7、据价格数据产品产品单位单位期初价格期初价格期末价格期末价格涨跌幅涨跌幅工业金属LME铜美元/吨897390150.5%LME铝美元/吨26302599-1.2%LME锌美元/吨297231094.6%LME铅美元/吨201820823.1%LME锡万美元/吨2.902.900.3%SHFE铜万元/吨7.387.380.1%SHFE铝万元/吨2.042.04-0.1%SHFE锌万元/吨2.522.520.1%SHFE铅万元/吨1.701.742.5%SHFE锡万元/吨24.0823.94-0.6%A00铝万元/吨2.062.03-1.3%氧化铝元/吨4702.004776.001.6%能源金属电
8、池级碳酸锂万元/吨7.967.95-0.1%工业级碳酸锂万元/吨7.647.50-1.8%氢氧化锂万元/吨6.796.830.5%LME镍万美元/吨1.581.601.2%SHFE镍万元/吨12.5112.600.7%硫酸镍万元/吨2.972.96-0.4%高镍铁元/镍985.00965.00-2.0%长江钴万元/吨18.2017.70-2.7%MB钴：标准级美元/磅11.0011.000.0%MB钴：合金级美元/磅14.4314.430.0%贵金属伦敦现货黄金美元/盎司2694.952651.05-1.6%伦敦现货白银美元/盎司31.2630.70-1.8%COMEX黄金美元/盎司2718.
9、202673.90-1.6%COMEX银美元/盎司31.4131.10-1.0%2024/11/222024/11/29价格数据价格数据产品产品单位单位期初价格期初价格期末价格期末价格涨跌幅涨跌幅稀土和锑、锗、铀等小金属、新材料镨钕氧化物万元/吨41.0241.380.9%钼精矿:45%-50%元/吨度3725.003705.00-0.5%锑万元/吨14.0014.000.0%氧化镝万元/千克0.170.17-2.3%氧化铽万元/千克0.590.58-2.4%黑钨精矿:55%万元/吨14.2614.260.0%锗锭:50元/千克18850.0018850.000.0%二氧化锗:99.999%
10、元/千克14150.0014150.000.0%海绵钛99.6%元/千克45.0042.50-5.6%镁锭万元/吨1.821.81-0.6%精铋:99.99%万元/吨7.357.350.0%精铟:99.995%元/千克2525.002525.000.0%2024/11/222024/11/29库存数据库存数据产品产品单位单位期初库存期初库存期末期末库存库存涨跌幅涨跌幅能源金属LME镍万吨15.9016.000.6%SHFE镍万吨3.123.305.8%工业金属LME铜万吨27.2527.10-0.6%SHFE阴极铜万吨12.0210.88-9.5%SHFE国际铜万吨1.661.58-5.3
11、%LME铝万吨70.8669.60-1.8%SHFE铝万吨23.1922.78-1.7%LME锌万吨26.1327.695.9%SHFE锌万吨8.617.70-10.6%LME铅万吨27.5327.19-1.2%SHFE铅万吨5.284.86-8.0%LME锡吨48604815-0.9%SHFE锡吨77867239-7.0%目录目录1.申万有色指数申万有色指数11/22-11/29下跌下跌0.6%，贵金属领跌，贵金属领跌2.主要子板块跟踪主要子板块跟踪（11/22-11/29）2.1工业金属：工业金属：LME铜价上涨铜价上涨0.5%2.2能源金属：电池级碳酸锂价格下跌能源金属：电池级碳酸锂
13、1/29下跌下跌0.6%，贵金属领跌，贵金属领跌图：申万有色二级行业周涨跌图：申万有色二级行业周涨跌幅（幅（2024.11.22-2024.11.29）图：部分申万有色三级行业和锂矿指数、稀土指数周涨图：部分申万有色三级行业和锂矿指数、稀土指数周涨跌跌幅（幅（2024.11.22-2024.11.29）-0.61%2.15%-2%0%2%4%6%8%10%纺织服饰商贸零售轻工制造社会服务传媒美容护理综合计算机建筑材料机械设备农林牧渔房地产医药生物食品饮料非银金融电子环保万得全A国防军工银行电力设备基础化工钢铁交通运输通信建筑装饰石油石化汽车家用电器煤炭公用事业有色金属-4%-2%0%2%工业金
15、2-2024.11.29）0%5%10%15%20%东方锆业东方钽业翔鹭钨业华钰矿业楚江新材章源钨业*ST中润宏创控股丰华股份博迁新材-18%-16%-14%-12%-10%-8%-6%-4%-2%0%正海磁材永兴材料金力永磁安泰科技鹏欣资源银邦股份晓程科技英洛华和胜股份众源新材-10%-8%-6%-4%-2%0%2%自由港力拓伊格尔矿业南方铜业必和必拓SQM嘉能可雅保淡水河谷NEWMONT巴里克黄金Pilbara目录目录1.申万有色指数申万有色指数11/22-11/29下跌下跌0.6%，贵金属领跌，贵金属领跌2.主要子板块跟踪主要子板块跟踪（11/22-11/29）2.1工业金属：工业金属
26、/0822/1022/1223/0223/0423/0623/0823/1023/1224/0224/0424/0624/0824/10LME镍库存SHFE镍库存020040060080010001200140016000.00.51.01.52.02.53.03.54.04.55.022/1123/0223/0523/0823/1124/0224/0524/0824/11硫酸镍（万元/吨；左轴）高镍铁（元/镍；右轴）05101520250510152025303522/1223/0323/0623/0923/1224/0324/0624/09长江钴（万元/吨；左轴
27、）MB钴：标准级（美元/磅；右轴）MB钴：合金级（美元/磅；右轴）12.312.412.512.612.712.812.913.0MM+1M+2M+3M+4M+5M+6M+7M+8M+92024/11/222024/11/29目录目录1.申万有色指数申万有色指数11/22-11/29下跌下跌0.6%，贵金属领跌，贵金属领跌2.主要子板块跟踪主要子板块跟踪（11/22-11/29）2.1工业金属：工业金属：LME铜价上涨铜价上涨0.5%2.2能源金属：电池级碳酸锂价格下跌能源金属：电池级碳酸锂价格下跌0.1%2.3黄金白银：伦敦现货黄金价下跌黄金白银：伦敦现货黄金价下跌1.6%2.4稀土
29、黄金价下跌1.63%3504004505005506006507001500170019002100230025002700290022/1023/0123/0423/0723/1024/0124/0424/0724/10COMEX黄金（美元/盎司；左轴）SHFE黄金（元/克；右轴）350045005500650075008500950015202530354022/1023/0123/0423/0723/1024/0124/0424/0724/10COMEX银（美元/盎司；左轴）SHFE白银（元/千克；右轴）01234560246822/1223/0623/1224/06美国CPI：当月同比
31、国国债长短期利差（%）34566070809010022/1123/0523/1124/0524/11金银比（金价/银价；左轴）铜金比（铜价/金价；右轴）-3-2-10122/1123/0523/1124/0524/11美国国债收益率：10Y-2Y美国国债收益率：10Y-3M010020030040050060070080090001234567891020022007201220172022美国:所有联储银行:总资产（万亿美元；左轴）欧洲央行:资产:总额（万亿欧元；左轴）日本央行:资产:总额（万亿日元；右轴）050100150200250300350400450500800820840860
32、88090092094096022/1223/0623/1224/06SPDR黄金ETF（左轴）iShares黄金ETF（右轴）目录目录1.申万有色指数申万有色指数11/22-11/29下跌下跌0.6%，贵金属领跌，贵金属领跌2.主要子板块跟踪主要子板块跟踪（11/22-11/29）2.1工业金属：工业金属：LME铜价上涨铜价上涨0.5%2.2能源金属：电池级碳酸锂价格下跌能源金属：电池级碳酸锂价格下跌0.1%2.3黄金白银：伦敦现货黄金价下跌黄金白银：伦敦现货黄金价下跌1.6%2.4稀土和锑、锗、铀等小金属：镨钕氧化物价格上涨稀土和锑、锗、铀等小金属：镨钕氧化物价格上涨0.9%3.重
