【高盛】2022市场展望

GoldmanSachs

高盛全球投资研究2022市场展望：“不适”的上行空间；离岸市场重回超配高盛中国市场策略2021年11月投资者不应视本报告为作出投资决策的唯一因素。有关分析师的申明和其他重要信息，见信息披露附录，或参圆wwresearchedgehtml。GDP

growthReal

GDP

grovth

4.8%in

2022Total

returns16%/13%for

MXCN/CSI300in2022

(LOC);Index

targets

105/5500

forMXCN/CSI30000lEPS

growth7%/7%for

MXCN/CSI300

in2022(LOC);12%/12%for

MXCN/CSI300

in

2023(LOC)Valuation14.5x/15.0x

target

fP/E

for

MXCN/CSI300

by

end-22FlowsUS$75/75bn

North/Southbound

flows田RegionalmarketsOverweightChina

(Offshore)人Singapore人TaiwanUnderweightChina

(A)MalaysiaIndonesia人AustraliaChinasectorsOverweightAutos

人ConsDurablesMediaRetailingSemis

人UnderweightBanks√Materials√RealEstateTelecomThemes"Common

ProsperityProfitableGrowth

in

InternetGrowthover

Value△RisksProperty

CreditUS

Rates

US-CN

TensionInflation/StagflationSource:Goldman

Sachs

GlobalInvestmentResearchGlobalInvestmentResearch2an

2022年核心展望chsldmaoSGpricereturnsfromcurrentlevelsSource:MSCI,FactSet,GoldmansachsGlobalinvestment

ResearchGS

macro

forecastsReal

GDP(%,yoy)20222023China4.84.6USEuropeJapanAsiaPacifcWordWond

ex-China3.94.42.85.44.54.52.12.41.64.63.43.1Alloc

ationMXCN

industry

groupsPat

1Mpert21-23EEPSCACR22E

PEX)OverweightAutos食126%34%

31.6ConsumerDurables7.6%21%

25.8Meda-1.7%22%

23.3Retaing3.5%32%

25.5Semis182%24%

31.7UnosrwOiohBanks3.0%7%

42Matenals-7.1%8%8.7RealEstate-4.3%10%

4.8Telecom-2.1%15%

16.5Source:Goldman

Sachs

GlobalInvestmentResearchGlobalInvestment

Research

3an

六张图概括2022年中国股票市场主要观点SachsGoldmSource:MSCI,Factset,GoldmansachsGlobalInvestmentReseard6

Buying

Structural

Policy

Growth,andout-of-favor

Internet

Growthin20223

Weseethepotentialforvaluationtoexpand/recoverin2022as

policy

easesand

regulation

visibility

improves2

We

forecast

MSCI

Chinato

reach105

byend-22,translatinginto16%potential5

Weemphasize

Growth

in

our

sectorallocationrecommendationsWeforecastChinatogrow4.8%in2022,theloweston

recordoutside

ofcrisisyearsWe

forecast

USS75bn

for

both

North-andSouthboundflows

in2022

-4.6

2.3

-1.3

6.3

-3.2

6.0

-4.7

5.4

CumulatvenetbuyingofSouthboundNorthboundConnectsinceincepbonSource:MSCl,Factset,Goldman

