfactorydemandbutthesituationmayameliorateinthecominghighseasonOffeaturedcompanieswesuggestOverweightratingforYongxingMaterials002756GanfengLithium002460TianqiLithium002466Youngy002192andChengxinLithium002240OtherbeneficiariesincludeSinomineResource002738TibetMineral000762JiangxiSpecialMotor002176SaltLake000792TAAUltraClean300390KedaIndustrial600499TibetSummitResources600338SichuanNewEnergyPower000155andZanggeMining000408CobaltTherecenthikeofcobaltpricesdepressedthedownstreamdemandandthenresultedinthemarkdownofcobaltpricesMostcobaltcompaniestendtoexpandintothedownstreampowerequipmentnewenergymanufacturingindustriessoastoreducetheircostsbymeansofintegratedproductionofcobaltnickelandprecursorOffeaturedcompanieswepreferHuayouCobalt603799HanruiCobalt300618CMOC603993andGEM002340ActivePassiveAssetAllocationUpdateReportThisweekcommerceagriculturetelecomandrealestatesectorsrankatthetopThehighestscoresarecommerceagriculturetelecomrealestatetextileapparelsteelandbuildingmaterialssectorswhilethelowestscoresareelectricpowercoal29mediacomputerwarindustryandbankingsectorsTheimportanceofthechangeofrankingsissometimesbiggerthantherankingsthemselvesWerecommendthesectorswithinthetopoftherankingswithabigriseintheirrankingsTherankingsofcommerceagriculturerealestateandsteelsectorsroseconsiderablywhiletherankingsofcomputerwarindustryelectronicsmediapowerequipmentnewenergyandautomobilesectorsfellalotMacroResearchWillChinaRelaxPropertyPolicyTheoutlookfortheUSrecessionremainsuncertainThemarketmighthavetoprepareforanewwaveofUSoutlookupgradingfollowingtheQ2GDPreportduethisThursday27JulyTheUSisstillinthedestockingphaseawaitingrestockingTheconsensusviewisthattheUSisstillinthedestockingprocesshoweverifanyrestockingtakesplaceinthesecondhalfofthisyeartherecessioncallswillfacemoreheadwindsJapanhasregisteredthefirstmonthlytradesurplussinceAugust2021whichisanimportantindicatorinourviewsuggestingthattheJapaneseeconomycontinuestopickupmomentumAnoptimisticperspectiveonJPYWhileitremainsuncertainwhetherBOJwillstartthetemperingprocessanytimesoonthedirectionisclearThedeflationeraisoverandthemonetarypolicywillembraceanewtighteningprocessChinaspolicyadjustmentsraiseUSD-CNYvolatilityChinasQ2GDPreportwasadisappointmenttothemarketsendingtheUSD-CNYtoabove720markagainHoweverthepolicyinitiatedthePBoChasagainsupportedthecurrencyChinareleasedanewdevelopmentmodelforthepropertymarketwhichismorefocusedonimprovinglivingstandardsinbigcitiesOnFridayChinasCabinetmeetingalsovowedtoacceleratethetransformationofvillagesinsuper-largeandmegacitiesLatestReportsSatelliteChemical002648OWTPRMB1890RatingOWPrvOWTPRMB1890PrvRMB1755MPRMB1528Mkt-CapRMB51475mnWemaintainourforecastsoftheCompanys2023-2025EPSofRMB135199and239Withreferencetothevaluationsofcomparablecompaniesandalsobecauseofveryfewofcompetitorswesuggest2023PEof14xandraisethecorrespondingtargetpricetoRMB1890OverweightratingmaintainedWaferLevelCSP603005OWTPRMB3794RatingOWPrvOWTPRMB3794PrvRMB3794MPRMB2359Mkt-CapRMB15409mnTheCompanyisaleadingCISpackagingcompanyintheworldwhichtakesbenefitfromtheskyrocketingriseofthedemandfromautomobileindustryWemaintainourforecastsoftheCompanys2023-2025EPSofRMB047066and08939andmaintaintargetpriceofRMB37942024PEof5748xandOverweightratingAMEC688012OWTPRMB19448RatingOWPrvOWTPRMB19448PrvRMB16400MPRMB13209Mkt-CapRMB81658mnAdvancedetchingequipmentandbreakthroughoffilmdepositionequipmentwillsustainfastprofitgrowthoftheCompanyWeraiseourforecastsoftheCompanys2023-2025EPStoRMB286from234319from297and412TakingintoaccounttheCompanysleadingpositioninetchingequipmentandMOCVDandalsoinviewofthefasterprogressofdomesticproductionlinepenetrationwesuggest2023PEof68xandraisethecorrespondingtargetpricetoRMB19448OverweightratingmaintainedHaitianInternational01882HKAccumulateTPHKD2180RatingAccumulatePrvBuyTPHKD2180PrvHKD2460MPHKD17480Mkt-CapHKD278981mnDowngradetoAccumulateandlowerTPtoHK2180AsChinaseconomicdatashowedthattherecoveryofdownstreamdemandisstillweakwehaveadjustedHaitianInternationalstheCompanyearningsforecastsWeforecasttheCompanysshareholdersnetprofitin202320242025toincreaseYoYby129106and93respectivelyWeforecasttheCompanysearningspersharein202320242025tobeRMB1602RMB1772andRMB1937respectivelyOurTPrepresents120x108x99x2023-2025PEratioWeloweredourexpectationsfortheinjectionmoldingmachinemarketThedownstreamoftheinjectionmoldingmachinebusinesshasastrongcorrelationwithhouseholdappliancesautomobilespackagingandotherindustriesandthedemandofdownstreamdemandisobviouslyaffectedbythemacroeconomySince2023ChinaseconomyhasbeenintheprocessofgradualrecoverybuttheoverallrecoveryisrelativelyweakTherealestateindustryisstillinadownturncurrentlywhichcontinuestoaffectresidentsdemandforhomeappliancesandotherconsumergoodstherebycurbingtheoveralldemandforinjectionmoldingmachinesThereforewebelievethattheinjectionmoldingmachinemarketisstillinastageofweakrecoveryHoweverwebelievethattheCompanyasanindustryleadermayachieveagrowthratehigherthanthemarketaverageDemandinoverseasmarketsremainsresilientandtheCompanycontinuestoexpandinoverseasmarketsAswecanseeoverseasmarketdemandremainsresilientbetterthanourexpectationsInthecaseofRMBdepreciationatpresentthegrossprofitmarginoftheCompanysoverseasproductswillbeboostedWebelievethattheCompanysexpansioninoverseasmarketscaneffectivelybalancetheadverseeffectsofinsufficientdomesticdemandInthelongruntheCompanysoverseasproductionbaseswillhelptheCompanyactivelyincreaseitsoverseasmarketshareTheCompanysexpansioninoverseasmarketswillcontinuetoachievepositiveresultsCatalystsDownstreamdemandrecoveryrawmaterialpricedropsincreaseintheCompanyscapacityutilizationRisksfactorsDownstreamrecoverymaybelessthanexpectedprogressoftheCompanysoverseasmarketexpansionmaybelessthanexpected49SectorRatingsoftheMonthRatingSectorBuildingMaterialsComprehensiveFinanceInsuranceCommercialBankingCoalFoodDrinkOWPharmaceuticalRealEstateMachineryManufacturingTransportationConstructionEngineeringNonferrousMetalsHouseholdAppliancesTransportationEquipmentMassMediaCulturalAgricultureTextileNTGarmentsRetailingPowerEquipmentSocialServicesPublicUtilitiesIronSteelUWInformationTechnologyInformationScienceNoteTheratingsabovearemadebyGTJAStrategyTeamwhichmaynotalwaysbeinlinewiththeopinionsofGTJAindustryanalystsduetodifferentemphasesandtimerangeswhentheseratingsaremadeMarketStrategyWeeklyViewpointLastUpdateJuly23rd2023A-ShareStrategyWeeklyAlphaOpportunitiesinPro-cyclicalSectorsA-sharemarketwasstillinthestageofcorrectionsandmarketriskappetiteremainedlowThe2023interimresultsforecastsandeconomicdatabothreflectedunsatisfactoryrecoveryofgrossdemandandbusinessearningsMarketriskappetitewasstilllowalthoughtheauthoritieslaunchedseveralpoliciesthisweektostimulaterealestatemarketprivateeconomyandconsumerexpendituresThesectorperformancesinequitymarketweremuchweakerthantheperformancesofthesamesectorsincommodityfuturesmarketreflectingtheextrememarketpessimismabouttherecentoutbreaksoflong-termtroublessuchaseconomicgear-downandrealestaterisksAnywaytheriskexposureofcross-marketassetsisalreadyhighandthequantitativepoliciessuchasthemortgageratereductionandtheurbanvillagedemolitionwillhelptoreducemarketpanicAlthoughriskappetiteremainslowitisbetterforinvestorstobemoreactivewhenthemarketisinthebottomareaIntheshorttermvaluestockswillstarttooverwhelmgrowthstocksAswehadanticipatedthepreviousbiggestwinnerssuchasTMTsectorssufferedbigslumpswhilethepro-cyclicalsectorssuchasrealestateindustrialchainenjoyedbigreboundsrecentlyOnonehandthevaluationsandholdingconcentrationofAI-relatedstocksarebothhighandthedemandforcomputingpowerandrelevanthardwarehasbeenoverestimatedOntheotherhandnewquantitativepolicieswillcreatealphaopportunitiesinlow-inventorypro-cyclicalvaluesectorsButbeforethetargetandpathofcreditexpansionbecomeclearitisadvisabletofocusonthelow-valuationvaluestockswhicharethedirectbeneficiariesofpolicysupportThemarketpreferenceforlow-riskvaluestockssuggestsalphaopportunitiesinpro-cyclicalsectorscomparedtogrowthsectorsOfwhichwerecommend1low-valuationsemiconductorsstorageadvancedpackagingpanelandwarindustry2pro-cyclicalhomeapplianceshouseholdapplianceschemicalrubberpesticideandmachinerygeneralequipmentcutter3innovationAIapplicationsautopilotofficesoftwaredataelementandcomputingpowerAsforinvestmentthemesandindividualstockswepreferthoseinvolvedinChina-madeequipmentdataelementnewenergytechandnew-typeelectricity59systemOffeaturedsectorsandcompanieswerecommend1China-madeequipmentgeneralequipmentNeway603699CentreTesting300012constructionmachinerySanyHeavyIndustry600031advancedpackagingJCET6005842dataelementtelecomoperatorsChinaUnicom600050ChinaTelecom601728dataservicesTaiji0023683newenergytechcompositecollectorDongwei688700heterojunctionMaxwell3007514new-typeelectricitysystemYunnanEnergyInvestment002053Willfar688100Majorrisksincludeweaker-than-expectedrecoveryofgrossdemandandglobalgeopoliticaluncertainties69GuotaiJunanSecuritiesCoLtdhasacquiredthequalificationforsecuritiesinvestmentconsultingbusinessfromChinaSecuritiesRegulatoryCommissionAnalystsStatementTheauthorhasobtainedthepracticingqualificationforsecuritiesinvestmentconsultingbusinessawardedbythesecuritiesassociationofChinaorhasequivalentprofessionalcompetencetoensurealldatainthereportaresourcedfromlegitimatechannelsandanalysislogicsarebasedontheauthorsprofessionalunderstandingThisreportclearlyandaccuratelyreflectstheauthorsresearchideasbeingindependentobjectiveandfairandtheconclusionisnotsuggestedoraffectedbyanythirdpartiesAnycomponentsoftheanalystscompensationarenotdirectlyorindirectlyrelatedtothespecificadviceorviewsexpressedinthisresearchreportItisherebydeclaredDisclaimerThisreportissolelyavailabletocustomerswhohavesubscribedresearchservicesofGuotaiJunanSecuritiesCoLtdorGuotaiJunanSecuritiesHongKongLimitedhereaftercollectivelyreferredtoasGuotaiJunanThereceiptofthisreportwillnotbeconsideredbyGuotaiJunanasanexofficiocustomerofGuotaiJunanThisreportisdistributedonlyaspermittedbyapplicablelawsandforinformationalpurposesonlyItdoesnotconstituteanyadvertisementTheinformationinthisreportisderivedfrompubliclyavailableinformationandGuotaiJunanmakesnowarrantyastotheaccuracycompletenessorreliabilityofsuchinformationTheinformationopinionsandassumptionspresentedinthisreportonlyreflectGuotaiJunansjudgmentasofthedateofissuanceofthisreportThepricevalueandinvestmentincomeofthesecuritiesorinvestmenttargetsreferredtointhisreportmayriseorfallPastperformanceshouldnotbetakenasabasisforfutureperformanceAtdifferenttimesGuotaiJunanmayissuereportsthatareinconsistentwiththeinformationopinionsandassumptionscontainedhereinGuotaiJunandoesnotwarrantthattheinformationcontainedinthisreportiskeptuptodateAtthesametimetheinformationcontainedinthisreportmaybemodifiedbyGuotaiJunanwithoutnoticeandtheinvestorshallpayattentiontothecorrespondingupdateormodificationTheinvestmentsandservicesreferredtointhisreportmaynotbeappropriateforcertainclientsanddonotconstituteprivateadvicetoclientsInanycircumstancestheinformationoropinionsexpressedinthisreportdoesnotconstituteinvestmentrecommendationsforanypersonInanycircumstancesGuotaiJunanitsemployeesoraffiliatedinstitutionsshallnotpromiseinvestorsthattheywillmakeprofitsshallnotshareinvestmentgainswithinvestorsandshallnotbeliableforanylosscausedbyanypersonsuseofanycontentinthisreportInvestorsareremindedthatanyinvestmentdecisionsmadebythemarenotrelatedtoGuotaiJunanitsemployeesoritsaffiliatesGuotaiJunanusesinformationwallstocontroltheflowofinformationbetweenoneormorefieldsdepartmentsorrelatedinstitutionswithinGuotaiJunanThereforeinvestorsshouldpayattentiontothatwherepermittedbylawGuotaiJunananditssubordinateaffiliatesmayholdsecuritiesoroptionsissuedbycompaniesmentionedinthereportandconducttradingofthosesecuritiesoroptionsandmayprovideortrytoprovideservicessuchasinvestmentbankingfinancialadvisingorfinancialproductstothosecompaniesWherepermittedbylawemployeesofGuotaiJunanmayserveasdirectorsofcompaniesmentionedinthisreportThestockmarketisriskyandinvestmentneedstobecautiousInvestorsshouldnotusethisreportasthesolereferenceformakinginvestmentdecisionsnorshouldtheyconsiderthisreporttobeasubstitutefortheirownjudgmentBeforedecidingtoinvestifnecessaryinvestorsmustconsultprofessionalsandmakeprudentdecisionsThisreportisnotintendedtobesentordistributedtoanyinstitutionorpersonwhoisnotallowedtosendordistributethisreportunderlocallawsorregulatoryrulesnorisitintendedtobesentordistributedtoanyinstitutionorpersonwhoseavailabilityoruseofthisreportwouldcauseGuotaiJunantoviolateorbesubjecttolocallawsorregulatoryrulesThecopyrightofthisreportissolelyownedbyGuotaiJunanWithoutwrittenpermissionnoinstitutionorindividualmayreproducecopypublishorquoteinanyformIfitisquotedorpublishedwiththeconsentofGuotaiJunanitmustbeusedwithinthepermittedscopeandthesourcemustbeindicatedasGuotaiJunanSecuritiesResearchorGuotaiJunanHongKongResearchandthereportmustnotbequoteddeletedormodifiedinanywaythatiscontrarytotheoriginalintentionGuotaiJunanSecuritiesHongKongLimitedshallbeliabletoGuotaiJunanSecuritiesCoLtdforthecontentanddistributionofresearchreportsIfanorganizationotherthanGuotaiJunanhereinafterreferredtoastheOrganizationsendsthisreportitshallbesolelyresponsibleforsuchsendingInvestorswhoobtainthisreportthroughthismeansshouldcontacttheOrganizationontheirowntorequestmoredetailedinformationortofurthertradeinthesecuritiesreferredtointhisreportThisreportshallnotconstituteinvestmentadviceprovidedbyGuotaiJunantotheclientsoftheOrganizationnorshallGuotaiJunanitsemployeesoraffiliatesbeliableforanylossesincurredbytheclientsoftheOrganizationasaresultoftheuseofthisreportorthecontentscontainedinthereport79ThefollowingimportantstatementsareapplicabletoresearchreportspublishedinHongKongThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanHongKongGuotaiJunanHongKonganditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunanHongKonggroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanHongKongThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunanHongKongdoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunanHongKonganditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdictionDISCLOSURETableDISCLOSUREOFINTERESTSOFINTERESTS1TheAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthisResearchReport2TheAnalystsandtheirassociatesdonothaveanyfinancialinterestsinrelationtotheissuermentionedinthisResearchReport3ExceptforChinaGrandPharmaceuticalandHealthcare00512HKGUOTAIJUNANI01788HKZHONGANSERVICE02271HKLUZHOUBANK01983HKSFREIT02191HKVANOVHOLDINGS02260HKDOWELLSERVICE02352HKJINSHANGBANK02558HKBANKOFZHENGZHOU06196HKDongguanRuralCommercialBank09889HKJIAXINGGAS09908HKGuotaiJunananditsgroupcompaniesdonotholdequaltoormorethan1ofthemarketcapitalizationoftheissuermentionedinthisResearchReport4GuotaiJunananditsgroupcompanieshavehadinvestmentbankingrelationshipswithSMIC00981HKChowTaiFookJewellery01929HKZHIHU-W02390HKKingsoft03888HKXPENG09868HKXIAOMICORPORATION01810HK360DIGITECH-S03660HKZhongliangHoldings02772HKBOSSZHIPIN02076HKBinhaiInvestment02886HKChinaPetroleumChemical-Hshares00386HKSPC00338HKXIAOMI-WR-Hshares81810HKNagaCorp03918HKIDREAMSKY01119HKChinaRisunGroup01907HKCHINAOVSPPT02669HKChinaStateConstructionDevelopment00830HKCHOVSGOCEANS00081HKChinaStateConstructionInternational03311HKChinaOverseasLandInvestment00688HKChinaGas00384HKWUXIAPPTEC02359HKYEAHKA09923HKNAYUKI02150HKChervon02285HKCARSGEN02171HKJD-SWR-Hshares89618HKKUAISHOU-WR-Hshares81024HKXingfaAluminium00098HKHORIZONCONSTRUCTIONDEVELOPMENT09930HKNWS00659HKChinaConstructionBank-Hshares00939HKKUAISHOU-W01024HKGeelyAutomobile00175HKVobileGroup03738HKTencent00700HKAlibaba09988HKSinotrans-Hshares00598HKBankofCommunications-Hshares03328HKJDcom09618HKBIDU-SW09888HKSenseTime-W00020HKChinaNonferrousMining01258HKJoySpreader06988HKGuangzhouAutomobile-Hshares02238HKChinaLesso02128HKKWGGroup01813HKCIFIHoldingsGroup00884HKZhenroProperties06158HKBILIBILI-SW09626HKCountryGarden02007HKAgileGroup03383HKChinaAoyuanProperty03883HKLoganGroup03380HKSUNAC01918HKNewWorldDevelopment00017HKCHINASUNTIEN00956HKFOSUNINTL00656HKCITS01880HKHONGJIUFRUIT06689HKChinaMinshengBankingCorp-Hshares01988HKGCLNewEnergy00451HKA-LIVING03319HKIRICOGroupNewEnergy00438HKWEIGAOGROUP01066HKCIFIESService01995HKSinopecKantons00934HKSINOPECEngineering-Hshares02386HKCHENMING01812HKLeeManPaper02314HKCGNMeiyaPower01811HKZhihuZHUSTencentMusicEntertainmentGroupTMEUSNIONIOUSJDcomJDUSKANZHUNLIMITEDBZUSDiDiDIDIUSBilibiliIncBILIUSFutuFUTUUSSinopecSNPUSSPC600688SHCSCEC601668SHWUXIAPPTEC603259SHCCB601939SHSUPCON688777SHBTL603596SHSINOTRANS601598SHMACALLINE601828SHGACGROUP601238SHHUNDSUN600570SHCHINASUNTIENGREENENERGY600956SHFANGDACARBON600516SHCITS601888SHBBMG601992SHSINOPECCORP600028SHZHONGNANCONSTRUCTION000961SZWESTCONSTRUCTION002302SZLBG002601SZEASTMONEY300059SZGUJINGDISTILLERY000596SZCHINATIANYING000035SZJEREHGROUP002353SZTHUNDERSOFT300496SZYUNDACORP002120SZGXHT002074SZBOTANEEGROUP300957SZSCPH000488SZmentionedinthisResearchReportwithinthepreceding12months5GuotaiJunananditsgroupcompaniesaremakingorwillmakeamarketinthesecuritiesinrespectofChinaOverseasLandInvestment00688HKLenovo00992HKChinaTelecom-Hshares00728HKChinaUnicom00762HKChinaMobile-Hshares00941HKHongKongExchangesandClearing00388HKGalaxyEntertainment00027HKGreatWallMotor-Hshares02333HKAIA01299HKSandsChina01928HKSunnyOpticalTechnology02382HKSinopharmGroup-Hshares01099HKGeelyAutomobile00175HKBYDCompany-Hshares01211HKChinaConstructionBank-Hshares00939HKIndustrialandCommercialBankofChina-Hshares01398HKBOCHongKong02388HKChinaMerchantsBank-Hshares03968HKBankofChina-H89shares03988HKHSBC00005HKAgriculturalBankofChina-Hshares01288HKPingAnInsurance-Hshares02318HKChinaLifeInsurance-Hshares02628HKTencent00700HKAACTechnologiesHoldings02018HKCNOOC00883HKWuXiBiologics02269HKMeituan-W03690HKCHINATOWERCORPORATION-Hshares00788HKXIAOMICORPORATION01810HKAlibaba09988HKNetease09999HKJDcom09618HKSMIC00981HKAlibabaHealth00241HKBIDU-SW09888HKKUAISHOU-W01024HKXPENG09868HKCITICSEC-Hshares06030HKLoganGroup03380HKChinaAoyuanProperty03883HKmentionedinthisResearchReport6GuotaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficerofanyissuersmentionedinthisResearchReportThereisnoofficerofanyissuersmentionedinthisResearchReportassociatedwithGuotaiJunananditsgroupcompaniesRatingDefinitionRatingDefinitionIncreaserelativetoCSI300HangSengOverweightComparisonbenchmarkforinvestmentIndexover15suggestionsCautiouslyIncreaserelativetoCSI300HangSengInvestmentratingsaredividedintostockCompanyOverweightIndexbetween5and15ratingandsectorratingRatingIncreaserelativetoCSI300HangSengThemarketperformancewithinthe12NeutralIndexbetween-5and5monthsafterthepublicationofthereportisDecreaserelativetoCSI300HangSengconsideredasthecomparisonbenchmarkUnderweightIndexover5TheincreaseanddecreaseoftheSignificantlystrongerthanCSI300HangcompanysstockpriceorindustryindexOverweightSengIndexwithinthe12monthsafterthepublicationofBasicallyflatwithCSI300HangSengthereportiscomparedwiththeincreaseSectorRatingNeutralanddecreaseofCSI300HangSengIndexIndexSignificantlyweakerthanCSI300HanginthesameperiodUnderweightSengIndexGuotaiJunanSecuritiesResearchInstituteAddressPostalCodeTel20FOneMuseumPlace669XinzhaRdJinganDistrictShanghai20004186213867-6666Shanghai18FSouthBuildingFinancialStreetCenter9AFinancialStreetBeijing10003286108393-9888XichengDistrictBeijing27FBuildingBRongchaoTower6003YitianRoadFutianShenzhen518026867552397-6888DistrictShenzhenE-mailgtjaresearchgtjascomGuotaiJunanSecuritiesHongKongLimitedAddressFaxTel27FLowBlockGrandMillenniumPlaza181HongKong8522509-77938522509-9118QueensRoadCentralHongKongWebsitewwwgtjacomhk2023CopyrightGuotaiJunanAllrightsreserved99