【高盛】2022市場(chǎng)展望

GoldmanSachs

高盛全球投資研究2022市場(chǎng)展望：“不適”的上行空間；離岸市場(chǎng)重回超配高盛中國市場(chǎng)策略2021年11月投資者不應(yīng)視本報(bào)告為作出投資決策的唯一因素。有關(guān)分析師的申明和其他重要信息，見信息披露附錄，或參圓wwresearchedgehtml。GDP

growthReal

GDP

grovth

4.8%in

2022Total

returns16%/13%for

MXCN/CSI300in2022

(LOC);Index

targets

105/5500

forMXCN/CSI30000lEPS

growth7%/7%for

MXCN/CSI300

in2022(LOC);12%/12%for

MXCN/CSI300

in

2023(LOC)Valuation14.5x/15.0x

target

fP/E

for

MXCN/CSI300

by

end-22FlowsUS$75/75bn

North/Southbound

flows田RegionalmarketsOverweightChina

(Offshore)人Singapore人TaiwanUnderweightChina

(A)MalaysiaIndonesia人AustraliaChinasectorsOverweightAutos

人ConsDurablesMediaRetailingSemis

人UnderweightBanks√Materials√RealEstateTelecomThemes"Common

ProsperityProfitableGrowth

in

InternetGrowthover

Value△RisksProperty

CreditUS

Rates

US-CN

TensionInflation/StagflationSource:Goldman

Sachs

GlobalInvestmentResearchGlobalInvestmentResearch2an

2022年核心展望chsldmaoSGpricereturnsfromcurrentlevelsSource:MSCI,FactSet,GoldmansachsGlobalinvestment

ResearchGS

macro

forecastsReal

GDP(%,yoy)20222023China4.84.6USEuropeJapanAsiaPacifcWordWond

ex-China3.94.42.85.44.54.52.12.41.64.63.43.1Alloc

ationMXCN

industry

groupsPat

1Mpert21-23EEPSCACR22E

PEX)OverweightAutos食126%34%

31.6ConsumerDurables7.6%21%

25.8Meda-1.7%22%

23.3Retaing3.5%32%

25.5Semis182%24%

31.7UnosrwOiohBanks3.0%7%

42Matenals-7.1%8%8.7RealEstate-4.3%10%

4.8Telecom-2.1%15%

16.5Source:Goldman

Sachs

GlobalInvestmentResearchGlobalInvestment

Research

3an

六張圖概括2022年中國股票市場(chǎng)主要觀點(diǎn)SachsGoldmSource:MSCI,Factset,GoldmansachsGlobalInvestmentReseard6

Buying

Structural

Policy

Growth,andout-of-favor

Internet

Growthin20223

Weseethepotentialforvaluationtoexpand/recoverin2022as

policy

easesand

regulation

visibility

improves2

We

forecast

MSCI

Chinato

reach105

byend-22,translatinginto16%potential5

Weemphasize

Growth

in

our

sectorallocationrecommendationsWeforecastChinatogrow4.8%in2022,theloweston

recordoutside

ofcrisisyearsWe

forecast

USS75bn

for

both

North-andSouthboundflows

in2022

-4.6

2.3

-1.3

6.3

-3.2

6.0

-4.7

5.4

CumulatvenetbuyingofSouthboundNorthboundConnectsinceincepbonSource:MSCl,Factset,Goldman

