研究报告全文：SFCLicAVV666SFCLicHK388TPBuynoahhudsongtjascomhkTPRMB50025095441-852HKOWTPHKD21400OWHK3202thndMarketFOFPortfolioStrategyPortfolioFOFndMarketHorizonConstructionDevelopment09930HK09930DevelopmentConstructionHorizonDesaySVAutomation002920OWTPRMB17597OW002920AutomationSVDesayTPHKD43000OW0388HKClearingExchangeHongKongOW0700HKTencentOW000959ShougangFu9618JDcomTPRMB11617OWChainSupplyServiceChemical603713MilkywayHomeAppliancesSectorUpdateReportReportUpdateSectorHomeAppliancesTPRMB1694OW300258ForgingPrecisionReportUpdateLiquorSectorReportUpdateSectorBatteryLithiumPowerRobotSectorUpdateReportReportUpdateSectorRobotReportSpecialSectorRetailingNoahHudsonNoahSectorRatingsoftheMonththeofRatingsSectorViewpointWeeklyStrategyMarketLatestReportsLatestTopRecommendationsTopAugust18August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ContentsMorningBriefMarketResearchMorningBriefTopRecommendationsRobotSectorUpdateReportThefasterevolvementofhumanoidrobotindustrywillbenefittheproducersofkeyrobotpartsandcomponentsinChinaOfbranchindustriesandfeaturedcompanieswerecommend1assemblyTuopu601689Sanhua002050andInovance3001242electricmotorMoonsElectric603728HeChuanTech688320Leili300660Kinco688160andLeadshine0029793reducerGuomao603915ForeIntelligentTech301368ShuanghuanDriveline002472ZhongdaLeader002896andHaozhi3005034screwHengliHydraulic601100DingsTech873593andBestPrecisionMachinery3005805sensorKeliSensing603662Bafang603489Hanwei300007Orbbec688322andLusterLightTech688400RetailingSectorSpecialReportInJulythemomgrowthrateofsocialretailsaleswentdownindicatingunsatisfactorymomentumofconsumptionThegrowthrateofsocialretailsalesthisJulywas25yoy31yoyinJuneand-06ptmomWhenautomobilesaleswereexcludedthegrowthratewas30yoy37yoyinJuneand-07ptmomInthesamemonththegrowthofthesalesoftheretailersofabovedesignatedsizewas03yoy23yoyinJuneOfsub-sectorsandfeaturedcompanieswerecommend1duty-freeshoppingnewpoliciesonthewayCTGDutyFree601888Wangfujing600859andBailian6008272goldjewelryretailriseofgoldpricerecoveryofconsumerpurchaselaunchofnewproductsCHJ002345LaoFengXiang600612ChowTaiFook1929HKChowTaiSeng002867andCaishikouDepartmentStore6055993SOEreformsSOEresourcesGuangzhouRestaurant603043FESCO600861andSUMEC6007104cost-efficientconsumergoodsthefirsttoreviveMINISO9896HKandHelens9869HK5AIpluscross-bordere-commercebetterbusinessefficiencyCommoditiesCity6004156highseasonofsummertravelstouristsiteshotelseducationandcateringbusinessesHomeAppliancesSectorUpdateReportManyhomeappliancescompaniespresentedhandsome2023Q2businessresultsIn2023Q2homeappliancesexportfellalittleandthehikeofpanelpricessloweddownWeareoptimisticabouttheoutlookofkitchenapplianceswhitegoodsandbrowngoodswhicharecloselyrelatedtorealestateindustryInthemediumandlongruntheeconomicrecoverywillfavornewproductsalesOffeaturedcompanieswerecommendMidea000333113xHaier600690129xHisenseVisual600060120xHisenseHomeAppliances000921154xBearAppliance002959205xFlyco603868293xXinbao002705132xRoborock688169245xandEcovacs603486216xPrecisionForging300258OWTPRMB1694RatingOWPrvNATPRMB1694PrvNAMPRMB1346Mkt-CapRMB