HTI大眾品零售價(jià)格跟蹤：多數(shù)產(chǎn)品折扣力度較春節(jié)前增加

研究報(bào)告ResearchReport22Feb2024中國(guó)食品飲料ChinaFood&BeverageHTI大眾品零售價(jià)格跟蹤：多數(shù)產(chǎn)品折扣力度較春節(jié)前增加TheDiscountsonMostProductsareHigherThanThoseBeforetheSpringFestival觀點(diǎn)聚焦InvestmentFocus股票名稱股票名稱五糧液今世緣口子窖燕京啤酒評(píng)級(jí)股票名稱Outperform水井坊Outperform酒鬼酒Outperform湯臣倍健Outperform珠江啤酒Outperform金龍魚Outperform百潤(rùn)股份Neutral千禾味業(yè)Outperform鹽津鋪?zhàn)覱utperform張?jiān)Outperform金徽酒Outperform伊力特OutperformOutperform新乳業(yè)OutperformOutperformOutperform古越龍山評(píng)級(jí)OutperformOutperformOutperformOutperformOutperformOutperformOutperformOutperformOutperformOutperformOutperformOutperformOutperformOutperformOutperformOutperformHAIChinaFood&BeverageMSCIChina110100908070Feb-23 May-23 Aug-23 Nov-23 Feb-24資料來源：Factset,HTIRelatedReportsHTI重點(diǎn)白酒品牌價(jià)格跟蹤：批價(jià)較上月、較年初均跌多漲少（Comparedtolastmonthandthebeginningoftheyearmostwholesalepricedecreased）(19Feb2024)HTI重點(diǎn)白酒品牌價(jià)格跟蹤：高端批價(jià)小幅抬升，普五提價(jià)彰顯信心（WholesalepricesrisesslightlybeforeSpringFestival,PuWu'spriceincreasehighlightslong-termconfidence）(5Feb2024)HTI大眾品零售價(jià)格跟蹤：節(jié)前液態(tài)奶折扣力度最大（Title：ThemaximumdiscountisonliquidmilkbeforetheSpringFestival）(4Feb2024)液態(tài)奶、方便食品、軟飲料、啤酒及調(diào)味品2月以來折扣力度有所加大。液態(tài)奶代表產(chǎn)品的折扣率（實(shí)際到手價(jià)格/平臺(tái)標(biāo)注原價(jià)）平均值/中位值分別由上月末的76.1%/75.3%變化至本周的71.2%/66.6%。方便食品代表產(chǎn)品的折扣率平均值/中位值分別由上月末的89.6%/92.3%變化至本周的86.8%/88.4%。軟飲料代表產(chǎn)品的折扣率平均值/中位值分別由上月末的90.5%/90.0%變化至本周的88.0%/90.0%。啤酒代表產(chǎn)品的折扣率平均值/中位值分別由上月末的81.5%/82.8%變化至本周的80.4%/82.0%。調(diào)味品代表產(chǎn)品的折扣率平均值/中位值分別由上月末的90.7%/100%變化至本周的89.9%/100%。嬰配粉2月以來折扣力度表現(xiàn)穩(wěn)定。嬰配粉代表產(chǎn)品的折扣率平均值/中位值分別由上月末的96.3%/100%變化至月末的96.3%/100%。折扣力度最大的五種代表產(chǎn)品：百威哈啤小麥王（450ml*15/1、蒙牛純牛奶（250ml*16/1、伊利全脂純牛奶（250ml*16/1箱（550ml*12/110度清爽（330ml*24/1箱，最新折扣率分別為50%、52%、58%、63%、66%。近期行業(yè)及重點(diǎn)公司要聞：法國(guó)食品公司達(dá)能正計(jì)劃將其俄羅斯業(yè)務(wù)出售給一名商人。商Mintimer（1.9金龍魚發(fā)布業(yè)績(jī)快報(bào)，20232515元，比降2.3；凈利約28.5億，下降5.4；實(shí)現(xiàn)母非利約13.2元同下降58.5。東鵬飲料發(fā)布公告，鑒于內(nèi)外部環(huán)境等客觀因素發(fā)生變化，結(jié)合公司實(shí)際發(fā)展情況，決定終止本次境外發(fā)行全球存托憑證（GDR）事項(xiàng)。本次終止發(fā)行是為了維護(hù)全體股東的利益，符合公司的整體戰(zhàn)略規(guī)劃及經(jīng)營(yíng)需求。風(fēng)險(xiǎn)提示：宏觀經(jīng)濟(jì)下行，消費(fèi)力疲軟，調(diào)研數(shù)據(jù)存在偏差聞宏偉HongweiWen 宋琦QiSonghongwei.wen@ q.song@(PleaseseeappendixforEnglishtranslationofdisclaimer)圖3軟飲料代表產(chǎn)品折扣率周度變化 圖4啤酒代表產(chǎn)品折扣率周度變化100.0%95.0%90.0%85.0%80.0%75.0%70.0%軟飲料扣率位數(shù) 軟飲料扣率均數(shù)資料來源：多個(gè)電商平臺(tái)，HTI

