新能源汽車行業(yè)市場(chǎng)前景及投資研究報(bào)告：國(guó)內(nèi)新能源汽車價(jià)格體系

國(guó)內(nèi)新能源汽車價(jià)格體系初步形成(Preliminary

Formation

of

the

NEVPrice

System

in

China)20

Dec

2023結(jié)論1、我們認(rèn)為目前國(guó)內(nèi)新能源汽車的價(jià)格體系初步形成。2、各整車品牌陸續(xù)在價(jià)格和銷量之間找到平衡點(diǎn)，進(jìn)而確定了各自的價(jià)格帶，也進(jìn)一步約束了后續(xù)的車型規(guī)劃。3、一線品牌獲得了較大的發(fā)展空間，有望延續(xù)強(qiáng)勢(shì)，鞏固甚至擴(kuò)大領(lǐng)先地位。4、二線品牌依靠性價(jià)比保障銷量，財(cái)務(wù)上仍有壓力，以時(shí)間換空間。5、新進(jìn)入品牌需要投入更大的資源在產(chǎn)品、營(yíng)銷、技術(shù)等多方面贏得消費(fèi)者的認(rèn)可，完成向主流品牌的進(jìn)階。2概要1.

新勢(shì)力品牌的價(jià)格體系2.

自主品牌的價(jià)格體系3.

外資品牌的價(jià)格體系4.

投資機(jī)會(huì)與重點(diǎn)公司分析31.

新勢(shì)力品牌的價(jià)格體系截至2023年7月，理想品牌在售3款車型，價(jià)格區(qū)間為31.98-45.98萬元，考慮到車型銷量比較接近，我們認(rèn)為售價(jià)分布相對(duì)均衡。圖：理想汽車2023年1-7月交付量（輛）40000350003000025000200001500010000500001月2月3月4月5月6月7月4資料：理想汽車官網(wǎng)，HTI1.新勢(shì)力品牌的價(jià)格體系截至2023年7月，蔚來品牌在售6款車型，價(jià)格區(qū)間29.8-59.8萬元，考慮到新ES6銷量占比較高，我們認(rèn)為平均售價(jià)在30-40萬元區(qū)間更為集中。圖：蔚來品牌2023年1-7月交付量（輛）25000200001500010000500001月2月3月4月5月6月7月5資料：蔚來汽車官網(wǎng)，HTI1.新勢(shì)力品牌的價(jià)格體系截至2023年7月，小鵬品牌在售6款車型，價(jià)格區(qū)間14.89-41.99萬元，考慮到G6銷量占比較高，我們認(rèn)為平均售價(jià)在21-30萬元區(qū)間更為集中。圖：小鵬汽車2023年1-7月交付量（輛）1200010000800060004000200001月2月3月4月5月6月7月6資料：小鵬汽車官網(wǎng)，HTI1.

新勢(shì)力品牌的價(jià)格體系截至2023年7月，極氪品牌在售3款車型，價(jià)格區(qū)間18.98-58.8萬元，考慮到極氪001銷量占比較高，我們認(rèn)為平均售價(jià)在27-35萬元區(qū)間更為集中。圖：極氪汽車2023年1-7月交付量（輛）140001200010000800060004000200001月2月3月4月5月6月7月7資料：極氪官網(wǎng)，SUV汽車網(wǎng)，HTI1.

新勢(shì)力品牌的價(jià)格體系截至2023年7月，埃安品牌在售5款車型，價(jià)格區(qū)間11.98-44.96萬元，考慮到AION

S銷量占比較高，我們認(rèn)為平均售價(jià)在13-17萬元區(qū)間更為集中。圖：廣汽埃安2023年1-7月銷量（輛）500004500040000350003000025000200001500010000500001月2月3月4月5月6月7月8資料：埃安官網(wǎng)，埃安官方微博，HTI1.