6485mn210TheCompanyisnowtryingtoenternewenergymarketwhosenewproductsandnewclientnumberarebothinthestageofexpansionWeforecasttheCompanys2023-2025EPSofRMB061075and097BasedonbothPEandPBvaluationmethodswesuggesttargetpriceofRMB16942023PEof278xandOverweightratingLiquorSectorUpdateReportLiquorpricesandsalesvolumeremainedstableinthelowseasonwithbetterperformancesoftheleadingliquorcompaniesThehighseasonofMid-autumnFestivalandNationalDayHolidayswillarrivesoonOffeaturedcompanieswerecommend1lowstockvaluationandsolidbusinessearningsahigh-endliquorsKweichowMoutai600519Wuliangye000858andLuzhouLaojiao000568bregionalliquorsYingjiaDistillery603198KingsLuckBrewery603369JinhuiLiquor603919GujingDistillery000596andYangheBrewery0023042second-tierliquorsSwellfun600779FenWine600809ShedeSpirits600702LaobaoganLiquor600559andJiuguiLiquor0007993H-sharesZJLD6979HKLithiumPowerBatterySectorUpdateReportTherecentriseofthebrandpowerofChinesenewenergyindustrywillstrengthenthecompetitivepowerofChineseautomotivepowersourceproducersTheopening-upofthesupplychainofsomeassemblyfactorieswillfavortheleadingproducerswhichhaveadvantagesinbusinessexperienceresourcesandcostsduringthegeneralindustrialtrendsofproductintegrationhighvoltagethird-generationsemiconductorapplicationandmultiplefunctionsOffeaturedcompanieswepreferShinryTech300745andEnpowerElectric300681FundMarketFOFPortfolioStrategyOurlatestmulti-assetconservativeFOFportfolioincreasedtheweightofgold197andA-shares041anddecreasedtheweightofbonds-219andUSstocks-019TheweightofA-sharesafterlevelingoffinlateJunewentupagaininlateJulyMeanwhiletheweightofUSstockswentdownmarginallyInthepastweekAugust7th11th2023thereturnofCPPIRPwas-053lowerthanthereturnofRP-006anditsdrawdownwasbetterthanthatofequal-weightportfolio-085Asforthereturnofbasicassetsinthepastweekgold027bonds010USstocks-031A-shares-342LatestReportsJDcom9618HKOWTPHKD21400RatingOWPrvOWTPHKD21400PrvNAMPHKD13860Mkt-CapHKD440703mnWemaintainoptimistabouttheCompanyslong-termprospectanditsfutureprofitgrowthWeforecasttheCompanysFY2023E-2025ErevenueofRMB10986bn5yoy12240bn11yoyand13507bn10yoyandadjustednetprofitof310RMB324bn15yoy392bn21yoyand513bn31yoyWesuggesttargetpriceofRMB214andmaintainOverweightratingMilkywayChemicalSupplyChainService603713OWTPRMB11617RatingOWPrvOWTPRMB11617PrvRMB13060MPRMB8984Mkt-CapRMB14768mnTheCompanys2023Q2resultswereinlinewithexpectationHowevertakingintoaccounttheconstantheavypressurefromfreightforwardinganddistributionbusinesseswelowerourforecastsoftheCompanys2023-2025EPSfromRMB495657and801toRMB374484and604InviewoftheCompanysgrowthpotentialwesuggest2024PEof24xandlowerthecorrespondingtargetpricetoRMB11617OverweightratingmaintainedDesaySVAutomation002920OWTPRMB17597RatingOWPrvOWTPRMB17597PrvRMB17597MPRMB14196Mkt-CapRMB78816mnTheCompanys2022resultswereinlinewithexpectationBecausetherisingcompetitionshavedepressedtheCompanysearningswelowerourforecastsoftheCompanys2023-2025EPStoRMB267-014363-016and476WemaintaintargetpriceofRMB175972023PEof659xandOverweightratingHongKongExchangeClearing0388HKOWTPHKD43000RatingOWPrvOWTPHKD43000PrvHKD43000MPHKD29720Mkt-CapHKD376801mnThankstothefastgrowthofinvestmentreturntheCompanyrealizedfastyoygrowthofnetprofitin2023H1Itreported2023H1revenueofHKD10575bn180yoyandnetprofitofHKD6368bn319yoyBecausethemacroenvironmentisabletosustainhighinvestmentreturnin2023andthemarketliquiditymayamelioratelaterweraiseourforecastsoftheCompanys2023-2025revenuetoHKD227bn254bnand278bnandnetprofittoHKD131bn154bnand177bnandEPStoHKD103from91121from104and139from119WemaintaintargetpriceofRMB430andOverweightratingTencent0700HKOWRatingOWPrvOWTPNAPrvNAMPHKD33280Mkt-CapHKD3180316mnTheCompanys2023Q2resultswereinlinewithexpectationTheCompanyrealizedcontinuedprofitgrowththankstobettermainbusinessconditionsandcostreductionTakingintoaccountthearrangementofnewgamestheRDonAIandtheeffectivetaxratewelowerourforecastsoftheCompanys2023-2025adjustednetprofittoRMB1480bnfrom1503bn1683bnand1952bnCurrentstockpricecorrespondsto2023-2025PEof20x17xand15xOverweightratingmaintainedShougang000959OWTPRMB500RatingOWPrvOWTPRMB500PrvRMB445MPRMB391Mkt-CapRMB30576mnTheCompanyreported2023H1revenueofRMB57368bn-92yoyandnetprofitofRMB410mn-771yoyinlinewithexpectationWemaintainourforecastsoftheCompanys2023-2025netprofitofRMB1246bn1890bnand2486bnandEPSofRMB016024and032Inthehighseasonof2023H2therecoveryofmarketdemandisexpectedtorestoretheprofitofsteelindustryWithreferenceto410thesectorvaluationwesuggest2023PBof08xandraisethecorrespondingtargetpricetoRMB5OverweightratingmaintainedHorizonConstructionDevelopment09930HKBuyTPHK388RatingBuyPrvBuyTPHKD388PrvHKD422MPHKD275Mkt-CapHKD92719mnWemaintainBuybutreduceTPtoHK388WereduceourforecastonHorizonConstructionDevelopmentstheCompanyshareholdersnetprofitin2023-2025toRMB931mn-82RMB1158mn-117RMB1336mn-178respectivelyWeforecastearningspersharein2023-2025tobeRMB0291RMB0362andRMB0418respectivelyOurTPrepresents120x97x84x2023-2025PEratioand13x2023PBratioWeareoptimisticabouttheCompanysrevenuegrowthHoweverduetothedeclineintheCompanysgrossprofitmarginin1H23welowerourexpectationsonitsnetprofitandthereforereduceourTPtoHK388TheCompanyachievedpositivegrowthin1H23TheCompanysrevenuein1H23wasRMB42billionanincreaseof180YoYbasicallyinlinewithourexpectationsTheCompanyachievedadjustednetprofitofRMB318millionin1H23anincreaseof98YoYOperatingleaseservicesachievedrevenueofRMB25billionanincreaseof87YoYEngineeringandtechnicalservicesachievedrevenueofRMB11billionanincreaseof81YoYPlatformandotherservicesachievedrevenueofRMB559millionanincreaseof1740YoYOverallgrossprofitmarginoftheCompanydeclinedIn1H23thegrossprofitmarginoftheCompanywas341representingadecreaseof43pptsYoYmainlyduetothedecreaseingrossprofitmarginofoperatingleaseservicesThegrossprofitmarginoftheCompanywaslessthanourexpectationsWiththeoverallweakdownstreamdemandmarketcompetitionhasintensifiedHencethemarketrentalpriceofmaterialsrelatedtotheneo-formworksystemandtheneo-excavationsupportsystemfluctuatedanddraggeddownthegrossprofitmarginofoperatingleasingservicesHowevertheutilizationrateoftheCompanysequipmentimprovedin1H23especiallyintheaerialworkplatformWebelievethattheutilizationratewillcontinuetoimprovein2H23TheplatformandotherservicessegmentmaintainedrapidgrowthPlatformandotherservicesachievedsignificantincreasesinbothrevenueandgrossprofitmarginPlatformandotherservicesachievedrevenueofRMB559millionanincreaseof1740YoYThegrossprofitmarginoftheCompanysplatformandotherserviceswas374representinganincreaseof127pptsYoYAlthoughtheproportionofrevenuefromplatformandotherserviceswasrelativelylowwebelievethattheCompanysadvantagesinoperationswillenabletheplatformandotherservicestocontinuetogrowrapidlyTheCompanywillbalancetheproportionofself-ownedassetsandoperatingthird-partyassetstoachieveabetterdevelopmentRisksDownstreamdemandmaydeclinemarketcompetitionmayintensify510SectorRatingsoftheMonthRatingSectorBuildingMaterialsComprehensiveFinanceInsuranceCommercialBankingCoalFoodDrinkOWPharmaceuticalRealEstateMachineryManufacturingTransportationConstructionEngineeringNonferrousMetalsHouseholdAppliancesTransportationEquipmentMassMediaCulturalAgricultureTextileNTGarmentsRetailingPowerEquipmentSocialServicesPublicUtilitiesIronSteelUWInformationTechnologyInformationScienceNoteTheratingsabovearemadebyGTJAStrategyTeamwhichmaynotalwaysbeinlinewiththeopinionsofGTJAindustryanalystsduetodifferentemphasesandtimerangeswhentheseratingsaremadeMarketStrategyWeeklyViewpointLastUpdateAugust13th2023A-ShareStrategyWeeklyNoPanicItisnotnecessarytobepanicaboutthemarketplungethisweekA-sharemarketheadeddownwardandbreachedthekeypointatlowtradingvolumethisFridayreflectingtheweakstockpurchaseandmarketsentimentsWeconcludethreecausesforit1faster-than-seasonaldeclineofsocialfinancingexportandothereconomicdata2liquiditycrisisofrealestatedevelopersandriskofinvestmenttrustsand3USinvestmentsanctionagainstChinaandgeopoliticaluncertaintiesButwethinktheroomforfurthermarketdeclineislimitedbecause1afterdevaluingforthepasttwoyearsthevaluationsofheavy-weightsectorsarealreadylowatpresent2theeconomicproblemsandgeopoliticalriskshavebeenalmostpricedinbystockpricesand3mostpessimisticinvestorshaveexitedthemarketalreadyHoweverthepolicysupportslaunchedafterthePolitburosmeetingthisJulyhavebeenpricedinbythemarketaswellNewpolicysupportsareneededThereforeweanticipatethemarkettoenterhorizontalcorrectionslaterPolarizationofriskappetitewillcreatetradingopportunitiesDuetolowbusinessclimateandhighuncertaintiestheinvestmenttacticsbasedonbusinesslifecycleandvalueinvestmenttheoriesarelesseffectiveforthetimebeingMeanwhiletheextremepolarizationofriskappetiteamonginvestorshasresultedinthefollowingthreephenomena1fastarrivalofconsensusexpectationamongtheprevailinghigh-riskappetiteoroptimisticinvestorsinabsenceofnewcashinflow2activespeculationsonSMEstocksoflowtradingresistanceandhighvolatilityand3largermarketvolatilitydrivenbythechangeofexpectationsofhigh-riskappetiteinvestorsHigh-dividendstocksareanotherchoiceTheinvestorswhopreferlowturnoverratiomaychoosetoemploydividendstrategyDespitethegrimpictureofmacroeconomicenvironmentegthede-financializationofrealestateindustrythedownshiftofeconomicgrowthandthedeclineofinterestratessomeSOEsdohavetheircertaintiesoradvantagesvaluablebusinesslicensesandorfranchiserightsstableprofitgrowthandgenerousdividenddistributionTMTandsecuritiessectorsmayreboundlaterandhigh-dividendstocksremain610ourfavorites1SMEgrowthstockshavethesmallesttradingresistanceandwerecommendfasteradvanceofdigitaleconomyandAIapplicationscomputermediaandtelecomsectors2Inthemedium-termtheleadingsecuritiescompaniesaregoingtotakebenefitfromthesupremeauthorityspledgetoinvigoratecapitalmarket3Ofthesafeassetsandhigh-endmanufacturingindustriesforlong-termholdinglowexpectationsimportsubstitutionwerecommendelectronicsmachineryandwarindustrysectors4Intimeofeconomicdownslideanddescendinginterestrateswemaintainoptimisticaboutthestable-valuationandhigh-dividendsectorssuchastelecomoperatorenergypetrochemicalandelectricpowerpublicutilitiessectors5CyclicalsectorsmayenterabullishrunnearthisyearenddrivenbypricehikesAsforinvestmentthemesandindividualstockswepreferthoseinvolvedindataelementChina-madeequipmentsmartautomobileandadvancedmaterialsOffeaturedsectorsandcompanieswerecommend1dataelementtelecomoperatorsChinaMobile600941dataserviceseGova300075ZhongfuInfo3006592China-madeequipmentwindpowerMingYangSmartEnergy601615oiltankerCOSCOShippingEnergyTransportation600026powergridWillfarInfoTech6881003smartautomobileautomobilemanufacturingGeelyAutomobile0175HKautomotivepartsforTeslaLuxsharePrecision002475Rayhoo0029974advancedmaterialsLMFPDynanonic300769compositecurrentcollectorDongwei688700Majorrisksslower-than-expectedrecoveryofdomesticdemandglobalgeopoliticaluncertainties710GuotaiJunanSecuritiesCoLtdhasacquiredthequalificationforsecuritiesinvestmentconsultingbusinessfromChinaSecuritiesRegulatoryCommissionAnalystsStatementTheauthorhasobtainedthepracticingqualificationforsecuritiesinvestmentconsultingbusinessawardedbythesecuritiesassociationofChinaorhasequivalentprofessionalcompetencetoensurealldatainthereportaresourcedfromlegitimatechannelsandanalysislogicsarebasedontheauthorsprofessionalunderstandingThisreportclearlyandaccuratelyreflectstheauthorsresearchideasbeingindependentobjectiveandfairandtheconclusionisnotsuggestedoraffectedbyanythirdpartiesAnycomponentsoftheanalystscompensationarenotdirectlyorindirectlyrelatedtothespecificadviceorviewsexpressedinthisresearchreportItisherebydeclaredDisclaimerThisreportissolelyavailabletocustomerswhohavesubscribedresearchservicesofGuotaiJunanSecuritiesCoLtdorGuotaiJunanSecuritiesHongKongLimitedhereaftercollectivelyreferredtoasGuotaiJunanThereceiptofthisreportwillnotbeconsideredbyGuotaiJunanasanexofficiocustomerofGuotaiJunanThisreportisdistributedonlyaspermittedbyapplicablelawsandforinformationalpurposesonlyItdoesnotconstituteanyadvertisementTheinformationinthisreportisderivedfrompubliclyavailableinformationandGuotaiJunanmakesnowarrantyastotheaccuracycompletenessorreliabilityofsuchinformationTheinformationopinionsandassumptionspresentedinthisreportonlyreflectGuotaiJunansjudgmentasofthedateofissuanceofthisreportThepricevalueandinvestmentincomeofthesecuritiesorinvestmenttargetsreferredtointhisreportmayriseorfallPastperformanceshouldnotbetakenasabasisforfutureperformanceAtdifferenttimesGuotaiJunanmayissuereportsthatareinconsistentwiththeinformationopinionsandassumptionscontainedhereinGuotaiJunandoesnotwarrantthattheinformationcontainedinthisreportiskeptuptodateAtthesametimetheinformationcontainedinthisreportmaybemodifiedbyGuotaiJunanwithoutnoticeandtheinvestorshallpayattentiontothecorrespondingupdateormodificationTheinvestmentsandservicesreferredtointhisreportmaynotbeappropriateforcertainclientsanddonotconstituteprivateadvicetoclientsInanycircumstancestheinformationoropinionsexpressedinthisreportdoesnotconstituteinvestmentrecommendationsforanypersonInanycircumstancesGuotaiJunanitsemployeesoraffiliatedinstitutionsshallnotpromiseinvestorsthattheywillmakeprofitsshallnotshareinvestmentgainswithinvestorsandshallnotbeliableforanylosscausedbyanypersonsuseofanycontentinthisreportInvestorsareremindedthatanyinvestmentdecisionsmadebythemarenotrelatedtoGuotaiJunanitsemployeesoritsaffiliatesGuotaiJunanusesinformationwallstocontroltheflowofinformationbetweenoneormorefieldsdepartmentsorrelatedinstitutionswithinGuotaiJunanThereforeinvestorsshouldpayattentiontothatwherepermittedbylawGuotaiJunananditssubordinateaffiliatesmayholdsecuritiesoroptionsissuedbycompaniesmentionedinthereportandconducttradingofthosesecuritiesoroptionsandmayprovideortrytoprovideservicessuchasinvestmentbankingfinancialadvisingorfinancialproductstothosecompaniesWherepermittedbylawemployeesofGuotaiJunanmayserveasdirectorsofcompaniesmentionedinthisreportThestockmarketisriskyandinvestmentneedstobecautiousInvestorsshouldnotusethisreportasthesolereferenceformakinginvestmentdecisionsnorshouldtheyconsiderthisreporttobeasubstitutefortheirownjudgmentBeforedecidingtoinvestifnecessaryinvestorsmustconsultprofessionalsandmakeprudentdecisionsThisreportisnotintendedtobesentordistributedtoanyinstitutionorpersonwhoisnotallowedtosendordistributethisreportunderlocallawsorregulatoryrulesnorisitintendedtobesentordistributedtoanyinstitutionorpersonwhoseavailabilityoruseofthisreportwouldcauseGuotaiJunantoviolateorbesubjecttolocallawsorregulatoryrulesThecopyrightofthisreportissolelyownedbyGuotaiJunanWithoutwrittenpermissionnoinstitutionorindividualmayreproducecopypublishorquoteinanyformIfitisquotedorpublishedwiththeconsentofGuotaiJunanitmustbeusedwithinthepermittedscopeandthesourcemustbeindicatedasGuotaiJunanSecuritiesResearchorGuotaiJunanHongKongResearchandthereportmustnotbequoteddeletedormodifiedinanywaythatiscontrarytotheoriginalintentionGuotaiJunanSecuritiesHongKongLimitedshallbeliabletoGuotaiJunanSecuritiesCoLtdforthecontentanddistributionofresearchreportsIfanorganizationotherthanGuotaiJunanhereinafterreferredtoastheOrganizationsendsthisreportitshallbesolelyresponsibleforsuchsendingInvestorswhoobtainthisreportthroughthismeansshouldcontacttheOrganizationontheirowntorequestmoredetailedinformationortofurthertradeinthesecuritiesreferredtointhisreportThisreportshallnotconstituteinvestmentadviceprovidedbyGuotaiJunantotheclientsoftheOrganizationnorshallGuotaiJunanitsemployeesoraffiliatesbeliableforanylossesincurredbytheclientsoftheOrganizationasaresultoftheuseofthisreportorthecontentscontainedinthereport810ThefollowingimportantstatementsareapplicabletoresearchreportspublishedinHongKongThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanHongKongGuotaiJunanHongKonganditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunanHongKonggroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanHongKongThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunanHongKongdoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunanHongKonganditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdictionDISCLOSURETableDISCLOSUREOFINTERESTSOFINTERESTS1TheAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthisResearchReport2TheAnalystsandtheirassociatesdonothaveanyfinancialinterestsinrelationtotheissuermentionedinthisResearchReport3ExceptforChinaGrandPharmaceuticalandHealthcare00512HKGUOTAIJUNANI01788HKZHONGANSERVICE02271HKLUZHOUBANK01983HKSFREIT02191HKVANOVHOLDINGS02260HKDOWELLSERVICE02352HKJINSHANGBANK02558HKBANKOFZHENGZHOU06196HKDongguanRuralCommercialBank09889HKJIAXINGGAS09908HKGED-B200539SZGuotaiJunananditsgroupcompaniesdonotholdequaltoormorethan1ofthemarketcapitalizationoftheissuermentionedinthisResearchReport4GuotaiJunananditsgroupcompanieshavehadinvestmentbankingrelationshipswithChinaLesso02128HKChinaRisunGroup01907HKIDREAMSKY01119HKSMIC00981HKChowTaiFookJewellery01929HKZHIHU-W02390HKKingsoft03888HKXPENG09868HKXIAOMICORPORATION01810HKZhongliangHoldings02772HK360DIGITECH-S03660HKBOSSZHIPIN02076HKBinhaiInvestment02886HKChinaPetroleumChemical-Hshares00386HKSPC00338HKXIAOMI-WR-Hshares81810HKNagaCorp03918HKCHINAOVSPPT02669HKChinaStateConstructionDevelopment00830HKCHOVSGOCEANS00081HKChinaStateConstructionInternational03311HKChinaOverseasLandInvestment00688HKChinaGas00384HKWUXIAPPTEC02359HKYEAHKA09923HKNAYUKI02150HKChervon02285HKCARSGEN02171HKJD-SWR-Hshares89618HKKUAISHOU-WR-Hshares81024HKXingfaAluminium00098HKHORIZONCONSTRUCTIONDEVELOPMENT09930HKNWS00659HKChinaConstructionBank-Hshares00939HKKUAISHOU-W01024HKGeelyAutomobile00175HKVobileGroup03738HKTencent00700HKAlibaba09988HKSinoHytec-Hshares02402HKSinotrans-Hshares00598HKBankofCommunications-Hshares03328HKJDcom09618HKBIDU-SW09888HKSenseTime-W00020HKChinaNonferrousMining01258HKJoySpreader06988HKGuangzhouAutomobile-Hshares02238HKKWGGroup01813HKCIFIHoldingsGroup00884HKZhenroProperties06158HKBILIBILI-SW09626HKCountryGarden02007HKAgileGroup03383HKChinaAoyuanProperty03883HKLoganGroup03380HKSUNAC01918HKNewWorldDevelopment00017HKCHINASUNTIEN00956HKFOSUNINTL00656HKCITS01880HKHONGJIUFRUIT06689HKChinaMinshengBankingCorp-Hshares01988HKA-LIVING03319HKIRICOGroupNewEnergy00438HKWEIGAOGROUP01066HKCIFIESService01995HKSinopecKantons00934HKSINOPECEngineering-Hshares02386HKCHENMING01812HKLeeManPaper02314HKCGNMeiyaPower01811HKZhihuZHUSTencentMusicEntertainmentGroupTMEUSNIONIOUSJDcomJDUSKANZHUNLIMITEDBZUSDiDiDIDIUSBilibiliIncBILIUSFutuFUTUUSSinopecSNPUSSPC600688SHCSCEC601668SHWUXIAPPTEC603259SHCCB601939SHSUPCON688777SHBTL603596SHSinoHytec688339SHSINOTRANS601598SHMACALLINE601828