SachsGlobal

investment

ResearcSource:Facset,GoldmanSachsGlobatinvestment

ResearchSource:Wind,Goldman

sachs

Global

investment

Researd2.3

7.8Source;Goldmansacs

Globaltnvestment

Research2020

2021-3.4-6.55.55.2201920202021F2022FGDP%yoy6.02.37.84.8Domestic

Demandpp5.21.76.84.9Consumption%yoy6.2-0.98.36.7Household

Consumption%yoy6.4-1.711.07.0Gross

Capital

Formation%yoy4.05.35.32.8Net

Exportspp0.70.71.1-0.1Exports

of

Goods

(nominal

USD)%yoy0.53.62812Imports

of

Goods

(nominal

USD)%yoy-2.7-0.63214InflationCPI%yoy2.92.50.72.7Core

CPI%yoy1.70.70.91.8PPI%yoy-0.5-1.87.54.5OtherCurrent

Account%GDP0.71.91.71.6USDCNY

(eop)level6.966.536.356.20OMO

7-Day

Repo

Rate%2.502.202.202.20TSF

Stock

Growth

(eop)%10.713.310.510.5Augmented

Fiscal

Deficit%GDP11.816.511.012.0Goldman

宏观周期：我们的经济研究团队预计2022年中国GDP增长

Sachs

4.8%,这是危机年份之外的历史最低增速Source:Goldman

Sachs

GlobalInvestmentResearchGlobal

Investment

Research

4AverageMXCNreturn(quarterly)GDP

growth

(yoy)AcceleratingDeceleratingGDP

growth

(qoq,saar)Accelerating10.2%4.8%Decelerating1.5%-6.8%an

宏观周期：房地产市场构成显著阻力，但是增长动能将于2021年四季度开始改善SachsGoldmSource:Haver

Analytics,GoldmanSachs

GlobalInvestmentResearchGlobal

Investment

Research5GDP

growthMSCI

China

earnings

growth(%yoy,in

HKD

terms)Goldman

盈利周期：由于利润率假设较为保守，我们的2022年盈利

Sachs

增长预期低于市场一致预期Source:FactSet,I/B/E/S,MSCl,GoldmanSachs

GlobalInvestmentResearchGlobalInvestment

Research

6an

盈利周期：房地产市场放缓的程度是我们盈利预测面临的主要风险因素SachsGoldmSource:FactSet,CEIC,MSCl,Goldman

Sachs

GlobalInvestment

ResearchGlobal

Investment

Research7MXCN

EPS

Revision(Average

of

2021/22

EPS)(CNY)

2022E

earnings

impact

from

property

sector

slowdownNote:Numbersinbracketsrepresent2021-23EEPS

CAGRonconsensusest.-34%(28%)-15%MXCN

2022

Earnings

Growth

Forecasts

(HKD)GICS

Industry

GroupsEarningsWeightEarningsGrowth-ConsEarningsGrowth-GSGS

vs

ConsEPSinteger^Banks27%11%8%5%3%3%2%2%1%0%8%17%11%12%-5%13%9%-14%15%16%5%11%-20%6%-15%10%-13%-28%-19%11%-5%-9%-31%-10%-9%-8%-24%-26%-36%-7%Insurance/Other

Fin.RealEstateCapitalGoodsEnergyUtilitiesChemicals/Other

Mat.TransportationMetals&MiningTelecomCons.Retail

&Svcs.15%11%3%3%2%2%1%0%29%23%16%22%25%109%7%407%32%26%9%20%19%105%9%408%-1%+1%-10%-4%-3%-4%+6%-1%Internet/Media

