可转债投资手册之五（23年12月）：可转债产业链梳理

固定收益研究可转债专题报告2023年2023年12月27

证券研究报告——可转债投资手册之五（23年12—投资要点：截至2023年12月20日，存量转债和可交债共有近554只，我们对其进行了分17个产业链，包括新基建、传统基建、风电光伏、TMT&公用、军工、交运、农林牧渔、消费、轻工制造、金融产业链。用风险请务必阅读正文之后的信息披露和法律声明表目录表1.新基建相关转债基本情况 4表2.传统基建相关转债基本情况 5表3.风电光伏相关转债基本情况 5表4.TMT相关转债基本情况（上） 6表5.TMT相关转债基本情况（下） 7表6.半导体相关转债基本情况 8表7.汽车相关转债基本情况（上） 8表8.汽车相关转债基本情况（下） 9表9.新能源汽车相关转债基本情况 10表10.医药生物相关转债基本情况（上） 10表医药生物相关转债基本情况（下） 表12.采掘与初加工相关转债基本情况 12表13.化工材料与产品相关转债基本情况 13表14.机械设备相关转债基本情况 14表15.环保&公用事业相关转债基本情况 15表16.军工相关转债基本情况 16表17.交通运输相关转债基本情况 17表18.农林牧渔相关转债基本情况 17表19.消费相关转债基本情况 18表20.轻工制造相关转债基本情况 18表21.金融相关转债基本情况 191.可转债产业链梳理2023122055417TMT医药生物、采掘与初加工、化工材料与产品、机械设备、环保&公用、军工、交运、农林牧渔、消费、轻工制造、金融产业链。图1新基建产业链资料来源：，HTI，截至12月20日表1.新基建相关转债基本情况详情请联系研究员资料来源：，HTI，截至12月22日图2传统基建产业链资料来源：，HTI，截至12月20日表2.传统基建相关转债基本情况详情请联系研究员资料来源：，HTI，截至12月22日图3风电光伏产业链资料来源：，HTI，截至12月20日表3.风电光伏相关转债基本情况详情请联系研究员资料来源：，HTI，截至12月22日图4TMT产业链（上）资料来源：，HTI，截至12月20日表4.TMT相关转债基本情况（上）详情请联系研究员资料来源：，HTI，截至12月22日图5TMT产业链（下）资料来源：，HTI，截至12月20日表5.TMT相关转债基本情况（下）转债简称转债代码正股名称价格（元）转股溢价率（）转债余额（亿元）环旭转债113045.SH环旭电子111.2246.2934.50超声转债127026.SZ超声电子110.9050.757.00立讯转债128136.SZ立讯精密108.1091.5029.99洁美转债128137.SZ洁美科技124.7042.165.99大族转债128035.SZ大族激光104.50170.1022.99艾华转债113504.SH艾华集团109.584.214.63火炬转债113582.SH火炬电子129.2521.504.17长信转债123022.SZ长信科技138.0027.622.56春秋转债113577.SH春秋电子132.7032.951.78闻泰转债110081.SH闻泰科技103.23141.4985.98联得转债123038.SZ联得装备155.6018.621.47英力转债123153.SZ英力股份120.0031.933.40联创转债128101.SZ联创电子124.2476.612.99聚飞转债123050.SZ聚飞光电133.1816.893.75胜蓝转债123143.SZ胜蓝股份121.2729.873.30瀛通转债128118.SZ瀛通通讯114.1265.413.00利德转债123035.SZ利亚德113.9438.547.99新北转债128083.SZ新北洋126.069.108.77科达转债113569.SH苏州科达110.1990.005.14淳中转债113594.SH淳中科技130.5011.313.00冠宇转债118024.SH珠海冠宇119.0035.0930.89海能转债123193.SZ海能实业109.3049.076.00福蓉转债113672.SH福蓉科技139.1634.026.40福立转债118043.SH福立旺117.0548.177.00晨丰转债113628.SH晨丰科技124.868.224.15崧盛转债123159.SZ崧盛股份114.2039.122.94春23转债113667.SH春秋电子127.0023.065.70豪鹏转债127101.SZ豪鹏科技--11.00资料来源：，HTI，截至12月22日图6半导体产业链资料来源：，HTI，截至12月20日表6.半导体相关转债基本情况详情请联系研究员资料来源：，HTI，截至12月22日图7汽车产业链（上）资料来源：，HTI，截至12月20日表7.汽车相关转债基本情况（上）详情请联系研究员资料来源：，HTI，截至12月22日图8汽车产业链（下）资料来源：，HTI，截至12月20日表8.汽车相关转债基本情况（下）详情请联系研究员资料来源：，HTI，截至12月22日图9新能源汽车产业链资料来源：，HTI，截至12月20日表9.