新勢(shì)力品牌的價(jià)格體系截至2023年7月，零跑品牌在售4款車型，價(jià)格區(qū)間5.99-20.98萬元，考慮到C11銷量占比較高，我們認(rèn)為平均售價(jià)在15-20萬元區(qū)間更為集中。圖：零跑汽車2023年3-7月交付量（輛）16000140001200010000800060004000200003月4月5月6月7月9資料：零跑汽車官網(wǎng)，HTI1.

新勢(shì)力品牌的價(jià)格體系截至2023年7月，深藍(lán)品牌在售2款車型，價(jià)格區(qū)間14.59-20.29萬元，考慮到兩款車價(jià)格較為接近，我們認(rèn)為平均售價(jià)在15-20萬元區(qū)間更為集中。圖：深藍(lán)汽車2023年1-7月交付量（輛）140001200010000800060004000200001月2月3月4月5月6月7月10資料博，HTI：深藍(lán)汽車官網(wǎng)，深藍(lán)汽車官方微概要1.

新勢(shì)力品牌的價(jià)格體系2.

自主品牌的價(jià)格體系3.

外資品牌的價(jià)格體系4.

投資機(jī)會(huì)與重點(diǎn)公司分析112.

自主品牌的價(jià)格體系截至2023年7月，比亞迪品牌在售車型約20款，價(jià)格區(qū)間7.38-33.18萬元，考慮到大部分車型均較為暢銷，我們認(rèn)為平均售價(jià)在10-20萬元區(qū)間更為集中。圖：比亞迪汽車2023年1-7月銷量（輛）3000002500002000001500001000005000001月2月3月4月5月6月7月12資料：比亞迪汽車月度銷量公告，HTI2.

自主品牌的價(jià)格體系截至2023年7月，騰勢(shì)品牌在售3款車型，價(jià)格區(qū)間30.18-46.58萬元，考慮到D9銷量占比較高，我們認(rèn)為平均售價(jià)在35-45萬元區(qū)間更為集中。圖：騰勢(shì)汽車2023年1-7月銷量（輛）1200010000800060004000200001月2月3月4月5月6月7月13資料博，HTI：騰勢(shì)汽車官網(wǎng)，騰勢(shì)汽車官方微2.

自主品牌的價(jià)格體系截至2023年7月，吉利品牌銀河系列在售1款車型，價(jià)格區(qū)間13.87-17.37萬元，考慮到第二款車型預(yù)售價(jià)格12.8-15.8萬元，我們認(rèn)為平均售價(jià)在13-17萬元區(qū)間更為集中。圖：吉利銀河系列2023年6-7月銷量（輛）10100100009900980097009600950094006月7月14資料：吉利銀河汽車官網(wǎng)，HTI2.

自主品牌的價(jià)格體系截至2023年7月，五菱品牌在售4款車型，價(jià)格區(qū)間4.38-9.99萬元，考慮到售價(jià)較為接近，我們認(rèn)為平均售價(jià)在4-7萬元區(qū)間更為集中。圖：五菱繽果2023年3-7月銷量（輛）25000200001500010000500003月4月5月6月7月15資料：五菱汽車官網(wǎng)，五菱汽車微博，HTI2.

自主品牌的價(jià)格體系截至2023年7月，長(zhǎng)安品牌在售4款車型，價(jià)格區(qū)間4.99-21.59萬元，考慮到Lumin銷量占比較高，我們認(rèn)為平均售價(jià)在5-10萬元區(qū)間更為集中。圖：長(zhǎng)安Lumin2023年1-7月交付量（輛）140001200010000800060004000200001月2月3月5月7月16資料：長(zhǎng)安汽車官網(wǎng)，長(zhǎng)安汽車微信公眾號(hào)，長(zhǎng)安汽車微信小程序，HTI概要1.

新勢(shì)力品牌的價(jià)格體系2.

自主品牌的價(jià)格體系3.

外資品牌的價(jià)格體系4.

