> **来源：[研报客](https://pc.yanbaoke.cn)** # 开放式基金周报(20260118) ■ 建议均衡偏成长风格配置，重视科技成长风格基金，兼顾周期资源等资产 # 本报告导读： A股震荡，计算机、电子和有色金属行业板块表现较优，部分重仓芯片半导体、AI应用等板块的基金表现较优。建议均衡偏成长风格配置，重视科技成长风格基金，兼顾周期资源等资产。 # 投资要点： 未来投资策略：股混基金：结合HTI策略团队观点，中观景气分化受益于AI渗透率提升以及出海趋势，科技硬件和电新景气延续偏强，有色金属等资源价格上涨，服务消费景气提升。因此，从基金投资的角度来看，建议均衡偏成长风格配置，重视科技成长风格基金，兼顾周期资源等资产。债券基金：结合HTI固收团队的观点，资金延续宽松与长债供给担忧并不矛盾，央行呵护下，一季度银行间资金的波动反而可能明显弱于季节性，资金利率中枢大概率维持低位。从基金投资角度来看，建议关注久期灵活的利率债和重配高等级高流动性信用债的产品。 上周市场回顾：A股震荡，计算机、电子和有色金属行业板块表现较优。上周（20260112-20260116），A股继2026年开年上行后，在4100点-4200点的区间内高位震荡。1月15日，央行表示，下调各类结构性货币政策工具利率0.25个百分点，各类再贷款一年期利率降至 $1.25\%$ ，其他期限档次利率同步调整，债市上涨。白宫在1月14日宣布，从1月15日起对部分进口半导体、半导体制造设备和衍生品加征 $25\%$ 的进口从价关税，美股下跌。大宗商品方面，伊朗动荡风险引发市场对原油供应的担忧，油价上涨。 上周基金市场回顾：上周股票型基金整体上涨 $1.00\%$ 。个基方面，受板块上涨带动，全周部分重仓芯片半导体、AI应用等板块的基金表现较优。指数基金中，全周半导体材料设备、AI应用等主题产品表现较好。主动债券型基金中，权益资产涉及半导体、机械设备等板块的偏债债基和可转债债基表现较优。QDII基金中，主投港股科技领域的基金表现较优。 基金市场最新动态：不再受持有期限制，公募养老基金符合条件可提前赎回。北上资金A股通道大扩容，98只ETF新纳入互联互通。 风险提示：本报告业绩回顾部分是基于基金历史表现进行的客观分析点评，涉及的基金不构成投资建议；投资建议部分，需要警惕货币政策、证券市场相关政策的不确定性以及人民币汇率波动影响。 Yunting Ni yunting.ni@htisec.com 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海通证券印度私人有限公司，海通国际株式会社和海通国际证券集团其他各成员单位的证券研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证券活动。关于海通国际的分析师证明，重要披露声明和免责声明，请参阅附录。(Please see appendix for English translation of the disclaimer) # 目录 1．上周市场回顾：A股震荡，计算机、电子和有色金属行业板块表现较优3 2．上周基金市场回顾：部分重仓芯片半导体、AI应用等板块的基金表现较优 3. 未来投资策略：建议均衡偏成长风格配置，重视科技成长风格基金，兼顾周期资源等资产 4. 基金市场最新动态 5 5. 风险提示 6 # 1. 上周市场回顾：A股震荡，计算机、电子和有色金属行业板块表现较优 A股震荡，计算机、电子和有色金属行业板块表现较优。上周（20260112-20260116），A股继2026年开年上行后，在4100点-4200点的区间内高位震荡。从结构性机会来看，大模型企业MiniMax、智谱近期先后登陆港股，叠加AI应用领域跑出AI4S、GEO和AI+医疗三大新热点，带动以AI应用为代表的计算机板块上涨。其次，得益于人工智能应用相关芯片需求的飙升，全球芯片代工龙头台积电2025年第四季度的利润创出新高，叠加美国对部分半导体产品加征关税，以芯片半导体为代表的电子行业表现居前。此外，全球局势紧张加剧全球矿产供给不确定性，有色金属行业也有不错表现。截至2026年1月16日，上证综指收于4101.91点，全周下跌 $0.45\%$ ；深证成指收于14281.08点，全周上涨 $1.14\%$ 。主要指数方面，全周上证50指数下跌 $1.74\%$ ，沪深300指数下跌 $0.57\%$ ，中证500指数上涨 $2.18\%$ ，创业板指数上涨 $1.00\%$ ，科创50指数上涨 $2.58\%$ 。风格方面，成长优于价值。上周A股两市共成交17.13万亿元，成交量较前周约增加29956亿元。行业方面，申万一级行业分类下31个行业中有13个行业上涨，18个行业下跌。表现居前的行业为计算机、电子、有色金属、传媒和机械设备，全周分别上涨 $3.82\%$ 、 $3.77\%$ 、 $3.03\%$ 、 $2.04\%$ 和 $1.91\%$ ；表现靠后的行业为国防军工、房地产、农林牧渔、煤炭和银行，全周分别下跌 $4.92\%$ 、 $3.52\%$ 、 $3.27\%$ 、 $3.11\%$ 和 $3.03\%$ 债市上涨。1月15日，央行表示，下调各类结构性货币政策工具利率0.25个百分点，各类再贷款一年期利率降至 $1.25\%$ ，其他期限档次利率同步调整，债市上涨。具体来看，与2026年01月09日相比，至2026年01月16日，1年期国债收益率下行5BP至 $1.24\%$ ，10年期国债收益率下行4BP至 $1.84\%$ ；1年期国开债收益率上行2BP至 $1.59\%$ ，10年期国开债收益率下行1BP至 $2.02\%$ 。信用债方面，等级利差收窄，期限利差收窄，全周AAA级企业债收益率平均下行2BP，AA级企业债收益率平均下行4BP，城投债收益率平均下行2BP。主要指数方面，全周中债总净价指数上涨 $0.15\%$ ，中债国债总净价指数上涨 $0.18\%$ ，中债金融债总净价指数上涨 $0.10\%$ 。转债方面，上周中证转债指数上涨 $1.08\%$ 美股下跌，油价上涨。上周（20260112-20260116），白宫在1月14日宣布，从1月15日起对部分进口半导体、半导体制造设备和衍生品加征 $25\%$ 的进口从价关税，美股下跌。具体来看，全周道琼斯工业指数下跌 $0.29\%$ ，标普500指数下跌 $0.38\%$ ，纳斯达克指数下跌 $0.66\%$ 。欧洲各主要市场涨跌互现，全周法国CAC40指数下跌 $1.23\%$ ，德国DAX指数上涨 $0.14\%$ ，英国富时100指数上涨 $1.09\%$ 。亚太各主要市场上涨，日经225指数上涨 $3.84\%$ ，中国台湾加权指数上涨 $3.7\%$ ，韩国综合指数上涨 $5.55\%$ ，恒生指数上涨 $2.34\%$ 。汇率方面，全周美元指数上涨 $0.23\%$ 。大宗商品方面，伊朗动荡风险引发市场对原油供应的担忧，全周能源指数上涨 $1.52\%$ ，石油、轻质原油、NYMEX原油、布伦特原油、ICE布油价格分别上涨 $1.54\%$ 、 $0.74\%$ 、 $0.55\%$ 、 $1.25\%$ 、 $1.36\%$ 。贵金属方面，金价上涨，贵金属指数全周上涨 $3.34\%$ ，其中COMEX黄金上涨 $2.23\%$ ，COMEX白银上涨 $13.37\%$ 。 # 2. 上周基金市场回顾：部分重仓芯片半导体、AI应用等板块的基金表现较优 上周股票型基金上涨，混合型基金上涨，债券型基金上涨，货币基金收益率下行，黄金ETF及其联接基金上涨。海外市场方面，上周QDII股混型基金上涨，QDII债券型基金上涨。 主动权益基金中，部分重仓芯片半导体、AI应用等板块的基金表现较优。上周股票型基金整体上涨 $1.00\%$ ，其中指数股票型基金整体上涨 $0.94\%$ ，主动股票开放型基金整体上涨 $1.25\%$ ，表现优于指数。混合型基金中，全周主动混合开放型基金整体上涨 $1.18\%$ 。个基方面，受板块上涨带动，全周部分重仓芯片半导体、AI应用等板块的基金表现较优。指数基金中，全周半导体材料设备、AI应用等主题产品表现较好。 主动债券型基金中，权益资产涉及半导体、机械设备等板块的偏债债基和可转债债基表现较优。上周债券型基金整体上涨 $0.17\%$ ，指数债券型基金上涨 $0.11\%$ ，主动债券开放型基金上涨 $0.18\%$ ，表现优于指数。分类来看，全周债性最为纯粹的纯债债券型基金上涨 $0.10\%$ ，准债债券型基金上涨 $0.18\%$ 可以投资权益资产的偏债债券型基金上涨 $0.32\%$ ，可转债债券型基金上涨 $1.64\%$ 。个基方面，全周权益资产涉及半导体、机械设备等板块的偏债债基和可转债债基表现较优。纯债债券型基金中，部分重配利率债的产品表现较好。 货币基金年化收益率为 $1.19\%$ 。摊余成本法债基方面，上周长期摊余成本法债基年化收益率为 $2.18\%$ ，封闭摊余成本法债基年化收益率为 $2.63\%$ QDII基金中，主投港股科技领域的基金表现较优。上周，权益类QDII基金整体上涨 $1.03\%$ 。个基方面，部分主投港股科技领域的基金表现较优。固收方面，上周QDII债券型基金上涨 $0.09\%$ 黄金ETF及其联接基金上涨 $2.89\%$ 。商品型基金上周上涨 $3.12\%$ # 3. 未来投资策略：建议均衡偏成长风格配置，重视科技成长风格基金，兼顾周期资源等资产 宏观：HTI宏观团队在《结构性宽松继续——1月15日央行结构性降息快评》中的观点认为： 1月15日，国务院新闻办公室举行新闻发布会，中国人民银行有关负责人介绍，根据当前经济金融形势需要，人民银行将推出8项政策措施，进一步助力经济结构转型优化。 本轮一揽子政策主要针对央行结构性货币政策工具的优化：包括全面下调结构性工具利率，合并同类政策工具额度，新增贷款额度向民营企业、中小企业、科技企业集中，支持工具扩围，以及降低商办地产首付比例、提供汇率避险服务等相关举措。 我们认为本轮政策主要有以下含义或影响： 本轮政策是一次结构性宽松而非全面宽松，核心目标是压降定向资金成本、扩大结构性工具覆盖面、加强对民营、中小、科技、绿色等“五篇大文章”相关领域的支持力度，对总量流动性影响温和，主要释放出实体领域的定向激励信号。 大幅增强了金融机构使用结构性政策工具的激励程度。使用成本方面，2025年5月政策性利率（7天逆回购）已降至 $1.4\%$ ，甚至低于结构性政策工具的利率 $1.5\%$ ，此次将各类结构性货币政策工具利率调降25bp至 $1.25\%$ ，有利于降低银行使用工具的负债成本；使用范围方面，此前贷款认定标准高，导致银行使用意愿有限，结构性货币政策工具使用余额自2024年一季度见顶后持续回落，央行在2025年二季度之后也不再披露使用情况，此次政策的增额与扩围都有助于激励工具的使用，助力一季度信贷实现“开门红”。 股票市场：HTI策略团队在《新兴科技景气延续，周期资源价格上涨》中的观点认为：中观景气分化，受益于AI渗透率提升以及出海趋势，科技硬件和电新景气延续偏强，有色金属等资源价格上涨，服务消费景气提升；地产耐用品仍承压。新兴科技景气延续，周期资源价格上涨。上周（01.05-01.11）中观景气表现分化，景气线索有：1)AI渗透率提升及出海带动的新兴科技，国内半导体销售额增速高位上行，存储等科技硬件供需延续偏紧；2）供给受限推动的涨价周期品，产能出清较久，且下游需求预期改善的碳酸锂价格大幅上涨，降息预期升温下，工业金属价格持续提升；3）受政策支撑且供需反转的服务消费，旅游景气延续高位，猪肉等食品价格有所改善。 债券市场：HTI固收团队在《长债供给放量，需要担忧资金收敛吗——一季度银行间资金和存单展望》中表示：对于2026年一季度，由于政府债供给节奏进一步靠前，且市场对长债供需不平衡的担忧进一步升温，由此部分投资者也担心银行间资金会不会像2025年一季度一般有明显收敛。