34、0.60.81.01.21.41.622/1123/0523/1124/0524/11氧化镝（万元/千克；左轴）氧化铽（万元/千克；左轴）镨钕氧化物（万元/吨；右轴）5791113151710002000300040005000600022/1123/0523/1124/0524/11钼精矿:45%-50%（元/吨度；左轴）锑（万元/吨，右轴）910111213141516800010000120001400016000180002000022/1123/0523/1124/0524/11锗锭:50（元/千克；左轴）黑钨精矿:55%（万元/吨；右轴）1800200022002400405060
35、70809022/1123/0523/1124/0524/11海绵钛99.6%（元/千克；左轴）钛精矿（元/吨；右轴）02401222/1123/0523/1124/0524/11电解锰（左轴）镁锭（右轴）10001400180022002600300034003456789101122/1123/0523/1124/0524/11精铋:99.99%（万元/吨；左轴）精铟:99.995%（元/千克；右轴）目录目录1.申万有色指数申万有色指数11/22-11/29下跌下跌0.6%，贵金属领跌，贵金属领跌2.主要子板块跟踪主要子板块跟踪（11/22-11/29）2.1工业金属：工业金属：LME铜
37、检修完成并恢复生产的公告、天华新能：关于孙公司拟参与江西省奉新县金子峰宜丰县左家里矿区陶瓷土(含锂)矿采矿权拍卖的公告，HTI。重要事件重要事件：天华新能参与江西锂矿竞拍：天华新能参与江西锂矿竞拍公司公司公告日期公告日期主要内容主要内容深圳新星深圳新星2024-11-25公司拟将全资子公司新星轻合金材料（惠州）有限公司100%股权转让给台铃科技（广东）有限公司，股权转让价款为8044.18万元。湖南白银湖南白银2024-11-26宝山矿业年度检修已于2024年11月22日完成，现已恢复生产。检修期间，宝山矿业对生产设备进行了全面检修及维护保养，为后续安全、连续生产奠定了基础。天华新能天华新
38、能2024-11-262024年11月26日，公司审议通过了关于孙公司拟参与江西省奉新县金子峰宜丰县左家里矿区陶瓷土（含锂）矿采矿权拍卖的议案，同意孙公司宜春盛源参与江西省奉新县金子峰宜丰县左家里矿区陶瓷土（含锂）矿采矿权拍卖。表：重要公司跟踪表：重要公司跟踪目录目录1.申万有色指数申万有色指数11/22-11/29下跌下跌0.6%，贵金属领跌，贵金属领跌2.主要子板块跟踪主要子板块跟踪（11/22-11/29）2.1工业金属：工业金属：LME铜价上涨铜价上涨0.5%2.2能源金属：电池级碳酸锂价格下跌能源金属：电池级碳酸锂价格下跌0.1%2.3黄金白银：伦敦现货黄金价下跌黄金白银：伦敦
40、愈发重视本土产业链建设和战略资源保护，中企在海外投资矿产资源或将面临外资审查趋严，当地政策不确定性提升等风险。项目建设不及预期。公司项目建设推迟，或将造成产销量不及预期。APPENDIX2重要信息披露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)，HaitongSecuritiesIndiaPrivateLimited(HSIPL)，HaitongInternationalJapanK.K.(HTIJKK)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
41、证券活动。IMPORTANTDISCLOSURESThisresearchreportisdistributedbyHaitongInternational,aglobalbrandnamefortheequityresearchteamsofHaitongInternationalResearchLimited(“HTIRL”),HaitongSecuritiesIndiaPrivateLimited(“HSIPL”),HaitongInternationalJapanK.K.(“HTIJKK”),HaitongInternationa
42、lSecuritiesCompanyLimited(“HTISCL”),andanyothermemberswithintheHaitongInternationalSecuritiesGroupofCompanies(“HTISG”),eachauthorizedtoengageinsecuritiesactivitiesinitsrespectivejurisdiction.HTIRL分析师认证分析师认证AnalystCertification:2我，陈先龙，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
44、issuersreferredtointhisresearchand(ii)nopartofmycompensationwas,isorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisresearchreport;andthatI(includingmembersofmyhousehold)havenofinancialinterestinthesecurityorsecuritiesof
45、thesubjectcompaniesdiscussed.Iandmyhousehold,whomIhavealreadynotifiedofthis,willnotdealinortradeanysecuritiesinrespectoftheissuerthatIreviewwithin3businessdaysaftertheresearchreportispublished.我，甘嘉尧，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
47、hisresearchand(ii)nopartofmycompensationwas,isorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisresearchreport;andthatI(includingmembersofmyhousehold)havenofinancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdis
48、cussed.Iandmyhousehold,whomIhavealreadynotifiedofthis,willnotdealinortradeanysecuritiesinrespectoftheissuerthatIreviewwithin3businessdaysaftertheresearchreportispublished.我，吴旖婕，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
50、ofmycompensationwas,isorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisresearchreport;andthatI(includingmembersofmyhousehold)havenofinancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussed.Iandmyhousehold,w
52、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3个工作日内交易此研究报告所讨论目标公司的证券。I,ManqiWang,certifythat(i)theviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchand(ii)nopartofmycompensationwas,i
53、sorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisresearchreport;andthatI(includingmembersofmyhousehold)havenofinancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussed.Iandmyhousehold,whomIhavealreadynotifi
54、edofthis,willnotdealinortradeanysecuritiesinrespectoftheissuerthatIreviewwithin3businessdaysaftertheresearchreportispublished.APPENDIX2利益冲突披露利益冲突披露ConflictofInterestDisclosures3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
55、时全面信息，请发邮件至ERD-D）HTIandsomeofitsaffiliatesmayengageininvestmentbankingand/orserveasamarketmakerorholdproprietarytradingpositionsofcertainstocksorcompaniesinthisresearchreport.Asfarasthisresearchreportisconcerned,thefollowingarethedisclosuremattersrelatedto
56、suchrelationship(Asthefollowingdisclosuredoesnotensuretimelinessandcompleteness,pleasesendanemailtoERD-Diftimelyandcomprehensiveinformationisneeded).海通证券股份有限公司和/或其子公司（统称“海通”）在过去12个月内参与了601600.CHand300748.CH的投资银行项目。投资银行项目包括：1、海通担任上市前辅导机构、保荐人或主承销商的首次公开发行项目；2、海通作为保荐人、主承销商或财务顾问的股
57、权或债务再融资项目；3、海通作为主经纪商的新三板上市、目标配售和并购项目。HaitongSecuritiesCo.,Ltd.and/oritssubsidiaries(collectively,theHaitong)havearoleininvestmentbankingprojectsof601600.CHand300748.CHwithinthepast12months.Theinvestmentbankingprojectsinclude1.IPOprojectsinwhichHaitongactedaspre-listin
58、gtutor,sponsor,orlead-underwriter;2.equityordebtrefinancingprojectsof601600.CHand300748.CHforwhichHaitongactedassponsor,lead-underwriterorfinancialadvisor;3.listingbyintroductioninthenewthreeboard,targetplacement,M&AprojectsinwhichHaitongactedaslead-brokeragefirm.6
60、re/wereaclientofHaitongcurrentlyorwithinthepast12months.Theclienthasbeenprovidedfornon-investment-bankingsecurities-relatedservices.海通预计将（或者有意向）在未来三个月内从1258.HK获得投资银行服务报酬。Haitongexpectstoreceive,orintendstoseek,compensationforinvestmentbankingservicesinthenextthreemo
61、nthsfrom1258.HK.海通在过去的12个月中从601600.CH及000630.CH获得除投资银行服务以外之产品或服务的报酬。Haitonghasreceivedcompensationinthepast12monthsforproductsorservicesotherthaninvestmentbankingfrom601600.CHand000630.CH.APPENDIX2评级定义评级定义（从从2020年年7月月1日开始执行日开始执行）：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
62、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。分析师股票评级分析师股票评级优于大市优于大市，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：
63、日本各地股票基准指数：日本TOPIX,韩国韩国KOSPI,台湾台湾TAIEX,印度印度Nifty100,美国美国SP500;其他所有中国概念股其他所有中国概念股MSCIChina.RatingsDefinitions(from1Jul2020):HaitongInternationalusesarelativeratingsystemusingOutperform,Neutral,orUnderperformforrecommendingthestockswecovertoinvestors.Investorsshouldcarefu
64、llyreadthedefinitionsofallratingsusedinHaitongInternationalResearch.Inaddition,sinceHaitongInternationalResearchcontainsmorecompleteinformationconcerningtheanalystsviews,investorsshouldcarefullyreadHaitongInternationalResearch,initsentirety,andnotinferthecontentsfro
65、mtheratingalone.Inanycase,ratings(orresearch)shouldnotbeusedorrelieduponasinvestmentadvice.Aninvestorsdecisiontobuyorsellastockshoulddependonindividualcircumstances(suchastheinvestorsexistingholdings)andotherconsiderations.AnalystStockRatingsOutperform:Thestockstota
66、lreturnoverthenext12-18monthsisexpectedtoexceedthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.Neutral:Thestockstotalreturnoverthenext12-18monthsisexpectedtobeinlinewiththereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.Forpurposesonl
67、yofFINRA/NYSEratingsdistributionrules,ourNeutralratingfallsintoaholdratingcategory.Underperform:Thestockstotalreturnoverthenext12-18monthsisexpectedtobebelowthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.Benchmarksforeachstockslistedregionareasf
68、ollows:JapanTOPIX,KoreaKOSPI,TaiwanTAIEX,IndiaNifty100,USSP500;forallotherChina-conceptstocksMSCIChina.4APPENDIX2评级分布评级分布RatingDistribution5APPENDIX2截至截至2024年年9月月30日日海通国际股票研究评级分布海通国际股票研究评级分布优于大市优于大市中性中性弱于大市弱于大市(持有持有)海通国际股票研究覆盖率91.8%7.8%0.4%投资银行客户*3.5%4.4%0.0%*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
69、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此前的评级系统定义（直至直至2020年年6月月30日日）：买入买入，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：日本各地股票基准指数：日本TOPI
