[研Ta究bl报e_告TitlRe]esearchReport28Sep2023ESG&电新&公用ESG&PowerEquipment&NewEnergy&Utilities8月全国光伏新增装机增速稍有放缓，电池片降价压力逐步传导至上游InAugust,theGrowthRateofNewPVInstallationsSloweddownSlightly,andthePressureofCellPriceReductionwasGraduallyTransmittedtotheUpstream杨斌BinYangbin.yang@htisec.com[热Ta点bl速e_评yemFleais1h]Analysis[(TPalebalsee_ssuememAPaPrEy]NDIX1forEnglishsummary)事件：根据国家能源局最新数据，8月全国新增光伏装机量达16GW，同比增长137%，8月光伏新增装机增速稍有放缓，环比下降15%；1-8月累计装机113.15GW，同比增长154.44%。基于今年以来随着组件价格下降，下游业主装机意愿增强，我们维持2023年全年170GW的光伏新增装机预测。硅料价格已连续三个月上涨，降价拐点即将显现。据PVInfolink公布的价格，截至9月27日，十一假期在即，订单签约较为密集，致密块料主流价格上升至87元/kg左右，环比上涨2.4%；N型方面，根据硅业分会数据，N型料成交均价为9.33万元/吨，环比与上周持平。本周硅料报价开始出现分化，头部企业报价小幅上涨，而二三线企业的报价稳定或有下降意愿。上周电池片价格出现下降拐点后，上游与下游价格倒挂态势加剧，导致下游降价压力已于本周传导至上游硅片环节，对最上游硅料价格发起新一轮挑战。我们预计，下游企业对硅料价格持续上涨的接受度有所减弱，十一过后，电池片降价压力或将正式传导至硅料，届时，硅料价格将会达到近三个月顶点或开始出现转折。组件降价压力已于本周传导至上游，两大硅片企业先后宣布全尺寸硅片降价。9月25日，隆基绿能公布最新硅片报价，单晶硅片P型M10150μm厚度硅片的每片价格为3.10元，相较于上一次报价，降幅为8.28%。9月26日，TCL中环相继公布最新硅片报价。其中，P型150μm218.2、210、182硅片每片价格分别为4.41元、4.08元、3.10元，相较于上一次报价，降幅分别为6.17%、6.21%、7.46%。N型130μm210、182硅片每片价格分别为4.20元、3.20元，相较于上一次报价，降幅分别为6.04%、7.78%。N型110μm210、182硅片每片价格分别为4.03元、3.08元，相较于上一次报价，降幅分别为6.06%、7.78%。进入月底，随着硅片产量的增加和库存积压，硅片价格持续下行。展望四季度，不断增长的硅片供应能力将继续推动价格下跌，同时了解到部分制造商正计划减产，而节后的价格走势将受到减产幅度、电池厂的生产状况以及硅料价格等多方面的影响。电池片降价幅度扩大，已连续两周出现明显下跌。据PVInfolink公布的价格，截至9月27日，主流尺寸的电池片成交价出现大幅下跌。在P型电池片方面，M10尺寸和G12尺寸的成交价格分别在0.63-0.65元/W和0.7元/W。与上周相比，M10尺寸的价格下跌了8-9%，相比之下，G12尺寸的价格因供应稳定，下跌幅度相对较小。在N型电池片方面，本周TOPConM10尺寸电池片的价格下跌至0.68-0.7元/W，跌幅为4-5%。P-N型电池片的价差约为5-7分/W。HJTG12尺寸电池片的制造商对外销售的数量较少，因此价格相对稳定。目前，硅片和电池片持续下跌的趋势在一定程度上缓解了组件生产厂家的成本压力，但同时也给予组件端更大的跌价空间。继上周组件价格下跌后，本周组件价格暂时稳定。据PVInfolink公布的价格，截至9月27日，单玻均价约1.2-1.22元/W。一线厂家新单价格1.18-1.2元/W，二三家厂家单玻平均价格约在1.2-1.21元/W。N型TOPCon组件价格约1.21-1.35元/W，价差收窄约0.05-0.08元/W；HJT组件价格波动较小，国内价格约在1.4-1.55元/W。目前，P-N组件差价在9分/W左右，考虑到N型硅片、电池片由供不应求转向供大于求后，TOPCon组件与PERC价差进一步收窄。此外，在近期开标的国电投10GW电池组件项目中，P型单面组件最低报价已经低至1.13元/W，双面最低报价低至1.14元/W、N型双面最低报价至1.17元/W，已接近组件企业的生产成本。总结：本周硅片价格在硅料价格上涨、电池片价格下跌的分化压力下，开始出现下滑，预计十一后降价压力将继续传导至硅料环节。展望下半年，国内组件需求不见明显回升，然而组件企业仍维持高开工率，单月供应在50GW以上。因此，我们认为，由于受到头部组件企业让利出货，硅片和电池片价格下跌等影响，组件报价将持续走低，预计短期内存在跌落1.1元/W的可能性。投资建议：建议关注积极拓宽海外市场业务的光伏电池片/组件企业，如【爱旭股份】、【天合光能】等。风险提示：行业需求不及预期，技术迭代进度不及预期，行业竞争加剧，原材料价格波动大，政策风险等。[本Ta研bl究e_报yej告iao由1]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。(PleaseseeappendixforEnglishtranslationofthedisclaimer)[Table_header1]ESG&电新&公用图1：2022-2023年国内月度光伏新增装机量（GW）图2：2023-2027年中国新增光伏装机量预测（GW）20222023同比增长保守情况乐观情况25500%30025020400%20015015300%10010200%5005100%2023E2024E2025E2026E2027E00%1-2月3月4月5月6月7月8月9月10月11月12月资料来源：国家能源局，HTI资料来源：国家能源局，HTI图3：近一年硅料价格走势图4：近一年硅片价格走势资料来源：PVInfoLink，HTI资料来源：PVInfoLink，HTI图5：近一年电池片价格走势图6：近一年组件价格走势资料来源：PVInfoLink，HTI资料来源：PVInfoLink，HTI28Sep20232[Table_header1]ESG&电新&公用APPENDIX1Event:AccordingtothelatestdatafromtheNationalEnergyAdministration,thenewlyinstalledphotovoltaiccapacityinChinareached16GWinAugust,withayear-on-yeargrowthof137%.ThegrowthrateofnewPVinstallationsinAugustslightlysloweddown,withamonth-on-monthdecreaseof15%.ThecumulativeinstalledcapacityfromJanuarytoAugustreached113.15GW,withayear-on-yeargrowthof154.44%.Basedontheincreasedwillingnessofdownstreamownerstoinstallduetothedeclineincomponentprices,wemaintainourforecastof170GWofnewphotovoltaicinstallationsin2023.Thepriceofsiliconmaterialshasbeenrisingforthreeconsecutivemonths,andtheinflectionpointforpricereductionisabouttoemerge.AccordingtothepricespublishedbyPVInfolinkasofSeptember27,duetotheupcomingNationalDayholidayandtheincreasedsigningoforders,themainstreampriceofdenseblockshasrisentoaround87yuanperkilogram,withamonth-on-monthincreaseof2.4%.AsforN-typematerials,accordingtodatafromtheSiliconIndustryBranch,theaveragetransactionpriceofN-typematerialsremainedunchangedat93,300yuanpertoncomparedtothepreviousweek.Thisweek,thereisadifferentiationinsiliconmaterialquotations,withslightincreasesinquotationsfromleadingcompanies,whilesecondandthird-tiercompanieshavestableordownwardpriceintentions.Afterthepriceofsolarpanelsshowedaturningpointlastweek,theinvertedpricetrendbetweentheupstreamanddownstreamintensified,leadingtodownwardpricepressurebeingtransmittedtotheupstreamsiliconwafersegment.Weexpectthatdownstreamcompanies'acceptanceofthecontinuousriseinsiliconmaterialpriceswillweaken,andaftertheNationalDayholiday,thedownwardpricepressureonsolarpanelswillofficiallytransmittosiliconmaterials,atwhichpointthepriceofsiliconmaterialswillreachitspeakinnearlythreemonthsorstarttoreverse.Thedownwardpricepressureonsolarpanelshasbeentransmittedtotheupstream,andtwomajorsiliconwafercompanieshavesuccessivelyannouncedpricereductionsforfull-sizewafers.OnSeptember25,LongiGreenEnergyannounceditslatestwaferprices,withthepriceperpieceofmonocrystallineP-typeM10150μmthicknesswafersat3.10yuan,representingareductionof8.28%comparedtothepreviousquotation.OnSeptember26,TCLEnergySolutionsalsoannounceditslatestwaferprices.Amongthem,thepricesperpieceofP-type150μm218.2,210,and182waferswere4.41yuan,4.08yuan,and3.10yuan,respectively,withreductionsof6.17%,6.21%,and7.46%comparedtothepreviousquotation.ThepricesperpieceofN-type130μm210and182waferswere4.20yuanand3.20yuan,respectively,withreductionsof6.04%and7.78%comparedtothepreviousquotation.ThepricesperpieceofN-type110μm210and182waferswere4.03yuanand3.08yuan,respectively,withreductionsof6.06%and7.78%comparedtothepreviousquotation.Astheendofthemonthapproachesandwithanincreaseinsiliconwaferproductionandinventorybacklog,thepricesofsiliconwaferscontinuetodecline.Lookingaheadtothefourthquarter,thecontinuouslygrowingsupplycapacityofsiliconwaferswillcontinuetodrivepricesdown.Itisalsounderstoodthatsomemanufacturersareplanningtoreduceproduction,andthepricetrendaftertheholidaywillbeaffectedbytheextentoftheproductionreduction,theproductionstatusofbatteryfactories,andthepriceofsiliconmaterials,amongotherfactors.Thepricereductionofsolarpanelshasexpanded,andtherehavebeentwoconsecutiveweeksofsignificantdeclines.AccordingtothepricespublishedbyPVInfolinkasofSeptember27,thetransactionpricesofmainstream-sizedsolarpanelshaveexperiencedasubstantialdecrease.IntermsofP-typesolarpanels,thetransactionpricesforM10andG12sizeswereintherangeof0.63-0.65yuan/Wand0.7yuan/W,respectively.Comparedtothepreviousweek,thepriceoftheM10sizedecreasedby8-9%,whilethepriceoftheG12sizeshowedarelativelysmallerdecreaseduetostablesupply.AsforN-typesolarpanels,thepriceofTOPConM10sizesolarpanelsdroppedto0.68-0.7yuan/W,withadecreaseof4-5%.ThepricedifferencebetweenP-Ntypesolarpanelsisabout5-7cents/W.ThemanufacturersofHJTG12sizesolarpanelssellarelativelysmallquantity,resultinginarelativelystableprice.Currently,thedownwardtrendinthepricesofsiliconwafersandsolarpanelshasalleviatedthecostpressureonmodulemanufacturerstosomeextent,anditisexpectedthatthedownwardpricetrendwillcontinueinthecomingmonths.Summary:thePVindustryinChinaisexperiencingsignificantgrowthintermsofnewlyinstalledcapacity.ThepriceofsiliconmaterialshasbeenrisingbutisexpectedtoreachapeakandpotentiallystartreversingaftertheNationalDayholiday.Thedownwardpricepressureonsolarmoduleshasbeentransmittedtotheupstreamsegment,leadingtopricereductionsinsiliconwafers.Thepricesofsolarpanelshavealsobeendecliningfortwoconsecutiveweeks.Thesetrendsindicateacompetitiveandevolvingmarketwithcostpressuresonmanufacturers.However,thedecliningpricesofsiliconwafersandsolarpanelsmayhelpalleviatesomeofthecostpressuresandmakesolarenergymoreaccessibleandaffordable.InvestmentAdvice:Itissuggestedtofocusonphotovoltaiccell/modulecompaniesthatactivelyexpandtheiroverseasmarketbusiness,suchasAikoSolarandTrinaSolar.Risks:Lower-than-expectedindustrydemand,slower-than-expectedtechnologicaladvancements,intensifiedindustrycompetition,fluctuationsinrawmaterialprices,policyrisks,etc.28Sep20233[[附TTaa录bblleeA__PAdPPisEPcNElaDNimIDXIeXr]]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证券活动。IMPORTANTDISCLOSURESThisresearchreportisdistributedbyHaitongInternational,aglobalbrandnamefortheequityresearchteamsofHaitongInternationalResearchLimited(“HTIRL”),HaitongSecuritiesIndiaPrivateLimited(“HSIPL”),HaitongInternationalJapanK.K.(“HTIJKK”),HaitongInternationalSecuritiesCompanyLimited(“HTISCL”),andanyothermemberswithintheHaitongInternationalSecuritiesGroupofCompanies(“HTISG”),eachauthorizedtoengageinsecuritiesactivitiesinitsrespectivejurisdiction.HTIRL分析师认证AnalystCertification:我，杨斌，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3个工作日内交易此研究报告所讨论目标公司的证券。