ESG：美國證監(jiān)會通過氣候信息披露新規(guī)

研究報告ResearchReport10Mar2024ESG&PowerEquipment&NewEnergy&UtilitiesESG：美國證監(jiān)會通過氣候信息披露新規(guī)SECAdoptsRulestoEnhanceandStandardizeClimate-RelatedDisclosuresforInvestors楊斌BinYangbin.yang@熱點速評FlashAnalysis(PleaseseeAPPENDIX1forEnglishsummary)事件：美國時間3月6日，美國證券交易委員會（SEC）通過了《面向投資者的氣候相關(guān)信息披露的提升和標(biāo)準(zhǔn)化》的最終規(guī)則，是一項具有里程碑意義的新規(guī)定，旨在增強和標(biāo)準(zhǔn)化公共公司及其公開發(fā)行中的氣候相關(guān)披露。這一規(guī)定的出臺標(biāo)志著對投資者長期以來關(guān)于提供更一致、可比較和可靠的財務(wù)影響信息需求，及要求更透明的氣候信息回應(yīng)，尤其是關(guān)于氣候變化帶來的風(fēng)險及其管理方式。規(guī)則將要求披露范圍一和范圍二溫室氣體排放量。這項新規(guī)定要求公共公司披露與氣候相關(guān)的風(fēng)險以及這些風(fēng)險對公司策略、運營結(jié)果或財務(wù)狀況可能產(chǎn)生的影響。此外，它也要求公司披露其為應(yīng)對這些風(fēng)險所采取的策略和行動。這包括任何為適應(yīng)或緩解重大氣候相關(guān)風(fēng)險而進(jìn)行的支出，以及任何與氣候相關(guān)的目標(biāo)或目的的詳細(xì)信息。此舉意在促進(jìn)投資者獲取一致、可比較和有決策用途的信息，同時為發(fā)行人明確報告要求。特別值得注意的是，新規(guī)定還包括了對于大型加速申報人(LAFs)和加速申報人(AFs)（除非另有豁免）必須披露的范圍1和范圍2排放信息的要求。值得注意的是，范圍3是提議規(guī)則中最有爭議的方面。與歐盟不同，歐盟有權(quán)監(jiān)管所有規(guī)模的公開和私人持有的企業(yè)，SEC只有監(jiān)管上市公司的權(quán)力。在美國，私人持有公司的監(jiān)管通常由各州管理。這在范圍3報告方面造成了一個法律問題，因為它要求上市公司從私人持有公司那里尋求信息。這創(chuàng)建了對私人持有公司的間接監(jiān)管，然而這些公司明顯不在SEC的監(jiān)管范圍內(nèi)。盡管國會民主黨人視范圍3為必要組成部分，但SEC最終選擇將其完全從最終規(guī)則中刪除。最終規(guī)則是在過去兩年發(fā)布或采用的眾多自愿和強制性氣候和相關(guān)披露要求之后制定的，包括IFRS(CSRD)和相關(guān)的歐洲可持續(xù)發(fā)展報告標(biāo)準(zhǔn)和加州氣候立法。與其他指南一樣，美國證券交易委員會的最終規(guī)則利用了現(xiàn)有的披露框架，例如溫室氣體核算體系(GHGProtocol和氣候相關(guān)財務(wù)披露工作組(TCFD建立的框架。然而，雖然IFRS可持續(xù)發(fā)展披露標(biāo)準(zhǔn)和CSRD廣泛涉及可持續(xù)發(fā)展和SEC的最終規(guī)則僅涉及氣候相關(guān)披露。同時，美國證監(jiān)會對重要性”（Materiality）的定義也與美國最高法院的判例保持一致——即如果理性投資者在決定是否購買或出售證券或如何投票時很有可能認(rèn)為某個信息事項很重要，或者理性投資者會認(rèn)為該信息的遺漏已經(jīng)很大程度上改變了所得信息的整體組合，那么該信息事項就具有“重要性”。關(guān)聯(lián)方將如何應(yīng)對。1）建立或完善氣候治理。2）了解擬議規(guī)則的要求和其他相關(guān)的氣候披露準(zhǔn)則。3）識別披露和控制差和距。4）評估報告和數(shù)據(jù)管理。5）氣候風(fēng)險管理。6）制定氣候戰(zhàn)略。美股ESG投資的啟示。此新規(guī)將國際氣候披露標(biāo)準(zhǔn)如TCFD建議和溫室氣體核算體系（GHGProtocol）并與美國財務(wù)報告體系相融合。該規(guī)則的實施無疑會增加企業(yè)的透明度，促使公司更加認(rèn)真地考慮其環(huán)境影響和氣候風(fēng)險管理。這將有助于投資者做出更加負(fù)責(zé)任和有信息依據(jù)的決策，推動資本流向更加可持續(xù)的企業(yè)和項目。然而，為了達(dá)到這一目標(biāo)，企業(yè)、投資者和監(jiān)管機構(gòu)需要共同努力，確保規(guī)則的有效實施，并應(yīng)對可能出現(xiàn)的法律挑戰(zhàn)和政治反對。投資建議：建議關(guān)注ESG及基本面做到行業(yè)頂尖水平的美股公司，如【英偉達(dá)】、【臺積電】等。風(fēng)險提示：氣候風(fēng)險狀況信息披露情況不及預(yù)期；政策監(jiān)督效果不及預(yù)期。本研究報告由海通國際分銷，海通國際是由海通國際研究有限公司，海通證券印度私人有限公司，海通國際株式會社和海通國際證券集團(tuán)其他各成員單位的證券研究團(tuán)隊所組成的全球品牌，海通國際證券集團(tuán)各成員分別在其許可的司法管轄區(qū)內(nèi)從事證translationthe附錄APPENDIX重要信息披露本研究報告由海通國際分銷，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。