新能源板塊行業(yè)信息點(diǎn)評(píng)：11月風(fēng)電并網(wǎng)4.08GW同比增加195.65%

行業(yè)研究行業(yè)研究/機(jī)械工業(yè)/新能源板塊行業(yè)信息點(diǎn)評(píng)證券研究報(bào)告投資要點(diǎn)：20231211投資要點(diǎn)：202312114.08GW，同比增加195.65%6.53%國(guó)家能源局發(fā)布1-11月份全國(guó)電力工業(yè)統(tǒng)計(jì)數(shù)據(jù)。截至11月底，全國(guó)累計(jì)發(fā)電裝機(jī)容量約28.513.6%5.64.17.61141.39W，83.79%1-11163.88GW149.4%11月，4.08GW195.65%6.53%21.32GW，185.41%56.53%。單11月，風(fēng)電利用小時(shí)213小時(shí)，較上年同期增加22小時(shí)，較10月增加62小時(shí)。1-1132829429272921218小427001101小時(shí)；火404061202921112132210月增629810105小時(shí)。單113039.28%1-11月份，771339.6%。其中，太陽(yáng)3209774202033.7%7120.8%835億元，同比13.3%44585.9%11月，風(fēng)電投303515億元，20.89%10.75%。單11月，風(fēng)力發(fā)電803.9億度，同比增長(zhǎng)26.6%。據(jù)國(guó)家統(tǒng)計(jì)局公布的數(shù)據(jù)，1-117251.912.5%2714.0億度，16.8%3951.94.5%10635.756177.95.7%11803.926.6%234.6364.6829.95.4%；5076.76.3%。建議關(guān)注：運(yùn)達(dá)股份、三一重能、明陽(yáng)智能、金風(fēng)科技。風(fēng)險(xiǎn)提示：原材料價(jià)格上漲，競(jìng)爭(zhēng)加劇，行業(yè)政策波動(dòng)，風(fēng)電裝機(jī)不及預(yù)期。請(qǐng)務(wù)必閱讀正文之后的信息披露和法律聲明行業(yè)研究·新能源板塊行業(yè) 3APPENDIX1SummaryInvestmentHighlights:Novembersaw4.08GWofwindpowergrid-connected,a195.65%YoYincreaseand6.53%growthfromthepreviousmonth.ByNovemberend,China’scumulativeinstalledpowercapacityreached2.85billionkW,up13.6%YoY.Solarandwindcapacitiesreached560millionkW(up49.9%YoY)and410millionkW(up17.6%YoY),respectively.FromJanuarytoNovember,windandPVgrid-connectedcapacitieswere41.39GW(up83.79%YoY)and163.88GW(up149.4%YoY).InNovemberalone,windandPVgrid-connectedcapacitiesincreasedby195.65%and185.41%YoY,respectively.InNovember,windpowerutilizationhourswere213,22hoursmorethanthesameperiodlastyear.FromJanuarytoNovember,thenationalaverageutilizationofpowergenerationequipmentwas3282hours,adecreaseof94hoursYoY.powerutilizationincreasedby21hoursYoY.November’swindpowerinvestmentwas30.3billionRMB,aslight0.98%YoYincreasebuta9.28%decreasefromOctober.FromJanuarytoNovember,majorpowercompaniesinvested771.3billionRMB,a39.6%YoYincrease.Solar,nuclear,andwindinvestmentsgrewby60.5%,45.3%,and33.7%YoY,respectively.InNovember,windpowergenerated80.39billionkWh,a26.6%YoYincrease.FromJanuarytoNovember,wind,solar,nuclear,hydro,andthermalpowergenerationincreasedby12.5%,16.8%,4.5%,and5.7%YoY,respectively,whilehydrodecreasedby6.2%.CompaniestowatchincludeJiangsuZhongtianTechnology,NingboOrientWires&Cables,ShanghaiTaishengPowerEquipment,DajinHeavyIndustryCorporation,ShanghaiQifanCable,Zhejiangey,HengtongOptic-Electric,JinleiTechnology,RiyueHeavyIndustry,QingdaoTiannengHeavyIndustries,JINPANTECHNOLOGY,ZhejiangChangshengSlidingBearings,ZhejiangXCCGroup,SanyRenewableEnergy,MingYangSmartEnergyGroup,andXinjiangGoldwindScience&Technology.RiskWarning:Rawmaterialpriceincreases,intensifiedcompetition,policyfluctuations,andwindpowerinstallationsfallingshortofexpectations.請(qǐng)務(wù)必閱讀正文之后的信息披露和法律聲明附錄APPENDIX重要信息披露本研究報(bào)告由海通國(guó)際分銷(xiāo)，海通國(guó)際是由海通國(guó)際研究有限公司(HTIRL)，HaitongSecuritiesIndiaPrivateLimited(HSIPL)，HaitongInternationalJapanK.K.(HTIJKK)和海通國(guó)際證券有限公司(HTISCL)的證券研究團(tuán)隊(duì)所組成的全球品牌，海通國(guó)際證券集團(tuán)(HTISG)各成員分別在其許可的司法管轄區(qū)內(nèi)從事證券活動(dòng)。