I,BinYang,certifythat(i)theviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchand(ii)nopartofmycompensationwas,isorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisresearchreport;andthatI(includingmembersofmyhousehold)havenofinancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussed.Iandmyhousehold,whomIhavealreadynotifiedofthis,willnotdealinortradeanysecuritiesinrespectoftheissuerthatIreviewwithin3businessdaysaftertheresearchreportispublished.利益冲突披露ConflictofInterestDisclosures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）HTIandsomeofitsaffiliatesmayengageininvestmentbankingand/orserveasamarketmakerorholdproprietarytradingpositionsofcertainstocksorcompaniesinthisresearchreport.Asfarasthisresearchreportisconcerned,thefollowingarethedisclosuremattersrelatedtosuchrelationship(Asthefollowingdisclosuredoesnotensuretimelinessandcompleteness,pleasesendanemailtoERD-Disclosure@htisec.comiftimelyandcomprehensiveinformationisneeded).大庆绿能科技有限公司目前或过去12个月内是海通的客户。海通向客户提供非投资银行业务的证券相关业务服务。大庆绿能科技有限公司is/wasaclientofHaitongcurrentlyorwithinthepast12months.Theclienthasbeenprovidedfornon-investment-bankingsecurities-relatedservices.688599.CH目前或过去12个月内是海通的客户。海通向客户提供非证券业务服务。688599.CHis/wasaclientofHaitongcurrentlyorwithinthepast12months.Theclienthasbeenprovidedfornon-securitiesservices.海通在过去的12个月中从688599.CH获得除投资银行服务以外之产品或服务的报酬。Haitonghasreceivedcompensationinthepast12monthsforproductsorservicesotherthaninvestmentbankingfrom688599.CH.评级定义（从2020年7月1日开始执行）：评级分布RatingDistribution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.RatingsDefinitions(from1Jul2020):HaitongInternationalusesarelativeratingsystemusingOutperform,Neutral,orUnderperformforrecommendingthestockswecovertoinvestors.InvestorsshouldcarefullyreadthedefinitionsofallratingsusedinHaitongInternationalResearch.Inaddition,sinceHaitongInternationalResearchcontainsmorecompleteinformationconcerningtheanalyst's4views,investorsshouldcarefullyreadHaitongInternationalResearch,initsentirety,andnotinferthecontentsfromtheratingalone.Inanycase,ratings(orresearch)shouldnotbeusedorrelieduponasinvestmentadvice.Aninvestor'sdecisiontobuyorsellastockshoulddependonindividualcircumstances(suchastheinvestor'sexistingholdings)andotherconsiderations.AnalystStockRatingsOutperform:Thestock’stotalreturnoverthenext12-18monthsisexpectedtoexceedthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.Neutral:Thestock’stotalreturnoverthenext12-18monthsisexpectedtobeinlinewiththereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.ForpurposesonlyofFINRA/NYSEratingsdistributionrules,ourNeutralratingfallsintoaholdratingcategory.Underperform:Thestock’stotalreturnoverthenext12-18monthsisexpectedtobebelowthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.Benchmarksforeachstock’slistedregionareasfollows:Japan–TOPIX,Korea–KOSPI,Taiwan–TAIEX,India–Nifty100,US–SP500;forallotherChina-conceptstocks–MSCIChina.截至2023年6月30日海通国际股票研究评级分布中性弱于大市优于大市(持有)海通国际股票研究覆盖率89.6%9.2%1.1%投资银行客户4.7%5.6%10.0%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.HaitongInternationalEquityResearchRatingsDistribution,asofJun30,2023OutperformNeutralUnderperform(hold)HTIEquityResearchCoverage89.6%9.2%1.1%IBclients4.7%5.6%10.0%Percentageofinvestmentbankingclientsineachratingcategory.BUY,Neutral,andSELLintheabovedistributioncorrespondtoourcurrentratingsofOutperform,Neutral,andUnderperform.ForpurposesonlyofFINRA/NYSEratingsdistributionrules,ourNeutralratingfallsintoaholdratingcategory.PleasenotethatstockswithanNRdesignationarenotincludedinthetableabove.Previousratingsystemdefinitions(until30Jun2020):BUY:Thestock’stotalreturnoverthenext12-18monthsisexpectedtoexceedthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.NEUTRAL:Thestock’stotalreturnoverthenext12-18monthsisexpectedtobeinlinewiththereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.ForpurposesonlyofFINRA/NYSEratingsdistributionrules,ourNeutralratingfallsintoaholdratingcategory.SELL:Thestock’stotalreturnoverthenext12-18monthsisexpectedtobebelowthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.Benchmarksforeachstock’slistedregionareasfollows:Japan–TOPIX,Korea–KOSPI,Taiwan–TAIEX,India–Nifty100;forallotherChina-conceptstocks–MSCIChina.