我们的观点是，资金延续宽松与长债供给担忧并不矛盾，央行呵护下，一季度银行间资金的波动反而可能明显弱于季节性，资金利率中枢大概率维持低位。 基金投资方面：股混基金：结合HTI策略团队观点，中观景气分化，受益于AI渗透率提升以及出海趋势，科技硬件和电新景气延续偏强，有色金属等资源价格上涨，服务消费景气提升。因此，从基金投资的角度来看，建议均衡偏成长风格配置，重视科技成长风格基金，兼顾周期资源等资产。债券基金：结合HTI固收团队的观点，资金延续宽松与长债供给担忧并不矛盾，央行呵护下，一季度银行间资金的波动反而可能明显弱于季节性，资金利率中枢大概率维持低位。从基金投资角度来看，建议关注久期灵活的利率债和重配高等级高流动性信用债的产品。货币基金：在长期资金利率维持较低水平的情况下没有趋势性投资机会。商品基金：从长期投资和避险投资的角度，可适当配置黄金ETF。 # 4. 基金市场最新动态 # 不再受持有期限制，公募养老基金符合条件可提前赎回 来源：财联社 1月16日，中国证券投资基金业协会下发《关于支持符合条件的投资者提前赎回个人养老金基金相关工作事宜的通知》（以下简称通知）。通知显示，投资者达到《关于领取个人养老金有关问题的通知》（人社部发〔2025〕39号）第一条规定的第（二）至（六）项领取条件、个人养老金账户变更为提前领取状态后，向基金销售机构申请办理养老基金提前赎回业务的，相关机构应当予以支持。 具体来看，《关于领取个人养老金有关问题的通知》（人社部发〔2025〕39号）第一条规定的第（二）至（六）项领取条件为： （二）完全丧失劳动能力； （三）出国（境）定居； （四）申请领取个人养老金之日前12个月内，本人或配偶、未成年子女发生的与基本医保相关的医药费用支出，扣除医保报销后个人负担（指医保目录范围内的自付部分）累计超过本省（自治区、直辖市）上一年度居民人均可支配收入的； （五）申请领取个人养老金之日前2年内，领取失业保险金累计达到12个月的； （六）正在领取城乡最低生活保障金的。 这意味着，只要满足上述任一情形，即便投资者持有的公募养老基金设有三年或五年的持有期且尚未期满，也可申请提前赎回，这一政策能切实为存在资金使用需求的投资者解决燃眉之急。 据悉，个人养老金相关基金销售机构、基金管理人和基金份额登记机构需根据有关要求，于2026年6月底前完成技术准备工作，过渡期内可通过手工操作办理业务。此外，基金管理人还应当做好相关养老基金产品的招募说明书更新工作。记者了解到，目前已有大型公募做好启动IT系统改造与招募说明书更新工作的准备，力争全力保障业务落地。 # 北上资金A股通道大扩容，98只ETF新纳入互联互通 来源：财联社 2026年开年，ETF互联互通标的迎来新一轮重要扩容。1月9日，港交所公告，调整“ETF通”最新扩容名单显示，北向沪股通共有54只ETF调入、北向深股通共有44只ETF调入。另有7只ETF被暂时移出陆股通。据悉，此次扩容将于1月19日起正式生效，扩容后，“ETF通”数量将从273只扩容至364只。 此次扩容中，市场第二大宽基ETF，A500ETF首次纳入“ETF通”标的，华泰柏瑞、南方、华夏、易方达等25只产品纳入；近期涨幅居前的永赢卫星ETF、突破百亿的万家工业有色ETF等热门行业主题ETF同样获得纳入。 在基金公司来看，此次标的扩容，不仅进一步丰富了境外投资者的A股配置工具，助力其更全面、更精细地布局中国市场，也有望为境内ETF市场带来更多专业投资者与增量资金，有助于进一步提升中国资本市场的国际影响力与竞争力。 # > 上周新发产品情况 上周共新成立基金23只，其中股票ETF7只，强股混合型4只，港股强股混合型3只，增强股票指数型、偏债债券型各2只，股票ETF联接、QDII复制股票指数型、复制债券指数型、普通FOF中仓位和普通FOF低仓位各1只。新成立基金平均认购天数约为12天，其中认购时间最短的为招商中证有色金属矿业主题ETF联接、中银先锋半导体和国泰瑞乐6个月持有，最短认购期为1天。新发基金平均募集份额为8.39亿份，总募集份额为192.94亿份，其中富达中债高等级科创及绿债的募集份额最大，为40.00亿份。 # 下周基金分红情况 下周未来几天有63只基金份额将进行权益登记。其中，最值得关注的基金是中航京能光伏REIT，每10份派发红利3.3178元。具体收益分配时间如下：权益登记日：2026-01-19；除息日：2026-01-20；红利分配日：2026-01-21。 # 5. 风险提示 本报告业绩回顾部分是基于基金历史表现进行的客观分析点评，涉及的基金不构成投资建议；投资建议部分，需要警惕货币政策、证券市场相关政策的不确定性以及人民币汇率波动影响。 # 附录APPENDIX # 重要信息披露 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司(HTIRL)，Haitong Securities India Private Limited (HSIPL)，Haitong International Japan K.K. (HTJKK)和海通国际证券有限公司(HTISCL)的证券研究团队所组成的全球品牌，海通国际证券集团(HTISG)各成员分别在其许可的司法管辖区内从事证券活动。 # IMPORTANT DISCLOSURES This research report is distributed by Haitong International, a global brand name for the equity research teams of Haitong International Research Limited ("HTIRL"), Haitong Securities India Private Limited ("HSIPL"), Haitong International Japan K.K. ("HTJKK"), Haitong International Securities Company Limited ("HTISCL"), and any other members within the Haitong International Securities Group of Companies ("HTISG"), each authorized to engage in securities activities in its respective jurisdiction. # HTIRL分析师认证AnalystCertification： 我，倪韵婷，在此保证（i）本研究报告中的意见准确反映了我们对本研究中提及的任何或所有目标公司或上市公司的个人观点，并且（ii）我的报酬中没有任何部分与本研究报告中表达的具体建议或观点直接或间接相关；及就此报告中所讨论目标公司的证券，我们（包括我们的家属）在其中均不持有任何财务利益。我和我的家属（我已经告知他们）将不会在本研究报告发布后的30个自然日内交易此研究报告所讨论目标公司的证券。I, Yunting Ni, certify that (i) the views expressed in this research report accurately reflect my personal views about any or all of the subject companies or issuers referred to in this research and (ii) no part of my compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in this research report; and that I (including members of my household) have no financial interest in the security or securities of the subject companies discussed. I and my household, whom I have already notified of this, will not deal in or trade any securities in respect of the issuer that I review within 30 calendar days after the research report is published. # 利益冲突披露 Conflict of Interest Disclosures 海通国际及其某些关联公司可从事投资银行业务和/或对本研究中的特定股票或公司进行做市或持有自营头寸。就本研究报告而言，以下是有关该等关系的披露事项（以下披露不能保证及时无遗漏，如需了解及时全面信息，请发邮件至ERD-Disclosure@htisec.com） HTI and some of its affiliates may engage in investment banking and / or serve as a market maker or hold proprietary trading positions of certain stocks or companies in this research report. As far as this research report is concerned, the following are the disclosure matters related to such relationship (As the following disclosure does not ensure timeliness and completeness, please send an email to ERD-Disclosure@htisec.com if timely and comprehensive information is needed). # 评级定义（从2020年7月1日开始执行）： 海通国际（以下简称“HTI”）采用相对评级系统来为投资者推荐我们覆盖的公司：优于大市、中性或弱于大市。投资者应仔细阅读HTI的评级定义。并且HTI发布分析师观点的完整信息，投资者应仔细阅读全文而非仅看评级。在任何情况下，分析师的评级和研究都不能作为投资建议。投资者的买卖股票的决策应基于各自情况（比如投资者的现有持仓）以及其他因素。 # 分析师股票评级 优于大市，未来12-18个月内预期相对基准指数涨幅在 $10\%$ 以上，基准定义如下 中性，未来12-18个月内预期相对基准指数变化不大，基准定义如下。根据FINRA/NYSE的评级分布规则，我们会将中性评级划入持有这一类别。 