房地產(chǎn)行業(yè)TOP100房企3月銷售數(shù)據(jù)點(diǎn)評(píng)：?jiǎn)卧落N售環(huán)比上升重點(diǎn)城市環(huán)比改善有望延續(xù)

行業(yè)研究行業(yè)研究/房地產(chǎn)行業(yè)月報(bào)證券研究報(bào)告TOP100房企3月銷售數(shù)據(jù)點(diǎn)評(píng)投資要點(diǎn)：—單月銷售環(huán)比上升，重點(diǎn)城市環(huán)比改善有望延續(xù)投資要點(diǎn)：2024年320241-3月銷售1007792.423年同期-47.5%21.16073.423年同期-48.3%，降幅較2月收窄2.5個(gè)百分點(diǎn)，權(quán)益比78%。202433583.2億元，-46.1%20243TOP1002853.1104.0%，同比-45.1%。環(huán)比改善有望延續(xù)。對(duì)比23年和24年1-3TOP31-50房企的銷售操盤(pán)金額門(mén)檻同比5933門(mén)檻降幅453200億元，同比-55.8%從2024年1-3月操盤(pán)口徑銷售金額來(lái)看，TOP10房企同比降幅相對(duì)較小，同比-42.8%；TOP11-20房企降幅相對(duì)較高，同比-55.0%。從2024年1-3月權(quán)益銷售金額來(lái)看，TOP10房企同比降幅相對(duì)較小，同比-45.4%；TOP21-30房企降幅相對(duì)較高，同比-54.0%。2024年3月百?gòu)?qiáng)房企單月銷售同比負(fù)增長(zhǎng)。20243月單月操盤(pán)銷售金額391283億元，萬(wàn)A229-270114-178億元。20243503家實(shí)現(xiàn)同比正增A23.2%-65%。20241-323501A1.4%，遠(yuǎn)洋集團(tuán)等超過(guò)-70%的同比負(fù)增長(zhǎng)。投資建議：我們認(rèn)為行業(yè)政策近期明顯存在松綁，格局改善，空間打開(kāi)，優(yōu)質(zhì)公司的價(jià)值將會(huì)更加突出。建議關(guān)注：1）開(kāi)發(fā)類：A股-、保利發(fā)展、招商蛇口、城建發(fā)展、天健集團(tuán)；H股-中國(guó)海外發(fā)展；2）商住類：華潤(rùn)置地、龍湖集團(tuán)、新城控股；3）物業(yè)類：萬(wàn)物云、華潤(rùn)萬(wàn)象生活、中海物業(yè)、保利物業(yè)、招商積余、新大正；4）文旅類-華僑城A。風(fēng)險(xiǎn)提示：銷售不暢，行業(yè)總量下行風(fēng)險(xiǎn)。請(qǐng)務(wù)必閱讀正文之后的信息披露和法律聲明2024年3月百?gòu)?qiáng)房企單月銷售環(huán)比上升20241-3100強(qiáng)房企操盤(pán)口徑銷售7792.423年同期21.16073.423年同期22.578%20241-3506801.6023年同期21.75167.523年同期-48.4%2月收3.0。202433583.2比+92.8%，同比-46.1%。20243TOP1002853.1億元，環(huán)104.0%，同比-45.1%。我們認(rèn)為政策持續(xù)寬松背景下，市場(chǎng)需求或迎來(lái)局部結(jié)構(gòu)性釋放，4月重點(diǎn)城市環(huán)比改善有望延續(xù)。圖1TOP100房企操盤(pán)口徑單月銷售額及同比資料來(lái)源：克爾瑞數(shù)據(jù)，HTI圖2TOP100房企權(quán)益口徑單月銷售額及同比資料來(lái)源：克爾瑞數(shù)據(jù)，HTI從不同梯隊(duì)房企的銷售情況來(lái)看，20241-3TOP1-10的房企實(shí)現(xiàn)操盤(pán)口徑銷售4043億元，同比-42.8%2212萬(wàn)平米，同比-49.2%；權(quán)益銷售2930億元，同比-45.4%。2024年1-3月TOP11-20房企實(shí)現(xiàn)操盤(pán)口徑銷售金額1288億元，同比-55.0%；操盤(pán)852-52.2%1004-51.8%，權(quán)益比78%。20241-3TOP21-30677417萬(wàn)平米，同比-50.1%529億元，同比-54.0%，權(quán)益比重78%。20241-3TOP31-50794483萬(wàn)平米，同比-47.5%704億元，同比-50.3%，權(quán)益比重89%。2024年1-3月TOP51-100房企實(shí)現(xiàn)操盤(pán)口徑銷售金額991億元，同比-49.4%；操盤(pán)口徑銷售面積572萬(wàn)平米，同比-48.3%；權(quán)益銷售金額906億元，同比-47.5%，權(quán)益比重91%。從224年3042.8；TOP11-20房企降幅相對(duì)較高，同比-55.0%。從2024年1-3月權(quán)益銷售金額來(lái)看，TOP10房企同比降幅相對(duì)較小，同比-45.4%；TOP21-30房企降幅相對(duì)較高，同比-54.0%。表12024年1-3月不同梯隊(duì)房企銷售情況2024年1-3月銷售情況1-3月操盤(pán)口徑（億元同比（%）1-3月操盤(pán)口徑銷售面積（萬(wàn)平米）同比（%）1-3月權(quán)益銷售（億元）同比（%）權(quán)益比重1-104043-42.8%2212-49.2%2930-45.4%72%11-201288-55.0%852-52.2%1004-51.8%78%21-30677-49.4%417-50.1%529-54.0%78%31-50794-50.5%483-47.5%704-50.3%89%51-100991-49.4%572-48.3%906-47.5%91%TOP506802-47.2%3963-49.7%5168-48.4%76%TOP1007792-47.5%4535-49.6%6073-48.3%78%資料來(lái)源：克爾瑞數(shù)據(jù)，HTI23241-3月操盤(pán)口徑銷售門(mén)檻來(lái)看，TOP31-50房企的銷售操盤(pán)金額門(mén)檻同比-44.8%5933億元，降幅相對(duì)較小；TOP10門(mén)檻降幅相對(duì)最大，從453億元下降至200億元，同比-55.8%。圖3房企銷售門(mén)檻資料來(lái)源：克爾瑞數(shù)據(jù)，HTI2024年3月百?gòu)?qiáng)房企單月銷售同比負(fù)增長(zhǎng)以下數(shù)據(jù)為第三方監(jiān)測(cè)數(shù)據(jù)，口徑為操盤(pán)口徑和權(quán)益口徑，建議同時(shí)參考上市公司公告。20243391億元，283229-270億元，龍湖集團(tuán)、建發(fā)國(guó)際集團(tuán)和招商蛇口在114-178億元。20243503家實(shí)現(xiàn)同比正增長(zhǎng)。39.1%A23.2%。跌幅榜中，金地集團(tuán)等跌幅超過(guò)-65%。