IMPORTANTDISCLOSURESThisresearchreportisdistributedbyHaitongInternational,aglobalbrandnamefortheequityresearchteamsofHaitongInternationalResearchLimited(“HTIRL”),HaitongSecuritiesIndiaPrivateLimited(“HSIPL”),HaitongInternationalJapanK.K.(“HTIJKK”),HaitongInternationalSecuritiesCompanyLimited(“HTISCL”),andanyothermemberswithintheHaitongInternationalSecuritiesGroupofCompanies(“HTISG”),eachauthorizedtoengageinsecuritiesactivitiesinitsrespectivejurisdiction.HTIRL分析師認(rèn)證AnalystCertification:我，吳杰，在此保證（i）（ii）（包括我們的家屬）（我已經(jīng)告知他們）報(bào)告發(fā)布后的3I,JieWu,certifythat(i)theviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchand(iinopartofmycompensationwas,isorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisresearchreport;andthatI(includingmembersofmyhousehold)havenofinancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussed.Iandmyhousehold,whomIhavealreadynotifiedofthis,willnotdealinortradeanysecuritiesinrespectoftheissuerthatIreviewwithin3businessdaysaftertheresearchreportispublished.利益沖突披露ConflictofInterestDisclosures/（ERDDisclosure@htiseccom）HTIandsomeofitsaffiliatesmayengageininvestmentbankingand/orserveasamarketmakerorholdproprietarytradingpositionsofcertainstocksorcompaniesinthisresearchreport.Asfarasthisresearchreportisconcerned,thefollowingarethedisclosuremattersrelatedtosuchrelationship(Asthefollowingdisclosuredoesnotensuretimelinessandcompleteness,pleasesendanemailtoERD-Disclosure@htisec.comiftimelyandcomprehensiveinformationisneeded).600522.CH,300129.CH,603667.CH及002202.CH目前或過(guò)去12個(gè)月內(nèi)是海通的客戶(hù)。海通向客戶(hù)提供非投資銀行業(yè)務(wù)的證券相關(guān)業(yè)務(wù)服務(wù)。600522.CH,300129.CH,603667.CHand002202.CHare/wereaclientofHaitongcurrentlyorwithinthepast12months.Theclienthasbeenprovidedfornon-investment-bankingsecurities-relatedservices.海通在過(guò)去的12個(gè)月中從600522.CH及002202.CH獲得除投資銀行服務(wù)以外之產(chǎn)品或服務(wù)的報(bào)酬。Haitonghasreceivedcompensationinthepast12monthsforproductsorservicesotherthaninvestmentbankingfrom600522.CHand002202.CH.評(píng)級(jí)定義（從2020年7月1日開(kāi)始執(zhí)行）：（“HTI）HTI的評(píng)級(jí)定義。并且HTI基于各自情況（）分析師股票評(píng)級(jí)優(yōu)于大市12-1810%下中性，未來(lái)12-18FINRA/NYSE的評(píng)級(jí)分布規(guī)則，我們會(huì)將中性評(píng)級(jí)劃入持有這一類(lèi)別。弱于大市12-1810%TOPIX,KOSPI,TAIEX,Nifty100,美–SP500;其他所有中國(guó)概念股MSCIChina.RatingsDefinitions(from1Jul2020):HaitongInternationalusesarelativeratingsystemusingOutperform,Neutral,orUnderperformforrecommendingthestockswecovertoinvestors.InvestorsshouldcarefullyreadthedefinitionsofallratingsusedinHaitongInternationalResearch.Inaddition,sinceHaitongInternationalResearchcontainsmorecompleteinformationconcerningtheanalyst'sviews,investorsshouldcarefullyreadHaitongInternationalResearch,initsentirety,andnotinferthecontentsfromtheratingalone.Inanycase,ratings(orresearch)shouldnotbeusedorrelieduponasinvestment