新能源汽车相关转债基本情况转债简称转债代码正股名称价格（元）转股溢价率（）转债余额（亿元）华友转债113641.SH华友钴业101.11166.5775.99正海转债123169.SZ正海磁材114.0030.1914.00银轮转债127037.SZ银轮股份172.294.706.99拓普转债113061.SH拓普集团128.0123.6225.00大族转债128035.SZ大族激光104.50170.1022.99恩捷转债128095.SZ恩捷股份125.0055.744.53川恒转债127043.SZ川恒股份117.1031.5910.44天奈转债118005.SH天奈科技101.32294.598.30锂科转债118022.SH长远锂科97.36114.7632.50精达转债110074.SH精达股份129.0415.755.09金田转债113046.SH金田股份105.1468.8315.00国泰转债127040.SZ江苏国泰112.0924.5139.87斯莱转债123067.SZ斯莱克130.0032.882.39嘉元转债118000.SH嘉元科技106.41179.059.78海亮转债128081.SZ海亮股份118.604.7627.02万顺转债123012.SZ万顺新材165.5668.111.22万顺转2123085.SZ万顺新材114.0530.495.70鼎胜转债113534.SH鼎胜新材156.950.123.69晶瑞转债123031.SZ晶瑞电材379.3046.660.53晶瑞转2123124.SZ晶瑞电材109.00100.455.23科利转债127066.SZ科达利104.0296.6115.34宙邦转债123158.SZ新宙邦130.1515.2019.69天赐转债127073.SZ天赐材料112.5345.0834.10芳源转债118020.SH芳源股份102.11164.206.42道氏转02123190.SZ道氏技术100.6847.2026.00国力转债118035.SH国力股份120.4758.324.80宏发转债110082.SH宏发股份106.57113.7320.00金铜转债113068.SH金田股份117.7520.9814.50翔丰转债123225.SZ翔丰华119.2018.578.00震裕转债123228.SZ震裕科技111.9531.6711.95资料来源：，HTI，截至12月22日图10医药生物产业链（上）资料来源：，HTI，截至12月20日表10.医药生物相关转债基本情况（上）详情请联系研究员资料来源：，HTI，截至12月22日图11医药生物产业链（下）资料来源：，HTI，截至12月20日表11.医药生物相关转债基本情况（下）资料来源：，HTI，截至12月22日图12采掘与初加工产业链资料来源：，HTI，截至12月20日表12.采掘与初加工相关转债基本情况转债简称转债代码正股名称价格（元）转股溢价率（）转债余额（亿元）能化转债127027.SZ甘肃能化116.0217.5419.46金能转债113545.SH金能科技111.6336.259.86美锦转债127061.SZ美锦能源98.4091.0435.90淮22转债110088.SH淮北矿业126.496.1230.00凌钢转债110070.SH凌钢股份116.7539.342.17本钢转债127018.SZ本钢板材118.5823.5956.31中特转债127056.SZ中信特钢102.5080.9750.00广大转债118023.SH广大特材99.5688.4715.50友发转债113058.SH友发集团113.8223.3920.00甬金转债113636.SH甬金股份112.4160.5110.00华友转债113641.SH华友钴业101.11166.5775.99华钰转债113027.SH华钰矿业137.7712.762.38国城转债127019.SZ国城矿业97.75104.378.49中金转债127020.SZ中金岭南116.3221.5230.23海亮转债128081.SZ海亮股份118.604.7627.02鼎胜转债113534.SH鼎胜新材156.950.123.69华锋转债128082.SZ华锋股份145.905.141.96翔鹭转债128072.SZ翔鹭钨业112.33102.463.02楚江转债128109.SZ楚江新材113.5228.3318.23金田转债113046.SH金田股份105.1468.8315.00豪美转债127053.SZ豪美新材136.505.554.82新星转债113600.SH深圳新星118.3128.874.53顺博转债127068.SZ顺博合金101.9353.288.30金诚转债113615.SH金诚信318.794.667.64大中转债127070.SZ大中矿业115.8027.0615.19平煤转债113066.SH平煤股份130.25-0.1627.18恒邦转债127086.SZ恒邦股份118.8129.5531.60武进转债113671.SH武进不锈120.0038.283.10众和转债110094.SH新疆众和113.4130.9813.75金铜转债113068.SH金田股份117.7520.9814.50丽岛转债113680.SH丽岛新材171.1785.733.00博23转债113069.SH博威合金--17.00资料来源：，HTI，截至12月22日图13化工材料与产品产业链资料来源：，HTI，截至12月20日表13.