100.0%95.0%90.0%85.0%80.0%75.0%70.0%啤酒折率中數(shù) 啤酒折率平數(shù)資料來源：多個(gè)電商平臺(tái)，HTI圖5調(diào)味品代表產(chǎn)品折扣率周度變化 圖6嬰配粉代表產(chǎn)品折扣率周度變化100%

100.0%95%

95.0%90%

90.0%85% 85.0%80% 80.0% 調(diào)味品扣率位數(shù) 調(diào)味品折扣率平均數(shù)

嬰配粉扣率位數(shù) 嬰配粉扣率均數(shù)資料來源：多個(gè)電商平臺(tái)，HTI

資料來源：多個(gè)電商平臺(tái)，HTIAPPENDIX1SummaryDiscountsonliquidmilk,conveniencefoods,softdrinks,beerandcondimentshaveincreasedsinceFebruary.Theaverage/mediandiscountrateofliquidmilkproducts(actualprice/platformmarkedoriginalprice)changedfrom76.1%/75.3%attheendoflastmonthto71.2%/66.6%thisweek.Theaverage/mediandiscountrateofconveniencefoodrepresentativeproductschangedfrom89.6%/92.3%attheendoflastmonthto86.8%/88.4%thisweek.Themean/mediandiscountratesofsoftdrinksrepresentativeproductschangedfrom90.5%/90.0%attheendoflastmonthto88.0%/90.0%thisweek.Themean/mediandiscountrateofbeerrepresentativeproductschangedfrom81.5%/82.8%attheendoflastmonthto80.4%/82.0%thisweek.Themean/mediandiscountrateofcondimentrepresentativeproductschangedfrom90.7%/100%attheendoflastmonthto89.9%/100%thisweek.BabypowderhasshownstablediscountsinceFebruary.Theaverage/mediandiscountrateofbabypowderproductschangedfrom96.3%/100%attheendoflastmonthto96.3%/100%attheendoflastmonth.Thefivemostheavilydiscountedproductsrepresent:BudweiserHarbinWheatKing(450ml*15/1box),MengniuPureMilk(250ml*16/1box),YiliWholeMilk(250ml*16/1box),MasterKongpackageddrinkingwater(550ml*12/1box),Yanjing10degreesRefreshing(330ml*24/1box,Thelatestdiscountratesare50%,52%,58%,63%and66%respectively.RecentindustryandKeycompanynews:FrenchfoodcompanyDanoneisplanningtosellitsRussianbusinesstoabusinessman.VaminTatarstan,adairycompanyownedbybusinessmanMintimerMingazov,agreedtopay17.7billionrubles($190million)totakeoverDanone'sRussianoperations.Goldendragonfishreleasedaperformancebulletin,in2023,thecompanyachievedoperatingincomeofabout251.5billionyuan,down2.3%;Netprofitattributabletotheparentwasabout2.85billionyuan,down5.4%yearonyear;Thenon-netprofitattributabletotheparentdeductionwasabout1.32billionyuan,down58.5%year-on-year.DongpengBeverageannouncedthatinviewofthechangesininternalandexternalenvironmentandotherobjectivefactors,combinedwiththeactualdevelopmentofthecompany,itdecidedtoterminatetheoverseasissuanceofglobalDepositaryreceipts(GDR).Theterminationoftheissueisinordertosafeguardtheinterestsofallshareholders,inlinewiththecompany'soverallstrategicplanningandbusinessneeds.Riskwarning:Themacroeconomyisdown,theconsumptionpowerisweak,andthesurveydataarebiased附錄APPENDIX重要信息披露本研究報(bào)告由海通國(guó)際分銷，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，聞宏偉，在此保證（i）本研究報(bào)告中的意見準(zhǔn)確反映了我們對(duì)本研究中提及的任何或所有目標(biāo)公司或上市公司的個(gè)人觀點(diǎn)，并且（ii）我的報(bào)酬中沒有任何部分與本研究報(bào)告中表達(dá)的具體建議或觀點(diǎn)直接或間接相關(guān)；及就此報(bào)告中所討論目標(biāo)公司的證券，我們（包括我們的家屬）在其中均不持有任何財(cái)務(wù)利益。我和我的家屬（我已經(jīng)告知他們）將不會(huì)在本研究3個(gè)工作日內(nèi)交易此研究報(bào)告所討論目標(biāo)公司的證券。I,HongweiWen,certifythat(i)theviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchandiinopartofmycompensationwas,isorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisresearchreportandthatIincludingmembersofmyhouseholdhavenofinancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussedIandmyhousehold,whomIhavealreadynotifiedofthis,willnotdealinortradeanysecuritiesinrespectoftheissuerthatIreviewwithin3businessdaysaftertheresearchreportispublished.我，宋琦，在此保證（i）本研究報(bào)告中的意見準(zhǔn)確反映了我們對(duì)本研究中提及的任何或所有目標(biāo)公司或上市公司的個(gè)人觀點(diǎn)，并且（ii）我的報(bào)酬中沒有任何部分與本研究報(bào)告中表達(dá)的具體建議或觀點(diǎn)直接或間接相關(guān)；及就此報(bào)告中所討論目標(biāo)公司的證券，我們（包括我們的家屬）在其中均不持有任何財(cái)務(wù)利益。我和我的家屬（我已經(jīng)告知他們）將不會(huì)在本研究報(bào)3個(gè)工作日內(nèi)交易此研究報(bào)告所討論目標(biāo)公司的證券。I,QiSong,certifythat(itheviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchandiinopartofmycompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisresearchreport;andthatI(includingmembersofmyhousehold)havenofinancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussed.Iandmyhousehold,whomIhavealreadynotifiedofthis,willnotdealinortradeanysecuritiesinrespectoftheissuerthatIreviewwithin3businessdaysaftertheresearchreportispublished.利益沖突披露ConflictofInterestDisclosures海通國(guó)際及其某些關(guān)聯(lián)公司可從事投資銀行業(yè)務(wù)和/或?qū)Ρ狙芯恐械奶囟ü善被蚬具M(jìn)行做市或持有自營(yíng)頭寸。就本研究報(bào)告而言，以下是有關(guān)該等關(guān)系的披露事項(xiàng)（以下披露不能保證及時(shí)無遺漏，如需了解及時(shí)全面信息，請(qǐng)發(fā)郵件至ERD-Disclosure@）HTIandsomeofitsaffiliatesmayengageininvestmentbankingand/orserveasamarketmakerorholdproprietarytradingpositionsofcertainstocksorcompaniesinthisresearchreport.Asfarasthisresearchreportisconcerned,thefollowingarethedisclosuremattersrelatedtosuchrelationship(Asthefollowingdisclosuredoesnotensuretimelinessandcompleteness,pleasesendanemailtoERD-Disclosure@iftimelyandcomprehensiveinformationisneeded).