弱于大市，未来12-18个月内预期相对基准指数跌幅在10%以上，基准定义如下 各地股票基准指数：日本-TOPIX,韩国-KOSPI,台湾-TAIEX,印度-Nifty100,美国-SP500;其他所有中国概念股-MSCIChina. # Ratings Definitions (from 1 Jul 2020): Haitong International uses a relative rating system using Outperform, Neutral, or Underperform for recommending the stocks we cover to investors. Investors should carefully read the definitions of all ratings used in Haitong International Research. In addition, since Haitong International Research contains more complete information concerning the analyst's views, investors should carefully read Haitong International Research, in its entirety, and not infer the contents from the rating alone. In any case, ratings (or research) should not be used or relied upon as investment advice. An investor's decision to buy or sell a stock should depend on individual circumstances (such as the investor's existing holdings) and other considerations. # AnalystStockRatings Outperform:The stock's total return over the next 12-18 months is expected to exceed the return of its relevant broad market benchmark,as indicated below. Neutral: The stock's total return over the next 12-18 months is expected to be in line with the return of its relevant broad market benchmark, as indicated below. For purposes only of FINRA/NYSE ratings distribution rules, our Neutral rating falls into a hold rating category. Underperform:The stock's total return over the next 12-18 months is expected to be below the return of its relevant broad market benchmark,as indicated 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-concept stocks - MSCI China. <table><tr><td rowspan="2"></td><td colspan="3">截至2025年12月31日海通国际股票研究评级分布</td><td colspan="3">截至2025年9月30日海通国际股票研究评级分布</td></tr><tr><td>优于大市</td><td>中性(持有)</td><td>弱于大市</td><td>优于大市</td><td>中性(持有)</td><td>弱于大市</td></tr><tr><td>海通国际股票研究覆盖率</td><td>93.9%</td><td>6.0%</td><td>0.1%</td><td>92.3%</td><td>7.5%</td><td>0.2%</td></tr><tr><td>投资银行客户*</td><td>3.0%</td><td>4.0%</td><td>0.0%</td><td>3.3%</td><td>3.9%</td><td>0.0%</td></tr></table> *在每个评级类别里投资银行客户所占的百分比。 上述分布中的买入，中性和卖出分别对应我们当前优于大市，中性和落后大市评级。 只有根据FINRA/NYSE的评级分布规则，我们才将中性评级划入持有这一类别。请注意在上表中不包含非评级的股票。 # 此前的评级系统定义（直至2020年6月30日）： 买入，未来12-18个月内预期相对基准指数涨幅在 $10\%$ 以上，基准定义如下 中性，未来12-18个月内预期相对基准指数变化不大，基准定义如下。根据FINRA/NYSE的评级分布规则，我们会将中性评级划入持有这一类别。 卖出，未来12-18个月内预期相对基准指数跌幅在 $10\%$ 以上，基准定义如下 各地股票基准指数：日本-TOPIX,韩国-KOSPI,台湾-TAIEX,印度-Nifty100;其他所有中国概念股-MSCIChina. <table><tr><td></td><td colspan="3">Haitong International Equity Research Ratings Distribution, as of December 31, 2025</td></tr><tr><td></td><td>Outperform</td><td>Neutral(hold)</td><td>Underperform</td></tr><tr><td>HTI Equity Research Coverage</td><td>93.9%</td><td>6.0%</td><td>0.1%</td></tr><tr><td>IB clients*</td><td>3.0%</td><td>4.0%</td><td>0.0%</td></tr></table> Haitong International Equity Research Ratings Distribution, as of September 30, 2025 <table><tr><td>Outperform</td><td>Neutral(hold)</td><td>Underperform</td></tr><tr><td>92.3%</td><td>7.5%</td><td>0.2%</td></tr><tr><td>3.3%</td><td>3.9%</td><td>0.0%</td></tr></table> *Percentage of investment banking clients in each rating category. BUY, Neutral, and SELL in the above distribution correspond to our current ratings of Outperform, Neutral, and Underperform. For purposes only of FINRA/NYSE ratings distribution rules, our Neutral rating falls into a hold rating category. Please note that stocks with an NR designation are not included in the table above. # Previous rating system definitions (until 30 Jun 2020): BUY: The stock's total return over the next 12-18 months is expected to exceed the return of its relevant broad market benchmark, as indicated below. NEUTRAL: The stock's total return over the next 12-18 months is expected to be in line with the return of its relevant broad market benchmark, as indicated below. For purposes only of FINRA/NYSE ratings distribution rules, our Neutral rating falls into a hold rating category. SELL: The stock's total return over the next 12-18 months is expected to be below the return of its relevant broad market benchmark, as indicated below. Benchmarks for each stock's listed region are as follows: Japan - TOPIX, Korea - KOSPI, Taiwan - TAIEX, India - Nifty100; for all other China-concept stocks - MSCI China. 海通国际非评级研究：海通国际发布计量、筛选或短篇报告，并在报告中根据估值和其他指标对股票进行排名，或者基于可能的估值倍数提出建议价格。这种排名或建议价格并非为了进行股票评级、提出目标价格或进行基本面估值，而仅供参考使用。 Haitong International Non-Rated Research: Haitong International publishes quantitative, screening or short reports which may rank stocks according to valuation and other metrics or may suggest prices based on possible valuation multiples. Such rankings or suggested prices do not purport to be stock ratings or target prices or fundamental values and are for information only. 海通国际A股覆盖：海通国际可能会就沪港通及深港通的中国A股进行覆盖及评级。国泰海通证券（601211.CH），海通国际于上海的母公司，也会于中国发布中国A股的研究报告。但是，海通国际使用与国泰海通证券不同的评级系统，所以海通国际与国泰海通证券的中国A股评级可能有所不同。 Haitong International Coverage of A-Shares: Haitong International may cover and rate A-Shares that are subject to the Hong Kong Stock Connect scheme with Shanghai and Shenzhen. GUOTAI HAITONG SECURITIES (601211 CH), the ultimate parent company of HTISG based in Shanghai, covers and publishes research on these same A-Shares for distribution in mainland China. However, the rating system employed by GTHS differs from that used by HTI and as a result there may be a difference in the HTI and GTHS ratings for the same A-share stocks. 