醫(yī)藥行業(yè)市場前景及投資研究報(bào)告：印度PLI計(jì)劃原料藥印度大宗原料藥“China+1”策略

印度大宗原料藥的“China+1”策略——印度PLI計(jì)劃原料藥產(chǎn)業(yè)研究India'sBulkDrug"China+1"

Strategy:AStudyof

India'sPLIScheme2024年8月28日印度PLI計(jì)劃：短期效果并不顯著，關(guān)注長期產(chǎn)能提升?中國是印度維生素、抗生素最大的進(jìn)口國。2020年印度提出PLI計(jì)劃前，印度進(jìn)口的前50大產(chǎn)品中（按進(jìn)口金額），有20個(gè)品種印度的國產(chǎn)比例不足10%。有36個(gè)品種的進(jìn)口高度集中（超過90%）,其中有32個(gè)產(chǎn)品來自于中國。?印度PLI計(jì)劃激勵(lì)53種原料藥/中間體的國內(nèi)自主生產(chǎn)，其中41個(gè)為重點(diǎn)扶持品種，41個(gè)原料藥/中間體的總激勵(lì)規(guī)模為694億盧比（約合8.3億美元）。?截至2024年6月，共有249個(gè)投資項(xiàng)目申報(bào)，48個(gè)項(xiàng)目獲批；相關(guān)投資已超過374億盧比（約合4.5億美元）。?PLI計(jì)劃在最理想情況下，將為印度帶來月10億美元的原料藥銷售增量，大約占2023年印度進(jìn)口大宗原料藥總金額的40%。?PLI計(jì)劃后發(fā)酵類品種印度計(jì)劃新增產(chǎn)能較大，關(guān)注新增產(chǎn)能利用率和產(chǎn)能放量節(jié)奏。Forfulldisclosure

ofrisks,valuationmethodologies

and

target

priceformationon

allHTIrated

stocks,

please

refer

tothe

latest

fullreport

on

our

website

at

2資料：印度海關(guān)，HTI

Research印度PLI計(jì)劃：重點(diǎn)支持41個(gè)原料藥/中間體品種印度政府于2020年批準(zhǔn)PLI計(jì)劃，重點(diǎn)扶持41個(gè)關(guān)鍵原料藥品種在印度本國進(jìn)行生產(chǎn)：2020年3月，印度政府批準(zhǔn)“生產(chǎn)關(guān)聯(lián)激勵(lì)計(jì)劃”（PLI計(jì)劃），該計(jì)劃打算用1.97萬億盧比（約合234億美元，按當(dāng)前匯率，下同）支持14個(gè)關(guān)鍵行業(yè)的生產(chǎn)。其中制藥領(lǐng)域中，印度政府重點(diǎn)激勵(lì)關(guān)鍵原材料（KSMs）、藥物中間體（DIs）和活性藥物成分（APIs）等53種產(chǎn)品的國內(nèi)自主生產(chǎn)，其中41個(gè)為重點(diǎn)扶持品種。41個(gè)品種包括4個(gè)發(fā)酵類原料藥/中間體，9個(gè)發(fā)酵類的小品中原料藥/中間體，4個(gè)關(guān)鍵化學(xué)合成類原料藥/中間體，24個(gè)其他化學(xué)合成類原料藥/中間體。41個(gè)原料藥/中間體的總激勵(lì)規(guī)模為694億盧比（約合8.3億美元），4個(gè)發(fā)酵類原料藥/中間體規(guī)模最大，最大激勵(lì)達(dá)到360億盧比（約合4.3億美元），9個(gè)發(fā)酵類小品種90億盧比（約合1.1億美元），4個(gè)關(guān)鍵化學(xué)合成類96億盧比（約合1.1億美元），24個(gè)其他化學(xué)合成類148億盧比（約合1.8億美元）。其中激勵(lì)規(guī)模較大的品種包括：青霉素G，頭孢菌素C/7-ACA,紅霉素硫氰酸鹽,克拉維酸。印度PLI計(jì)劃中鼓勵(lì)開發(fā)的53種原料藥/中間體分類發(fā)酵類（4個(gè)）克拉維酸紅霉素硫氰酸鹽發(fā)酵類小品種（9個(gè)）利福平其他化學(xué)合成類（24個(gè)）青霉素頭孢菌素C/7-ACA美羅培南阿托伐他汀奧美沙坦纈沙坦替米沙坦阿司匹林雙氯芬酸鈉洛匹那韋左乙拉西坦卡多比巴阿昔洛韋卡馬西平奧卡西平維生素B6左旋多巴按阿昔洛韋新霉素慶大霉素倍他米松地塞米松潑尼松龍克林霉素磷酸酯/鹽酸克林霉素鏈霉素四環(huán)素氯沙坦磺胺嘧啶左氧氟沙星利托那韋環(huán)丙沙星氧氟沙星諾氟沙星青蒿琥酯維生素B1關(guān)鍵化學(xué)合成類（4個(gè)）環(huán)己烷乙二酸（CDA）2-甲基-5-硝基咪唑（2-MNI）雙氰胺（DCDA）對氨基苯酚（PAP）Forfulldisclosure

