> **来源：[研报客](https://pc.yanbaoke.cn)** # 中国可选消费 China (Overseas) Discretionary # 餐饮、潮玩及家电行业周报 # F&B, Designer Toys and Home Appliances Sector Weekly Report # 观点聚焦 Investment Focus <table><tr><td colspan="5">市盈率 P/E</td></tr><tr><td>股票名称</td><td>评级</td><td>目标价</td><td>PE(2025E)</td><td>PE(2026E)</td></tr><tr><td>泡泡玛特</td><td>Outperform</td><td>354.00</td><td>19</td><td>13</td></tr><tr><td>安踏体育</td><td>Outperform</td><td>104.11</td><td>15</td><td>15</td></tr><tr><td>华住酒店集团有限公司</td><td>Outperform</td><td>52.00</td><td>23</td><td>17</td></tr><tr><td>李宁</td><td>Outperform</td><td>19.99</td><td>16</td><td>14</td></tr><tr><td>名创优品</td><td>Outperform</td><td>26.60</td><td>14</td><td>12</td></tr><tr><td>亚朵集团</td><td>Outperform</td><td>55.00</td><td>68</td><td>52</td></tr><tr><td>新东方在线</td><td>Outperform</td><td>48.40</td><td>16</td><td>n.a.</td></tr><tr><td>特步国际</td><td>Outperform</td><td>6.99</td><td>11</td><td>10</td></tr></table> 资料来源：Factset, HTI # Related Reports 餐饮、潮玩及家电行业周报 F&B, Designer Toys and Home Appliance Sector Weekly Report (11 Jan 2026) 餐饮、潮玩及家电行业周报 F&B, Designer Toys and Home Appliance Sector Weekly Report (21 Dec 2025) 餐饮、潮玩及家电行业周报 F&B, Designer Toys and Home Appliances Sector Weekly Report (14 Dec 2025) (PleaseseeAPPENDIX1forEnglishsummary) 行业热点。AI+广告模式逐渐落地。豆包等国内C端AI应用由于用户付费习惯原因，基本不产生订阅收入，因此广告收益可能成为未来主要变现方式，OpenAI联合创始人Sam Altman在数年前就曾表示广告将是其商业模式的最终手段，且AI+广告的商业模式在近期又已取得多项进展，包括（1）1月10日，马斯克宣布将在一周内开源X平台内容推荐算法，覆盖“所有用于决定向用户推荐自然内容和广告内容的代码”，后续将每四周更新一次代码，同时附带开发者说明，标注算法和逻辑上的改动内容；以及（2）1月16日，OpenAI表示，计划未来几周内开始在ChatGPT的“免费版”和“Go版”中测试广告，并将把月费8美元的“Go版”从美国市场推广至所有ChatGPT覆盖地区。 GEO 有望主导 AI 搜索时代流量争夺战。GEO（Generative Engine Optimization，即生成式引擎优化）是 AI+广告模式难以绕开的概念，其由 SEO（Search Engine Optimization，搜索引擎优化）衍生而来，不同于其主要通过 TDK（标题、描述、关键词）模块优化，以及在高权重网站交换链接等方式提升网站在搜索引擎结果中的自然排名的方式；GEO 主要通过针对某种产品或服务提前发布大量优化过的网页文章，加入结构化标签、精准表述等，便更容易在 AI 助手类 C 端应用的回答中被提及。 GEO市场增长潜力可期。根据Gartner预测，2026年传统搜索引擎的流量将下滑 $25\%$ ，到2028年 $50\%$ 的搜索引擎流量将被AI搜索蚕食。根据秒针营销科学院预测，2025年全球GEO市场规模为112亿美元，预计2030年达1007亿美元；其中中国GEO市场规模2025年为29亿元，预计2030年达240亿元。 重点公司：青木科技——天猫六星级服务商，电商生态服务体系完善，行业资源丰富，基于自研“啄木鸟”系统积极布局GEO。 行情回顾。本周锅圈（+11.9%）、海底捞（+10.7%）、奈雪的茶（+6.5%）、特海国际（+5.4%）和海信家电（+3.8%）领涨，JS环球生活（-4.6%）、石头科技（-5.2%）、TCL电子（-6.3%）、霸王茶姬（-8.2%）和泡泡玛特（-9.3%）领跌。 动态回顾。（1）张勇重任海底捞CEO；（2）小菜园设立合资公司开展线上商城、“社区即食小店”等业务；（3）沪上阿姨发布2025年盈喜；（4）古茗拍下总部建设用地，并开启《仙逆》动漫联名；（5）不同集团宣布股份激励计划；（6）泡泡玛特将合作荣耀推出联名手机；（7）钱大妈、袁记食品、比格餐饮向港交所提交招股书。 胡佳璐 Rebecca Hu rebecca.jl.hu@htisec.com 朱默辰 Mochen Zhu mc.zhu@htisec.com 李一腾YitengLi yt.li@htisec.com 刘坤钰 Kunyu Liu ky.liu@htisec.com # （1）重点公司行情回顾 本周锅圈（+11.9%）、海底捞（+10.7%）、奈雪的茶（+6.5%）、特海国际（+5.4%）和海信家电（+3.8%）领涨，JS环球生活（-4.6%）、石头科技（-5.2%）、TCL电子（-6.3%）、霸王茶姬（-8.2%）和泡泡玛特（-9.3%）领跌。 表 1 重点公司涨跌幅 TOP5 (2026/1/18) <table><tr><td>公司名</td><td>股票代码</td><td>本周涨跌幅 (%)</td><td>市值(亿 LC)</td><td>PE(FY25E)</td></tr><tr><td colspan="5">涨幅 TOP5</td></tr><tr><td>锅圈</td><td>2517 HK</td><td>11.9%</td><td>107</td><td>23.0</td></tr><tr><td>海底捞</td><td>6862 HK</td><td>10.7%</td><td>863</td><td>17.7</td></tr><tr><td>奈雪的茶</td><td>2150 HK</td><td>6.5%</td><td>20</td><td>NA</td></tr><tr><td>特海国际</td><td>9658 HK</td><td>5.4%</td><td>85</td><td>27.5</td></tr><tr><td>海信家电</td><td>921 HK</td><td>3.8%</td><td>364</td><td>8.8</td></tr><tr><td colspan="5">跌幅 TOP5</td></tr><tr><td>JS 环球生活</td><td>1691 HK</td><td>-4.6%</td><td>64</td><td>NA</td></tr><tr><td>石头科技</td><td>688169 CH</td><td>-5.2%</td><td>402</td><td>23.6</td></tr><tr><td>TCL 电子</td><td>1070 HK</td><td>-6.3%</td><td>248</td><td>10.7</td></tr><tr><td>霸王茶姬</td><td>CHA US</td><td>-8.2%</td><td>22</td><td>7.5</td></tr><tr><td>泡泡玛特</td><td>9992 HK</td><td>-9.3%</td><td>2398</td><td>17.1</td></tr></table> 资料来源：BBG，HTI 注：PE来自BBG一致预期。 # （2）上市公司动态 【海底捞】董事会主席兼执行董事张勇重任CEO，原CEO苟轶群辞任后转战集团智能化中台建设；同时，李娜娜、朱银花、焦德凤、朱轩宜获委任为公司执行董事，四位均为海底捞体系内成长起来的核心骨干，在门店运营、区域管理及产品创新等具体业务领域深耕多年，具备扎实的一线经营与综合管理经验。海底捞称，考虑到公司的战略方向及未来发展需要，董事会认为委任新董事将会带来新视野和新动力，提升董事会效率，并有助于公司维持高标准的企业管治。 【小菜园】全资附属公司小菜园餐饮与邓高科及田春永将共同出资成立合资公司，开展包括但不限于线上商城、“社区即食小店”等业务。此次交易完成后，合资公司将成为公司非全资附属公司。合资公司业务主要包括四大板块：全域电商+本地生活；供应链业务；品质生活站（小店）及第四方经销商业务。 【沪上阿姨】2025年净利润约4.95-5.25亿元，同增约 $50\% -60\%$ ；经调净利约5.6-5.9亿元，同增约 $34\% -41\%$ 【古茗】（1）1月12日，公司旗下的古茗技术（浙江）有限公司以4.55亿元总价竞得杭州钱江世纪城核心单元XS010203-04地块，成交楼面价为6100元/ $\mathfrak{m}^2$ 。该地块被明确定位为总部经济类用地，其出让条件较为严格，要求整体自持比例不低于 $80\%$ 且自持年限达40年。（2）1月16日开启《仙逆》动画联名活动，采用HPP柑橘汁的四款产品「手剥粒粒大橘」、「爆汁鲜果杯」、「大橘美式」、「苦尽柑来拿铁」同步上线。 【不同集团】于1月12日宣布采纳股份奖励计划，有效期10年，由现有股份拨付，不涉及发行任何新股份，限额为公司于采纳日期已发行股份的 $10\%$ ，单一参与者在任何12个月期间可获授的最高股份数不得超过已发行股份的 $1\%$ 。 【泡泡玛特】1月12日，有消息称，泡泡玛特将推出一款潮玩手机。当天下午，泡泡玛特回应传言称，此次并非自研手机，而是与知名手机品牌开展的IP联名合作。随后，荣耀也正式官宣，将携手知名潮玩品牌泡泡玛特推出数字500系列的IP联名款产品，打造业内首款融合潮流玩具元素的智能手机。 # （3）行业动态 钱大妈于1月12日向港交所提交上市申请。2024年和3Q25，钱大妈营收各117.87/83.59亿元，同比各增 $0.4\%$ /降 $4.2\%$ ；毛利率各 $10.2\% /11.3\%$ ，经调净利各1.93/2.15亿元。门店规模上，3Q25钱大妈的门店网络包括覆盖中国14个省、直辖市和特别行政区的2938家社区门店，拥有1754名加盟商。同时，通过微信小程序、App等自有平台以及第三方外卖配送平台，钱大妈亦已建立了线上销售渠道。 袁记食品于1月12日向港交所提交上市申请。2024年和3Q25，袁记食品营业收入各25.61/19.82亿元；同比各增 $26.4\% / 11.0\%$ 。袁记食品以广州为起点，稳步向全国乃至海外市场迈进。截至3Q25，袁记食品拥有4266家门店，覆盖中国32个省份、自治区、特别行政区及直辖市以及东南亚国家。其中，截至3Q25袁记食品在新加坡已开业5家门店。 比格餐饮于1月16日向港交所提交上市申请。2024年，比格餐饮营收11.47亿元，同比增长 $21.5\%$ ；3Q25比格餐饮的营收从2024年同期的8.33亿元增加 $66.6\%$ 至13.89亿元。门店规模上，3Q25比格餐饮在中国28个省、105个市运营合共342家门店，其中包括265家自营餐厅。截至2026年1月11日，比格餐饮已扩张至387家餐厅，覆盖中国内地127个城市，包括所有省会城市。根据比格餐饮的规划，其预计2026年、2027年及2028年分别新开约120至180家、220至280家及270至330家门店，三年期间内新增合共约610至790家门店。 # APPENDIX 1 # Summary Sector hotspot: The integration of AI&advertising models is gradually taking effect, with GEO expected to dominate the battle for traffic in the AI-driven search era. The market shows promising growth potential, and key players such as Qingmu deserve close attention. Weekly performance: Top performers include Guoquan (+11.9%), Haidilao (+10.7%), Nayuki (+6.5%), SuperHi (+5.4%), and Hisense (+3.8%); Underperformers include JS Global Life (-4.6%), Roborock (-5.2%), TCL Electronics (-6.3%), Chagee (-8.2%), and Pop Mart (-9.3%). Sector news: (1) Zhang Yong reassumed the role of CEO at Haidilao. (2) Xiaocaiyuan established a JV to develop online and community businesses. (3) Auntea Jenny released a positive profit alert. (4) Guming bought land for its headquarters construction, and began collaboration with Renegade Immortal. (5) Butong Group announced share incentive plans. (6) Pop Mart will partner with Honor to launch a co-branded smartphone. (7) Qdama, YUEN KEE FOOD, and Big Catering submit prospectuses to the HKSE. # 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），Haitong Securities India Private Limited (HSIPL)，Haitong International Japan K.K.（HTJKK)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。 # IMPORTANT DISCLOSURES This research report is distributed by Haitong International, a global brand name for the equity research teams of Haitong International Research Limited ("HTIRL"), Haitong Securities India Private Limited ("HSIPL"), Haitong International Japan K.K. ("HTJKK"), Haitong International Securities Company Limited ("HTISCL"), and any other members within the Haitong International Securities Group of Companies ("HTISG"), each authorized to engage in securities activities in its respective jurisdiction. # HTIRL分析师认证AnalystCertification： 我，胡佳璐，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30个自然日内交易此研究报告所讨论目标公司的证券。I, Rebecca Hu, certify that (i) the views expressed in this research report accurately reflect my personal views about any or all of the subject companies or issuers referred to in this research and (ii) no part of my compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in this research report; and that I (including members of my household) have no financial interest in the security or securities of the subject companies discussed. I and my household, whom I have already notified of this, will not deal in or trade any securities in respect of the issuer that I review within 30 calendar days after the research report is published. 我，朱默辰，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30个自然日内交易此研究报告所讨论目标公司的证券。I, Mochen Zhu, certify that (i) the views expressed in this research report accurately reflect my personal views about any or all of the subject companies or issuers referred to in this research and (ii) no part of my compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in this research report; and that I (including members of my household) have no financial interest in the security or securities of the subject companies discussed. I and my household, whom I have already notified of this, will not deal in or trade any securities in respect of the issuer that I review within 30 calendar days after the research report is published. 我，李一腾，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30个自然日内交易此研究报告所讨论目标公司的证券。I，Yiteng Li, certify that (i) the views expressed in this research report accurately reflect my personal views about any or all of the subject companies or issuers referred to in this research and (ii) no part of my compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in this research report; and that I (including members of my household) have no financial interest in the security or securities of the subject companies discussed. I and my household, whom I have already notified of this, will not deal in or trade any securities in respect of the issuer that I review within 30 calendar days after the research report is published. 我，刘坤钰，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30个自然日内交易此研究报告所讨论目标公司的证券。I, Kunyu Liu, certify that (i) the views expressed in this research report accurately reflect my personal views about any or all of the subject companies or issuers referred to in this research and (ii) no part of my compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in this research report; and that I (including members of my household) have no financial interest in the security or securities of the subject companies discussed. I and my household, whom I have already notified of this, will not deal in or trade any securities in respect of the issuer that I review within 30 calendar days after the research report is published. # 利益冲突披露 Conflict of Interest Disclosures 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） HTI and some of its affiliates may engage in investment banking and / or serve as a market maker or hold proprietary trading positions of certain stocks or companies in this research report. As far as this research report is concerned, the following are the disclosure matters related to such relationship (As the following disclosure does not ensure timeliness and completeness, please send an email to ERD-Disclosure@htisec.com if timely and comprehensive information is needed). 