研究报告全文：SFCLicAVV666SFCLic390noahhudsongtjascomhk642TPHKDdepthReportdepth-BuyTPRMB4009TPHKD25095441-852Buy3202th600779OWTPRMB9370OW600779CMOC03993HKCMOCHK02163HomesBroadAnkerInnovations300866OWTPRMB10720OW300866InnovationsAnkerSwellfunTPRMB3937OW3001373TechLingweWindsunOW688663OilPetrochemicalSectorUpdateReportReportOilUpdateSectorPetrochemicalReportUpdateBankingSectorInSectorHomeAppliancesPharmaceuticalSectorSpecialReportReportSpecialSectorPharmaceuticalReportUpdateAutomobileSectorNoahHudsonNoahMarketStrategyWeeklyViewpointWeeklyStrategyMarketSectorRatingsoftheMonththeofRatingsSectorLatestReportsLatestTopRecommendationsTopSeptember12September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ContentsMorningBriefMarketResearchMorningBriefTopRecommendationsPharmaceuticalSectorSpecialReportIntermsofrigiddemandweadvisetofocusontheleadingpharmaceuticalcompaniesintheirrespectivemarketsegmentswhichhaveadvantagesinstablebusinessperformancestronginnovativeabilityandsmoothoverseasmarketexpansionOfbranchindustriesandfeaturedcompanieswerecommend1biotechBeiGene6160HKInnoventBio1801HKAkeso9926HKRemeGen688331andKeymedBio2162HK2pharmaceuticalHengruiPharma600276HuadongMedicine000963andJingxinPharma0020203CXOWuxiBiologics2269HKWuxiAppTec2359HKandPharmaron3759HK4traditionalChinesemedicineCRSanjiu000999AutomobileSectorUpdateReportThenear-termfocusofstockmarkettradingconcentratesinthemarginalchangesOffeaturedcompanieswerecommend1passengervehiclemanufacturingXPeng9868HKLiAuto2015HKJianghuaiAutomobile600418ChanganAutomobile000625BYD002594GeelyAutomobile0175HKandGreatWallMotor6016332high-climatealternativeenergyautomobilepartsRayhoo002997IKD600933Xinquan603179Shuanghuang002472Yinlun002126PrecisionForging300258Tuopu601689Duoli001311Longsheng300680Rongtai605133andXusheng6033033intelligentautomotivesystemBethel603596Sonavox688533Xingyu601799Keboda603786W-Ibeda688071DesaySV002920Foryou002906andHuayu600741OilPetrochemicalSectorUpdateReportWemaintainOverweightratingfortheoilpetrochemicalsectorOfsub-sectorsandfeaturedcompanieswerecommend1upstreambizCNOOC600938PetroChina601857andSinopec6000282oilfieldservicesOffshoreOilEngineering600583andChinaOilfieldServices6018083petrochemicalshugerdemandfromrestockingXinfengming603225andTongkun601233strongercostadvantageSatelliteChemical002648andBaofengEnergy600989BankingSectorUpdateReportDrivenbygovernmentbondsthetotalsocialfinancingamountthisAugustwasslightlybiggerthanexpectationwhichcanmarginallystrengthenmarketconfidenceonfiscalsupportInthesamemonthhouseholdloansleveledoffslightlywhichattractedmarketattentionaftertheconcentratedeasingofrealestatepoliciesWemaintainoptimisticaboutthereboundofthebankingsectorespeciallythebeta-typebankswhichhadbeensubjecttothebiggestimpactsfromthegovernmentpoliciessuchasBankofNingbo002142andChinaMerchantsBank600036BankofJiangsu600919ZheshangBank601916andBankofChangdu601838remainourprimaryrecommendations210HomeAppliancesSectorIn-depthReportDuringtheslowrecoveryofconsumerdemandthebranchindustriesofbettercompetitionstructuremayoutperformmarketexpectationsOffeaturedcompanieswerecommendMidea0003332023PEof115xHaier600690133xRobam002508142xandRoborock688169250xLatestReportsAnkerInnovations300866OWTPRMB10720RatingOWPrvOWTPRMB10720PrvRMB10720MPRMB8