評(píng)級(jí)分布RatingDistributionadvice.Aninvestor'sdecisiontobuyorsellastockshoulddependonindividualcircumstances(suchastheinvestor'sexistingholdings)andotherconsiderations.AnalystStockRatingsOutperform:Thestock’stotalreturnoverthenext12-18monthsisexpectedtoexceedthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.Neutral:Thestock’stotalreturnoverthenext12-18monthsisexpectedtobeinlinewiththereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.ForpurposesonlyofFINRA/NYSEratingsdistributionrules,ourNeutralratingfallsintoaholdratingcategory.Underperform:Thestock’stotalreturnoverthenext12-18monthsisexpectedtobebelowthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.Benchmarksforeachstock’slistedregionareasfollows:Japan–TOPIX,Korea–Taiwan–TAIEX,–Nifty100,US–SP500;forallotherChina-conceptstocks–MSCIChina.截至2023年9月30日海通國(guó)際股票研究評(píng)級(jí)分布優(yōu)于大市 中性 弱于大市(持有)海通國(guó)際股票研究覆蓋率 89.3% 1.1% 9.6%投資銀行客戶(hù)* 3.9% 5.8% 10.0%*在每個(gè)評(píng)級(jí)類(lèi)別里投資銀行客戶(hù)所占的百分比。上述分布中的買(mǎi)入，中性和賣(mài)出分別對(duì)應(yīng)我們當(dāng)前優(yōu)于大市，中性和落后大市評(píng)級(jí)。只有根據(jù)FINRA/NYSE此前的評(píng)級(jí)系統(tǒng)定義（直至2020年6月30日）：買(mǎi)入，未來(lái)1218個(gè)月內(nèi)預(yù)期相對(duì)基準(zhǔn)指數(shù)漲幅在10%中性，未來(lái)1218FINRA/NYSE賣(mài)出，未來(lái)1218個(gè)月內(nèi)預(yù)期相對(duì)基準(zhǔn)指數(shù)跌幅在10%各地股票基準(zhǔn)指數(shù)：日本–TOPIX,韓國(guó)–KOSPI,臺(tái)灣–TAIEX,印度–Nifty100;其他所有中國(guó)概念股–MSCIChina.HaitongInternationalEquityResearchRatingsDistribution,asofSeptember30,2023Outperform Neutral Underperform(hold)HTIEquityResearchCoverage 89.3% 1.1% 9.6%IBclients* 3.9% 5.8% 10.0%*Percentageofinvestmentbankingclientsineachratingcategory.BUY,Neutral,andSELLintheabovedistributioncorrespondtoourcurrentratingsofOutperform,Neutral,andUnderperform.ForpurposesonlyofFINRA/NYSEratingsdistributionrules,ourNeutralratingfallsintoaholdratingcategory.PleasenotethatstockswithanNRdesignationarenotincludedinthetableabove.Previousratingsystemdefinitions(until30Jun2020):BUY:Thestock’stotalreturnoverthenext12-18monthsisexpectedtoexceedthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.NEUTRAL:Thestock’stotalreturnoverthenext12-18monthsisexpectedtobeinlinewiththereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.ForpurposesonlyofFINRA/NYSEratingsdistributionrules,ourNeutralratingfallsintoaholdratingcategory.SELL:Thestock’stotalreturnoverthenext12-18monthsisexpectedtobebelowthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.Benchmarksforeachstock’slistedregionareasfollows:Japan–TOPIX,Korea–Taiwan–TAIEX,–Nifty100;forallotherChina-conceptstocks–MSCIChina.海通國(guó)際非評(píng)級(jí)研究：了進(jìn)行股票評(píng)級(jí)、提出目標(biāo)價(jià)格或進(jìn)行基本面估值，而僅供參考使用。HaitongInternationalNon-RatedResearch:HaitongInternationalpublishesquantitative,screeningorshortreportswhichmayrankstocksaccordingtovaluationandothermetricsormaysuggestpricesbasedonpossiblevaluationmultiples.Suchrankingsorsuggestedpricesdonotpurporttobestockratingsortargetpricesorfundamentalvaluesandareforinformationonly.海通國(guó)際A股覆蓋：海通國(guó)際可能會(huì)就滬港通及深港通的中國(guó)A（600837CH）A是，海通國(guó)際使用與海通證券不同的評(píng)級(jí)系統(tǒng)，所以海通國(guó)際與海通證券的中國(guó)A股評(píng)級(jí)可能有所不同。HaitongInternationalCoverageofA-Shares:HaitongInternationalmaycoverandrateA-SharesthataresubjecttotheHongKongStockConnectschemewithShanghaiandShenzhen.HaitongSecurities(HS;600837CH),theultimateparentcompanyofHTISGbasedinShanghai,coversandpublishesresearchonthesesameA-SharesfordistributioninmainlandChina.However,theratingsystememployedbyHSdiffersfromthatusedbyHTIandasaresulttheremaybeadifferenceintheHTIandHSratingsforthesameA-sharestocks.