投資機(jī)會(huì)與重點(diǎn)上市公司173.

外資品牌的價(jià)格體系截至2023年7月，特斯拉品牌在售4款車型，價(jià)格區(qū)間25.99-83.89萬元，考慮到Model

3和Model

Y銷量占比較高，我們認(rèn)為平均售價(jià)在25-30萬元區(qū)間更為集中。圖：特斯拉2023年1-7月銷量（輛）90000800007000060000500004000030000200001000001月2月3月4月5月6月7月18資料：特斯拉中國(guó)官網(wǎng)，SUV汽車網(wǎng)，HTI3.

外資品牌的價(jià)格體系截至2023年7月，大眾品牌ID系列在售5款車型，價(jià)格區(qū)間12.59-33.69萬元，考慮到ID.3銷量占比較高，我們認(rèn)為平均售價(jià)在15-20萬元區(qū)間更為集中。圖：大眾汽車ID系列2023年1-7月銷量（輛）140001200010000800060004000200001月2月3月4月5月6月7月19資料：大眾汽車中國(guó)官網(wǎng)，上汽大眾官網(wǎng)，SUV汽車網(wǎng)，HTI概要1.

新勢(shì)力品牌的價(jià)格體系2.

自主品牌的價(jià)格體系3.

外資品牌的價(jià)格體系4.

投資機(jī)會(huì)與重點(diǎn)上市公司204.投資機(jī)會(huì)我們認(rèn)為國(guó)內(nèi)新能源汽車市場(chǎng)的價(jià)格體系基本形成，品牌梯隊(duì)逐漸清晰化，第一梯隊(duì)有望持續(xù)獲得先發(fā)優(yōu)勢(shì)，新進(jìn)入者的難度在增加。圖：2023年國(guó)內(nèi)新能源汽車品牌梯隊(duì)資料：HTI214.投資機(jī)會(huì)我們認(rèn)為主要存在以下三類投資機(jī)會(huì)：

一線品牌依托銷量規(guī)模和品牌溢價(jià)，財(cái)務(wù)表現(xiàn)值得期待。

二線品牌通過優(yōu)化車型序列和品牌標(biāo)簽，銷量規(guī)模仍有提升空間。

對(duì)于旗下?lián)碛卸鄠€(gè)品牌的整車廠，品牌架構(gòu)分布合理，中長(zhǎng)期的天花板更高。224.重點(diǎn)公司分析吉利汽車近年來銷量規(guī)模一直保持較高水平，新能源汽車的占比于2022年達(dá)到23%，2023年1-7月進(jìn)一步提升至24%。我們認(rèn)為吉利汽車的品牌架構(gòu)較為合理且清晰，技術(shù)平臺(tái)也逐漸成形，隨著“智能吉利2025”戰(zhàn)略的逐步落地，新能源汽車銷量增長(zhǎng)有望提速，整體營(yíng)收和歸母凈利潤(rùn)有望持續(xù)增長(zhǎng)。我們預(yù)計(jì)公司