海通国际优质100A股（Q100）指数：海通国际Q100指数是一个包括100支由国泰海通证券覆盖的优质中国A股的计量产品。这些股票是通过基于质量的筛选过程，并结合对国泰海通证券A股团队自下而上的研究。海通国际每季对Q100指数成分作出复审。 Haitong International Quality 100 A-share (Q100) Index: HTI's Q100 Index is a quant product that consists of 100 of the highest-quality A-shares under coverage at GTHS in Shanghai. These stocks are carefully selected through a quality-based screening process in combination with a review of the GTHS A-share team's bottom-up research. The Q100 constituent companies are reviewed quarterly. 盟浪义利（FIN-ESG）数据通免责声明条款：在使用盟浪义利（FIN-ESG）数据之前，请务必仔细阅读本条款并同意本声明： 第一条 义利（FIN-ESG）数据系由盟浪可持续数字科技有限责任公司（以下简称“本公司”）基于合法取得的公开信息评估而成，本公司对信息的准确性及完整性不作任何保证。对公司的评估结果仅供参考，并不构成对任何个人或机构投资建议，也不能作为任何个人或机构购买、出售或持有相关金融产品的依据。本公司不对任何个人或机构投资者因使用本数据表述的评估结果造成的任何直接或间接损失负责。 第二条 盟浪并不因收到此评估数据而将收件人视为客户，收件人使用此数据时应根据自身实际情况作出自我独立判断。本数据所载内容反映的是盟浪在最初发布本数据日期当日的判断，盟浪有权在不发出通知的情况下更新、修订与发出其他与本数据所载内容不一致或有不同结论的数据。除非另行说明，本数据（如财务业绩数据等）仅代表过往表现，过往的业绩表现不作为日后回报的预测。 第三条 本数据版权归本公司所有，本公司依法保留各项权利。未经本公司事先书面许可授权，任何个人或机构不得将本数据中的评估结果用于任何营利性目的，不得对本数据进行修改、复制、编译、汇编、再次编辑、改编、删减、缩写、节选、发行、出租、展览、表演、放映、广播、信息网络传播、摄制、增加图标及说明等，否则因此给盟浪或其他第三方造成损失的，由用户承担相应的赔偿责任，盟浪不承担责任。 第四条如本免责声明未约定，而盟浪网站平台载明的其他协议内容（如《盟浪网站用户注册协议》《盟浪网用户服务（含认证）协议》《盟浪网隐私政策》等）有约定的，则按其他协议的约定执行；若本免责声明与其他协议约定存在冲突或不一致的，则以本免责声明约定为准。 SusallW FIN-ESG Data Service Disclaimer: Please read these terms and conditions below carefully and confirm your agreement and acceptance with these terms before using SusallWave FINESG Data Service. 1. FIN-ESG Data is produced by SusallWave Digital Technology Co., Ltd. (In short, SusallWave)'s assessment based on legal publicly accessible information. SusallWave shall not be responsible for any accuracy and completeness of the information. The assessment result is for reference only. It is not for any investment advice for any individual or institution and not for basis of purchasing, selling or holding any relative financial products. We will not be liable for any direct or indirect loss of any individual or institution as a result of using SusallWave FIN-ESG Data. 2. SusallWave do not consider recipients as customers for receiving these data. When using the data, recipients shall make your own independent judgment according to your practical individual status. The contents of the data reflect the judgment of us only on the release day. We have right to update and amend the data and release other data that contains inconsistent contents or different conclusions without notification. Unless expressly stated, the data (e.g., financial performance data) represents past performance only and the past performance cannot be viewed as the prediction of future return. The copyright of this data belongs to SusallWave, and we reserve all rights in accordance with the law. Without the prior written permission of our company, none of individual or institution can use these data for any profitable purpose. Besides, none of individual or institution can take actions such as amendment, replication, translation, compilation, re-editing, adaption, deletion, abbreviation, excerpts, issuance, rent, exhibition, performance, projection, broadcast, information network transmission, shooting, adding icons and instructions. If any loss of SusallWave or any third-party is caused by those actions, users shall bear the corresponding compensation liability. SusallWave shall not be responsible for any loss. 4. If any term is not contained in this disclaimer but written in other agreements on our website (e.g. User Registration Protocol of SusallWave Website, User Service (including authentication) Agreement of SusallWave Website, Privacy Policy of Susallwave Website), it should be executed according to other agreements. If there is any difference between this claim and other agreements, this disclaimer shall be applied. # 重要免责声明： 非印度证券的研究报告：本报告由海通国际证券集团有限公司（“HTISGL"）的全资附属公司海通国际研究有限公司（“HTIRL"）发行，该公司是根据香港证券及期货条例（第571章）持有第4类受规管活动（就证券提供意见）的持牌法团。该研究报告在HTISGL的全资附属公司Haitong International (Japan) K.K.（“HTJKK"）的协助下发行，HTJKK是由日本关东财务局监管为投资顾问。 印度证券的研究报告：本报告由从事证券交易、投资银行及证券分析及受Securities and Exchange Board of India（“SEBI”）监管的Haitong Securities India Private Limited（“HTSIPL”）所发行，包括制作及发布涵盖BSE Limited（“BSE”）和National Stock Exchange of India Limited（“NSE”）上市公司（统称为「印度交易所」）的研究报告。HTSIPL于2016年12月22日被收购并成为海通国际证券集团有限公司（“HTISG”）的一部分。 所有研究报告均以海通国际为名作为全球品牌，经许可由海通国际证券股份有限公司及/或海通国际证券集团的其他成员在其司法管辖区发布。 本文件所载信息和观点已被编译或源自可靠来源，但HTIRL、HTISCL或任何其他属于海通国际证券集团有限公司（“HTISG”）的成员对其准确性、完整性和正确性不做任何明示或暗示的声明或保证。本文件中所有观点均截至本报告日期，如有更改，恕不另行通知。本文件仅供参考使用。文件中提及的任何公司或其股票的说明并非意图展示完整的内容，本文件并非/不应被解释为对证券买卖的明示或暗示地出价或征价。在某些司法管辖区，本文件中提及的证券可能无法进行买卖。如果投资产品以投资者本国货币以外的币种进行计价，则汇率变化可能会对投资产生不利影响。过去的表现并不一定代表将来的结果。某些特定交易，包括设计金融衍生工具的，有产生重大风险的可能性，因此并不适合所有的投资者。您还应认识到本文件中的建议并非为您量身定制。分析师并未考虑到您自身的财务情况，如您的财务状况和风险偏好。因此您必须自行分析并在适用的情况下咨询自己的法律、税收、会计、金融和其他方面的专业顾问，以期在投资之前评估该项建议是否适合于您。若由于使用本文件所载的材料而产生任何直接或间接的损失，HTISG及其董事、雇员或代理人对此均不承担任何责任。 除对本文内容承担责任的分析师除外，HTISG及我们的关联公司、高级管理人员、董事和雇员，均可不时作为主事人就本文件所述的任何证券或衍生品持有长仓或短仓以及进行买卖。HTISG的销售员、交易员和其他专业人士均可向HTISG的相关客户和公司提供与本文件所述意见相反的口头或书面市场评论意见或交易策略。HTISG可做出与本文件所述建议或意见不一致的投资决策。但HTIRL没有义务来确保本文件的收件人了解到该等交易决定、思路或建议。 