国泰海通证券股份有限公司和/或其子公司（统称“国泰海通”）在过去12个月内参与了2589.HK的投资银行项目。投资银行项目包括：1、国泰海通担任上市前辅导机构、保荐人或主承销商的首次公开发行项目；2、国泰海通作为保荐人、主承销商或财务顾问的股权或债务再融资项目；3、国泰海通作为经纪商的新三板上市、目标配售和并购项目。 Guotai Haitong Securities Co., Ltd. and/or its subsidiaries (collectively, the "Guotai Haitong") have a role in investment banking projects of 2589.HK within the past 12 months. The investment banking projects include 1. IPO projects in which Guotai Haitong acted as pre-listing tutor, sponsor, or lead-underwriter; 2. equity or debt refinancing projects of 2589.HK for which Guotai Haitong acted as sponsor, lead-underwriter or financial advisor; 3. listing by introduction in the new three board, target placement, M&A projects in which Guotai Haitong acted as lead-brokerage firm. 2589.HK目前或过去12个月内是国泰海通的投资银行业务客户。 2589.HK is/was an investment bank clients of Guotai Haitong currently or within the past 12 months. 国泰海通在过去12个月中获得对2589.HK提供投资银行服务的报酬。 Guotai Haitong received in the past 12 months compensation for investment banking services provided to 2589.HK. 国泰海通担任9992.HK,688169.CH及2020.HK有关证券的做市商或流通量提供者。 Guotai Haitong acts as a market maker or liquidity provider in the securities of 9992.HK, 688169.CH and 2020.HK. Compendium disclosure: For disclosures associated with each company mentioned herein, including disclosure of risks, valuation methodologies and target price formation, if any, please refer to the full report on our website (equities.htisec.com). # 评级定义（从2020年7月1日开始执行）： 海通国际（以下简称“HTI”）采用相对评级系统来为投资者推荐我们覆盖的公司：优于大市、中性或弱于大市。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. # Ratings Definitions (from 1 Jul 2020): Haitong International uses a relative rating system using Outperform, Neutral, or Underperform for recommending the stocks we cover to investors. Investors should carefully read the definitions of all ratings used in Haitong International Research. In addition, since Haitong International Research contains more complete information concerning the analyst's views, investors should carefully read Haitong International Research, in its entirety, and not infer the contents from the rating alone. In any case, ratings (or research) should not be used or relied upon as investment advice. An investor's decision to buy or sell a stock should depend on individual circumstances (such as the investor's existing holdings) and other considerations. # AnalystStockRatings Outperform:The stock's total return over the next 12-18 months is expected to exceed the return of its relevant broad market benchmark,as indicated below. Neutral: The stock's total return over the next 12-18 months is expected to be in line with the return of its relevant broad market benchmark, as indicated below. For purposes only of FINRA/NYSE ratings distribution rules, our Neutral rating falls into a hold rating category. Underperform:The stock's total return over the next 12-18 months is expected to be below the return of its relevant broad market benchmark,as indicated below. Benchmarks for each stock's listed region are as follows: Japan - TOPIX, Korea - KOSPI, Taiwan - TAIEX, India - Nifty100, US - SP500; for all