> **来源：[研报客](https://pc.yanbaoke.cn)** # 全球服装、鞋类及配饰设计 Global Apparel, Footwear & Acc Design # 4Q25 Lyst 榜单前三名环比不变，消费者转向稳定、经典与实用 # 4Q25 Lyst Top3 Unchanged QoQ, Consumers Shift Toward Stability, Classics and Practicality 寇媛媛 Yuanyuan Kou 陈芳园 Ashley Chen yy.kou@htisec.com ashley.fy.chen@htisec.com # 热点速评 Flash Analysis (PleaseseeAPPENDIX1forEnglishsummary) 2025年Q4Lyst榜单前三名环比稳定，中腰部品牌排名变动显著。4Q25LYST品牌热度榜显示，SaintLaurent、MiuMiu、COS继续稳居前三且环比排名不变；中腰部品牌热度改善更突出，RalphLauren大幅上升5位至第4，Prada上行1位至第5，Burberry与Gucci同样各上升5位至第8/第9，Moncler小幅上升1位至第10；相对而言，Coach回落1位至第6、TheRow回落3位至第7。11-20名中下滑主要集中在BottegaVeneta与Loewe（各-5）以及Versace(-2)，SKIMS与Jacquemus各-3，Chloe与Balenciaga各-1；StoneIsland逆势上升4位至第15，而MassimoDutti与Nike排名持平。 2025年Q4Lyst榜单显示，在动荡环境下消费者对“稳定与务实”的偏好更为鲜明，消费者注意力进一步向风格边界清晰、审美表达一致、且不盲目追逐短期潮流的品牌集中。相较Q3，前三名（Saint Laurent、Miu Miu、COS）地保持不动，反映出消费者更愿意把预算投向风格边界清晰、审美表达一致、且不盲目追逐短期潮流的品牌；与此同时，中腰部则围绕“回归经典/实用主义”发生明显换位，Ralph Lauren与Burberry借“老钱风”与节日礼赠需求强势回流，Stone Island同样受益于形象重塑与文化契合度提升而显著走强，Gucci也体现出品牌叙事与设计语言趋于聚焦后的改善；相反，曾以超现实/强概念驱动的Loewe热度回落。整体而言，本季度可视作时尚圈从“追求视觉惊艳”转向“Borecore”（无聊风）的拐点：得体、耐穿、易搭配且具性价比的经典单品，正在重新成为主流选择。 表 1 4Q25 LYST 品牌热度榜单 <table><tr><td>热度序号</td><td>品牌名</td><td>排名变化</td><td>热度序号</td><td>品牌名</td><td>排名变化</td></tr><tr><td>1</td><td>SAINT LAURENT</td><td>-</td><td>11</td><td>CHLOE</td><td>-1</td></tr><tr><td>2</td><td>MIUMIU</td><td>-</td><td>12</td><td>BOTTEGA VENETA</td><td>-5</td></tr><tr><td>3</td><td>COS</td><td>-</td><td>13</td><td>LOEWE</td><td>-5</td></tr><tr><td>4</td><td>RALPH LAUREN</td><td>+5</td><td>14</td><td>VERSA CE</td><td>-2</td></tr><tr><td>5</td><td>PRADA</td><td>+1</td><td>15</td><td>STONE ISLAND</td><td>+4</td></tr><tr><td>6</td><td>COACH</td><td>-1</td><td>16</td><td>MASS I MOD UTTI</td><td>-</td></tr><tr><td>7</td><td>THE ROW</td><td>-3</td><td>17</td><td>BALENCIAGA</td><td>-1</td></tr><tr><td>8</td><td>BURBERRY</td><td>+5</td><td>18</td><td>SKIMS</td><td>-3</td></tr><tr><td>9</td><td>GUCCI</td><td>+5</td><td>19</td><td>NIKE</td><td>-</td></tr><tr><td>10</td><td>MON CLER</td><td>+1</td><td>20</td><td>JACQUE MUS</td><td>-3</td></tr></table> 资料来源：Lyst, HTI 注：Lyst指数由全球最大、最智能的时尚购物平台之一Lyst编制，覆盖约1.6亿购物者，综合消费者搜索、浏览、销量以及三个月内社交媒体提及量与互动等多维数据，能够实时捕捉品牌与产品的真实热度。 本季度，拉夫·劳伦(Ralph Lauren)成为Lyst指数中最强劲的竞争者之一，排名上升五位，在Lyst上的需求量环比增长 $24\%$ 。该品牌强劲的增长势头源于其对核心视觉和生活方式理念的重新重视，而这一理念正在全球范围内引起共鸣。12月，“拉夫·劳伦圣诞”美学在社交媒体上风靡一时，在Instagram和TikTok上，带有#ralphlaurenchistmas标签的帖子数量激增至1.68万条，带有#ralphlauren aesthetic标签的帖子数量更是高达3.33万条。博柏利(Burberry)和古驰(Gucci)(第四季度排名均上升五位）以及StoneIsland（排名上升四位，搜索量环比增长 $62\%$ ）都表明，积极重塑自身形象的品牌——无论是通过传承经典、严谨的设计语言还是文化契合——都在日益重视品牌一致性而非盲目创新的市场中找到了发展动力。相比之下，目前排名下滑的品牌往往面临一个共同的挑战：缺乏清晰明确或完全重塑的品牌理念。当创意转型或战略调整仍在酝酿阶段时，消费者的购买意愿也更为谨慎。这并非是对品牌理念的否定，而是消费者在重新投入之前寻求保证的一种观望态度。 4Q25单品热度主要由“冬季保暖刚需叠加经典符号化配饰”共同驱动。上榜Top10里，外套/针织等实穿单品靠前：Polo Ralph Lauren的半拉链麻花毛衣、Burberry的羊毛围巾Massimo Dutti的羽绒服、Lemaire的裹身大衣，反映低温场景下消费者更偏好“舒适、耐穿、可叠搭”的经典基础款；与此同时，围巾/帽子等高搭配度配饰如Burberry羊绒围巾、Arc'teryx针织帽以及标志性包袋Chloé Paddington维持高关注，例如Arc'teryQx4在Lyst上的搜索量激增 $1058\%$ 达到了临界点。我们认为具备产品力与经典符号的品牌有望在4Q旺季实现更稳健动销与正价表现。 表 2 4Q25 单品热度榜单 <table><tr><td>01 POLO RALPH LAUREN Cable-Knit Quarter-Zip</td><td>02 MASSIMO DUTTI Puffer Jacket</td><td>03 ARC 'TERYX Bird Head Toque</td><td>04 BURBERRY Cashmere Scarf</td><td>05 CHLOÉ Paddington Bag</td></tr><tr><td>06 UGG Zora ballet flats</td><td>07 PARKE PARKE Varsity Mockneck Sweatshirt</td><td>08 SAINT LAURENT Vendôme Slingback Pumps</td><td>09 VICTORIA BECKHAM Alina Jeans</td><td>10 LEMAIRE Wrap Coat</td></tr></table> 资料来源：Lyst，HTI # APPENDIX 1 # Summary The top three brands in the 2025 Q4 Lyst ranking were unchanged quarter-on-quarter, while mid-tier brands saw significant reshuffling. The 4Q25 LYST brand heat ranking shows that Saint Laurent, Miu Miu, and COS remained in the top three with no QoQ change; mid-tier momentum was more pronounced, with Ralph Lauren jumping five places to No. 4, Prada rising one place to No. 5, Burberry and Gucci each climbing five places to No. 8/No. 9, and Moncler edging up one place to No. 10. By contrast, Coach slipped one place to No. 6 and The Row fell three places to No. 7. Within ranks 11–20, declines were concentrated in Bottega Veneta and Loewe (both -5) and Versace (-2), with SKIMS and Jacquemus each down three places, and Chloe and Balenciaga each down one place; Stone Island moved up four places to No. 15, while Massimo Dutti and Nike were unchanged. The 2025 Q4 Lyst ranking indicates a clearer consumer preference for "stability and pragmatism" in a volatile