2023-2025

年的歸母凈利潤(rùn)分別為46.3億元、90.4

億元、169.3

億元，EPS分別為

0.46

元、0.90元、1.68元，給予

2023年

25-30

倍

PE，對(duì)應(yīng)合理價(jià)值區(qū)間

12.67-15.20

港元（按

1港元=0.9080人民幣），給予“優(yōu)于大市”評(píng)級(jí)。風(fēng)險(xiǎn)提示：新車銷量風(fēng)險(xiǎn)，價(jià)格戰(zhàn)風(fēng)險(xiǎn)，原材料漲價(jià)風(fēng)險(xiǎn)表：吉利汽車主要財(cái)務(wù)數(shù)據(jù)及預(yù)測(cè)202120222023E2024E2025E營(yíng)業(yè)收入（百萬元）(+/-)YoY(%)10161110.3%484714796545.6%526018905727.8%463426684341.1%904036928538.4%1693487.3%1.68凈利潤(rùn)（百萬元）(+/-)YoY(%)-12.4%0.488.5%-11.9%0.4695.1%0.90全面攤薄EPS(元)毛利率(%)0.5217.1%7.07%14.1%7.00%14.0%5.81%15.0%10.18%16.0%16.01%凈資產(chǎn)收益率(%)備注：凈利潤(rùn)為歸屬母公司所有者的凈利潤(rùn)資料：吉利汽車月度銷量公告，吉利汽車年23報(bào)（2021-2022），HTI風(fēng)險(xiǎn)提示宏觀環(huán)境風(fēng)險(xiǎn)，技術(shù)重大突破風(fēng)險(xiǎn)，競(jìng)爭(zhēng)加劇風(fēng)險(xiǎn)。24APPENDIX

2重要信息披露本研究報(bào)告由(HTISCL)的證券研究團(tuán)隊(duì)所組成的全球品牌，國(guó)際分銷，國(guó)際是由國(guó)際研究有限公司(HTIRL

)，Haitong

Securities

India

Priva

te

Limited

(HSIPL)，Haitong

International

Japa

n

K.K.

(HTIJKK)和國(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)。國(guó)際證券有限公司IMPORTANT

DISCLOSURESThis

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brand

name

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equity

research

teams

ofHaitong

International

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(“HTIRL”),

HaitongSecurities

India

Private

Limited(“HSIPL”),

Haitong

International

Japan

K.K.

(“HTIJKK”),

Haitong

International

Securities

Company

Limited

(“HTISCL”),

andany

other

members

within

the

Haitong

International

Securities

Group

of

Companies(“HTISG”),

each

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engage

in

securitiesactivities

in

its

respective

jurisdiction.HTIRL分析師認(rèn)證AnalystCertification:我，

王猛，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)告發(fā)布后的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,

Meng

Wa

ng,

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(i)

the

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expressed

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accurately

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views

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any

or

all

of

the

subjectcompanies

or

issuers

referred

to

in

this

research

and

(ii)

no

pa

rt

of

my

compensation

was,

is

or

will

be

directly

or

indirectly

rela

ted

to

the

specific

recommendations

or

views

expressed

in

this

researchreport;

and

that

I

(including

members

of

my

household)

have

no

financial

interest

in

the

security

orsecurities

of

the

subject

companies

discussed.

I

and

my

household,

whom

I

ha

ve

already

notified

ofthis,will

not

deal

in

ortrade

any

securities

inrespect

of

the

issuer

that

I

review

within

3

business

days

afterthe

research

report

is

published.2APPENDIX

2利

益沖突披露Conflict

of

Interest

Disclosures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@）HTI

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or

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ERD-Disclosure@

if

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needed).廣東小鵬汽車科技有限公司

及

杭州塞帕思投資管理有限公司－塞帕思特斯拉指數(shù)增強(qiáng)私募證券投資基金目前或過去12個(gè)月內(nèi)是的客戶。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)。廣東小鵬汽車科技有限公司

and

杭州塞帕思投資管理有限公司－塞帕思特斯拉指數(shù)增強(qiáng)私募證券投資基金

are/were

a

client

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Haitong

currently

or

within

the

past

12months.

The

client

has

been

provided

for

non-investment-banking

securities-related

services.在過去的12個(gè)月中從杭州塞帕思投資管理有限公司－塞帕思特斯拉指數(shù)增強(qiáng)私募證券投資基金獲得除投資銀行服務(wù)以外之產(chǎn)品或服務(wù)的報(bào)酬。Haitong

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banking

from

杭州塞帕思投資管理有限公司－塞帕思特斯拉指數(shù)增強(qiáng)私募證券投資基金.3APPENDIX

2評(píng)

級(jí)

定義（從2020年

7月1日

開始執(zhí)行）：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司：優(yōu)于大市、中性或弱于大市。投資者應(yīng)仔細(xì)閱讀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，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12-18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，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,

美國(guó)

–SP500;

其

他所有中國(guó)概念股–MSCI

China.Ratings

Definitions(from1

Jul

2020):Haitong

International

uses

a

relative

rating

system

using

Outperform,

Neutral,

or

Underperform

for

recommending

the

stocks

we

cover

to

investors.Investors

should

carefully

re

ad

the

definitions

of

all

ratings

used

in

Haitong

International

Research.