化工材料与产品相关转债基本情况转债简称转债代码正股名称价格（元）转股溢价率（）转债余额（亿元）19蓝星EB132020.SH安迪苏108.6850.3435.06瑞丰转债123126.SZ瑞丰高材110.59106.803.40正丹转债123106.SZ正丹股份113.5853.943.20道恩转债128117.SZ道恩股份112.20150.523.58川恒转债127043.SZ川恒股份117.1031.5910.44聚合转债111003.SH聚合顺116.7975.442.04裕兴转债123144.SZ裕兴股份107.6857.656.00齐翔转2128128.SZ齐翔腾达115.9224.236.79恒逸转债127022.SZ恒逸石化99.6563.8520.00恒逸转2127067.SZ恒逸石化101.2858.9630.00凤21转债113623.SH新凤鸣113.5639.4825.00天业转债110087.SH新疆天业100.9761.9430.00天奈转债118005.SH天奈科技101.32294.598.30鸿达转债128085.SZST鸿达67.63184.343.37博汇转债123156.SZ博汇股份118.3927.063.97瑞科转债118018.SH瑞华泰114.6859.314.30兴发转债110089.SH兴发集团104.2979.3028.00百川转2127075.SZ百川股份103.0252.389.78永和转债111007.SH永和股份124.9422.028.00蒙泰转债123166.SZ蒙泰高新116.9624.293.00东材转债113064.SH东材科技123.8227.5414.00惠云转债123168.SZ惠云钛业113.3129.534.90新化转债113663.SH新化股份122.0522.626.50会通转债118028.SH会通股份125.569.258.30优彩转债127078.SZ优彩资源122.4512.176.00富淼转债118029.SH富淼科技109.5537.354.50福新转债111012.SH福莱新材130.216.993.12三房转债110092.SH三房巷101.5628.3325.00飞鹿转债123052.SZ飞鹿股份143.3820.301.50国光转债128123.SZ国光股份115.0539.053.20飞凯转债123078.SZ飞凯材料131.0031.006.18彤程转债113621.SH彤程新材135.6035.905.37利民转债128144.SZ利民股份107.8449.479.79震安转债123103.SZ震安科技110.70212.632.49洋丰转债127031.SZ新洋丰110.6077.1610.00锦鸡转债123129.SZ锦鸡股份133.8114.761.94双箭转债127054.SZ双箭股份121.1023.565.14贵轮转债127063.SZ贵州轮胎135.522.4515.51丰山转债113649.SH丰山集团116.6022.214.99三力转债128039.SZ三力士111.2325.492.02恩捷转债128095.SZ恩捷股份125.0055.744.53苏利转债113640.SH苏利股份105.4043.439.57阿拉转债118006.SH阿拉丁113.3572.773.87洁特转债118010.SH洁特生物100.95191.054.40永22转债113653.SH永冠新材107.4167.107.70再22转债113657.SH再升科技107.9553.115.10回天转债123165.SZ回天新材107.0371.018.50横河转债123013.SZ横河精密411.90207.370.38建龙转债118032.SH建龙微纳105.1986.957.00神马转债110093.SH神马股份113.6524.6830.00华特转债118033.SH华特气体119.0954.496.46鹿山转债113668.SH鹿山新材103.6587.675.24蓝晓转02123195.SZ蓝晓科技120.7042.695.46赫达转债127088.SZ山东赫达132.0413.856.00祥源转债123202.SZ祥源新材130.0011.624.60金丹转债123204.SZ金丹科技120.6924.867.00阳谷转债123211.SZ阳谷华泰115.8432.646.50聚隆转债123209.SZ南京聚隆137.4022.872.19赛特转债118044.SH赛特新材116.5438.714.42麒麟转债127050.SZ森麒麟123.4825.7621.99赛轮转债113063.SH赛轮轮胎131.832.5414.50永东转2127059.SZ永东股份117.7327.163.79凯盛转债123233.SZ凯盛新材127.3014.986.50资料来源：，HTI，截至12月22日图14机械设备产业链资料来源：，HTI，截至12月20日表14.机械设备相关转债基本情况详情请联系研究员资料来源：，HTI，截至12月22日图15环保&公用事业产业链资料来源：，HTI，截至12月20日表15.环保&公用事业相关转债基本情况转债简称转债代码正股名称价格（元）转股溢价率（）转债余额（亿元）迪龙转债128033.SZ雪迪龙105.884.162.57惠城转债123118.SZ惠城环保327.492.211.54盈峰转债127024.SZ盈峰环境105.3775.9014.76维尔转债123049.SZ维尔利103.1278.799.17侨银转债128138.SZ侨银股份117.17166.954.20绿动转债113054.SH绿色动力102.2048.6523.60伟22转债113652.SH伟明环保101.0298.5014.77岭南转债128044.SZ岭南股份112.6011.516.57大禹转债123063.SZ大禹节水120.5218.736.35龙净转债110068.SH龙净环保132.634.0518.76洪城转债110077.SH洪城环境157.590.3215.77联泰转债113526.SH联泰环保122.3025.591.93海环转债113532.SH海峡环保118.0514.514.58旺能转债128141.SZ旺能环境120.4019.6012.70博世转债123010.SZ博世科110.7813.174.30中环转2123146.SZ中环环保108.8431.108.64京源转债118016.SH京源环保116.0924.733.32富淼转债118029.SH富淼科技109.5537.354.50长集转债128105.SZ长青集团105.0760.457.99川投转债110061.SH川投能源174.35-0.1728.21G三峡EB1132018.SH长江电力153.42-0.0689.04G三峡EB2132026.SH长江电力112.2716.05100.00贵燃转债110084.SH贵州燃气123.0011.799.15皖天转债113631.SH皖天然气124.217.079.30首华转债123128.SZ首华燃气102.1767.3813.79天壕转债123092.SZ天壕能源158.993.404.00西子转债127052.SZ西子洁能104.7064.5311.10百畅转债123175.SZ百川畅银108.2542.444.20天源转债123213.SZ天源环保124.0116.2310.00燃23转债113067.SH深圳燃气118.1031.0030.00蓝天转债111017.SH蓝天燃气126.5216.728.70新港转债111013.SH新中港123.8225.633.69资料来源：，HTI，截至12月22日图16军工产业链资料来源：，HTI，截至12月20日表16.军工相关转债基本情况转债简称转债代码正股名称价格（元）转股溢价率(%)转债余额（亿元）航新转债123061.SZ航新科技123.6540.512.50应急转债123048.SZ中船应急118.4440.853.79天箭转债127071.SZ中天火箭117.9345.074.95红相转债123044.SZ*ST红相101.977.915.49国微转债127038.SZ紫光国微112.6670.9814.93三角转债123114.SZ三角防务118.6048.119.00火炬转债113582.SH火炬电子129.2521.504.17楚江转债128109.SZ楚江新材113.5228.3318.23宏图转债118027.SH航天宏图111.9856.2710.09广联转债123182.SZ广联航空111.5850.617.00睿创转债118030.SH睿创微纳133.9016.6815.65盟升转债118045.SH盟升电子146.8628.643.00广泰转债127095.SZ威海广泰119.8625.907.00资料来源：，HTI，截至12月22日图17交通运输产业链资料来源：，HTI，截至12月20日转债简称转债代码正股名称价格（元）转债简称转债代码正股名称价格（元）转股溢价率（）转债余额（亿元）招路转债127012.SZ招商公路125.55-0.2945.90北港转债127039.SZ北部湾港119.3526.3017.63大秦转债113044.SH大秦铁路116.02-0.18266.85南航转债110075.SH南方航空118.2328.8858.96长久转债113519.SH长久物流132.1512.232.20宏川转债128121.SZ宏川智慧123.2020.556.70嘉诚转债113656.SH嘉诚国际119.4350.618.00密卫转债113658.SH密尔克卫104.04173.138.72韵达转债127085.SZ韵达股份108.3375.4824.50盛航转债127099.SZ盛航股份100.0011.737.40三羊转债127097.SZ三羊马260.89168.372.10资料来源：，HTI，截至12月22日图18农林牧渔产业链资料来源：，HTI，截至12月20日表18.农林牧渔相关转债基本情况转债简称转债代码正股名称价格（元）转股溢价率（）转债余额（亿元）牧原转债127045.SZ牧原股份110.0828.3995.44温氏转债123107.SZ温氏股份122.999.6177.39巨星转债113648.SH巨星农牧146.013.729.15禾丰转债113647.SH禾丰股份112.0035.3614.67湘佳转债127060.SZ湘佳股份103.4948.986.40希望转债127015.SZ新希望105.06127.259.49希望转2127049.SZ新希望101.7061.1781.44金农转债128036.SZ金新农125.6353.331.45华统转债128106.SZ华统股份228.800.852.86龙大转债128119.SZ龙大美食112.8330.519.46雪榕转债123056.SZ雪榕生物108.25126.035.84宏辉转债113565.SH宏辉果蔬119.5138.172.25回盛转债123132.SZ回盛生物104.90106.307.00佩蒂转债123133.SZ佩蒂股份109.1650.997.20中宠转2127076.SZ中宠股份117.8827.677.69晓鸣转债123189.SZ晓鸣股份108.7049.703.29资料来源：，HTI，截至12月22日图19消费产业链资料来源：，HTI，截至12月20日表19.