other China-concept stocks - MSCI China. <table><tr><td rowspan="2"></td><td colspan="3">截至2025年12月31日海通国际股票研究评级分布</td><td colspan="3">截至2025年9月30日海通国际股票研究评级分布</td></tr><tr><td>优于大市</td><td>中性(持有)</td><td>弱于大市</td><td>优于大市</td><td>中性(持有)</td><td>弱于大市</td></tr><tr><td>海通国际股票研究覆盖率</td><td>93.9%</td><td>6.0%</td><td>0.1%</td><td>92.3%</td><td>7.5%</td><td>0.2%</td></tr><tr><td>投资银行客户*</td><td>3.0%</td><td>4.0%</td><td>0.0%</td><td>3.3%</td><td>3.9%</td><td>0.0%</td></tr></table> *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. <table><tr><td></td><td colspan="3">Haitong International Equity Research Ratings Distribution, as of December 31, 2025</td><td colspan="3">Haitong International Equity Research Ratings Distribution, as of September 30, 2025</td></tr><tr><td></td><td>Outperform</td><td>Neutral (hold)</td><td>Underperform</td><td>Outperform</td><td>Neutral (hold)</td><td>Underperform</td></tr><tr><td>HTI Equity Research Coverage</td><td>93.9%</td><td>6.0%</td><td>0.1%</td><td>92.3%</td><td>7.5%</td><td>0.2%</td></tr><tr><td>IB clients*</td><td>3.0%</td><td>4.0%</td><td>0.0%</td><td>3.3%</td><td>3.9%</td><td>0.0%</td></tr></table> *Percentage of investment banking clients in each rating category. BUY, Neutral, and SELL in the above distribution correspond to our current ratings of Outperform, Neutral, and Underperform. For purposes only of FINRA/NYSE ratings distribution rules, our Neutral rating falls into a hold rating category. Please note that stocks with an NR designation are not included in the table above. # Previous rating system definitions (until 30 Jun 2020): Buy: The stock's total return over the next 12-18 months is expected to exceed the return of its relevant broad market benchmark, as indicated below. NEUTRAL: The stock's total return over the next 12-18 months is expected to be in line with the return of its relevant broad market benchmark, as indicated below. For purposes only of FINRA/NYSE ratings distribution rules, our Neutral rating falls into a hold rating category. SELL: The stock's total return over the next 12-18 months is expected to be below the return of its relevant broad market benchmark, as indicated below. Benchmarks for each stock's listed region are as follows: Japan - TOPIX, Korea - KOSPI, Taiwan - TAIEX, India - Nifty100; for all other China-concept stocks - MSCI China. 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。 Haitong International Non-Rated Research: Haitong International publishes quantitative, screening or short reports which may rank stocks according to valuation and other metrics or may suggest prices based on possible valuation multiples. Such rankings or suggested prices do not purport to be stock ratings or target prices or fundamental values and are for information only. 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。国泰海通证券（601211.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，海通国际使用与国泰海通证券不同的评级系统，所以海通国际与国泰海通证券的中国A股评级可能有所不同。 Haitong International Coverage of A-Shares: Haitong International may cover and rate A-Shares that are subject to the Hong Kong Stock Connect scheme with Shanghai and Shenzhen. GUOTAI HAITONG SECURITIES (601211 CH), the ultimate parent company of HTISG based in Shanghai, covers and publishes research on these same A-Shares for distribution in mainland China. However, the rating system employed by GTHS differs from that used by HTI and as a result there may be a difference in the HTI and GTHS ratings for the same A-share stocks. 