In

addition,

since

Haitong

International

Researchcontains

more

complete

information

concerning

the

analyst's

views,

investors

should

carefully

re

ad

Haitong

International

Research,

in

its

entirety,

andnot

infer

the

contents

from

the

rating

alone.

In

any

case,

ratings

(or

research)

should

not

be

used

or

relied

upon

as

investment

advice.

An

investor'sdecision

to

buy

or

sell

a

stock

should

depend

on

individual

circumstances

(such

as

the

investor's

existing

holdings)

andotherconsiderations.Analyst

Stock

RatingsOutperform:

The

stock’s

total

return

over

the

next

12-18

months

is

expected

to

ex

ce

ed

the

return

of

its

relevant

broad

market

benchmark,

as

indicatedbelow.Neutral:

The

stock’s

total

return

over

the

next

12-18

months

is

expected

to

be

in

line

with

the

return

of

its

relevant

broad

market

benchmark,

asindicated

below.

Forpurposes

only

of

FINRA/NYSEratings

distribution

rules,

ourNeutral

rating

falls

into

a

hold

ratingcategory.Underperform:

The

stock’s

total

re

turn

over

the

next

12-18

months

is

expected

to

be

below

the

re

turn

of

its

relevant

broad

market

benchmark,

as4indicated

below.Benchmarks

for

each

stock’s

listed

region

are

as

follows:

Japan

–

TOPIX,

Korea

–

KOSPI,

Taiwan

–

TAIEX,

India–

Nifty100,

US

–

SP500;

forall

otherChina-concept

stocks

–

MSCI

China.APPENDIX

2評(píng)

級(jí)分布Rating

Distribution5APPENDIX

2截至2023年9月30日國(guó)際股票研究評(píng)級(jí)分布優(yōu)于大市中性(持有)弱于大市國(guó)際股票研究覆蓋率投

資

銀行客戶*89.3%1.1%9.6%3.9%5.8%10.0%*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12-18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。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–MSCI

China.Haitong

International

Equity

Research

RatingsDistribution,

asofSep

30,

2023Outperform

NeutralUnderperform(hold)1.1%5.8%HTI

Equity

Research

Coverage

89.3%IB

clients*

3.9%9.6%10.0%*Percentage

of

investment

banking

clients

in

each

rating

category.BUY,

Neutral,

and

SELL

in

the

above

distributioncorrespond

to

our

current

ratings

of

Outperform,

Neutral,

and

Underperform.For

purposes

only

of

FINRA/NYSE

ratings

distribution

rules,

our

Neutral

rating

fall

s

into

a

hold

rating

category.

Please

note

that

stocks

with

an

NRdesignation

are

not

included

in

the

table

above.Previousrating

system

definitions(until

30

Jun

2020):BUY:

The

stock’s

total

return

overthe

next

12-18

months

is

expected

to

exceed

the

return

of

its

relevant

broad

market

benchmark,

as

indicated

below.NEUTRAL:

The

stock’s

total

return

over

the

next

12-18

months

is

expected

to

be

in

line

with

the

return

of

its

relevant

broad

market

benchmark,

asindicated

below.

