昆仑能源(0135.HK)首次覆盖：聚焦天然气销售业务经营业绩持续稳定

研究报告ResearchReport10Mar2024昆仑能源KunlunEnergy(135HK)首次覆盖：聚焦天然气销售业务，经营业绩持续稳定FocusingonNaturalGasSalesBusiness,SustainedandStableOperationalPerformance:Initiation观点聚焦InvestmentFocus首次覆盖优于大市首次覆盖优于大市Initiatewith评级 优于大市OUTPERFORM现价 HK$7.00目标价 HK$7.96HTI4.5-3.7-3.0E-S-G:0-5,(PleaserefertotheAppendixforESGcomments)市值 HK$60.61bn/US$7.75bn日交易额(3个月均值) US$11.64mn发行股票数目 8,659mn自由流通股(%) 42%1年股价最高最低值 HK$7.63-HK$5.49注：现价HK$7.00为2024年3月8日收盘价PriceReturn MSCIChina85Volume70VolumeMar-23 Jul-23 Nov-23资料来源：Factset1mth 3mth 12mth绝对值 -0.4% 1.4% 6.7%绝对值（美元） -0.5% 1.4% 7.1%相对MSCIChina -3.7% 3.5% 24.9%(Rmbmn)营业收入(Rmbmn)营业收入Dec-22A171,944Dec-23E182,158Dec-24E195,066(+/-)24%6%7%净利润5,2286,0956,497(+/-)-77%17%7%全面摊薄EPS(Rmb)0.600.700.75毛利率15.0%14.8%14.7%净资产收益率13.7%14.0%14.1%市盈率资料来源：公司信息,HTI12109

(PleaseseeAPPENDIX1forEnglishsummary)昆仑能源有限公司是中国国内销售规模最大的天然气终端利用企业和LPG销售企业之一。昆仑能源主要从事城市燃气、天然气管道、液化天然气（LNG）和压缩天然气（CNG）终端、天然气发电和分布式能源、液化天然气加工与储运、液化石油气（LPG）销售等业务。昆仑能源作为中石油控股子公司，借助母公司资源优势和协同效应，业务广布于中国31个省、自治区、直辖市，天然气年销售规模200亿立方米，LNG接收站接卸能力1900万吨，液化石油气年销售600万吨以上。营业收入不断增长，天然气销售业务为主要营收来源。近年来，昆仑能源的营业收入稳步增长，2023H1870.72亿元，同比增长3.8%；税前利润为67.91亿元，同比增长8.2%。昆仑燃气2023H1天然气销售/LPG销售加工与储运/勘探与生产营收分别为688.96/138.04/37.64/6.08亿元，其中天然气销售业务为公司主要营收来源，占比达79.1%，收入同比增长8.5%，超过公司总营收增速3.8%。其次为LPG销售业务，营收占比15.8%。天然气销量增速稳定，天然气价差稳定程度高。2023上半年，昆239.169.0，其中零147.879.5%。2023上半年，昆仑能源的天然气价差为0.495元/2022元/立方米，稳中有升。终端市场规模保持稳定增长态势，用户总量1522.023.4%50.69万户。公司持续扩充运营版图，上半年共收购、新设、增资扩股控股城镇燃气项52023630272个控股城燃项目。随着各地区民用气顺价政策不断落地，未来公司的天然气价差有望稳中有升。新兴业务格局框架基本成型，可持续发展动能更加强劲。昆仑能源深入践行绿色发展理念，重点发力新能源指标获取，抢滩布局风光气电融合业务，获取新能源指标300万千瓦，8个新能源项目投产运行。综合能源业务提速推进，围绕用户侧气、电、热、冷等多样化用能需求，不断丰富用能场景，推动12个项目投产运行、24个项目有序开展。同时，公司持续完善ESG管治体系，已实现MSCI评级连续三年提升。207,953盈利预测与投资建议：7%我们预计公司FY23-25年公司主营业收入分别为1,821.58/1,950.66/6,8602,079.53亿人民币，对应归母净利润为60.95/64.97/68.60亿人民6%币，根据DCF模型测算，预计的目标价为7.96HKD/股，给予“优于0.79大市”评级。14.7%14.0%风险提示：91、天然气政策风险；2、天然气价格波动风险；3、终端需求不及预期风险杨斌BinYangbin.yang@本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海通证券印度私人有限公司，海通国际株式会社和海通国际证券集团其他各成员单位的证券研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证translationthe图2：2019-2023H1收入及增速和税前利润及增速情况（单位：亿元，%）资料来源：，HTI业务结构稳定，天然气销售业务为主要营收来源。昆仑燃气2023H1天然气销售/LPG销售/LNG加工与储运/勘探与生产营收分别为688.96/138.04/37.64/6.08亿元，其中天然气销售业务为公司主要营收来源，占比达79.1%，收入同比增长8.5%，超过公司总营收增速3.8%。其次为LPG销售业务，营收占比15.8%。图3：2019-2023H1营收构成 图4：2023H1营收构成（单位：亿元）资料来源：，HTI 资料来源：，HTI公司注重股东回报，股息率稳步提升。公司股息政策为每年派息总额不少于本公司股东应占本集团合并年度利润的25%，而2022年与2021年派息率均达到35%。