有色金屬行業(yè)市場(chǎng)前景及投資研究報(bào)告：全球原鋁產(chǎn)量

2023年11月全球原鋁產(chǎn)量為589.3萬(wàn)噸，同比上升4.15%，

環(huán)比下降3.65%Global

Primary

Aluminum

Production

in

November

2023

was

5.893Million

Tons,

Up

4.15%

Year-on-year

and

Down

3.65%

Sequentially2023年12月24日1.

主

要產(chǎn)品價(jià)格數(shù)據(jù)表：主要產(chǎn)品的最新價(jià)格、年初價(jià)格及年初至今漲跌幅（截止2023年12月24日）金屬單位最新報(bào)價(jià)23Q3均價(jià)23Q2均價(jià)現(xiàn)價(jià)較23Q3均價(jià)變化銅鋁美元/噸美元/噸美元/噸美元/噸美元/噸美元/盎司美元/盎司元/噸8593.002279.002593.0025300.0016600.002069.1024.578389.392198.632440.3926732.8120554.061947.1823.758479.482280.202529.9725774.0822437.501988.4124.332.43%3.66%鋅6.25%錫-5.36%-19.24%6.26%鎳金銀3.41%碳酸鋰鐵礦石螺紋鋼氧化鐠釹仲鎢酸銨鎂99470.00973.00240626.56821.08254618.64759.93-58.66%18.50%6.71%元/噸元/噸4002.00443000.00181150.0021150.003750.20485781.25179341.4123616.413718.86481645.16179258.3124589.83元/噸-8.81%1.01%元/噸元/噸-10.44%資料：WINDFor

full

disclosureof

risks,

valuation

methodologiesand

target

price

formation

on

all

HTI

rated

stocks,

please

refer

to

the

latest

full

report

on

our

website

at22.

智

利銅礦產(chǎn)量?

智

利銅礦產(chǎn)量：2023年10月智利銅礦產(chǎn)量為464311噸

，同比下降2.66%，環(huán)比上升1.51%。600,000500,000400,000300,000200,000100,000010%5%圖：智利銅月度產(chǎn)量及同比增速0%-5%-10%-15%-20%智利月度銅產(chǎn)量（噸，左軸）同比增速（右軸）資料：智利銅委員會(huì)，國(guó)際For

full

disclosureof

risks,

valuation

methodologiesand

target

price

formation

on

all

HTI

rated

stocks,

please

refer

to

the

latest

full

report

on

our

website

at33.

全

球原鋁產(chǎn)量?

全

球原鋁產(chǎn)量：2023年11月全球原鋁產(chǎn)量為589.3萬(wàn)

噸，同比上升4.15%，環(huán)比下降3.65%。620600580560540520500480460圖：全球鋁產(chǎn)量月度數(shù)據(jù)及同比增速8%6%4%2%0%-2%-4%全球原鋁月度產(chǎn)量（萬(wàn)噸，左軸）同比增速（右軸）資料：全球鋁業(yè)協(xié)會(huì)官網(wǎng)，國(guó)際For

full

disclosureof

risks,

valuation

methodologiesand

target

price

formation

on

all

HTI

rated

stocks,

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to

the

latest

full

report

on

our

website

at44.中國(guó)+美國(guó)+歐洲的電動(dòng)車銷量和同比?

中美歐電動(dòng)車總計(jì)銷量：2023年11月中美歐電動(dòng)車總計(jì)銷量為1416901輛

，

同比上升22.59%，環(huán)比上升9.08%。1,600,0001,400,0001,200,0001,000,000800,000600,000400,000200,0000300%圖：中美歐新能源汽車銷量及同比增速250%200%150%100%50%0%中國(guó)新能源汽車月度銷量（左軸）美國(guó)新能源汽車月度銷量（左軸）歐洲新能源汽車月度銷量（左軸）中國(guó)、歐洲、美洲新能源銷量同比增速（右軸）資料：

Wind，InsideEV，Clean

technica，國(guó)際For

full

disclosureof

risks,

valuation

methodologiesand

target

price

formation

on

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HTI

rated

stocks,

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at55.