ofrisks,valuationmethodologies

and

target

priceformationon

allHTIrated

stocks,

please

refer

tothe

latest

fullreport

on

our

website

at

3資料：Government

ofIndia

Ministry

ofChemicalsand

Fertilizers,

DepartmentofPharmaceuticals，HTI

Research.

注：維生素B1原歸類為發(fā)酵類小品中，2022年7月調(diào)整后歸類為其他化學(xué)合成類。印度PLI計(jì)劃前:原料藥/中間體多為從中國進(jìn)口，高度依賴中國總進(jìn)口金額

總進(jìn)口量

印度國產(chǎn)比例對最大進(jìn)口國的依賴百分比（占總進(jìn)口量）原料藥/中間體最大的進(jìn)口國(百萬美元)111.286.668.238.136.232.526.526.523.217.317.015.715.315.115.014.511.711.110.59.8(噸)1,3011,0131,22958（占總消費(fèi)量）<10%1234567859%100%99%克拉維酸鉀阿奇霉素頭孢曲松美羅培南維生素B12利福平中國中國中國中國中國中國中國中國中國中國中國中國德國中國中國中國西班牙墨西哥中國中國中國中國中國中國中國20–40%<10%20–40%<10%<10%<10%>60%>60%<10%<10%20–40%40–60%<10%20–40%40–60%>60%>60%>60%>60%>60%97%

PLI/實(shí)施前印度對中國原料藥

中間體進(jìn)口依賴程度高：根據(jù)PWC數(shù)據(jù)，2020年印度提出PLI計(jì)劃前，印度進(jìn)口的前50大產(chǎn)品中（按進(jìn)口金額）：1）有20個(gè)品種印度的國產(chǎn)比例不足10%。1699%98%30366595669731133164642251958327434100%81%99%阿昔洛韋阿莫西林加巴噴丁潑尼松龍克拉霉素舒巴坦91011121314151617181920212223242588%100%100%96%80%98%236高度集中（超過90%

,））有

個(gè)品種的進(jìn)口其中有

個(gè)產(chǎn)品來自于中國。印度原料藥

中間體產(chǎn)32/替米沙坦強(qiáng)力霉素倍他米松左氧氟沙星頭孢氨芐阿托伐他汀環(huán)丙沙星撲熱息痛纈沙坦品對于中國的進(jìn)口依賴程度較高。3）國產(chǎn)化比例不足10%的品種中，有14個(gè)主要依賴100%99%

中國進(jìn)口（進(jìn)口比例大于90%）。46%97%91%90%100%97%94%55%5222,522689.27.76.8757720–40%>60%頭孢哌酮氯沙坦6.66.42518<10%<10%維生素B1地塞米松Forfulldisclosure

ofrisks,valuationmethodologies

and

target

priceformationon

allHTIrated

stocks,

please

refer

tothe

latest

fullreport

on

our

website

at

4資料：PWC，HTI

Research注：總進(jìn)口金額按1美元=83.92盧比換算；標(biāo)紅原料藥/中間體為印度國產(chǎn)化比例不足10%，且超過90%從中國進(jìn)口的品種印度PLI計(jì)劃3年后：短期效果并不顯著印度6-APA自中國進(jìn)口金額及中國占比，2019-2024年6月印度6-APA自中國進(jìn)口規(guī)模（噸）及中國占比，2019-2024年6月印度青霉素工業(yè)鹽自中國進(jìn)口金額及中國占比，2019-2024年6月印度青霉素工業(yè)鹽自中國進(jìn)口規(guī)模（噸）及中國占比，2019-2024年6月印度從阿聯(lián)酋進(jìn)口728萬美元，占比13%Forfulldisclosure

ofrisks,valuationmethodologies

and

target

priceformationon

allHTIrated

stocks,

please

refer

tothe

latest

fullreport

on

our

website

at

5資料：Ministry

of

Commerce

andIndustry,Departmentof

Commerce；HTI

Research注：6-APA進(jìn)口金額、進(jìn)口量僅包括中國大陸；青霉素工業(yè)鹽中國進(jìn)口金額、進(jìn)口量包括中國大陸+中國香港。印度PLI計(jì)劃：印度產(chǎn)能快速提升值得關(guān)注青霉素及其衍生物全球需求及印度產(chǎn)能計(jì)劃占比時(shí)隔25年，印度重啟青霉素G生產(chǎn)，長期變化值得留意青霉素G鉀鹽是PLI計(jì)劃列入的關(guān)鍵藥物中間體之一。印度在上世紀(jì)90年代失去了這一產(chǎn)品的生產(chǎn)動(dòng)力與本土優(yōu)勢，1998年印度最后一家青霉素工廠關(guān)閉。時(shí)隔25年，印度制藥巨頭Aurobindo

Pharma（阿拉賓度制藥有限公司）獲得PLI計(jì)劃支持，預(yù)計(jì)于2024年4月至6月開始商業(yè)生產(chǎn)。

Aurobindo將在位于安得拉邦的Kakinada投資240億盧比（約合2.9億美元）建設(shè)的年產(chǎn)1.5萬噸青霉素G鉀鹽的工廠。硫氰酸紅霉素全球需求及印度產(chǎn)能計(jì)劃占比根據(jù)Aurobindo

Pharma8Aurobindo已月公布的季度報(bào)顯示：經(jīng)完成其青霉素G工廠計(jì)劃投入Capex的95%，但目前還在設(shè)備調(diào)試當(dāng)中。公司計(jì)劃8月會(huì)生產(chǎn)約20批次,9月再生產(chǎn)30批次。如果這兩個(gè)月的生產(chǎn)順利,公司將能夠從10月開始大幅提升產(chǎn)能。如果一切順利下個(gè)季度的產(chǎn)能爬坡將會(huì)達(dá)到80%左右。截至2024年6月，PLI計(jì)劃相關(guān)的產(chǎn)能建設(shè)中，共有249個(gè)投資項(xiàng)目申報(bào)，48個(gè)項(xiàng)目獲批；相關(guān)投資已超過374億盧比（約合4.5億美元）。Forfulldisclosure