70、X,韩国韩国KOSPI,台湾台湾TAIEX,印度印度Nifty100;其他所有中国概念股其他所有中国概念股MSCIChina.HaitongInternationalEquityResearchRatingsDistribution,asofSeptember30,2024OutperformNeutralUnderperform(hold)HTIEquityResearchCoverage91.8%7.8%0.4%IBclients*3.5%4.4%0.0%*Percentageofinvestmentbankingclientsineachrat
71、ingcategory.BUY,Neutral,andSELLintheabovedistributioncorrespondtoourcurrentratingsofOutperform,Neutral,andUnderperform.ForpurposesonlyofFINRA/NYSEratingsdistributionrules,ourNeutralratingfallsintoaholdratingcategory.PleasenotethatstockswithanNRdesignationarenotinclu
72、dedinthetableabove.Previousratingsystemdefinitions(until30Jun2020):BUY:Thestockstotalreturnoverthenext12-18monthsisexpectedtoexceedthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.NEUTRAL:Thestockstotalreturnoverthenext12-18monthsisexpectedtobeinlin
73、ewiththereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.ForpurposesonlyofFINRA/NYSEratingsdistributionrules,ourNeutralratingfallsintoaholdratingcategory.SELL:Thestockstotalreturnoverthenext12-18monthsisexpectedtobebelowthereturnofitsrelevantbroadm
74、arketbenchmark,asindicatedbelow.Benchmarksforeachstockslistedregionareasfollows:JapanTOPIX,KoreaKOSPI,TaiwanTAIEX,IndiaNifty100;forallotherChina-conceptstocksMSCIChina.6APPENDIX2海通国际非评级研究：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
75、格或进行基本面估值，而仅供参考使用。HaitongInternationalNon-RatedResearch:HaitongInternationalpublishesquantitative,screeningorshortreportswhichmayrankstocksaccordingtovaluationandothermetricsormaysuggestpricesbasedonpossiblevaluationmultiples.Suchrankingsorsuggestedpricesdonotpurpor
76、ttobestockratingsortargetpricesorfundamentalvaluesandareforinformationonly.海通国际海通国际A股覆盖股覆盖：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。海通证券（600837.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，海通国际使用与海通证券不同的评级系统，所以海通国际与海通证券的中国A股评级可能有所不同。HaitongInternationalCoverageofA-Shares:HaitongInternationalmaycover
77、andrateA-SharesthataresubjecttotheHongKongStockConnectschemewithShanghaiandShenzhen.HaitongSecurities(HS;600837CH),theultimateparentcompanyofHTISGbasedinShanghai,coversandpublishesresearchonthesesameA-SharesfordistributioninmainlandChina.However,theratingsystem
78、employedbyHSdiffersfromthatusedbyHTIandasaresulttheremaybeadifferenceintheHTIandHSratingsforthesameA-sharestocks.海通国际海通国际优质优质100A股股（Q100）指数指数：海通国际Q100指数是一个包括100支由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。HaitongInternationalQuality100
79、A-share(Q100)Index:HTIsQ100Indexisaquantproductthatconsistsof100ofthehighest-qualityA-sharesundercoverageatHSinShanghai.Thesestocksarecarefullyselectedthroughaquality-basedscreeningprocessincombinationwithareviewoftheHSA-shareteamsbottom-upresearch.TheQ100con
83、uragreementandacceptancewiththesetermsbeforeusingSusallWaveFIN-ESGDataService.1.FIN-ESGDataisproducedbySusallWaveDigitalTechnologyCo.,Ltd.(Inshort,SusallWave)sassessmentbasedonlegalpubliclyaccessibleinformation.SusallWaveshallnotberesponsibleforanyaccuracyandcomple
84、tenessoftheinformation.Theassessmentresultisforreferenceonly.Itisnotforanyinvestmentadviceforanyindividualorinstitutionandnotforbasisofpurchasing,sellingorholdinganyrelativefinancialproducts.Wewillnotbeliableforanydirectorindirectlossofanyindividualorinst
85、itutionasaresultofusingSusallWaveFIN-ESGData.2.SusallWavedonotconsiderrecipientsascustomersforreceivingthesedata.Whenusingthedata,recipientsshallmakeyourownindependentjudgmentaccordingtoyourpracticalindividualstatus.Thecontentsofthedatareflectthejudgmentofus
86、onlyonthereleaseday.Wehaverighttoupdateandamendthedataandreleaseotherdatathatcontainsinconsistentcontentsordifferentconclusionswithoutnotification.Unlessexpresslystated,thedata(e.g.,financialperformancedata)representspastperformanceonlyandthepastperformancecannot