Forpurposes

only

of

FINRA/NYSEratings

distribution

rules,

ourNeutral

ratingfalls

into

a

hold

ratingcategory.SELL:

The

stock’s

total

return

over

the

next

12-18

months

is

expected

to

be

below

the

return

of

its

relevant

broad

market

benchmark,

as

indicatedbelow.Benchmarksfor

each

stock’s

listed

region

are

asfollows:

Japan–

TOPIX,

Korea

–

KOSPI,

Taiwan

–

TAIEX,India

–

Nifty100;

for

allother

China-conceptstocks

–

MSCI

China.6APPENDIX

2國(guó)際非評(píng)級(jí)研究：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。Haitong

InternationalNon-Rated

Research:

Haitong

International

publishes

quanti

tati

ve,

screening

or

short

reports

which

may

rank

stocks

according

to

valuation

andother

metrics

or

may

suggest

prices

based

on

possible

val

uati

on

mul

ti

pl

es

.

Such

ra

nki

ngs

or

suggested

prices

do

not

purport

to

be

stock

rati

ngs

or

target

prices

orfundamental

values

and

are

for

information

only.國(guó)際A股覆蓋：中國(guó)A股的研究報(bào)告。但是，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)。國(guó)際使用與

證券不同的評(píng)級(jí)系統(tǒng)，所以

國(guó)際與證券（600837.CH），

國(guó)際于上海的母公司，也會(huì)于中國(guó)發(fā)布證券的中國(guó)A股評(píng)級(jí)可能有所不同。Haitong

International

Coverage

of

A-Shares:

Haitong

International

may

cover

and

rate

A-Shares

that

are

s

ubj

ect

to

the

Hong

Kong

Stock

Connect

scheme

wi

thShanghai

and

Shenzhen.

Haitong

Securi

ti

es

(HS;

600837

CH),

the

ultimate

parent

company

of

HTISG

based

in

Shanghai,

covers

and

publishes

research

on

these

sameA-Shares

for

distribution

in

mainland

Chi

na

.

However,

the

rating

s

ys

tem

employed

by

HS

differs

from

that

used

by

HTI

and

as

a

resul

t

there

may

be

a

difference

in

theHTI

and

HS

ratings

for

the

same

A-sharestocks.國(guó)際優(yōu)質(zhì)100

A股（Q100）指數(shù)：國(guó)際Q100指數(shù)是一個(gè)包括100支由證券覆蓋的優(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)

證券A股團(tuán)隊(duì)自下而上的研究。國(guó)際每季對(duì)Q100指數(shù)成分作出復(fù)審。Haitong

International

Quality

100

A-share

(Q100)

Index:

HTI’s

Q100

Index

is

a

quant

product

that

consi

s

ts

of

100

of

the

highest-quality

A-shares

under

coverage

atHS

in

Shanghai.

These

stocks

are

carefully

s

el

ected

through

a

quality-based

screening

proces

s

in

combi

nati

on

wi

th

a

review

of

the

HS

A-share

team’s

bottom-upresearch.The

Q100

constituent

companies

are

revi

ewed

quarterly.7APPENDIX

2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)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)。SusallWave

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read

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terms

and

condi

ti

ons

below

carefully

and

confirm

your

agreement

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acceptance

with

these

termsbefore

usingSusallWaveFIN-ESG

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is

produced

by

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Digital

Technology

Co.,

Ltd.

(In

short,

SusallWave)’s

assessment

based

on

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publicly

accessible

information.

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the

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result

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vi

dual

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nsti

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ng

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oss

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elease

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amendment,

replication,translation,

compilation,

re-editing,

adapti

on,

deletion,

abbrevi

ati

on,

excerpts,

issuance,

rent,

exhibition,

performance,

projection,

broadcast,

information

networktrans

mis

si

on,

shooting,

adding

icons

and

i

nstructi

ons

.

If

any

loss

of

SusallWave

or

any

third-party

is

ca

us

ed

by

those

actions,

us

ers

shall

bear

the

correspondingcompensation

liability.SusallWaveshallnotbe

responsiblefor

any

loss.4.

If

any

ter

m

is

not

contained

in

this

disclaimer

but

written

in

other

agreements

on

our

website

(

e.g.