中國(guó)電網(wǎng)投資額及同比?

中國(guó)電網(wǎng)投資額：2023年

11月中國(guó)電網(wǎng)基本建設(shè)投資額為

727億元，同比上升4.15%，環(huán)比上升63.74%。圖：中國(guó)電網(wǎng)基本建設(shè)投資額及同比增速1,000900800700600500400300200100080%60%40%20%0%-20%-40%-60%中國(guó)電網(wǎng)基本建設(shè)投資額（億元，左軸）同比增長(zhǎng)（右軸）資料：Wind，國(guó)際For

full

disclosureof

risks,

valuation

methodologiesand

target

price

formation

on

all

HTI

rated

stocks,

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to

the

latest

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report

on

our

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at66.

中

國(guó)社會(huì)融資規(guī)模及同比?

中

國(guó)社會(huì)融資規(guī)模：2023年11月中國(guó)社會(huì)融資規(guī)模為2454.7億

元，同比上升23.74%，

環(huán)比上升33.11%。圖：中國(guó)社會(huì)融資規(guī)模月度數(shù)據(jù)及同比增速7,0006,0005,0004,0003,0002,0001,0000200%150%100%50%0%-50%-100%中國(guó)社會(huì)融資規(guī)模月度數(shù)據(jù)（十億元，左軸）同比增速（右軸）資料：Wind，國(guó)際For

full

disclosureof

risks,

valuation

methodologiesand

target

price

formation

on

all

HTI

rated

stocks,

please

refer

to

the

latest

full

report

on

our

website

at77.

中國(guó)和美國(guó)新屋開(kāi)工數(shù)據(jù)及同比?

中

國(guó)

新屋開(kāi)工：2023年11月中國(guó)新屋開(kāi)工面積為2923萬(wàn)平方米，同比下降13.62%，環(huán)比下降33.40%。?

美

國(guó)

新屋開(kāi)工：2023年11月美國(guó)新屋已開(kāi)工156萬(wàn)套，同比上升9.32%，環(huán)比上升14.79%。圖：中國(guó)月度新屋開(kāi)工面積及同比增速圖：美國(guó)新屋開(kāi)工月度數(shù)據(jù)及同比增速20018016014012010080604020070%60%50%40%30%20%10%0%-10%-20%-30%-40%70.0060.0050.0040.0030.0020.0010.000.00250%200%150%100%50%0%-50%-100%中國(guó)新屋開(kāi)工面積月度數(shù)據(jù)（百萬(wàn)平方米，左軸）同比增速（右軸）美國(guó)新屋開(kāi)工月度數(shù)據(jù)（萬(wàn)套，左軸）同比增速(右軸)資料：wind，國(guó)際資料：wind，國(guó)際For

full

disclosureof

risks,

valuation

methodologiesand

target

price

formation

on

all

HTI

rated

stocks,

please

refer

to

the

latest

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report

on

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website

at88.

不

確定性分析全球經(jīng)濟(jì)增長(zhǎng)不確定性；新能源車銷量不及預(yù)期。For

full

disclosureof

risks,

valuation

methodologiesand

target

price

formation

on

all

HTI

rated

stocks,

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refer

to

the

latest

full

report

on

our

website

at

9APPENDIX

1SummaryIn

October

2023,

Chilean

copper

production

in

October

2023

was

464,311

tons,

down

2.

66%

year-on-year

and

up

1.

51%

sequentially.Global

primary

aluminum

production

in

November

2023

was

5.893

million

tons,

up

4.15%

year-on-year

and

down

3.65%

sequentially.Total

sales

of

electric

vehicles

in

China,

the

U.S.

and

Europe

totaled

14,169,901

units

in

November

2023,

up

22.59%

year-on-year

and9.08%

year-on-year.