近五年公司的普通股息稳定在0.2元/股以上，2022年达到0.26元/股，股息率5.15%。未来，公司有望进一步加强股东回报能力。图5：2018-2022派息情况及股息率资料来源：，HTI现金流状况健康，流动比率与净资产负债率稳定。昆仑能源的流动比率基本稳定在1上下，净资产负债率稳定在0.7上下。公司主营业务具备稳健增长的现金流的特性，加上一套有效及完善的资金管理系统，在宏观经济和资本市场仍存在不确定因素的环境下，公司始终保持业务的稳定发展与健康的现金流。局框架基本成型天然气销售：零售气量销售比重不断提高，天然气价差稳定程度高天然气销量增速稳定，零售气量销售比重不断提高。2023上半年，昆仑能源实现天然气销量239.16亿立方米，同比增长9.0%，其中零售气量147.87亿立方米，同比增长9.5%。零售气量中，工业/商业/居民/加气站销量分别为96.56/17.02/19.81/14.47亿立方米，同比+11.1%/+11.5%/-0.3%/+11.6%。公司持续优化销气结构和市场布局，不断提高零售气量销售比重。图6：2019-2023H1天然气销量结构（单位：亿立方米） 图7：2019-2023H1零售气量结构（单位：亿立方米）资料来源：公司公告，HTI 资料来源：公司公告，HTI天然气价差稳定程度高，积极拓展用户数量。2023上半年，昆仑能源的天然气价差为0.495元/20220.01元/立方米，稳中有升。终端市场规模保持稳定增长态势，用户总量达1522.023.4%万户，49.261.43万户。公司持续扩充运营版图，上半年共520236日，公司共有272个控股城燃项目。随着各地区民用气顺价政策不断落地，未来公司的天然气价差有望稳中有升。图8：天然气销售用户数量按地区分布资料来源：公司官网，HTI图9：2019-2023H1天然气价差（单位：人民币立方米） 图10：2019-2023H1用户数量（单位：万户）资料来源：公司公告，HTI 资料来源：公司公告，HTI增值业务大力实施同心多元化战略，打造绿色低碳转型发展新的增长极。昆仑能源以昆仑慧享线上线下一体化服务平台为依托，加快布局线下体验店，全面提升营业厅服务功能。无锡洛社营业厅创新实景布置，营造“刷脸购物”消费新体验；集客户服务、增值业务产品展示、VR实景燃气安全教育功能的“昆仑慧享+”伊犁线下旗舰店开业运营，提升用户服务新体验。3.2液化石油气(LPG)销售：近七成LPG销量为批发，LPG上游资源主要来自中国石油昆仑能源负责中国石油所属炼化企业、油气田企业资源的统一销售，年销量超过650万吨，约占国内LPG表观消费量的五分之一。2023H1LPG万吨，同比增加5.17%138.557.99%；除所得税前4.237.64%LPG销量为批发，和零售的LPG202.16/91.5368.8%/31.2%。同时，公司不断优化资源结构，新增广东石化、大港油田等企业LPG资源购销。图11：LPG销量按地区分布 图12：2019-2023H1LNG销量结构（单位：万吨）资料来源：公司官网，HTI 资料来源：公司公告，HTILPG上游资源主要来自中国石油，东北为主要销售地区。20236日，公89.2%LPG上游资源来自大股东中国石油，LPG上游供应稳定。按地区划分，2023H1公司LPG销售量主要在东北地区，占比37.1%；其次为西北地区，占比20.7%。图13：2023H1LPG上游资源量构成 图14：2023H1按地区划分销售量资料来源：公司公告，HTI 资料来源：公司公告，HTI3.3LNG加工与储运：LNG接收站规模有望提升受到23年初暖冬影响，LNG处理量小幅下降。2023H1接收站共实现气化、装车量73.366.73%；两座接收站平均负6个百分点。1538.9%，实现自产自销4.18亿立方米，实现委托加工量6.78亿立方米，同比分别减少32.03%、。2023H1，LNG51.88税前溢利人民币13.4119.94%20236日，公司有唐山接收站和如东接收站，项目规模均为650万吨/接收站三期扩建进入验收阶段，2023811LNG（一期）项目环评批复，建成后公接收站规模将新增650万吨/接收站规模提升，该业务板块有望得到更大的发展空间。图15：2019-2023H1LNG气化量（单位：亿立方米）、LNG装车量（单位：亿立方米）及平均负荷率（单位：%）

图16：2019-2023H1LNG加工量（单位：亿立方米）及平均加工负荷率（单位：%）资料来源：公司公告，HTI 资料来源：公司公告，HTI勘探与生产：国际油价回升有望带动该板块业绩修复公司于中国、哈萨克斯坦共和国、阿曼苏丹国、秘鲁共和国及泰王国从事勘探与生产原油及天然气。2023H1，公司销售原油484万桶，同比下降13.7%。由于国际原油价格逐步降温，公司平均实现原油销售价格从去年的77.8美元/桶下降至65.6美元/桶。同时，加上辽河冷家堡项目于本年2月末合同到期退出，原油销售收入人民币亿元，同比减少48.61%2.89。受到红海局势影响，国际油价回升有望带动勘探与生产板块业绩修复。图17：2019-2023H1原油权益销售量（单位：万桶）及实现的原油平均销售加工（单位：美元/桶）

