研究报告全文：SFCLicAVV666SFCLicnoahhudsongtjascomhkdepthReportdepthOutperform-25095441-8523nsSector202stEnergyOperatioEnergyZanggeMining000408OWTPRMB3105OWMiningZangge000408TPRMB12458OW002850KedaliInSectorRobotIndustrialATPDanishAllocationAssetPassiveActiveAirlinesSectorUpdateReportReportUpdateSectorAirlinesReportUpdateComputerSectorNoahHudsonNoahSectorRatingsoftheMonththeofRatingsSectorViewpointWeeklyStrategyMarketLatestReportsLatestTopRecommendationsTopSeptember21September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ContentsMorningBriefMarketResearchMorningBriefTopRecommendationsAirlinesSectorUpdateReportInviewofboththestrongresiliencedemandandtherecoveryofinternationalflightswesuggestcontrarianinvestmentintheairlinessectorThegeneralriseofairlinesindustrycountsonriseofprofitmarginratherthantheshort-termpost-pandemicrecoveryInadditiontothefastrecoveryofdemandsince2023ChinasairlinesindustrywillalsoenjoytheconcentratedunleashingofthedemandinthehighseasonAirfareshavestartedtorisealreadyChinasairtravelsarestillinthepreliminarystagecharacterizedwithlowtravelfrequencylowmarketpenetrationandhighbusinesstravelThegovernmentpromotionofinternationalflightswillcontinuetopushupairfaresandtheprofitmarginofairlinescompaniesWesuggestcontrarianinvestmentinthelowseasonof2023Q4WemaintainOverweightratingforAirChina601111JuneyaoAirlines603885TravelSkyTech0696HKEasternAirlines600115SpringAirlines601021andSouthernAirlines600029ComputerSectorUpdateReportOnSeptember182023NDRCandNEAjointlypromulgatedBasicRegulationsonElectricPowerSpotMarketPilotImplementationwhichwasanewstepofChinatowardtheunificationofelectricityspotmarketandwillbenefittheelectricpowerITprovidersforpowergenerationtransmissiontransformationanddistributionOffeaturedcompanieswerecommendStatePowerRixin301162andLongshine300682OtherbeneficiariesincludeYunyong688060StateGridInfoCommunication600131andYgsoft002063ZanggeMining000408OWTPRMB3105RatingOWPrvNATPRMB3105PrvNAMPRMB2347Mkt-CapRMB37093mnWeforecasttheCompanys2023-2025EPSofRMB230217and373Fromtheyear2025therewillbesharpincreaseofthelow-costproductioncapacitiesofpotassium-lithiumcopperWesuggest2023PEof135xhigherthansectoraverageandcorrespondingtargetpriceofRMB3105OverweightratingKedali002850OWTPRMB12458RatingOWPrvNATPRMB12458PrvNAMPRMB9795Mkt-CapRMB26386mnTheCompanytakesbenefitfromtheexplosivegrowthofdownstreamdemandandisincreasingitsproductioncapacityof4680batteriesforitsqualityclientsWeforecasttheCompanys2023-2025EPSofRMB486696and932BasedontheaverageofPEandPBvaluationswesuggesttargetpriceofRMB12458andOverweightratingIndustrialRobotSectorIn-depthReportTheglobalsix-dimensionaltorquesensormanufacturersaremainlydividedintothefollowingthreecampsEuropeandUSJapanKoreaandChina1EuropeandUSsensormanufacturerssuchasATIBotaKistlerandrobot29end-of-armtoolmanufacturerssuchasOnRobotRobotiqofwhichthelattermainlycooperateswithrobotmanufacturerssuchasYoao2JapanandKoreaWacoh-TechRobotousetcwhichcooperatewithJapaneserobotmanufacturersFanucYaskawaetc3ChinaThebusinesssizesofChineseproducersarerelativelysmallTheleadingproducerSunriseInstrumentsSRIcooperateswithABBandKukawhosemajortechnicalindicatorsareclosetoworld-classlevelsForexampletheoverloadvaluesofSRIsM43XXandM33XXsensorsare8xoftherangecomparedto5xofUSproductsand8xofATIAxia80-Ureanditsmeasurementaccuracyiswithin3offullrangecomparedto2ofATIAxia-80OtherChinesesix-dimensionaltorquesensormanufacturersincludeKunweiTechXJCSensorHypersenSRIholds552stakesLinkTouchNBITandRightMeasurementOfcorepartsthemainproductsofChinesesuppliersaremetalstraingaugesandthemainChinesesupplierisZhonghangElectronicMeasuringInstruments300114ActivePassiveAssetAllocationDanishATPAPTisanationalpensionfundofDenmarkwhichbelongstothefirstpillarofpensionfundsystemcharacterizedwithrestrictedexplicitliabilitieshighliquiditydemandandlowrisktoleranceAPTisthe6thsampleofourglobalsovereigntyfundsassetallocationresearchAPTsbusinesspatternis3endsand3linesThe3endsarethecapitalassetanddebtreserveAndthe3linesare1theguaranteedinterestcontributioncapitalforhedgingportfolioassettoensurepensiondebtpayment2dividendcontributioncapitalforinvestmentportfolioassttoaccumulatepotentialdividendreserveforpensionindexation3marketcontributioncapitalformarketreturnportfolioassettoenhancepensionbenefitsLatestReportsEnergyOperationsSectorOutperformRatingOutperformPrvOutperformEventFollowingaconsultationversionpublishedon25thNov2022Chinasfirstnational-levelgeneralrulesforspotpowermarketshavenowbeenfinalisedandputintotrialimplementationietheBasicRulesforSpotPowerMarketsTrialjointlyreleasedbyChinasNDRCandNEAon18thSep2023ItstimetopushforfurtherdevelopmentSince2017inlinewiththepowersectorreformunderDocumentNo9Chinahasinitiatedpilotspotpowermarketprogrammesin14provincesandregionsThesepilotprogrammescarriedthehopetoimprovetheallocationofpowerresourcesthroughtheirpricediscoveryfunctionsForthemeritoftrialanderrorandtoadjustforthedivergenttechnicalinstitutionalandfinancialissuesindifferentregionsthesepilotprogrammesweregivenautonomytodeterminetheirrespectivemarketrulesOverthepast6yearsthepilotprogrammeshavecontributedtoawealthofexperienceintermsofmarketdesignandnowitseemsthetimehascometopushforstandardisationwhichwillimprovetherule39settinginexistingspotpowermarketsprovideclearerguidancefortheset-upofnewspotpowermarketsandfacilitatetheconvergenceofspotpowermarketsacrossChinaItisinthiscontextthattheBasicRulesforSpotElectricityMarketsTrialhereaftertheBasicRuleshascomeintobeingTheBasicRulesoffersclarityinareaswherepilotprogrammestendtoimplementdivergentrulesnotablymarketcomponentsandparticipantspricingmechanismsandtransactionsettlementItalsotriestoforgeabroadermarketconvergencebysettingoutmechanismstobridgespotpowermarketswithothertypesofpowermarketssuchasmid-andlong-termpowermarketsancillaryservicemarketsandcapacitymarketsInvestmentsuggestionWeexpectChinatocontinuepushingforpowermarketliberalisationwhichplaysavitalroleinunlockingpowersystemflexibilityfortheintegrationofrenewablesPowermarketliberalisationintheorycanprovideboththermalandrenewablepowerthechancetoobtainreasonablereturnsbasedontheirrolesduringandafterenergytransitionWebelievetherecentsell-offoftheIPPslistedinHongKongislargelyassociatedwithconcernsoverpotentialpowertariffadjustmentsamiddeclinesincoalpricesSuchsell-offwhichhasledtomanyrenewableplaysvaluationsplungingconsiderablybelowtheirbookvaluesisspeculativeandoverdoneinourviewWebelievemorefocusshouldbeplacedonwhetherthepowersectorcanimproveitsearningsprofileamidenergytransitionwhiletarifffluctuationsperseoverthepasthaveprovedtobeinadequateinpredictingthesectorsfutureWemaintainoutperformforthesectorandwepreferCPID02380HKandCRP00836HKwhicharebeneficiariesoffurtherpowermarketliberalisationandwhoseimprovedearningsprofilesdrivenbyongoingtransformationhasnotbeenfullypricedinDownsideriskslower-than-expectedpowerdemandslower-than-expectedprogressinpowermarketreformsandunfavourablepolicychangesforIPPs49SectorRatingsoftheMonthRatingSectorBuildingMaterialsComprehensiveFinanceInsuranceCommercialBankingCoalFoodDrinkOWPharmaceuticalRealEstateMachineryManufacturingTransportationConstructionEngineeringNonferrousMetalsHouseholdAppliancesTransportationEquipmentMassMediaCulturalAgricultureTextileNTGarmentsRetailingPowerEquipmentSocialServicesPublicUtilitiesIronSteelUWInformationTechnologyInformationScienceNoteTheratingsabovearemadebyGTJAStrategyTeamwhichmaynotalwaysbeinlinewiththeopinionsofGTJAindustryanalystsduetodifferentemphasesandtimerangeswhentheseratingsaremadeMarketStrategyWeeklyViewpointLastUpdateSeptember10th2023A-ShareStrategyWeeklyRiskPerceptionOverweighsBizResultsForthetimebeingriskperceptionoverweighsbusinessresultsinA-sharemarketInthepasttwoyearsblue-chipstocksunderperformedgrowthstocksofvariousthemesthetheoryofvalueinvestmentnolongerappliesAsearlyasin2013wepointedoutthatstockpricesarethereflectionofhumanmindinsteadofthereflectionofobjectiveeventsOnthesurfaceinvestorsaretradingsecuritiesButinessencetheyaretradingtheirexpectationsIn2019-2021thetradingoneconomiccyclesandvaluediscoverydidworkbecauseoftheupwardadjustmentsofinvestorsexpectationsforeconomicgrowthandindustrialdevelopmentinfactFrom2022thetradingonriskperceptionstartedtoprevailbecauseoftheconsensusoneconomicandindustrialoutlookversustherisinguncertaintiesbothinandoutofChinaIntheshortrunweanticipateShanghaiCompositetostayinsmall-rangecorrectionsmostofthetimebecausebothgoodnewsandbadnewshavebeenpricedinwhilethepossibilityofupwardadjustmentofbusinessresultsisverysmallforthetimebeingContinuedpolarizationofriskappetiteswillbringbetterchancesforthestocksofgoodholdingstructurebutbigdisputesoncompanyprospectsIn2023theconcernovertherisksoruncertaintieseggeopoliticsswitchofeconomicgrowthpatternde-financializationoftherealestateindustryoverwhelmedtheconcernovernear-termGDPandEPSThefirsthalfof2023witnessedthesellingofvaluestocksbylow-riskappetiteinvestorsandthebuyingofgrowthstocksbyhigh-riskappetiteinvestorsButdifferentfromthegeneralriseofriskappetitesin2015theriskappetitesaremovingdownwardonthewholein2023Thereforehigh-risksectorsegcomputermediaroseearlierthanlow-risksectorsInthemediumrunundercontinuedpolarizationofriskappetitestheinfluencesofmarketdealingswillcontinuetooverweighmarketexpectationsThestocksofgoodholdingstructurebutbigdisputesoncompanyprospectswillenjoybetteropportunitieswhereasthestocksofpoorholdingstructureandhighconsensusexpectationscanhardlyhaveanychanceHigh-endequipmentandmanufacturingsectorswillleadtheriseofscience-techgrowthstocksandfinancialandrealestatesectorswillseetothepaceofpolicy59supportsOfthesectorsandcompaniescharacterizedwithmediumandlowrisksbigdisputesofinvestorsexpectationsandgoodholdingstructurewerecommend1high-endequipmentmanufacturingandmaterialssectorsmachinerywarindustryandelectronicsandthelow-valuationstocksthatcanbenefitfromexportgrowthimportsubstitutionandpolicysupport2high-riskthematicfinancialrealestatestockswhosestockmarketreboundswillseetotheqoqGDPrecoveryandthegovernmentpoliciesonthesupplysideandthesolutionsoflocalgovernmentdebts3high-dividendSOEswithmonopolyorfranchiseadvantageegtelecomoperatoroilpetrochemicalsandpublicutilitiesAsforinvestmentthemesandindividualstockswepreferthoseinvolvedinhigh-endequipmentHuaweiindustrialchainsatelliteinternetandrobotsOfsub-sectorsandfeaturedcompanieswerecommend1high-endequipmentsemiconductorJingceElectronic300567industrialmachinetoolsNeway688697warindustryAVICShenyangAircraft600760powergridWillfarInfoTech6881002HuaweiindustrialchainETEK688601V-Test688372andMaxscend3007823satelliteinternetChengchangTech001270andChinaSatelliteCommunications6016984humanoidrobotsMOONSElectric603728Majorrisksweaker-than-expecteddomesticpolicystimulusglobalgeopoliticaluncertainties69GuotaiJunanSecuritiesCoLtdhasacquiredthequalificationforsecuritiesinvestmentconsultingbusinessfromChinaSecuritiesRegulatoryCommissionAnalystsStatementTheauthorhasobtainedthepracticingqualificationforsecuritiesinvestmentconsultingbusinessawardedbythesecuritiesassociationofChinaorhasequivalentprofessionalcompetencetoensurealldatainthereportaresourcedfromlegitimatechannelsandanalysislogicsarebasedontheauthorsprofessionalunderstandingThisreportclearlyandaccuratelyreflectstheauthorsresearchideasbeingindependentobjectiveandfairandtheconclusionisnotsuggestedoraffectedbyanythirdpartiesAnycomponentsoftheanalystscompensationarenotdirectlyorindirectlyrelatedtothespecificadviceorviewsexpressedinthisresearchreportItisherebydeclaredDisclaimerThisreportissolelyavailabletocustomerswhohavesubscribedresearchservicesofGuotaiJunanSecuritiesCoLtdorGuotaiJunanSecuritiesHongKongLimitedhereaftercollectivelyreferredtoasGuotaiJunanThereceiptofthisreportwillnotbeconsideredbyGuotaiJunanasanexofficiocustomerofGuotaiJunanThisreportisdistributedonlyaspermittedbyapplicablelawsandforinformationalpurposesonlyItdoesnotconstituteanyadvertisementTheinformationinthisreportisderivedfrompubliclyavailableinformationandGuotaiJunanmakesnowarrantyastotheaccuracycompletenessorreliabilityofsuchinformationTheinformationopinionsandassumptionspresentedinthisreportonlyreflectGuotaiJunansjudgmentasofthedateofissuanceofthisreportThepricevalueandinvestmentincomeofthesecuritiesorinvestmenttargetsreferredtointhisreportmayriseorfallPastperformanceshouldnotbetakenasabasisforfutureperformanceAtdifferenttimesGuotaiJunanmayissuereportsthatareinconsistentwiththeinformationopinionsandassumptionscontainedhereinGuotaiJunandoesnotwarrantthattheinformationcontainedinthisreportiskeptuptodateAtthesametimetheinformationcontainedinthisreportmaybemodifiedbyGuotaiJunanwithoutnoticeandtheinvestorshallpayattentiontothecorrespondingupdateormodificationTheinvestmentsandservicesreferredtointhisreportmaynotbeappropriateforcertainclientsanddonotconstituteprivateadvicetoclientsInanycircumstancestheinformationoropinionsexpressedinthisreportdoesnotconstituteinvestmentrecommendationsforanypersonInanycircumstancesGuotaiJunanitsemployeesoraffiliatedinstitutionsshallnotpromiseinvestorsthattheywillmakeprofitsshallnotshareinvestmentgainswithinvestorsandshallnotbeliableforanylosscausedbyanypersonsuseofanycontentinthisreportInvestorsareremindedthatanyinvestmentdecisionsmadebythemarenotrelatedtoGuotaiJunanitsemployeesoritsaffiliatesGuotaiJunanusesinformationwallstocontroltheflowofinformationbetweenoneormorefieldsdepartmentsorrelatedinstitutionswithinGuotaiJunanThereforeinvestorsshouldpayattentiontothatwherepermittedbylawGuotaiJunananditssubordinateaffiliatesmayholdsecuritiesoroptionsissuedbycompaniesmentionedinthereportandconducttradingofthosesecuritiesoroptionsandmayprovideortrytoprovideservicessuchasinvestmentbankingfinancialadvisingorfinancialproductstothosecompaniesWherepermittedbylawemployeesofGuotaiJunanmayserveasdirectorsofcompaniesmentionedinthisreportThestockmarketisriskyandinvestmentneedstobecautiousInvestorsshouldnotusethisreportasthesolereferenceformakinginvestmentdecisionsnorshouldtheyconsiderthisreporttobeasubstitutefortheirownjudgmentBeforedecidingtoinvestifnecessaryinvestorsmustconsultprofessionalsandmakeprudentdecisionsThisreportisnotintendedtobesentordistributedtoanyinstitutionorpersonwhoisnotallowedtosendordistributethisreportunderlocallawsorregulatoryrulesnorisitintendedtobesentordistributedtoanyinstitutionorpersonwhoseavailabilityoruseofthisreportwouldcauseGuotaiJunantoviolateorbesubjecttolocallawsorregulatoryrulesThecopyrightofthisreportissolelyownedbyGuotaiJunanWithoutwrittenpermissionnoinstitutionorindividualmayreproducecopypublishorquoteinanyformIfitisquotedorpublishedwiththeconsentofGuotaiJunanitmustbeusedwithinthepermittedscopeandthesourcemustbeindicatedasGuotaiJunanSecuritiesResearchorGuotaiJunanHongKongResearchandthereportmustnotbequoteddeletedormodifiedinanywaythatiscontrarytotheoriginalintentionGuotaiJunanSecuritiesHongKongLimitedshallbeliabletoGuotaiJunanSecuritiesCoLtdforthecontentanddistributionofresearchreportsIfanorganizationotherthanGuotaiJunanhereinafterreferredtoastheOrganizationsendsthisreportitshallbesolelyresponsibleforsuchsendingInvestorswhoobtainthisreportthroughthismeansshouldcontacttheOrganizationontheirowntorequestmoredetailedinformationortofurthertradeinthesecuritiesreferredtointhisreportThisreportshallnotconstituteinvestmentadviceprovidedbyGuotaiJunantotheclientsoftheOrganizationnorshallGuotaiJunanitsemployeesoraffiliatesbeliableforanylossesincurredbytheclientsoftheOrganizationasaresultoftheuseofthisreportorthecontentscontainedinthereport79ThefollowingimportantstatementsareapplicabletoresearchreportspublishedinHongKongThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanHongKongGuotaiJunanHongKonganditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunanHongKonggroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanHongKongThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunanHongKongdoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunanHongKonganditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdictionDISCLOSURETableDISCLOSUREOFINTERESTSOFINTERESTS1TheAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthisResearchReport2TheAnalystsandtheirassociatesdonothaveanyfinancialinterestsinrelationtotheissuermentionedinthisResearchReport3ExceptforGUOTAIJUNANI01788HKZHONGANSERVICE02271HKLUZHOUBANK01983HKSFREIT02191HKVANOVHOLDINGS02260HKDOWELLSERVICE02352HKJINSHANGBANK02558HKBANKOFZHENGZHOU06196HKDongguanRuralCommercialBank09889HKJIAXINGGAS09908HKGED-B200539SZGuotaiJunanInternationalHoldingsLimitedandoritssubsidiariesdonotholdequaltoormorethan1ofthemarketcapitalizationoftheissuermentionedinthisResearchReport4GuotaiJunanInternationalHoldingsLimitedandoritssubsidiarieshavehadinvestmentbankingrelationshipswithChinaLesso02128HKChinaRisunGroup01907HKIDREAMSKY01119HKSMIC00981HKChowTaiFookJewellery01929HKZHIHU-W02390HKKingsoft03888HKXPENG09868HKXIAOMICORPORATION01810HK360DIGITECH-S03660HKZhongliangHoldings02772HKBOSSZHIPIN02076HKBinhaiInvestment02886HKChinaPetroleumChemical-Hshares00386HKSPC00338HKXIAOMI-WR-Hshares81810HKNagaCorp03918HKCHINAOVSPPT02669HKChinaStateConstructionDevelopment00830HKCHOVSGOCEANS00081HKChinaStateConstructionInternational03311HKChinaOverseasLandInvestment00688HKChinaGas00384HKWUXIAPPTEC02359HKYEAHKA09923HKNAYUKI02150HKChervon02285HKCARSGEN02171HKJD-SWR-Hshares89618HKKUAISHOU-WR-Hshares81024HKXingfaAluminium00098HKHORIZONCONSTRUCTIONDEVELOPMENT09930HKNWS00659HKA-LIVING03319HKChinaConstructionBank-Hshares00939HKKUAISHOU-W01024HKGeelyAutomobile00175HKVobileGroup03738HKTencent00700HKAlibaba09988HKSinoHytec-Hshares02402HKSinotrans-Hshares00598HKBankofCommunications-Hshares03328HKJDcom09618HKBIDU-SW09888HKSenseTime-W00020HKChinaNonferrousMining01258HKJoySpreader06988HKGuangzhouAutomobile-Hshares02238HKKWGGroup01813HKCIFIHoldingsGroup00884HKZhenroProperties06158HKBILIBILI-SW09626HKCountryGarden02007HKAgileGroup03383HKChinaAoyuanProperty03883HKLoganGroup03380HKSUNAC01918HKNewWorldDevelopment00017HKCHINASUNTIEN00956HKFOSUNINTL00656HKHONGJIUFRUIT06689HKChinaMinshengBankingCorp-Hshares01988HKIRICOGroupNewEnergy00438HKWEIGAOGROUP01066HKCIFIESService01995HKSinopecKantons00934HKSINOPECEngineering-Hshares02386HKCHENMING01812HKLeeManPaper02314HKCGNMeiyaPower01811HKZhihuZHUSTencentMusicEntertainmentGroupTMEUSNIONIOUSJDcomJDUSKANZHUNLIMITEDBZUSDiDiDIDIUSBilibiliIncBILIUSFutuFUTUUSSinopecSNPUSSPC600688SHCSCEC601668SHWUXIAPPTEC603259SHCCB601939SHSUPCON688777SHBTL603596SHSinoHytec688339SHSINOTRANS601598SHMACALLINE601828SHGACGROUP601238SHHUNDSUN600570SHCHINASUNTIENGREENENERGY600956SHFANGDACARBON600516SHBBMG601992SHSINOPECCORP600028SHYEIC002053SZZHONGNANCONSTRUCTION000961SZWESTCONSTRUCTION002302SZLBG002601SZEASTMONEY300059SZGUJINGDISTILLERY000596SZCHINATIANYING000035SZJEREHGROUP002353SZTHUNDERSOFT300496SZYUNDACORP002120SZBOTANEEGROUP300957SZSCPH000488SZmentionedinthisResearchReportwithinthepreceding12months5GuotaiJunanInternationalHoldingsLimitedandoritssubsidiariesaremakingorwillmakeamarketinthesecuritiesinrespectofChinaOverseasLandInvestment00688HKLenovo00992HKChinaTelecom-Hshares00728HKChinaUnicom00762HKChinaMobile-Hshares00941HKHongKongExchangesandClearing00388HKGalaxyEntertainment00027HKGreatWallMotor-Hshares02333HKAIA01299HKSandsChina01928HKSunnyOpticalTechnology02382HKSinopharmGroup-Hshares01099HKCNOOC00883HKWuXiBiologics02269HKMeituan-W03690HKGeelyAutomobile00175HKBYDCompany-Hshares01211HKChinaConstructionBank-Hshares00939HKIndustrialandCommercialBankofChina-Hshares0139889HKBOCHongKong02388HKChinaMerchantsBank-Hshares03968HKBankofChina-Hshares03988HKHSBC00005HKAgriculturalBankofChina-Hshares01288HKPingAnInsurance-Hshares02318HKChinaLifeInsurance-Hshares02628HKTencent00700HKAACTechnologiesHoldings02018HKCHINATOWERCORPORATION-Hshares00788HKXIAOMICORPORATION01810HKAlibaba09988HKNetease09999HKJDcom09618HKSMIC00981HKAlibabaHealth00241HKBIDU-SW09888HKKUAISHOU-W01024HKXPENG09868HKCITICSEC-Hshares06030HKLoganGroup03380HKChinaAoyuanProperty03883HKmentionedinthisResearchReport6GuotaiJunanInternationalHoldingsLimitedandoritssubsidiarieshavenotemployedanindividualservingasanofficerofanyissuersmentionedinthisResearchReportThereisnoofficerofanyissuersmentionedinthisResearchReportassociatedwithGuotaiJunanInternationalHoldingsLimitedandoritssubsidiariesRatingDefinitionRatingDefinitionIncreaserelativetoCSI300HangSengOverweightComparisonbenchmarkforinvestmentIndexover15suggestionsCautiouslyIncreaserelativetoCSI300HangSengInvestmentratingsaredividedintostockCompanyOverweightIndexbetween5and15ratingandsectorratingRatingIncreaserelativetoCSI300HangSengThemarketperformancewithinthe12NeutralIndexbetween-5and5monthsafterthepublicationofthereportisDecreaserelativetoCSI300HangSengconsideredasthecomparisonbenchmarkUnderweightIndexover5TheincreaseanddecreaseoftheSignificantlystrongerthanCSI300HangcompanysstockpriceorindustryindexOverweightSengIndexwithinthe12monthsafterthepublicationofBasicallyflatwithCSI300HangSengthereportiscomparedwiththeincreaseSectorRatingNeutralanddecreaseofCSI300HangSengIndexIndexSignificantlyweakerthanCSI300HanginthesameperiodUnderweightSengIndexGuotaiJunanSecuritiesResearchInstituteAddressPostalCodeTel20FOneMuseumPlace669XinzhaRdJinganDistrictShanghai20004186213867-6666Shanghai18FSouthBuildingFinancialStreetCenter9AFinancialStreetBeijing10003286108393-9888XichengDistrictBeijing27FBuildingBRongchaoTower6003YitianRoadFutianShenzhen518026867552397-6888DistrictShenzhenE-mailgtjaresearchgtjascomGuotaiJunanSecuritiesHongKongLimitedAddressFaxTel27FLowBlockGrandMillenniumPlaza181HongKong8522509-77938522509-9118QueensRoadCentralHongKongWebsitewwwgtjacomhk2023CopyrightGuotaiJunanAllrightsreserved99