China's

power

grid

capital

investment

in

November

2023

amounted

to

72.

7

billion

yuan,

up

4.15%

year-on-year

and63.

74%

sequentially.

China’s

social

financing

scale

in

November

2023

was

245.

47

billion

yuan,

up

23.74%

year-on-year

and

33.

11%sequentially.

China‘s

new

housing

starts

in

November

2023

were

29.

23

million

square

meters,

down

13.62%

year-on-year

and

33.

40%sequentially.

US

new

homes

have

been

started

in

November

2023

at

1.

56

million

units,

up

9.32%

year-over-year

and

14.

79%sequentially.Risks:

Uncertainty

in

global

economicgrowth;

sales

of

new

energy

vehiclesfell

short

of

expectations.10APPENDIX

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

tong

Securi

ti

es

I

ndia

Private

Li

mi

ted

(HSIPL)，Hai

tong

Internati

onal

Ja

pan

K.K.國(guó)際證券集團(tuán)(HTI

SG)各成員分別在其許可的司法管轄區(qū)內(nèi)從事證券活國(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，IMPORTANTDISCLOSURESThis

res

earch

report

is

dis

tri

buted

by

Hai

tong

Internati

onal

,

a

gl

obal

brand

name

for

the

equi

ty

res

earch

tea

ms

of

Hai

tong

I

nterna

ti

onal

Res

earch

Li

mi

ted

(“HTIRL”),Hai

tong

Securi

ti

es

I

ndia

Private

Li

mi

ted

(“HSIPL”),

Hai

tong

I

nterna

ti

onal

Japa

n

K.K.

(“HTIJKK”),

Hai

tong

Internati

onal

Securi

ti

es

Company

Li

mi

ted

(“HTISCL”),and

anyother

members

wi

thin

the

Hai

tong

I

nterna

tional

Securi

ti

es

Gr

oup

of

Compani

es

(“HTISG”),

eac

h

authorized

to

engage

in

s

ecuri

ti

es

acti

vi

ti

es

in

its

res

pecti

vejurisdiction.HTIRL分

析師認(rèn)證Analyst

Certification:我，吳旖婕，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)在本研究報(bào)告發(fā)布后的3個(gè)工作日內(nèi)交易此研究報(bào)告所討論目標(biāo)公司的證券。I,

Yijie

Wu,

certi

fythat

(i)

the

vi

ews

express

ed

in

this

res

earch

report

a

ccura

tel

y

refl

ect

my

personal

vi

ews

about

any

or

all

of

the

s

ubject

compani

es

or

iss

uers

referred

to

in

thisres

earch

and

(ii

)

no

part

of

my

c

ompensa

tion

was,

is

or

will

be

dir

ec

tly

or

indirectly

rela

ted

to

the

specific

rec

ommenda

ti

ons

or

vi

ews

expr

ess

ed

in

this

res

earchreport;

and

tha

t

I

(incl

udi

ng

members

of

my

household)

ha

ve

no

financial

interes

t

in

the

s

ecuri

ty

or

s

ecuri

ti

es

of

th

e

s

ubj

ect

compa

ni

es

discuss

ed.

I

and

myhous

ehold,

whom

I

have

already

notifi

ed

of

this,

will

not

deal

in

or

trade

any

securities

in

res

pect

of

theissuer

tha

t

I

revi

ew

wi

thin

3

busi

ness

days

after

th

e

res

earchreport

is

published.我，王曼琪，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)在本研究報(bào)告發(fā)布后的3個(gè)工作日內(nèi)交易此研究報(bào)告所討論目標(biāo)公司的證券。I,

Ma

nqi

Wang,certi

fy

tha

t

(i)

the

vi

ews

express

ed

i

n

this

res

earch

report

accuratel

y

refl

ect

my

pers

onal

vi

ews

about

any

or

all

of

the

subject

compani

es

or

issuers

referred

to

in

thisres

earch

and

(ii

)

no

part

of

my

c

ompensa

tion

was,

is

or

will

be

dir

ec

tly

or

indirectly

rela

ted

to

the

specific

rec

ommenda

ti

ons

or

vi

ews

expr

ess

ed

in

this

res

earchreport;

and

tha

t

I

(incl

udi

ng

members

of

my

household)

ha

ve

no

financial

interes

t

in

the

s

ecuri

ty

or

s

ecuri

ti

es

of

th

e

s

ubj

ect

compa

ni

es

discuss

ed.