请访问海通国际网站www.equities.htisec.com，查阅更多有关海通国际为预防和避免利益冲突设立的组织和行政安排的内容信息。 非美国分析师披露信息：本项研究首页上列明的海通国际分析师并未在FINRA进行注册或者取得相应的资格，并且不受美国FINRA有关与本项研究目标公司进行沟通、公开露面和自营证券交易的第2241条规则之限制。 # IMPORTANT DISCLAIMER For research reports on non-Indian securities: The research report is issued by Haitong International Research Limited ("HTIRL"), a wholly owned subsidiary of Haitong International Securities Group Limited ("HTISGL") and a licensed corporation to carry on Type 4 regulated activity (advising on securities) for the purpose of the Securities and Futures Ordinance (Cap. 571) of Hong Kong, with the assistance of Haitong International (Japan) K.K. ("HTJKK"), a wholly owned subsidiary of HTISGL and which is regulated as an Investment Adviser by the Kanto Finance Bureau of Japan. For research reports on Indian securities: The research report is issued by Haitong Securities India Private Limited ("HSIPL"), an Indian company and a Securities and Exchange Board of India ("SEBI") registered Stock Broker, Merchant Banker and Research Analyst that, inter alia, produces and distributes research reports covering listed entities on the BSE Limited ("BSE") and the National Stock Exchange of India Limited ("NSE") (collectively referred to as "Indian Exchanges"). HSIPL was acquired and became part of the Haitong International Securities Group of Companies ("HTISG") on 22 December 2016. All the research reports are globally branded under the name Haitong International and approved for distribution by Haitong International Securities Company Limited ("HTISCL") and/or any other members within HTISG in their respective jurisdictions. The information and opinions contained in this research report have been compiled or arrived at from sources believed to be reliable and in good faith but no representation or warranty, express or implied, is made by HTIRL, HTISCL, HSIPL, HTIJKK or any other members within HTISG from which this research report may be received, as to their accuracy, completeness or correctness. All opinions expressed herein are as of the date of this research report and are subject to change without notice. This research report is for information purpose only. Descriptions of any companies or their securities mentioned herein are not intended to be complete and this research report is not, and should not be construed expressly or impliedly as, an offer to buy or sell securities. The securities referred to in this research report may not be eligible for purchase or sale in some jurisdictions. If an investment product is denominated in a currency other than an investor's home currency, a change in exchange rates may adversely affect the investment. Past performance is not necessarily indicative of future results. Certain transactions, including those involving derivatives, give rise to substantial risk and are not suitable for all investors. You should also bear in mind that recommendations in this research report are not tailor-made for you. The analyst has not taken into account your unique financial circumstances, such as your financial situation and risk appetite. You must, therefore, analyze and should, where applicable, consult your own legal, tax, accounting, financial and other professional advisers to evaluate whether the recommendations suits you before investment. Neither HTISG nor any of its directors, employees or agents accepts any liability whatsoever for any direct or consequential loss arising from any use of the materials contained in this research report. HTISG and our affi, d, and e, t h c f th c t in, a pral in, and buy or sell, the securities or derivatives, if any, referred to in this research report. Sales, traders, and other professionals of HTISG may provide oral or written market commentary or trading strategies to the relevant clients and the companies within HTISG that reflect opinions that are contrary to the opinions expressed in this research report. HTISG may make investment decisions that are inconsistent with the recommendations or views expressed in this research report. HTI is under no obligation to ensure that such other trading decisions, ideas or recommendations are brought to the attention of any recipient of this research report. Please refer to HTI's website www.equities.htisec.com for further information on HTI's organizational and administrative arrangements set up for the prevention and avoidance of conflicts of interest with respect to Research. Non U.S. Analyst Disclosure: The HTI analyst(s) listed on the cover of this Research is (are) not registered or qualified as a research analyst with FINRA and are not subject to U.S. FINRA Rule 2241 restrictions on communications with companies that are the subject of the Research; public appearances; and trading securities by a research analyst. # 分发和地区通知： 除非下文另有规定，否则任何希望讨论本报告或者就本项研究中讨论的任何证券进行任何交易的收件人均应联系其所在国家或地区的海通国际销售人员。 香港投资者的通知事项：海通国际证券股份有限公司("HTISCL")负责分发该研究报告，HTISCL是在香港有权实施第1类受规管活动（从事证券交易）的持牌公司。该研究报告并不构成《证券及期货条例》（香港法例第571章）（以下简称"SFO"）所界定的要约邀请，证券要约或公众要约。