图18：勘探与生产业务分布资料来源：公司公告，HTI 资料来源：公司公告，HTI新兴业务：新能源业务推动能源转型，可持续发展动能更加强劲新兴业务格局框架基本成型，可持续发展动能更加强劲。昆仑能源深入践行绿色发展理念，重点发力新能源指标获取，抢滩布局风光气电融合业务，获取新能源指标300万千瓦，8个新能源项目投产运行。综合能源业务提速推进，围绕用户侧气、电、热、冷等多样化用能需求，不断丰富用能场景，推动12个项目投产运行、24个项目有序开展。同时，公司持续完善ESG管治体系，已实现MSCI评级连续三年提升。盈利预测及估值我们预计公司FY23-25年公司主营业收入分别为1,821.58/1,950.66/2,079.53亿人民币，60.95/64.97/68.60DCF模型测算，预计的目标价为HKD7.96/股，首次覆盖给予优于大市评级。图19：DCF模型资料来源：年报，HTI风险提示天然气政策风险；天然气价格波动风险；终端需求不及预期风险图20：财务报表及比率资料来源：年报，HTIAppendixSummaryKunlunEnergyLimitedisoneofthelargestdomesticnaturalgasterminalutilizationandLPGsalesenterprisesinChina.KunlunEnergyisprimarilyengagedinbusinessessuchasurbangas,naturalgaspipelines,liquefiednaturalgasandcompressednaturalgas(CNG)terminals,naturalgaspowergenerationanddistributedenergy,processingandstorage,andLPGsales.asubsidiaryofPetroChina,KunlunEnergyleveragestheresourcesandsynergiesofitsparentcompany.Itsoperationsspanacross31provinces,autonomousregions,andmunicipalitiesinChina,withanannualnaturalgassalesvolumeof20billioncubicandanreceivingcapacityof19milliontons.TheannualsalesvolumeofLPGexceeds6milliontons.Thecompany'srevenuehascontinuouslygrowing,withnaturalgassalesbusinessbeingthemainsourceofrevenue.Inrecentyears,KunlunEnergyhasachievedsteadygrowthinrevenue,reachingRMB87.072billioninH12023,representingayear-on-yearincreaseof3.8%.Thepre-taxprofitwasRMB6.791billion,showingayear-on-yeargrowthof8.2%.TherevenuebreakdownforKunlunEnergyinH12023wasasfollows:naturalgassales/LPGsales/LNGprocessingandstorage/explorationproductionaccountedforRMB68.896/13.804/3.764/0.608billionrespectively.Thenaturalgassalesbusinessaccountedfor79.1%ofthetotalrevenue,withayear-on-yeargrowthof8.5%,surpassingtheoverallrevenuegrowthrateof3.8%.TheLPGbusinessaccountedfor15.8%oftherevenue.Thenaturalgassalesvolumehasmaintainedastablegrowthrate,andthestabilityofnaturalgaspricedifferentialsishigh.Inthefirsthalfof2023,KunlunEnergyachievedanaturalgassalesvolumeof23.916billioncubicmeters,representingayear-on-yearincreaseof9.0%.Theretailgasvolumewas14.787billioncubicmeters,showingayear-on-yearincreaseof9.5%.Inthesameperiod,thenaturalgaspricedifferentialforKunlunEnergywas0.495RMB/cubicwhichincreasedby0.01RMB/cubiccomparedthefirsthalfof2022,indicatingastableandupwardtrend.Theterminalmarketsizehasmaintainedastablegrwithatotalof15.22millionhouseholdsascustomers,representingayear-on-yearincreaseof3.4%,withanadditionof0.5069millionhouseholds.Thecompanycontinuesexpanditsoperationalfootprintandhasacquired,newlyestablished,andincreasedcapitalinfiveurbangasprojects.ofJune30,2023,thecompanyhasatotalof272controllingurbangasWiththeimplementationoffavorablepoliciesforcivilgaspricinginvariousregions,thenaturalgaspricedifferentialforthecompanyisexpectedmaintainastableandupwardtrendinthefuture.Theframeworkofemergingbusinesspatternsisbasicallyformed,andthesustainabledevelopmentisstronger.KunlunEnergydeeplyembracestheconceptofgreendevelopmentandfocusesonobtainingnewenergyindicators.Ithasthefieldofwind-solar-thermalintegratedpowergeneration,with3millionkilowattsofnewenergyindicatorsobtainedandtheoperationofeightnewenergyprojects.Thecomprehensiveenergybusinessisaccelerating,diversifyingenergyneedssuchasgas,electricity,heating,andcoolingontheuserside,enrichingenergyusagescenarios,andpromotingtheoperationof12projectsandtheorderlydevelopmentof24projects.thesametime,thecompanycontinuesimproveitsgovernancesystemandhasachievedcontinuousimprovementinMSCIratingsforthreeconsecutiveyears.Profitforecastandinvestmentrecommendation:Weanticipatethatthecompany'smainoperatingrevenueforFY23-25willbeRMB182.16/195.07/207.95billion,correspondinganetprofitofRMB6.11/6.46/6.49billion.BasedontheDCFmodel,thetargetpriceisestimatedbeHKD8.01pershare,initiatethecoveragewithanOUTPERFORMrating.Risks：1.Naturalgaspolicyrisk;2.Naturalgaspricefluctuationrisk;3,RiskoftheterminaldemandislessthanexpectedAPPENDIX2ESGCommentsEnvironmental:Methaneemissionratedecreased17.3%YoY;Environmentalprotectiontrainingcoveredmorethan12thousandspeopleSocial:EmbracesandmaintainsdiversityandinclusionGovernance:Has6authorityplansoftheboardofdirectors,deepeningthetermsystemandcontractualmanagement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，杨斌，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,BinYang,certifythat(i)theviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchandiinopartofmycompensationwas,isorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisresearchreport;andthatIincludingmembersofmyhousehold)havenofinancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussed.Iandmyhousehold,whomIhavealreadynotifiedofthis,willnotdealinortradeanysecuritiesinrespectoftheissuerthatIreviewwithin3businessdaysaftertheresearchreportispublished.利益冲突披露ConflictofInterestDisclosures/（请发邮件至ERDDisclosure@htiseccom）HTIandsomeofitsaffiliatesmayengageininvestmentbankingand/orserveasamarketmakerorholdproprietarytradingpositionsofcertainstocksorcompaniesinthisresearchreport.rasthisresearchreportisconcerned,thefollowingarethedisclosuremattersrelatedtosuchrelationshipthefollowingdisclosuredoesnotensuretimelinessandcompleteness,pleasesendanemailtoERD-Disclosure@htisec.comiftimelyandcomprehensiveinformationisneeded).601857.CH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。