&Enter.TechHardwareStaplesHealthCareAutosSemiconductorsSoftware

&Svcs.MXCN100%14%7%-9%New

China30%24%27%0%Old

China70%11%1%-10%Goldman

盈利周期：我们看好半导体、互联网零售以及传媒娱乐行业，

Sachs

但对房地产相关行业更加保守Source:FactSet,MSCI,GoldmanSachs

GlobalInvestmentResearch2022E

Earnings

growth

contribution

(yoy)GlobalInvestment

Research8Note.^using

2020EPS

as

base.Non-PropertyPropertCentricy-1AsianFinanclal

Crisis

Aug-97

Sep-982TMT

Market

Bubble

Jul-99

Sep-01372792-81%-72%3Global

Slowing

8

SARS

May-02

Apr-03342-27%4

Hard-landing

fears

Feb-04

May-0489-30%5Mid-cycle

slowing

May-06

Jun-0637-20%6Pre-Crisis

Unwinding

Jul-07

Aug-0717-17%7Global

Financial

Crisis

Oct-07

Oct-08363-74%8Tightening&Sov.Risk

Apr-10

May-1046-17%9Double-dip&Debt

ConcernApr-11

Aug-11113-20%10Us

growth&EU

debt

Concem

Sep-11

Oct-1134-25%11China

growth&EU

Sov.Concem

May-12Jun-1234-15%12QE

Tapering

Concem

May-13

Jun-1346-18%13China

Credit

ConcernsDec-13Feb-1465-14%14China

correction/growth

concems

Apr-15

Sep-1513335%15Fed

Hike,China

FX/Growth

Concems

Oct-15

Feb-16109-25%16US

Election

UncertaintySep-16

Dec-1692-12%17US

Rates

Risk&Trade

war

concemns

Jan-18

Oct-1827733%18Sino-US

Trade

Tensions

Apr-19

Aug-19119-17%19cOVID-198Oi

Shock

Mar-20Mar-2014-19%20Current

Episode

Feb-21

Aug-21184-33%HistoricalAverage164-30%8"Minor"Correction

Average

(Peak

to

Trough<-20%)54-16%9"Major

Correction

Average(Peak

to

Troughb/w

-20/-40%)146-27%3

"Systemlc"Correction

Average

(Peak

to

Trough>-40%)509-76%■1mo

■3mo

■6mo

■12mo2%7%28%24%13%

%31%25%31%股市和价格周期：我们认为最近市场33%的回调从历史来看

属于-“大幅”

回调，但往往随后会出现市场的强劲恢复Source:MSCI,FactSet,GoldmanSachs

GlobalInvestmentResearchGlobalInvestmentResearch9China(MXCN)MarketCorrectionsNum

of

Peak

toPernod

Days

Trough50%40%30%20%10%0%Note:Trough

of

Current

Episode

asof

Aug

20,2021.Average

return

post

the

market

trough

in

previousGoldman

Sachs"Minor"correction!"Major"correctioncorrectionsL-股市和价格周期：随着2022年的进展，我们认为中国股市周

期可能逐渐进入“Hope”阶段Source:

MSCI,FactSet,Goldman

Sachs

GlobalInvestmentResearchGlobalInvestmentResearch10Goldman

SachsGoldman

股市和价格周期：根据过去十年来的股市周期经验，“Hope”

Sachs

阶段往往紧随“Despair”阶段PerformancedecompositionforMXCN(since2010)Source:MSCI,FactSet,GoldmanSachs

GlobalInvestmentResearchGlobal

Investment

Research11TypeInstrnumentGS2022FMonetary

RRRDR0077-Day

OMOMLF(1-year)LPR(1-year)Largebank

avg

12%Smal/medbankavg:9%Largebankavg:12%SmalVmedbankavg

9%average

225%average

220%average2.95%average

3.85%averaoe

225%22%2.95%Effeciveon-Fisca4.0%ofGDP5.0%d

GDPbudget

defiatAugmentedfiscal

deficit11.0%of

GDP12.0%of

GDPCredit

TSF

stock10.5%(eopyoy)10.5%(eopyoy)Housing

HousingpolicytghttghtFX

USDCNY6.35(eop)6.20(12m)Source:Goldman

Sachs

GlobalInvestmentResearchGlobalInvestmentResearch12an

政策周期：我们预测2022年中国政策边际放松smhdSacGolGS

2021FMonetary

policy

outlook

for

US,EU

and

APAC

marketsMarkets202120222023Q4Q1

Q2

Q3

Q4Q1

Q2

Q3

Q4USEuro

areaTapering

+25

bps

+25

bps+25

bps

+25bpsChinaHKIndiaIndonesia+25

bps

+25

bps+25bps

+25

bps

+25

bps+25

bps

+50

bps+25

bps

+25bps+25bps

+25

bps

+25

bps+50bps

+25bps

+25

bps

+25

bpsMalaysiaPhilippinesSingapore*KoreaTaiwan+25bps

+25

bps

+25

bps+25

bps+25

bps

+25

bps+25bps

+25bps

+25

bps

+25

bps+50

bps+25

bps+13

bps+100

bps+25

bps+12.5

bps+25+12.5bps

bps+25

bps+12.5

bps+25

bps+12.5bpsThailandAustralia+25

bpsTapering+25bps

+25bps

+25

bps

+25

bps+15

bpsGoldman

政策周期：尽管全球大多数市场将迎来货币政策收紧，中国

Sachs

可能小幅放松Source:Goldman

Sachs

GlobalInvestmentResearchGlobalInvestmentResearch13*Note:Values

refer

to

the

GS

expected

increase

of

the

MAS

S$NEER

slope.政治周期：历史数据表明在换届前夕，经济、政策和市场估

值指标多为积极乐观Source:

Wind,GoldmanSachs

GlobalInvestmentResearchGlobal

Investment

Research

14Output

Gap

(Median

Est.,%)Forward

12M

P/E

of

MSCI

China(X)Domestic

Policy

ProxyGoldman

SachsRealGDP(yoy,%)Source:FactSet,MSCI,GoldmanSachsGlobal

Investment

ResearchGlobalInvestmentResearch

15man

政治周期：在政治意义重要的年份，股票市场亦表现强劲SachsGold12MNote:POE

Regulation

Proxyreflectsthetext-miningresultsofnewsamong

POE-heavy

sectors.Datapointsduring

Mar-Jun2020havebeen

removed

due

to

COVID

disruptions.Source:Goldman

Sachs

GlobalInvestmentResearchGlobalInvestmentResearch

16监管周期：我们的私营企业监管指数表明监管趋于缓和Goldman

Sachs(under

a

normal

distribution

assumption

of

ROE

and

ERP

around

current

values)China

Internetfair-value(10indexpointspereach

interval)Goldman

监管周期：我们预测，如果监管强度常态化或左尾风险被消除，

Sachs

中国互联网行业将被重估约20%Source:Factiva,Bloomberg,FactSet,GoldmanSachs

GlobalInvestmentResearchGlobal

Investment

Research

17ProbabilitydistributionofChinaInternetfair-valuesoffshore

Internet

12m

fPEPOE

Regulation

Proxy(China

InternetEquityRiskPremium

Scenario)Internet'sROEassumptions

in

the

medium-termYear3-8Average)under

a

DCF

Model18.0%Consensus/GS

Model:17.0%medium-term

ROEModerate

Bearish

Extreme

Scenario:Scenario:

Scenario:16%

15%

14.0%CurrentComparableSOE

IERP

Level.(ERP)

Assum9.4%31%10%-8%-23%-42%CurrentIERPLevel(+1.1s.d.above

5yr

mean)8.8%55%

30%9%

-9%-32%Mid-Pointb/wCurrentvsGSAssumptions8.4%7.9%7.6%79%50%26%

4%-21%Past5-year

Avg

IERP108%74%46%21%-9%2021

Trough(Mid-Feb)128%91%60%33%-1%Goldman

监管周期：我们认为监管不确定性已经被充分反映到市场定

Sachs

价中Source:FactSet,GoldmanSachs

GlobalInvestmentResearchGlobal

Investment

Research18Potential12M

UpsideforChina

InternetunderdifferentERP

&Earnings/ROE

assumptions

in

a

DCF

model(Current

Market

Priced/(More

bearish

scenarios/assumptions

ifimplied

Assumptions)markets

expect

negatlve

returns

in

12M)(BaseCase:30%Internet

EPSGrowthin

2022)RCNRG)is

based

on

18specincequlty

proxles

inareasNov

5:77EquityGoldman

估值周期：中国市场估值处于近年来的历史低位，“中国

Sachs

折价”接近历史高点Source:MSCl

,

FactSet,GoldmanSachsGlobalInvestment

ResearchGlobal

Investment

Research

1912m

forward

P/E

(X)Premium/discount

of12m

fPE估值周期：随着政策放松和监管可见性提高，我们预测市场

估值有可能在2022年迎来修复/扩张MXCN

12m

fPE

(x)3530252015102022E

GSforecastsInternet32.0x(+0.8sd)ModelvariablesChinagrowthGlobalgrowthUS

liquidityUS-China

Relations

RegulationSource:

MSCI,

FactSet,Goldman

Sachs

GlobalInvestmentResearchGlobal

Investment

Research

20个ChinagrowthGlobalgrowthChinadomestic

policyRegulationNote:□indicatesmacro

variables;

and

[25

indicates

otherfactors.M4.5(+0.5sd)Non-Internet10.5x(+0.6sd)24.6x12.7x9.8xAggregatemacro

model十forecastSouthbound

flowsGoldman

SachsDec-15Jun-15Dec-19Dec-20Dec-21Dec-22Dec-14Dec-16Jun-16Jun-21Jun-20Dec-具-unpDecunr-unr-un005==Positioning

of

EM/Asia

funds

in

Chinese

equities(OW/UW

vs

MXCN

index

wgt,bps)Goldman

仓位/资金流周期：全球共同基金对中国股票的配置接近

Sachs

低谷Source:EPFR,MSCl,FactSet,GoldmanSachs

GlobalInvestmentResearchGlobal

Investment

Research

21CumulativenetbuyingofSouthbound/NorthboundConnect

since

inceptionGoldman

仓位/资金流周期：我们预计2022年互联互通资金流强劲、资

Sachs

金重新配置情况更加明显Source:Wind,CEIC,Bloomberg,Goldman

Sachs

Global

Investment

ResearchGlobal

Investment

Research

22股票策略：年初至今中国市场主要有两次“成长-价值”轮

动，触发因素首先是对于美债利率上行的担忧，然后是监

管不确定性的加剧Note:Style

rotation

defined

as>10%correction

of

Growth

vs.Value

relative

performance

and>10%

loss

measured

by3m

rolling

return.Durationand

returnofrotations

basedon

starting

peaks

andending

troughs.As

of

Nov

5,2021.Source:MSCI,FactSet,Goldman

Sachs

GlobalInvestment

ResearchGlobal

Investment

Research

23Goldman

Sachs—

Actual18.

Model-fitted

(+1.Current:13.8xGoldman

股票策略：我们认为增长放缓但更宽松的政策环境应会促进

Sachs

“增长溢价”扩张Source:

MSCI,FactSet,Goldman

Sachs

GlobalInvestmentResearchGlobal

Investment

Research

24221814106VariablesGS

China

CAIDomesticmacropolicyproxyGSGlobal

ex

China

CAIPEpremium(Newvs.Old

China)0x2s.d.)Jan-11Jan-21Jan-13Jan-15Jan-17Jan-20Jan-22Jan-12Jan-14Jan-16Jan-18Jan-1910

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标的(1):政策驱动增长：寻找通向“富裕”的“共同”路径投资smhdSacGolSource:FactSet,IBES,GoldmanSachs

GlobalInvestment

ResearchGlobalInvestmentResearch

25N65atyisoh>US$5bn

>US$5mn

B/B*TckeName

SectorPotental

upside^itCNRGrevorts

to

50Price

vs

YTDpeakOuotedPricoOuoted

CurrencyListedMkt

Cap(USSbn)ADVT(USSmn)GSe

22-24EEPS

CAGR(%)GSe

22EP/E(X)GSe

22EP/B(X)GSe

22E

PEG(X)GSRatingsBuy

rated

offshore

Internet

companles700HKTencent

Comm

Svcs15%

-37%464.0

HKD571.5

1,669

17.6

20.9

3.71.1

B'BABAUN

AlbabaConsDisc18%

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434.3

3,728

24.213.92.30.6B*3690

HK

MeituanDianping

Cons

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-39%270.4HKD189.4

858695.6

2074.1^^13.00.6BPDDUWPDD

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Disc30%

59%83.2

USD

104.3

77758.159.510.4

0.7BJDUW

JD.comConsDisc21%

-28%77.2

USD

103.276872.9

47.3

3.4

0.5

B*NTES

UW

NetEaseCommSvcs23%

-24%100.8USD

69.7315

14.620.0

4.01.4BBIDU

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Svcs26%

-52%161.6USD

45.8739

24.315.0

1.30.6BTCOM

UW

Trip.com

Cons

Disc18%

-32%30.4

USD

19.4150

59.225.9

1.1

0.3BDADA

UW

DadaNexusConsDisc27%

-55%21.0

USD

5.027

205.5

83.0

6.40.2Averagg

25%156.6

942

130.2

35.7

6.0

0.7Source:FactSet,GoldmanSachs

GlobalInvestmentResearchGlobalInvestment

Research26an

投资标的(2):在“失宠”的互联网行业寻找增长机会chsldmaoSGForward

P/E(X)