本研究报告仅提供给SFO所界定的“专业投资者”。本研究报告未经过证券及期货事务监察委员会的审查。您不应仅根据本研究报告中所载的信息做出投资决定。本研究报告的收件人就研究报告中产生或与之相关的任何事宜请联系HTISCL销售人员。 美国投资者的通知事项：本研究报告由HTIRL，HSIPL或HTIKK编写。HTIRL，HSIPL，HTIKK以及任何非HTISG美国联营公司，均未在美国注册，因此不受美国关于研究报告编制和研究分析人员独立性规定的约束。本研究报告提供给依照1934年"美国证券交易法"第15a-6条规定的豁免注册的「美国主要机构投资者」（“Major U.S. Institutional Investor"）和「机构投资者」（"U.S. Institutional Investors"）。在向美国机构投资者分发研究报告时，Haitong International Securities (USA) Inc.（"HTI USA"）将对报告的内容负责。任何收到本研究报告的美国投资者，希望根据本研究报告提供的信息进行任何证券或相关金融工具买卖的交易，只能通过HTI USA。HTI USA位于130 West 42nd Street, FL 18, New York, NY 10036 USA，电话+1 212-351-6052。HTI USA是在美国于U.S. Securities and Exchange Commission（"SEC"）注册的经纪商，也是Financial Industry Regulatory Authority, Inc.（"FINRA"）的成员。HTI USA不负责编写本研究报告，也不负责其中包含的分析。在任何情况下，收到本研究报告的任何美国投资者，不得直接与分析师直接联系，也不得通过HSIPL，HTIRL或HTIKK直接进行买卖证券或相关金融工具的交易。本研究报告中出现的HSIPL，HTIRL或HTIKK分析师没有注册或具备FINRA的研究分析师资格，因此可能不受FINRA第2241条规定的与目标公司的交流，公开露面和分析师账户持有的交易证券等限制。投资本研究报告中讨论的任何非美国证券或相关金融工具（包括ADR）可能存在一定风险。非美国发行的证券可能没有注册，或不受美国法规的约束。有关非美国证券或相关金融工具的信息可能有限制。外国公司可能不受审计和汇报的标准以及与美国境内生效相符的监管要求。本研究报告中以美元以外的其他货币计价的任何证券或相关金融工具的投资或收益的价值受汇率波动的影响，可能对该等证券或相关金融工具的价值或收入产生正面或负面影响。美国收件人的所有问询请联系： Haitong International Securities (USA) Inc. 130 West 42nd Street, FL 18 New York, NY 10036 联系人电话：+1212-351-6052 # DISTRIBUTION AND REGIONAL NOTICES Except as otherwise indicated below, any Recipient wishing to discuss this research report or effect any transaction in any security discussed in HTI's research should contact the Haitong International salesperson in their own country or region. Notice to Hong Kong investors: The research report is distributed by Haitong International Securities Company Limited ("HTISCL"), which is a licensed corporation to carry on Type 1 regulated activity (dealing in securities) in Hong Kong. This research report does not constitute a solicitation or an offer of securities or an invitation to the public within the meaning of the SFO. This research report is only to be circulated to "Professional Investors" as defined in the SFO. This research report has not been reviewed by the Securities and Futures Commission. You should not make investment decisions solely on the basis of the information contained in this research report. Recipients of this research report are to contact HTISCL salespersons in respect of any matters arising from, or in connection with, the research report. Notice to U.S. investors: As described above, this research report was prepared by HTIRL, HSIPL or HTJKK. Neither HTIRL, HSIPL, HTJKK, nor any of the non U.S. HTISG affiliates is registered in the United States and, therefore, is not subject to U.S. rules regarding the preparation of research reports and the independence of research analysts. This research report is provided for distribution to "major U.S. institutional investors" and "U.S. institutional investors" in reliance on the exemption from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended. When distributing research reports to "U.S. institutional investors," HTI USA will accept the responsibilities for the content of the reports. Any U.S. recipient of this research report wishing to effect any transaction to buy or sell securities or related financial instruments based on the information provided in this research report should do so only through Haitong International Securities (USA) Inc. ("HTI USA"), located at 130 West 42nd Street, FL 18, New York, NY 10036 USA; telephone +1 212-351-6052. HTI USA is a broker-dealer registered in the U.S. with the U.S. Securities and Exchange Commission (the "SEC") and a member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). HTI USA is not responsible for the preparation of this research report nor for the analysis contained therein. Under no circumstances should any U.S. recipient of this research report contact the analyst directly or effect any transaction to buy or sell securities or related financial instruments directly through HSIPL, HTIRL or HTJKK. The HSIPL, HTIRL or HTJKK analyst(s) whose name appears in this research report is not registered or qualified as a research analyst with FINRA and, therefore, may not be subject to FINRA Rule 2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account. Investing in any non-U.S. securities or related financial instruments (including ADRs) discussed in this research report may present certain risks. The securities of non-U.S. issuers may not be registered with, or be subject to U.S. regulations. Information on such non-U.S. securities or related financial instruments may be limited. Foreign companies may not be subject to audit and reporting standards and regulatory requirements comparable to those in effect within the U.S. The value of any investment or income from any securities or related financial instruments discussed in this research report denominated in a currency other than U.S. dollars is subject to exchange rate fluctuations that may have a positive or adverse effect on the value of or income from such securities or related financial instruments. All inquiries by U.S. recipients should be directed to: Haitong International Securities (USA) Inc. 130 West 42nd Street, FL 18 New York, NY 10036 Attn: Sales Desk at +1 212-351-6052 中华人民共和国的通知事项：在中华人民共和国（下称“中国”，就本报告目的而言，不包括香港特别行政区、澳门特别行政区和台湾）只有根据适用的中国法律法规而收到该材料的人员方可使用该材料。