User

Registration

Protocol

of

SusallWave

Website,

User

Service(including

authentication)

Agreement

of

SusallWave

Website,

Privacy

Policy

of

Susallwave

Website),

it

shoul

d

be

executed

according

to

other

agreements.

If

there

isany

difference

between

this

disclaim

and

other

agreements,

this

disclaimer

shall

beapplied.8APPENDIX

2重要免責(zé)聲明：非印度證券的研究報(bào)告：本報(bào)告由國(guó)際證券集團(tuán)有限公司（“HTISGL”）的全資附屬公司國(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）的持牌法團(tuán)。該研究報(bào)告在HTISGL的全資附屬公司Haitong

International

(Japan)K.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：本報(bào)告由從事證券交易、投資銀行及證券分析及受Securi

ti

es

and

Exchange

Board

of

Indi

a（“SEBI”）監(jiān)管的Haitong

Securities

Indi

aPrivate

Limited（“HTSIPL”）所發(fā)行，包括制作及發(fā)布涵蓋BSE

Limited（“BSE”）和National

Stock

Exchange

of

India

Li

mi

ted（“NSE”）上市公司（統(tǒng)稱為「印度交易所」）的研究報(bào)告。HTSIPL于2016年12月22日被收購并成為所有研究報(bào)告均以

國(guó)際為名作為全球品牌，經(jīng)許可由

國(guó)際證券股份有限公司及/或本文件所載信息和觀點(diǎn)已被編譯或源自可靠

，但HTIRL、HTISCL或任何其他屬于

國(guó)際證券集團(tuán)有限公司（“HTISG”）的成員對(duì)其準(zhǔn)確性、完整性和國(guó)際證券集團(tuán)有限公司（“HTISG”）的一部分。國(guó)際證券集團(tuán)的其他成員在其司法管轄區(qū)發(fā)布。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問國(guó)際網(wǎng)站，查閱更多有關(guān)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)研究首頁上列明的國(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、公開露面和自營(yíng)證券交易的第2241條規(guī)則之限制。9APPENDIX

2IMPORTANT

DISCLAIMERFor

research

reports

on

non-Indian

securities:

The

research

report

is

issued

by

Haitong

International

Research

Li

mi

ted

(“HTIRL”),

a

wholly

owned

subsidiary

ofHaitong

International

Securities

Group

Li

mi

ted

(“HTISGL”)

and

a

licensed

corporation

to

carry

on

Type

4

regulated

activity

(advising

on

securi

ti

es)

for

the

purpose

ofthe

Securities

and

Futures

Ordinance

(Cap.

571)

of

Hong

Kong,

with

the

assistance

of

Haitong

International

(Japan)

K.K.

(“HTIJKK”),

a

wholly

owned

subsidiary

ofHTISGL

and

which

is

regulated

as

an

Investment

Adviser

by

the

Kanto

FinanceBureau

of

Japan.For

research

reports

on

Indian

securities:

The

research

report

is

issued

by

Haitong

Securi

ti

es

India

Private

Limited

(“HSIPL”),

an

Indian

company

and

a

Securitiesand

Exchange

Board

of

India

(“SEBI”)

registered

Stock

Broker,

Merchant

Banker

and

Research

Analyst

that,

inter

alia,

produces

and

distributes

research

reportscovering

listed

entities

on

the

BSE

Li

mi

ted

(“BSE”)

and

the

National

Stock

Exchange

of

Indi

a

Li

mi

ted

(“NSE”)

(collectively

referred

to

as

“Indi

an

Exchanges”).