87、beviewedasthepredictionoffuturereturn.3.ThecopyrightofthisdatabelongstoSusallWave,andwereserveallrightsinaccordancewiththelaw.Withoutthepriorwrittenpermissionofourcompany,noneofindividualorinstitutioncanusethesedataforanyprofitablepurpose.Besides,noneofind
88、ividualorinstitutioncantakeactionssuchasamendment,replication,translation,compilation,re-editing,adaption,deletion,abbreviation,excerpts,issuance,rent,exhibition,performance,projection,broadcast,informationnetworktransmission,shooting,addingiconsandinstructions.IfanylossofSusallWave
89、oranythird-partyiscausedbythoseactions,usersshallbearthecorrespondingcompensationliability.SusallWaveshallnotberesponsibleforanyloss.4.Ifanytermisnotcontainedinthisdisclaimerbutwritteninotheragreementsonourwebsite(e.g.UserRegistrationProtocolofSusallWaveWebsit
91、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HaitongInternational(Japan)K.K.（“HTIJKK”）的协助下发行，HTIJKK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：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SecuritiesandExchangeBoardofIndia（“SEBI”）监管的Haito
95、ISG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，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：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。9APPENDIX2IMPORTANTDISCLAIMERForresearchreportsonnon-Indiansecurities:Th
96、eresearchreportisissuedbyHaitongInternationalResearchLimited(“HTIRL”),awhollyownedsubsidiaryofHaitongInternationalSecuritiesGroupLimited(“HTISGL”)andalicensedcorporationtocarryonType4regulatedactivity(advisingonsecurities)forthepurposeoftheSecuritiesandFuturesOrdi
97、nance(Cap.571)ofHongKong,withtheassistanceofHaitongInternational(Japan)K.K.(“HTIJKK”),awhollyownedsubsidiaryofHTISGLandwhichisregulatedasanInvestmentAdviserbytheKantoFinanceBureauofJapan.ForresearchreportsonIndiansecurities:TheresearchreportisissuedbyHaitongSecu
98、ritiesIndiaPrivateLimited(“HSIPL”),anIndiancompanyandaSecuritiesandExchangeBoardofIndia(“SEBI”)registeredStockBroker,MerchantBankerandResearchAnalystthat,interalia,producesanddistributesresearchreportscoveringlistedentitiesontheBSELimited(“BSE”)andtheNationalStockEx
99、changeofIndiaLimited(“NSE”)(collectivelyreferredtoas“IndianExchanges”).HSIPLwasacquiredandbecamepartoftheHaitongInternationalSecuritiesGroupofCompanies(“HTISG”)on22December2016.AlltheresearchreportsaregloballybrandedunderthenameHaitongInternationalandapprovedford
100、istributionbyHaitongInternationalSecuritiesCompanyLimited(“HTISCL”)and/oranyothermemberswithinHTISGintheirrespectivejurisdictions.Theinformationandopinionscontainedinthisresearchreporthavebeencompiledorarrivedatfromsourcesbelievedtobereliableandingoodfaithbutn
101、orepresentationorwarranty,expressorimplied,ismadebyHTIRL,HTISCL,HSIPL,HTIJKKoranyothermemberswithinHTISGfromwhichthisresearchreportmaybereceived,astotheiraccuracy,completenessorcorrectness.Allopinionsexpressedhereinareasofthedateofthisresearchreportandaresubje
102、cttochangewithoutnotice.Thisresearchreportisforinformationpurposeonly.Descriptionsofanycompaniesortheirsecuritiesmentionedhereinarenotintendedtobecompleteandthisresearchreportisnot,andshouldnotbeconstruedexpresslyorimpliedlyas,anoffertobuyorsellsecurities.T
103、hesecuritiesreferredtointhisresearchreportmaynotbeeligibleforpurchaseorsaleinsomejurisdictions.Ifaninvestmentproductisdenominatedinacurrencyotherthananinvestorshomecurrency,achangeinexchangeratesmayadverselyaffecttheinvestment.Pastperformanceisnotnecessaril
104、yindicativeoffutureresults.Certaintransactions,includingthoseinvolvingderivatives,giverisetosubstantialriskandarenotsuitableforallinvestors.Youshouldalsobearinmindthatrecommendationsinthisresearchreportarenottailor-madeforyou.Theanalysthasnottakenintoaccounty
105、ouruniquefinancialcircumstances,suchasyourfinancialsituationandriskappetite.Youmust,therefore,analyzeandshould,whereapplicable,consultyourownlegal,tax,accounting,financialandotherprofessionaladviserstoevaluatewhethertherecommendationssuitsyoubeforeinvestment.NeitherHTISG