601857.CHis/wasaclientofHaitongcurrentlyorwithinthepast12months.Theclienthasbeenprovidedfornon-investment-bankingsecurities-relatedservices.海通在过去的12个月中从601857.CH获得除投资银行服务以外之产品或服务的报酬。Haitonghasreceivedcompensationinthepast12monthsforproductsorservicesotherthaninvestmentbankingfrom601857.CH.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%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)andother

评级分布RatingDistributionconsiderations.AnalystStockRatingsOutperform:Thestock’stotalreturnoverthenext12-18monthsisexpectedtoexceedthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.Neutral:Thestock’stotalreturnoverthenext12-18monthsisexpectedtobeinlinewiththereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.ForpurposesonlyofFINRA/NYSEratingsdistributionrules,ourNeutralratingfallsintoaholdratingcategory.Underperform:Thestock’stotalreturnoverthenext12-18monthsisexpectedtobebelowthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.Benchmarksforeachstock’slistedareasfollows:Japan–TOPIX,Korea–Taiwan–TAIEX,–Nifty100,US–SP500;forallotherChina-conceptstocks–MSCIChina.截至20231231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 89.4%9.6%1.0%投资银行客户* 3.9%*在每个评级类别里投资银行客户所占的百分比。5.1%5.6%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,asofDecember31,2023Outperform Neutral Underperform(hold)HTIEquityResearchCoverage 89.4% 9.6% 1.0%IBclients* 3.9% 5.1% 5.6%*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。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”）（“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”）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。HTIRL、HTISCL或任何其他属于海通国际证券集团有限公司（“HTISG）/HTISG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。HTIUSA340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NewYork,NY10173联系人电话：(212)3516050DISTRIBUTIONANDREGIONALNOTICESExceptasotherwiseindicatedbelow,anyRecipientwishingtodiscussthisresearchreportoreffectanytransactioninanysecuritydiscussedinHTI’sresearchshouldcontacttheHaitongInternationalsalespersonintheirowncountryorregion.NoticetoHongKonginvestors:TheresearchreportisdistributedbyHaitongInternationalSecuritiesCompanyLimited(“HTISCL”),whichisalicensedcorporationt