貴州茅臺(tái)酒廠集團(tuán)啤酒有限責(zé)任公司,000596.CH,603589.CH,安徽省安糧集團(tuán)有限公司,益海嘉里（上海）國(guó)際貿(mào)易有限公司,600305.CH,600059.CH,內(nèi)蒙古蒙牛乳業(yè)（集團(tuán)）股份有限公司及香港華潤(rùn)(集團(tuán))有限公司上海代表處目前或過去12個(gè)月內(nèi)是海通的客戶。海通向客戶提供非投資銀行業(yè)務(wù)的證券相關(guān)業(yè)務(wù)服務(wù)。貴州茅臺(tái)酒廠集團(tuán)啤酒有限責(zé)任公司000596.CH603589.CH安徽省安糧集團(tuán)有限公司,益海嘉里（上海）國(guó)際貿(mào)易有限公司600305.CH600059.CH內(nèi)蒙古蒙牛乳業(yè)（集團(tuán)）股份有限公and香港華潤(rùn)(集團(tuán))are/wereaclientofHaitongcurrentlyorwithinthepast12months.Theclienthasbeenprovidedfornon-investment-bankingsecurities-relatedservices.603589.CH目前或過去12個(gè)月內(nèi)是海通的客戶。海通向客戶提供非證券業(yè)務(wù)服務(wù)。603589.CHis/wasaclientofHaitongcurrentlyorwithinthepast12months.Theclienthasbeenprovidedfornon-securitiesservices.海通在過去的12個(gè)月中從603589.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。Haitonghasreceivedcompensationinthepast12monthsforproductsorservicesotherthaninvestmentbankingfrom603589.CH.評(píng)級(jí)定義（從2020年7月1日開始執(zhí)行）：海通國(guó)際（以下簡(jiǎn)稱“HTI”）采用相對(duì)評(píng)級(jí)系統(tǒng)來為投資者推薦我們覆蓋的公HTI的評(píng)級(jí)定義。并且HTI發(fā)布分析師觀點(diǎn)的完整信息，投資者應(yīng)仔細(xì)閱讀全文而非僅看評(píng)級(jí)。在任何情況下，分析師的評(píng)級(jí)和研究都不能作為投資建議。投資者的買賣股票的決策應(yīng)基于各自情況（比如投資者的現(xiàn)有持倉）以及其他因素。分析師股票評(píng)級(jí)優(yōu)于大市12-1810%以上，基準(zhǔn)定義如下中性12-18個(gè)月內(nèi)預(yù)期相對(duì)基準(zhǔn)指數(shù)變化不大，基準(zhǔn)定義如下。根據(jù)FINRA/NYSE的評(píng)級(jí)分布規(guī)則，我們會(huì)將中性評(píng)級(jí)劃入持有這一類別。弱于大市12-1810%以上，基準(zhǔn)定義如

評(píng)級(jí)分布RatingDistribution 下各地股票基準(zhǔn)指數(shù)：日本–TOPIX,韓國(guó)–KOSPI,臺(tái)灣–TAIEX,印度–Nifty100,美國(guó)–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)shouldnotbeusedorrelieduponasinvestmentadvice.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–KOSPI,Taiwan–TAIEX,India–Nifty100,US–SP500;forallotherChina-conceptstocks–MSCIChina. 截至2023年12月31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 89.4%9.6%1.0%投資銀行客戶* 3.9%5.1%5.6%*在每個(gè)評(píng)級(jí)類別里投資銀行客戶所占的百分比。上述分布中的買入，中性和賣出分別對(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的評(píng)級(jí)分布規(guī)則，我們才將中性評(píng)級(jí)劃入持有這一類別。請(qǐng)注意在上表中不包含非評(píng)級(jí)的股票。此前的評(píng)級(jí)系統(tǒng)定義（直至2020年6月30日）：買入，未來12-18個(gè)月內(nèi)預(yù)期相對(duì)基準(zhǔn)指數(shù)漲幅在10%以上，基準(zhǔn)定義如下中性，未來12-18FINRA/NYSE的評(píng)級(jí)分布規(guī)則，我們會(huì)將中性評(píng)級(jí)劃入持有這一類別。