I

and

myhous

ehold,

whom

I

havealready

notifi

ed

of

this,

will

not

deal

in

or

trade

any

securities

in

res

pect

of

theissuer

tha

t

I

revi

ew

wi

thin

3

busi

ness

days

after

th

e

res

earchreport

is

published.11APPENDIX

2利益沖突披露Conflict

of

Interest

Disclosures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@）HTI

and

some

of

its

a

ffilia

tes

may

engage

in

investment

banking

and

/

or

serve

as

a

ma

rket

maker

or

hol

d

propri

eta

ry

trading

posi

ti

ons

of

certain

s

tocks

orcompa

ni

es

in

this

res

earch

report.

As

far

as

this

res

earch

report

is

concerned,

the

following

are

the

disclosure

ma

tters

rela

ted

to

such

rela

tionshi

p

(As

th

e

followingdisclosure

does

not

ensure

timeliness

and

completeness,

please

s

end

an

email

to

ERD-Disclosure@if

timely

and

comprehensive

i

nformation

i

s

needed).12APPENDIX

2評(píng)級(jí)定義（從2020年7月1日開(kāi)始執(zhí)行）：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司：優(yōu)于大市、中性或弱于大市。投資者應(yīng)仔細(xì)閱讀HTI的評(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(cāng)）以及其他因素。分析師股票評(píng)級(jí)優(yōu)

于大市，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)12-18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，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,美國(guó)–SP500;其他所有中國(guó)概念股–MSCIChina.Ratings

Definitions(from

1

Jul

2020):Hai

tong

Internati

onal

us

es

a

relati

ve

ra

ti

ng

system

using

Outperform,

Neutral

,

or

Underperform

for

recommending

the

s

tocks

we

cover

to

i

nves

tors

.

Inves

tors

shoul

dcarefully

r

ead

the

defini

ti

ons

of

all

ra

tings

us

ed

in

Hai

tong

I

nterna

ti

onal

Res

earch.

In

addi

tion,

since

Hai

tong

I

nterna

ti

onal

Res

earch

contains

more

compl

eteinforma

ti

on

concerning

the

anal

ys

t's

vi

ews,

i

nvestors

s

hould

carefully

read

Hai

tong

International

Res

ea

rch,

in

its

entirety,

and

not

i

nfer

th

e

contents

from

the

rati

ngalone.

In

any

case,

rati

ngs

(or

res

earch)

s

hould

not

be

used

or

reli

ed

upon

as

i

nvestment

advice.

An

i

nves

tor's

decision

to

buy

or

s

ell

a

s

tock

s

hould

depend

on

individualcircumstances

(such

as

the

i

nvestor's

exi

sting

holdings)

and

other

considerations.Analyst

StockRatingsOutperform:Thestock’stotal

returnover

the

next

12-18

months

is

expected

to

exceed

thereturn

of

i

ts

relevant

broad

market

benchmark,

as

indicated

below.Neutral:

Thes

tock’s

total

return

over

the

next

12-18

months

is

expected

to

be

in

line

wi

th

the

return

of

its

rel

evant

broad

mar

ket

benchmark,

as

i

ndica

ted

bel

ow.