20241-323501家實(shí)現(xiàn)正增A1.4%，遠(yuǎn)洋集團(tuán)等超過(guò)-70%的同比負(fù)增長(zhǎng)。表2前50強(qiáng)房企累計(jì)銷售及同比情況操盤(pán)金額排名企業(yè)簡(jiǎn)稱2024年1-3月操盤(pán)銷售金額（億元）1-3月操盤(pán)同比（%）2024年1-3月權(quán)益銷售金額（億元）1-3月權(quán)益同比（%）1保利發(fā)展579-45.4%478-40.1%2中國(guó)海外發(fā)展572-27.9%542-30.6%3萬(wàn)科A541-45.5%377-42.5%4綠城中國(guó)532-13.3%266-12.0%5華潤(rùn)置地456-37.8%355-41.1%6招商蛇口374-43.8%249-44.7%7建發(fā)國(guó)際集團(tuán)313-31.6%238-33.0%8龍湖集團(tuán)241-46.7%153-53.3%9濱江集團(tuán)236-37.7%131-31.8%10華發(fā)股份200-57.4%135-63.6%11金地集團(tuán)186-58.8%104-62.1%12中國(guó)金茂168-59.0%121-60.2%13碧桂園168-79.9%137-80.9%14越秀地產(chǎn)141-50.1%130-50.1%15綠地控股133-53.8%126-53.8%16中國(guó)鐵建114-38.2%102-32.8%17美的置業(yè)94-56.1%66-56.1%18保利置業(yè)94-50.0%71-54.8%19融創(chuàng)中國(guó)94-66.2%55-66.8%20新城控股94-44.7%87-40.3%21旭輝控股集團(tuán)89-51.9%53-57.9%22卓越集團(tuán)75-56.0%60-54.9%23中國(guó)恒大69-58.7%65-58.7%24電建地產(chǎn)68-45.1%43-56.7%25世茂集團(tuán)64-44.4%58-44.4%26建業(yè)地產(chǎn)64-41.8%14-60.6%27聯(lián)發(fā)集團(tuán)55-47.6%47-40.5%28仁恒實(shí)業(yè)控股47-39.0%22-57.9%29首開(kāi)股份45-56.8%42-56.7%30路勁44-66.2%47-66.2%31中南建設(shè)44-61.7%32-58.2%32華僑城A421.4%33-35.2%33中交房地產(chǎn)41-59.2%51-50.6%34金輝集團(tuán)38-16.1%32-12.0%35大華集團(tuán)37-51.1%36-51.4%36朗詩(shī)綠色地產(chǎn)35-20.3%24#N/A37金融街35-61.5%37-61.4%38遠(yuǎn)洋集團(tuán)33-75.1%27-75.1%39陽(yáng)光城33-59.5%25-61.3%40萬(wàn)達(dá)商業(yè)31-62.8%28-61.8%41合生創(chuàng)展29-4.6%27-4.7%42寶龍地產(chǎn)29-56.4%24-56.4%43雅居樂(lè)集團(tuán)27-69.7%28-63.3%44中駿集團(tuán)控股25-76.1%23-75.9%45新希望地產(chǎn)25-47.2%30-47.1%46金科股份24-69.8%22-69.8%47華宇集團(tuán)24-49.7%19-45.8%48中梁控股21-59.8%21-59.9%49首創(chuàng)置業(yè)21-65.8%19-62.4%50敏捷集團(tuán)21-64.4%21-64.4%資料來(lái)源：克爾瑞數(shù)據(jù)，HTI）表3前50強(qiáng)房企單月銷售及同比情況操盤(pán)金額排名企業(yè)簡(jiǎn)稱2024年3月操盤(pán)銷售金額（億元）3月操盤(pán)同比（%）2024年3月權(quán)益銷售金額（億元）3月權(quán)益同比（%）1保利發(fā)展252-47.0%219-32.0%2中國(guó)海外發(fā)展391-4.2%371-7.7%3萬(wàn)科A229-46.6%159-43.5%4綠城中國(guó)283-5.5%16314.4%5華潤(rùn)置地270-25.1%211-28.3%6招商蛇口178-43.0%117-45.3%7建發(fā)國(guó)際集團(tuán)154-28.3%118-35.1%8龍湖集團(tuán)114-42.9%70-53.2%9濱江集團(tuán)97-38.6%57-29.6%10華發(fā)股份94-59.6%67-66.2%11金地集團(tuán)70-66.3%38-69.5%12中國(guó)金茂69-63.5%49-65.0%13碧桂園52-82.7%45-83.3%14越秀地產(chǎn)74-12.0%6837.6%15綠地控股52-57.1%50-57.0%16中國(guó)鐵建68-31.7%63-14.9%17美的置業(yè)38-51.6%27-53.2%18保利置業(yè)54-30.3%37-45.9%19融創(chuàng)中國(guó)33-68.7%19-68.9%20新城控股33-47.0%31-39.9%21旭輝控股集團(tuán)35-51.9%21-58.0%22卓越集團(tuán)34-59.9%29-56.5%23中國(guó)恒大22-83.4%21-83.4%24電建地產(chǎn)32-43.3%24-46.0%25世茂集團(tuán)30-37.4%27-37.4%26建業(yè)地產(chǎn)180.0%5#N/A27聯(lián)發(fā)集團(tuán)22-59.6%22-50.7%28仁恒實(shí)業(yè)控股10-32.9%6-36.2%29首開(kāi)股份17-69.8%16-69.8%30路勁17-68.3%17-68.5%31中南建設(shè)18-56.6%13-48.1%32華僑城A1723.2%13-22.0%33中交房地產(chǎn)19-58.0%23-52.4%34金輝集團(tuán)1839.1%1560.0%35大華集團(tuán)18-49.6%17-50.3%36朗詩(shī)綠色地產(chǎn)225.2%17#N/A37金融街16-56.6%17-56.8%38遠(yuǎn)洋集團(tuán)18-73.6%14-73.6%39陽(yáng)光城11-72.4%9-73.4%40萬(wàn)達(dá)商業(yè)10-67.6%10-30.1%41合生創(chuàng)展6-58.4%6-57.9%42寶龍地產(chǎn)12-55.3%10-55.6%43雅居樂(lè)集團(tuán)12-69.0%13-49.0%44中駿集團(tuán)控股10-77.8%9-78.3%45新希望地產(chǎn)9-54.4%14-42.9%46金科股份14-25.0%12-25.3%47華宇集團(tuán)14-22.9%11-16.7%48中梁控股9-50.8%9-51.4%49首創(chuàng)置業(yè)6-63.7%5-60.0%50敏捷集團(tuán)9-55.1%10-54.3%資料來(lái)源：克爾瑞數(shù)據(jù)，HTI注：）投資建議我們認(rèn)為行業(yè)政策近期明顯存在松綁，格局改善，空間打開(kāi)，優(yōu)質(zhì)公司的價(jià)值將會(huì)股-A股-中國(guó)海外發(fā)展；2）商住類：華潤(rùn)置地、龍湖集團(tuán)、新城控股；3）萬(wàn)物云、華潤(rùn)萬(wàn)象生活、中海物業(yè)、保利物業(yè)、招商積余、新大正；4）文旅類-華僑城A。