中國汽車：小米首發(fā)五大核心科技小米SU7預(yù)發(fā)布定價(jià)將成最大懸念

研究報(bào)告ResearchReport4Jan2024中國汽車ChinaAutos小米首發(fā)五大核心科技，小米SU7預(yù)發(fā)布定價(jià)將成最大懸念XiaomiUnveilsFiveCoreTechnologies,andPricingofthePre-LaunchXiaomiSU7BecomestheBiggestSuspense姚書橋BarneyYao 王沈昱OscarWang,CFAbarney.sq.yao@ sy.wang@FlashAnalysis(PleaseseeAPPENDIX1forEnglishsummary)事件20231228CEOSU7，分享小米汽車技術(shù)領(lǐng)域百項(xiàng)“第一、唯一、最”SU71H24正式發(fā)布會(huì)的核心看點(diǎn)。點(diǎn)評(píng)首發(fā)五大核心科技，志在從底層重塑汽車工業(yè)技術(shù)棧。小米汽車五大核心技術(shù)包括電驅(qū)、電池、大壓鑄、智能駕駛以及智能座艙：1）電驅(qū)：V6AI20萬次拓?fù)鋵?yōu)和電機(jī)21000rpmSU7V6V6s電機(jī)分別400/800V220/275kW299/374psV8s，重新設(shè)計(jì)轉(zhuǎn)子結(jié)構(gòu)和散熱系統(tǒng)，實(shí)現(xiàn)27200rpm的全球最高轉(zhuǎn)速，最大馬力578ps，峰值功率425kW，最大峰值扭矩635N·m25年實(shí)現(xiàn)量產(chǎn)。2）電池：SU7800V101kWh寧德時(shí)代麒麟電池（雙方深度合作研發(fā)）CTB一體化電池技術(shù)，77.8%1200+kmCLTC續(xù)航。電池?zé)崾О踩珮?biāo)準(zhǔn)遠(yuǎn)超行業(yè)平均，14層硬核物理防護(hù)通過最嚴(yán)格的IP6K9K17層高壓絕緣7.8㎡4165片氣凝膠，最高可抵抗1000°C的高溫。3）大壓鑄：XiaomiHyerCasting大壓鑄，全鏈路自主設(shè)計(jì)大壓鑄設(shè)備集群系統(tǒng)，60433718t9100t，實(shí)現(xiàn)小米汽車的一體化壓AI10161550次打樣，最終篩選出高強(qiáng)度、高韌性、優(yōu)良流動(dòng)性和低碳環(huán)保特性的合金材料。4）智能駕駛：AI賦能全棧自研XiaomiPilot智能駕駛技NOADRIVEOrin芯片+128線激光雷達(dá)，綜合算力508TOPSBEV技術(shù)動(dòng)態(tài)調(diào)整感知范圍，“超分辨率”占用網(wǎng)絡(luò)技術(shù)可精準(zhǔn)識(shí)別異形障礙物，精度<0.1米，雨雪天自研自動(dòng)降噪，有效降低雨雪干擾；道路大模型實(shí)時(shí)生成道路拓?fù)洌瑢?shí)現(xiàn)全國通用的城市領(lǐng)航。5）智能座艙：小米基于澎湃OS打造以人為中心的“人車家全生態(tài)”操作系統(tǒng)，16.13K分辨率的中控屏聯(lián)動(dòng)儀表屏、HUD抬頭顯示，帶來沉浸式駕駛體驗(yàn)；超強(qiáng)生態(tài)拓展能力，深度適配行業(yè)主流車載應(yīng)用，將逐步共享小米平板5000+款應(yīng)用生態(tài)，實(shí)現(xiàn)應(yīng)用生態(tài)融合；專屬CarIoT生態(tài)可實(shí)現(xiàn)最多五屏聯(lián)動(dòng)的先進(jìn)交互，并全面向三方開放，攜手全球開發(fā)者開創(chuàng)“人車家全生態(tài)”美好愿景。小米SU7融合先進(jìn)設(shè)計(jì)與技術(shù)，提供卓越性能和舒適體驗(yàn)。SU7C級(jí)高性能生態(tài)科技轎車，車身尺寸為4997mm1963mm1455mm/1440mm（Max版），3000mm，提供了海灣藍(lán)、雅灰、橄欖綠等多種Cd0.195全球領(lǐng)先。外觀設(shè)計(jì)亮點(diǎn)包括水滴形大燈和光環(huán)尾燈，以及優(yōu)化空氣動(dòng)力學(xué)效率的半隱藏式汽車門把手。內(nèi)飾方面，SU7提供銀河灰、暮光紅、曜石黑等內(nèi)飾配色，具有環(huán)繞式座艙設(shè)計(jì)、5.35㎡的整車玻璃面積、雙層鍍銀隔熱材料天幕和三層鍍銀的前擋風(fēng)玻璃，以及杜比音響系統(tǒng)。性能方面，SU7的零百加速時(shí)間快2.78秒，采用前雙叉臂+CDCBoost20秒超額扭矩輸出和彈射起步模式。續(xù)航方面，SU7CLTC800800V5220公里，15510SU7有望吸引小米的忠實(shí)粉絲、熱愛小米生態(tài)的消費(fèi)者、科技和汽車智能化愛好者的注意力，并通過小米汽車的技術(shù)和性價(jià)比優(yōu)勢(shì)逐步拓展更多潛在用戶群體。風(fēng)險(xiǎn)投產(chǎn)交付不及預(yù)期，市場競爭加劇，新車定價(jià)不及預(yù)期。(PleaseseeappendixforEnglishtranslationofdisclaimer)圖7小米800V碳化硅高壓平臺(tái)資料來源：小米汽車官網(wǎng)，海通國際

CTB一體化電池技術(shù)參數(shù)圖9電池?zé)崾О踩叫袠I(yè)領(lǐng)先資料來源：小米汽車官網(wǎng)，海通國際

圖1014層物理防護(hù)完成嚴(yán)苛的耐久和密封測試資料來源：小米汽車官網(wǎng)，海通國際圖11小米全鏈路自主設(shè)計(jì)大壓鑄設(shè)備集群系統(tǒng) 圖12小米聯(lián)合研發(fā)泰坦合金 資料源：小汽官，通際 資料源小汽官，通際圖13小米智駕軟硬件協(xié)同，強(qiáng)化全場景功能資料來源：小米汽車官網(wǎng)，海通國際

