生豬價(jià)格震蕩關(guān)注周期反轉(zhuǎn)機(jī)會(huì)

行業(yè)周報(bào)行業(yè)周報(bào)投資要點(diǎn)：2024投資要點(diǎn)：20240415上周農(nóng)業(yè)板塊下跌6%30動(dòng)物保健（-6.5%）、生豬養(yǎng)殖（-7.0%）、肉雞養(yǎng)殖（-7.6%）也有不同程度的下跌。生豬價(jià)格震蕩。根據(jù)數(shù)據(jù)，全周生豬均價(jià)15.2元/公斤，環(huán)比+0.3%。涌益數(shù)據(jù)顯示上周15kg仔豬價(jià)格為716元/頭，環(huán)比-0.4%；50kg二元母豬價(jià)格為1576元/頭，環(huán)比持平。根據(jù)涌益數(shù)據(jù)，3月能繁母豬環(huán)比+1.57%，上月為+0.28%；Mysteel月能繁母豬環(huán)比+0.22%，其中中小散環(huán)比+3.94%我們認(rèn)/來(lái)看，去年能繁母豬整體去化的趨勢(shì)決定了未來(lái)生豬供給將逐漸減小，且去年疫情被動(dòng)去產(chǎn)能影響或高于預(yù)期，體現(xiàn)在后續(xù)時(shí)點(diǎn)的供給減量或比市場(chǎng)預(yù)期要大。豬價(jià)或?qū)⑦M(jìn)入景氣上行階段，景氣度將逐季上行。建議重點(diǎn)關(guān)注生豬養(yǎng)殖板塊。個(gè)股層面建議關(guān)注成本管控優(yōu)異、資金相對(duì)安全、出欄彈性大的巨星農(nóng)牧、華統(tǒng)股份等，以及頭均市值處于低位的牧原股份。上周水產(chǎn)價(jià)格穩(wěn)中有漲，重點(diǎn)關(guān)注水產(chǎn)飼料行業(yè)景氣修復(fù)。普水方面，上周草5.8元+3.4%，同比+9%8.6元+3%，同比+3%6.9元/斤，環(huán)比+2.5%，同比+44%；羅非魚塘6元斤，環(huán)比+2.1%，同比+26%。特水方面5.8元/+1.8%，同比11.7元/+0.6%，同比-2%；黃顙魚塘口均價(jià)為13.8元/斤，環(huán)比+6.3%，同比+27%。對(duì)蝦方面26.8元/斤，環(huán)比-4%，同比-26%。原材料方面，上周魚粉價(jià)格環(huán)比-0.3%，豆粕價(jià)格環(huán)比-3.3%，玉米價(jià)格環(huán)比-0.9%。我們認(rèn)為，大部分水產(chǎn)品價(jià)格好于去年同期，利于水產(chǎn)飼料行業(yè)景氣修復(fù)。同時(shí)，在行業(yè)面臨一定壓力的背景下，行業(yè)集中度或?qū)⑦M(jìn)一步提升，且公司估值處于低位。重點(diǎn)關(guān)注海大集團(tuán)。Mysteel2.8元羽，環(huán)比-1.1%3.8元/羽，環(huán)比+1.4%。我們認(rèn)為，雞苗價(jià)格或?qū)⒃谖磥?lái)維持Q1的相對(duì)高位水平。一方面，22年引種量下降逐漸向下游傳導(dǎo)，新增父母代數(shù)量或?qū)⑻幱诘臀唬硗庖环矫?，在產(chǎn)父母代將進(jìn)入淘汰高峰。因而，未來(lái)在產(chǎn)父母代將逐步下降，雞苗供應(yīng)趨緊，雞苗價(jià)格或?qū)⒗^續(xù)上漲，建議關(guān)注益生股份、圣農(nóng)發(fā)展、禾豐股份、民和股份等。我國(guó)轉(zhuǎn)基因產(chǎn)業(yè)發(fā)展持續(xù)推進(jìn)，231225日，農(nóng)業(yè)部公告發(fā)放了轉(zhuǎn)基因玉2411819日農(nóng)業(yè)農(nóng)村部公布了新一批審定會(huì)議初審?fù)ㄟ^(guò)的轉(zhuǎn)基因玉米和大43大會(huì)。我們認(rèn)為，轉(zhuǎn)基因相關(guān)政策持續(xù)推進(jìn)，安全證書發(fā)放和品種審定或已經(jīng)入常態(tài)化，轉(zhuǎn)基因推廣將進(jìn)入加速期，行業(yè)迎來(lái)新機(jī)遇，而龍頭公司得益于技術(shù)和資金實(shí)力將最為受益。個(gè)股層面，建議關(guān)注擁有技術(shù)優(yōu)勢(shì)和先發(fā)優(yōu)勢(shì)的大北農(nóng)、隆平高科、登海種業(yè)等。請(qǐng)務(wù)必閱讀正文之后的信息披露和法律聲明上周市場(chǎng)表現(xiàn)圖1上周（4月8日-4月12日）一級(jí)行業(yè)表現(xiàn)資料來(lái)源：，HTI圖2上周（4月8日-4月12日）農(nóng)業(yè)二級(jí)及三級(jí)行業(yè)漲跌幅資料來(lái)源：，HTI表1上周（4月8日-4月12日）農(nóng)業(yè)股漲跌幅排名股票代碼000911.SZ股票簡(jiǎn)稱廣農(nóng)糖業(yè)漲跌幅（%）7.2%最新市值（億元）33.8股票代碼603151.SH股票簡(jiǎn)稱邦基科技漲跌幅（%）-19.7%最新市值（億元）21.4000972.SZ中基健康5.4%30.2300138.SZ晨光生物-19.2%51.9301498.SZ乖寶寵物3.8%192.3603363.SH傲農(nóng)生物-17.2%37.7300313.SZ*ST天山2.6%25.0600097.SH開創(chuàng)國(guó)際-16.2%22.6200505.SZ京糧B2.3%48.1300094.SZ國(guó)聯(lián)水產(chǎn)-15.9%42.4002157.SZ*ST正邦2.1%270.6300967.SZ曉鳴股份-15.8%17.5300673.SZ佩蒂股份1.8%30.7000735.SZ羅牛山-14.4%53.2600127.SH金健米業(yè)1.4%45.2600195.SH中牧股份-13.1%88.3600598.SH北大荒0.5%224.7002548.SZ金新農(nóng)-12.3%36.1600251.SH冠農(nóng)股份0.0%67.7001201.SZ東瑞股份-12.2%51.6資料來(lái)源：，HTI，最新市值的收盤價(jià)日期為2024年4月12日生豬數(shù)據(jù)跟蹤圖3上周生豬均價(jià)環(huán)比+0.3%至15.2元/公斤資料來(lái)源：，HTI