風(fēng)險(xiǎn)提示銷售不暢，行業(yè)總量下行風(fēng)險(xiǎn)。APPENDIX1SummaryInvestmentHighlights:March2024sawamonth-on-monthincreaseinsalesfortop100realestatecompanies.SalesreachedRMB779.24billion,down47.5%YoY,witha1.1percentagepointdecreaseinthedropratecomparedtoFebruary.EquitysaleshitRMB607.34billion,down48.3%YoY,witha2.5percentagepointdecreaseinthedroprate,andanequityratioof78%.ForMarch2024alone,thesecompaniesachievedsalesofRMB358.32billion,up92.8%month-on-monthbutdown46.1%YoY.EquitysalesamountedtoRMB285.31billion,up104.0%month-on-monthbutdown45.1%YoY.WeexpectmarketdemandtopartiallyreboundinAprilduetocontinuedpolicyeasing.ComparingsalesthresholdsforJanuary-March2023and2024,the31st-50thrankedcompaniessawasmallerdecline,fromRMB5.9billiontoRMB3.3billion,down44.8%YoY.Thetop10’sthresholdsawthelargestdrop,fromRMB45.3billiontoRMB20billion,down55.8%YoY.InMarch2024,thehighestsingle-monthsaleswerebyChinaOverseasLand&InvestmentatRMB39.1billion,followedbyGreentownChinaatRMB28.3billion.ChinaVanke,PolyDevelopmentsandHoldingsGroupCo.,Ltd,andChinaResourcesLandhadsalesbetweenRMB22.9-27billion.LongforGroupHoldings,C&DInternationalInvestmentGroup,andChinaMerchantsShekouIndustrialZonehadsalesbetweenRMB11.4-17.8billion.Only3ofthetop50realestatecompaniesachievedYoYgrowthinMarch2024.Jinhuihadthehighestgrowthat39.1%,followedbyShenzhenOverseasChineseTownat23.2%.CompanieslikeGemdaleCorporationsawdeclinesexceeding65%.FromJanuary-March2024,onlyoneofthetop50companiessawpositivegrowthcomparedtothesameperiodin2023,withShenzhenOverseasChineseTownatthetopwith1.4%growth,whilecompanieslikeSino-OceanGroupHoldingexperiencedover70%negativegrowthYoY.Investmentadvice:Webelievetheindustrywillbenefitfromrecentpolicyrelaxation,improvedstructure,andopenedopportunities,highlightingthevalueofqualitycompanies.Recommendedfocuson:1)Developmentsector:A-Shares-ChinaVanke,PolyDevelopmentsandHoldingsGroupCo.,Ltd,ChinaMerchantsShekouIndustrialZone,ShenzhenTagenGroup;H-Shares-ChinaOverseasLand&Investment;2)Commercialandresidentialsector:ChinaResourcesLand,LongforGroupHoldings,SeazenHoldings;3)Propertymanagement:Onewo,ChinaResourcesMixcLifestyleServices,ChinaOverseasPropertyHoldings,PolyPropertyServices,ChinaMerchantsPropertyOperation&Service,ChongQingNewDaZhengPropertyGroup;4)Cultureandtourismsector-ShenzhenOverseasChineseTown.RiskWarning:Salesdifficulties,industrydownturnrisk.附錄APPENDIX重要信息披露本研究報(bào)告由海通國(guó)際分銷，海通國(guó)際是由海通國(guó)際研究有限公司(HTIRL)，HaitongSecuritiesIndiaPrivateLimited(HSIPL)，HaitongInternationalJapanK.K.(HTIJKK)和海通國(guó)際證券有限公司(HTISCL)的證券研究團(tuán)隊(duì)所組成的全球品牌，海通國(guó)際證券集團(tuán)(HTISG)各成員分別在其許可的司法管轄區(qū)內(nèi)從事證券活動(dòng)。IMPORTANTDISCLOSURESThisresearchreportisdistributedbyHaitongInternational,aglobalbrandnamefortheequityresearchteamsofHaitongInternationalResearchLimited(“HTIRL”),HaitongSecuritiesIndiaPrivateLimited(“HSIPL”),HaitongInternationalJapanK.K.