圖14小米旗艦級(jí)感知硬件系統(tǒng)資料來源：小米汽車官網(wǎng)，海通國際圖15“超分辨率”占用網(wǎng)絡(luò)技術(shù)精確識(shí)別異形障礙物 圖16小米道路大模型，實(shí)時(shí)生成道路拓?fù)滟Y料源：小汽官，通際 資料源小汽官，通際圖17小米三屏協(xié)同實(shí)現(xiàn)“人車家”全生態(tài)閉環(huán) 圖18專屬CarIoT拓展實(shí)現(xiàn)五屏聯(lián)動(dòng)資料源：小汽官，通際 資料源小汽官，通際小米SU7標(biāo)車型 準(zhǔn)版特斯拉小米SU7標(biāo)車型 準(zhǔn)版特斯拉Model3保時(shí)捷Taycan4智界S7標(biāo)航版Pro極氪007后驅(qū)版75kWh小鵬P7i550Pro蔚來ET575kWhRWDCross-Turi.長寬高 4997/1963/14720/1848/14974/2144/14971/1963/14865/1900/14888/1896/14790/1960/1（mm） 455442409477450450499軸距（mm） 3000287529042950292829982888整備質(zhì)量（kg） 1980176022911975215020052165售價(jià)（萬元） 暫無26.1496.8024.9820.9921.3929.80基礎(chǔ)參數(shù)電CLTC續(xù)航里程（km）668606513550688550560百公里加速（秒）5.2動(dòng)性電動(dòng)機(jī)（馬力）299264476292422276490驅(qū)動(dòng)電機(jī)數(shù)單電機(jī)單電機(jī)雙電機(jī)單電機(jī)單電機(jī)單電機(jī)雙電機(jī)最大功率（kW）220（299Ps）194（264Ps）350（476Ps）215（292Ps）310（422Ps）203（276Ps）360（490Ps）最大扭矩(N·m)400340500n.a440440700補(bǔ)能充電時(shí)間（小時(shí)）n.an.a快充1.55/慢充5快充0.25n.a快充0.48快充0.5表現(xiàn)快充電量（%）30-8020-8020-8030-80n.a10-8010-80電池類型磷酸鐵鋰磷酸鐵鋰三元鋰磷酸鐵鋰磷酸鐵鋰磷酸鐵鋰磷酸鐵鋰+三元鋰電池容量(kWh)73.66093.46275.664.475自動(dòng)駕駛級(jí)別L2L2L2L2L2L2L2智 智駕芯片 英偉達(dá)Orin HW4.0 n.a n.a 英偉達(dá)Orin 英偉達(dá)能 X

4*英偉達(dá)Orin-X系 智駕系統(tǒng) XiaomiPilot AutoPilot n.a 華為ADS ZeekrAD 小鵬XNGP 蔚來NAD12.814.9615.05(OLED)15.610.915.416.1中控屏幕（英寸）統(tǒng) 智能座艙 小米澎湃12.814.9615.05(OLED)15.610.915.416.1中控屏幕（英寸）資料來源：懂車帝，車東西，各公司官網(wǎng)，海通國際APPENDIX1SummaryEventOnDecember28,2023,XiaomiheldatechnologyconferenceforitsautomotivedivisioninBeijing.CEOLeiJunpreviewedtheXiaomiSU7attheevent,showcasingXiaomi'sautomotivetechnologywithafocusonachievingahundred"firsts,uniques,andbests"inthefield.ThepricingoftheXiaomiSU7wasnotdisclosedandisexpectedtobeakeyhighlightatitsofficiallaunchin1H24.CommentsLaunchingwithfivecoreinnovativetechnologies,Xiaomiaimstoreshapethefoundationaltechnologystackoftheautomotiveindustry.ThefivecoretechnologiesofXiaomi'scarsincludeelectricdrive,battery,large-scalediecasting,intelligentdriving,andsmartcockpit:1)ElectricDrive:Xiaomi'sfirstjointlydevelopedsuperelectricmotor,theV6series,integratesAIsimulationtechnology,undergoingover200,000topologyoptimizationsandstressdistributionoptimizationswithinthemotor'sinternalstructure.Thisresultsinanindustry-leadingrotationspeedof21,000rpm.TheV6andV6smotorsintheXiaomiSU7,basedon400/800Vplatforms,offeramaximumpowerof220/275kWandamaximumtorqueof299/374ps,respectively.Xiaomi'sfirstgloballaunchofthesuperelectricmotorV8sreengineerstherotorstructureandcoolingsystem,achievingthehighestglobalrotationspeedof27,200rpm,amaximumhorsepowerof578ps,peakpowerof425kW,andmaximumpeaktorqueof635N·m,withmassproductionexpectedby20252)BatteryTheXiaomiSU7isequippedwithan800Vsiliconcarbidehigh-voltageplatformanda101kWhCATLKirinbattery(developedthroughdeepcollaboration),utilizingCTBintegratedbatterytechnology,achievingthehighestglobalvolumeefficiencyof77.8andallowingforaplatformmaximumCLTCrangeof1200km.Thebattery'sthermalfailuresafetystandardfarexceedstheindustryaveragewith14layersofhardcorephysicalprotectionpassingthestrictestIP6K9Ksealingtest;itfeatures17layersofhigh-voltageinsulationprotection,customactivecoolingtechnology,andadouble-sidedcoolingareaofupto7.8㎡,fourtimestheindustrylevel.Thebatterysideisfilledwith165piecesofaerogel,withstandingtemperaturesofupto1000°C3)LargeDieCastingXiaomi'sfull-stackself-developedXiaomiHyerCastinglargediecastinginvolvesdesigninganentirelargediecastingequipmentclustersystem,including60equipmentandpreciselycontrolling433processparameters.Asinglediecastingmachineweighs718twithaclampingforceof9100t,realizingtheintegrateddiecastingfloorofXiaomicars;developedincollaborationwithnationallaboratories,themulti-materialAIsimulationsystemcalculatedover10.16millionformulationsthrough1550prototypesultimatelyselectinganalloymaterialwithhighstrengthhightoughnessexcellentfluidityandlow-carbonenvironmentalcharacteristics4)IntelligentDrivingAI-empoweredfull-stackself-developedXiaomiPilotintelligentdrivingtechnologyachieveshigh-speedandurbanNOA;in-depthhardwareandsoftwarecollaboration,equippedwithtwoNVIDIADRIVEOrinchipsandHesai128-lineLiDARprovidingacomprehensivecomputingpowerof508TOPSadaptivezoomBEVtechnologydynamicallyadjuststheperceptionrangesuper-resolution"occupancynetworktechnologyaccuratelyidentifiesirregularobstacleswithprecision0.1mself-developedautonoisereductionforrainandsnoweffectivelyreducinginterference;roadbigmodelreal-timeroadtopologygeneration,achievinguniversallyapplicableurbannavigationacrossthecountry5)SmartCockpit:Xiaomicreatesapeople-centricPeople-Car-HomeFullEcosystemoperatingsystembasedonHyperOSfeaturinga16.1-inch3KresolutioncentralcontrolscreenlinkedwiththeinstrumentpanelandHUD,deliveringanimmersivedrivingexperience;strongecosystemexpansioncapability,deeplycompatiblewithmainstreamin-carapplications,graduallysharingtheecologyofover5000typesofXiaomitabletapplications,achievingapplicationecologyintegration;exclusiveCarIoTecosystemenablesadvancedinteractionswithuptofivescreenslinked,fullyopentothirdparties,joininghandswithglobaldeveloperstocreatea"People-Car-HomeFullEcosystem"vision.XiaomiSU7combinesadvanceddesignandtechnology,offeringexceptionalperformanceandcomfort.PositionedasaC-classhigh-performanceecologicaltechnologysedan,theXiaomiSU7featuresdimensionsof4997mminlength,1963mminwidth,and1455mm/1440mm(Maxversion)inheight,withawheelbaseof3000mm.ItoffersmultiplecoloroptionsincludingGulfBlue,ElegantGrey,andOliveGreen,andboastsaleadingglobaldragcoefficientofCd0.195.Designhighlightsincludeteardrop-shapedheadlightsandhalotaillights,aswellassemi-hiddencardoorhandlesoptimizedforaerodynamicefficiency.TheinteriorofferscoloroptionsofGalaxyGrey,TwilightRed,andObsidianBlack,featuringanenvelopingcockpitdesign,atotalglassareaof5.35㎡double-layersilver-platedthermalinsulationmaterialforthesunroofandtriple-layersilver-platedfrontwindshield,aswellasaDolbysoundsystem.Intermsofperformance,theXiaomiSU7acceleratesfrom0to100km/hinjust2.78seconds,builtonachassiswithfrontdoublewishboneandrearmulti-linkdesign,equippedwithCDCelectromagneticsuspensionandairsuspension,offeringaBoostkeyfor20secondsofexcesstorqueoutputandalaunchmode.Intermsofendurance,theXiaomiSU7offersamaximumCLTCrangeof800km,withthe800Vhigh-voltageplatformallowingforanenergyreplenishmentof220kminjust5minutesand510kmin15minutes.WeexpecttheXiaomiSU7toattracttheattentionofXiaomi'sloyalfans,consumerspassionateabouttheXiaomiecosystem,technologyandautomotiveintelligenceenthusiasts,andgraduallyexpanditspotentialuserbasethroughXiaomiAutomotive'stechnologicalandcost-effectiveadvantages.RisksProductionanddeliveryfallshortofexpectations;intensifyingmarketcompetition;pricingdoesnotmeetexpectations.附錄APPENDIX重要信息披露本研究報(bào)告由海通國際分銷，海通國際是由海通國際研究有限公司(HTIRL)，HaitongSecuritiesIndiaPrivateLimited(HSIPL)，HaitongInternationalJapanK.K.(HTIJKK)和海通國際證券有限公司(HTISCL)的證券研究團(tuán)隊(duì)所組成的全球品牌，海通國際證券集團(tuán)(HTISG)各成員分別在其許可的司法管轄區(qū)內(nèi)從事證券活動(dòng)。IMPORTANTDISCLOSURESThisresearchreportisdistributedbyHaitongInternational,aglobalbrandnamefortheequityresearchteamsofHaitongInternationalResearchLimited(“HTIRL”),HaitongSecuritiesIndiaPrivateLimited(“HSIPL”),HaitongInternationalJapanK.K.(“HTIJKK”),HaitongInternationalSecuritiesCompanyLimited(“HTISCL”),andanyothermemberswithintheHaitongInternationalSecuritiesGroupofCompanies(“HTISG”),eachauthorizedtoengageinsecuritiesactivitiesinitsrespectivejurisdiction.HTIRL分析師認(rèn)證AnalystCertification:我，姚書橋，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,BarneyYao,certifythatitheviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchandiinopartofmycompensationwas,isorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisresearchreportandthatIincludingmembersofmyhouseholdhavenofinancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussedIandmyhousehold,whomIhavealreadynotifiedofthis,willnotdealinortradeanysecuritiesinrespectoftheissuerthatIreviewwithin3businessdaysaftertheresearchreportispublished.