ForwardPEG(X)Total

Listed

MktCapforChineseInternetTech

(USDtn)1.53.0NcePicesasaNov9.2021:VauadondemsrestoaasbGsquyanayt,ecp^*orIBESconsensusCurenICNRG=77s0Nov5,2021,upsbecakusabose0npast52wekabsteeumsensitvity

to

CNRGNote:^includingallstocks.^^excludingstockslistedafter

Feb

17.AllocationMXCN

industry

groupsWeight

in

MXCNPast

1Mperf21-23EEPSCAGR22EP/E(X)22EP/B(X)22EPEGOverweightAutos企6.912.6%34%

31.6

3.1

1.3Consumer

Durables2.97.6%21%

25.8

5.8

1.4Media17.7-1.7%22%

23.3

3.11.1Retailing21.8-3.5%32%25.5

3.40.7Semis个1.68.2%24%

31.7

5.31.2MarketweightCapital

Goods3.44.5%11%

9.1

1.1

0.9Consumer

Svcs2.3-9.9%65%

23.1

1.90.6Div

Financials1.9-4.4%11%

7.70.80.7EnergyL1.4-11.9%-4%

6.2

0.6FoodBev仓4.9-1.0%22%

25.4

5.4

1.2HC

Equip

&Svcs1.2-13.1%19%

22.0

2.41.1Insurance3.3-5.7%14%

5.40.80.5PharmaBiotech6.0-4.8%36%

58.5

5.61.5Tech

Hardware3.8-0.7%14%

14.8

2.7

1.1Transportation1.5-6.5%-13%

10.1

1.2Utilities个2.3-2.2%11%

10.8

1.3

1.1UnderweightBanks8.3-3.0%7%

4.2

0.50.7Materials3.0-7.1%8%

8.7

1.41.7Real

Estate3.8-4.3%10%

4.8

0.7

0.5Telecom0.2-2.1%15%

16.5

0.8

1.2Source:

MSCI,FactSet,Wind,Goldman

Sachs

GlobalInvestmentResearchGlobalInvestmentResearch27lcdh

an

投资标的(3):行业策略：相对价值而言，更偏好成长性机会aoSource:Wind,HaverAnalytics,Word

Input-Output

Database(2015),MSCI,FactSet,Goldman

Sachs

Global

Investment

ResearchGlobal

Investment

Research

28什么可能出错?中国房地产：60万亿美元的困局GoldmanSachsMXCN

12mfPE(x)Source:FactSet,MSCI,Bloomberg,Goldman

Sachs

GlobalInvestment

ResearchGlobal

Investment

Research29an

什么可能出错?

中国(房地产)债市：仍在探底SachsGoldmChina

property

developer

maturity

schedule

until

2022(USD

bn)Avgcross-asset3Mroling

correlationwith

MXCNSource:FactSet,MSCI,GoldmanSachs

GlobalInvestmentResearchGlobal

Investment

Research

30an

什么可能出错?

美国货币政策正常化：此次有更多缓冲SachsGoldmExpected

change

in

f-24m

P/E

given50bp

rise

in

US

10Y

YieldSource:Wind,FactSet,Bloomberg,GoldmanSachs

GlobalInvestmentResearchGlobalInvestment

Research

31Sacdman什么可能出错?中美关系(GSSRUSCN):

关注尾部风险

an

什么可能出错?通货膨胀与滞胀：对股市构成的风险可控MXCNsectorreturn

correlationwith

PPl-

CPlsmSachGoldNote:Monthlydatasince2016.Sector

return:qoqavg.