并且根据相关法律法规，该材料中的信息并不构成“在中国从事生产、经营活动”。本文件在中国并不构成相关证券的公共发售或认购。无论根据法律规定或其他任何规定，在取得中国政府所有的批准或许可之前，任何法人或自然人均不得直接或间接地购买本材料中的任何证券或任何实益权益。接收本文件的人员须遵守上述限制性规定。 加拿大投资者的通知事项：在任何情况下该等材料均不得被解释为在任何加拿大的司法管辖区内出售证券的要约或认购证券的要约邀请。本材料中所述证券在加拿大的任何要约或出售行为均只能在豁免向有关加拿大证券监管机构提交招股说明书的前提下由Haitong International Securities (USA) Inc.（“HTI USA”）予以实施，该公司是一家根据National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations（“NI 31-103”）的规定得到「国际交易商豁免」（“International Dealer Exemption”）的交易商，位于艾伯塔省、不列颠哥伦比亚省、安大略省和魁北克省。在加拿大，该等材料在任何情况下均不得被解释为任何证券的招股说明书、发行备忘录、广告或公开发行。加拿大的任何证券委员会或类似的监管机构均未审查或以任何方式批准该等材料、其中所载的信息或所述证券的优点，任何与此相反的声明即属违法。在收到该等材料时，每个加拿大的收件人均将被视为属于National Instrument 45-106 Prospectus Exemptions 第1.1节或者Securities Act (Ontario)第73.3(1)节所规定的「认可投资者」（“Accredited Investor”），或者在适用情况下National Instrument 31-103第1.1节所规定的「许可投资者」（“Permitted Investor”）。 新加坡投资者的通知事项：本研究报告由Haitong International Securities (Singapore) Pte Ltd（“HTISSPL”）于新加坡提供。HTISSPL是符合《财务顾问法》2001（“FAA”）定义的豁免财务顾问，可（a）提供关于证券，集体投资计划的部分，交易所衍生品合约和场外衍生品合约的建议（b）发行或公布有关证券、交易所衍生品合约和场外衍生品合约的研究分析或研究报告。本研究报告仅提供给符合《证券及期货法》2001第4A条项下规定的机构投资者。对于因本研究报告而产生的或与之相关的任何问题，本研究报告的收件人应通过以下信息与HTISSPL联系： Haitong International Securities (Singapore) Pte. Ltd 10 Collyer Quay, #19-01 - #19-05 Ocean Financial Centre, Singapore 049315 电话：(65)67130473 日本投资者的通知事项：本研究报告由海通国际证券有限公司所发布，旨在分发给从事投资管理的金融服务提供商或注册金融机构（根据日本金融机构和交易法（“FIEL”）第61（1）条，第17-11（1）条的执行及相关条款）。 英国及欧盟投资者的通知事项：本报告由从事投资顾问的Haitong International Securities Company Limited所发布，本报告只面向有投资相关经验的专业客户发布。任何投资或与本报告相关的投资行为只面对此类专业客户。没有投资经验或相关投资经验的客户不得依赖本报告。Haitong International Securities Company Limited的分支机构的净长期或短期金融权益可能超过本研究报告中提及的实体已发行股本总额的 $0.5\%$ 。特别提醒有些英文报告有可能此前已经通过中文或其它语言完成发布。 澳大利亚投资者的通知事项：Haitong International Securities (Singapore) Pte Ltd, Haitong International Securities Company Limited 和 Haitong International Securities (UK) Limited 分别根据澳大利亚证券和投资委员会（以下简称“ASIC”）公司（废除及过度性）文书第 2016/396 号规章在澳大利亚分发本项研究，该等规章免除了根据 2001 年《公司法》在澳大利亚为批发客户提供金融服务时海通国际需持有澳大利亚金融服务许可的要求。ASIC 的规章副本可在以下网站获取：www.legislation.gov.au。海通国际提供的金融服务受外国法律法规规定的管制，该等法律与在澳大利亚所适用的法律存在差异。 印度投资者的通知事项：本报告由从事证券交易、投资银行及证券分析及受Securities and Exchange Board of India（“SEBI”）监管的Haitong Securities India Private Limited（“HTSIPL”）所发布，包括制作及发布涵盖BSE Limited（“BSE”）和National Stock Exchange of India Limited（“NSE”）（统称为「印度交易所」）研究报告。 （条款链接：https://www.htisec.com/sites/all/themes/hitong/files/india/Terms%20and%20Conditions%20for%20Research%20Analyst.pdf） 研究机构名称：Haitong Securities India Private Limited SEBI研究分析师注册号：INH00002590 地址：1203A，Floor 12A，Tower 2A，One World Center 841 Senapati Bapat Marg, Elphinstone Road, Mumbai 400 013, India CIN U7410MH2011FTC224070 电话：+912243156800传真：+912224216327 合规和申诉办公室联系人：Prasanna Chandwaskar；电话：+91 22 43156803；电子邮箱：prasanna.chandwaskar@htisec.com “请注意，SEBI授予的注册和NISM的认证并不保证中介的表现或为投资者提供任何回报保证”。 本项研究仅供收件人使用，未经海通国际的书面同意不得予以复制和再次分发。 版权所有：海通国际证券集团有限公司2019年。保留所有权利。 People's Republic of China (PRC): In the PRC, the research report is directed for the sole use of those who receive the research report in accordance with the applicable PRC laws and regulations. Further, the information on the research report does not constitute "production and business activities in the PRC" under relevant PRC laws. This research report does not constitute a public offer of the security, whether by sale or subscription, in the PRC. Further, no legal or natural persons of the PRC may directly or indirectly purchase any of the security or any beneficial interest therein without obtaining all prior PRC government approvals or licenses that are required, whether statutorily or otherwise. Persons who come into possession of this research are required to observe these restrictions. Notice to Canadian Investors: Under no circumstances is this research report to be construed as an offer to sell securities or as a solicitation of an offer to buy securities in any jurisdiction of Canada. Any offer or sale of the securities described herein in Canada will be made only under an exemption from the requirements to file a prospectus with the relevant Canadian securities regulators and only by Haitong International Securities (USA) Inc., a dealer relying on the "international dealer exemption" under National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations ("NI 31-103") in Alberta, British Columbia, Ontario and Quebec. This research report is not, and under no circumstances should be construed as, a prospectus, an offering memorandum, an advertisement or a public offering of any securities in Canada. No securities commission or similar regulatory authority in Canada has reviewed or in any way passed upon this research report, the information contained herein or the merits of the securities described herein and any representation to the contrary is an offence. Upon receipt of this research report, each Canadian