595Mkt-CapRMB34932mnTheCompanyreported2023H1revenueofRMB707bn20yoynetprofitofRMB820mn423yoyandnetprofitbeforenonrecurringgainslossesofRMB545mn778yoyinlinewithexpectationWemaintainourforecastsoftheCompanys2023-2025EPSofRMB28336yoy46120yoyand54017yoyandmaintaintargetpriceofRMB1072andOverweightratingSwellfun600779OWTPRMB9370RatingOWPrvOWTPRMB9370PrvRMB9370MPRMB7095Mkt-CapRMB34649mnWeraiseourforecastsoftheCompanys2023-2025EPStoRMB275009357014and446026BasedonbothPEandPSvaluationmethodsweraisetargetpricetoRMB9372024PEof26xandmaintainOverweightratingLingweTech3001373OWTPRMB3937RatingOWPrvNATPRMB3937PrvNAMPRMB3179Mkt-CapRMB3448mnTheCompanyisadelustrantproducerinChinafocusingonmedium-andhigh-endproductrangesWeforecasttheCompanys2023-2025EPSofRMB107144and183BasedonbothPEGandPBvaluationmethodswesuggesttargetpriceofRMB3937andOverweightratingWindsun688663OWTPRMB4009RatingOWPrvOWTPRMB4009PrvRMB6069MPRMB2864Mkt-CapRMB4008mnTheCompanys2023H1resultswereinlinewithexpectationTakingintoaccounttheaffluentbacklogordersandthenewcontributionfromintelligentminingequipmentweraiseourforecastsoftheCompanys2023-2025EPStoRMB146from140200from177and249Withreferencetothesectorvaluationwesuggest2024PEof20xandlowerthecorrespondingtargetpricetoRMB4009OverweightratingmaintainedCMOC03993HKBuyTPHKD642RatingBuyPrvAccumulateTPHKD642PrvHKD530MPHKD5130Mkt-CapHKD1108039mnUpgradetheinvestmentratingofCMOCtheCompanytoBuyandraisetheTPtoHK642Werevise20232024EPSestimationtoRMB040RMB055fromRMB044RMB047duetocopperandcobaltpricefluctuationandthesuspensionof310miningproductssalesinCongoweadd2025EPSestimationofRMB057AstheissueofTFMroyaltieshadbeensettledwebelievetheoperatingresultsoftheCompanytogrowsteadilyinthefutureWeraisetheTPtoHK642representing160x2023PEandupgradetoBuyThedropin1H2023resultswasmainlyattributabletothesuspensionofminingproductssalesinCongoandotheroperatingresultsoftheCompanywereinlinewithmarketconsensusTotalrevenueoftheCompanydeclined55yoytoRMB867billionin1H2023butnetprofitdropped830yoytoRMB070billionProductionoutputofcoppercobaltmolybdenumtungstenwas168000tons19000tons8400tonsand3800tonswhichincreasedby24868and-9yoyrespectivelyASPcopperandcobaltpricedeclinedby11and58respectivelyin1H2023molybdenumandtungstenpricewasup56and3yoyrespectivelyHoweverthesalesoutputratesofcopperandcobaltfromCongowasonly60and9duetotheroyaltiesissueMiningoutputgrowthofcopperandcobaltisexpectedtoaccelerateandnetprofitoftheCompanyisexpectedtorecordfastgrowthastheroyaltiesissuehadbeensettledAstheexpansionofTFMminewassuccessfulandKFMminehasbeenputintoproductiontheCompanyscopperandcobaltoutputguidelinein2023raisedto390000tonsand49500tonsrespectivelyAdditionallyastheCompanyalsoaccumulatedaninventoryof240000tonsofcopperand30000tonsofcobaltnetprofitoftheCompanyisexpectedtosurgegreatlyin2H2023CMOCwillcooperatewithCATL宁德时代todevelopseveralnewenergymaterialsCMOCwillcooperatewithCATLtodeveloptheAltiplanosaltlakeinBoliviaandtheplannedproductioncapacitywas50000tonsperyearBesidestheCompanywillalsoinvestinHuayuewhichoperatesanickelandcobaltprojectwithaproductioncapacityof60000tonsperyearRisksFluctuationofcopperandcobaltpricesmaybelargerthanexpectedminingoutputgrowthoftheTFMmineandtheKFMminemaybeslowerthanexpectedBroadHomes02163HKBuyTPHKD390RatingBuyPrvAccumulateTPHKD390PrvHKD670MPHKD2890Mkt-CapHKD14092mnWeraisetheinvestmentratingtoBuybutreduceTPtoHK390WeforecastEPSin2023-2025tobeRMB0410RMB0093RMB0579respectivelyWelowertheTPtoHK390correspondingto168x93x64x202320242025EVEBITDA1H2023revenuedecreasedby21YoYtoRMB939millionShareholdersnetlossnarrowed686YoYtoRMB103millionResultswereinlinewithexpectationGrossmarginwas22534ppts1H2023operatingcashinflowwasRMB315million7711H2023totalnewcontractsamountedtoRMB1850million481AsatJune302023totalbacklogamountedtoRMB5536million103Activelyforgingsecondgrowthcurveandmaintainingtechnologyadvancementinprefabricatedconstructionindustry1StructureofnewcontractshasbeensignificantlyoptimizedfocusingonurbanrenewalandtheconstructionofaffordablehousingTheproportionofnewcontractsincommercialhousingprojectshassignificantlydecreasedfrom62in2022to35in1H2023andthatforaffordablehousingurbanrenewalprojectshassignificantlyincreasedfrom22in2022to33in4101H20232duetovigorouslydevelopeddigitalEPCbusiness1H2023revenueandgrossprofitcontributionsofthedigitalEPCbusinessreached98and153respectivelywithnorelatedrevenueorgrossprofitrecognizedduringthesameperiodlastyearandnewcontractvaluesforthisbusinesshasincreasedsignificantlyby501YoYreachingRMB225million3theCompanycontinuestoconsolidatethetechnologicaladvancementinthefieldofprefabricatedconstructionandpromotemoreapplicationscenariosandplanstocomplete50patentsubmissionsfor2H2023furthersolidifyingitsleadingpositioninthetechnologyofprefabricatedconstructionCatalysts1Therecoveryoftherealestatemarketisaccelerating2theapplicationandpopularityofuseofmodularintegratedproductisacceleratingduetoincreaseincostcompetitivenessandenvironmentalprotectionawarenessRisks1Governmentinfrastructurespendingmaybelowerthanexpected2overseasprojectrisks510SectorRatingsoftheMonthRatingSectorBuildingMaterialsComprehensiveFinanceInsuranceCommercialBankingCoalFoodDrinkOWPharmaceuticalRealEstateMachineryManufacturingTransportationConstructionEngineeringNonferrousMetalsHouseholdAppliancesTransportationEquipmentMassMediaCulturalAgricultureTextileNTGarmentsRetailingPowerEquipmentSocialServicesPublicUtilitiesIronSteelUWInformationTechnologyInformationScienceNoteTheratingsabovearemadebyGTJAStrategyTeamwhichmaynotalwaysbeinlinewiththeopinionsofGTJAindustryanalystsduetodifferentemphasesandtimerangeswhentheseratingsaremadeMarketStrategyWeeklyViewpointLastUpdateSeptember10th2023A-ShareStrategyWeeklyRiskPerceptionOverweighsBizResultsForthetimebeingriskperceptionoverweighsbusinessresultsinA-sharemarketInthepasttwoyearsblue-chipstocksunderperformedgrowthstocksofvariousthemesthetheoryofvalueinvestmentnolongerappliesAsearlyasin2013wepointedoutthatstockpricesarethereflectionofhumanmindinsteadofthereflectionofobjectiveeventsOnthesurfaceinvestorsaretradingsecuritiesButinessencetheyaretradingtheirexpectationsIn2019-2021thetradingoneconomiccyclesandvaluediscoverydidworkbecauseoftheupwardadjustmentsofinvestorsexpectationsforeconomicgrowthandindustrialdevelopmentinfactFrom2022thetradingonriskperceptionstartedtoprevailbecauseoftheconsensusoneconomicandindustrialoutlookversustherisinguncertaintiesbothinandoutofChinaIntheshortrunweanticipateShanghaiCompositetostayinsmall-rangecorrectionsmostofthetimebecausebothgoodnewsandbadnewshavebeenpricedinwhilethepossibilityofupwardadjustmentofbusinessresultsisverysmallforthetimebeingContinuedpolarizationofriskappetiteswillbringbetterchancesforthestocksofgoodholdingstructurebutbigdisputesoncompanyprospectsIn2023theconcernovertherisksoruncertaintieseggeopoliticsswitchofeconomicgrowthpatternde-financializationoftherealestateindustryoverwhelmedtheconcernovernear-termGDPandEPSThefirsthalfof2023witnessedthesellingofvaluestocksbylow-riskappetiteinvestorsandthebuyingofgrowthstocksbyhigh-riskappetiteinvestorsButdifferentfromthegeneralriseofriskappetitesin2015theriskappetitesaremovingdownwardonthewholein2023Thereforehigh-risksectorsegcomputermediaroseearlierthanlow-risksectorsInthemediumrunundercontinuedpolarizationofriskappetitestheinfluencesofmarketdealingswillcontinuetooverweighmarketexpectationsThestocksofgoodholdingstructurebutbigdisputesoncompanyprospectswillenjoybetteropportunitieswhereasthestocksofpoorholdingstructureandhighconsensusexpectationscanhardlyhaveanychanceHigh-endequipmentandmanufacturingsectorswillleadtheriseofscience-techgrowthstocksandfinancialandrealestatesectorswillseetothepaceofpolicy610supportsOfthesectorsandcompaniescharacterizedwithmediumandlowrisksbigdisputesofinvestorsexpectationsandgoodholdingstructurewerecommend1high-endequipmentmanufacturingandmaterialssectorsmachinerywarindustryandelectronicsandthelow-valuationstocksthatcanbenefitfromexportgrowthimportsubstitutionandpolicysupport2high-riskthematicfinancialrealestatestockswhosestockmarketreboundswillseetotheqoqGDPrecoveryandthegovernmentpoliciesonthesupplysideandthesolutionsoflocalgovernmentdebts3high-dividendSOEswithmonopolyorfranchiseadvantageegtelecomoperatoroilpetrochemicalsandpublicutilitiesAsforinvestmentthemesandindividualstockswepreferthoseinvolvedinhigh-endequipmentHuaweiindustrialchainsatelliteinternetandrobotsOfsub-sectorsandfeaturedcompanieswerecommend1high-endequipmentsemiconductorJingceElectronic300567industrialmachinetoolsNeway688697warindustryAVICShenyangAircraft600760powergridWillfarInfoTech6881002HuaweiindustrialchainETEK688601V-Test688372andMaxscend3007823satelliteinternetChengchangTech001270andChinaSatelliteCommunications6016984humanoidrobotsMOONSElectric603728Majorrisksweaker-than-expecteddomesticpolicystimulusglobalgeopoliticaluncertainties710GuotaiJunanSecuritiesCoLtdhasacquiredthequalificationforsecuritiesinvestmentconsultingbusinessfromChinaSecuritiesRegulatoryCommissionAnalystsStatementTheauthorhasobtainedthepracticingqualificationforsecuritiesinvestmentconsultingbusinessawardedbythesecuritiesassociationofChinaorhasequivalentprofessionalcompetencetoensurealldatainthereportaresourcedfromlegitimatechannelsandanalysislogicsarebasedontheauthorsprofessionalunderstandingThisreportclearlyandaccuratelyreflectstheauthorsresearchideasbeingindependentobjectiveandfairandtheconclusionisnotsuggestedoraffectedbyanythirdpartiesAnycomponentsoftheanalystscompensationarenotdirectlyorindirectlyrelatedtothespecificadviceorviewsexpressedinthisresearchreportItisherebydeclaredDisclaimerThisreportissolelyavailabletocustomerswhohavesubscribedresearchservicesofGuotaiJunanSecuritiesCoLtdorGuotaiJunanSecuritiesHongKongLimitedhereaftercollectivelyreferredtoasGuotaiJunanThereceiptofthisreportwillnotbeconsideredbyGuotaiJunanasanexofficiocustomerofGuotaiJunanThisreportisdistributedonlyaspermittedbyapplicablelawsandforinformationalpurposesonlyItdoesnotconstituteanyadvertisementTheinformationinthisreportisderivedfrompubliclyavailableinformationandGuotaiJunanmakesnowarrantyastotheaccuracycompletenessorreliabilityofsuchinformationTheinformationopinionsandassumptionspresentedinthisreportonlyreflectGuotaiJunansjudgmentasofthedateofissuanceofthisreportThepricevalueandinvestmentincomeofthesecuritiesorinvestmenttargetsreferredtointhisreportmayriseorfallPastperformanceshouldnotbetakenasabasisforfutureperformanceAtdifferenttimesGuotaiJunanmayissuereportsthatareinconsistentwiththeinformationopinionsandassumptionscontainedhereinGuotaiJunandoesnotwarrantthattheinformationcontainedinthisreportiskeptuptodateAtthesametimetheinformationcontainedinthisreportmaybemodifiedbyGuotaiJunanwithoutnoticeandtheinvestorshallpayattentiontothecorrespondingupdateormodificationTheinvestmentsandservicesreferredtointhisreportmaynotbeappropriateforcertainclientsanddonotconstituteprivateadvicetoclientsInanycircumstancestheinformationoropinionsexpressedinthisreportdoesnotconstituteinvestmentrecommendationsforanypersonInanycircumstancesGuotaiJunanitsemployeesoraffiliatedinstitutionsshallnotpromiseinvestorsthattheywillmakeprofitsshallnotshareinvestmentgainswithinvestorsandshallnotbeliableforanylosscausedbyanypersonsuseofanycontentinthisreportInvestorsareremindedthatanyinvestmentdecisionsmadebythemarenotrelatedtoGuotaiJunanitsemployeesoritsaffiliatesGuotaiJunanusesinformationwallstocontroltheflowofinformationbetweenoneormorefieldsdepartmentsorrelatedinstitutionswithinGuotaiJunanThereforeinvestorsshouldpayattentiontothatwherepermittedbylawGuotaiJunananditssubordinateaffiliatesmayholdsecuritiesoroptionsissuedbycompaniesmentionedinthereportandconducttradingofthosesecuritiesoroptionsandmayprovideortrytoprovideservicessuchasinvestmentbankingfinancialadvisingorfinancialproductstothosecompaniesWherepermittedbylawemployeesofGuotaiJunanmayserveasdirectorsofcompaniesmentionedinthisreportThestockmarketisriskyandinvestmentneedstobecautiousInvestorsshouldnotusethisreportasthesolereferenceformakinginvestmentdecisionsnorshouldtheyconsiderthisreporttobeasubstitutefortheirownjudgmentBeforedecidingtoinvestifnecessaryinvestorsmustconsultprofessionalsandmakeprudentdecisionsThisreportisnotintendedtobesentordistributedtoanyinstitutionorpersonwhoisnotallowedtosendordistributethisreportunderlocallawsorregulatoryrulesnorisitintendedtobesentordistributedtoanyinstitutionorpersonwhoseavailabilityoruseofthisreportwouldcauseGuotaiJunantoviolateorbesubjecttolocallawsorregulatoryrulesThecopyrightofthisreportissolelyownedbyGuotaiJunanWithoutwrittenpermissionnoinstitutionorindividualmayreproducecopypublishorquoteinanyformIfitisquotedorpublishedwiththeconsentofGuotaiJunanitmustbeusedwithinthepermittedscopeandthesourcemustbeindicatedasGuotaiJunanSecuritiesResearchorGuotaiJunanHongKongResearchandthereportmustnotbequoteddeletedormodifiedinanywaythatiscontrarytotheoriginalintentionGuotaiJunanSecuritiesHongKongLimitedshallbeliabletoGuotaiJunanSecuritiesCoLtdforthecontentanddistributionofresearchreportsIfanorganizationotherthanGuotaiJunanhereinafterreferredtoastheOrganizationsendsthisreportitshallbesolelyresponsibleforsuchsendingInvestorswhoobtainthisreportthroughthismeansshouldcontacttheOrganizationontheirowntorequestmoredetailedinformationortofurthertradeinthesecuritiesreferredtointhisreportThisreportshallnotconstituteinvestmentadviceprovidedbyGuotaiJunantotheclientsoftheOrganizationnorshallGuotaiJunanitsemployeesoraffiliatesbeliableforanylossesincurredbytheclientsoftheOrganizationasaresultoftheuseofthisreportorthecontentscontainedinthereport810ThefollowingimportantstatementsareapplicabletoresearchreportspublishedinHongKongThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanHongKongGuotaiJunanHongKonganditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunanHongKonggroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanHongKongThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunanHongKongdoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunanHongKonganditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdictionDISCLOSURETableDISCLOSUREOFINTERESTSOFINTERESTS1TheAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthisResearchReport2TheAnalystsandtheirassociatesdonothaveanyfinancialinterestsinrelationtotheissuermentionedinthisResearchReport3ExceptforChinaGrandPharmaceuticalandHealthcare00512HKGUOTAIJUNANI01788HKZHONGANSERVICE02271HKLUZHOUBANK01983HKSFREIT02191HKVANOVHOLDINGS02260HKDOWELLSERVICE02352HKJINSHANGBANK02558HKBANKOFZHENGZHOU06196HKDongguanRuralCommercialBank09889HKJIAXINGGAS09908HKGED-B200539SZGuotaiJunananditsgroupcompaniesdonotholdequaltoormorethan1ofthemarketcapitalizationoftheissuermentionedinthisResearchReport4GuotaiJunananditsgroupcompanieshavehadinvestmentbankingrelationshipswithChinaLesso02128HKIDREAMSKY01119HKChinaRisunGroup01907HKSMIC00981HKChowTaiFookJewellery01929HKKingsoft03888HKZHIHU-W02390HKXPENG09868HKXIAOMICORPORATION01810HKZhongliangHoldings02772HK360DIGITECH-S03660HKBOSSZHIPIN02076HKBinhaiInvestment02886HKChinaPetroleumChemical-Hshares00386HKSPC00338HKXIAOMI-WR-Hshares81810HKNagaCorp03918HKCHINAOVSPPT02669HKChinaStateConstructionDevelopment00830HKCHOVSGOCEANS00081HKChinaStateConstructionInternational03311HKChinaOverseasLandInvestment00688HKChinaGas00384HKWUXIAPPTEC02359HKYEAHKA09923HKNAYUKI02150HKChervon02285HKCARSGEN02171HKJD-SWR-Hshares89618HKKUAISHOU-WR-Hshares81024HKXingfaAluminium00098HKHORIZONCONSTRUCTIONDEVELOPMENT09930HKNWS00659HKA-LIVING03319HKChinaConstructionBank-Hshares00939HKKUAISHOU-W01024HKGeelyAutomobile00175HKVobileGroup03738HKTencent00700HKAlibaba09988HKSinoHytec-Hshares02402HKSinotrans-Hshares00598HKBankofCommunications-Hshares03328HKJDcom09618HKBIDU-SW09888HKSenseTime-W00020HKChinaNonferrousMining01258HKJoySpreader06988HKGuangzhouAutomobile-Hshares02238HKKWGGroup01813HKCIFIHoldingsGroup00884HKZhenroProperties06158HKBILIBILI-SW09626HKCountryGarden02007HKAgileGroup03383HKChinaAoyuanProperty03883HKLoganGroup03380HKSUNAC01918HKNewWorldDevelopment00017HKCHINASUNTIEN00956HKFOSUNINTL00656HKHONGJIUFRUIT06689HKChinaMinshengBankingCorp-Hshares01988HKIRICOGroupNewEnergy00438HKWEIGAOGROUP01066HKCIFIESService01995HKSinopecKantons00934HKSINOPECEngineering-Hshares02386HKCHENMING01812HKLeeManPaper02314HKCGNMeiyaPower01811HKZhihuZHUSTencentMusicEntertainmentGroupTMEUSNIONIOUSJDcomJDUSKANZHUNLIMITEDBZUSDiDiDIDIUSBilibiliIncBILIUSFutuFUTUUSSinopecSNPUSSPC600688SHCSCEC601668SHWUXIAPPTEC603259SHCCB601939SHSUPCON688777SHBTL603596SHSinoHytec688339SHSINOTRANS601598SHMACALLINE601828SHGACGROUP601238SHHUNDSUN600570SHCHINASUNTIENGREENENERGY600956SHFANGDACARBON600516SHBBMG601992SHSINOPECCORP600028SHYEIC002053SZZHONGNANCONSTRUCTION000961SZWESTCONSTRUCTION002302SZLBG002601SZEASTMONEY300059SZGUJINGDISTILLERY000596SZCHINATIANYING000035SZJEREHGROUP002353SZTHUNDERSOFT300496SZYUNDACORP002120SZBOTANEEGROUP300957SZSCPH000488SZmentionedinthisResearchReportwithinthepreceding12months5GuotaiJunananditsgroupcompaniesaremakingorwillmakeamarketinthesecuritiesinrespectofChinaOverseasLandInvestment00688HKLenovo00992HKChinaTelecom-Hshares00728HKChinaUnicom00762HKChinaMobile-Hshares00941HKHongKongExchangesandClearing00388HKGalaxyEntertainment00027HKGreatWallMotor-Hshares02333HKAIA01299HKSandsChina01928HKAACTechnologiesHoldings02018HKSunnyOpticalTechnology02382HKSinopharmGroup-Hshares01099HKCNOOC00883HKWuXiBiologics02269HKMeituan-W03690HKGeelyAutomobile00175HKBYDCompany-Hshares01211HKChinaConstructionBank-Hshares00939HKIndustrialandCommercialBankofChina-Hshares01398HKBOCHongKong02388HKChinaMerchantsBank-Hshares03968HKBankofChina-Hshares03988HKHSBC00005910HKAgriculturalBankofChina-Hshares01288HKPingAnInsurance-Hshares02318HKChinaLifeInsurance-Hshares02628HKTencent00700HKCHINATOWERCORPORATION-Hshares00788HKXIAOMICORPORATION01810HKAlibaba09988HKNetease09999HKJDcom09618HKSMIC00981HKAlibabaHealth00241HKBIDU-SW09888HKKUAISHOU-W01024HKXPENG09868HKCITICSEC-Hshares06030HKLoganGroup03380HKChinaAoyuanProperty03883HKmentionedinthisResearchReport6GuotaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficerofanyissuersmentionedinthisResearchReportThereisnoofficerofanyissuersmentionedinthisResearchReportassociatedwithGuotaiJunananditsgroupcompaniesRatingDefinitionRatingDefinitionIncreaserelativetoCSI300HangSengOverweightComparisonbenchmarkforinvestmentIndexover15suggestionsCautiouslyIncreaserelativetoCSI300HangSengInvestmentratingsaredividedintostockCompanyOverweightIndexbetween5and15ratingandsectorratingRatingIncreaserelativetoCSI300HangSengThemarketperformancewithinthe12NeutralIndexbetween-5and5monthsafterthepublicationofthereportisDecreaserelativetoCSI300HangSengconsideredasthecomparisonbenchmarkUnderweightIndexover5TheincreaseanddecreaseoftheSignificantlystrongerthanCSI300HangcompanysstockpriceorindustryindexOverweightSengIndexwithinthe12monthsafterthepublicationofBasicallyflatwithCSI300HangSengthereportiscomparedwiththeincreaseSectorRatingNeutralanddecreaseofCSI300HangSengIndexIndexSignificantlyweakerthanCSI300HanginthesameperiodUnderweightSengIndexGuotaiJunanSecuritiesResearchInstituteAddressPostalCodeTel20FOneMuseumPlace669XinzhaRdJinganDistrictShanghai20004186213867-6666Shanghai18FSouthBuildingFinancialStreetCenter9AFinancialStreetBeijing10003286108393-9888XichengDistrictBeijing27FBuildingBRongchaoTower6003YitianRoadFutianShenzhen518026867552397-6888DistrictShenzhenE-mailgtjaresearchgtjascomGuotaiJunanSecuritiesHongKongLimitedAddressFaxTel27FLowBlockGrandMillenniumPlaza181HongKong8522509-77938522509-9118QueensRoadCentralHongKongWebsitewwwgtjacomhk2023CopyrightGuotaiJunanAllrightsreserved1010