研究报告全文：SFCLicAVV666SFCLicTPRMB3120noahhudsongtjascomhkHongKongStocksHongKong25095441-8523202thPresidentChina00220HKBuyTPHKD650BuyHK00220ChinaPresident-CSCDevelopment00830HKBuyTPHKD310HKBuy00830DevelopmentCSCGreentownChina3900HKOWChina3900HKGreentownOW0700HKHoldingsTencentOW000921HisenseAppliancesHomeUniNonferrousMetalsSectorUpdateReportReportUpdateSectorMetalsNonferrousReportUpdateSectorComponentsElectronicReportUpdateSectorGasIndustrialOverseasMarketStrategyStrategyMarketOverseasTPRMB4503OW603606CablesOrientNoahHudsonNoahSectorRatingsoftheMonththeofRatingsSectorViewpointWeeklyStrategyMarketLatestReportsLatestTopRecommendationsTopOctober13October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ContentsMorningBriefMarketResearchMorningBriefTopRecommendationsOverseasMarketStrategyHongKongStocksTherecoveryofdomesticeconomymayhelptopushuptheaverageearningsofHongKong-listedcompaniesFedReservesinteresthikesareclosetotheendAndbetterUS-ChinarelationshipwillimprovetheriskappetiteofHongKongmarketinvestorsAsforHongKongstockswepreferthestrategieswhichfocusonturnaroundFirstintermsofthemarginalameliorationoftheshort-termoverseasmonetaryliquidityweprefergrowthstockssuchasHSTECHinternetpharmaceuticalautomobileandnonferrousmetalssectorsSecondofthebeneficiariesfromUS-ChinarelationshipweprefersemiconductorandalternativeenergysectorsThirdintermsofthemedium-andlong-termdomesticeconomicrecoverywepreferhigh-dividendsectorswhicharelimitedinsupplycapacitiessuchastelecomoperatorpetrochemicalandpublicutilitiesOilfieldservicesandshippingsectorsmayalsoenjoymarginalimprovementOrientCables603606OWTPRMB4503RatingOWPrvNATPRMB4503PrvNAMPRMB4194Mkt-CapRMB28843mnTheCompanytakestheleadinsubmarinecableandoffshoreengineeringbusinessesinChinawhosegrossmarginismuchhigherthanitspeersWeforecasttheCompanys2023-2025netprofitofRMB1387bn1883bnand2425bnandEPSofRMB202274and353BasedonbothFCFFandPEvaluationmethodswesuggesttargetpriceofRMB45032023PEof2229xandOverweightratingNonferrousMetalsSectorUpdateReportWemaintainOverweightratingforlithiumandcobaltsub-sectorsLithiumThecontinuedmarkdownsoflithiumpriceserodedtheprofitmarginandreducedtheoutputofsomelithiumsaltproducersUndertherisingdisputesofdownstreamandupstreamindustrieslithiumpricesstartedtoleveloffinthesecondhalfoflastweekOffeaturedcompanieswesuggestOverweightratingforYongxingMaterials002756GanfengLithium002460TianqiLithium002466Youngy002192andChengxinLithium002240OtherbeneficiariesincludeSinomineResource002738TibetMineral000762JiangxiSpecialMotor002176SaltLake000792TAAUltraClean300390KedaIndustrial600499TibetSummitResources600338SichuanNewEnergyPower000155andZanggeMining000408CobaltSmeltingplantsweretryingtoelevatepricesbutthedownstreamdemandwaslimitedCobaltpricesremainedstableMostcobaltcompaniesareexpandingintothedownstreampowerequipmentnewenergymanufacturingindustriessoastoreducetheircostsbymeansofintegratedproductionofcobaltnickelandprecursorOffeaturedcompanieswepreferHuayouCobalt603799HanruiCobalt300618CMOC603993andGEM002340210ElectronicComponentsSectorUpdateReportInadditiontoheatedHuaweimobilephonesalestheorderedamountofHuaweisAIAUTOM7autosexceeded50000vehiclesInthefirstsevenmonthsofthisyearChinasmaskalignerimportedsurgedChinesefabricationplantshavebeenmakingprogressinadvancedsemiconductorequipmentdevelopmentOffeaturedcompanieswerecommend1foundrySMICS6889812semiconductorequipmentPiotech688072AMEC688012NauraTech002371Kingsemi688037andSemitronix3010953semiconductorequipmentcomponentsFortunePrecision688409OtherbeneficiariesincludeSkyverseTech688361JingceElectronic300567KinglaiHygienicMaterials300260andFerrotec301297IndustrialGasSectorUpdateReportIndustrialgasindustryisapro-cyclicalindustryinnaturebecausesteelandpetrochemicalindustriesareitsmajordownstreamindustriesTherecoveryofdownstreamdemandmaysustainthegrowthofindustrialgasindustryOffeaturedcompanieswerecommendHangzhouOxygenPlant002430airseparationFortuneGasCryogenic603173airseparationandShaanguPower601369turbineOtherbeneficiariesincludeQiaoyuanGas301286GuanggangGases688548PericSpecialGas688146HuateGas688268KaimeiteGases002549JinhongGas688106andHeyuanGas002971LatestReportsGreentownChina3900HKOWRatingOWPrvOWTPNAPrvNAMPHKD815Mkt-CapHKD20636mnInSeptember2023theCompanymonthlyrealestatesalesvalueandsizefell19-20ptmomyoyand4-20momyoytoRMB218bnand127mnsqmofwhichself-builtandconsigned-builtprojectsaccountedfor68and32WemaintainourforecastsoftheCompanys2023-2025netprofitgrowthratesof219222and249yoyandEPSofRMB124152and190OverweightratingmaintainedTencentHoldings0700HKOWRatingOWPrvOWTPNAPrvNAMPHKD31660Mkt-CapHKD3016457mnTheinterconnectionwithAlibabahasledtofastgrowthoftheCompanysadvertisingbusinessandtherehabilitationofdomesticgameindustryisimminentWemaintainourforecastsoftheCompanys2023-2025adjustednetprofitofRMB1481bn1684bnand1952bnCurrentstockpricecorrespondsto2023-2025PEof20x17xand14xWemaintainOverweightratingHisenseHomeAppliances000921OWTPRMB3120RatingOWPrvOWTPRMB3120PrvRMB2976MPRMB2460Mkt-CapRMB34148mnBecausetheCompanys2023Q2quarterlybusinessearningswerebetterthanour310expectationweraiseourforecastsoftheCompanys2023-2025EPSfromRMB184233and283toRMB208101yoy24014yoyand28415yoyAndweraisetargetpricetoRMB3122023PEof15xOverweightratingmaintainedUni-PresidentChina00220HKBuyTPHKD650RatingBuyTPHKD650MPHKD552Mkt-CapHKD238425mnWereiterateBuyratingwithTPofHK650WeforecastUni-PresidentChinasUPCortheCompanyrevenuetobeRMB29535mnRMB31875mnRMB33999mnup457967yoyin2023-2025Weforecastits2023-2025shareholdersprofittobeRMB1490mnRMB1744mnRMB2025mnimplyinga3-yearCAGRof183from2022to2025ManyinvestorsareconcernedthatUPCsrevenuegrowthin2023maymissitspreviousguidanceieatahighsingle-digityoyrateparticularlyduetohighcomparablebasein2H2022InourviewsuchpessimismhasbeenpricedintoalargeextentGoingforwardweexpectthatUPCwillrecordfastersalesgrowthin2024andthatUPCsprofitabilitywillgraduallyimprovein2023-2025drivenbyoptimizedsalesstructurelowerinputcostsandstabilizedoperatingexpenseratiosOurTPofHK650isbasedon150x2024FPERStaybullishonthebeveragesegmentAccordingtoourestimationUPCsbeveragesaleswillrecordyoygrowthofnearly11in2023WeexpectRTDteaandjuicestomaintainsolidgrowthmomentumin2H2023-2024BesidestheincreaseinoutdooractivitiesandtrafficvolumethegrowthcurveofUPCsbeveragesegmentismainlybaseduponthreestrategicpillars1ImpactfulproductmessagingTheCompanycontinuestodeploybrandrevitalizationrebrandinginitiativesinordertofosteritsflagshipproductsmainlyUniGreenTeaandUniIceTeaintonationalbrandnamesForHaizhiyantheCompanyhashighlightedthebenefitthatHaizhiyancontainsMediterraneanSeasalttohelprehydrateandfuelelectrolytelossAnditskeymessagedrinkHaizhiyanaftersweatinghasbeenwidelyacceptedbyyoungChineseconsumers2ChannelpenetrationUPCfurtherexpandeditspoint-of-salePOSintermsofdistributionchannelsanddevelopedkeymarketsbyactivelycoveringgiftfamilyanddiningscenarios3ProductinnovationTheCompanycontinuedtocultivatenewproductlinetocapitalizeonconsumerspursuitofhealthierlifestyleForexamplein2023UPClaunchedsugar-freejasminegreenteaandfurtherreplenishedits100fruitandvegetablejuiceportfolioStabilizingmarketshareremainsapriorityontheagendaforUPCsfoodsegmentAccordingtoourestimationtheyoydeclineinfoodsegmentsaleswillnarrowin2H2023OutdoorconsumptionareasincludingtransporthubsandtouristspotsthrivedthankstohighertrafficvolumewhilstdemandfromfactoryworkerssoftenedgivenlowerutilizationofcapacityinmainlandChinaGoingforwardtheinstantnoodlesmarketespeciallythehigh-endcategoryfaceschallengesfrommarginallyweakerdemandandintensifiedcompetitionHoweverweseethepositivesthatUPCsnewsuperstarproductseriesTheKingofTomatoismorelikelytoachievemid-to-highdouble-digityoygrowthin2H2023-2024andmayconsistentlybeatmarketexpectationsStrongergrossmarginwouldallowsomeroomforUPCtoexpandSDinvestmentsGivenongoinginputcoststabilizationmainlypalmoilandPETresinweforecastUPCsoverallGPMtorise11pptyoyin2023410RisksunexpectedpricemovementinrawmaterialsfoodsafetyissuesCSCDevelopment00830HKBuyTPHKD310RatingBuyTPHKD310ReiterateBuyratingandmaintaintheTPatHK310WeforecastCSCDevelopmentsCSCDtheCompanyEPSfor2023-2025tobeHK0259HK0346HK0458withYoYincreaseof357334324respectivelycorrespondingtoanEPSCAGRof338for2022-2025WemaintaintheTPatHK310equivalentto94x72x56x202320242025EVEBITDACSCDagreedtosellitssupervisionbusinesstoChinaOverseasPropertyHoldingsCOPH02669HKataconsiderationofHK950millionThebuyerCOPHis6118ownedbyChinaOverseasHoldingsLtdCOHLandCSCDsthesellercontrollingshareholderChinaStateConstructionInternationalCSCI03311HKholding7078ofCSCDisalso6481ownedbyCOHLThisconstitutesarelatedtransactionThesubsidiarybeingsoldCOSLChinaOverseasSupervisionLtdwasacquiredbyCSCDfromCSCIinMarch2018AtthattimeconsideringthecontinuouslossesoftheNorthAmericanbusinessandtheunderperformanceofthecurtainwallengineeringbusinessCSCIinjectedthemorestablesupervisionbusinesswhichhadmoresteadyrevenueprofitsandcashflowsintotheCompanytoaiditsdevelopmentCurrentlygiventhegoodoperatingperformanceofthecurtainwallengineeringbusinessandthelackofsignificantsynergieswiththesupervisionbusinesstheCompanyplanstosellthesupervisionbusinessandreinvestthefundsintothemorepromisingcurtainwallengineeringbusinessThetransactionishighlybeneficialforCSCD1TheconsiderationofHK950millionisequivalentto149x2022PERand21x2022PBRasubstantialpremiumovertheCompanyscurrentvaluationGiventheunclearoutlookforthesupervisionbusinessthevaluationisconsideredrich2assumingthat60ofthesaleproceedsareusedtorepaydebtwithcurrentcostofborrowingatapproximately4theCompanycansaveanannualinterestexpensesofHK22millionlargelyoffsettingthereductioninprofitsfromthesaleofCOSL3theCompanycanreceivenewfundstoacceleratethedevelopmentofitscorecurtainwallengineeringbusinessandBIPVbusiness4afterthecompletionofthetransactiontheCompanysnetdebtratiowillchangefrom31asattheendofJune2023toanetcashpositionandthetransactionwillbringapre-taxprofitofHK530millionand5withthegradualsaleofnon-corebusinessestheCompanyscorecurtainwallengineeringbusinesswillbecomemoreprominentwhichmaytriggerarevaluationoftheCompanyinthelongtermCatalysts1Aspecialdividendmaybedistributedifthesaleiscompletedsuccessfullyand2gradualsaleofothernon-corebusinessesmayfurtherimprovethefinancialpositionandunlockpotentialvaluesRisks1Governmentinfrastructurespendingmaybelowerthanexpectedand2overseasprojectrisks510SectorRatingsoftheMonthRatingSectorBuildingMaterialsComprehensiveFinanceInsuranceCommercialBankingCoalFoodDrinkOWPharmaceuticalRealEstateMachineryManufacturingTransportationConstructionEngineeringNonferrousMetalsHouseholdAppliancesTransportationEquipmentMassMediaCulturalAgricultureTextileNTGarmentsRetailingPowerEquipmentSocialServicesPublicUtilitiesIronSteelUWInformationTechnologyInformationScienceNoteTheratingsabovearemadebyGTJAStrategyTeamwhichmaynotalwaysbeinlinewiththeopinionsofGTJAindustryanalystsduetodifferentemphasesandtimerangeswhentheseratingsaremadeMarketStrategyWeeklyViewpointLastUpdateOctober8th2023A-ShareStrategyWeeklyGetReadyforTechnicalReboundsKeyeventsduringtheNationalDayholidaysUSbondratesurgedwhileglobalstockandcommoditiesmarketswentdown1BecauseoftoomuchcompromisesweremadetotheDemocratsinthe45-dayemergencyfundingbillmadeonSeptember30thMcCarthySpeakeroftheUSHouseofRepresentativeswasoustedThisintensifiedthemarketsconcernsaboutthefiscalsustainabilityofUSAfterwardsUSbondratesoaredcloseto52USNFPgrowthexceededmarketexpectationsAlthoughsomedataweregettingweakerthelabormarketremainedtightandglobalmarketswerepricinginlonger-timehigherinterestrates3ChinasSeptembermanufacturingPMIroseby05ptmomto502TherecoveryofsupplywasfasterthandemandbutthePMIwasstilllowerthanseasonallevel4ThetouristtravelanddomestictourismrevenueduringtheMid-autumnFestivalandNationalDayholidaysonthebasisofcomparablepopulationroseslightlyoverthatof20195UndertheimpactsfromtherisingUSDandUSbondrateglobalcommoditiesandstockmarketsespeciallythecommoditiesmarketwentdownTheChinese-asset-relatedFTSEChinaA50futureslost22andNasdaqHXClost128MeanwhileRMBexchangerateremainedstableA-sharemarketisnowclosetopreviouslowandweadvisetogetreadyfortechnicalreboundsAsforA-sharemarkettheimpactfromoverseastighteningarisingfromhighinterestratehighinflationandhighoilpriceisnotasuddeneventwhichcanbebufferedbymeansofevadingthestocksofheavyforeigninterestsShanghaiCompositeisnowclosetoitspreviouslowAugust25thThecontinueddeclineofmarketturnoverindicatesrisingconsensusofmarketexpectationswhichfavorsthelongsideandgoodnewsthantheshortsideandbadnewsUponthestabilizationofhigh-frequencyeconomicdataandtheriseofmarketexpectationsfornewpoliciestoinvigoratecapitalmarketandbottomlinepolicysupportstechnicalreboundsofA-sharemarketmaytakeplaceatanymomentAnywaythedurationofabullmarketwillcountonthesolutionsofmedium-andlong-termuncertaintiesOfallsectorswereferhardcoretechindustriesandfinancialsectorsIndetailweprefer1goodtradingstructurerestockingandfasterprofitgrowthfrequent610policysupportsandgoodnewsimportsubstitutionelectronicswarindustryautomobileandmachinerysectors2bottomlinepolicysupportsfinancialsectorsespeciallysecuritiessector3high-dividendSOEstelecomoperatorspublicutilitiesandexpresswaysAsforinvestmentthemesandindividualstockswepreferthoseinvolvedinhigh-endequipmentmanufacturingrobotHuaweiindustrialchainandruralarearevitalizationOfsub-sectorsandfeaturedcompanieswerecommend1high-endequipmentmanufacturingsemiconductorSkyverse688361industrialmachinetoolsNeway688697energyequipmentDRLaser300776andHengrun6039852robotelectricmotorMoonsElectric603728reducerGuomao6039153HuaweiindustrialchainautopartsRayhoo002997andIKD600933computingpowerWUSPrintedCircuit002463andDigitalChina0000344ruralarearevitalizationpublicfacilitiesSanfengEnvironment601827andXinxingDuctilePipes000778Majorrisksweaker-than-expecteddomesticpolicystimulusglobalgeopoliticaluncertainties710GuotaiJunanSecuritiesCoLtdhasacquiredthequalificationforsecuritiesinvestmentconsultingbusinessfromChinaSecuritiesRegulatoryCommissionAnalystsStatementTheauthorhasobtainedthepracticingqualificationforsecuritiesinvestmentconsultingbusinessawardedbythesecuritiesassociationofChinaorhasequivalentprofessionalcompetencetoensurealldatainthereportaresourcedfromlegitimatechannelsandanalysislogicsarebasedontheauthorsprofessionalunderstandingThisreportclearlyandaccuratelyreflectstheauthorsresearchideasbeingindependentobjectiveandfairandtheconclusionisnotsuggestedoraffectedbyanythirdpartiesAnycomponentsoftheanalystscompensationarenotdirectlyorindirectlyrelatedtothespecificadviceorviewsexpressedinthisresearchreportItisherebydeclaredDisclaimerThisreportissolelyavailabletocustomerswhohavesubscribedresearchservicesofGuotaiJunanSecuritiesCoLtdorGuotaiJunanSecuritiesHongKongLimitedhereaftercollectivelyreferredtoasGuotaiJunanThereceiptofthisreportwillnotbeconsideredbyGuotaiJunanasanexofficiocustomerofGuotaiJunanThisreportisdistributedonlyaspermittedbyapplicablelawsandforinformationalpurposesonlyItdoesnotconstituteanyadvertisementTheinformationinthisreportisderivedfrompubliclyavailableinformationandGuotaiJunanmakesnowarrantyastotheaccuracycompletenessorreliabilityofsuchinformationTheinformationopinionsandassumptionspresentedinthisreportonlyreflectGuotaiJunansjudgmentasofthedateofissuanceofthisreportThepricevalueandinvestmentincomeofthesecuritiesorinvestmenttargetsreferredtointhisreportmayriseorfallPastperformanceshouldnotbetakenasabasisforfutureperformanceAtdifferenttimesGuotaiJunanmayissuereportsthatareinconsistentwiththeinformationopinionsandassumptionscontainedhereinGuotaiJunandoesnotwarrantthattheinformationcontainedinthisreportiskeptuptodateAtthesametimetheinformationcontainedinthisreportmaybemodifiedbyGuotaiJunanwithoutnoticeandtheinvestorshallpayattentiontothecorrespondingupdateormodificationTheinvestmentsandservicesreferredtointhisreportmaynotbeappropriateforcertainclientsanddonotconstituteprivateadvicetoclientsInanycircumstancestheinformationoropinionsexpressedinthisreportdoesnotconstituteinvestmentrecommendationsforanypersonInanycircumstancesGuotaiJunanitsemployeesoraffiliatedinstitutionsshallnotpromiseinvestorsthattheywillmakeprofitsshallnotshareinvestmentgainswithinvestorsandshallnotbeliableforanylosscausedbyanypersonsuseofanycontentinthisreportInvestorsareremindedthatanyinvestmentdecisionsmadebythemarenotrelatedtoGuotaiJunanitsemployeesoritsaffiliatesGuotaiJunanusesinformationwallstocontroltheflowofinformationbetweenoneormorefieldsdepartmentsorrelatedinstitutionswithinGuotaiJunanThereforeinvestorsshouldpayattentiontothatwherepermittedbylawGuotaiJunananditssubordinateaffiliatesmayholdsecuritiesoroptionsissuedbycompaniesmentionedinthereportandconducttradingofthosesecuritiesoroptionsandmayprovideortrytoprovideservicessuchasinvestmentbankingfinancialadvisingorfinancialproductstothosecompaniesWherepermittedbylawemployeesofGuotaiJunanmayserveasdirectorsofcompaniesmentionedinthisreportThestockmarketisriskyandinvestmentneedstobecautiousInvestorsshouldnotusethisreportasthesolereferenceformakinginvestmentdecisionsnorshouldtheyconsiderthisreporttobeasubstitutefortheirownjudgmentBeforedecidingtoinvestifnecessaryinvestorsmustconsultprofessionalsandmakeprudentdecisionsThisreportisnotintendedtobesentordistributedtoanyinstitutionorpersonwhoisnotallowedtosendordistributethisreportunderlocallawsorregulatoryrulesnorisitintendedtobesentordistributedtoanyinstitutionorpersonwhoseavailabilityoruseofthisreportwouldcauseGuotaiJunantoviolateorbesubjecttolocallawsorregulatoryrulesThecopyrightofthisreportissolelyownedbyGuotaiJunanWithoutwrittenpermissionnoinstitutionorindividualmayreproducecopypublishorquoteinanyformIfitisquotedorpublishedwiththeconsentofGuotaiJunanitmustbeusedwithinthepermittedscopeandthesourcemustbeindicatedasGuotaiJunanSecuritiesResearchorGuotaiJunanHongKongResearchandthereportmustnotbequoteddeletedormodifiedinanywaythatiscontrarytotheoriginalintentionGuotaiJunanSecuritiesHongKongLimitedshallbeliabletoGuotaiJunanSecuritiesCoLtdforthecontentanddistributionofresearchreportsIfanorganizationotherthanGuotaiJunanhereinafterreferredtoastheOrganizationsendsthisreportitshallbesolelyresponsibleforsuchsendingInvestorswhoobtainthisreportthroughthismeansshouldcontacttheOrganizationontheirowntorequestmoredetailedinformationortofurthertradeinthesecuritiesreferredtointhisreportThisreportshallnotconstituteinvestmentadviceprovidedbyGuotaiJunantotheclientsoftheOrganizationnorshallGuotaiJunanitsemployeesoraffiliatesbeliableforanylossesincurredbytheclientsoftheOrganizationasaresultoftheuseofthisreportorthecontentscontainedinthereport810ThefollowingimportantstatementsareapplicabletoresearchreportspublishedinHongKongThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanHongKongGuotaiJunanHongKonganditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunanHongKonggroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanHongKongThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunanHongKongdoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunanHongKonganditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdictionDISCLOSURETableDISCLOSUREOFINTERESTSOFINTERESTS1TheAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthisResearchReport2TheAnalystsandtheirassociatesdonothaveanyfinancialinterestsinrelationtotheissuermentionedinthisResearchReport3ExceptforGUOTAIJUNANI01788HKZHONGANSERVICE02271HKLUZHOUBANK01983HKSFREIT02191HKVANOVHOLDINGS02260HKDOWELLSERVICE02352HKJINSHANGBANK02558HKBANKOFZHENGZHOU06196HKDongguanRuralCommercialBank09889HKJIAXINGGAS09908HKGED-B200539SZGuotaiJunanInternationalHoldingsLimitedandoritssubsidiariesdonotholdequaltoormorethan1ofthemarketcapitalizationoftheissuermentionedinthisResearchReport4GuotaiJunanInternationalHoldingsLimitedandoritssubsidiarieshavehadinvestmentbankingrelationshipswithCEBBANK06818HKBankofChina-Hshares03988HKVobileGroup03738HKChinaLesso02128HKIDREAMSKY01119HKChinaRisunGroup01907HKSMIC00981HKChowTaiFookJewellery01929HKKingsoft03888HKZHIHU-W02390HKXPENG09868HKXIAOMICORPORATION01810HK360DIGITECH-S03660HKZhongliangHoldings02772HKBOSSZHIPIN02076HKBinhaiInvestment02886HKSPC00338HKChinaPetroleumChemical-Hshares00386HKXIAOMI-WR-Hshares81810HKNagaCorp03918HKCHINAOVSPPT02669HKChinaStateConstructionDevelopment00830HKCHOVSGOCEANS00081HKChinaStateConstructionInternational03311HKChinaOverseasLandInvestment00688HKChinaGas00384HKWUXIAPPTEC02359HKYEAHKA09923HKNAYUKI02150HKChervon02285HKCARSGEN02171HKJD-SWR-Hshares89618HKKUAISHOU-WR-Hshares81024HKXingfaAluminium00098HKHORIZONCONSTRUCTIONDEVELOPMENT09930HKNWS00659HKA-LIVING03319HKChinaConstructionBank-Hshares00939HKKUAISHOU-W01024HKGeelyAutomobile00175HKTencent00700HKAlibaba09988HKSinoHytec-Hshares02402HKSinotrans-Hshares00598HKBankofCommunications-Hshares03328HKJDcom09618HKBIDU-SW09888HKSenseTime-W00020HKChinaNonferrousMining01258HKJoySpreader06988HKGuangzhouAutomobile-Hshares02238HKKWGGroup01813HKCIFIHoldingsGroup00884HKZhenroProperties06158HKBILIBILI-SW09626HKCountryGarden02007HKAgileGroup03383HKChinaAoyuanProperty03883HKLoganGroup03380HKSUNAC01918HKNewWorldDevelopment00017HKCHINASUNTIEN00956HKFOSUNINTL00656HKChinaMinshengBankingCorp-Hshares01988HKIRICOGroupNewEnergy00438HKWEIGAOGROUP01066HKCIFIESService01995HKSinopecKantons00934HKSINOPECEngineering-Hshares02386HKCHENMING01812HKLeeManPaper02314HKCGNMeiyaPower01811HKZhihuZHUSTencentMusicEntertainmentGroupTMEUSNIONIOUSJDcomJDUSKANZHUNLIMITEDBZUSDiDiDIDIUSBilibiliIncBILIUSFutuFUTUUSSinopecSNPUSCEBBANK601818SHBANKOFCHINA601988SHSPC600688SHCSCEC601668SHWUXIAPPTEC603259SHCCB601939SHSUPCON688777SHBTL603596SHSinoHytec688339SHSINOTRANS601598SHMACALLINE601828SHGACGROUP601238SHHUNDSUN600570SHCHINASUNTIENGREENENERGY600956SHFANGDACARBON