賣出，未來12-18個(gè)月內(nèi)預(yù)期相對(duì)基準(zhǔn)指數(shù)跌幅在10%以上，基準(zhǔn)定義如下各地股票基準(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,asofDecember31,2023OutperformNeutralUnderperformHTIEquityResearchCoverage89.4%9.6%1.0%IBclients*3.9%5.1%5.6%*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–KOSPI,Taiwan–TAIEX,India–Nifty100;forallotherChina-conceptstocks–MSCIChina.海通國(guó)際非評(píng)級(jí)研究：海通國(guó)際發(fā)布計(jì)量、篩選或短篇報(bào)告，并在報(bào)告中根據(jù)估值和其他指標(biāo)對(duì)股票進(jìn)行排名，或者基于可能的估值倍數(shù)提出建議價(jià)格。這種排名或建議價(jià)格并非為了進(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股進(jìn)行覆蓋及評(píng)級(jí)。海通證券（600837.CH），海通國(guó)際于上海的母公司，也會(huì)于中國(guó)發(fā)布中國(guó)A股的研究報(bào)告。但是，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。這些股票是通過基于質(zhì)量的篩選過程，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（FIN-ESG）數(shù)據(jù)系由盟浪可持續(xù)數(shù)字科技有限責(zé)任公司（以下簡(jiǎn)稱“本公司”）基于合法取得的公開信息評(píng)估而成，本公司對(duì)信息的準(zhǔn)確性及完整性不作任何保證。對(duì)公司的評(píng)估結(jié)果僅供參考，并不構(gòu)成對(duì)任何個(gè)人或機(jī)構(gòu)投資建議，也不能作為任何個(gè)人或機(jī)構(gòu)購(gòu)買、出售或持有相關(guān)金融產(chǎn)品的依據(jù)。本公司不對(duì)任何個(gè)人或機(jī)構(gòu)投資者因使用本數(shù)據(jù)表述的評(píng)估結(jié)果造成的任何直接或間接損失負(fù)責(zé)。第二條盟浪并不因收到此評(píng)估數(shù)據(jù)而將收件人視為客戶，收件人使用此數(shù)據(jù)時(shí)應(yīng)根據(jù)自身實(shí)際情況作出自我獨(dú)立判斷。本數(shù)據(jù)所載內(nèi)容反映的是盟浪在最初發(fā)布本數(shù)據(jù)日期當(dāng)日的判斷，盟浪有權(quán)在不發(fā)出通知的情況下更新、修訂與發(fā)出其他與本數(shù)據(jù)所載內(nèi)容不一致或有不同結(jié)論的數(shù)據(jù)。除非另行說明，本數(shù)據(jù)（如財(cái)務(wù)業(yè)績(jī)數(shù)據(jù)等）僅代表過往表現(xiàn)，過往的業(yè)績(jī)表現(xiàn)不作為日后回報(bào)的預(yù)測(cè)。第三條本數(shù)據(jù)版權(quán)歸本公司所有，本公司依法保留各項(xiàng)權(quán)利。未經(jīng)本公司事先書面許可授權(quán)，任何個(gè)人或機(jī)構(gòu)不得將本數(shù)據(jù)中的評(píng)估結(jié)果用于任何營(yíng)利性目的，不得對(duì)本數(shù)據(jù)進(jìn)行修改、復(fù)制、編譯、匯編、再次編輯、改編、刪減、縮寫、節(jié)選、發(fā)行、出租、展覽、表演、放映、廣播、信息網(wǎng)絡(luò)傳播、攝制、增加圖標(biāo)及說明等，否則因此給盟浪或其他第三方造成損失的，由用戶承擔(dān)相應(yīng)的賠償責(zé)任，盟浪不承擔(dān)責(zé)任。第四條如本免責(zé)聲明未約定，而盟浪網(wǎng)站平臺(tái)載明的其他協(xié)議內(nèi)容（如《盟浪網(wǎng)站用戶注冊(cè)協(xié)議》《盟浪網(wǎng)用戶服務(wù)（含認(rèn)證）協(xié)議》《盟浪網(wǎng)隱私政策》等）有約定的，則按其他協(xié)議的約定執(zhí)行；若本免責(zé)聲明與其他協(xié)議約定存在沖突或不一致的，則以本免責(zé)聲明約定為準(zhǔn)。SusallWaveFIN-ESGDataServiceDisclaimer:PleasereadthesetermsandconditionsbelowcarefullyandconfirmyouragreementandacceptancewiththesetermsbeforeusingSusallWaveFIN-ESGDataService.FIN-ESGDataisproducedbySusallWaveDigitalTechnologyCo.,Ltd.