ofrisks,valuationmethodologies

and

target

priceformationon

allHTIrated

stocks,

please

refer

tothe

latest

fullreport

on

our

website

at

6資料：Governmentof

India

Ministry

ofChemicalsandFertilizers,

Department

ofPharmaceuticals，川寧生物招股書，HTI

ResearchPLI激勵(lì)期間最高可為印度帶來每年10億美元的銷售增量PIL激勵(lì)計(jì)劃每年最大激勵(lì)額度為131億盧比（約合1.6億美元），對應(yīng)大約10億美元原料藥/中間體的銷售：1.按照PLI計(jì)劃于2022年修訂后的激勵(lì)計(jì)劃計(jì)算，2023-24財(cái)年(2023年4月1日至2024年3月31日)開始，PLI計(jì)劃最高激勵(lì)金額為131億盧比（約合1.6億美元）。2.發(fā)酵品種將按銷售金額的20%進(jìn)行激勵(lì)，化學(xué)合成品種將按照銷售金額的10%進(jìn)行激勵(lì)。按此計(jì)算，對應(yīng)發(fā)酵品最高激勵(lì)年銷售金額為450億盧比（約合5.4億美元），化學(xué)合成品種最高激勵(lì)年銷售金額為410億盧比（約合4.9億美元）。PLI計(jì)劃在最理想情況下，將為印度帶來月10億美元的原料藥銷售額增長，大約占2023年印度進(jìn)口大宗原料藥總金額（抗生素+維生素+激素類總進(jìn)口金額25.9億美元）的40%左右。印度PLI計(jì)劃中的10種主要從中國進(jìn)口的原料藥規(guī)模（百萬美元）單位：發(fā)酵類發(fā)酵類小品種

關(guān)鍵化學(xué)合成

其他化學(xué)合成發(fā)酵類品種

合成類品種

發(fā)酵品類

合成類類激勵(lì)比例

激勵(lì)比例

對應(yīng)銷售

對應(yīng)銷售銷售總計(jì)(億美元)總計(jì)美元/盧比億盧比

（4個(gè)品種）

（9個(gè)品種）

類（4個(gè)品種）類（24個(gè)品種）2020-212021-222022-232023-242024-252025-262026-272027-282028-29總計(jì)00無激勵(lì)無激勵(lì)無激勵(lì)72無激勵(lì)無激勵(lì)無激勵(lì)18無激勵(lì)無激勵(lì)16無激勵(lì)無激勵(lì)233913113113113110%10%10%10%10%10%無390410410410410410無83.8983.8983.8983.8983.8983.8983.8983.894.710.310.310.310.310.35.4無20%20%20%20%15%5%1616161625252525450450450450450727272541836018181813.54.51625

108.522.56944502,700無激勵(lì)無激勵(lì)90961482,05056.6Forfulldisclosure

ofrisks,valuationmethodologies

and

target

priceformationon

allHTIrated

stocks,

please

refer

tothe

latest

fullreport

on

our

website

at

7資料：

Governmentof

India

Ministry

ofChemicalsandFertilizers,

Department

ofPharmaceuticals，HTI

Research.

注：2020-21代表2020年4月1日到2021年3月31日的財(cái)政年度。APPENDIX

1SummaryIndia'sPLI

Scheme:Short-term

Effects

AreNotSignificant,

FocusonLong-termCapacity

Enhancement?

China

is

the

largest

importer

of

vitamins

and

antibiotics

for

India.

Before

India

proposed

the

PLI

(Production-Linked

Incentive)

schemein

2020,

among

the

top

50

imported

products

(by

import

value),

20

had

a

domestic

production

ratio

of

less

than

10%.

Additionally,

36products

had

highly

concentrated

sources

of

imports

(over

90%),

with

32

of

those

products

coming

from

China.?

The

PLI

scheme

incentivizes

domestic

production

of

53

types

of

active

pharmaceutical

ingredients

(APIs)

and

intermediates,

with

41of

these

being

eligible

products.

The

total

incentive

scale

for

these

41

APIs/intermediates

is

Rs69.4bn

(c.USD830mn).?

As

of

June

2024,

a

total

of

249

investment

projects

have

been

submitted,

with

48

projects

approved;

related

investments

haveexceeded

Rs37.4bn

(c.USD450

mn).?

In

the

best-case

scenario,

the

PLI

scheme

is

expected

to

generate

an

additional

monthly

sales

increase

of

USD1bn

inAPIs/intermediates

for

India,

which

would

account

for

about

40%

of

the

total

value

of

bulk

APIs/intermediates

imports

in

India

for2023.?

