> **来源：[研报客](https://pc.yanbaoke.cn)** # 开年经济温和回暖 ——国内高频指标跟踪（2026年第2期） Zhonghua Liang zh.liang@htisec.com # 本报告导读： 政策支撑下内需仍具韧性，外需与生产改善，经济向上动能有所积聚。 # 投资要点： 近期光伏与储能领域密集释放“反内卷”相关政策信号，出口退税逐步取消、座谈会研究部署进一步规范行业竞争秩序。短期光伏等行业盈利或承压、出清加速，中期供需格局改善，具备技术壁垒、成本优势及海外渠道能力的龙头企业有望率先受益。 上周高频数据显示，消费方面，汽车消费因以旧换新补贴升温，服务消费在元旦假期后边际走弱。投资方面，专项债发行前置，有望助力一季度基建投资止跌回稳，但地产仍偏弱，建材链实物指标季节性走低。外贸景气度改善，出口量价均上行。生产整体回暖，钢铁、石化、氯碱开工率普遍上行。物价方面，消费品价格偏弱，工业品价格多数回升，有色链和碳酸锂价格持续上涨。流动性层面，资金利率小幅上行，美元因地缘事件引发市场避险情绪升值，人民币相应小幅贬值。 风险提示：贸易局势不确定性，国内需求修复不及预期。 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. 光伏储能“反内卷”相关政策密集释放 2. 周度高频数据速览 3 3. 本周重点数据日历 4. 风险提示 4 # 1. 光伏储能“反内卷”相关政策密集释放 近期光伏与储能领域密集释放“反内卷”政策信号。1月7日，多部门召开动力与储能电池行业座谈会，研究部署进一步规范行业竞争秩序；1月9日，财政部、税务总局发布《关于调整光伏等产品出口退税政策的公告》，明确自2026年4月1日起取消光伏产品出口退税，并对电池产品出口退税实施阶段性下调、逐步退出。 我们认为，上述政策组合释放出三层信息：一是政策具备连续性。本次动力与储能电池行业座谈会，是对2025年11月听取企业意见后的进一步推进，体现出从“调研沟通”向“研究部署”阶段过渡，后续配套政策有望逐步落地。二是出口退税调整体现产业政策优化延续，与“反内卷”形成协同。2024年12月光伏产品出口退税率已由 $13\%$ 下调至 $9\%$ ，本次进一步取消退税，本质是弱化行业对政策补贴依赖，倒逼回归真实成本与技术竞争，有助于遏制低价竞争和无序扩张。三是，影响层面，短期光伏储能行业出口价格竞争力下降、盈利或承压，行业出清加速；中期看，供给端约束强化有助于改善供需格局、提升行业集中度。具备技术壁垒、成本优势及海外渠道能力的龙头企业，其在行业出清与结构优化过程中有望率先受益。 # 2. 周度高频数据速览 开年经济呈现温和回暖态势。消费端，汽车消费因以旧换新补贴升温，服务消费在元旦假期后边际走弱。投资端，专项债发行前置，有望助力一季度基建投资止跌回稳，但地产链需求仍偏弱。1月前两周专项债发行1102亿元，较2025年前两周专项债发行量为0相比，发债节奏有所前置，叠加今年春节日期较晚，有望支持一季度基建投资止跌回稳。地产偏弱运行，仅二手房成交面积季节性上升。外贸景气度改善，出口量价同步回升。港口运行数据同比多数上升；出口和进口运价指数环比分别上升 $2.1\%$ 、 $1.9\%$ 。生产端，钢铁、石化、氯碱开工率普遍上行。综合看，政策支撑下内需呈现韧性，外需与生产改善，经济向上动能有所积聚。 物价方面，消费品价格偏弱，工业品价格多数上行。iCPI指数环比下降 $0.53\%$ 除食品烟酒外，其他分项均边际回落。工业品价格多数回升，建材链价格同比小幅上升，有色链和碳酸锂价格因供给偏紧和受AI等新兴产业、下游动力储能需求拉动而持续上涨。 流动性方面，利率小幅上升。R007较前周上行6.3BP，DR007较前周上行4.4BP。1月10日当周央行净回笼资金16550亿元，同时开展11000亿元买断式逆回购，对流动性影响偏中性。10年期收益率上行3.1BP至 $1.88\%$ ，1年期收益率下行4.9BP至 $1.28\%$ 。美元指数上行68BP至99.13，主因地缘事件导致市场避险情绪升温。美元兑人民币从上周的6.9699回升至6.9760。 图1：重点高频数据一览 <table><tr><td rowspan="2">大类</td><td rowspan="2">具体指标</td><td rowspan="2">单位</td><td colspan="4">同比/数值</td></tr><tr><td>2026/1/11</td><td>2026/1/4</td><td>2025/12/28</td><td>2025/12/21</td></tr><tr><td rowspan="2">消费</td><td>日均销量：乘用车：厂家批发（4WMA）</td><td>%</td><td>71.3</td><td>-2.3</td><td>13.6</td><td>17.2</td></tr><tr><td>迪斯尼客流量</td><td>%</td><td>17.8</td><td>51.1</td><td>40.0</td><td>35.9</td></tr><tr><td rowspan="2">投资</td><td>14城市：二手房成交面积</td><td>%</td><td>-12.1</td><td>-28.2</td><td>-25.1</td><td>-25.8</td></tr><tr><td>建筑用钢成交量</td><td>万吨</td><td>241.2</td><td>280.4</td><td>280.1</td><td>289.5</td></tr><tr><td rowspan="2">进出口</td><td>八大港口离港船舶数量</td><td>%</td><td>3.3</td><td>-10.6</td><td>-7.5</td><td>-5.8</td></tr><tr><td>CCFI：综合指数</td><td>点</td><td>1194.9</td><td>1170.8</td><td>1146.7</td><td>1124.7</td></tr><tr><td rowspan="3">生产</td><td>开工率：PTA：全国</td><td>%(数值)</td><td>77.4</td><td>74.2</td><td>73.8</td><td>73.8</td></tr><tr><td>开工率：聚酯行业</td><td>%(数值)</td><td>87.2</td><td>86.9</td><td>87.2</td><td>87.0</td></tr><tr><td>开工率：纯碱：全国</td><td>%(数值)</td><td>84.4</td><td>80.0</td><td>81.7</td><td>82.7</td></tr><tr><td