(“HTIJKK”),HaitongInternationalSecuritiesCompanyLimited(“HTISCL”),andanyothermemberswithintheHaitongInternationalSecuritiesGroupofCompanies(“HTISG”),eachauthorizedtoengageinsecuritiesactivitiesinitsrespectivejurisdiction.HTIRL分析師認(rèn)證AnalystCertification:我，涂力磊，在此保證（i）本研究報(bào)告中的意見(jiàn)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(méi)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,LileiTucertifythatitheviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchandiinopartofmycompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisresearchreport;andthatI(includingmembersofmyhousehold)havenofinancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussed.Iandmyhousehold,whomIhavealreadynotifiedofthis,willnotdealinortradeanysecuritiesinrespectoftheissuerthatIreviewwithin3businessdaysaftertheresearchreportispublished.利益沖突披露ConflictofInterestDisclosures海通國(guó)際及其某些關(guān)聯(lián)公司可從事投資銀行業(yè)務(wù)和/或?qū)Ρ狙芯恐械奶囟ü善被蚬具M(jìn)行做市或持有自營(yíng)頭寸。就本研究報(bào)告而言，以下是有關(guān)該等關(guān)系的披露事項(xiàng)（以下披露不能保證及時(shí)無(wú)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).評(píng)級(jí)定義（從2020年7月1日開(kāi)始執(zhí)行）：海通國(guó)際（以下簡(jiǎn)稱“HTI”）采用相對(duì)評(píng)級(jí)系統(tǒng)來(lái)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(mǎi)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(cāng)）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TOPIX,KOSPI,TAIEXNifty100美SP500MSCIChina.RatingsDefinitions(from1Jul2020):HaitongInternationalusesarelativeratingsystemusingOutperform,Neutral,orUnderperformforrecommendingthestockswecovertoinvestors.InvestorsshouldcarefullyreadthedefinitionsofallratingsusedinHaitongInternationalResearch.Inaddition,sinceHaitongInternationalResearchcontainsmorecompleteinformationconcerningtheanalyst'sviews,investorsshouldcarefullyreadHaitongInternationalResearch,initsentirety,andnotinferthecontentsfromtheratingalone.Inanycase,ratings(orresearch)shouldnotbeusedorrelieduponasinvestmentadvice.Aninvestor'sdecisiontobuyorsellastockshoulddependonindividualcircumstances(suchastheinvestor'sexistingholdings)andotherconsiderations.AnalystStockRatingsOutperform:Thestock’stotalreturnoverthenext12-18monthsisexpectedtoexceedthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.

評(píng)級(jí)分布RatingDistribution Neutral:Thestock’stotalreturnoverthenext12-18monthsisexpectedtobeinlinewiththereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.ForpurposesonlyofFINRA/NYSEratingsdistributionrules,ourNeutralratingfallsintoaholdratingcategory.Underperform:Thestock’stotalreturnoverthenext12-18monthsisexpectedtobebelowthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.Benchmarksforeachstock’slistedregionareasfollows:Japan–TOPIX,Korea–KOSPI,Taiwan–TAIEX,India–Nifty100,US–SP500;forallotherChina-conceptstocks–MSCIChina.截至2023年12月31日海通國(guó)際股票研究評(píng)級(jí)分布優(yōu)于大市中性弱于大市(持有)海通國(guó)際股票研究覆蓋率 89.4%9.6%1.0%投資銀行客戶* 3.9%5.1%5.6%*在每個(gè)評(píng)級(jí)類別里投資銀行客戶所占的百分比。