圖4上周20kg仔豬均價(jià)環(huán)比-1.6%至37.8元/公斤資料來(lái)源：，HTI圖5上周仔豬/生豬價(jià)格比值小幅上升資料來(lái)源：，HTI圖6上周規(guī)模場(chǎng)15kg仔豬出欄均價(jià)環(huán)比-0.4%至716元/頭資料來(lái)源：涌益咨詢，HTI圖7上周50kg二元母豬均價(jià)維持為1576元/頭資料來(lái)源：涌益咨詢，HTI圖82月能繁母豬存欄環(huán)比-0.6%至4042萬(wàn)頭資料來(lái)源：，HTI

圖912月生豬存欄環(huán)比-1.8%至4.30億頭資料來(lái)源：，HTI圖10上周豬糧比價(jià)和豬料比價(jià)小幅上升資料來(lái)源：，HTI圖11上周自繁自養(yǎng)生豬養(yǎng)殖利潤(rùn)上升至-28.47元/頭，外購(gòu)仔豬養(yǎng)殖利潤(rùn)上升至121.53元/頭資料來(lái)源：，HTI禽業(yè)數(shù)據(jù)跟蹤圖12上周白羽肉雞雞苗價(jià)格環(huán)比-1.1%至2.8元/羽資料來(lái)源：Mysteel，HTI

