研究报告全文：SFCLicAVV666SFCLic9108TPHKDnoahhudsongtjascomhk800TPHKD25095441-TPHKD20395BuyBuy852176OWTPRMB1768OW1763StrategyWeeklyTradeRatherThanExpectThanRatherTradeWeeklyStrategy603786OWTPRMB9160OW603786202stShareShare-TechtronicIndustries00669HKAccumulateHK00669IndustriesTechtronicGoogleGOOGLOWTPUSD15092OWGoogleGOOGLKebodaBilibiliOW9626HKHK01316NexteerSoochowSecurities601555OWTPRMB1121OW601555SoochowSecuritiesTPRMB2500OW002698BoshiAutomationTPUSD1770VipshopOWVIPSNTPRMB4740OW300413MediaMangoChinaEastEducation0667HKOWTPHKD452OW0667HKEducationChinaEastChinaJushi600TPRMB2588600938OWCNOOCIPOMarketSpecialReportReportSpecialIPOMarketReportUpdateSectorSecuritiesTPRMB7900OW603198DistilleryYingjiaReportUpdateFundMarketMacroResearchWeeklyResearchMacroANoahHudsonNoahSectorRatingsoftheMonththeofRatingsSectorViewpointWeeklyStrategyMarketLatestReportsLatestTopRecommendationsTopAugust21August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ContentsMorningBriefMarketResearchMorningBriefTopRecommendationsMacroResearchWeeklyTheJulyeconomicdatawereweakerthanmarketexpectationbecauseofmultipletemporarydisruptionsinvolvedandthereforeitisnotappropriatetomakelineardeductionTheoddsareslimforabugdeteriorationoffundamentalsandweanticipatethemacroeconomytoleveloffin2023H2TheroomforfurtherdeclineofconsumptionandinvestmentissmallConsumptiongrowthisalreadyslowandrealestateandinfrastructureinvestmentcanbesustainedbymarginallyactiveindustrialandfiscalpoliciesOntheotherhandtheongoingcirculationofbalancesheetingandtheslackgrossdemandbothsuggestsmallroomforeconomicrecoveryaswellA-ShareStrategyWeeklyTradeRatherThanExpectA-sharemarketisexpectedtoenterhorizontalcorrectionssincebadnewsandgoodnewshavebeenanticipatedbothBadnewsincludingtheeconomicdownshiftandtheconflictsbetweenbigpowershasbeenpricedinGoodnewsincludingthepolicysupportonrealestatemarketcapitalmarketandlocalgovernmentdebtssofarandinfuturehasbeenanticipatedbythestockmarketaswellArelativebalancehascomeintobeingandboxcorrectionswillfollowForthetimebeingmarketexpectationisnotasimportantasmarkettradingBecausebadnewsandgoodnewshavebeenbothpricedinmarketexpectationisnolongerabletodiscovernewopportunitiesefficientlyTherecoveryofeconomicgrowthanddomesticdemandwillfollowanL-shapedrouteinsteadofaV-shapedonesuggestingverysmallprobabilityofanypleasantsurprisefromthebusinessearningsoflistedcompaniesonthewholeMeanwhilethepricesofmanystockshavefallentoextremelylowsofarBecausepessimisticinvestorshavealmostdumpedtheirchipstheirvoicesarenotasloudasoptimisticinvestorsAsaresultsuchlow-valuationstockshavebecomemuchsensitivetogoodnewsthanbadnewswhichwillgiverisetotradingopportunitiesAnywaywelaythesameemphasisontradingtacticsandvalueinvestmentInvestmentthemesanddividendpolicyarethetwokeyfactorsduringthepolarizationofriskappetiteInthepastriskappetitehadbeenescalatingfollowingthefrequentlaunchingofnewpoliciesHoweverinfaceofmedium-andlong-termuncertaintiesatpresentriskappetitehasbeenpolarizingupontheoccurrenceofriskeventsInvestorsofhighriskappetitetendtospeculateontheuncertaintiesfocusingonhigh-riskstocksofemerginggrowthindustriesandhotspotinvestmentthemesIncomparisoninvestorsoflowriskappetitetendtobracethecertaintiesfocusingonlow-riskassetsofhighdividendincomeTMTandsecuritiessectorsmayreboundnearthisyearendandhigh-dividendstocksarealsoagoodchoice1InfaceofdescendingassetreturnandrisinguncertaintiesduringtheeconomicdownslideweprefertheassetswithSOEbackgroundfranchiseandmonopolyabilitiesandhighdividendpolicysuchastelecomoperatorspetrochemicaltransportationandpublicutilitiesenterprises2Thelow-valuationleadingcompaniesofTMTiecomputermediaandtelecomand211securitiessectorsmayreboundlaterdrivenbyfasterprogressofdigitalelementtop-leveldesignandAIapplicationratificationandfasterinvestment-sidecapitalmarketreforms3Thehigh-endelectronicsmachineryandwarindustriessectorswhichtakebenefitfromimportsubstitutionandrisingexportdemandaresaferassetsandmayenterabullishrunnearthisyearenddrivenbylowinventorylevelandpricehikesAsforinvestmentthemesandindividualstockswepreferthoseinvolvedindataelementChina-madeequipmentSOEreformsandsmartautomobileOffeaturedsectorsandcompanieswerecommend1dataelementtelecomoperatorsChinaMobile600941dataserviceseGova300075ZhongfuInfo3006592China-madeequipmentoiltankerCOSCOShippingEnergyTransportation600026powergridWillfarInfoTech6881003SOEreformstheSOEsinvolvedinqualityassetinjection4smartautomobileautomobilemanufacturingGeelyAutomobile0175HKautomotivepartsforTeslaLuxsharePrecision002475Rayhoo002997Majorrisksweaker-than-expecteddomesticpolicystimulusglobalgeopoliticaluncertaintiesIPOMarketSpecialReportAtthepressconferencelastFridayCSRCstressedonthedynamicbalancebetweeninvestmentandfinancingandsaidtosustainnormalIPOandrefinancingscientificallyandreasonablyThenewly-listedstocksectorsclosedhighforthepasttwoweeksdespitetheretreatofA-sharemarketonthewholeThefourthweekofthisAugustwillwitnesslarge-scaleunlockingofrestrictedstocksinpharmaceuticalsectorIPOsubscriptionremainedheatedandtheweeklysubscriptionreturnofAB-typeinvestorsfromthe8IPOslastweekrosetonewhighatRMB1012500and805000or177and136peraccountRMB500mninsizeOfallthe160stockswhichstartedlistingwithinthepast6months108closedhighinthethirdweekofthisAugustwithaverageappreciationof286SecuritiesSectorUpdateReportCSRCsremarkslastFridaywhichstressedontheintroductionofmedium-andlong-terminvestmentwillbeabigstimulustotheinstitutionalbusinessofsecuritiescompaniesHoweveraslearnedfromourcommunicationswithinvestorswethinkthestockmarketjustunderstandCSRCsremarksasatradingopportunityandisyettorecognizetheimportanceofsuchremarkstowardssecuritiescompaniesbusinessperformanceWeadvisetoincreasethepositionsofsecuritiessectorespeciallythesecuritiescompanieswhichmayrealizebetter-than-expectedinstitutionalbusinessresultsYingjiaDistillery603198OWTPRMB7900RatingOWPrvOWTPRMB7900PrvRMB7145MPRMB6817Mkt-CapRMB54536mnTheCompanys2023Q2businessresultswerebetterthanexpectedthankstothesalesgrowthofDongcangliquorAccordinglyweraiseourforecastsoftheCompanys2023-2025EPStoRMB282002362009and453014Withreferencetothesectorvaluationandalsotakingintoaccounttheregionalmarket311saleswesuggest2023PEof28xandraisethecorrespondingtargetpricetoRMB79OverweightratingmaintainedFundMarketUpdateReportWemaintainourexpectationforcontinuedstockmarketcorrectionsandsuggestbalancedportfolioorquantitativelong-sidetacticstoreappremiumgainsDuetolowmarketsentimentsatpresentquantitativestrategiesareunabletoreapbigpremiumgainsintheshortrunThereturnofcommoditiesstrategiesthoughhavingreboundedisunliketoreachaturningpointsoonWecontinuetoadvisetostandbyfornowLatestReportsChinaEastEducation0667HKOWTPHKD452RatingOWPrvOWTPHKD452PrvHKD452MPHKD269Mkt-CapHKD5861mnTakingintoaccountthelaggedincomefromnewadmissionsandthepressfrommarketingexpensesandpayrollsweforecasttheCompanys2023-2025