海通國(guó)際優(yōu)質(zhì)100A股（Q100）指數(shù)：海通國(guó)際Q100指數(shù)是一個(gè)包括100支由海通證券覆蓋的優(yōu)質(zhì)中國(guó)A股的計(jì)量產(chǎn)品。這些股票是通過(guò)基于質(zhì)量的篩選過(guò)程，并結(jié)合對(duì)海通證券A股團(tuán)隊(duì)自下而上的研究。海通國(guó)際每季對(duì)Q100指數(shù)成分作出復(fù)審。HaitongInternationalQuality100A-share(Q100)Index:HTI’sQ100Indexisaquantproductthatconsistsof100ofthehighest-qualityA-sharesundercoverageatHSinShanghai.Thesestocksarecarefullyselectedthroughaquality-basedscreeningprocessincombinationwithareviewoftheHSA-shareteam’sbottom-upresearch.TheQ100constituentcompaniesarereviewedquarterly.盟浪義利（FIN-ESG）數(shù)據(jù)通免責(zé)聲明條款：在使用盟浪義利（FIN-ESG）數(shù)據(jù)之前，請(qǐng)務(wù)必仔細(xì)閱讀本條款并同意本聲明：第一條義利（FINESG）（以下簡(jiǎn)稱(chēng)“本公司”）（）績(jī)表現(xiàn)不作為日后回報(bào)的預(yù)測(cè)。（（））SusallWaveFIN-ESGDataServiceDisclaimer:PleasereadthesetermsandconditionsbelowcarefullyandconfirmyouragreementandacceptancewiththesetermsbeforeusingSusallWaveFIN-ESGDataService.FIN-ESGDataisproducedbySusallWaveDigitalTechnologyCo.,Ltd.(Inshort,SusallWave)’sassessmentbasedonlegalpubliclyaccessibleinformation.SusallWaveshallnotberesponsibleforanyaccuracyandcompletenessoftheinformation.Theassessmentresultisforreferenceonly.Itisnotforanyinvestmentadviceforanyindividualorinstitutionandnotforbasisofpurchasing,sellingorholdinganyrelativefinancialproducts.WewillnotbeliableforanydirectorindirectlossofanyindividualorinstitutionasaresultofusingSusallWaFIN-ESGData.SusallWadonotconsiderrecipientsascustomersforreceivingthesedata.Whenusingthedata,recipientsshallmakeyourownindependentjudgmentaccordingtoyourpracticalindividualstatus.Thecontentsofthedatareflectthejudgmentofusonlyonthereleaseday.Wehaverighttoupdateandamendthedataandreleaseotherdatathatcontainsinconsistentcontentsordifferentconclusionswithoutnotification.Unlessexpresslystated,thedata(e.g.,financialperformancedata)representspastperformanceonlyandthepastperformancecannotbeviewedasthepredictionoffuturereturn.ThecopyrightofthisdatabelongstoSusallWa,andreserveallrightsinaccordancewiththelaw.Withoutthepriorwrittenpermissionofourcompany,noneofindividualorinstitutioncanusethesedataforanyprofitablepurpose.Besides,noneofindividualorinstitutioncantakeactionssuchasamendment,replication,translation,compilation,re-editing,adaption,deletion,abbreviation,excerpts,issuance,rent,exhibition,performance,projection,broadcast,informationnetworktransmission,shooting,addingiconsandinstructions.IfanylossofSusallWaoranythird-partyiscausedbythoseactions,usersshallbearthecorrespondingcompensationliability.SusallWaveshallnotberesponsibleforanyloss.Ifanytermisnotcontainedinthisdisclaimerbutwritteninotheragreementsonourwebsite(e.g.UserRegistrationProtocolofSusallWaWebsite,UserService(includingauthentication)AgreementofSusallWaveWebsite,PrivacyPolicyofSusallwaveWebsite),itshouldbeexecutedaccordingtootheragreements.Ifthereisanydifferencebetweenthisdisclaimandotheragreements,thisdisclaimershallbeapplied.