106、noranyofitsdirectors,employeesoragentsacceptsanyliabilitywhatsoeverforanydirectorconsequentiallossarisingfromanyuseofthematerialscontainedinthisresearchreport.10APPENDIX2HTISGandouraffiliates,officers,directors,andemployees,excludingtheanalystsresponsibleforthe
107、contentofthisdocument,willfromtimetotimehavelongorshortpositionsin,actasprincipalin,andbuyorsell,thesecuritiesorderivatives,ifany,referredtointhisresearchreport.Sales,traders,andotherprofessionalsofHTISGmayprovideoralorwrittenmarketcommentaryortradingstrateg
108、iestotherelevantclientsandthecompanieswithinHTISGthatreflectopinionsthatarecontrarytotheopinionsexpressedinthisresearchreport.HTISGmaymakeinvestmentdecisionsthatareinconsistentwiththerecommendationsorviewsexpressedinthisresearchreport.HTIisundernoobligatio
109、ntoensurethatsuchothertradingdecisions,ideasorrecommendationsarebroughttotheattentionofanyrecipientofthisresearchreport.PleaserefertoHTIswebsiteforfurtherinformationonHTIsorganizationalandadministrativearrangementssetupforthepreventionandavoidanceofconflicts
110、ofinterestwithrespecttoResearch.NonU.S.AnalystDisclosure:TheHTIanalyst(s)listedonthecoverofthisResearchis(are)notregisteredorqualifiedasaresearchanalystwithFINRAandarenotsubjecttoU.S.FINRARule2241restrictionsoncommunicationswithcompaniesthatarethesubjectof
111、theResearch;publicappearances;andtradingsecuritiesbyaresearchanalyst.11APPENDIX2分发和地区通知：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：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”
117、theirowncountryorregion.NoticetoHongKonginvestors:TheresearchreportisdistributedbyHaitongInternationalSecuritiesCompanyLimited(“HTISCL”),whichisalicensedcorporationtocarryonType1regulatedactivity(dealinginsecurities)inHongKong.Thisresearchreportdoesnotconstitute
118、asolicitationoranofferofsecuritiesoraninvitationtothepublicwithinthemeaningoftheSFO.ThisresearchreportisonlytobecirculatedtoProfessionalInvestorsasdefinedintheSFO.ThisresearchreporthasnotbeenreviewedbytheSecuritiesandFuturesCommission.Youshouldnotmakein
119、vestmentdecisionssolelyonthebasisoftheinformationcontainedinthisresearchreport.RecipientsofthisresearchreportaretocontactHTISCLsalespersonsinrespectofanymattersarisingfrom,orinconnectionwith,theresearchreport.NoticetoU.S.investors:Asdescribedabove,thisresearchre
120、portwaspreparedbyHTIRL,HSIPLorHTIJKK.NeitherHTIRL,HSIPL,HTIJKK,noranyofthenonU.S.HTISGaffiliatesisregisteredintheUnitedStatesand,therefore,isnotsubjecttoU.S.rulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalysts.Thisresearchreportispr
121、ovidedfordistributionto“majorU.S.institutionalinvestors”and“U.S.institutionalinvestors”inrelianceontheexemptionfromregistrationprovidedbyRule15a-6oftheU.S.SecuritiesExchangeActof1934,asamended.Whendistributingresearchreportsto“U.S.institutionalinvestors,”HTIUSAwillacce
122、pttheresponsibilitiesforthecontentofthereports.AnyU.S.recipientofthisresearchreportwishingtoeffectanytransactiontobuyorsellsecuritiesorrelatedfinancialinstrumentsbasedontheinformationprovidedinthisresearchreportshoulddosoonlythroughHaitongInternationalSecuri
123、ties(USA)Inc.(“HTIUSA”),locatedat340MadisonAvenue,12thFloor,NewYork,NY10173,USA;telephone(212)3516050.HTIUSAisabroker-dealerregisteredintheU.S.withtheU.S.SecuritiesandExchangeCommission(the“SEC”)andamemberoftheFinancialIndustryRegulatoryAuthority,Inc.(“FINRA”).HTIUSAi
124、snotresponsibleforthepreparationofthisresearchreportnorfortheanalysiscontainedtherein.UndernocircumstancesshouldanyU.S.recipientofthisresearchreportcontacttheanalystdirectlyoreffectanytransactiontobuyorsellsecuritiesorrelatedfinancialinstrumentsdirectlythro