海通国际非评级研究：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。HaitongInternationalNon-RatedResearch:HaitongInternationalpublishesquantitative,screeningorshortreportswhichmayrankstocksaccordingtovaluationandothermetricsormaysuggestpricesbasedonpossiblevaluationmultiples.Suchrankingsorsuggestedpricesdonotpurporttobestockratingsortargetpricesorfundamentalvaluesandareforinformationonly.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。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。5HaitongInternationalCoverageofA-Shares:HaitongInternationalmaycoverandrateA-SharesthataresubjecttotheHongKongStockConnectschemewithShanghaiandShenzhen.HaitongSecurities(HS;600837CH),theultimateparentcompanyofHTISGbasedinShanghai,coversandpublishesresearchonthesesameA-SharesfordistributioninmainlandChina.However,theratingsystememployedbyHSdiffersfromthatusedbyHTIandasaresulttheremaybeadifferenceintheHTIandHSratingsforthesameA-sharestocks.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。HaitongInternationalQuality100A-share(Q100)Index:HTI’sQ100Indexisaquantproductthatconsistsof100ofthehighest-qualityA-sharesundercoverageatHSinShanghai.Thesestocksarecarefullyselectedthroughaquality-basedscreeningprocessincombinationwithareviewoftheHSA-shareteam’sbottom-upresearch.TheQ100constituentcompaniesarereviewedquarterly.MSCIESG评级免责声明条款：尽管海通国际的信息供货商（包括但不限于MSCIESGResearchLLC及其联属公司（「ESG方」）从其认为可靠的来源获取信息（「信息」）,ESG方均不担保或保证此处任何数据的原创性，准确性和/或完整性，并明确表示不作出任何明示或默示的担保，包括可商售性和针对特定目的的适用性。该信息只能供阁下内部使用，不得以任何形式复制或重新传播，并不得用作任何金融工具、产品或指数的基础或组成部分。此外，信息本质上不能用于判断购买或出售何种证券,或何时购买或出售该证券。即使已被告知可能造成的损害,ESG方均不承担与此处任何资料有关的任何错误或遗漏所引起的任何责任，也不对任何直接、间接、特殊、惩罚性、附带性或任何其他损害赔偿（包括利润损失）承担任何责任。MSCIESGDisclaimer:AlthoughHaitongInternational’sinformationproviders,includingwithoutlimitation,MSCIESGResearchLLCanditsaffiliates(the“ESGParties”),obtaininformation(the“Information”)fromsourcestheyconsiderreliable,noneoftheESGPartieswarrantsorguaranteestheoriginality,accuracyand/orcompleteness,ofanydatahereinandexpresslydisclaimallexpressorimpliedwarranties,includingthoseofmerchantabilityandfitnessforaparticularpurpose.TheInformationmayonlybeusedforyourinternaluse,maynotbereproducedorredisseminatedinanyformandmaynotbeusedasabasisfor,oracomponentof,anyfinancialinstrumentsorproductsorindices.Further,noneoftheInformationcaninandofitselfbeusedtodeterminewhichsecuritiestobuyorsellorwhentobuyorsellthem.NoneoftheESGPartiesshallhaveanyliabilityforanyerrorsoromissionsinconnectionwithanydataherein,oranyliabilityforanydirect,indirect,special,punitive,consequentialoranyotherdamages(includinglostprofits)evenifnotifiedofthepossibilityofsuchdamages.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。SusallWaveFIN-ESGDataServiceDisclaimer:PleasereadthesetermsandconditionsbelowcarefullyandconfirmyouragreementandacceptancewiththesetermsbeforeusingSusallWaveFIN-ESGDataService.1.FIN-ESGDataisproducedbySusallWaveDigitalTechnologyCo.,Ltd.(Inshort,SusallWave)’sassessmentbasedonlegalpubliclyaccessibleinformation.SusallWaveshallnotberesponsibleforanyaccuracyandcompletenessoftheinformation.Theassessmentresultisforreferenceonly.Itisnotforanyinvestmentadviceforanyindividualorinstitutionandnotforbasisofpurchasing,sellingorholdinganyrelativefinancialproducts.WewillnotbeliableforanydirectorindirectlossofanyindividualorinstitutionasaresultofusingSusallWaveFIN-ESGData.2.SusallWavedonotconsiderrecipientsascustomersforreceivingthesedata.Whenusingthedata,recipientsshallmakeyourownindependentjudgmentaccordingtoyourpracticalindividualstatus.Thecontentsofthedatareflectthejudgmentofusonlyonthereleaseday.Wehaverighttoupdateandamendthedataandreleaseotherdatathatcontainsinconsistentcontentsordifferentconclusionswithoutnotification.Unlessexpresslystated,thedata(e.g.,financialperformancedata)representspastperformanceonlyandthepastperformancecannotbeviewedasthepredictionoffuturereturn.3.ThecopyrightofthisdatabelongstoSusallWave,andwereserveallrightsinaccordancewiththelaw.Withoutthepriorwrittenpermissionofourcompany,noneofindividualorinstitutioncanusethesedataforanyprofitablepurpose.Besides,noneofindividualorinstitutioncantakeactionssuchasamendment,replication,translation,compilation,re-editing,adaption,deletion,abbreviation,excerpts,issuance,rent,exhibition,performance,projection,broadcast,informationnetworktransmission,shooting,addingiconsandinstructions.IfanylossofSusallWaveoranythird-partyiscausedbythoseactions,usersshallbearthecorrespondingcompensationliability.SusallWaveshallnotberesponsibleforanyloss.4.Ifanytermisnotcontainedinthisdisclaimerbutwritteninotheragreementsonourwebsite(e.g.UserRegistrationProtocolofSusallWaveWebsite,UserService(includingauthentication)AgreementofSusallWaveWebsite,PrivacyPolicyofSusallwaveWebsite),itshouldbeexecutedaccordingtootheragreements.Ifthereisanydifferencebetweenthisdisclaimandotheragreements,thisdisclaimershallbeapplied.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。6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HaitongSecuritiesIndiaPrivateLimited（“HTSIPL”）所发行，包括制作及发布涵盖BSELimited（“BSE”）和NationalStockExchangeofIndiaLimited（“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。IMPORTANTDISCLAIMERForresearchreportsonnon-Indiansecurities:TheresearchreportisissuedbyHaitongInternationalResearchLimited(“HTIRL”),awhollyownedsubsidiaryofHaitongInternationalSecuritiesGroupLimited(“HTISGL”)andalicensedcorporationtocarryonType4regulatedactivity(advisingonsecurities)forthepurposeoftheSecuritiesandFuturesOrdinance(Cap.571)ofHongKong,withtheassistanceofHaitongInternational(Japan)K.K.(“HTIJKK”),awhollyownedsubsidiaryofHTISGLandwhichisregulatedasanInvestmentAdviserbytheKantoFinanceBureauofJapan.ForresearchreportsonIndiansecurities:TheresearchreportisissuedbyHaitongSecuritiesIndiaPrivateLimited(“HSIPL”),anIndiancompanyandaSecuritiesandExchangeBoardofIndia(“SEBI”)registeredStockBroker,MerchantBankerandResearchAnalystthat,interalia,producesanddistributesresearchreportscoveringlistedentitiesontheBSELimited(“BSE”)andtheNationalStockExchangeofIndiaLimited(“NSE”)(collectivelyreferredtoas“IndianExchanges”).HSIPLwasacquiredandbecamepartoftheHaitongInternationalSecuritiesGroupofCompanies(“HTISG”)on22December2016.AlltheresearchreportsaregloballybrandedunderthenameHaitongInternationalandapprovedfordistributionbyHaitongInternationalSecuritiesCompanyLimited(“HTISCL”)and/oranyothermemberswithinHTISGintheirrespectivejurisdictions.Theinformationandopinionscontainedinthisresearchreporthavebeencompiledorarrivedatfromsourcesbelievedtobereliableandingoodfaithbutnorepresentationorwarranty,expressorimplied,ismadebyHTIRL,HTISCL,HSIPL,HTIJKKoranyothermemberswithinHTISGfromwhichthisresearchreportmaybereceived,astotheiraccuracy,completenessorcorrectness.Allopinionsexpressedhereinareasofthedateofthisresearchreportandaresubjecttochangewithoutnotice.Thisresearchreportisforinformationpurposeonly.Descriptionsofanycompaniesortheirsecuritiesmentionedhereinarenotintendedtobecompleteandthisresearchreportisnot,andshouldnotbeconstruedexpresslyorimpliedlyas,anoffertobuyorsellsecurities.Thesecuritiesreferredtointhisresearchreportmaynotbeeligibleforpurchaseorsaleinsomejurisdictions.Ifaninvestmentproductisdenominatedinacurrencyotherthananinvestor'shomecurrency,achangeinexchangeratesmayadverselyaffecttheinvestment.Pastperformanceisnotnecessarilyindicativeoffutureresults.Certaintransactions,includingthoseinvolvingderivatives,giverisetosubstantialriskandarenotsuitableforallinvestors.Youshouldalsobearinmindthatrecommendationsinthisresearchreportarenottailor-madeforyou.Theanalysthasnottakenintoaccountyouruniquefinancialcircumstances,suchasyourfinancialsituationandriskappetite.Youmust,therefore,analyzeandshould,whereapplicable,consultyourownlegal,tax,accounting,financialandotherprofessionaladviserstoevaluatewhethertherecommendationssuitsyoubeforeinvestment.NeitherHTISGnoranyofitsdirectors,employeesoragentsacceptsanyliabilitywhatsoeverforanydirectorconsequentiallossarisingfromanyuseofthematerialscontainedinthisresearchreport.HTISGandouraffiliates,officers,directors,andemployees,excludingtheanalystsresponsibleforthecontentofthisdocument,willfromtimetotimehavelongorshortpositionsin,actasprincipalin,andbuyorsell,thesecuritiesorderivatives,ifany,referredtointhisresearchreport.Sales,traders,andotherprofessionalsofHTISGmayprovideoralorwrittenmarketcommentaryortradingstrategiestotherelevantclientsandthecompanieswithinHTISGthatreflectopinionsthatarecontrarytotheopinionsexpressedinthisresearchreport.HTISGmaymakeinvestmentdecisionsthatareinconsistentwiththerecommendationsorviewsexpressedinthisresearchreport.HTIisundernoobligationtoensurethatsuchothertradingdecisions,ideasorrecommendationsarebroughttotheattentionofanyrecipientofthisresearchreport.PleaserefertoHTI’swebsitewww.equities.htisec.comforfurtherinformationonHTI’sorganizationalandadministrativearrangementssetupforthepreventionandavoidanceofconflictsofinterestwithrespecttoResearch.NonU.S.AnalystDisclosure:TheHTIanalyst(s)listedonthecoverofthisResearchis(are)notregisteredorqualifiedasaresearchanalystwithFINRAandarenotsubjecttoU.S.FINRARule2241restrictionsoncommunicationswithcompaniesthatarethesubjectoftheResearch;publicappearances;andtradingsecuritiesbyaresearchanalyst.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HTIJKK编写。HTIRL，HSIPL，HTIJKK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」（“MajorU.S.InstitutionalInvestor”）和「机构投7资者」（”U.S.InstitutionalInvestors”）。在向美国机构投资者分发研究报告时，HaitongInternationalSecurities(USA)Inc.（“HTIUSA”）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HTIUSA。HTIUSA位于340MadisonAvenue,12thFloor,NewYork,NY10173，电话（212）351-6050。HTIUSA是在美国于U.S.SecuritiesandExchangeCommission（“SEC”）注册的经纪商，也是FinancialIndustryRegulatoryAuthority,Inc.（“FINRA”）的成员。HTIUSA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HTIJKK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HTIJKK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：HaitongInternationalSecurities(USA)Inc.340MadisonAvenue,12thFloorNewYork,NY10173联系人电话：(212)3516050DISTRIBUTIONANDREGIONALNOTICESExceptasotherwiseindicatedbelow,anyRecipientwishingtodiscussthisresearchreportoreffectanytransactioninanysecuritydiscussedinHTI’sresearchshouldcontacttheHaitongInternationalsalespersonintheirowncountryorregion.NoticetoHongKonginvestors:TheresearchreportisdistributedbyHaitongInternationalSecuritiesCompanyLimited(“HTISCL”),whichisalicensedcorporationtocarryonType1regulatedactivity(dealinginsecurities)inHongKong.ThisresearchreportdoesnotconstituteasolicitationoranofferofsecuritiesoraninvitationtothepublicwithinthemeaningoftheSFO.Thisresearchreportisonlytobecirculatedto"ProfessionalInvestors"asdefinedintheSFO.ThisresearchreporthasnotbeenreviewedbytheSecuritiesandFuturesCommission.Youshouldnotmakeinvestmentdecisionssolelyonthebasisoftheinformationcontainedinthisresearchreport.RecipientsofthisresearchreportaretocontactHTISCLsalespersonsinrespectofanymattersarisingfrom,orinconnectionwith,theresearchreport.NoticetoU.S.investors:Asdescribedabove,thisresearchreportwaspreparedbyHTIRL,HSIPLorHTIJKK.NeitherHTIRL,HSIPL,HTIJKK,noranyofthenonU.S.HTISGaffiliatesisregisteredintheUnitedStatesand,therefore,isnotsubjecttoU.S.rulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalysts.Thisresearchreportisprovidedfordistributionto“majorU.S.institutionalinvestors”and“U.S.institutionalinvestors”inrelianceontheexemptionfromregistrationprovidedbyRule15a-6oftheU.S.SecuritiesExchangeActof1934,asamended.Whendistributingresearchreportsto“U.S.institutionalinvestors,”HTIUSAwillaccepttheresponsibilitiesforthecontentofthereports.AnyU.S.recipientofthisresearchreportwishingtoeffectanytransactiontobuyorsellsecuritiesorrelatedfinancialinstrumentsbasedontheinformationprovidedinthisresearchreportshoulddosoonlythroughHaitongInternationalSecurities(USA)Inc.(“HTIUSA”),locatedat340MadisonAvenue,12thFloor,NewYork,NY10173,USA;telephone(212)3516050.HTIUSAisabroker-dealerregisteredintheU.S.withtheU.S.SecuritiesandExchangeCommission(the“SEC”)andamemberoftheFinancialIndustryRegulatoryAuthority,Inc.