消费相关转债基本情况详情请联系研究员资料来源：，HTI，截至12月22日图20轻工制造产业链资料来源：，HTI，截至12月20日表20.轻工制造相关转债基本情况详情请联系研究员资料来源：，HTI，截至12月22日图21金融产业链资料来源：，HTI，截至12月20日表21.金融相关转债基本情况资料来源：，HTI，截至12月22日风险提示：基本面变化、股市波动、政策不达预期、价格和溢价率调整风险、信用风险。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)，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，宋奇，在此保证（i）（ii）（包括我们的家属）（我已经告知他们）报告发布后的3I,StevenSong,certifythat(i)theviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchand(ii)nopartofmycompensationwas,isorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisresearchreport;andthatI(includingmembersofmyhousehold)havenofinancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussed.Iandmyhousehold,whomIhavealreadynotifiedofthis,willnotdealinortradeanysecuritiesinrespectoftheissuerthatIreviewwithin3businessdaysaftertheresearchreportispublished.利益冲突披露ConflictofInterestDisclosures/（ERDDisclosure@htiseccom）HTIandsomeofitsaffiliatesmayengageininvestmentbankingand/orserveasamarketmakerorholdproprietarytradingpositionsofcertainstocksorcompaniesinthisresearchreport.Asfarasthisresearchreportisconcerned,thefollowingarethedisclosuremattersrelatedtosuchrelationship(Asthefollowingdisclosuredoesnotensuretimelinessandcompleteness,pleasesendanemailtoERD-Disclosure@htisec.comiftimelyandcomprehensiveinformationisneeded).评级定义（从2020年7月1日开始执行）：（“HTI）HTI的评级定义。并且HTI基于各自情况（）分析师股票评级优于大市12-1810%下中性，未来12-18FINRA/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12-1810%TOPIX,KOSPI,TAIEX,Nifty100,美–SP500;其他所有中国概念股MSCIChina.RatingsDefinitions(from1Jul2020):HaitongInternationalusesarelativeratingsystemusingOutperform,Neutral,orUnderperformforrecommendingthestockswecovertoinvestors.InvestorsshouldcarefullyreadthedefinitionsofallratingsusedinHaitongInternationalResearch.Inaddition,sinceHaitongInternationalResearchcontainsmorecompleteinformationconcerningtheanalyst'sviews,investorsshouldcarefullyreadHaitongInternationalResearch,initsentirety,andnotinferthecontentsfromtheratingalone.Inanycase,ratings(orresearch)shouldnotbeusedorrelieduponasinvestmentadvice.Aninvestor'sdecisiontobuyorsellastockshoulddependonindividualcircumstances(suchastheinvestor'sexistingholdings)andotherconsiderations.AnalystStockRatingsOutperform:Thestock’stotalreturnoverthenext12-18monthsisexpectedtoexceedthereturnofitsrelevantbroadmarketbenchmark,as