SachsGlobal

investment

ResearcSource:Facset,GoldmanSachsGlobatinvestment

ResearchSource:Wind,Goldman

sachs

Global

investment

Researd2.3

7.8Source;Goldmansacs

Globaltnvestment

Research2020

2021-3.4-6.55.55.2201920202021F2022FGDP%yoy6.02.37.84.8Domestic

Demandpp5.21.76.84.9Consumption%yoy6.2-0.98.36.7Household

Consumption%yoy6.4-1.711.07.0Gross

Capital

Formation%yoy4.05.35.32.8Net

Exportspp0.70.71.1-0.1Exports

of

Goods

(nominal

USD)%yoy0.53.62812Imports

of

Goods

(nominal

USD)%yoy-2.7-0.63214InflationCPI%yoy2.92.50.72.7Core

CPI%yoy1.70.70.91.8PPI%yoy-0.5-1.87.54.5OtherCurrent

Account%GDP0.71.91.71.6USDCNY

(eop)level6.966.536.356.20OMO

7-Day

Repo

Rate%2.502.202.202.20TSF

Stock

Growth

(eop)%10.713.310.510.5Augmented

Fiscal

Deficit%GDP11.816.511.012.0Goldman

宏觀周期：我們的經(jīng)濟(jì)研究團(tuán)隊(duì)預(yù)計(jì)2022年中國GDP增長

Sachs

4.8%,這是危機(jī)年份之外的歷史最低增速Source:Goldman

Sachs

GlobalInvestmentResearchGlobal

Investment

Research

4AverageMXCNreturn(quarterly)GDP

growth

(yoy)AcceleratingDeceleratingGDP

growth

(qoq,saar)Accelerating10.2%4.8%Decelerating1.5%-6.8%an

宏觀周期：房地產(chǎn)市場(chǎng)構(gòu)成顯著阻力，但是增長動(dòng)能將于2021年四季度開始改善SachsGoldmSource:Haver

Analytics,GoldmanSachs

GlobalInvestmentResearchGlobal

Investment

Research5GDP

growthMSCI

China

earnings

growth(%yoy,in

HKD

terms)Goldman

盈利周期：由于利潤率假設(shè)較為保守，我們的2022年盈利

Sachs

增長預(yù)期低于市場(chǎng)一致預(yù)期Source:FactSet,I/B/E/S,MSCl,GoldmanSachs

GlobalInvestmentResearchGlobalInvestment

Research

6an

盈利周期：房地產(chǎn)市場(chǎng)放緩的程度是我們盈利預(yù)測(cè)面臨的主要風(fēng)險(xiǎn)因素SachsGoldmSource:FactSet,CEIC,MSCl,Goldman

Sachs

GlobalInvestment

ResearchGlobal

Investment

Research7MXCN

EPS

Revision(Average

of

2021/22

EPS)(CNY)

2022E

earnings

impact

from

property

sector

slowdownNote:Numbersinbracketsrepresent2021-23EEPS

CAGRonconsensusest.-34%(28%)-15%MXCN

2022

Earnings

Growth

Forecasts

(HKD)GICS

Industry

GroupsEarningsWeightEarningsGrowth-ConsEarningsGrowth-GSGS

vs

ConsEPSinteger^Banks27%11%8%5%3%3%2%2%1%0%8%17%11%12%-5%13%9%-14%15%16%5%11%-20%6%-15%10%-13%-28%-19%11%-5%-9%-31%-10%-9%-8%-24%-26%-36%-7%Insurance/Other

Fin.RealEstateCapitalGoodsEnergyUtilitiesChemicals/Other

Mat.TransportationMetals&MiningTelecomCons.Retail

&Svcs.15%11%3%3%2%2%1%0%29%23%16%22%25%109%7%407%32%26%9%20%19%105%9%408%-1%+1%-10%-4%-3%-4%+6%-1%Internet/Media