重要免責(zé)聲明：非印度證券的研究報(bào)告：本報(bào)告由海通國(guó)際證券集團(tuán)有限公司（“HTISGL”）的全資附屬公司海通國(guó)際研究有限公司（“HTIRL”）發(fā)行，該公司是根據(jù)香港證券及期貨條例（第571章）持4（）HTISGLHaitongInternational(Japan)K.K.（“HTIJKK）HTIJKK管為投資顧問(wèn)。印度證券的研究報(bào)告：SecuritiesandExchangeBoardofIndia（“SEBI”）HaitongSecuritiesIndiaPrivateLimited（“HTSIPL）BSELimited（“BSE”）NationalStockExchangeofIndiaLimited（“NSE）（）HTSIPL20161222并成為海通國(guó)際證券集團(tuán)有限公司（“HTISG”）的一部分。所有研究報(bào)告均以海通國(guó)際為名作為全球品牌，經(jīng)許可由海通國(guó)際證券股份有限公司及/或海通國(guó)際證券集團(tuán)的其他成員在其司法管轄區(qū)發(fā)布。HTIRL、HTISCL或任何其他屬于海通國(guó)際證券集團(tuán)有限公司（“HTISG）/HTISG任。HTISGHTISG的銷(xiāo)售員、交易員和其他專(zhuān)業(yè)人士均可向HTISGHTISG一致的投資決策。但HTIRL請(qǐng)?jiān)L問(wèn)海通國(guó)際網(wǎng)站www.equities.htisec.com，查閱更多有關(guān)海通國(guó)際為預(yù)防和避免利益沖突設(shè)立的組織和行政安排的內(nèi)容信息。非美國(guó)分析師披露信息：本項(xiàng)研究首頁(yè)上列明的海通國(guó)際分析師并未在FINRA進(jìn)行注冊(cè)或者取得相應(yīng)的資格，并且不受美國(guó)FINRA有關(guān)與本項(xiàng)研究目標(biāo)公司進(jìn)行溝通、公開(kāi)露面和自營(yíng)證券交易的第2241條規(guī)則之限制。IMPORTANTDISCLAIMERForresearchreportsonnon-Indiansecurities:TheresearchreportisissuedbyHaitongInternationalResearchLimited(“HTIRL”),awhollyownedsubsidiaryofHaitongInternationalSecuritiesGroupLimited(“HTISGL”)andalicensedcorporationtocarryonType4regulatedactivity(advisingonsecurities)forthepurposeoftheSecuritiesandFuturesOrdinance(Cap.571)ofHongKong,withtheassistanceofHaitongInternational(Japan)K.K.(“HTIJKK”),awhollyownedsubsidiaryofHTISGLandwhichisregulatedasanInvestmentAdviserbytheKantoFinanceBureauofJapan.ForresearchreportsonIndiansecurities:TheresearchreportisissuedbyHaitongSecuritiesIndiaPrivateLimited(“HSIPL”),anIndiancompanyandaSecuritiesandExchangeBoardofIndia(“SEBI”)registeredStockBroker,MerchantBankerandResearchAnalystthat,interalia,producesanddistributesresearchreportscoveringlistedentitiesontheBSELimited(“BSE”)andtheNationalStockExchangeofIndiaLimited(“NSE”)(collectivelyreferredtoas“IndianExchanges”).HSIPLwasacquiredandbecamepartoftheHaitongInternationalSecuritiesGroupofCompanies(“HTISG”)on22December2016.AlltheresearchreportsaregloballybrandedunderthenameHaitongInternationalandapprovedfordistributionbyHaitongInternationalSecuritiesCompanyLimited(“HTISCL”)and/oranyothermemberswithinHTISGintheirrespectivejurisdictions.Theinformationandopinionscontainedinthisresearchreporthavebeencompiledorarrivedatfromsourcesbelievedtobereliableandingoodfaithbutnorepresentationorwarranty,expressorimplied,ismadebyHTIRL,HTISCL,HSIPL,HTIJKKoranyothermemberswithinHTISGfromwhichthisresearchreportmaybereceived,astotheiraccuracy,completenessorcorrectness.Allopinionsexpressedhereinareasofthedateofthisresearchreportandaresubjecttochangewithoutnotice.Thisresearchreportisforinformationpurposeonly.Descriptionsofanycompaniesortheirsecuritiesmentionedhereinarenotintendedtobecompleteandthisresearchreportisnot,andshouldnotbeconstruedexpresslyorimpliedlyas,anoffertobuyorsellsecurities.Thesecuritiesreferredtointhisresearchreportmaynotbeeligibleforpurchaseorsaleinsomejurisdictions.Ifaninvestmentproductisdenominatedinacurrencyotherthananinvestor'shomecurrency,achangeinexchangeratesmayadverselyaffecttheinvestment.Pastperformanceisnotnecessarilyindicativeoffutureresults.Certaintransactions,includingthoseinvolvingderivatives,giverisetosubstantialriskandarenotsuitableforallinvestors.Youshouldalsobearinmindthatrecommendationsinthisresearchreportarenottailor-madeforyou.Theanalysthasnottakenintoaccountyouruniquefinancialcircumstances,suchasyourfinancialsituationandriskappetite.Youmust,therefore,analyzeandshould,whereapplicable,consultyourownlegal,tax,accounting,financialandotherprofessionaladviserstoevaluatewhethertherecommendationssuitsyoubeforeinvestment.NeitherHTISGnoranyofitsdirectors,employeesoragentsacceptsanyliabilitywhatsoeverforanydirectorconsequentiallossarisingfromanyuseofthematerialscontainedinthisresearchreport.HTISGandouraffiliates,officers,directors,andemployees,excludingtheanalystsresponsibleforthecontentofthisdocument,willfromtimetotimehavelongorshortpositionsin,actasprincipalin,andbuyorsell,thesecuritiesorderivatives,ifany,referredtointhisresearchreport.Sales,traders,andotherprofessionalsofHTISGmayprovideoralorwrittenmarketcommentaryortradingstrategiestotherelevantclientsandthecompanieswithinHTISGthatreflectopinionsthatarecontrarytotheopinionsexpressedinthisresearchreport.HTISGmaymakeinvestmentdecisionsthatareinconsistentwiththerecommendationsorviewsexpressedinthisresearchreport.HTIisundernoobligationtoensurethatsuchothertradingdecisions,ideasorrecommendationsarebroughttotheattentionofanyrecipientofthisresearchreport.PleaserefertoHTI’swebsiteforfurtherinformationonHTI’sorganizationalandadministrativearrangementssetupforthepreventionandavoidanceofconflictsofinterestwithrespecttoResearch.NonU.S.AnalystDisclosure:TheHTIanalyst(s)listedonthecoverofthisResearchis(are)notregisteredorqualifiedasaresearchanalystwithFINRAandarenotsubjecttoU.S.FINRARule2241restrictionsoncommunicationswithcompaniesthatarethesubjectoftheResearch;publicappearances;andtradingsecuritiesbyaresearchanalyst.分發(fā)和地區(qū)通知：除非下文另有規(guī)定，否則任何希望討論本報(bào)告或者就本項(xiàng)研究中討論的任何證券進(jìn)行任何交易的收件人均應(yīng)聯(lián)系其所在國(guó)家或地區(qū)的海通國(guó)際銷(xiāo)售人員。香港投資者的通知事項(xiàng)：海通國(guó)際證券股份有限公司(“HTISCL”)HTISCL是在香港有權(quán)實(shí)施第1類(lèi)受規(guī)管活動(dòng)（）《證券及期貨條例》（香港法例第571）（以下簡(jiǎn)稱(chēng)“SFO”）SFO所界定的“專(zhuān)業(yè)投資者”期貨事務(wù)監(jiān)察委員會(huì)的審查。您不應(yīng)僅根據(jù)本研究報(bào)告中所載的信息做出投資決定。本研究報(bào)告的收件人就研究報(bào)告中產(chǎn)生或與之相關(guān)的任何事宜請(qǐng)聯(lián)系HTISCL銷(xiāo)售人員。美國(guó)投資者的通知事項(xiàng)：HTIRLHSIPLHTIJKK編寫(xiě)。HTIRLHSIPLHTIJKKHTISG1934年“美國(guó)證券交易法”15a6（“MajorU.S.InstitutionalInvestor）資者」（”US.InstitutionalInvestors）HaitongInternationalSecurities(USA)Inc.（“HTIUSA”）HTIUSA。HTIUSA340MadisonAvenue,12thFloor,NewYork,NY10173，電話(huà)（212）351-6050。HTIUSA是在美國(guó)于US.SecuritiesandExchangeCommission（“SEC”）FinancialIndustryRegulatoryAuthority,Inc.