recipient will be deemed to have represented that the investor is an "accredited investor" as such term is defined in section 1.1 of National Instrument 45-106 Prospectus Exemptions or, in Ontario, in section 73.3(1) of the Securities Act (Ontario), as applicable, and a "permitted client" as such term is defined in section 1.1 of NI 31-103, respectively. Notice to Singapore investors: This research report is provided in Singapore by or through Haitong International Securities (Singapore) Pte Ltd ("HTISSPL"). HTISSPL is an Exempt Financial Adviser under the Financial Advisers Act 2001 ("FAA") to (a) advise on securities, units in a collective investment scheme, exchange-traded derivatives contracts and over-the-counter derivatives contracts and (b) issue or promulgate research analyses or research reports on securities, exchange-traded derivatives contracts and over-the-counter derivatives contracts. This research report is only provided to institutional investors, within the meaning of Section 4A of the Securities and Futures Act 2001. Recipients of this research report are to contact HTISSPL via the details below in respect of any matters arising from, or in connection with, the research report: Haitong International Securities (Singapore) Pte. Ltd. 10 Collyer Quay, #19-01 - #19-05 Ocean Financial Centre, Singapore 049315 Telephone: (65) 6713 0473 Notice to Japanese investors: This research report is distributed by Haitong International Securities Company Limited and intended to be distributed to Financial Services Providers or Registered Financial Institutions engaged in investment management (as defined in the Japan Financial Instruments and Exchange Act ("FIEL") Art. 61(1), Order for Enforcement of FIEL Art. 17-11(1), and related articles). Notice to UK and European Union investors: This research report is distributed by Haitong International Securities Company Limited. This research is directed at persons having professional experience in matters relating to investments. Any investment or investment activity to which this research relates is available only to such persons or will be engaged in only with such persons. Persons who do not have professional experience in matters relating to investments should not rely on this research. Haitong International Securities Company Limited's affiliates may have a net long or short financial interest in excess of $0.5\%$ of the total issued share capital of the entities mentioned in this research report. Please be aware that any report in English may have been published previously in Chinese or another language. Notice to Australian investors: The research report is distributed in Australia by Haitong International Securities (Singapore) Pte Ltd, Haitong International Securities Company Limited, and Haitong International Securities (UK) Limited in reliance on ASIC Corporations (Repeal and Transitional) Instrument 2016/396, which exempts those HTISG entities from the requirement to hold an Australian financial services license under the Corporations Act 2001 in respect of the financial services it provides to wholesale clients in Australia. A copy of the ASIC Class Orders may be obtained at the following website, www.legislation.gov.au. Financial services provided by Haitong International Securities (Singapore) Pte Ltd, Haitong International Securities Company Limited, and Haitong International Securities (UK) Limited are regulated under foreign laws and regulatory requirements, which are different from the laws applying in Australia. Notice to Indian investors: The research report is distributed by Haitong Securities India Private Limited ("HSIPL"), an Indian company and a Securities and Exchange Board of India ("SEBI") registered Stock Broker, Merchant Banker and Research Analyst that, inter alia, produces and distributes research reports covering listed entities on the BSE Limited ("BSE") and the National Stock Exchange of India Limited ("NSE") (collectively referred to as "Indian Exchanges"). (Link to the Terms and Conditions document: https://www.htisec.com/sites/all/themes/hitong/files/india/Terms%20and%20Conditions%20for%20Research%20Analyst.pdf) Name of the entity: Haitong Securities India Private Limited SEBI Research Analyst Registration Number: INH000002590 Address: 1203A, Floor 12A, Tower 2A, One World Center 841 Senapati Bapat Marg, Elphinstone Road, Mumbai 400 013, India CIN U74140MH2011FTC224070 Ph: +91 22 43156800 Fax: +91 22 24216327 Details of the Compliance Officer and Grievance Officer : Prasanna Chandwaskar : Ph: +91 22 43156803; Email id: prasanna.chandwaskar@htisec.com "Please note that Registration granted by SEBI and Certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors". This research report is intended for the recipients only and may not be reproduced or redistributed without the written consent of an authorized signatory of HTISG. Copyright: Haitong International Securities Group Limited 2019. All rights reserved. http://equities.htisec.com/x/legal.html