&Enter.TechHardwareStaplesHealthCareAutosSemiconductorsSoftware

&Svcs.MXCN100%14%7%-9%New

China30%24%27%0%Old

China70%11%1%-10%Goldman

盈利周期：我們看好半導(dǎo)體、互聯(lián)網(wǎng)零售以及傳媒娛樂行業(yè)，

Sachs

但對(duì)房地產(chǎn)相關(guān)行業(yè)更加保守Source:FactSet,MSCI,GoldmanSachs

GlobalInvestmentResearch2022E

Earnings

growth

contribution

(yoy)GlobalInvestment

Research8Note.^using

2020EPS

as

base.Non-PropertyPropertCentricy-1AsianFinanclal

Crisis

Aug-97

Sep-982TMT

Market

Bubble

Jul-99

Sep-01372792-81%-72%3Global

Slowing

8

SARS

May-02

Apr-03342-27%4

Hard-landing

fears

Feb-04

May-0489-30%5Mid-cycle

slowing

May-06

Jun-0637-20%6Pre-Crisis

Unwinding

Jul-07

Aug-0717-17%7Global

Financial

Crisis

Oct-07

Oct-08363-74%8Tightening&Sov.Risk

Apr-10

May-1046-17%9Double-dip&Debt

ConcernApr-11

Aug-11113-20%10Us

growth&EU

debt

Concem

Sep-11

Oct-1134-25%11China

growth&EU

Sov.Concem

May-12Jun-1234-15%12QE

Tapering

Concem

May-13

Jun-1346-18%13China

Credit

ConcernsDec-13Feb-1465-14%14China

correction/growth

concems

Apr-15

Sep-1513335%15Fed

Hike,China

FX/Growth

Concems

Oct-15

Feb-16109-25%16US

Election

UncertaintySep-16

Dec-1692-12%17US

Rates

Risk&Trade

war

concemns

Jan-18

Oct-1827733%18Sino-US

Trade

Tensions

Apr-19

Aug-19119-17%19cOVID-198Oi

Shock

Mar-20Mar-2014-19%20Current

Episode

Feb-21

Aug-21184-33%HistoricalAverage164-30%8"Minor"Correction

Average

(Peak

to

Trough<-20%)54-16%9"Major

Correction

Average(Peak

to

Troughb/w

-20/-40%)146-27%3

"Systemlc"Correction

Average

(Peak

to

Trough>-40%)509-76%■1mo

■3mo

■6mo

■12mo2%7%28%24%13%

%31%25%31%股市和價(jià)格周期：我們認(rèn)為最近市場(chǎng)33%的回調(diào)從歷史來看

屬于-“大幅”

回調(diào)，但往往隨后會(huì)出現(xiàn)市場(chǎng)的強(qiáng)勁恢復(fù)Source:MSCI,FactSet,GoldmanSachs

GlobalInvestmentResearchGlobalInvestmentResearch9China(MXCN)MarketCorrectionsNum

of

Peak

toPernod

Days

Trough50%40%30%20%10%0%Note:Trough

of

Current

Episode

asof

Aug

20,2021.Average

return

post

the

market

trough

in

previousGoldman

Sachs"Minor"correction!"Major"correctioncorrectionsL-股市和價(jià)格周期：隨著2022年的進(jìn)展，我們認(rèn)為中國股市周

期可能逐漸進(jìn)入“Hope”階段Source:

MSCI,FactSet,Goldman

Sachs

GlobalInvestmentResearchGlobalInvestmentResearch10Goldman

SachsGoldman

股市和價(jià)格周期：根據(jù)過去十年來的股市周期經(jīng)驗(yàn)，“Hope”

Sachs

階段往往緊隨“Despair”階段PerformancedecompositionforMXCN(since2010)Source:MSCI,FactSet,GoldmanSachs