EPSofRMB021033and040Wesuggest2023PEof20xandcorrespondingtargetpriceofRMB420orHKD452InviewoftheCompanysbrandpowerandthedecreasingindustrialcompetitionswemaintainOverweightratingChinaJushi600176OWTPRMB1768RatingOWPrvOWTPRMB1768PrvRMB2197MPRMB1430Mkt-CapRMB57245mnTheCompanyreported2023H1revenueofRMB783bn-3426yoyandnetprofitbeforenonrecurringgainslossesofRMB1270bn-5511yoyinlinewithexpectationDuetothehighinventorylevelofglassfiberindustryandthedesceningprofitmarginofyarnindustrywelowerourforecastsoftheCompanys2023-2025EPStoRMB104-015125-032and138-033WithreferencetothevaluationsofcomparablecompanieswelowertargetpricetoRMB17682023PEof17xOverweightratingmaintainedCNOOC600938OWTPRMB2588RatingOWPrvOWTPRMB2588PrvRMB2588MPRMB1846Mkt-CapRMB878082mnWemaintainourforecastsoftheCompanys2023-2025EPSofRMB268251and263Withreferencetothevaluationsofcomparablecompanieswesuggest2023PEof10xandmaintainex-dividendtargetpriceofRMB2588andOverweightratingSoochowSecurities601555OWTPRMB1121RatingOWPrvOWTPRMB1121PrvRMB898MPRMB890Mkt-CapRMB44567mnTheCompanyreported2023H1revenueofRMB5338bn2412yoyand1389bn6988yoyandweightedaverageROEof356138pctyoyinlinewithexpectationTakingintoaccountthecontributionsfromcapitalmarketinvestment-sidereformstheCompanysmechanismreformsandtheCompanys411advantagesingeographiclocationandAIbigmodelapplicationweslightlyraiseourforecastsoftheCompanys2023-2025EPStoRMB047from045052from050and057andraisetargetpricetoRMB11212023PEof2385xPBof141xOverweightratingmaintainedBoshiAutomation002698OWTPRMB2500RatingOWPrvOWTPRMB2500PrvRMB1928MPRMB1914Mkt-CapRMB19572mnThebacklogordersoftheCompanycansustaintwoorthreeyearsproductionandtheCompanyslatestcooperationwithHarbinInstituteofTechnologyhasenabledtheCompanytoentermilitaryhumanoidrobotdevelopmentWeraiseourforecastsoftheCompanys2023-2025EPStoRMB070100from094and123from113WithreferencetothesectorvaluationweraisetargetpricetoRMB2502024PEof25xandmaintainOverweightratingVipshopVIPSNOWTPUSD1770RatingOWPrvOWTPUSD1770PrvUSD1770MPNAMkt-CapNATheCompanys2023Q2resultswereinlinewithexpectationInviewofthestructuralgrowthofaffordableconsumptionweraiseourforecastsoftheCompanys2023-2025non-GAAPadjustednetprofittoRMB77bn782bn6and887WemaintaintargetpriceofUSD177ADSandOverweightratingMangoMedia300413OWTPRMB4740RatingOWPrvOWTPRMB4740PrvRMB4740MPRMB2922Mkt-CapRMB54662mnTheCompanyhasmanagedtomaintainitsleadingpositionincorebusinessandmayrealizefastgrowthofe-commercebusinessinfutureWemaintainourforecastsoftheCompanys2023-2025EPSofRMB129158and179andmaintaintargetpriceofRMB474andOverweightratingGoogleGOOGLOWTPUSD15092RatingOWPrvNATPUSD15092HKDPrvNAMPNAMkt-CapNATheCompanyisaworld-classtechgiantofuniqueeco-systemandhasrealizedbusinesssynergybetweenadvertisingcloudcomputingandAIcommercializationWeforecasttheCompanysFY2023-2025EGAAPrevenueofUSD205720bn81yoy352618bn153yoyand386452bn96yoyandnetprofitofUSD65480bn214yoy75598bn214yoyand85091bn220yoyWesuggesttargetpriceofUSD15092andOverweightratingKeboda603786OWTPRMB9160RatingOWPrvOWTPRMB9160PrvRMB7291MPRMB7801Mkt-CapRMB31516mnWemaintainourforecastsoftheCompanys2023-2025EPSofRMB171229and276TakingintoaccountthegrowthpotentialoftheCompanysautomotivecontrollersandalsowithreferencetothevaluationsofcomparablecompaniesweraisetargetpricetoRMB91602024PEof40xandmaintainOverweightratingBilibili9626HKOWTPHKD20395RatingOWPrvOWTPHKD20395PrvHKD20395MPHKD11690Mkt-CapHKD48544mn511TheCompanys2023Q2resultswerebetterthanexpectationthankstothecontributionfromcommunityadvertisingTakingintoaccountthedelayedlaunchingofonlinegamestheadjustmentofnon-corebusinessesandtheeffectofoperatingexpensescontrolweadjustourforecastsoftheCompanys2023-2025adjustednetprofitfromRMB-349bn-101bnand197bnttoRMB-337bn-094bnand184bnWemaintaintargetpriceofHKD20395andOverweightratingNexteer01316HKBuyTPHKD800RatingBuyPrvBuyTPHKD800PrvHKD800MPHKD4840Mkt-CapHKD121475mnMaintainBuywithTPofHK800NexteerstheCompanyunaudited1H2023earningswereinlinewithexpectationsTheCompanysEPSbusinessandnewcustomerscontinuedtogrowrapidlyAlsoSbWbusinessisexpectedtoadvancesteadilyandorderlyWeestimateNexteersEPSin2023F-2025FtobeUS0067US0096US0099BasedonPEPBvaluationresultswemaintaintheCompanysTPatHK800correspondingto15x2023PERmaintainingBuyinvestmentratingInterimresultswereinlinewithexpectationsandAPACrevenuecontinuedtogrowrapidlyNexteers1H2023revenuereachedUS21bnup174yoyexcludingtheimpactofunfavorableforeignexchangefactorsweakRMBandEURagainstUSDlossofUS424mnshareholdersnetprofitstillmanagedtoachieveayoyleapof4052toUS340mnBusinessintheAPACregionhasbecomeanewdrivingforcefortheCompanysprofitgrowthAsof1H2023theCompanysrevenuefromtheAPACregionreachedUS5440mnjumped437yoyandtheCompanysAPACstrategyhasfurtherachievedresultsIn1H2023theCompanyhassufficientbookingsonhandreachingUS28bnandhasobtainedmostbookingsfromChinaleadingOEMNEVsThebusinessintheAPACregionisexpectedtofurtherexpandsignificantlyinthemediumandlongtermSalesvolumefromthedownstreamOEMindustryisgraduallyrecoveringandexpenseratioshavebeenoptimizingwhichhasbeendrivingprofitabilitytoimproveIn1H2023theCompanysoperatingexpenseshavebeenoptimizedRDexpensetorevenuehasdecreasedby01pptsyoyto32administrativeexpensetorevenuehasdecreasedby08pptsyoyto32salesexpensetorevenuehasremainedflatyoyat05theoverallGPMincreasedby07pptsyoyto91SalesvolumefromthedownstreamOEMindustryisgraduallyrecoveringandexpenseratioshavebeenoptimizingwhichjointlydrivetheCompanysprofitabilitytogrowWonanotherSbWbookingSbWbusinessisexpectedtobringsynergiesinthemediumandlongtermNexteeronceagainwonaSbWbookingfromaworld-leadingOEMandsignedSbWdevelopmentcooperationprojectswithseveralOEMsin1H2023continuingtoleadtheSbWmarketTheCompanyprioritizestheallocationofresourcestotheSbWbusinessopportunityWiththegradualadvancementofadvancedautonomousdrivingSbWbusinesswithindustry-leadingtechnologiesisexpectedtobringsynergiestotheCompanyinthemediumandlongtermRisks1APACbusinessgrowthmaybeslowerthanexpected2theelectrificationandsalesofautomobilesinUSAmaybeslowerthanexpected2theapplicationofL3andaboveadvancedautonomousdrivingmaybelowerthanexpected611TechtronicIndustries00669HKAccumulateTPHKD8910RatingAccumulatePrvAccumulateTPHKD8910PrvHKD10730MPHKD80550Mkt-CapHKD1477930mnWemaintainAccumulateandreduceTPtoHK8910WereduceourTechtronicIndustriestheCompany2023-2025shareholdersnetprofitforecaststoUS953mn-169US1072mn-138US1185mn-165respectivelyWeforecast2023-2025earningspershareofUS0519US0583andUS0642respectivelyOurTPrepresents220x196x178x2023-2025PEratioand37x2023PBratioTheCompanys1H23resultsmissedourexpectationsTheCompanysrevenuein1H23wasUS69billionadecreaseof22YoYinlinewithourexpectationsHowevertheCompanysnetprofitwasUS476millionadecreaseof177YoYAstheprocessofchanneldestockingwasslowin1H23theCompanysperformancewaspoorTheinventoryreductioninitiativeswithintheCompanysnetworkanditscustomersledtoanincreaseintheCompanysexpenseratioInadditionthesubstantialincreaseinUSinterestrateshasledtoasignificantincreaseintheCompanysfinancecostswhichdraggeddowntheCompanysnetprofitMilwaukeebusinessstilldidwellIn1H23theCompanysflagshipMilwaukeerevenueincreasedby87YoYinlocalcurrencyThehighgrossprofitmarginofMilwaukeebusinesshascontributedtotheincreaseofoverallgrossprofitmarginoftheCompanyBesidesthisbusinessiswellpositionedforsustainedlong-termsalesgrowthbasedontheshiftfromlegacypowersourceslikepetrolandcordedtocordlessgeographicexpansiondeepverticalpenetrationandnewproductintroductionsTheCompanyexpectsitsMilwaukeebusinesstomaintainlong-termsalesgrowthofhighsingledigittolowdoubledigitMarketsoutsideofNorthAmericarecordedsteadygrowthIn1H23theCompanysrevenueinNorthAmericadeclined39YoYinlocalcurrencyTheCompanyssalesinEuropegrew101YoYinlocalcurrencyTheCompanyssalesintherestoftheworldfeaturingAustraliaandAsiadelivered57growthYoYinlocalcurrencyTheCompanysperformancein2H23mayimproveWebelievethattheprocessofchanneldestockingmaycometoanendin2H23ThereforetheCompanysperformancein2H23mayimproveHoweveritmaybedifficultforthesingledigitgrowthin2H23tooffsetthedragonthefull-yearresultsfromtheweakperformancein1H23WeexpectnetprofitoftheCompanymaydeclinein2023RisksCustomerpreferencesmaychangerelationshipwithmajorcustomersmaychangepricesofrawmaterialsmayincrease711SectorRatingsoftheMonthRatingSectorBuildingMaterialsComprehensiveFinanceInsuranceCommercialBankingCoalFoodDrinkOWPharmaceuticalRealEstateMachineryManufacturingTransportationConstructionEngineeringNonferrousMetalsHouseholdAppliancesTransportationEquipmentMassMediaCulturalAgricultureTextileNTGarmentsRetailingPowerEquipmentSocialServicesPublicUtilitiesIronSteelUWInformationTechnologyInformationScienceNoteTheratingsabovearemadebyGTJAStrategyTeamwhichmaynotalwaysbeinlinewiththeopinionsofGTJAindustryanalystsduetodifferentemphasesandtimerangeswhentheseratingsaremadeMarketStrategyWeeklyViewpointLastUpdateAugust20th2023A-ShareStrategyWeeklyTradeRatherThanExpectPleaseseeTopRecommendationsabove811GuotaiJunanSecuritiesCoLtdhasacquiredthequalificationforsecuritiesinvestmentconsultingbusinessfromChinaSecuritiesRegulatoryCommissionAnalystsStatementTheauthorhasobtainedthepracticingqualificationforsecuritiesinvestmentconsultingbusinessawardedbythesecuritiesassociationofChinaorhasequivalentprofessionalcompetencetoensurealldatainthereportaresourcedfromlegitimatechannelsandanalysislogicsarebasedontheauthorsprofessionalunderstandingThisreportclearlyandaccuratelyreflectstheauthorsresearchideasbeingindependentobjectiveandfairandtheconclusionisnotsuggestedoraffectedbyanythirdpartiesAnycomponentsoftheanalystscompensationarenotdirectlyorindirectlyrelatedtothespecificadviceorviewsexpressedinthisresearchreportItisherebydeclaredDisclaimerThisreportissolelyavailabletocustomerswhohavesubscribedresearchservicesofGuotaiJunanSecuritiesCoLtdorGuotaiJunanSecuritiesHongKongLimitedhereaftercollectivelyreferredtoasGuotaiJunanThereceiptofthisreportwillnotbeconsideredbyGuotaiJunanasanexofficiocustomerofGuotaiJunanThisreportisdistributedonlyaspermittedbyapplicablelawsandforinformationalpurposesonlyItdoesnotconstituteanyadvertisementTheinformationinthisreportisderivedfrompubliclyavailableinformationandGuotaiJunanmakesnowarrantyastotheaccuracycompletenessorreliabilityofsuchinformationTheinformationopinionsandassumptionspresentedinthisreportonlyreflectGuotaiJunansjudgmentasofthedateofissuanceofthisreportThepricevalueandinvestmentincomeofthesecuritiesorinvestmenttargetsreferredtointhisreportmayriseorfallPastperformanceshouldnotbetakenasabasisforfutureperformanceAtdifferenttimesGuotaiJunanmayissuereportsthatareinconsistentwiththeinformationopinionsandassumptionscontainedhereinGuotaiJunandoesnotwarrantthattheinformationcontainedinthisreportiskeptuptodateAtthesametimetheinformationcontainedinthisreportmaybemodifiedbyGuotaiJunanwithoutnoticeandtheinvestorshallpayattentiontothecorrespondingupdateormodificationTheinvestmentsandservicesreferredtointhisreportmaynotbeappropriateforcertainclientsanddonotconstituteprivateadvicetoclientsInanycircumstancestheinformationoropinionsexpressedinthisreportdoesnotconstituteinvestmentrecommendationsforanypersonInanycircumstancesGuotaiJunanitsemployeesoraffiliatedinstitutionsshallnotpromiseinvestorsthattheywillmakeprofitsshallnotshareinvestmentgainswithinvestorsandshallnotbeliableforanylosscausedbyanypersonsuseofanycontentinthisreportInvestorsareremindedthatanyinvestmentdecisionsmadebythemarenotrelatedtoGuotaiJunanitsemployeesoritsaffiliatesGuotaiJunanusesinformationwallstocontroltheflowofinformationbetweenoneormorefieldsdepartmentsorrelatedinstitutionswithinGuotaiJunanThereforeinvestorsshouldpayattentiontothatwherepermittedbylawGuotaiJunananditssubordinateaffiliatesmayholdsecuritiesoroptionsissuedbycompaniesmentionedinthereportandconducttradingofthosesecuritiesoroptionsandmayprovideortrytoprovideservicessuchasinvestmentbankingfinancialadvisingorfinancialproductstothosecompaniesWherepermittedbylawemployeesofGuotaiJunanmayserveasdirectorsofcompaniesmentionedinthisreportThestockmarketisriskyandinvestmentneedstobecautiousInvestorsshouldnotusethisreportasthesolereferenceformakinginvestmentdecisionsnorshouldtheyconsiderthisreporttobeasubstitutefortheirownjudgmentBeforedecidingtoinvestifnecessaryinvestorsmustconsultprofessionalsandmakeprudentdecisionsThisreportisnotintendedtobesentordistributedtoanyinstitutionorpersonwhoisnotallowedtosendordistributethisreportunderlocallawsorregulatoryrulesnorisitintendedtobesentordistributedtoanyinstitutionorpersonwhoseavailabilityoruseofthisreportwouldcauseGuotaiJunantoviolateorbesubjecttolocallawsorregulatoryrulesThecopyrightofthisreportissolelyownedbyGuotaiJunanWithoutwrittenpermissionnoinstitutionorindividualmayreproducecopypublishorquoteinanyformIfitisquotedorpublishedwiththeconsentofGuotaiJunanitmustbeusedwithinthepermittedscopeandthesourcemustbeindicatedasGuotaiJunanSecuritiesResearchorGuotaiJunanHongKongResearchandthereportmustnotbequoteddeletedormodifiedinanywaythatiscontrarytotheoriginalintentionGuotaiJunanSecuritiesHongKongLimitedshallbeliabletoGuotaiJunanSecuritiesCoLtdforthecontentanddistributionofresearchreportsIfanorganizationotherthanGuotaiJunanhereinafterreferredtoastheOrganizationsendsthisreportitshallbesolelyresponsibleforsuchsendingInvestorswhoobtainthisreportthroughthismeansshouldcontacttheOrganizationontheirowntorequestmoredetailedinformationortofurthertradeinthesecuritiesreferredtointhisreportThisreportshallnotconstituteinvestmentadviceprovidedbyGuotaiJunantotheclientsoftheOrganizationnorshallGuotaiJunanitsemployeesoraffiliatesbeliableforanylossesincurredbytheclientsoftheOrganizationasaresultoftheuseofthisreportorthecontentscontainedinthereport911ThefollowingimportantstatementsareapplicabletoresearchreportspublishedinHongKongThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanHongKongGuotaiJunanHongKonganditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunanHongKonggroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanHongKongThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunanHongKongdoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunanHongKonganditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdictionDISCLOSURETableDISCLOSUREOFINTERESTSOFINTERESTS1TheAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthisResearchReport2TheAnalystsandtheirassociatesdonothaveanyfinancialinterestsinrelationtotheissuermentionedinthisResearchReport3ExceptforChinaGrandPharmaceuticalandHealthcare00512HKGUOTAIJUNANI01788HKZHONGANSERVICE02271HKLUZHOUBANK01983HKSFREIT02191HKVANOVHOLDINGS02260HKDOWELLSERVICE02352HKJINSHANGBANK02558HKBANKOFZHENGZHOU06196HKDongguanRuralCommercialBank09889HKJIAXINGGAS09908HKGED-B200539SZGuotaiJunananditsgroupcompaniesdonotholdequaltoormorethan1ofthemarketcapitalizationoftheissuermentionedinthisResearchReport4GuotaiJunananditsgroupcompanieshavehadinvestmentbankingrelationshipswithChinaLesso02128HKIDREAMSKY01119HKChinaRisunGroup01907HKSMIC00981HKChowTaiFookJewellery01929HKZHIHU-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-Hshares00939HKIndustrialandCommercial1011BankofChina-Hshares01398HKBOCHongKong02388HKChinaMerchantsBank-Hshares03968HKBankofChina-Hshares03988HKHSBC00005HKAgriculturalBankofChina-Hshares01288HKPingAnInsurance-Hshares02318HKChinaLifeInsurance-Hshares02628HKTencent00700HKCHINATOWERCORPORATION-Hshares00788HKXIAOMICORPORATION01810HKAlibaba09988HKNetease09999HKJDcom09618HKSMIC00981HKAlibabaHealth00241HKBIDU-SW09888HKCITICSEC-Hshares06030HKLoganGroup03380HKChinaAoyuanProperty03883HKmentionedinthisResearchReport6GuotaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficerofanyissuersmentionedinthisResearchReportThereisnoofficerofanyissuersmentionedinthisResearchReportassociatedwithGuotaiJunananditsgroupcompaniesRatingDefinitionRatingDefinitionIncreaserelativetoCSI300HangSengOverweightComparisonbenchmarkforinvestmentIndexover15suggestionsCautiouslyIncreaserelativetoCSI300HangSengInvestmentratingsaredividedintostockCompanyOverweightIndexbetween5and15ratingandsectorratingRatingIncreaserelativetoCSI300HangSengThemarketperformancewithinthe12NeutralIndexbetween-5and5monthsafterthepublicationofthereportisDecreaserelativetoCSI300HangSengconsideredasthecomparisonbenchmarkUnderweightIndexover5TheincreaseanddecreaseoftheSignificantlystrongerthanCSI300HangcompanysstockpriceorindustryindexOverweightSengIndexwithinthe12monthsafterthepublicationofBasicallyflatwithCSI300HangSengthereportiscomparedwiththeincreaseSectorRatingNeutralanddecreaseofCSI300HangSengIndexIndexSignificantlyweakerthanCSI300HanginthesameperiodUnderweightSengIndexGuotaiJunanSecuritiesResearchInstituteAddressPostalCodeTel20FOneMuseumPlace669XinzhaRdJinganDistrictShanghai20004186213867-6666Shanghai18FSouthBuildingFinancialStreetCenter9AFinancialStreetBeijing10003286108393-9888XichengDistrictBeijing27FBuildingBRongchaoTower6003YitianRoadFutianShenzhen518026867552397-6888DistrictShenzhenE-mailgtjaresearchgtjascomGuotaiJunanSecuritiesHongKongLimitedAddressFaxTel27FLowBlockGrandMillenniumPlaza181HongKong8522509-77938522509-9118QueensRoadCentralHongKongWebsitewwwgtjacomhk2023CopyrightGuotaiJunanAllrightsreserved1111