Forpurposes

only

of

FINRA/NYSEratingsdistribution

rules,

our

Neutral

rating

falls

into

a

hold

ratingcategory.Underperform:Thestock’stotal

return

over

the

next

12-18

months

i

s

expected

to

be

below

the

return

of

its

relevant

broad

market

benchmark,

as

i

ndicated

below.Benchmarks

for

each

stock’s

listed

region

are

as

follows:

Japan

–

TOPIX,

Korea

–

KOSPI,

Taiwan

–

TAIEX,

India

–

Nifty100,

US

–

SP500;

for

all

other

China-conceptstocks

–

MSCIChina.13APPENDIX

2評(píng)級(jí)分布RatingDistribution14APPENDIX

2截至2023年9月30日國(guó)際股票研究評(píng)級(jí)分布優(yōu)于大市中性(持有)弱于大市國(guó)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9月30日）：買

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)12-18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。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.Haitong

International

Equity

Research

Ratings

Distribution,

as

of

Sep

30,2023OutperformNeutral(hold)UnderperformHTI

Equity

Research

CoverageIB

clients*89.3%3.9%1.1%5.8%9.6%10.0%*Percentageof

i

nvestment

banking

clients

i

n

each

rating

category.BUY,

Neutral,

and

SELL

in

theabovedistribution

correspond

to

our

current

ratings

of

Outperform,

Neutral,

and

Underperform.For

purpos

es

only

of

FI

NRA/NYSE

ra

ti

ngs

distribution

rul

es

,

our

Neutral

ra

ting

falls

into

a

hold

ra

ting

category.

Pl

eas

e

note

that

s

tocks

wi

th

an

NR

desi

gna

tion

are

notincludedin

the

table

above.Previous

rating

systemdefinitions

(until

30

Jun

2020):BUY:

The

stock’stotal

return

over

the

next

12-18

months

i

s

expected

to

exceed

thereturn

of

i

ts

relevant

broad

market

benchmark,

as

indicated

bel

ow.NEUTRAL:

The

s

tock’s

total

return

over

the

next

12-18

months

is

expected

to

be

in

line

wi

th

th

e

return

of

its

rel

evant

broad

mar

ket

benchmark,

as

i

ndi

cated

below.For

purposes

onlyof

FINRA/NYSE

ratings

distribution

rules,

our

Neutral

rating

falls

into

a

holdratingcategory.SELL:

Thestock’s

total

return

over

the

next

12-18

months

i

s

expected

to

be

below

the

return

of

its

rel

evant

broad

market

benchmark,

as

i

ndicated

below.Benchmarks

for

each

stock’s

listed

region

are

as

follows:

Japan

–

TOPIX,

Korea

–

KOSPI,Taiwan

–

TAIEX,

India

–

Nifty100;

for

all

ot

her

China-concept

stocks–

MSCIChina.15APPENDIX

2國(guó)際非評(píng)級(jí)研究：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。HaitongInternational

Non-Rated

Re

se

ar

ch:

Hai

tong

Interna

tional

publishes

quanti

tati

ve,

screeni

ng

or

short

reports

whic

h

may

rank

s

tocks

according

to

val

ua

tion

andother

metrics

or

may

sugges

t

pric

es

bas

ed

on

possibl

e

valua

ti

on

mul

tipl

es

.

Such

rankings

or

s

ugges

ted

pri

ces

do

not

purport

to

be

s

tock

ra

tings

or

target

pric

es

orfundamental

values

and

are

for

information

only.國(guó)際A股覆蓋：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)。證券（600837.CH），

國(guó)際于上海的母公司，也會(huì)于中國(guó)發(fā)布證券的中國(guó)A股評(píng)級(jí)可能有所不同。中國(guó)A股的研究報(bào)告。但是，國(guó)際使用與

證券不同的評(píng)級(jí)系統(tǒng)，所以

國(guó)際與Haitong

International

Coverage

of

A-Shares:

Hai

tong

International

may

cover

and

rate

A-Shares

tha

t

are

s

ubj

ect

to

the

Hong

Kong

Stock

Connect

scheme

wi

thShanghai

a

nd

Shenzhen.