After

the

PLI

scheme,

India

plans

to

significantly

increase

production

capacity

for

fermentation-based

products.

We

suggest

keepingour

eyes

on

the

utilization

rate

of

new

capacity

and

the

pace

of

capacity

expansion.8APPENDIX

2重要信息披露本研究報(bào)告由(HTIJKK)和動(dòng)。國際分銷，國際是由國際研究有限公司(HTIRL)，Haitong

Securities

India

Private

Limited

(HSIPL)，Haitong

International

Japan

K.K.國際證券集團(tuán)(HTISG)各成員分別在其許可的司法管轄區(qū)內(nèi)從事證券活國際證券有限公司(HTISCL)的證券研究團(tuán)隊(duì)所組成的全球品牌，IMPORTANT

DISCLOSURESThis

research

report

is

distributed

by

Haitong

International,

a

global

brand

name

for

the

equity

research

teams

of

Haitong

International

Research

Limited

(“HTIRL”),Haitong

Securities

India

Private

Limited

(“HSIPL”),

Haitong

International

Japan

K.K.

(“HTIJKK”),

Haitong

International

Securities

Company

Limited

(“HTISCL”),

and

anyother

members

within

the

Haitong

International

Securities

Group

of

Companies

(“HTISG”),

each

authorized

to

engage

in

securities

activities

in

its

respectivejurisdiction.HTIRL分析師認(rèn)證Analyst

Certification:我，孟科含，在此保證（i）本研究報(bào)告中的意見準(zhǔn)確反映了我們對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,

Kehan

Meng,certify

that

(i)

the

views

expressed

in

this

research

report

accurately

reflect

my

personal

views

about

any

or

all

of

the

subject

companies

or

issuers

referred

to

in

thisresearch

and

(ii)

no

part

of

my

compensation

was,

is

or

will

be

directly

or

indirectly

related

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

or

securities

of

the

subject

companies

discussed.

I

and

myhousehold,

whom

I

have

already

notified

of

this,

will

not

deal

in

or

trade

any

securities

in

respect

of

the

issuer

that

I

review

within

3

business

days

after

the

researchreport

is

published.我，聶照億，在此保證（i）本研究報(bào)告中的意見準(zhǔn)確反映了我們對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,

John

Nie,

certifythat

(i)

the

views

expressed

in

this

research

report

accurately

reflect

my

personal

views

about

any

or

all

of

the

subject

companies

or

issuers

referred

to

in

thisresearch

and

(ii)

no

part

of

my

compensation

was,

is

or

will

be

directly

or

indirectly

related

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

or

securities

of

the

subject

companies

discussed.

I

and

myhousehold,

whom

I

have

already

notified

of

this,

will

not

deal

in

or

trade

any

securities

in

respect

of

the

issuer

that

I

review

within

3

business

days

after

the

researchreport

is

published.9APPENDIX

2利益沖突披露Conflict

ofInterestDisclosures國際及其某些關(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，請發(fā)郵件至ERD-Disclosure@）HTI

and

some

of

its

affiliates

may

engage

in

investment

banking

and

/

or

serve

as

a

market

maker

or

hold

proprietary

trading

positions

of

certain

stocks

orcompanies

in

this

research

report.