（“FINRA”）HTIUSAHSIPLHTIRL或HTIJKKHSIPLHTIRLHTIJKKFINRAFINRA2241（包括ADR）HaitongInternationalSecurities(USA)Inc.340MadisonAvenue,12thFloorNewYork,NY10173聯(lián)系人電話(huà)：(212)3516050DISTRIBUTIONANDREGIONALNOTICESExceptasotherwiseindicatedbelow,anyRecipientwishingtodiscussthisresearchreportoreffectanytransactioninanysecuritydiscussedinHTI’sresearchshouldcontacttheHaitongInternationalsalespersonintheirowncountryorregion.NoticetoHongKonginvestors:TheresearchreportisdistributedbyHaitongInternationalSecuritiesCompanyLimited(“HTISCL”),whichisalicensedcorporationtocarryonType1regulatedactivity(dealinginsecurities)inHongKong.ThisresearchreportdoesnotconstituteasolicitationoranofferofsecuritiesoraninvitationtothepublicwithinthemeaningoftheSFO.Thisresearchreportisonlytobecirculatedto"ProfessionalInvestors"asdefinedintheSFO.ThisresearchreporthasnotbeenreviewedbytheSecuritiesandFuturesCommission.Youshouldnotmakeinvestmentdecisionssolelyonthebasisoftheinformationcontainedinthisresearchreport.RecipientsofthisresearchreportaretocontactHTISCLsalespersonsinrespectofanymattersarisingfrom,orinconnectionwith,theresearchreport.NoticetoU.S.investors:Asdescribedabove,thisresearchreportwaspreparedbyHTIRL,HSIPLorHTIJKK.NeitherHTIRL,HSIPL,HTIJKK,noranyofthenonU.S.HTISGaffiliatesisregisteredintheUnitedStatesand,therefore,isnotsubjecttoU.S.rulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalysts.Thisresearchreportisprovidedfordistributionto“majorU.S.institutionalinvestors”and“U.S.institutionalinvestors”inrelianceontheexemptionfromregistrationprovidedbyRule15a-6oftheU.S.SecuritiesExchangeActof1934,asamended.Whendistributingresearchreportsto“U.S.institutionalinvestors,”HTIUSAwillaccepttheresponsibilitiesforthecontentofthereports.AnyU.S.recipientofthisresearchreportwishingtoeffectanytransactiontobuyorsellsecuritiesorrelatedfinancialinstrumentsbasedontheinformationprovidedinthisresearchreportshoulddosoonlythroughHaitongInternationalSecurities(USA)Inc.(“HTIUSA”),locatedat340MadisonAvenue,12thFloor,NewYork,NY10173,USA;telephone(212)3516050.HTIUSAisabroker-dealerregisteredintheU.S.withtheU.S.SecuritiesandExchangeCommission(the“SEC”)andamemberoftheFinancialIndustryRegulatoryAuthority,Inc.(“FINRA”).HTIUSAisnotresponsibleforthepreparationofthisresearchreportnorfortheanalysiscontainedtherein.UndernocircumstancesshouldanyU.S.recipientofthisresearchreportcontacttheanalystdirectlyoreffectanytransactiontobuyorsellsecuritiesorrelatedfinancialinstrumentsdirectlythroughHSIPL,HTIRLorHTIJKK.TheHSIPL,HTIRLorHTIJKKanalyst(s)whosenameappearsinthisresearchreportisnotregisteredorqualifiedasaresearchanalystwithFINRAand,therefore,maynotbesubjecttoFINRARule2241restrictionsoncommunicationswithasubjectcompany,publicappearancesandtradingsecuritiesheldbyaresearchanalystaccount.Investinginanynon-U.S.securitiesorrelatedfinancialinstruments(includingADRs)discussedinthisresearchreportmaypresentcertainrisks.Thesecuritiesofnon-U.S.issuersmaynotberegisteredwith,orbesubjecttoU.S.regulations.Informationonsuchnon-U.S.securitiesorrelatedfinancialinstrumentsmaybelimited.ForeigncompaniesmaynotbesubjecttoauditandreportingstandardsandregulatoryrequirementscomparabletothoseineffectwithintheU.S.ThevalueofanyinvestmentorincomefromanysecuritiesorrelatedfinancialinstrumentsdiscussedinthisresearchreportdenominatedinacurrencyotherthanU.S.dollarsissubjecttoexchangeratefluctuationsthatmayhaveapositiveoradverseeffectonthevalueoforincomefromsuchsecuritiesorrelatedfinancialinstruments.AllinquiriesbyU.S.recipientsshouldbedirectedto:HaitongInternationalSecurities(USA)Inc.340MadisonAvenue,12thFloorNewYork,NY10173Attn:SalesDeskat(212)3516050中華人民共和國(guó)的通知事項(xiàng)：在中華人民共和國(guó)（下稱(chēng)“中國(guó)”）“在中國(guó)從事生產(chǎn)、經(jīng)營(yíng)活動(dòng)”何規(guī)定，在取得中國(guó)政府所有的批準(zhǔn)或許可之前，任何法人或自然人均不得直接或間接地購(gòu)買(mǎi)本材料中的任何證券或任何實(shí)益權(quán)益。