CP/PP1:

yoy

3mma.Source:FactSet,Wind,GoldmanSachsGlobalInvestentResearchGlobalinvestment

Research

32Source:FactSet,Wind,GoldmanSachs

GlobalInvestment

ResearchGlobal

Investment

Research33附录：CSI300指数估值预期及目标点位Goldman

SachsStructural

growth

Structural

growth

FX

change(Marketcap(Southbound

(earnings&Potential

Northboundflows

in2022:USS75bn(Marketcap

expansion)(Southboundownership

increase)Source:Goldman

Sachs

GlobalInvestmentResearchGlobal

Investment

Research

34Sactman附录：股票互联互通资金流预测分项(USSbn)

(USSbn)PotentialSouthboundflows

in2022:US$75bnexpansion)ownership

valuation

gap)increase)(USSbn)(USSbn)申明我们.刘劲津，付思。在此申明，本报告所表述的所有观点准确反映了我们的个人看法，没有受到公司业务或客户关系因素的影响。本报告首页所列作者为高盛全球投资研究部分析师，除非另有说明。信息披露法定披露美国法定披露任何本报告中研究企业所需的特定公司法定披露见上文：包括即将进行交漏的承销商或副承韬商，1%成其他股权，将定服务的补偿，客户关系种类，之前担任承销商或副承错商的公开发行，担任董事，担任

股票做市及/或专家的角色。高盛担任或可能担任本报告中所涉及发行方的债券(或相关衍生品)的交易对手。以下为额外要求的披露：股权及重大利益冲突：高盛的政策为禁止其分析师、分析师属下专业人员及其家庭成员持有分析语负责研究的任何公司的证券。分析师弱附，分析师籍酬部分取决于高酯的翻利，其

中包括投资银行的收入。分析师担任高级职员或量事：高盛的政策通常禁止其分析师，分析师属下人员及其家虚成员担任分析师负责研究的任何公司的高级职员，董事或丽问。非英国分析师：非英国分析

可能与高盛无关联，因此可以不受FINRA2241条FINRA2242

条对于与所研究公司的交流，公开露面及持有交易证券的限制。美国以外司法管辖区规定的额外披露以下为除了根据美国法律法规规定作出的上述信息坡露之外其他司法管辖区法律所要求的披露。澳大利亚：Godman

SactsAustala

Py

Lud及其相关机构不是澳大利亚经授权的存教机构(1959年(银行法

2所定义),因此不在澳大利亚境内提供银行服务，也不经营银行业务。本研究报告或本报告的其他形式内容只可分发予根据澳大利亚公司法定义的”越发客户”,在事先获得高盛许可的情况下可以有例外。在撰写研霓报告厢间，GodmanSactsAustaa至缘投资研究部的职图可能参写本研资我告中所讨论证养的发行公司成其他实体租职的现场调研成会议。在草些情况下，如果覆直体情形CotmanSacs

Austala认为恰当或合理，此类调研或会议的成本可能部分或全部由该证券发行人承担。如本报告内容包会任何金融产品建议，则该建议仅为一般建议，且高盛提出该建议时并未考电客户的目标、财务状况

或需求。客户在就此类建汉采取行动之前，应结合其自身目标、财务状况和需求来考虑该建议的适当性。高盈澳大利亚和新西兰的利益技露，以及高盛澳大利亚卖方研究独立性制度声明请参见mps/ww.ot

mnsactscomdadosuresaustalarewzealand

ndexhiml。巴西：与CVMResohtonn20相关的信息披露请参tps/wwas

co

notdwdet

raz

area

gth

n

dex

Htm。根

据CvMResouton20第20条，在适用的情况下，对本研究报告内容负主蛋责任的巴西注册分析师为本指告开头部分标明的第一作者，除非报告来另有说明。加章大：GodmanSactsCanadalnc是高盛集团的关

联机构，因此被包含在高盛相关的特定公司信息皱露中(定文见上文)。如果Godman

Sachs

Canadalnc.向其客户分发该研究报告，则GdmanSachsCanadanc已批准本报告，并同意承担有关责任。香港：可从高蓝(亚洲)有限责任公司获取有关本摇