(“FINRA”).HTIUSAisnotresponsibleforthepreparationofthisresearchreportnorfortheanalysiscontainedtherein.UndernocircumstancesshouldanyU.S.recipientofthisresearchreportcontacttheanalystdirectlyoreffectanytransactiontobuyorsellsecuritiesorrelatedfinancialinstrumentsdirectlythroughHSIPL,HTIRLorHTIJKK.TheHSIPL,HTIRLorHTIJKKanalyst(s)whosenameappearsinthisresearchreportisnotregisteredorqualifiedasaresearchanalystwithFINRAand,therefore,maynotbesubjecttoFINRARule2241restrictionsoncommunicationswithasubjectcompany,publicappearancesandtradingsecuritiesheldbyaresearchanalystaccount.Investinginanynon-U.S.securitiesorrelatedfinancialinstruments(includingADRs)discussedinthisresearchreportmaypresentcertainrisks.Thesecuritiesofnon-U.S.issuersmaynotberegisteredwith,orbesubjecttoU.S.regulations.Informationonsuchnon-U.S.securitiesorrelatedfinancialinstrumentsmaybelimited.ForeigncompaniesmaynotbesubjecttoauditandreportingstandardsandregulatoryrequirementscomparabletothoseineffectwithintheU.S.ThevalueofanyinvestmentorincomefromanysecuritiesorrelatedfinancialinstrumentsdiscussedinthisresearchreportdenominatedinacurrencyotherthanU.S.dollarsissubjecttoexchangeratefluctuationsthatmayhaveapositiveoradverseeffectonthevalueoforincomefromsuchsecuritiesorrelatedfinancialinstruments.AllinquiriesbyU.S.recipientsshouldbedirectedto:HaitongInternationalSecurities(USA)Inc.340MadisonAvenue,12thFloorNewYork,NY10173Attn:SalesDeskat(212)3516050中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HaitongInternationalSecurities(USA)Inc.（“HTIUSA”）予以实施，该公司是一家根据NationalInstrument31-103RegistrationRequirements,ExemptionsandOngoingRegistrantObligations（“NI31-103”）的规定得到「国际交易商豁免」（“InternationalDealerExemption”）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：本研究报告由HaitongInternationalSecurities(Singapore)PteLtd（“HTISSPL”）[公司注册编号201311400G]于新加坡提供。HTISSPL是符合《财务顾问法》（第110章）（“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》（第289章）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：8HaitongInternationalSecurities(Singapore)Pte.Ltd50RafflesPlace,#33-03SingaporeLandTower,Singapore048623电话:(65)65361920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HaitongInternationalSecuritiesCompanyLimited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。HaitongInternationalSecuritiesCompanyLimited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：HaitongInternationalSecurities(Singapore)PteLtd,HaitongInternationalSecuritiesCompanyLimited和HaitongInternationalSecurities(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SecuritiesandExchangeBoardofIndia（“SEBI”）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,ElphinstoneRoad,Mumbai400013,IndiaCINU74140MH2011FTC224070电话:+912243156800传真:+912224216327合规和申诉办公室联系人：PrasannaChandwaskar；电话:+912243156803;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’sRepublicofChina(PRC):InthePRC,theresearchreportisdirectedforthesoleuseofthosewhoreceivetheresearchreportinaccordancewiththeapplicablePRClawsandregulations.Further,theinformationontheresearchreportdoesnotconstitute"productionandbusinessactivitiesinthePRC"underrelevantPRClaws.Thisresearchreportdoesnotconstituteapublicofferofthesecurity,whetherbysaleorsubscription,inthePRC.Further,nolegalornaturalpersonsofthePRCmaydirectlyorindirectlypurchaseanyofthesecurityoranybeneficialinterestthereinwithoutobtainingallpriorPRCgovernmentapprovalsorlicensesthatarerequired,whetherstatutorilyorotherwise.Personswhocomeintopossessionofthisresearcharerequiredtoobservetheserestrictions.NoticetoCanadianInvestors:UndernocircumstancesisthisresearchreporttobeconstruedasanoffertosellsecuritiesorasasolicitationofanoffertobuysecuritiesinanyjurisdictionofCanada.AnyofferorsaleofthesecuritiesdescribedhereininCanadawillbemadeonlyunderanexemptionfromtherequirementstofileaprospectuswiththerelevantCanadiansecuritiesregulatorsandonlybyHaitongInternationalSecurities(USA)Inc.,adealerrelyingonthe“internationaldealerexemption”underNationalInstrument31-103RegistrationRequirements,ExemptionsandOngoingRegistrantObligations(“NI31-103”)inAlberta,BritishColumbia,OntarioandQuebec.Thisresearchreportisnot,andundernocircumstancesshouldbeconstruedas,aprospectus,anofferingmemorandum,anadvertisementorapublicofferingofanysecuritiesinCanada.NosecuritiescommissionorsimilarregulatoryauthorityinCanadahasreviewedorinanywaypasseduponthisresearchreport,theinformationcontainedhereinorthemeritsofthesecuritiesdescribedhereinandanyrepresentationtothecontraryisanoffence.Uponreceiptofthisresearchreport,eachCanadianrecipientwillbedeemedtohaverepresentedthattheinvestorisan“accreditedinvestor”assuchtermisdefinedinsection1.1ofNationalInstrument45-106ProspectusExemptionsor,inOntario,insection73.3(1)oftheSecuritiesAct(Ontario),asapplicable,anda“permittedclient”assuchtermisdefinedinsection1.1ofNI31-103,respectively.NoticetoSingaporeinvestors:ThisresearchreportisprovidedinSingaporebyorthroughHaitongInternationalSecurities(Singapore)PteLtd(“HTISSPL”)[CoRegNo201311400G.HTISSPLisanExemptFinancialAdviserundertheFinancialAdvisersAct(Cap.110)(“FAA”)to(a)adviseonsecurities,unitsinacollectiveinvestmentscheme,exchange-tradedderivativescontractsandover-the-counterderivativescontractsand(b)issueorpromulgateresearchanalysesorresearchreportsonsecurities,exchange-tradedderivativescontractsandover-the-counterderivativescontracts.Thisresearchreportisonlyprovidedtoinstitutionalinvestors,withinthemeaningofSection4AoftheSecuritiesandFuturesAct(Cap.289).RecipientsofthisresearchreportaretocontactHTISSPLviathedetailsbelowinrespectofanymattersarisingfrom,orinconnectionwith,theresearchreport:HaitongInternationalSecurities(Singapore)Pte.Ltd.10CollyerQuay,#19-01-#19-05OceanFinancialCentre,Singapore049315Telephone:(65)65361920NoticetoJapaneseinvestors:ThisresearchreportisdistributedbyHaitongInternationalSecuritiesCompanyLimitedandintendedtobedistributedtoFinancialServicesProvidersorRegisteredFinancialInstitutionsengagedininvestmentmanagement(asdefinedintheJapanFinancialInstrumentsandExchangeAct("FIEL")Art.61(1),OrderforEnforcementofFIELArt.17-11(1),andrelatedarticles).9NoticetoUKandEuropeanUnioninvestors:ThisresearchreportisdistributedbyHaitongInternationalSecuritiesCompanyLimited.Thisresearchisdirectedatpersonshavingprofessionalexperienceinmattersrelatingtoinvestments.Anyinvestmentorinvestmentactivitytowhichthisresearchrelatesisavailableonlytosuchpersonsorwillbeengagedinonlywithsuchpersons.Personswhodonothaveprofessionalexperienceinmattersrelatingtoinvestmentsshouldnotrelyonthisresearch.HaitongInternationalSecuritiesCompanyLimited’saffiliatesmayhaveanetlongorshortfinancialinterestinexcessof0.5%ofthetotalissuedsharecapitaloftheentitiesmentionedinthisresearchreport.PleasebeawarethatanyreportinEnglishmayhavebeenpublishedpreviouslyinChineseoranotherlanguage.NoticetoAustralianinvestors:TheresearchreportisdistributedinAustraliabyHaitongInternationalSecurities(Singapore)PteLtd,HaitongInternationalSecuritiesCompanyLimited,andHaitongInternationalSecurities(UK)LimitedinrelianceonASICCorporations(RepealandTransitional)Instrument2016/396,whichexemptsthoseHTISGentitiesfromtherequirementtoholdanAustralianfinancialserviceslicenseundertheCorporationsAct2001inrespectofthefinancialservicesitprovidestowholesaleclientsinAustralia.AcopyoftheASICClassOrdersmaybeobtainedatthefollowingwebsite,www.legislation.gov.au.FinancialservicesprovidedbyHaitongInternationalSecurities(Singapore)PteLtd,HaitongInternationalSecuritiesCompanyLimited,andHaitongInternationalSecurities(UK)Limitedareregulatedunderforeignlawsandregulatoryrequirements,whicharedifferentfromthelawsapplyinginAustralia.NoticetoIndianinvestors:TheresearchreportisdistributedbyHaitongSecuritiesIndiaPrivateLimited(“HSIPL”),anIndiancompanyandaSecuritiesandExchangeBoardofIndia(“SEBI”)registeredStockBroker,MerchantBankerandResearchAnalystthat,interalia,producesanddistributesresearchreportscoveringlistedentitiesontheBSELimited(“BSE”)andtheNationalStockExchangeofIndiaLimited(“NSE”)(collectivelyreferredtoas“IndianExchanges”).Nameoftheentity:HaitongSecuritiesIndiaPrivateLimitedSEBIResearchAnalystRegistrationNumber:INH000002590Address:1203A,Floor12A,Tower2A,OneWorldCenter841SenapatiBapatMarg,ElphinstoneRoad,Mumbai400013,IndiaCINU74140MH2011FTC224070Ph:+912243156800Fax:+912224216327DetailsoftheComplianceOfficerandGrievanceOfficer:PrasannaChandwaskar:Ph:+912243156803;Emailid:prasanna.chandwaskar@htisec.com“PleasenotethatRegistrationgrantedbySEBIandCertificationfromNISMinnowayguaranteeperformanceoftheintermediaryorprovideanyassuranceofreturnstoinvestors”.ThisresearchreportisintendedfortherecipientsonlyandmaynotbereproducedorredistributedwithoutthewrittenconsentofanauthorizedsignatoryofHTISG.Copyright:HaitongInternationalSecuritiesGroupLimited2019.Allrightsreserved.http://equities.htisec.com/x/legal.html10
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