(Inshort,SusallWave)’sassessmentbasedonlegalpubliclyaccessibleinformation.SusallWaveshallnotberesponsibleforanyaccuracyandcompletenessoftheinformation.Theassessmentresultisforreferenceonly.Itisnotforanyinvestmentadviceforanyindividualorinstitutionandnotforbasisofpurchasing,sellingorholdinganyrelativefinancialproducts.WewillnotbeliableforanydirectorindirectlossofanyindividualorinstitutionasaresultofusingSusallWaveFIN-ESGData.SusallWavedonotconsiderrecipientsascustomersforreceivingthesedata.Whenusingthedata,recipientsshallmakeyourownindependentjudgmentaccordingtoyourpracticalindividualstatus.Thecontentsofthedatareflectthejudgmentofusonlyonthereleaseday.Wehaverighttoupdateandamendthedataandreleaseotherdatathatcontainsinconsistentcontentsordifferentconclusionswithoutnotification.Unlessexpresslystated,thedata(e.g.,financialperformancedata)representspastperformanceonlyandthepastperformancecannotbeviewedasthepredictionoffuturereturn.ThecopyrightofthisdatabelongstoSusallWave,andwereserveallrightsinaccordancewiththelaw.Withoutthepriorwrittenpermissionofourcompany,noneofindividualorinstitutioncanusethesedataforanyprofitablepurpose.Besides,noneofindividualorinstitutioncantakeactionssuchasamendment,replication,translation,compilation,re-editing,adaption,deletion,abbreviation,excerpts,issuance,rent,exhibition,performance,projection,broadcast,informationnetworktransmission,shooting,addingiconsandinstructions.IfanylossofSusallWaveoranythird-partyiscausedbythoseactions,usersshallbearthecorrespondingcompensationliability.SusallWaveshallnotberesponsibleforanyloss.Ifanytermisnotcontainedinthisdisclaimerbutwritteninotheragreementsonourwebsite(e.g.UserRegistrationProtocolofSusallWaveWebsite,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）持有第4類受規(guī)管活動(dòng)（就證券提供意見）HTISGLHaitongInternational(JapanK.K.（“HTIJKK”）的協(xié)助下發(fā)行，HTIJKK是由日本關(guān)東財(cái)務(wù)局監(jiān)管為投資顧問。印度證券的研究報(bào)告：SecuritiesandExchangeBoardofIndia（“SEBI”）監(jiān)管的HaitongSecuritiesIndiaPrivateLimited（“HTSIPL”）所發(fā)BSELimited（“BSE”）和NationalStockExchangeofIndiaLimited（“NSE”）上市公司（統(tǒng)稱為「印度交易所」）的研究報(bào)告。HTSIPL于2016年1222日被收購(gòu)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。本文件所載信息和觀點(diǎn)已被編譯或源自可靠來源，但HTIRL、HTISCL或任何其他屬于海通國(guó)際證券集團(tuán)有限公司（“HTISG”）的成員對(duì)其準(zhǔn)確性、完整性和正確性不做任何明示或暗示的聲明或保證。本文件中所有觀點(diǎn)均截至本報(bào)告日期，如有更改，恕不另行通知。本文件僅供參考使用。文件中提及的任何公司或其股票的說明并非意圖展示完整的內(nèi)容，本文件并非/不應(yīng)被解釋為對(duì)證券買賣的明示或暗示地出價(jià)或征價(jià)。在某些司法管轄區(qū)，本文件中提及的證券可能無法進(jìn)行買賣。