Hai

tong

Securi

ti

es

(HS;

600837

CH),

the

ul

ti

mate

parent

company

of

HTI

SG

bas

ed

in

Sha

nghai

,

covers

and

publishes

res

earch

on

these

sameA-Sha

res

for

dis

tri

buti

on

in

mainland

Chi

na

.

However,

the

rating

system

employed

by

HS

differs

from

tha

t

us

ed

by

HTI

and

as

a

resul

t

ther

e

may

bea

difference

i

n

th

eHTI

and

HS

ratings

for

the

same

A-share

stocks.國(guó)際優(yōu)質(zhì)100

A股（Q10

0）指數(shù)：國(guó)際Q100指數(shù)是一個(gè)包括100支由證券覆蓋的優(yōu)質(zhì)中國(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)

證券

A股團(tuán)隊(duì)自下而上的研究。國(guó)際每季對(duì)Q100指數(shù)成分作出復(fù)審。HaitongInternational

Quality

100

A-share

(Q100)

Index:

HTI

’s

Q100

Index

is

a

quant

product

tha

t

consis

ts

of

100

of

the

hi

ghes

t-quali

ty

A-sha

r

es

under

coverage

atHS

in

Sha

nghai

.

Thes

e

s

tocks

are

carefully

s

el

ected

through

a

quali

ty-bas

ed

screening

pr

oc

ess

in

combination

wi

th

a

revi

ew

of

the

HS

A-s

hare

tea

m’s

bottom-upres

earch.

The

Q100

constituent

companies

a

re

reviewed

quarterly.16APPENDIX

2盟浪義利（FIN-ESG）數(shù)據(jù)通免責(zé)聲明條款：在使用盟浪義利（FIN-ESG）數(shù)據(jù)之前，請(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(gòu)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(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)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)。SusallWave

FIN-ESGData

Service

Disclaimer:

Pl

eas

e

read

thes

e

ter

ms

and

condi

ti

ons

bel

ow

carefull

y

and

confirm

your

agreement

and

a

ccepta

nce

wi

th

thes

e

ter

msbefore

usi

ng

SusallWave

FIN-ESG

Data

Service.1.

FI

N-ESG

Da

ta

is

produced

by

SusallWave

Di

gi

tal

Tec

hnol

ogy

Co.,

Ltd.

(In

s

hort,

SusallWave)’s

assessment

bas

ed

on

l

egal

publicly

accessibl

e

i

nformation.

SusallWaveshall

not

be

res

ponsibl

e

for

any

accuracy

and

completeness

of

the

i

nformation.

The

assessment

result

is

for

reference

only.

It

is

not

for

any

i

nves

tment

advice

for

anyindividual

or

ins

ti

tution

and

not

for

basis

of

purchasing,

s

elling

or

holdi

ng

any

relati

ve

financial

products

.

We

will

not

be

liabl

e

for

any

direct

or

indi

rect

l

oss

of

anyi

ndi

vidual

or

institution

asa

result

of

usingSusallWaveFIN-ESGData.2.

SusallWave

do

not

consider

reci

pi

ents

as

c

us

tomers

for

receivi

ng

thes

e

data.

When

using

the

data,

recipi

ents

shall

ma

ke

your

own

i

ndependent

j

udgment

accordi

ngto

your

practical

i

ndi

vidual

status

.

The

contents

of

the

da

ta

refl

ect

the

judgment

of

us

onl

y

on

the

rel

ease

da

y.

We

have

ri

ght

to

update

and

amend

the

da

ta

andrel

ease

other

da

ta

that

contai

ns

inconsis

tent

contents

or

different

concl

usions

wi

thout

noti

fica

ti

on.

Unl

ess

expressly

s

ta

ted,

the

da

ta

(e.g.,

financial

perfor

ma

nc

e

data)represents

past

performance

only

and

the

past

performance

cannot

be

vi

ewed

as

the

prediction

of

futurereturn.3.

Theof

this

da

ta

belongs

to

SusallWave,

and

we

reserve

all

rights

in

accordance

wi

th

the

law.