圖13上周白羽肉雞雞苗價(jià)格環(huán)比-5.0%至3.26元/羽資料來(lái)源：，HTI圖14上周白羽肉雞毛雞價(jià)格環(huán)比+1.4%至3.8元/斤資料來(lái)源：Mysteel，HTI

圖15上周白羽肉雞毛雞價(jià)格環(huán)比+1.3%至7.80元/公斤資料來(lái)源：，HTI圖16上周白條雞主產(chǎn)區(qū)均價(jià)環(huán)比-1.4%至14.00元/公斤資料來(lái)源：，HTI

圖17上周蛋雞苗主產(chǎn)區(qū)均價(jià)環(huán)比+2.9%至3.50元/羽資料來(lái)源：，HTI圖183月祖代白羽肉種雞引種14.2萬(wàn)套資料來(lái)源：Mysteel，HTI

圖19月度累計(jì)祖代白羽肉雞引種量走勢(shì)資料來(lái)源：Mysteel，HTI圖202月白羽肉雞祖代總存欄數(shù)環(huán)比4.8%至189.76萬(wàn)套資料來(lái)源：Mysteel，HTI圖212月白羽肉雞父母代總存欄數(shù)環(huán)比-2.2%至7518.2萬(wàn)套資料來(lái)源：Mysteel，HTI圖22上周毛雞養(yǎng)殖利潤(rùn)上漲至-1.60元/羽，屠宰利潤(rùn)下跌至-0.55元/羽資料來(lái)源：，HTI圖23上周父母代種雞養(yǎng)殖利潤(rùn)下跌至0.56元/羽，白羽肉雞孵化場(chǎng)利潤(rùn)下跌至0.62元/羽資料來(lái)源：，HTI其他數(shù)據(jù)跟蹤圖24上周玉米現(xiàn)貨均價(jià)下跌至2428.63元/噸資料來(lái)源：，HTI

圖25上周大豆現(xiàn)貨均價(jià)下跌至4338.42元/噸資料來(lái)源：，HTI圖26上周豆粕現(xiàn)貨均價(jià)下跌至3323.14元/噸資料來(lái)源：，HTI

圖27上周小麥現(xiàn)貨均價(jià)下跌至2748.89元/噸資料來(lái)源：，HTI圖28上周菜粕現(xiàn)貨均價(jià)下跌至2662.11元/噸資料來(lái)源：，HTI

圖29上周粳稻現(xiàn)貨均價(jià)下跌至3086.00元/噸資料來(lái)源：，HTI圖30上周棉花現(xiàn)貨均價(jià)上漲至17143.85元/噸資料來(lái)源：，HTI