GlobalInvestmentResearchGlobal

Investment

Research11TypeInstrnumentGS2022FMonetary

RRRDR0077-Day

OMOMLF(1-year)LPR(1-year)Largebank

avg

12%Smal/medbankavg:9%Largebankavg:12%SmalVmedbankavg

9%average

225%average

220%average2.95%average

3.85%averaoe

225%22%2.95%Effeciveon-Fisca4.0%ofGDP5.0%d

GDPbudget

defiatAugmentedfiscal

deficit11.0%of

GDP12.0%of

GDPCredit

TSF

stock10.5%(eopyoy)10.5%(eopyoy)Housing

HousingpolicytghttghtFX

USDCNY6.35(eop)6.20(12m)Source:Goldman

Sachs

GlobalInvestmentResearchGlobalInvestmentResearch12an

政策周期：我們預(yù)測(cè)2022年中國政策邊際放松smhdSacGolGS

2021FMonetary

policy

outlook

for

US,EU

and

APAC

marketsMarkets202120222023Q4Q1

Q2

Q3

Q4Q1

Q2

Q3

Q4USEuro

areaTapering

+25

bps

+25

bps+25

bps

+25bpsChinaHKIndiaIndonesia+25

bps

+25

bps+25bps

+25

bps

+25

bps+25

bps

+50

bps+25

bps

+25bps+25bps

+25

bps

+25

bps+50bps

+25bps

+25

bps

+25

bpsMalaysiaPhilippinesSingapore*KoreaTaiwan+25bps

+25

bps

+25

bps+25

bps+25

bps

+25

bps+25bps

+25bps

+25

bps

+25

bps+50

bps+25

bps+13

bps+100

bps+25

bps+12.5

bps+25+12.5bps

bps+25

bps+12.5

bps+25

bps+12.5bpsThailandAustralia+25

bpsTapering+25bps

+25bps

+25

bps

+25

bps+15

bpsGoldman

政策周期：盡管全球大多數(shù)市場(chǎng)將迎來貨幣政策收緊，中國

Sachs

可能小幅放松Source:Goldman

Sachs

GlobalInvestmentResearchGlobalInvestmentResearch13*Note:Values

refer

to

the

GS

expected

increase

of

the

MAS

S$NEER

slope.政治周期：歷史數(shù)據(jù)表明在換屆前夕，經(jīng)濟(jì)、政策和市場(chǎng)估

值指標(biāo)多為積極樂觀Source:

Wind,GoldmanSachs

GlobalInvestmentResearchGlobal

Investment

Research

14Output

Gap

(Median

Est.,%)Forward

12M

P/E

of

MSCI

China(X)Domestic

Policy

ProxyGoldman

SachsRealGDP(yoy,%)Source:FactSet,MSCI,GoldmanSachsGlobal

Investment

ResearchGlobalInvestmentResearch

15man

政治周期：在政治意義重要的年份，股票市場(chǎng)亦表現(xiàn)強(qiáng)勁SachsGold12MNote:POE

Regulation

Proxyreflectsthetext-miningresultsofnewsamong

POE-heavy

sectors.Datapointsduring

Mar-Jun2020havebeen

removed

due

to

COVID

disruptions.Source:Goldman

Sachs

GlobalInvestmentResearchGlobalInvestmentResearch

16監(jiān)管周期：我們的私營企業(yè)監(jiān)管指數(shù)表明監(jiān)管趨于緩和Goldman

Sachs(under

a

normal

distribution

assumption

of

ROE

and

ERP

around

current

values)China

Internetfair-value(10indexpointspereach

interval)Goldman

監(jiān)管周期：我們預(yù)測(cè)，如果監(jiān)管強(qiáng)度常態(tài)化或左尾風(fēng)險(xiǎn)被消除，

Sachs

中國互聯(lián)網(wǎng)行業(yè)將被重估約20%Source:Factiva,Bloomberg,FactSet,GoldmanSachs

GlobalInvestmentResearchGlobal

Investment

Research

17ProbabilitydistributionofChinaInternetfair-valuesoffshore

Internet

12m

fPEPOE

Regulation

Proxy(China

InternetEquityRiskPremium

Scenario)Internet'sROEassumptions

in

the

medium-termYear3-8Average)under

a

DCF

Model18.0%Consensus/GS

Model:17.0%medium-term

ROEModerate

Bearish

Extreme

Scenario:Scenario:

Scenario:16%

15%

14.0%CurrentComparableSOE

IERP

Level.(ERP)