Wi

thout

the

pri

or

written

permission

of

our

compa

ny,

noneof

individual

or

ins

ti

tuti

on

can

use

thes

e

da

ta

for

any

profi

tabl

e

purpose.

Besi

des

,

none

of

individual

or

i

ns

ti

tuti

on

can

take

acti

ons

such

as

amendment,

replica

ti

on,translation,

compilation,

r

e-edi

ting,

adaption,

del

eti

on,

abbreviation,

exc

erpts

,

issuance,

rent,

exhi

bi

tion,

per

for

manc

e,

proj

ection,

broadcast,

informa

tion

networktransmission,

s

hooting,

adding

icons

and

i

ns

tructi

ons.

If

any

loss

of

SusallWave

or

any

third-party

is

ca

us

ed

by

thos

e

acti

ons

,

us

ers

s

hall

bear

th

e

corres

pondi

ngcompensationliability.SusallWaveshall

not

be

responsible

for

any

loss.4.

If

any

term

is

not

contained

in

this

disclai

mer

but

wri

tten

in

other

agreements

on

our

website

(e.g.

User

Regis

tra

ti

on

Protocol

of

SusallWa

ve

Websi

te,

Us

er

Service(incl

udi

ng

authenti

cation)

Agreement

of

SusallWa

ve

Websi

te,

Privacy

Policy

of

Susall

wave

Websi

te),

i

t

shoul

d

be

executed

according

to

other

agreements.

If

ther

e

isany

differencebetween

this

disclaim

and

other

a

greements

,

this

disclaimer

shall

be

applied.17APPENDIX

2重要免責(zé)聲明：非印度證券的研究報(bào)告：本報(bào)告由國(guó)際證券集團(tuán)有限公司（“HTI

SGL”）的全資附屬公司國(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)）的持牌法團(tuán)。該研究報(bào)告在HTI

SGL的全資附屬公司Hai

tong

I

nterna

ti

onal

(Japa

n)K.K.（“HTIJKK”）的協(xié)助下發(fā)行，HTIJKK是由日本關(guān)東財(cái)務(wù)局監(jiān)管為投資顧問(wèn)。印度證券的研究報(bào)告：本報(bào)告由從事證券交易、投資銀行及證券分析及受Securi

ti

es

and

Excha

nge

Boa

rd

of

India（“SEBI

”）監(jiān)管的Hai

tong

Securi

ti

es

IndiaPrivate

Li

mi

ted（“HTSI

P

L”）所發(fā)行，包括制作及發(fā)布涵蓋BSE

Li

mi

ted（“BSE”）和Na

tional

Stock

Excha

nge

of

I

ndia

Li

mi

ted（“NSE”）上市公司（統(tǒng)稱為「印度交易所」）的研究報(bào)告。HTSIPL于2016年12月22日被收購(gòu)并成為所

有研究報(bào)告均以

國(guó)際為名作為全球品牌，經(jīng)許可由

國(guó)際證券股份有限公司及/或本文件所載信息和觀點(diǎn)已被編譯或源自可靠

，但HTI

RL、HTI

SCL或任何其他屬于

國(guó)際證券集團(tuán)有限公司（“HTI

SG”）的成員對(duì)其準(zhǔn)確性、完整性和國(guó)際證券集團(tuán)有限公司（“HTISG”）的一部分。國(guó)際證券集團(tuán)的其他成員在其司法管轄區(qū)發(fā)布。正確性不做任何明示或暗示的聲明或保證。本文件中所有觀點(diǎn)均截至本報(bào)告日期，如有更改，恕不另行通知。本文件僅供參考使用。文件中提及的任何公司或其股票的說(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，HTI

SG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，HTI

SG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)行買賣。HTI

SG的銷售員、交易員和其他專業(yè)人士均可向HTI

SG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。HTI

SG可做出與本文件所述建議或意見(jiàn)不一致的投資決策。但HTI

RL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)國(guó)際網(wǎng)站，查閱更多有關(guān)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。國(guó)際分析師并未在FI