125、ughHSIPL,HTIRLorHTIJKK.TheHSIPL,HTIRLorHTIJKKanalyst(s)whosenameappearsinthisresearchreportisnotregisteredorqualifiedasaresearchanalystwithFINRAand,therefore,maynotbesubjecttoFINRARule2241restrictionsoncommunicationswithasubjectcompany,publicappearancesandtr
126、adingsecuritiesheldbyaresearchanalystaccount.Investinginanynon-U.S.securitiesorrelatedfinancialinstruments(includingADRs)discussedinthisresearchreportmaypresentcertainrisks.Thesecuritiesofnon-U.S.issuersmaynotberegisteredwith,orbesubjecttoU.S.regulations.Information
127、onsuchnon-U.S.securitiesorrelatedfinancialinstrumentsmaybelimited.ForeigncompaniesmaynotbesubjecttoauditandreportingstandardsandregulatoryrequirementscomparabletothoseineffectwithintheU.S.Thevalueofanyinvestmentorincomefromanysecuritiesorrelatedfinancialinstr
128、umentsdiscussedinthisresearchreportdenominatedinacurrencyotherthanU.S.dollarsissubjecttoexchangeratefluctuationsthatmayhaveapositiveoradverseeffectonthevalueoforincomefromsuchsecuritiesorrelatedfinancialinstruments.AllinquiriesbyU.S.recipientsshouldbedirect
130、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：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HaitongInternationalSecurities(USA)Inc.（“HTIUSA”）予以实施，该公司是一家根据NationalInstrument31-10
132、于NationalInstrument45-106ProspectusExemptions第1.1节或者SecuritiesAct(Ontario)第73.3(1)节所规定的认可投资者（“AccreditedInvestor”），或者在适用情况下NationalInstrument31-103第1.1节所规定的许可投资者（“PermittedInvestor”）。新加坡投资者的通知事项：新加坡投资者的通知事项：本研究报告由HaitongInternationalSecurities(Singapore)PteLtd（“HTISSPL”）于新加坡提供。HTISSPL是符合财
136、imited分别根据澳大利亚证券和投资委员会（以下简称“ASIC”）第03/1102、03/1103或03/1099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：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SecuritiesandExchangeBoardofIndia（“SE
137、BI”）监管的HaitongSecuritiesIndiaPrivateLimited（“HTSIPL”）所发布，包括制作及发布涵盖BSELimited（“BSE”）和NationalStockExchangeofIndiaLimited（“NSE”）（统称为印度交易所）研究报告。研究机构名称:HaitongSecuritiesIndiaPrivateLimitedSEBI研究分析师注册号:INH000002590地址:1203A,Floor12A,Tower2A,OneWorldCenter841SenapatiBapatMarg,Elphinsto
139、):InthePRC,theresearchreportisdirectedforthesoleuseofthosewhoreceivetheresearchreportinaccordancewiththeapplicablePRClawsandregulations.Further,theinformationontheresearchreportdoesnotconstituteproductionandbusinessactivitiesinthePRCunderrelevantPRClaws.Thi
140、sresearchreportdoesnotconstituteapublicofferofthesecurity,whetherbysaleorsubscription,inthePRC.Further,nolegalornaturalpersonsofthePRCmaydirectlyorindirectlypurchaseanyofthesecurityoranybeneficialinterestthereinwithoutobtainingallpriorPRCgovernmentapproval
141、sorlicensesthatarerequired,whetherstatutorilyorotherwise.Personswhocomeintopossessionofthisresearcharerequiredtoobservetheserestrictions.NoticetoCanadianInvestors:Undernocircumstancesisthisresearchreporttobeconstruedasanoffertosellsecuritiesorasasolicitation
142、ofanoffertobuysecuritiesinanyjurisdictionofCanada.AnyofferorsaleofthesecuritiesdescribedhereininCanadawillbemadeonlyunderanexemptionfromtherequirementstofileaprospectuswiththerelevantCanadiansecuritiesregulatorsandonlybyHaitongInternationalSecurities(USA)
143、Inc.,adealerrelyingonthe“internationaldealerexemption”underNationalInstrument31-103RegistrationRequirements,ExemptionsandOngoingRegistrantObligations(“NI31-103”)inAlberta,BritishColumbia,OntarioandQuebec.Thisresearchreportisnot,andundernocircumstancesshouldbeconstruedas
144、,aprospectus,anofferingmemorandum,anadvertisementorapublicofferingofanysecuritiesinCanada.NosecuritiescommissionorsimilarregulatoryauthorityinCanadahasreviewedorinanywaypasseduponthisresearchreport,theinformationcontainedhereinorthemeritsofthesecuritiesdescrib