HSIPLwas

acquired

and

became

partof

the

Haitong

International

Securities

Group

of

Companies

(“HTISG”)

on

22

December

2016.All

the

research

reports

are

globally

branded

under

the

name

Haitong

International

and

approved

for

distribution

by

Haitong

International

Securi

ti

es

CompanyLi

mi

ted

(“HTISCL”)

and/or

any

other

members

within

HTISG

in

their

respective

jurisdictions.The

information

and

opi

ni

ons

contained

in

this

research

report

have

been

compiled

or

arrived

at

from

sources

believed

to

be

r

eliable

and

in

good

faith

but

norepresentation

or

warranty,

express

or

implied,

is

made

by

HTIRL,

HTISCL,

HSIPL,

HTIJKK

or

any

other

members

within

HTISG

from

which

this

research

report

maybe

received,

as

to

their

accuracy,

compl

eten

es

s

or

correctness.

All

opi

ni

ons

expressed

herein

are

as

of

the

date

of

this

research

report

and

are

s

ubj

ect

to

changewithout

notice.

This

research

report

is

for

i

nformati

on

purpose

only.

Des

cri

pti

ons

of

any

companies

or

their

securities

mentioned

her

ein

are

not

intended

to

becomplete

and

this

research

report

is

not,

and

should

not

be

construed

expressly

or

impliedly

as,

an

offer

to

buy

or

s

ell

securities.

The

s

ecuri

ti

es

referred

to

in

thisresearch

report

may

not

be

eligible

for

purchase

or

sale

in

some

jurisdictions.

If

an

investment

product

is

denominated

in

a

currency

other

than

an

investor's

homecurrency,

a

change

in

exchange

rates

may

adversel

y

affect

the

investment.

Past

performance

is

not

necessarily

i

ndi

cati

ve

of

future

results.

Certain

transacti

ons

,including

those

i

nvol

vi

ng

deri

vati

ves

,

give

rise

to

s

ubs

tanti

al

risk

and

are

not

suitable

for

all

investors.

You

should

also

bear

in

mi

nd

that

recommendations

in

thisresearch

report

are

not

tailor-made

for

you.

The

analyst

has

not

taken

into

account

your

unique

financial

ci

rcums

tances

,

such

as

your

fi

na

ncial

situation

and

riskappetite.

You

must,

therefore,

analyze

and

should,

where

applicable,

consul

t

your

own

l

egal

,

tax,

accounting,

fi

nanci

al

and

other

professional

advisers

to

evaluatewhether

the

recommendations

sui

ts

you

before

investment.

Neither

HTISG

nor

any

of

its

directors,

employees

or

agents

accepts

any

liability

whatsoever

for

anydirect

or

consequential

lossarisingfromany

useof

the

materials

contained

in

this

research

report.10APPENDIX

2HTISG

and

our

affiliates,

officers,

directors,

and

employees,

excluding

the

analysts

responsible

for

the

content

of

this

document,

will

from

time

to

time

have

long

orshort

posi

ti

ons

in,

act

as

pri

nci

pal

in,and

buy

or

sell,

the

securi

ti

es

or

deri

vati

ves

,

if

any,

referred

to

in

this

research

report.

Sales,

traders,

and

other

professionals

ofHTISG

may

provide

oral

or

written

market

commentary

or

tra

di

ng

strategies

to

the

relevant

clients

and

the

companies

wi

thi

n

HTISG

that

reflect

opi

ni

ons

that

arecontrary

to

the

opinions

expressed

in

this

research

report.

HTISG

may

make

investment

decisions

that

are

inconsistent

with

the

recommendations

or

viewsexpressed

in

this

research

report.

HTI

is

under

no

obl

i

gati

on

to

ensure

that

such

other

trading

decisions,

ideas

or

recommendations

are

brought

to

the

attention

ofany

recipient

of

this

research

report.Please

refer

to

HTI’s

website

for

further

information

on

HTI

’s

organi

zati

onal

and

administrative

arrangements

set

up

for

the

pr

even

ti

onand

avoidanceofconflicts

of

interest

with

respect

to

Research.Non

U.S.

Analyst

Disclosure:

The

HTI

anal

yst(s)

listed

on

the

cover

of

this

Research