IMPORTANTDISCLOSURESThisresearchreportisdistributedbyHaitongInternational,aglobalbrandnamefortheequityresearchteamsofHaitongInternationalResearchLimited(“HTIRL”),HaitongSecuritiesIndiaPrivateLimited(“HSIPL”),HaitongInternationalJapanK.K.(“HTIJKK”),HaitongInternationalSecuritiesCompanyLimited(“HTISCL”),andanyothermemberswithintheHaitongInternationalSecuritiesGroupofCompanies(“HTISG”),eachauthorizedtoengageinsecuritiesactivitiesinitsrespectivejurisdiction.HTIRL分析師認(rèn)證AnalystCertification:我，楊斌，在此保證（i）（ii）（包括我們的家屬）（我已經(jīng)告知他們）報告發(fā)布后的3I,BinYang,certifythat(i)theviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchandiinopartofmycompensationwas,isorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisresearchreport;andthatIincludingmembersofmyhousehold)havenofinancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussed.Iandmyhousehold,whomIhavealreadynotifiedofthis,willnotdealinortradeanysecuritiesinrespectoftheissuerthatIreviewwithin3businessdaysaftertheresearchreportispublished.利益沖突披露ConflictofInterestDisclosures/（ERDDisclosure@htiseccom）HTIandsomeofitsaffiliatesmayengageininvestmentbankingand/orserveasamarketmakerorholdproprietarytradingpositionsofcertainstocksorcompaniesinthisresearchreport.Asfarasthisresearchreportisconcerned,thefollowingarethedisclosuremattersrelatedtosuchrelationship(Asthefollowingdisclosuredoesnotensuretimelinessandcompleteness,pleasesendanemailtoERD-Disclosure@htisec.comiftimelyandcomprehensiveinformationisneeded).香港華潤(集團(tuán))有限公司上海代表處目前或過去12個月內(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)。香港華潤(集團(tuán))有限公司上海代表處is/wasaclientofHaitongcurrentlyorwithinthepast12months.Theclienthasbeenprovidedfornon-investment-bankingsecurities-relatedservices.評級定義（從2020年7月1日開始執(zhí)行）：（“HTI）HTI的評級定義。并且HTI基于各自情況（）分析師股票評級優(yōu)于大市12-1810%下中性，未來12-18FINRA/NYSE的評級分布規(guī)則，我們會將中性評級劃入持有這一類別。弱于大市12-1810%TOPIX,KOSPI,TAIEX,Nifty100,美–SP500;其他所有中國概念股MSCIChina.RatingsDefinitions(from1Jul2020):HaitongInternationalusesarelativeratingsystemusingOutperform,Neutral,orUnderperformforrecommendingthestockswecovertoinvestors.InvestorsshouldcarefullyreadthedefinitionsofallratingsusedinHaitongInternationalResearch.Inaddition,sinceHaitongInternationalResearchcontainsmorecompleteinformationconcerningtheanalyst'sviews,investorsshouldcarefullyreadHaitongInternationalResearch,initsentirety,andnotinferthecontentsfromtheratingalone.Inanycase,ratings(orresearch)shouldnotbeusedorrelieduponasinvestmentadvice.Aninvestor'sdecisiontobuyorsellastockshoulddependonindividualcircumstances(suchastheinvestor'sexistingholdings)andotherconsiderations.