评级分布RatingDistributionindicatedbelow.Neutral:Thestock’stotalreturnoverthenext12-18monthsisexpectedtobeinlinewiththereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.ForpurposesonlyofFINRA/NYSEratingsdistributionrules,ourNeutralratingfallsintoaholdratingcategory.Underperform:Thestock’stotalreturnoverthenext12-18monthsisexpectedtobebelowthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.Benchmarksforeachstock’slistedregionareasfollows:Japan–TOPIX,Korea–Taiwan–TAIEX,–Nifty100,US–SP500;forallotherChina-conceptstocks–MSCIChina.截至2023年9月30日海通国际股票研究评级分布优于大市 中性 弱于大市(持有)海通国际股票研究覆盖率 89.3% 1.1% 9.6%投资银行客户* 3.9% 5.8% 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此前的评级系统定义（直至2020年6月30日）：买入，未来1218个月内预期相对基准指数涨幅在10%中性，未来1218FINRA/NYSE卖出，未来1218个月内预期相对基准指数跌幅在10%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,asofSeptember30,2023Outperform Neutral Underperform(hold)HTIEquityResearchCoverage 89.3% 1.1% 9.6%IBclients* 3.9% 5.8% 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–Taiwan–TAIEX,–Nifty100;forallotherChina-conceptstocks–MSCIChina.海通国际非评级研究：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（600837CH）A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: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.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（FINESG）（以下简称“本公司”）（）绩表现不作为日后回报的预测。（（））SusallWaveFIN-ESGDataServiceDisclaimer:PleasereadthesetermsandconditionsbelowcarefullyandconfirmyouragreementandacceptancewiththesetermsbeforeusingSusallWaveFIN-ESGDataService.FIN-ESGDataisproducedbySusallWaveDigitalTechnologyCo.,Ltd.(Inshort,SusallWave)’sassessmentbasedonlegalpubliclyaccessibleinformation.SusallWaveshallnotberesponsibleforanyaccuracyandcompletenessoftheinformation.Theassessmentresultisforreferenceonly.Itisnotforanyinvestmentadviceforanyindividualorinstitutionandnotforbasisofpurchasing,sellingorholdinganyrelativefinancialproducts.WewillnotbeliableforanydirectorindirectlossofanyindividualorinstitutionasaresultofusingSusallWaFIN-ESGData.SusallWadonotconsiderrecipientsascustomersforreceivingthesedata.Whenusingthedata,recipientsshallmakeyourownindependentjudgmentaccordingtoyourpracticalindividualstatus.Thecontentsofthedatareflectthejudgmentofusonlyonthereleaseday.Wehaverighttoupdateandamendthedataandreleaseotherdatathatcontainsinconsistentcontentsordifferentconclusionswithoutnotification.Unlessexpresslystated,thedata(e.g.,financialperformancedata)representspastperformanceonlyandthepastperformancecannotbeviewedasthepredictionoffuturereturn.ThecopyrightofthisdatabelongstoSusallWa,andreserveallrightsinaccordancewiththelaw.Withoutthepriorwrittenpermissionofourcompany,noneofindividualorinstitutioncanusethesedataforanyprofitablepurpose.Besides,noneofindividualorinstitutioncantakeactionssuchasamendment,replication,translation,compilation,re-editing,adaption,deletion,abbreviation,excerpts,issuance,rent,exhibition,performance,projection,broadcast,informationnetworktransmission,shooting,addingiconsandinstructions.IfanylossofSusallWaoranythird-partyiscausedbythoseactions,usersshallbearthecorrespondingcompensationliability.SusallWaveshallnotberesponsibleforanyloss.Ifanytermisnotcontainedinthisdisclaimerbutwritteninotheragreementsonourwebsite(e.g.UserRegistrationProtocolofSusallWaWebsite,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”）（571章）4（）HTISGLHaitongInternational(Japan)K.K.（“HTIJKK）HTIJKK管为投资顾问。印度证券的研究报告：SecuritiesandExchangeBoardofIndia（“SEBI”）HaitongSecuritiesIndiaPrivateLimited（“HTSIPL）BSELimited（“BSE”）NationalStockExchangeofIndiaLimited（“NSE）（）HTSIPL20161222并成为海通国际证券集团有限公司（“HTISG）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。HTIRL、HTISCL或任何其他属于海通国际证券集团有限公司（“HTISG）/HTISG任。HTISGHTISG的销售员、交易员和其他专业人士均可向HTISGHTISG一致的投资决策。但HTIRL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’swebsiteforfurtherinformationonHTI’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：HTIRLHSIPLHTIJKK编写。HTIRLHSIPLHTIJKKHTISG1934年“美国证券交易法”15a6（“MajorU.S.InstitutionalInvestor）资者」（”US.InstitutionalInvestors）HaitongInternationalSecurities(USA)Inc.（“HTIUSA”）HTIUSA。HTIUSA340MadisonAvenue,12thFloor,NewYork,NY10173，电话（212）351-6050。HTIUSA是在美国于US.SecuritiesandExchangeCommission（“SEC”）FinancialIndustryRegulatoryAuthority,Inc.（“FINRA”）HTIUSAHSIPLHTIRL或HTIJKKHSIPLHTIRLHTIJKKFINRAFINRA2241（包括ADR）HaitongInternationalSecurities(USA)Inc.340MadisonAvenue,12thFloorNewYork,NY10173联系人电话：(212)3516050DISTRIBUTIONANDREGIONALNOTICESExceptasotherwiseindicatedbelow,anyRecipientwishingtodiscussthisresearchreportoreffectanytransactioninanysecuritydiscussedinHTI’sresearchshouldcontacttheHaitongInternationalsalespersonintheirowncountryorregion.NoticetoHongKonginvestors:TheresearchreportisdistributedbyHaitongInternationalSecuritiesCompanyLimited(“HTISCL”),whichisalicensedcorporationtocarryonType1regulatedactivity(dealinginsecurit