environment, with attention increasingly concentrated on brands with clearly defined style boundaries, consistent aesthetic expression, and limited reliance on short-term trend-chasing. Compared with Q3, the top three (Saint Laurent, Miu Miu, COS) remained unchanged, suggesting consumers are more willing to allocate budget to brands with clear style boundaries, consistent aesthetic expression, and limited reliance on short-term trend-chasing. Meanwhile, the mid-tier segment underwent a visible rotation around "return to classics/pragmatism": Ralph Lauren and Burberry rebounded strongly on "old-money" styling and holiday gifting demand; Stone Island also strengthened materially, benefiting from image repositioning and improved cultural alignment; Gucci similarly reflects improvement as brand narrative and design language become more focused. In contrast, Loewe, previously driven by surreal/strong-concept design, saw a notable pullback in heat. Overall, this quarter can be viewed as an inflection point from "visual shock value" toward "Borecore," with classic items that are presentable, durable, easy to style, and offer strong value increasingly becoming mainstream choices. This quarter, Ralph Lauren was among the strongest performers in the index, rising five places, with demand on Lyst up $24\%$ QoQ. The brand's momentum was driven by a renewed emphasis on its core visual identity and lifestyle proposition, which is resonating globally. In December, the "Ralph Lauren Christmas" aesthetic went viral on social media: on Instagram and TikTok, posts tagged #ralphlaurenchistmas surged to 16.8k, while posts tagged #ralphaurenaesthetic reached 33.3k. Burberry and Gucci (both up five places in Q4), as well as Stone Island (up four places, with searches up $62\%$ QoQ), suggest that brands actively reshaping their image—whether through heritage, disciplined design language, or cultural fit—are finding momentum in a market that increasingly values brand consistency over innovation for its own sake. By comparison, brands moving down the ranking often share a common challenge: a lack of a clear, well-defined, or fully reset brand proposition. When creative transitions or strategic adjustments are still in progress, consumers tend to be more cautious in their purchasing decisions. This is not a rejection of brand concepts, but a wait-and-see stance as consumers seek reassurance before re-engaging. 4Q25 item heat was driven primarily by a combination of "winter warmth essentials and classic, symbol-driven accessories." Within the Top 10 items, practical outerwear and knitwear ranked prominently—such as Polo Ralph Lauren's half-zip cable-knit sweater, Burberry's wool scarf, Massimo Dutti's down jacket, and Lemaire's wrap coat—indicating that in colder weather, consumers prefer classic basics that are "comfortable, durable, and easy to layer." Meanwhile, highly versatile accessories such as Burberry cashmere scarves, Arc'teryx knit beanies, and the iconic Chloeé Paddington bag continued to draw strong attention; for example, Arc'teryx searches on Lyst surged $1,058\%$ in Q4, reaching a tipping point. Brands with strong product substance and enduring iconography are more likely to deliver steadier sell-through and full-price performance during the Q4 peak season. Risks: Macroeconomic growth not as expected, fierce competition in markets etc. # 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，寇媛媛，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, Yuanyuan Kou, 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. 我，陈芳园，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, Ashley Chen, 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). No Disclosure Compendium disclosure: For disclosures associated with each company mentioned herein, including disclosure of risks, valuation methodologies and target price formation, if any, please refer to the full report on our website (equities.htisec.com). # 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 <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. Haitong International Equity Research Ratings Distribution, as of December 31, 2025 <table><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. 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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, HSIP, HTJKK 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. 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