As

far

as

this

research

report

is

concerned,

the

following

are

the

disclosure

matters

related

to

such

relationship

(As

the

followingdisclosure

does

not

ensure

timeliness

and

completeness,

please

send

an

email

to

ERD-Disclosure@

if

timely

and

comprehensive

information

is

needed).No

disclosure.10APPENDIX

2評級定義（從2020年7月1日開始執(zhí)行）：國際（以下簡稱“HTI”）采用相對評級系統(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的評級定義。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級。在任何情況下，分析師的評級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。分析師股票評級優(yōu)于大市，未來12-18個(gè)月內(nèi)預(yù)期相對基準(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)期相對基準(zhǔn)指數(shù)變化不大，基準(zhǔn)定義如下。根據(jù)FINRA/NYSE的評級分布規(guī)則，我們會(huì)將中性評級劃入持有這一類別。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

–

KOSPI,

臺(tái)灣

–

TAIEX,

印度

–

Nifty100,

美國

–

SP500;

其他所有中國概念股

–

MSCIChina.Ratings

Definitions

(from

1

Jul2020):Haitong

International

uses

a

relative

rating

system

using

Outperform,

Neutral,

or

Underperform

for

recommending

the

stocks

we

cover

to

investors.

Investors

shouldcarefully

read

the

definitions

of

all

ratings

used

in

Haitong

International

Research.

In

addition,

since

Haitong

International

Research

contains

more

completeinformation

concerning

the

analyst's

views,

investors

should

carefully

read

Haitong

International

Research,

in

its

entirety,

and

not

infer

the

contents

from

the

ratingalone.

In

any

case,

ratings

(or

research)

should

not

be

used

or

relied

upon

as

investment

advice.

An

investor's

decision

to

buy

or

sell

a

stock

should

depend

on

individualcircumstances

(such

as

the

investor's

existing

holdings)

and

other

considerations.Analyst

StockRatingsOutperform:

The

stock’s

total

return

over

the

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,

as

indicated

below.

Forpurposes

only

of

FINRA/NYSE

ratings

distribution

rules,

our

Neutral

rating

falls

into

a

hold

rating

category.Underperform:

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

indicated

below.Benchmarks

for

each

stock’s

listed

region

are

as

follows:

Japan

–

TOPIX,

Korea

–

KOSPI,

Taiwan

–

TAIEX,

India

–

Nifty100,

US

–

SP500;

for

all

other

China-conceptstocks

–

MSCIChina.11APPENDIX

2評級分布Rating

Distribution12APPENDIX

2截至2024年6月30日國際股票研究評級分布優(yōu)于大市中性(持有)弱于大市國際股票研究覆蓋率91.4%3.1%8.1%4.8%0.6%0.0%投資銀行客戶**在每個(gè)評級類別里投資銀行客戶所占的百分比。上述分布中的買入，中性和賣出分別對應(yīng)我們當(dāng)前優(yōu)于大市，中性和落后大市評級。只有根據(jù)FINRA/NYSE的評級分布規(guī)則，我們才將中性評級劃入持有這一類別。請注意在上表中不包含非評級的股票。此前的評級系統(tǒng)定義（直至2020年9月30日）：買入，未來12-18個(gè)月內(nèi)預(yù)期相對基準(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)期相對基準(zhǔn)指數(shù)變化不大，基準(zhǔn)定義如下。根據(jù)FINRA/NYSE的評級分布規(guī)則，我們會(huì)將中性評級劃入持有這一類別。賣出，未來12-18個(gè)月內(nèi)預(yù)期相對基準(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

–

KOSPI,

臺(tái)灣

–

TAIEX,

印度

–

Nifty100;

其他所有中國概念股

–

MSCIChina.Haitong

International

Equity

Research

Ratings

Distribution,

asofJune30,

2024OutperformNeutral(hold)8.1%UnderperformHTI

Equity

Research

CoverageIB

clients*91.4%3.1%0.6%0.0%4.8%*Percentage

of

investment

banking

clients

in

each

rating

category.BUY,

Neutral,

and

SELL

in

the

above

distribution

correspond

to

our

current

ratings

of

Outperform,

Neutral,

and

Underperform.For

purposes

only

of

FINRA/NYSE

ratings

distribution

rules,

our

Neutral

rating

falls

into

a

hold

rating

category.

Please

note

that

stocks

with

an

NR

designation

are

notincluded

in

the

table

above.Previous

ratingsystemdefinitions

(until30

Jun2020):BUY:The

stock’s

total

return

over

the

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,

as

indicated

below.For

purposes

only

of

FINRA/NYSE

ratings

distribution

rules,

our

Neutral

rating

falls

into

a

hold

rating

category.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

indicated

below.Benchmarks

for

each

stock’s

listed

region

are

as

follows:

Japan

–

TOPIX,

Korea

–

KOSPI,

Taiwan

–

TAIEX,India

–

Nifty100;

for

allother

China-concept

stocks

–

MSCIChina.13APPENDIX

2國際非評級研究：國際發(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)行股票評級、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:

Haitong

International

publishes

quantitative,

screening

or

short

reports

which

may

rank

stocks

according

to

valuation

andother

metrics

or

may

suggest

prices

based

on

possible

valuation

multiples.

Such

rankings

or

suggested

prices

do

not

purport

to

be

stock

ratings

or

target

prices

orfundamental

values

and

are

for

information

only.國際A股覆蓋：中國A股的研究報(bào)告。但是，國際可能會(huì)就滬港通及深港通的中國A股進(jìn)行覆蓋及評級。國際使用與

證券不同的評級系統(tǒng)，所以

國際與證券（600837.CH），

國際于上海的母公司，也會(huì)于中國發(fā)布證券的中國A股評級可能有所不同。Haitong

International

Coverage

of

A-Shares:

Haitong

International

may

cover

and

rate

A-Shares

that

are

subject

to

the

Hong

Kong

Stock

Connect

scheme

withShanghai

and

Shenzhen.

Haitong

Securities

(HS;

600837

CH),

the

ultimate

parent

company

of

HTISG

based

in

Shanghai,

covers

and

publishes

research

on

these

sameA-Shares

for

distribution

in

mainland

China.

However,

the

rating

system

employed

by

HS

differs

from

that

used

by

HTI

and

as

a

result

there

may

be

a

difference

in

theHTI

and

HS

ratings

for

the

same

A-share

stocks.國際優(yōu)質(zhì)100

A股（Q100）指數(shù)：程，并結(jié)合對

證券

A股團(tuán)隊(duì)自下而上的研究。國際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)量的篩選過國際每季對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

consists

of

100

of

the

highest-quality

A-shares

under

coverage

atHS

in

Shanghai.

These

stocks

are

carefully

selected

through

a

quality-based

screening

process

in

combination

with

a

review

of

the

HS

A-share

team’s

bottom-upresearch.

The

Q100

constituent

companies

are

reviewed

quarterly.14APPENDIX

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（以下簡稱“本公司”）基于合法取得的公開信息評估而成，本公司對信息的準(zhǔn)確性及完整性不作任何保證。對公司的評估結(jié)果僅供參考，并不構(gòu)成對任何個(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)績數(shù)據(jù)等）僅代表過往表現(xiàn)，過往的業(yè)績表現(xiàn)不作為日后回報(bào)的預(yù)測。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)中的評估結(jié)果用于任何營利性目的，不得對本數(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

FIN-ESG

Data

Service

Disclaimer:

Please

read

these

terms

and

conditions

below

carefully

and

confirm

your

agreement

and

acceptance

with

these

termsbefore

using

SusallWave

FIN-ESG

Data

Service.1.

FIN-ESG

Data

is

produced

by

SusallWave

Digital

Technology

Co.,

Ltd.

(In

short,

SusallWave)’s

assessment

based

on

legal

publicly

accessible

information.

SusallWaveshall

not

be

responsible

for

any

accuracy

and

completeness

of

the

information.

The

assessment

result

is

for

reference

only.

It

is

not

for

any

investment

advice

for

anyindividual

or

institution

and

not

for

basis

of

purchasing,

selling

or

holding

any

relative

financial

products.

We

will

not

be

liable

for

any

direct

or

indirect

loss

of

anyindividual

or

institution

as

a

result

of

using

SusallWave

FIN-ESG

Data.2.

SusallWave

do

not

consider

recipients

as

customers

for

receiving

these

data.

When

using

the

data,

recipients

shall

make

your

own

independent

judgment

accordingto

your

practical

individual

status.

The

contents

of

the

data

reflect

the

judgment

of

us

only

on

the

release

day.

We

have

right

to

update

and

amend

the

data

andrelease

other

data

that

contains

inconsistent

contents

or

different

conclusions

without

notification.

Unless

expressly

stated,

the

data

(e.g.,

financial

performance

data)represents

past

performance

only

and

the

past

performance

cannot

be

viewed

as

the

prediction

of

future

return.3.

Theof

this

data

belongs

to

SusallWave,

and

we

reserve

all

rights

in

accordance

with

the

law.

Without

the

prior

written

permission

of

our

company,

noneof

individual

or

institution

can

use

these

data

for

any

profitable

purpose.

Besides,

none

of

individual

or

institution

can

take

actions

such

as

amendment,

replication,translation,

compilation,

re-editing,

adaption,

deletion,

abbreviation,

excerpts,

issuance,

rent,

exhibition,

performance,

projection,

broadcast,

information

networktransmission,

shooting,

adding

icons

and

instructions.

If

any

loss

of

SusallWave

or

any

third-party

is

caused

by

those

actions,

users

shall

bear

the

correspondingcompensation

liability.

SusallWave

shall

not

be

responsible

for

any

loss.4.

If

any

term

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

should

be

executed

according

to

other

agreements.

If

there

isany

difference

between

this

disclaim

and

other

agreements,

this

disclaimer

shall

be

applied.15APPENDIX

2重要免責(zé)聲明：非印度證券的研究報(bào)告：本報(bào)告由國際證券集團(tuán)有限公司（“HTISGL”）的全資附屬公司國際研究有限公司（“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Securities

and

Exchange

Board

of

India（“SEBI”）監(jiān)管的Haitong

Securities

IndiaPrivate

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

Limited（“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

國際為名作為全球品牌，經(jīng)許可由

國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

國際證券集團(tuán)有限公司（“HTISG”）的成員對其準(zhǔn)確性、完整性和國際證券集團(tuán)有限公司（“HTISG”）的一部分。國際證券集團(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)品以投資者本國貨幣以外的幣種進(jìn)行計(jì)價(jià)，則匯率變化可能會(huì)對投資產(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、雇員或代理人對此均不承擔(dān)任何責(zé)任。除對本文內(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評論意見或交易策略。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?jiān)L問國際網(wǎng)站

，查閱更多有關(guān)國際為預(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。非美國分析師披露信息：本項(xiàng)研究首頁上列明的國際分析師并未在FINRA進(jìn)行注冊或者取得相應(yīng)的資格，并且不受美國FINRA有關(guān)與本項(xiàng)研究目標(biāo)公司進(jìn)行溝通、公開露面和自營證券交易的第2241條規(guī)則之限制。16APPENDIX

2IMPORTANT

DISCLAIMERFor

research

reports

on

non-Indian

securities:

The

research

report

is

issued

by

Haitong

International

Research

Limited

(“HTIRL”),

a

wholly

owned

subsidiary

ofHaitong

International

Securities

Group

Limited

(“HTISGL”)

and

a

licensed

corporation

to

carry

on

Type

4

regulated

activity

(advising

on

securities)

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

Finance

Bureau

of

Japan.For

research

reports

on

Indian

securities:

The

research

report

is

issued

by

Haitong

Securities

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

Limited

(“BSE”)

and

the

National

Stock

Exchange

of

India

Limited

(“NSE”)

(collectively

referred

to

as

“Indian

Exchanges”).

HSIPLwas

acquired

and

became

part

of

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

Securities

CompanyLimited

(“HTISCL”)

and/or

any

other

members

within

HTISG

in

their

respective

jurisdictions.The

information

and

opinions

contained

in

this

research

report

have

been

compiled

or

arrived

at

from

sources

believed

to

be

reliable

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

rep