rowspan="3">库存</td><td>秦皇岛港：库存：煤炭</td><td>万吨</td><td>-19.9</td><td>-2.8</td><td>7.6</td><td>5.6</td></tr><tr><td>钢材：社会库存</td><td>万吨</td><td>865.2</td><td>850.8</td><td>872.6</td><td>906.5</td></tr><tr><td>库存天数：聚酯切片：国内</td><td>天</td><td>13.2</td><td>11.8</td><td>10.5</td><td>9.6</td></tr><tr><td>CPI</td><td>iCPI：总指数</td><td>%</td><td>5.9</td><td>6.4</td><td>6.4</td><td>6.4</td></tr><tr><td rowspan="3">PPI</td><td>钢价指数（LGMI）：综合</td><td>%</td><td>-3.8</td><td>-5.2</td><td>-5.4</td><td>-6.0</td></tr><tr><td>长江有色市场：平均价：铜：1#</td><td>%</td><td>36.9</td><td>35.0</td><td>28.0</td><td>24.3</td></tr><tr><td>碳酸锂99.5%电：国产</td><td>%</td><td>74.5</td><td>57.6</td><td>36.8</td><td>27.7</td></tr><tr><td rowspan="5">流动性</td><td>R007</td><td>%(数值)</td><td>1.516</td><td>1.453</td><td>1.503</td><td>1.508</td></tr><tr><td>公开市场操作：货币净投放</td><td>亿元</td><td>-16550.0</td><td>11710.0</td><td>-348.0</td><td>-110.0</td></tr><tr><td>10年期国债利率</td><td>%(数值)</td><td>1.878</td><td>1.847</td><td>1.838</td><td>1.831</td></tr><tr><td>美元指数</td><td>1973.3=100</td><td>99.137</td><td>98.459</td><td>98.034</td><td>98.713</td></tr><tr><td>即期汇率：美元兑人民币</td><td>人民币</td><td>6.982</td><td>6.989</td><td>7.009</td><td>7.041</td></tr></table> 资料来源：Wind，HTI # 3. 本周重点数据日历 表 1: 重点经济数据公布时间 <table><tr><td>日期</td><td>时间</td><td>国家/ 地区</td><td>指标名称</td></tr><tr><td>2026-01-13</td><td>待定</td><td>中国</td><td>12月货币数据</td></tr><tr><td>2026-01-13</td><td>待定</td><td>中国</td><td>12月社融数据</td></tr><tr><td>2026-01-13</td><td>07:50</td><td>日本</td><td>11月经常项目差额</td></tr><tr><td>2026-01-13</td><td>21:30</td><td>美国</td><td>12月CPI</td></tr><tr><td>2026-01-14</td><td>待定</td><td>中国</td><td>12月进出口数据</td></tr><tr><td>2026-01-14</td><td>待定</td><td>中国</td><td>12月货币当局:储备货币</td></tr><tr><td>2026-01-14</td><td>03:00</td><td>美国</td><td>12月政府财政收支</td></tr><tr><td>2026-01-14</td><td>07:50</td><td>日本</td><td>12月货币数据</td></tr><tr><td>2026-01-14</td><td>21:30</td><td>美国</td><td>11月核心PPI</td></tr><tr><td>2026-01-14</td><td>21:30</td><td>美国</td><td>11月零售销售</td></tr><tr><td>2026-01-15</td><td>07:50</td><td>日本</td><td>12月PPI</td></tr><tr><td>2026-01-15</td><td>15:00</td><td>英国</td><td>11月3个月滚动GDP</td></tr><tr><td>2026-01-15</td><td>17:00</td><td>德国</td><td>GDP:不变价</td></tr><tr><td>2026-01-15</td><td>18:00</td><td>欧盟</td><td>11月欧盟:商品进出口</td></tr><tr><td>2026-01-15</td><td>18:00</td><td>德国</td><td>11月工业生产指数</td></tr><tr><td>2026-01-15</td><td>21:30</td><td>美国</td><td>1月10日初请失业金人数</td></tr><tr><td>2026-01-16</td><td>15:00</td><td>德国</td><td>12月CPI</td></tr><tr><td>2026-01-16</td><td>22:15</td><td>美国</td><td>12月工业产能利用率</td></tr></table> 数据来源：Wind，HTI整理 # 4. 风险提示 贸易局势不确定性，国内需求修复不及预期。 # 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，梁中华，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, Zhonghua Liang, 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-MSCI China. # 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. 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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. 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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. 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