接收本文件的人員須遵守上述限制性規(guī)定。加拿大投資者的通知事項(xiàng)：HaitongInternationalSecurities(USA)Inc.（“HTIUSA”）NationalInstrument31103RegistrationRequirements,ExemptionsandOngoingRegistrantObligations（“NI31-103）的規(guī)定得到「國(guó)際交易商豁免」（“InternationalDealerExemption”）NationalInstrument45-106ProspectusExemptions11節(jié)或者Securities(Ontario)7331（“AccreditedInvestor）NationalInstrument31-10311節(jié)所規(guī)定的「許可投資者」（“PermittedInvestor）。新加坡投資者的通知事項(xiàng)：HaitongInternationalSecurities(SingaporePteLtd（“HTISSPL”）[201311400G于新加坡提供。HTISSPL（110章）（“FAA”）（a）（b）（289章）第4A題，本研究報(bào)告的收件人應(yīng)通過(guò)以下信息與HTISSPLHaitongInternationalSecurities(Singapore)Pte.Ltd50RafflesPlace,#33-03SingaporeLandTower,Singapore048623電話(huà):(65)65361920日本投資者的通知事項(xiàng)：（（“FIEL”））61（1）條，第17-11（1）條的執(zhí)行及相關(guān)條款）。英國(guó)及歐盟投資者的通知事項(xiàng)：本報(bào)告由從事投資顧問(wèn)的HaitongInternationalSecuritiesCompanyLimited所發(fā)布，本報(bào)告只面向有投資相關(guān)經(jīng)驗(yàn)的專(zhuān)業(yè)客戶(hù)發(fā)布。任何投資或與本報(bào)告HaitongInternationalSecuritiesCompanyLimited的分支機(jī)構(gòu)的凈長(zhǎng)期或短期金融權(quán)益可能05澳大利亞投資者的通知事項(xiàng)：HaitongInternationalSecurities(SingaporePteLtd,HaitongInternationalSecuritiesCompanyLimitedHaitongInternationalSecurities(UK)Limited大利亞證券和投資委員會(huì)（以下簡(jiǎn)稱(chēng)“ASIC”）（）2016/3962001IC的規(guī)章副本可在以下網(wǎng)站獲?。簑ww.legislation.gov.au等法律與在澳大利亞所適用的法律存在差異。印度投資者的通知事項(xiàng)：SecuritiesandExchangeBoardofIndia（“SEBI”）HaitongSecuritiesIndiaPrivateLimited（“HTSIPL）所發(fā)布，包括制作及發(fā)布涵蓋BSELimited（“BSE）NationalStockExchangeofIndiaLimited（“NSE）（「印度交易所」）研究機(jī)構(gòu)名稱(chēng):HaitongSecuritiesIndiaPrivateLimitedSEBI研究分析師注冊(cè)號(hào):INH000002590地址:1203A,Floor12A,Tower2A,OneWorldCenter841SenapatiBapatMarg,ElphinstoneRoad,Mumbai400013,IndiaCINU74140MH2011FTC224070電話(huà):+912243156800傳真:+912224216327合規(guī)和申訴辦公室聯(lián)系人：PrasannaChandwaskar；電話(huà):+912243156803;電子郵箱:prasannachandwaskar@htiseccom“請(qǐng)注意，SEBINISM”。2019People’sRepublicofChina(PRC):InthePRC,theresearchreportisdirectedforthesoleuseofthosewhoreceivetheresearchreportinaccordancewiththeapplicablePRClawsandregulations.Further,theinformationontheresearchreportdoesnotconstitute"productionandbusinessactivitiesinthePRC"underrelevantPRClaws.Thisresearchreportdoesnotconstituteapublicofferofthesecurity,whetherbysaleorsubscription,inthePRC.Further,nolegalornaturalpersonsofthePRCmaydirectlyorindirectlypurchaseanyofthesecurityoranybeneficialinterestthereinwithoutobtainingallpriorPRCgovernmentapprovalsorlicensesthatarerequired,whetherstatutorilyorotherwise.Personswhocomeintopossessionofthisresearcharerequiredtoobservetheserestrictions.NoticetoCanadianInvestors:Undernocircumstancesisthisresearchreporttobeconstruedasanoffer