上述分布中的買(mǎi)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(mǎi)入，未來(lái)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(lái)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(lái)12-18個(gè)月內(nèi)預(yù)期相對(duì)基準(zhǔn)指數(shù)跌幅在10%以上，基準(zhǔn)定義如下各地股票基準(zhǔn)指數(shù)：日本–TOPIX,韓國(guó)–KOSPI,臺(tái)灣–TAIEX,印度–Nifty100;其他所有中國(guó)概念股–MSCIChina.HaitongInternationalEquityResearchRatingsDistribution,asofDecember31,2023Outperform Neutral Underperform(hold)HTIEquityResearchCoverage 89.4% 9.6% 1.0%IBclients* 3.9% 5.1% 5.6%*Percentageofinvestmentbankingclientsineachratingcategory.BUY,Neutral,andSELLintheabovedistributioncorrespondtoourcurrentratingsofOutperform,Neutral,andUnderperform.ForpurposesonlyofFINRA/NYSEratingsdistributionrules,ourNeutralratingfallsintoaholdratingcategory.PleasenotethatstockswithanNRdesignationarenotincludedinthetableabove.Previousratingsystemdefinitions(until30Jun2020):BUY:Thestock’stotalreturnoverthenext12-18monthsisexpectedtoexceedthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.NEUTRAL:Thestock’stotalreturnoverthenext12-18monthsisexpectedtobeinlinewiththereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.ForpurposesonlyofFINRA/NYSEratingsdistributionrules,ourNeutralratingfallsintoaholdratingcategory.SELL:Thestock’stotalreturnoverthenext12-18monthsisexpectedtobebelowthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.Benchmarksforeachstock’slistedregionareasfollows:Japan–TOPIX,Korea–KOSPI,Taiwan–TAIEX,India–Nifty100;forallotherChina-conceptstocks–MSCIChina.海通國(guó)際非評(píng)級(jí)研究：海通國(guó)際發(fā)布計(jì)量、篩選或短篇報(bào)告，并在報(bào)告中根據(jù)估值和其他指標(biāo)對(duì)股票進(jìn)行排名，或者基于可能的估值倍數(shù)提出建議價(jià)格。這種排名或建議價(jià)格并非為了進(jìn)行股票評(píng)級(jí)、提出目標(biāo)價(jià)格或進(jìn)行基本面估值，而僅供參考使用。HaitongInternationalNon-RatedResearch:HaitongInternationalpublishesquantitative,screeningorshortreportswhichmayrankstocksaccordingtovaluationandothermetricsormaysuggestpricesbasedonpossiblevaluationmultiples.Suchrankingsorsuggestedpricesdonotpurporttobestockratingsortargetpricesorfundamentalvaluesandareforinformationonly.海通國(guó)際A股覆蓋：海通國(guó)際可能會(huì)就滬港通及深港通的中國(guó)A股進(jìn)行覆蓋及評(píng)級(jí)。海通證券（600837.CH），海通國(guó)際于上海的母公司，也會(huì)于中國(guó)發(fā)布中國(guó)A股的研究報(bào)告。但是，海通國(guó)際使用與海通證券不同的評(píng)級(jí)系統(tǒng)，所以海通國(guó)際與海通證券的中國(guó)A股評(píng)級(jí)可能有所不同。HaitongInternationalCoverageofA-Shares:HaitongInternationalmaycoverandrateA-SharesthataresubjecttotheHongKongStockConnectschemewithShanghaiandShenzhen.HaitongSecurities(HS;600837CH),theultimateparentcompanyofHTISGbasedinShanghai,coversandpublishesresearchonthesesameA-SharesfordistributioninmainlandChina.However,theratingsystememployedbyHSdiffersfromthatusedbyHTIandasaresulttheremaybeadifferenceintheHTIandHSratingsforthesameA-sharestocks.海通國(guó)際優(yōu)質(zhì)100A股（Q100）指數(shù)：海通國(guó)際Q100指數(shù)是一個(gè)包括100支由海通證券覆蓋的優(yōu)質(zhì)中國(guó)A股的計(jì)量產(chǎn)品。這些股票是通過(guò)基于質(zhì)量的篩選過(guò)程，并結(jié)合對(duì)海通證券A股團(tuán)隊(duì)自下而上的研究。海通國(guó)際每季對(duì)Q100指數(shù)成分作出復(fù)審。HaitongInternationalQuality100A-share(Q100)Index:HTI’sQ100Indexisaquantproductthatconsistsof100ofthehighest-qualityA-sharesundercoverageatHSinShanghai.Thesestocksarecarefullyselectedthroughaquality-basedscreeningprocessincombinationwithareviewoftheHSA-shareteam’sbottom-upresearch.TheQ100constituentcompaniesarereviewedquarterly.