研究报告全文：hHighDividendsSFCLicAVV666SFCLicnoahhudsongtjascomhkTPRMB6000TPRMB530625095441-8523202thEnergySectorUpdateReportReportUpdateSectorEnergyNonferrousMetalsSectorOutperformSectorMetalsNonferrousJinleiTech300443OWTPRMB4508OW300443JinleiTechTPHKD21677OW9999HKNetEaseOW688601ETEKMicroelectronicsAgricultureSectorUpdateReportReportUpdateSectorAgricultureOW603517FoodJueweiJungleUnknownaninareWeResearchMacroOverseaswitStocksintoFlowedSouthboundCapitalStrategyMarketOverseasSteelSectorUpdateReportReportUpdateSectorSteelNewNoahHudsonNoahSectorRatingsoftheMonththeofRatingsSectorViewpointWeeklyStrategyMarketLatestReportsLatestTopRecommendationsTopSeptember27September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ContentsMorningBriefMarketResearchMorningBriefTopRecommendationsSteelSectorUpdateReportWemaintainOverweightratingforthesteelsectorThegovernmenteffortstoincreaseindustrialconcentrationandpromotehigh-qualitydevelopmentwillbenefittheleadingsteelenterprisesofproductstructureadvantageOffeaturedcompanieswerecommend1productstructureupgradingValinSteel0009322leadingtechnologiesandproductstructureBaosteel6000193lowcostsXinyuSteel600782Shougang000959SansteelMinguang002110andFangdaSpecialSteel6005074risingsiliconsteelsalesandpowergriddemandWangbianElectric6031915risingdemandforboilertubesandoilwellpipesChangbaoSteeltube002478andShengtak3008816high-temperaturealloyTolandAlloy3008557PVtechbarriersPOCO3008118specialgraphiteFangdaCarbon6005169stableupstreamresourcepricesPangangVanadiumTitanium000629andAnningIronTitanium00297810ironoreresourcesHBISResources000923andDazhongMining001203NewEnergySectorUpdateReportWebelievethevaluationrecoveryofnewenergyautomobileindustrialchainwillarrivesoonOfbranchindustriesandfeaturedcompaniesweprefer1batteriesContemporaryAmperex300750EVEEnergy300014CosMX688772andHighpowerTech0012832chargingpilesSinexcel300693Gresgying600212andKstar0025183materialsincludinglithiumferromanganesephosphatesodium-ionbatteriescompositecollectorDynanonic300769Capchem300037Yuanli300174Baoming002992andDongwei688700and4robotMoonsElectric603728AgricultureSectorUpdateReportOfpoultrybreedingcompanieswerecommendSunnerDevelopment002299Yisheng002458Lihua300761andXiangjia002982Ofpost-cyclicalstockswerecommendKeqianBio688526WellhopeFoods603609HaidGroup002311andRingpuBio-tech300119OfpigbreedingcompanieswerecommendMuyuanFoods002714WensFoodstuff300498Giantstar603477Tech-BankFood002124NewHope000876Dabeinong002385andTeconBio002100OfseedcompanieswerecommendDabeinong002385andYLPHigh-Tech000998JueweiFood603517OWTPRMB5306RatingOWPrvOWTPRMB5306PrvRMB5306MPRMB3600Mkt-CapRMB22725mnFollowingthestablerecoveryofbusinessclimatetheCompanysgrossmarginarrivedatanupwardturningpointWeforecasttheCompanys2023Q3revenuegrowthof1015yoyandnetprofitofaroundRMB200mnWemaintainour210forecastsoftheCompanys2023-2025EPSofRMB098160and204WemaintaintargetpriceofRMB53062024PEof33xandOverweightratingOverseasMacroResearchWeareinanUnknownJungleUSeconomicuncertaintyremainselevatedWearestillinanunfamiliarjunglewheretheUSeconomyisrunningwithhighinflationbutnorecessioninsightyetAnimalspiritsratherthaneconomicfundamentalshavebeendominatingtheUSbondmarketfornowRatestradershavebecomemorehesitantafterbondyieldssurgedInthepasttraderswereusuallyhappytoseehigheryieldswhichgiveopportunitiestoopennewlongpositionsHoweverthingsseemtohavechangedOptimisticaboutshort-termbondsThemarketwaswrongregardingbondpricingandIwarnedthattherateswouldbemuchhigherHoweveratthispointIamnotsobearishonbondsparticularlytheshorttenorsChinasmarketsentimentremainssluggishPreviouslystimuluspackageswouldtypicallyprompttakingonChinarisksbuttherecentvolatilityandunderperformanceoftheHangSengIndexindicateachangedlandscapeChinasofficialmanufacturingPMIreleasedthisweekendwillbeimportantThemarketislookingforanabove-50readingmeaningthemanufacturingsectorwouldreturntoexpansionaryterritoryBOJkeepsmonetarypolicyunchangedAgainthemarketwasdisappointedbytheBOJstatementwherewecanhardlyfindanywordingaboutthepossibletighteningOverseasMarketStrategySouthboundCapitalFlowedintoStockswithHighDividendsThedomesticeconomyimprovedslightlywhiletheoverseasliquidityconditionsremainedtightleadingtotheHongKongstockmarketoscillatingnearthebottomrangeChineseeconomicdatashowsignsofimprovinginprivateconsumptioninvestmentandindustrialproductionBesidestheCentralBankofChinaannounceda25basispointreductioninthereserveratiowhichwillhelptherealeconomycontinuetoimproveOverseastheUSCPIincreased07MoMinAugustwiththeaccelerationoftheenergycomponentbeingthemaincontributorCoreCPIgrowtheasedto43YoYInadditiontheEuropeanCentralBankraiseditsthreemaininterestratesby25basispointsTheliquidityconditionoftheHongKongstockmarkettightenedThe10-yearTreasuryyieldandthedollarindexroseThe3-MonthLiborraterose35basispointsFromSeptember7toSeptember15theHangSengIndexfell011andtheHangSengIndexfell034ShortsellingratiooftheHongKongstockmarketfellfrom213to153SouthboundcapitalcontinuedtoflowintotheHongKongstockmarketasforeigncapitalflowedoutRecentlyfromJuly21toSeptember15foreigncapitaloutflowedwhilethesouthboundcapitalsignificantlyflowedintotheHongKongstockmarketThecumulativenetinflowwasHK11068billionmainlygoingintothefinancerealestateenergyandsoftwareservicessectorsDuringthesameperiodforeignintermediaryfundshadanetoutflowofHK7729billionwiththelargestnetoutflowsinthesoftwareservicesbankingandretailsectorsThecumulativenetoutflowof310northboundcapitalwasRMB6579billionwiththelargestnetoutflowsinthefoodandbeveragehardwareandsemiconductorsectorsIntheHongKongstockmarketthebiggestconsensusbetweensouthboundcapitalandforeigncapitalisthatbothflowedintoinsurancefinanceandothersectorsOntheotherhandsouthboundcapitalflowedintobankingrealestateandretailsectorswhileforeigncapitalexhibitedtheoppositebehaviorIntermsofforeigncapitalandnorthboundcapitalthebiggestconsensusbetweenthemisthattheybothhadnetoutflowsfromthebankingandsoftwareservicessectorsThebiggestdivergencebetweenthetwofundsisthatforeignintermediaryfundsflowedintotheconsumerservicesinsurancehealthcareservicesandmediasectorswhileflowedoutoftheretailenergyautomobilescomponentsandpharmaceuticalssectorsOntheotherhandthenorthboundcapitalexhibitedtheoppositebehaviorIntermsoftheflowofcapitalintoindividualstockssouthboundfundsfavorstockswithhighdividendratesMeanwhiletheforeignintermediaryfundsweremainlynetoutflowfromstockswithhighgrowthWethinkthatstockswithhighdividendratescanyieldstableexcessreturnsinanuncertainmacroenvironmentandsuggestthatthehighdividendstate-ownedenterprisesarenewcoreassetsRiskFactors1Chinaseconomicrecoverymaymissmarketexpectations2TheUSFederalReservemaytightenmonetarypolicyfurtherthanmarketexpectationsLatestReportsJinleiTech300443OWTPRMB4508RatingOWPrvNATPRMB4508PrvNAMPRMB2791Mkt-CapRMB9083mnTheCompanyisaleadingproducerofthemainshaftofwindturbinesinChinawhosecastingsandforgingstakethebiggestdomesticmarketsharesBesidesitsadvancedtechnologiestheCompanysgrossmarginisalsomuchhigherthanitspeersWeforecasttheCompanys2023-2025EPSofRMB174280and340BasedonbothPEandPBvaluationmethodswesuggesttargetpriceofRMB45082023PEof2591xandOverweightratingNetEase9999HKOWTPHKD21677RatingOWPrvOWTPHKD21677PrvHKD21677MPHKD15680Mkt-CapHKD505464mnTheCompanysproductmatrixrankedthefirstplaceduringthesummerholidaysanditsmobilegamesspeededuptherecoveryoftheCompanysgamesandvalue-addedservicesWeforecasttheCompanys2023-2025adjustednetprofitofRMB299bn304bnand331bnWemaintaintargetpriceofHKD21677andOverweightratingETEKMicroelectronics688601OWTPRMB6000RatingOWPrvOWTPRMB6000PrvRMB6000MPRMB4400Mkt-CapRMB5882mnWemaintainourforecastsoftheCompanys2023-2025EPSofRMB150201and410269TheextensionofconsumerelectronicproductrangewillenabletheCompanytotakebenefitfromtherevivalofChina-mademobilephonesalesWemaintaintargetpriceofRMB602023PEof40xandOverweightratingNonferrousMetalsSectorOutperformRatingOutperformThetrendofbasemetalpriceswasnotimpactedbychangingexpectationsontheUSinterestratehikeTheUSFederalReservedidnotraiseinterestrateintheSeptemberFOMCwhichwasinlinewithmarketexpectationsWebelievetheUSmonetarypolicyremainunchangedanditsimpacttobaemetalpricewaslimitedChinaspolicyonthepropertymarketcontinuetolooselastweekandsuchstimuluspoliciesmaysustainedWebelievebasemetalpricemaybesupportedbylowinventoryduringpeakseasonMarketsexpectationsonmorestimuluspoliciesremainsLowinventorymayoffermoresupportPrimaryaluminumsupplygrewslightlylastweekmainlyfromsomenewcapacityofYunnanHongtaiandsomeproductioncapacityresumptioninSichuanProvinceAluminuminventorywasstilllowandcapacityutilizationrateofaluminumfabricatingcompaniesonlyfluctuatedslightlyCopperpricewasimpactedbymarketschangingexpectationsontheUSFederalReservesfuturemonetarypolicybutthefluctuationrangeofcopperpricewaslimitedTheFederalReservesSeptemberFOMCstatementwasinlinewithexpectationsandChinaisreleasingmorestimuluspoliciesWemaintainOutperforminvestmentratingforthenonferrousmetalssectorWerecommendChinaHongqiao01378HKXingfaAluminium00098HKandZijinMining02899HK510SectorRatingsoftheMonthRatingSectorBuildingMaterialsComprehensiveFinanceInsuranceCommercialBankingCoalFoodDrinkOWPharmaceuticalRealEstateMachineryManufacturingTransportationConstructionEngineeringNonferrousMetalsHouseholdAppliancesTransportationEquipmentMassMediaCulturalAgricultureTextileNTGarmentsRetailingPowerEquipmentSocialServicesPublicUtilitiesIronSteelUWInformationTechnologyInformationScienceNoteTheratingsabovearemadebyGTJAStrategyTeamwhichmaynotalwaysbeinlinewiththeopinionsofGTJAindustryanalystsduetodifferentemphasesandtimerangeswhentheseratingsaremadeMarketStrategyWeeklyViewpointLastUpdateSeptember24th2023A-ShareStrategyWeeklyTradingStructureandMarketDisputesBringOpportunitiesTechnicalreboundsmaytakeplacenearmarketbottomThisweekA-sharemarketclosedatlittlehigherbutwithlargervolatilityandsmallerturnoverThedailyaverageturnoverofShanghaiandShenzhenstockmarketfellclosetonewlowsinceOctober2022ThepressurecamemainlyfromoverseasAlthoughFedReservesuspendedinteresthikethisSeptemberasanticipatedtheworldwidehighinterestratesmaylastlongerthanexpectedbecauseoftheupwardadjustmentsofeconomicgrowthforecastsandthehikeofthepolicyinterestratesfortheyear2024ThefastriseofUSbondrateshasalsodepressedriskassetsinglobalmarketAllthemajormarketsintheworldwitnessedbigsetbacksthisweekSomeinvestorsblameddomesticeconomyPessimisticmarketsentimentsandriskaversionactivitiesbeforetheMid-autumnFestivalandtheNationalDayholidaysnextweekresultedinslackstockmarketturnoverWeanticipateA-sharemarkettostayincorrectionsintheshortrunwithopportunitiesoftechnicalreboundsthoughFirstsincestockpriceshavesteppedintobottomareaagainChineseinvestorshavebecomeincreasinglyanxiousfornewpolicysupportsonmacroeconomyandstockmarketSecondtheinfluencesoftheinteresthikeexpectationsonUSbondrateswentdownmarginallyaftertheFOMCmeetingthisSeptemberAndtherecentameliorationofUS-ChinaeconomicandfinancialrelationsisalsofriendlytothetechnicalreboundsofA-sharemarketatpresentGrowthstocksandfinancialsectorsofgoodtradingstructureandbigmarketdisputeshavemorechancesthanothersUnderthecircumstancesofmarketbottomeconomicstabilizationandpolicysupportthestocksofgoodtradingstructurelong-durationoversellingandmarginalstimulusfactorswillenjoybettertradingopportunitiesOnonehandtherealestatepoliciessofarhavelimitedroomforfurthermarketimaginationandtherealeffectsofthepoliciessuchastheeasingofhomepurchaserestrictionsinGuangzhouCityareyettobeobservedIncomparisonthemarketdisputesonwhattheauthoritieswilldotoinvigoratecapitalmarkethavemadefinancialsectorsagoodplacetospeculateonSecondafterthepreviousbigdevaluationAI-relatedsectorsarenowmuchhealthierintradingstructureandstockvaluationFastercommercializationofMicrosoftAIapplications610andtheexcellent2023Q3businessresultsoftheAIindustrialchainmaytriggerthereboundsofTMTsectorslaterFinancialscience-techandAIcomputingpowersectorshavebettertradingopportunitiesthanothersTheimportanceoftradingtacticsnowoverweighsthatofmarketexpectationsWeprefertheindustriesandcompaniesofmoderaterisksbigmarketdisputesandsoundtradingstructureIndetailwesuggestthreecluesasfollows1healthiertradingstructurelowstockvaluationandrisingbusinessclimateAIcomputingpowerandscience-techsectorsmachinerywarindustryelectronicsetc3risingexpectationsforfurtherpolicysupportsonmacroeconomyandstockmarketfinancialsectorsandconsumersectors4high-dividendSOEsoffranchiseormonopolyadvantagestelecomoperatorsoilpetrochemicalexpresswayetcAsforinvestmentthemesandindividualstockswepreferthoseinvolvedinhigh-endequipmentmanufacturingHuaweiindustrialchainenergysecurityandruralarearevitalizationOfsub-sectorsandfeaturedcompanieswerecommend1high-endequipmentmanufacturingsemiconductorSkyverse688361industrialmachinetoolsNeway688697industrialcontrolHeChuanTech688320powergridWillfarInfoTech6881002HuaweiindustrialchainautomobileHuguang605333andRayhoo002997computingpowerTalkweb002261andDigitalChina0000343energysecurityoilandgasminingDevelopAdvancedManufacturing688377JerehOilfieldServices002353andOffshoreOilEngineering6005834ruralarearevitalizationurbanenvironmentalservicesandpublicinfrastructureSanfengEnvironment601827andXinxingDuctilePipes000778Majorrisksweaker-than-expectedrecoveryofdomesticdemandglobalgeopoliticaluncertainties710GuotaiJunanSecuritiesCoLtdhasacquiredthequalificationforsecuritiesinvestmentconsultingbusinessfromChinaSecuritiesRegulatoryCommissionAnalystsStatementTheauthorhasobtainedthepracticingqualificationforsecuritiesinvestmentconsultingbusinessawardedbythesecuritiesassociationofChinaorhasequivalentprofessionalcompetencetoensurealldatainthereportaresourcedfromlegitimatechannelsandanalysislogicsarebasedontheauthorsprofessionalunderstandingThisreportclearlyandaccuratelyreflectstheauthorsresearchideasbeingindependentobjectiveandfairandtheconclusionisnotsuggestedoraffectedbyanythirdpartiesAnycomponentsoftheanalystscompensationarenotdirectlyorindirectlyrelatedtothespecificadviceorviewsexpressedinthisresearchreportItisherebydeclaredDisclaimerThisreportissolelyavailabletocustomerswhohavesubscribedresearchservicesofGuotaiJunanSecuritiesCoLtdorGuotaiJunanSecuritiesHongKongLimitedhereaftercollectivelyreferredtoasGuotaiJunanThereceiptofthisreportwillnotbeconsideredbyGuotaiJunanasanexofficiocustomerofGuotaiJunanThisreportisdistributedonlyaspermittedbyapplicablelawsandforinformationalpurposesonlyItdoesnotconstituteanyadvertisementTheinformationinthisreportisderivedfrompubliclyavailableinformationandGuotaiJunanmakesnowarrantyastotheaccuracycompletenessorreliabilityofsuchinformationTheinformationopinionsandassumptionspresentedinthisreportonlyreflectGuotaiJunansjudgmentasofthedateofissuanceofthisreportThepricevalueandinvestmentincomeofthesecuritiesorinvestmenttargetsreferredtointhisreportmayriseorfallPastperformanceshouldnotbetakenasabasisforfutureperformanceAtdifferenttimesGuotaiJunanmayissuereportsthatareinconsistentwiththeinformationopinionsandassumptionscontainedhereinGuotaiJunandoesnotwarrantthattheinformationcontainedinthisreportiskeptuptodateAtthesametimetheinformationcontainedinthisreportmaybemodifiedbyGuotaiJunanwithoutnoticeandtheinvestorshallpayattentionto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ternationalHoldingsLimitedandoritssubsidiariesdonotholdequaltoormorethan1ofthemarketcapitalizationoftheissuermentionedinthisResearchReport4GuotaiJunanInternationalHoldingsLimitedandoritssubsidiarieshavehadinvestmentbankingrelationshipswithChinaLesso02128HKIDREAMSKY01119HKChinaRisunGroup01907HKSMIC00981HKChowTaiFookJewellery01929HKZHIHU-W02390HKKingsoft03888HKXPENG09868HKXIAOMICORPORATION01810HKZhongliangHoldings02772HK360DIGITECH-S03660HKBOSSZHIPIN02076HKBinhaiInvestment02886HKSPC00338HKChinaPetroleumChemical-Hshares00386HKXIAOMI-WR-Hshares81810HKNagaCorp03918HKCHINAOVSPPT02669HKChinaStateConstructionDevelopment00830HKCHOVSGOCEANS00081HKChinaStateConstructionInternational03311HKChinaOverseasLandInvestment00688HKChinaGas00384HKWUXIAPPTEC02359HKYEAHKA09923HKNAYUKI02150HKChervon02285HKCARSGEN02171HKJD-SWR-Hshares89618HKKUAISHOU-WR-Hshares81024HKXingfaAluminium00098HKHORIZONCONSTRUCTIONDEVELOPMENT09930HKNWS00659HKA-LIVING03319HKChinaConstructionBank-Hshares00939HKKUAISHOU-W01024HKGeelyAutomobile00175HKVobileGroup03738HKTencent00700HKAlibaba09988HKSinoHytec-Hshares02402HKSinotrans-Hshares00598HKBankofCommunications-Hshares03328HKJDcom09618HKBIDU-SW09888HKSenseTime-W00020HKChinaNonferrousMining01258HKJoySpreader06988HKGuangzhouAutomobile-Hshares02238HKKWGGroup01813HKCIFIHoldingsGroup00884HKZhenroProperties06158HKBILIBILI-SW09626HKCountryGarden02007HKAgileGroup03383HKChinaAoyuanProperty03883HKLoganGroup03380HKSUNAC01918HKNewWorldDevelopment00017HKCHINASUNTIEN00956HKFOSUNINTL00656HKHONGJIUFRUIT06689HKChinaMinshengBankingCorp-Hshares01988HKIRICOGroupNewEnergy00438HKWEIGAOGROUP01066HKCIFIESService01995HKSinopecKantons00934HKSINOPECEngineering-Hshares02386HKCHENMING01812HKLeeManPaper02314HKCGNMeiyaPower01811HKZhihuZHUSTencentMusicEntertainmentGroupTMEUSNIONIOUSJDcomJDUSKANZHUNLIMITEDBZUSDiDiDIDIUSBilibiliIncBILIUSFutuFUTUUSSinopecSNPUSSPC600688SHCSCEC601668SHWUXIAPPTEC603259SHCCB601939SHSUPCON688777SHBTL603596SHSinoHytec688339SHSINOTRANS601598SHMACALLINE601828SHGACGROUP601238SHHUNDSUN600570SHCHINASUNTIENGREENENERGY600956SHFANGDACARBON600516SHBBMG601992SHSINOPECCORP600028SHYEIC002053SZZHONGNANCONSTRUCTION000961SZWESTCONSTRUCTION002302SZLBG002601SZEASTMONEY300059SZGUJINGDISTILLERY000596SZCHINATIANYING000035SZJEREHGROUP002353SZTHUNDERSOFT300496SZYUNDACORP002120SZBOTANEEGROUP300957SZSCPH000488SZmentionedinthisResearchReportwithinthepreceding12months5GuotaiJunanInternationalHoldingsLimitedandoritssubsidiariesaremakingorwillmakeamarketinthesecuritiesinrespectofChinaOverseasLandInvestment00688HKLenovo00992HKChinaTelecom-Hshares00728HKChinaUnicom00762HKChinaMobile-Hshares00941HKHongKongExchangesandClearing00388HKGalaxyEntertainment00027HKGreatWallMotor-Hshares02333HKAIA01299HKSandsChina01928HKCITICSEC-Hshares06030HKSunnyOpticalTechnology02382HKSinopharmGroup-Hshares01099HKCNOOC00883HKWuXiBiologics02269HKMeituan-W03690HKGeelyAutomobile00175HKBYDCompany-Hshares01211HKChinaConstructionBank-Hshares00939HKIndustrialandCommercialBankofChina-Hshares01398HKBOCHongKong02388HKChinaMerchantsBank-Hshares03968HKBankofChina-910Hshares03988HKHSBC00005HKAgriculturalBankofChina-Hshares01288HKPingAnInsurance-Hshares02318HKChinaLifeInsurance-Hshares02628HKTencent00700HKAACTechnologiesHoldings02018HKCHINATOWERCORPORATION-Hshares00788HKXIAOMICORPORATION01810HKAlibaba09988HKNetease09999HKJDcom09618HKSMIC00981HKAlibabaHealth00241HKBIDU-SW09888HKKUAISHOU-W01024HKXPENG09868HKLoganGroup03380HKChinaAoyuanProperty03883HKmentionedinthisResearchReport6GuotaiJunanInternationalHoldingsLimitedandoritssubsidiarieshavenotemployedanindividualservingasanofficerofanyissuersmentionedinthisResearchReportThereisnoofficerofanyissuersmentionedinthisResearchReportassociatedwithGuotaiJunanInternationalHoldingsLimitedandoritssubsidiariesRatingDefinitionRatingDefinitionIncreaserelativetoCSI300HangSengOverweightComparisonbenchmarkforinvestmentIndexover15suggestionsCautiouslyIncreaserelativetoCSI300HangSengInvestmentratingsaredividedintostockCompanyOverweightIndexbetween5and15ratingandsectorratingRatingIncreaserelativetoCSI300HangSengThemarketperformancewithinthe12NeutralIndexbetween-5and5monthsafterthepublicationofthereportisDecreaserelativetoCSI300HangSengconsideredasthecomparisonbenchmarkUnderweightIndexover5TheincreaseanddecreaseoftheSignificantlystrongerthanCSI300HangcompanysstockpriceorindustryindexOverweightSengIndexwithinthe12monthsafterthepublicationofBasicallyflatwithCSI300HangSengthereportiscomparedwiththeincreaseSectorRatingNeutralanddecreaseofCSI300HangSengIndexIndexSignificantlyweakerthanCSI300HanginthesameperiodUnderweightSengIndexGuotaiJunanSecuritiesResearchInstituteAddressPostalCodeTel20FOneMuseumPlace669XinzhaRdJinganDistrictShanghai20004186213867-6666Shanghai18FSouthBuildingFinancialStreetCenter9AFinancialStreetBeijing10003286108393-9888XichengDistrictBeijing27FBuildingBRongchaoTower6003YitianRoadFutianShenzhen518026867552397-6888DistrictShenzhenE-mailgtjaresearchgtjascomGuotaiJunanSecuritiesHongKongLimitedAddressFaxTel27FLowBlockGrandMillenniumPlaza181HongKong8522509-77938522509-9118QueensRoadCentralHongKongWebsitewwwgtjacomhk2023CopyrightGuotaiJunanAllrightsreserved1010