Assum9.4%31%10%-8%-23%-42%CurrentIERPLevel(+1.1s.d.above

5yr

mean)8.8%55%

30%9%

-9%-32%Mid-Pointb/wCurrentvsGSAssumptions8.4%7.9%7.6%79%50%26%

4%-21%Past5-year

Avg

IERP108%74%46%21%-9%2021

Trough(Mid-Feb)128%91%60%33%-1%Goldman

監(jiān)管周期：我們認(rèn)為監(jiān)管不確定性已經(jīng)被充分反映到市場(chǎng)定

Sachs

價(jià)中Source:FactSet,GoldmanSachs

GlobalInvestmentResearchGlobal

Investment

Research18Potential12M

UpsideforChina

InternetunderdifferentERP

&Earnings/ROE

assumptions

in

a

DCF

model(Current

Market

Priced/(More

bearish

scenarios/assumptions

ifimplied

Assumptions)markets

expect

negatlve

returns

in

12M)(BaseCase:30%Internet

EPSGrowthin

2022)RCNRG)is

based

on

18specincequlty

proxles

inareasNov

5:77EquityGoldman

估值周期：中國市場(chǎng)估值處于近年來的歷史低位，“中國

Sachs

折價(jià)”接近歷史高點(diǎn)Source:MSCl

,

FactSet,GoldmanSachsGlobalInvestment

ResearchGlobal

Investment

Research

1912m

forward

P/E

(X)Premium/discount

of12m

fPE估值周期：隨著政策放松和監(jiān)管可見性提高，我們預(yù)測(cè)市場(chǎng)

估值有可能在2022年迎來修復(fù)/擴(kuò)張MXCN

12m

fPE

(x)3530252015102022E

GSforecastsInternet32.0x(+0.8sd)ModelvariablesChinagrowthGlobalgrowthUS

liquidityUS-China

Relations

RegulationSource:

MSCI,

FactSet,Goldman

Sachs

GlobalInvestmentResearchGlobal

Investment

Research

20個(gè)ChinagrowthGlobalgrowthChinadomestic

policyRegulationNote:□indicatesmacro

variables;

and

[25

indicates

otherfactors.M4.5(+0.5sd)Non-Internet10.5x(+0.6sd)24.6x12.7x9.8xAggregatemacro

model十forecastSouthbound

flowsGoldman

SachsDec-15Jun-15Dec-19Dec-20Dec-21Dec-22Dec-14Dec-16Jun-16Jun-21Jun-20Dec-具-unpDecunr-unr-un005==Positioning

of

EM/Asia

funds

in

Chinese

equities(OW/UW

vs

MXCN

index

wgt,bps)Goldman

倉位/資金流周期：全球共同基金對(duì)中國股票的配置接近

Sachs

低谷Source:EPFR,MSCl,FactSet,GoldmanSachs

GlobalInvestmentResearchGlobal

Investment

Research

21CumulativenetbuyingofSouthbound/NorthboundConnect

since

inceptionGoldman

倉位/資金流周期：我們預(yù)計(jì)2022年互聯(lián)互通資金流強(qiáng)勁、資

Sachs

金重新配置情況更加明顯Source:Wind,CEIC,Bloomberg,Goldman

Sachs

Global

Investment

ResearchGlobal

Investment

Research

22股票策略：年初至今中國市場(chǎng)主要有兩次“成長-價(jià)值”輪

動(dòng)，觸發(fā)因素首先是對(duì)于美債利率上行的擔(dān)憂，然后是監(jiān)

管不確定性的加劇Note:Style

rotation

defined

as>10%correction

of

Growth

vs.Value

relative

performance

and>10%

loss

measured

by3m

rolling

return.Durationand

returnofrotations

basedon

starting

peaks

andending

troughs.As

of

Nov

5,2021.Source:MSCI,FactSet,Goldman

Sachs

GlobalInvestment

ResearchGlobal

Investment

Research

23Goldman

Sachs—

Actual18.