盟浪義利（FIN-ESG）數(shù)據(jù)通免責(zé)聲明條款：在使用盟浪義利（FIN-ESG）數(shù)據(jù)之前，請(qǐng)務(wù)必仔細(xì)閱讀本條款并同意本聲明：第一條義利（FIN-ESG）數(shù)據(jù)系由盟浪可持續(xù)數(shù)字科技有限責(zé)任公司（以下簡(jiǎn)稱“本公司”）基于合法取得的公開(kāi)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(shuō)明，本數(shù)據(jù)（如財(cái)務(wù)業(yè)績(jī)數(shù)據(jù)等）僅代表過(guò)往表現(xiàn)，過(guò)往的業(yè)績(jī)表現(xiàn)不作為日后回報(bào)的預(yù)測(cè)。第三條本數(shù)據(jù)版權(quán)歸本公司所有，本公司依法保留各項(xiàng)權(quán)利。未經(jīng)本公司事先書(shū)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(xiě)、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(shuō)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(guó)際證券集團(tuán)有限公司（“HTISGL”）的全資附屬公司海通國(guó)際研究有限公司（“HTIRL”）發(fā)行，該公司是根據(jù)香港證券及期貨條例（第571章）持有第4類受規(guī)管活動(dòng)（就證券提供意見(jiàn)）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(wèn)。印度證券的研究報(bào)告：SecuritiesandExchangeBoardofIndia（“SEBI”）監(jiān)管的HaitongSecuritiesIndiaPrivateLimited（“HTSIPL”）所發(fā)BSELimited（“BSE”）和NationalStockExchangeofIndiaLimited（“NSE”）上市公司（統(tǒng)稱為「印度交易所」）的研究報(bào)告。HTSIPL于2016年1222日被收購(gòu)并成為海通國(guó)際證券集團(tuán)有限公司（“HTISG”）的一部分。所有研究報(bào)告均以海通國(guó)際為名作為全球品牌，經(jīng)許可由海通國(guó)際證券股份有限公司及/或海通國(guó)際證券集團(tuán)的其他成員在其司法管轄區(qū)發(fā)布。本文件所載信息和觀點(diǎn)已被編譯或源自可靠來(lái)源，但HTIRL、HTISCL或任何其他屬于海通國(guó)際證券集團(tuán)有限公司（“HTISG”）的成員對(duì)其準(zhǔn)確性、完整性和正確性不做任何明示或暗示的聲明或保證。本文件中所有觀點(diǎn)均截至本報(bào)告日期，如有更改，恕不另行通知。本文件僅供參考使用。文件中提及的任何公司或其股票的說(shuō)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(mǎi)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(wú)法進(jìn)行買(mǎi)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(guò)去的表現(xiàn)并不一定代表將來(lái)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(wèn)，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(cāng)或短倉(cāng)以及進(jìn)行買(mǎi)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(jiàn)相反的口頭或書(shū)面市場(chǎng)評(píng)論意見(jiàn)或交易策略。HTISG可做出與本文件所述建議或意見(jiàn)不一致的投資決策。但HTIRL沒(méi)有義務(wù)來(lái)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(wèn)海通國(guó)際網(wǎng)站，查閱更多有關(guān)海通國(guó)際為預(yù)防和避免利益沖突設(shè)立的組織和行政安排的內(nèi)容信息。非美國(guó)分析師披露信息：本項(xiàng)研究首頁(yè)上列明的海通國(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(kāi)露面和自營(yíng)證券交易的第2241條規(guī)則之限制。IMPORTANTDISCLAIMERForresearchreportsonnon-Indiansecurities:TheresearchreportisissuedbyHaitongInternationalResearchLimited(“HTIRL”),awhollyownedsubsidiaryofHaitongInternationalSecuritiesGroupLimited(“HTISGL”)andalicensedcorporationtocarryonType4regulatedactivity(advisingonsecurities)forthepurposeoftheSecuritiesandFuturesOrdinance(Cap.571)ofHongKong,withtheassistanceofHaitongInternational(Japan)K.K.(“HTIJKK”),awhollyownedsubsidiaryofHTISGLandwhichisregulatedasanInvestmentAdviserbytheKantoFinanceBureauofJapan.ForresearchreportsonIndiansecurities:TheresearchreportisissuedbyHaitongSecuritiesIndiaPrivateLimited(“HSIPL”),anIndiancompanyandaSecuritiesandExchangeBoardofIndia(“SEBI”)registeredStockBroker,MerchantBankerandResearchAnalystthat,interalia,producesanddistributesresearchreportscoveringlistedentitiesontheBSELimited(“BSE”)andtheNationalStockExchangeofIndiaLimited(“NSE”)(collectivelyreferredtoas“IndianExchanges”).HSIPLwasacquiredandbecamepartoftheHaitongInternationalSecuritiesGroupofCompanies(“HTISG”)on22December2016.AlltheresearchreportsaregloballybrandedunderthenameHaitongInternationalandapprovedfordistributionbyHaitongInternationalSecuritiesCompanyLimited(