145、edhereinandanyrepresentationtothecontraryisanoffence.Uponreceiptofthisresearchreport,eachCanadianrecipientwillbedeemedtohaverepresentedthattheinvestorisan“accreditedinvestor”assuchtermisdefinedinsection1.1ofNationalInstrument45-106ProspectusExemptionsor,inOn
146、tario,insection73.3(1)oftheSecuritiesAct(Ontario),asapplicable,anda“permittedclient”assuchtermisdefinedinsection1.1ofNI31-103,respectively.NoticetoSingaporeinvestors:ThisresearchreportisprovidedinSingaporebyorthroughHaitongInternationalSecurities(Singapore)PteLtd(“HT
147、ISSPL”).HTISSPLisanExemptFinancialAdviserundertheFinancialAdvisersAct2001(“FAA”)to(a)adviseonsecurities,unitsinacollectiveinvestmentscheme,exchange-tradedderivativescontractsandover-the-counterderivativescontractsand(b)issueorpromulgateresearchanalysesorresearchreports
148、onsecurities,exchange-tradedderivativescontractsandover-the-counterderivativescontracts.Thisresearchreportisonlyprovidedtoinstitutionalinvestors,withinthemeaningofSection4AoftheSecuritiesandFuturesAct2001.RecipientsofthisresearchreportaretocontactHTISSPLviathedeta
149、ilsbelowinrespectofanymattersarisingfrom,orinconnectionwith,theresearchreport:HaitongInternationalSecurities(Singapore)Pte.Ltd.10CollyerQuay,#19-01-#19-05OceanFinancialCentre,Singapore049315Telephone:(65)6713047316APPENDIX2NoticetoJapaneseinvestors:Thisresearchreportisdi
150、stributedbyHaitongInternationalSecuritiesCompanyLimitedandintendedtobedistributedtoFinancialServicesProvidersorRegisteredFinancialInstitutionsengagedininvestmentmanagement(asdefinedintheJapanFinancialInstrumentsandExchangeAct(FIEL)Art.61(1),OrderforEnforcementofFIE
151、LArt.17-11(1),andrelatedarticles).NoticetoUKandEuropeanUnioninvestors:ThisresearchreportisdistributedbyHaitongInternationalSecuritiesCompanyLimited.Thisresearchisdirectedatpersonshavingprofessionalexperienceinmattersrelatingtoinvestments.Anyinvestmentorinvestmentac
152、tivitytowhichthisresearchrelatesisavailableonlytosuchpersonsorwillbeengagedinonlywithsuchpersons.Personswhodonothaveprofessionalexperienceinmattersrelatingtoinvestmentsshouldnotrelyonthisresearch.HaitongInternationalSecuritiesCompanyLimitedsaffiliatesmayhave
153、anetlongorshortfinancialinterestinexcessof0.5%ofthetotalissuedsharecapitaloftheentitiesmentionedinthisresearchreport.PleasebeawarethatanyreportinEnglishmayhavebeenpublishedpreviouslyinChineseoranotherlanguage.NoticetoAustralianinvestors:Theresearchreporti
154、sdistributedinAustraliabyHaitongInternationalSecurities(Singapore)PteLtd,HaitongInternationalSecuritiesCompanyLimited,andHaitongInternationalSecurities(UK)LimitedinrelianceonASICClassOrder03/1102,03/1103or03/1099,respectively,whichexemptsthoseHTISGentitiesfromtherequirem
155、enttoholdanAustralianfinancialserviceslicenseundertheCorporationsAct2001inrespectofthefinancialservicesitprovidestowholesaleclientsinAustralia.AcopyoftheASICClassOrdersmaybeobtainedatthefollowingwebsite,www.legislation.gov.au.FinancialservicesprovidedbyHaitong
156、InternationalSecurities(Singapore)PteLtd,HaitongInternationalSecuritiesCompanyLimited,andHaitongInternationalSecurities(UK)Limitedareregulatedunderforeignlawsandregulatoryrequirements,whicharedifferentfromthelawsapplyinginAustralia.NoticetoIndianinvestors:Theresearchrep
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158、ed(“BSE”)andtheNationalStockExchangeofIndiaLimited(“NSE”)(collectivelyreferredtoas“IndianExchanges”).Nameoftheentity:HaitongSecuritiesIndiaPrivateLimitedSEBIResearchAnalystRegistrationNumber:INH00000259017APPENDIX2Address:1203A,Floor12A,Tower2A,OneWorldCenter841SenapatiB
159、apatMarg,ElphinstoneRoad,Mumbai400013,IndiaCINU74140MH2011FTC224070Ph:+912243156800Fax:+912224216327DetailsoftheComplianceOfficerandGrievanceOfficer:PrasannaChandwaskar:Ph:+912243156803;Emailid:“PleasenotethatRegistrationgrantedbySEBIandCertificationfromNISMinnoway