Model-fitted

(+1.Current:13.8xGoldman

股票策略：我們認(rèn)為增長放緩但更寬松的政策環(huán)境應(yīng)會(huì)促進(jìn)

Sachs

“增長溢價(jià)”擴(kuò)張Source:

MSCI,FactSet,Goldman

Sachs

GlobalInvestmentResearchGlobal

Investment

Research

24221814106VariablesGS

China

CAIDomesticmacropolicyproxyGSGlobal

ex

China

CAIPEpremium(Newvs.Old

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GlobalInvestment

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>US$5mn

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1,669

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104.3

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103.276872.9

47.3

3.4

0.5

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NetEaseCommSvcs23%

-24%100.8USD

69.7315

14.620.0

4.01.4BBIDU

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-52%161.6USD

45.8739

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UW

Trip.com

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5.027

205.5

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GlobalInvestmentResearchGlobalInvestment

Research26an

投資標(biāo)的(2):在“失寵”的互聯(lián)網(wǎng)行業(yè)尋找增長機(jī)會(huì)chsldmaoSGForward

P/E(X)

ForwardPEG(X)Total

Listed

MktCapforChineseInternetTech

(USDtn)1.53.0NcePicesasaNov9.2021:VauadondemsrestoaasbGsquyanayt,ecp^*orIBESconsensusCurenICNRG=77s0Nov5,2021,upsbecakusabose0npast52wekabsteeumsensitvity

to

CNRGNote:^includingallstocks.^^excludingstockslistedafter

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in

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31.6

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58.5

5.61.5Tech

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14.8

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1.2Source:

MSCI,FactSet,Wind,Goldman

Sachs

GlobalInvestmentResearchGlobalInvestmentResearch27lcdh

an

投資標(biāo)的(3):行業(yè)策略：相對(duì)價(jià)值而言，更偏好成長性機(jī)會(huì)aoSource:Wind,HaverAnalytics,Word

Input-Output

Database(2015),MSCI,FactSet,Goldman

Sachs

Global

Investment

ResearchGlobal

Investment

Research

28什么可能出錯(cuò)?中國房地產(chǎn)：60萬億美元的困局GoldmanSachsMXCN

12mfPE(x)Source:FactSet,MSCI,Bloomberg,Goldman

Sachs

GlobalInvestment

ResearchGlobal

Investment

Research29an

什么可能出錯(cuò)?

中國(房地產(chǎn))債市：仍在探底SachsGoldmChina

property

developer

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bn)Avgcross-asset3Mroling

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MXCNSource:FactSet,MSCI,GoldmanSachs

GlobalInvestmentResearchGlobal

Investment

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30an

什么可能出錯(cuò)?

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in

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GlobalInvestmentResearchGlobalInvestment

Research

31Sacdman什么可能出錯(cuò)?中美關(guān)系(GSSRUSCN):

關(guān)注尾部風(fēng)險(xiǎn)

an

什么可能出錯(cuò)?通貨膨脹與滯脹：對(duì)股市構(gòu)成的風(fēng)險(xiǎn)可控MXCNsectorreturn

correlationwith

PPl-

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yoy

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Research

32Source:FactSet,Wind,GoldmanSachs

GlobalInvestment

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SachsStructural

growth

Structural

growth

FX

change(Marketcap(Southbound

(earnings&Potential

Northboundflows

in2022:USS75bn(Marketcap

expansion)(Southboundownership

increase)Source:Goldman

Sachs

GlobalInvestmentResearchGlobal

Investment

Research

34Sactman附錄：股票互聯(lián)互通資金流預(yù)測(cè)分項(xiàng)(USSbn)

(USSbn)PotentialSouthboundflows

in2022:US$75bnexpansion)ownership

valuation

gap)increase)(USSbn)(USSbn)申明我們.劉勁津，付思。在此申明，本報(bào)告所表述的所有觀點(diǎn)準(zhǔn)確反映了我們的個(gè)人看法，沒有受到公司業(yè)務(wù)或客戶關(guān)系因素的影響。本報(bào)告首頁所列作者為高盛全球投資研究部分析師，除非另有說明。信息披露法定披露美國法定披露任何本報(bào)告中研究企業(yè)所需的特定公司法定披露見上文：包括即將進(jìn)行交漏的承銷商或副承韜商，1%成其他股權(quán)，將定服務(wù)的補(bǔ)償，客戶關(guān)系種類，之前擔(dān)任承銷商或副承錯(cuò)商的公開發(fā)行，擔(dān)任董事，擔(dān)任