“HTISCL”)and/oranyothermemberswithinHTISGintheirrespectivejurisdictions.Theinformationandopinionscontainedinthisresearchreporthavebeencompiledorarrivedatfromsourcesbelievedtobereliableandingoodfaithbutnorepresentationorwarranty,expressorimplied,ismadebyHTIRL,HTISCL,HSIPL,HTIJKKoranyothermemberswithinHTISGfromwhichthisresearchreportmaybereceived,astotheiraccuracy,completenessorcorrectness.Allopinionsexpressedhereinareasofthedateofthisresearchreportandaresubjecttochangewithoutnotice.Thisresearchreportisforinformationpurposeonly.Descriptionsofanycompaniesortheirsecuritiesmentionedhereinarenotintendedtobecompleteandthisresearchreportisnot,andshouldnotbeconstruedexpresslyorimpliedlyas,anoffertobuyorsellsecurities.Thesecuritiesreferredtointhisresearchreportmaynotbeeligibleforpurchaseorsaleinsomejurisdictions.Ifaninvestmentproductisdenominatedinacurrencyotherthananinvestor'shomecurrency,achangeinexchangeratesmayadverselyaffecttheinvestment.Pastperformanceisnotnecessarilyindicativeoffutureresults.Certaintransactions,includingthoseinvolvingderivatives,giverisetosubstantialriskandarenotsuitableforallinvestors.Youshouldalsobearinmindthatrecommendationsinthisresearchreportarenottailor-madeforyou.Theanalysthasnottakenintoaccountyouruniquefinancialcircumstances,suchasyourfinancialsituationandriskappetite.Youmust,therefore,analyzeandshould,whereapplicable,consultyourownlegal,tax,accounting,financialandotherprofessionaladviserstoevaluatewhethertherecommendationssuitsyoubeforeinvestment.NeitherHTISGnoranyofitsdirectors,employeesoragentsacceptsanyliabilitywhatsoeverforanydirectorconsequentiallossarisingfromanyuseofthematerialscontainedinthisresearchreport.HTISGandouraffiliates,officers,directors,andemployees,excludingtheanalystsresponsibleforthecontentofthisdocument,willfromtimetotimehavelongorshortpositionsin,actasprincipalin,andbuyorsell,thesecuritiesorderivatives,ifany,referredtointhisresearchreport.Sales,traders,andotherprofessionalsofHTISGmayprovideoralorwrittenmarketcommentaryortradingstrategiestotherelevantclientsandthecompanieswithinHTISGthatreflectopinionsthatarecontrarytotheopinionsexpressedinthisresearchreport.HTISGmaymakeinvestmentdecisionsthatareinconsistentwiththerecommendationsorviewsexpressedinthisresearchreport.HTIisundernoobligationtoensurethatsuchothertradingdecisions,ideasorrecommendationsarebroughttotheattentionofanyrecipientofthisresearchreport.PleaserefertoHTI’swebsiteforfurtherinformationonHTI’sorganizationalandadministrativearrangementssetupforthepreventionandavoidanceofconflictsofinterestwithrespecttoResearch.NonU.S.AnalystDisclosure:TheHTIanalyst(s)listedonthecoverofthisResearchis(are)notregisteredorqualifiedasaresearchanalystwithFINRAandarenotsubjecttoU.S.FINRARule2241restrictionsoncommunicationswithcompaniesthatarethesubjectoftheResearch;publicappearances;andtradingsecuritiesbyaresearchanalyst.分發(fā)和地區(qū)通知：除非下文另有規(guī)定，否則任何希望討論本報(bào)告或者就本項(xiàng)研究中討論的任何證券進(jìn)行任何交易的收件人均應(yīng)聯(lián)系其所在國(guó)家或地區(qū)的海通國(guó)際銷售人員。香港投資者的通知事項(xiàng)：海通國(guó)際證券股份有限公司(“HTISCL”)負(fù)責(zé)分發(fā)該研究報(bào)告，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(jiǎn)稱“SFO”）SFO所界定的“專業(yè)投資者”。