SHGACGROUP601238SHHUNDSUN600570SHCHINASUNTIENGREENENERGY600956SHFANGDACARBON600516SHCITS601888SHBBMG601992SHSINOPECCORP600028SHYEIC002053SZZHONGNANCONSTRUCTION000961SZWESTCONSTRUCTION002302SZLBG002601SZEASTMONEY300059SZGUJINGDISTILLERY000596SZCHINATIANYING000035SZJEREHGROUP002353SZTHUNDERSOFT300496SZYUNDACORP002120SZBOTANEEGROUP300957SZSCPH000488SZmentionedinthisResearchReportwithinthepreceding12months5GuotaiJunananditsgroupcompaniesaremakingorwillmakeamarketinthesecuritiesinrespectofChinaOverseasLandInvestment00688HKLenovo00992HKChinaTelecom-Hshares00728HKChinaUnicom00762HKChinaMobile-Hshares00941HKHongKongExchangesandClearing00388HKGalaxyEntertainment00027HKGreatWallMotor-Hshares02333HKAIA01299HKSandsChina01928HKAACTechnologiesHoldings02018HKSunnyOpticalTechnology02382HKSinopharmGroup-Hshares01099HKCNOOC00883HKWuXiBiologics02269HKMeituan-W03690HKKUAISHOU-W01024HKXPENG09868HKGeelyAutomobile00175HKBYDCompany-Hshares01211HKChinaConstructionBank-Hshares00939HKIndustrialandCommercialBankofChina-Hshares01398HKBOCHongKong02388HKChinaMerchantsBank-Hshares03968HKBankof910China-Hshares03988HKHSBC00005HKAgriculturalBankofChina-Hshares01288HKPingAnInsurance-Hshares02318HKChinaLifeInsurance-Hshares02628HKTencent00700HKCHINATOWERCORPORATION-Hshares00788HKXIAOMICORPORATION01810HKAlibaba09988HKNetease09999HKJDcom09618HKSMIC00981HKAlibabaHealth00241HKBIDU-SW09888HKCITICSEC-Hshares06030HKLoganGroup03380HKChinaAoyuanProperty03883HKmentionedinthisResearchReport6GuotaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficerofanyissuersmentionedinthisResearchReportThereisnoofficerofanyissuersmentionedinthisResearchReportassociatedwithGuotaiJunananditsgroupcompaniesRatingDefinitionRatingDefinitionIncreaserelativetoCSI300HangSengOverweightComparisonbenchmarkforinvestmentIndexover15suggestionsCautiouslyIncreaserelativetoCSI300HangSengInvestmentratingsaredividedintostockCompanyOverweightIndexbetween5and15ratingandsectorratingRatingIncreaserelativetoCSI300HangSengThemarketperformancewithinthe12NeutralIndexbetween-5and5monthsafterthepublicationofthereportisDecreaserelativetoCSI300HangSengconsideredasthecomparisonbenchmarkUnderweightIndexover5TheincreaseanddecreaseoftheSignificantlystrongerthanCSI300HangcompanysstockpriceorindustryindexOverweightSengIndexwithinthe12monthsafterthepublicationofBasicallyflatwithCSI300HangSengthereportiscomparedwiththeincreaseSectorRatingNeutralanddecreaseofCSI300HangSengIndexIndexSignificantlyweakerthanCSI300HanginthesameperiodUnderweightSengIndexGuotaiJunanSecuritiesResearchInstituteAddressPostalCodeTel20FOneMuseumPlace669XinzhaRdJinganDistrictShanghai20004186213867-6666Shanghai18FSouthBuildingFinancialStreetCenter9AFinancialStreetBeijing10003286108393-9888XichengDistrictBeijing27FBuildingBRongchaoTower6003YitianRoadFutianShenzhen518026867552397-6888DistrictShenzhenE-mailgtjaresearchgtjascomGuotaiJunanSecuritiesHongKongLimitedAddressFaxTel27FLowBlockGrandMillenniumPlaza181HongKong8522509-77938522509-9118QueensRoadCentralHongKongWebsitewwwgtjacomhk2023CopyrightGuotaiJunanAllrightsreserved1010