股票做市及/或?qū)＜业慕巧?。高盛?dān)任或可能擔(dān)任本報(bào)告中所涉及發(fā)行方的債券(或相關(guān)衍生品)的交易對(duì)手。以下為額外要求的披露：股權(quán)及重大利益沖突：高盛的政策為禁止其分析師、分析師屬下專業(yè)人員及其家庭成員持有分析語負(fù)責(zé)研究的任何公司的證券。分析師弱附，分析師籍酬部分取決于高酯的翻利，其

中包括投資銀行的收入。分析師擔(dān)任高級(jí)職員或量事：高盛的政策通常禁止其分析師，分析師屬下人員及其家虛成員擔(dān)任分析師負(fù)責(zé)研究的任何公司的高級(jí)職員，董事或麗問。非英國分析師：非英國分析

可能與高盛無關(guān)聯(lián)，因此可以不受FINRA2241條FINRA2242

條對(duì)于與所研究公司的交流，公開露面及持有交易證券的限制。美國以外司法管轄區(qū)規(guī)定的額外披露以下為除了根據(jù)美國法律法規(guī)規(guī)定作出的上述信息坡露之外其他司法管轄區(qū)法律所要求的披露。澳大利亞：Godman

SactsAustala

Py

Lud及其相關(guān)機(jī)構(gòu)不是澳大利亞經(jīng)授權(quán)的存教機(jī)構(gòu)(1959年(銀行法

2所定義),因此不在澳大利亞境內(nèi)提供銀行服務(wù)，也不經(jīng)營銀行業(yè)務(wù)。本研究報(bào)告或本報(bào)告的其他形式內(nèi)容只可分發(fā)予根據(jù)澳大利亞公司法定義的”越發(fā)客戶”,在事先獲得高盛許可的情況下可以有例外。在撰寫研霓報(bào)告廂間，GodmanSactsAustaa至緣投資研究部的職圖可能參寫本研資我告中所討論證養(yǎng)的發(fā)行公司成其他實(shí)體租職的現(xiàn)場(chǎng)調(diào)研成會(huì)議。在草些情況下，如果覆直體情形CotmanSacs

Austala認(rèn)為恰當(dāng)或合理，此類調(diào)研或會(huì)議的成本可能部分或全部由該證券發(fā)行人承擔(dān)。如本報(bào)告內(nèi)容包會(huì)任何金融產(chǎn)品建議，則該建議僅為一般建議，且高盛提出該建議時(shí)并未考電客戶的目標(biāo)、財(cái)務(wù)狀況

或需求。客戶在就此類建漢采取行動(dòng)之前，應(yīng)結(jié)合其自身目標(biāo)、財(cái)務(wù)狀況和需求來考慮該建議的適當(dāng)性。高盈澳大利亞和新西蘭的利益技露，以及高盛澳大利亞賣方研究獨(dú)立性制度聲明請(qǐng)參見mps/ww.ot

mnsactscomdadosuresaustalarewzealand

ndexhiml。巴西：與CVMResohtonn20相關(guān)的信息披露請(qǐng)參tps/wwas

co

notdwdet

raz

area

gth

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dex

Htm。根

據(jù)CvMResouton20第20條，在適用的情況下，對(duì)本研究報(bào)告內(nèi)容負(fù)主蛋責(zé)任的巴西注冊(cè)分析師為本指告開頭部分標(biāo)明的第一作者，除非報(bào)告來另有說明。加章大：GodmanSactsCanadalnc是高盛集團(tuán)的關(guān)

聯(lián)機(jī)構(gòu)，因此被包含在高盛相關(guān)的特定公司信息皺露中(定文見上文)。如果Godman

Sachs

Canadalnc.向其客戶分發(fā)該研究報(bào)告，則GdmanSachsCanadanc已批準(zhǔn)本報(bào)告，并同意承擔(dān)有關(guān)責(zé)任。香港：可從高藍(lán)(亞洲)有限責(zé)任公司獲取有關(guān)本搖