如果投資產(chǎn)品以投資者本國(guó)貨幣以外的幣種進(jìn)行計(jì)價(jià)，則匯率變化可能會(huì)對(duì)投資產(chǎn)生不利影響。過去的表現(xiàn)并不一定代表將來的結(jié)果。某些特定交易，包括設(shè)計(jì)金融衍生工具的，有產(chǎn)生重大風(fēng)險(xiǎn)的可能性，因此并不適合所有的投資者。您還應(yīng)認(rèn)識(shí)到本文件中的建議并非為您量身定制。分析師并未考慮到您自身的財(cái)務(wù)情況，如您的財(cái)務(wù)狀況和風(fēng)險(xiǎn)偏好。因此您必須自行分析并在適用的情況下咨詢自己的法律、稅收、會(huì)計(jì)、金融和其他方面的專業(yè)顧問，以期在投資之前評(píng)估該項(xiàng)建議是否適合于您。若由于使用本文件所載的材料而產(chǎn)生任何直接或間接的損失，HTISG及其董事、雇員或代理人對(duì)此均不承擔(dān)任何責(zé)任。除對(duì)本文內(nèi)容承擔(dān)責(zé)任的分析師除外，HTISG及我們的關(guān)聯(lián)公司、高級(jí)管理人員、董事和雇員，均可不時(shí)作為主事人就本文件所述的任何證券或衍生品持有長(zhǎng)倉或短倉以及進(jìn)行買賣。HTISG的銷售員、交易員和其他專業(yè)人士均可向HTISG的相關(guān)客戶和公司提供與本文件所述意見相反的口頭或書面市場(chǎng)評(píng)論意見或交易策略。HTISG可做出與本文件所述建議或意見不一致的投資決策。但HTIRL沒有義務(wù)來確保本文件的收件人了解到該等交易決定、思路或建議。請(qǐng)?jiān)L問海通國(guó)際網(wǎng)站，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：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、公開露面和自營(yíng)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”)負(fù)責(zé)分發(fā)該研究報(bào)告，HTISCL是在香港有權(quán)實(shí)施第1類受規(guī)管活動(dòng)（從事證券交易）的持牌公司。該研究報(bào)告并不構(gòu)成《證券及期貨條例》（571章）（以下簡(jiǎn)稱“SFO”）SFO所界定的“專業(yè)投資者”。本研究報(bào)告未經(jīng)過證券及HTISCL銷售人員。美國(guó)投資者的通知事項(xiàng)：HTIRL，HSIPLHTIJKKHTIRL，HSIPL，HTIJKKHTISG美國(guó)聯(lián)營(yíng)公司，均未在美國(guó)注冊(cè)，因此不受美國(guó)關(guān)于研究報(bào)告編制和研1934年“美國(guó)證券交易法”第15a-6條規(guī)定的豁免注冊(cè)的「美國(guó)主要機(jī)構(gòu)投資者」（“MajorU.SInstitutionalInvestor”）和「機(jī)構(gòu)投資者」（”U.SInstitutionalInvestors”）。在向美國(guó)機(jī)構(gòu)投資者分發(fā)研究報(bào)告時(shí)，HaitongInternationalSecuritiesUSAInc（“HTIUSA”）HTIUSA。HTIUSA340MadisonAvenue,12thFloorNewYorkNY10173，電話（212）351-6050。HTIUSAU.SSecuritiesandExchangeCommission（“SEC”）FinancialIndustryRegulatoryAuthorityInc.（“FINRA”）的成員。HTIUSA不負(fù)責(zé)編寫HSIPL，HTIRLHTIJKK直接進(jìn)行買賣證券或相HSIPL，HTIRLHTIJKKFINRAFINRA2241條規(guī)定的與目標(biāo)公司的交流，公開露面和分析師賬戶持有的交易證券等限制。投資本研究報(bào)告中討論的任何非美國(guó)證券或相關(guān)金融工具（包括ADR）可能存在一定風(fēng)險(xiǎn)。非美國(guó)發(fā)行的證券可能沒有注冊(cè)，或不受美國(guó)法規(guī)的約束。有關(guān)非美國(guó)證券或相關(guān)金融工具的信息可能有限制。外國(guó)公司可能不受審計(jì)和匯報(bào)的標(biāo)準(zhǔn)以及與美國(guó)境內(nèi)生效相符的監(jiān)管要求。本研究報(bào)告中以美元以外的其他貨幣計(jì)價(jià)的任何證券或相關(guān)金融工具的投資或收益的價(jià)值受匯率波動(dòng)的影響，可能對(duì)該等證券或相關(guān)金融工具的價(jià)值或收入產(chǎn)生正面或負(fù)面影響。美國(guó)收件人的所有問詢請(qǐng)聯(lián)系：HaitongInternationalSecurities(USA)Inc.340MadisonAvenue,12thFloorNewYork,NY10173聯(lián)系人電話：(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.Theva