本研究報(bào)告未經(jīng)過(guò)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(guó)投資者的通知事項(xiàng)：HTIRL，HSIPLHTIJKKHTIRL，HSIPL，HTIJKKHTISG美國(guó)聯(lián)營(yíng)公司，均未在美國(guó)注冊(cè)，因此不受美國(guó)關(guān)于研究報(bào)告編制和研1934年“美國(guó)證券交易法”第15a-6條規(guī)定的豁免注冊(cè)的「美國(guó)主要機(jī)構(gòu)投資者」（“MajorU.SInstitutionalInvestor”）和「機(jī)構(gòu)投資者」（”U.SInstitutionalInvestors”）。在向美國(guó)機(jī)構(gòu)投資者分發(fā)研究報(bào)告時(shí)，HaitongInternationalSecuritiesUSAInc（“HTIUSA”）HTIUSA。HTIUSA340MadisonAvenue,12thFloorNewYorkNY10173，電話（212）351-6050HTIUSAU.SSecuritiesandExchangeCommission（“SEC”）FinancialIndustryRegulatoryAuthorityInc.（“FINRA”）HTIUSA不負(fù)責(zé)編寫(xiě)HSIPL，HTIRLHTIJKK直接進(jìn)行買(mǎi)賣證券或相HSIPL，HTIRLHTIJKKFINRAFINRA2241條規(guī)定的與目標(biāo)公司的交流，公開(kāi)露面和分析師賬戶持有的交易證券等限制。投資本研究報(bào)告中討論的任何非美國(guó)證券或相關(guān)金融工具（包括ADR）可能存在一定風(fēng)險(xiǎn)。非美國(guó)發(fā)行的證券可能沒(méi)有注冊(cè)，或不受美國(guó)法規(guī)的約束。有關(guān)非美國(guó)證券或相關(guān)金融工具的信息可能有限制。外國(guó)公司可能不受審計(jì)和匯報(bào)的標(biāo)準(zhǔn)以及與美國(guó)境內(nèi)生效相符的監(jiān)管要求。本研究報(bào)告中以美元以外的其他貨幣計(jì)價(jià)的任何證券或相關(guān)金融工具的投資或收益的價(jià)值受匯率波動(dòng)的影響，可能對(duì)該等證券或相關(guān)金融工具的價(jià)值或收入產(chǎn)生正面或負(fù)面影響。美國(guó)收件人的所有問(wèn)詢請(qǐng)聯(lián)系：HaitongInternationalSecurities(USA)Inc.340MadisonAvenue,12thFloorNewYork,NY10173聯(lián)系人電話：(212)3516050DISTRIBUTIONANDREGIONALNOTICESExceptasotherwiseindicatedbelow,anyRecipientwishingtodiscussthisresearchreportoreffectanytransactioninanysecuritydiscussedinHTI’sresearchshouldcontacttheHaitongInternationalsalespersonintheirowncountryorregion.NoticetoHongKonginvestors:TheresearchreportisdistributedbyHaitongInternationalSecuritiesCompanyLimited(“HTISCL”),whichisalicensedcorporationtocarryonType1regulatedactivity(dealinginsecurities)inHongKong.ThisresearchreportdoesnotconstituteasolicitationoranofferofsecuritiesoraninvitationtothepublicwithinthemeaningoftheSFO.Thisresearchreportisonlytobecirculatedto"ProfessionalInvestors"asdefinedintheSFO.ThisresearchreporthasnotbeenreviewedbytheSecuritiesandFuturesCommission.Youshouldnotmakeinvestmentdecisionssolelyonthebasisoftheinformationcontainedinthisresearchreport.RecipientsofthisresearchreportaretocontactHTISCLsalespersonsinrespectofanymattersarisingfrom,orinconnectionwith,theresearchreport.NoticetoU.S.investors:Asdescribedabove,thisresearchreportwaspreparedbyHTIRL,HSIPLorHTIJKK.NeitherHTIRL,HSIPL,HTIJKK,noranyofthenonU.S.HTISGaffiliatesisregisteredintheUnitedStatesand,therefore,isnotsubjecttoU.S.rulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalysts.Thisresearchreportisprovidedfordistributionto“majorU.S.institutionalinvestors”and“U.S.institutionalinvestors”inrelianceontheexemptionfromregistrationprovidedbyRule15a-6oftheU.S.SecuritiesExchangeActof1934,asamended.Whendistributingresearchreportsto“U.S.institutionalinvestors,”HTIUSAwillaccepttheresponsibilitiesforthecontentofthereports.AnyU.S.recipientofthisresearchreportwishingtoeffectanytransactiontobuyorsellsecuritiesorrelatedfinancialinstrumentsbasedontheinformationprovidedinthisresearchreportshoulddosoonlythroughHaitongInternationalSecurities(USA)Inc.(“HTIUSA”),locatedat340MadisonAvenue,12thFloor,NewYork,NY10173,USA;telephone(212)3516050.HTIUSAisabroker-dealerregisteredinth