評級分布RatingDistributionAnalystStockRatingsOutperform:Thestock’stotalreturnoverthenext12-18monthsisexpectedtoexceedthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.Neutral:Thestock’stotalreturnoverthenext12-18monthsisexpectedtobeinlinewiththereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.ForpurposesonlyofFINRA/NYSEratingsdistributionrules,ourNeutralratingfallsintoaholdratingcategory.Underperform:Thestock’stotalreturnoverthenext12-18monthsisexpectedtobebelowthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.Benchmarksforeachstock’slistedareasfollows:Japan–TOPIX,Korea–Taiwan–TAIEX,–Nifty100,US–SP500;forallotherChina-conceptstocks–MSCIChina.截至20231231日海通國際股票研究評級分布優(yōu)于大市中性弱于大市(持有)海通國際股票研究覆蓋率 89.4%9.6%1.0%投資銀行客戶* 3.9%*在每個評級類別里投資銀行客戶所占的百分比。5.1%5.6%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此前的評級系統(tǒng)定義（直至2020年6月30日）：買入，未來1218個月內(nèi)預(yù)期相對基準(zhǔn)指數(shù)漲幅在10%中性，未來1218FINRA/NYSE賣出，未來1218個月內(nèi)預(yù)期相對基準(zhǔn)指數(shù)跌幅在10%各地股票基準(zhǔn)指數(shù)：日本–TOPIX,韓國–KOSPI,臺灣–TAIEX,印度–Nifty100;其他所有中國概念股–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.海通國際非評級研究：海通國際發(fā)布計量、篩選或短篇報告，并在報告中根據(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)提出建議價格。這種排名或建議價格并非為了進(jìn)行股票評級、提出目標(biāo)價格或進(jìn)行基本面估值，而僅供參考使用。HaitongInternationalNon-RatedResearch:HaitongInternationalpublishesquantitative,screeningorshortreportswhichmayrankstocksaccordingtovaluationandothermetricsormaysuggestpricesbasedonpossiblevaluationmultiples.Suchrankingsorsuggestedpricesdonotpurporttobestockratingsortargetpricesorfundamentalvaluesandareforinformationonly.海通國際A股覆蓋：海通國際可能會就滬港通及深港通的中國A股進(jìn)行覆蓋及評級。海通證券（600837.CH），海通國際于上海的母公司，也會于中國發(fā)布中國A股的研究報告。但是，海通國際使用與海通證券不同的評級系統(tǒng)，所以海通國際與海通證券的中國A股評級可能有所不同。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)是一個包括100支由海通證券覆蓋的優(yōu)質(zhì)中國A股的計量產(chǎn)品。這些股票是通過基于質(zhì)量的篩選過程，并結(jié)合對海通證券A股團(tuán)隊自下而上的研究。海通國際每季對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，請務(wù)必仔細(xì)閱讀本條款并同意本聲明：第一條義利（FINESG）（以下簡稱“本公司”）（）績表現(xiàn)不作為日后回報的預(yù)測。（（））SusallWaveFIN-ESGDataServiceDisclaimer:PleasereadthesetermsandconditionsbelowcarefullyandconfirmyouragreementandacceptancewiththesetermsbeforeusingSusallWaveFIN-ESGDataService.FIN-ESGDataisproducedbySusallWaveDigitalTechnologyCo.,Ltd.(Inshort,SusallWave)’sassessmentbasedonlegalpubliclyaccessibleinformation.SusallWaveshallnotberesponsibleforanyaccuracyandcompletenessoftheinformation.Theassessmentresultisforreferenceonly.Itisnotforanyinvestmentadviceforanyindividualorinstitutionandnotforbasisofpurchasing,sellingorholdinganyrelativefinancialproducts.WewillnotbeliableforanydirectorindirectlossofanyindividualorinstitutionasaresultofusingSusallWaFIN-ESGData.SusallWadonotconsiderrecipientsascustomersforreceivingthesedata.Whenusingthedata,recipientsshallmakeyourownindependentjudgmentaccordingtoyourpracticalindividualstatus.Thecontentsofthedatareflectthejudgmentofusonlyonthereleaseday.Wehaverighttoupdateandamendthedataandreleaseotherdatathatcontainsinconsistentcontentsordifferentconclusionswithoutnotification.Unlessexpresslystated,thedata(e.g.,financialperformancedata)representspastperformanceonlyandthepastperformancecannotbeviewedasthepredictionoffuturereturn.ThecopyrightofthisdatabelongstoSusallWave,andreserveallrightsinaccordancewiththelaw.Withoutthepriorwrittenpermissionofourcompannoneofindividualorinstitutioncanusethesedataforanyprofitablepurpose.Besides,noneofindividualorinstitutioncantakeactionssuchasamendment,replication,translation,compilation,re-editing,adaption,deletion,abbreviation,excerpts,issuance,rent,exhibition,performance,projection,broadcast,informationnetworktransmission,shooting,addingiconsandinstructions.IfanylossofSusallWaoranythird-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告：本報告由海通國際證券集團(tuán)有限公司（“HTISGL”）（“HTIRL”）（571章）4（）HTISGLHaitongInternational(Japan)K.K.（“HTIJKK）HTIJKK管為投資顧問。印度證券的研究報告：SecuritiesandExchangeBoardofIndia（“SEBI”）HaitongSecuritiesIndiaPrivateLimited（“HTSIPL）BSELimited（“BSE”）NationalStockExchangeofIndiaLimited（“NSE）（）HTSIPL20161222并成為海通國際證券集團(tuán)有限公司（“HTISG）所有研究報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。HTIRL、HTISCL或任何其他屬于海通國際證券集團(tuán)有限公司（“HTISG）/HTISG任。HTISGHTISG的銷售員、交易員和其他專業(yè)人士均可向HTISGHTISG一致的投資決策。但HTIRL請訪問海通國際網(wǎng)站www.equities.htisec.com，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：本項研究首頁上列明的海通國際分析師并未在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。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告或者就本項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：海通國際證券股份有限公司(“HTISCL”)負(fù)責(zé)分發(fā)該研究報告，HTISCL是在香港有權(quán)實施第1類受規(guī)管活動（從事證券交易）的持牌公司。該研究報告并不構(gòu)成《證券及期貨條例》（香港法例第571章）（以下簡稱“SFO”）所界定的要約邀請，證券要約或公眾要約。本研究報告僅提供給SFO所界定的“專業(yè)投資者”。本研究報告未經(jīng)過證券及期貨事務(wù)監(jiān)察委員會的審查。您不應(yīng)僅根據(jù)本研究報告中所載的信息做出投資決定。本研究報告的收件人就研究報告中產(chǎn)生或與之相關(guān)的任何事宜請聯(lián)系HTISCL銷售人員。美國投資者的通知事項：HTIRLHSIPLHTIJKK編寫。HTIRLHSIPLHTIJKKHTISG1934年“美國證券交易法”15a6（“MajorU.S.InstitutionalInvestor）資者」（”US.InstitutionalInvestors）HaitongInternationalSecurities(USA)Inc.（“HTIUSA”）HTIUSA。HTIUSA340MadisonAvenue,12thFloor,NewYork,NY10173，電話（212）351-6050。HTIUSA是在美國于US.SecuritiesandExchangeCommission（“SEC”）FinancialIndustryRegulatoryAuthority,Inc.（“FINRA”）HTIUSAHSIPLHTIRL或HTIJKKHSIPLHTIRLHTIJKKFINRAFINRA2241（包括ADR）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-dealerregisteredintheU.S.withtheU.S.SecuritiesandExchangeCommission(the“SEC”)andamemberoftheFinancialIndustryRegulatoryAuthority,Inc.(“FINRA”).HTIUSAisnotresponsibleforthepreparationofthisresearchreportnorfortheanalysiscontainedtherein.UndernocircumstancesshouldanyU.S.recipientofthisresearchreportcontacttheanalystdirectlyoreffectanytransactiontobuyorsellsecuritiesorrelatedfinancialinstrumentsdirectlythroughHSIPL,HTIRLorHTIJKK.TheHSIPL,HTIRLorHTIJKKanalyst(s)whosenameappearsinthisresearchreportisnotregisteredorqualifiedasaresearchanalystwithFINRAand,therefore,maynotbesubjecttoFINRARule2241restrictionsoncommunicationswithasubjectcompany,publicappearancesandtradingsecuritiesheldbyaresearchanalystaccount.Investinginanynon-U.S.securitiesorrelatedfinancialinstruments(includingADRs)discussedinthisresearchreportmaypresentcertainrisks.Thesecuritiesofnon-U.S.issuersmaynotberegisteredwith,orbesubjecttoU.S.regulations.Informationonsuchnon-U.S.securitiesorrelatedfinancialinstrumen