圖31上周魚粉均價(jià)下跌至12600.00元/噸資料來(lái)源：，HTI風(fēng)險(xiǎn)提示需求大幅不及預(yù)期，政策進(jìn)展大幅不及預(yù)期，行業(yè)出現(xiàn)超預(yù)期疫病。APPENDIX1SummaryInvestmentHighlights:Lastweek,theagriculturalsectorfellby6%,ranking30thamongthetop-tierindustries.Allsub-sectorsdeclined,withotherplanting(-2.2%)andfruitandvegetableprocessing(-2.5%)experiencingsmallerdrops,whilelivestockfeed(-9.6%)andaquaculture(-8.7%)sawthelargest.Othermajorsectorslikeseeds(-5.3%),animalhealthcare(-6.5%),pigbreeding(-7.0%),andbroilerchickenbreeding(-7.6%)alsofell.Pigpricesfluctuated.Accordingto,theaveragepricewasRMB15.2/kg,up0.3%week-on-week.Lastweek’spricesfor15kgpigletsand50kgsowswereRMB716andRMB1576perhead,changingby-0.4%and0%,respectively.Webelievepigpriceswillenteraprosperityphase,suggestingfocusonhogbreedingcompanieslikeLeshanGiantstarandZhejiangHuatong,andMuyuanFoodswithlowmarketcapitalizationperhead.Aquaticproductpriceswerestablewithincreases.Wesuggestfocusingontheaquafeedsector’srecovery.Lastweek,pricesforgrasscarp,cruciancarp,commoncarp,tilapia,livefish,Californiaperch,andyellowcatfishshowedvariouschanges.NationalshrimppricesaveragedRMB26.8/kg,down4%week-on-week.Rawmaterialpricesforfishmeal,soybeanmeal,andcorndecreased.WerecommendHaidGroupinthiscontext.Chickpricesslightlydeclined.Weadvisefocusingonthewhitefeatherchickensector,withcompanieslikeShandongYishengandFujianSunnerDevelopmentpoisedforgrowth.TheMinistryofAgricultureandRuralAffairsemphasizedbiobreeding,highlightinginvestmentopportunitiesintheGMOsector.Policiesarenormalizing,andindustryleaderslikeBeijingDabeinong,YuanLongpingHigh-Tech,andShandongDenghaiSeedsaresettobenefit.Investmentadvice:Forhogbreeding,focusoncompanieswithexcellentcostcontrol,financialsecurity,andhighmarketelasticity.Forwhitefeatherchickens,considerShandongYishengandFujianSunnerDevelopment.Forpetfood,lookatGambolPetGroupandYantaiChinaPetFoods.Forseeds,focusonthosewithtechnologicaladvantages.Foranimalhealth,considercompanieslikeWuhanKeqianBiologyifASFvaccinesprogress.RiskWarning:Demandandpolicyprogressmayfallshortofexpectations,andtheindustrycouldfaceunexpectedepidemics.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，李淼，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)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,MiaoLicertifythatitheviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchand(ii)nopartofmycompensationwas,isorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisresearchreport;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).002311.CH603566.CH300138.CH12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)。002311.CH603566.CH300138.CHandare/wereaclientofHaitongcurrentlyorwithinthepast12months.Theclienthasbeenprovidedfornon-investment-bankingsecurities-relatedservices.603566.CH目前或過(guò)去12個(gè)月內(nèi)是海通的客戶。海通向客戶提供非證券業(yè)務(wù)服務(wù)。603566.CHis/wasaclientofHaitongcurrentlyorwithinthepast12months.Theclienthasbeenprovidedfornon-securitiesservices.海通在過(guò)去的12個(gè)月中從603566.CH獲得除投資銀行服務(wù)以外之產(chǎn)品或服務(wù)的報(bào)酬。Haitonghasreceivedcompensationinthepast12monthsforproductsorservicesotherthaninvestmentbankingfrom603566.CH.評(píng)級(jí)定義（從2020年7月1日開始執(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's

評(píng)級(jí)分布RatingDistribution views,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(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,asofDecember31,2023OutperformNeutralUnderperformHTIEquityResearchCoverage89.4%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)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(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、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/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，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：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、公開露面和自營(yíng)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HSIPL，HTIRLHTIJKK直接進(jìn)行買賣證券或相HSIPL，HTIRLHTIJKKFINRAFINRA2241條規(guī)定的與目標(biāo)公司的交流，公開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-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.securitiesorrelatedfinancialinstrumentsmaybelimited.ForeigncompaniesmaynotbesubjecttoauditandreportingstandardsandregulatoryrequirementscomparabletothoseineffectwithintheU.S.ThevalueofanyinvestmentorincomefromanysecuritiesorrelatedfinancialinstrumentsdiscussedinthisresearchreportdenominatedinacurrencyotherthanU.S.dollarsissubjecttoexchangeratefluctuationsthatmayhaveapositiveoradverseeffectonthevalueoforincomefromsuchsecuritiesorrelatedfinancialinstruments.AllinquiriesbyU.S.recipientsshouldbedirectedto:HaitongInternationalSecurities(USA)Inc.340MadisonAvenue,12thFloorNewYork,NY10173Attn:SalesDeskat(212)3516050中華人民共和國(guó)的通知事項(xiàng)：在中華人民共和國(guó)（下稱“中國(guó)”