600516SHBBMG601992SHSINOPECCORP600028SHYEIC002053SZZHONGNANCONSTRUCTION000961SZWESTCONSTRUCTION002302SZLBG002601SZEASTMONEY300059SZGUJINGDISTILLERY000596SZCHINATIANYING000035SZJEREHGROUP002353SZTHUNDERSOFT300496SZYUNDACORP002120SZBOTANEEGROUP300957SZSCPH000488SZmentionedinthisResearchReportwithinthepreceding12months5GuotaiJunanInternationalHoldingsLimitedandoritssubsidiariesaremakingorwillmakeamarketinthesecuritiesinrespectofChinaMerchantsBank-Hshares03968HKBankofChina-Hshares03988HKHSBC00005HKAgriculturalBankofChina-Hshares01288HKPingAnInsurance-Hshares02318HKChinaLifeInsurance-Hshares02628HKTencent00700HKCHINATOWERCORPORATION-Hshares00788HKXIAOMICORPORATION01810HKAlibaba09988HKNetease09999HKJDcom09618HKSMIC00981HKAlibabaHealth00241HKBIDU-SW09888HKKUAISHOU-W01024HKXPENG09868HKAACTechnologiesHoldings02018HKCITICSEC-Hshares06030HKChinaOverseasLandInvestment00688HKLenovo00992910HKChinaTelecom-Hshares00728HKChinaUnicom00762HKChinaMobile-Hshares00941HKHongKongExchangesandClearing00388HKGalaxyEntertainment00027HKGreatWallMotor-Hshares02333HKAIA01299HKSandsChina01928HKSunnyOpticalTechnology02382HKSinopharmGroup-Hshares01099HKCNOOC00883HKWuXiBiologics02269HKMeituan-W03690HKGeelyAutomobile00175HKBYDCompany-Hshares01211HKChinaConstructionBank-Hshares00939HKIndustrialandCommercialBankofChina-Hshares01398HKBOCHongKong02388HKLoganGroup03380HKChinaAoyuanProperty03883HKmentionedinthisResearchReport6GuotaiJunanInternationalHoldingsLimitedandoritssubsidiarieshavenotemployedanindividualservingasanofficerofanyissuersmentionedinthisResearchReportThereisnoofficerofanyissuersmentionedinthisResearchReportassociatedwithGuotaiJunanInternationalHoldingsLimitedandoritssubsidiariesRatingDefinitionRatingDefinitionIncreaserelativetoCSI300HangSengOverweightComparisonbenchmarkforinvestmentIndexover15suggestionsCautiouslyIncreaserelativetoCSI300HangSengInvestmentratingsaredividedintostockCompanyOverweightIndexbetween5and15ratingandsectorratingRatingIncreaserelativetoCSI300HangSengThemarketperformancewithinthe12NeutralIndexbetween-5and5monthsafterthepublicationofthereportisDecreaserelativetoCSI300HangSengconsideredasthecomparisonbenchmarkUnderweightIndexover5TheincreaseanddecreaseoftheSignificantlystrongerthanCSI300HangcompanysstockpriceorindustryindexOverweightSengIndexwithinthe12monthsafterthepublicationofBasicallyflatwithCSI300HangSengthereportiscomparedwiththeincreaseSectorRatingNeutralanddecreaseofCSI300HangSengIndexIndexSignificantlyweakerthanCSI300HanginthesameperiodUnderweightSengIndexGuotaiJunanSecuritiesResearchInstituteAddressPostalCodeTel20FOneMuseumPlace669XinzhaRdJinganDistrictShanghai20004186213867-6666Shanghai18FSouthBuildingFinancialStreetCenter9AFinancialStreetBeijing10003286108393-9888XichengDistrictBeijing27FBuildingBRongchaoTower6003YitianRoadFutianShenzhen518026867552397-6888DistrictShenzhenE-mailgtjaresearchgtjascomGuotaiJunanSecuritiesHongKongLimitedAddressFaxTel27FLowBlockGrandMillenniumPlaza181HongKong8522509-77938522509-9118QueensRoadCentralHongKongWebsitewwwgtjacomhk2023CopyrightGuotaiJunanAllrightsreserved1010