我，王沈昱，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,OscarWangcertifythatitheviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchandiinopartofmycompensationwas,isorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisresearchreportandthatIincludingmembersofmyhouseholdhavenofinancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussedIandmyhousehold,whomIhavealreadynotifiedofthis,willnotdealinortradeanysecuritiesinrespectoftheissuerthatIreviewwithin3businessdaysaftertheresearchreportispublished.利益沖突披露ConflictofInterestDisclosures海通國際及其某些關(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(qǐng)發(fā)郵件至ERD-Disclosure@）HTIandsomeofitsaffiliatesmayengageininvestmentbankingand/orserveasamarketmakerorholdproprietarytradingpositionsofcertainstocksorcompaniesinthisresearchreport.Asfarasthisresearchreportisconcerned,thefollowingarethedisclosuremattersrelatedtosuchrelationship(Asthefollowingdisclosuredoesnotensuretimelinessandcompleteness,pleasesendanemailtoERD-Disclosure@iftimelyandcomprehensiveinformationisneeded).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)。andare/wereaclientofHaitongcurrentlyorwithinthepast12months.Theclienthasbeenprovidedfornon-investment-bankingsecurities-relatedservices.海通在過去的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。Haitonghasreceivedcompensationinthepast12monthsforproductsorservicesotherthaninvestmentbankingfrom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.評(píng)級(jí)定義（從2020年7月1日開始執(zhí)行）：海通國際（以下簡稱“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.RatingsDefinitions(from1Jul2020):

評(píng)級(jí)分布RatingDistribution 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9月30日海通國際股票研究評(píng)級(jí)分布優(yōu)于大市 中性 弱于大市(持有)海通國際股票研究覆蓋率 89.3% 1.1% 9.6%投資銀行客戶* 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12-18FINRA/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–KOSPI,臺(tái)灣–TAIEX,印度–Nifty100;其他所有中國概念股–MSCIChina.HaitongInternationalEquityResearchRatingsDistribution,asofSeptember30,2023OutperformNeutralUnderperformHTIEquityResearchCoverage89.3%1.1%9.6%IBclients*3.9%5.8%10.0%*Percentageofinvestmentbankingclientsineachratingcategory.BUY,Neutral,andSELLintheabovedistributioncorrespondtoourcurrentratingsofOutperform,Neutral,andUnderperform.ForpurposesonlyofFINRA/NYSEratingsdistributionrules,ourNeutralratingfallsintoaholdratingcategory.PleasenotethatstockswithanNRdesignationarenotincludedinthetableabove.Previousratingsystemdefinitions(until30Jun2020):BUY:Thestock’stotalreturnoverthenext12-18monthsisexpectedtoexceedthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.NEUTRAL:Thestock’stotalreturnoverthenext12-18monthsisexpectedtobeinlinewiththereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.ForpurposesonlyofFINRA/NYSEratingsdistributionrules,ourNeutralratingfallsintoaholdratingcategory.SELL:Thestock’stotalreturnoverthenext12-18monthsisexpectedtobebelowthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.Benchmarksforeachstock’slistedregionareasfollows:Japan–TOPIX,Korea–KOSPI,Taiwan–TAIEX,India–Nifty100;forallotherChina-conceptstocks–MSCIChina.海通國際非評(píng)級(jí)研究：海通國際發(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(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HaitongInternationalNon-RatedResearch:HaitongInternationalpublishesquantitative,screeningorshortreportswhichmayrankstocksaccordingtovaluationandothermetricsormaysuggestpricesbasedonpossiblevaluationmultiples.Suchrankingsorsuggestedpricesdonotpurporttobestockratingsortargetpricesorfundamentalvaluesandareforinformationonly.海通國際A股覆蓋：海通國際可能會(huì)就滬港通及深港通的中國A股進(jìn)行覆蓋及評(píng)級(jí)。海通證券（600837.CH），海通國際于上海的母公司，也會(huì)于中國發(fā)布中國A股的研究報(bào)告。但是，海通國際使用與海通證券不同的評(píng)級(jí)系統(tǒng)，所以海通國際與海通證券的中國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.海通國際優(yōu)質(zhì)100A股（Q100）指數(shù)：海通國際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)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.TheofthisdatabelongstoSusallWave,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)告由海通國際證券集團(tuán)有限公司（“HTISGL”）的全資附屬公司海通國際研究有限公司（“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）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日被收購并成為海通國際證券集團(tuán)有限公司（“HTISG”）的一部分。所有研究報(bào)告均以海通國際為名作為全球品牌，經(jīng)許可由海通國際證券股份有限公司及/或海通國際證券集團(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/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(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問海通國際網(wǎng)站，查閱更多有關(guān)海通國際為預(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：FINRA進(jìn)行注冊(cè)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)系其所在國家或地區(qū)的海通國際銷售人員。香港投資者的通知事項(xiàng)：海通國際證券股份有限公司(“HTISCL”)負(fù)責(zé)分發(fā)該研究報(bào)告，HTISCL1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)過證券及期貨事務(wù)監(jiān)察委員會(huì)的審查。您不應(yīng)僅根據(jù)本研究報(bào)告中所載的信息做出投資決定。本研究報(bào)告的收件人就研究報(bào)告中產(chǎn)生或與之相關(guān)的任何事宜請(qǐng)聯(lián)系HTISCL銷售人員。美國投資者的通知事項(xiàng)：HTIRL，HSIPLHTIJKKHTIRL，HSIPL，HTIJKKHTISG美國聯(lián)營公司，均未在美國注冊(cè)，因此不受美國關(guān)于研究報(bào)告編制和研1934年“美國證券交易法”第15a-6條規(guī)定的豁免注冊(cè)的「美國主要機(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