NRA進(jìn)行注冊(cè)或者取得相應(yīng)的資格，并且不受美國(guó)FI

NRA有關(guān)與本項(xiàng)研究目標(biāo)公18APPENDIX

2IMPORTANTDISCLAIMERFor

research

reports

on

non-Indian

se

curit

ie

s:

The

res

earch

report

is

iss

ued

by

Hai

tong

I

nterna

ti

onal

Res

ea

rch

Li

mi

ted

(“HTIRL”),

a

wholl

y

owned

subsidiary

ofHai

tong

Interna

tional

Securi

ti

es

Gr

oup

Li

mi

ted

(“HTISGL”)a

nd

a

licens

ed

corporati

on

to

carry

on

Type

4

r

egula

ted

a

ctivi

ty

(advising

on

securi

ti

es)

for

the

purpos

e

ofthe

Securi

ti

es

and

Futur

es

Ordi

nance

(Cap.

571)

of

Hong

Kong,

wi

th

the

assistance

of

Hai

tong

International

(Ja

pan)

K.K.

(“HTIJKK”),

a

wholly

owned

s

ubsidia

ry

ofHTISGLand

which

is

regulated

as

an

InvestmentAdviser

by

the

Kanto

Fi

nance

Bureau

of

Japan.For

research

reports

onIndian

se

cur

it

ie

s:

The

res

earch

report

is

issued

by

Hai

tong

Securi

ti

es

I

ndia

Pri

va

te

Li

mi

ted

(“HSIPL”),

an

I

ndia

n

company

and

a

Securi

ti

esand

Exchange

Board

of

I

ndia

(“SEBI”)

registered

Stock

Broker

,

Merchant

Ba

nker

and

Res

ea

rch

Anal

ys

t

that,

inter

alia,

produc

es

and

dis

tributes

res

earch

r

epor

tscovering

lis

ted

enti

ti

es

on

the

BSE

Li

mi

ted

(“BSE”)

and

the

Na

ti

onal

Stock

Excha

nge

of

I

ndia

Li

mi

ted

(“NSE”)

(coll

ecti

vel

y

referred

to

as

“I

ndian

Exchanges”).

HSIPLwas

acquired

and

became

part

of

the

Ha

itong

International

Securities

Group

of

Companies(“HTISG”)

on

22

December2016.All

the

res

earch

r

epor

ts

are

gl

obally

branded

under

the

na

me

Hai

tong

I

nterna

ti

onal

a

nd

approved

for

distribution

by

Hai

tong

International

Securi

ti

es

Compa

nyLi

mi

ted

(“HTISCL”)and/or

any

other

members

within

HTISG

i

n

thei

r

res

pective

j

urisdictions.The

informa

ti

on

and

opinions

contai

ned

in

this

res

earch

report

have

been

compil

ed

or

arrived

at

from

s

ources

beli

eved

to

be

reliabl

e

and

in

good

fai

th

but

norepres

enta

tion

or

warranty,

express

or

impli

ed,

is

ma

de

by

HTI

RL,

HTI

SCL,

HSIPL,

HTI

JKK

or

any

other

members

wi

thi

n

HTI

SG

from

which

this

res

earch

report

maybe

recei

ved,

as

to

thei

r

accuracy,

completeness

or

correctness

.

All

opini

ons

express

ed

herei

n

are

as

of

th

e

da

te

of

this

res

earch

report

a

nd

are

subject

to

changewi

thout

notice.

This

res

earch

report

is

for

i

nforma

ti

on

purpos

e

onl

y.

Des

cripti

ons

of

any

compa

ni

es

or

thei

r

s

ecuri

ti

es

mentioned

her

ein

are

not

intended

to

becompl

ete

and

this

res

earch

report

is

not,

and

s

hould

not

be

construed

expressly

or

i

mpli

edl

y

as,

a