海通国际优质100A股（Q100）指数：海通国际Q100指数是一个包括100支由国泰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，并结合对国泰海通证券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。 Haitong International Quality 100 A-share (Q100) Index: HTI's Q100 Index is a quant product that consists of 100 of the highest-quality A-shares under coverage at GTHS in Shanghai. These stocks are carefully selected through a quality-based screening process in combination with a review of the GTHS A-share team's bottom-up research. 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If there is any difference between this claim and other agreements, this disclaimer shall be applied. # 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Haitong International (Japan) K.K.（“HTJKK”）的协助下发行，HTJKK是由日本关东财务局监 管为投资顾问。 印度证券的研究报告：本报告由从事证券交易、投资银行及证券分析及受Securities and Exchange Board of India（“SEBI”）监管的Haitong Securities India Private Limited（“HTSIPL”）所发行，包括制作及发布涵盖BSE Limited（“BSE”）和National Stock Exchange of India Limited（“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。 # IMPORTANT DISCLAIMER For research reports on non-Indian securities: The research report is issued by Haitong International Research Limited ("HTIRL"), a wholly owned subsidiary of Haitong International Securities Group Limited ("HTISGL") and a licensed corporation to carry on Type 4 regulated activity (advising on securities) for the purpose of the Securities and Futures Ordinance (Cap. 571) of Hong Kong, with the assistance of Haitong International (Japan) K.K. ("HTUKK"), a wholly owned subsidiary of HTISGL and which is regulated as an Investment Adviser by the Kanto Finance Bureau of Japan. For research reports on Indian securities: The research report is issued by Haitong Securities India Private Limited ("HSIPL"), an Indian company and a Securities and Exchange Board of India ("SEBI") registered Stock Broker, Merchant Banker and Research Analyst that, inter alia, produces and distributes research reports covering listed entities on the BSE Limited ("BSE") and the National Stock Exchange of India Limited ("NSE") (collectively referred to as "Indian Exchanges"). HSIPL was acquired and became part of the Haitong International Securities Group of Companies ("HTISG") on 22 December 2016. All the research reports are globally branded under the name Haitong International and approved for distribution by Haitong International Securities Company Limited ("HTISCL") and/or any other members within HTISG in their respective jurisdictions. 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Non U.S. Analyst Disclosure: The HTI analyst(s) listed on the cover of this Research is (are) not registered or qualified as a research analyst with FINRA and are not subject to U.S. FINRA Rule 2241 restrictions on communications with companies that are the subject of the Research; public appearances; and trading securities by a research analyst. # 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HTIKK编写。HTIRL，HSIPL，HTIKK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」（“Major U.S. Institutional Investor”）和「机构投资者」（"U.S. Institutional Investors"）。在向美国机构投资者分发研究报告时，Haitong International Securities (USA) Inc.（“HTI USA"）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HTI USA。HTI USA位于130 West 42nd Street, FL 18, New York, NY 10036 USA，电话+1 212-351-6052。HTI USA是在美国于U.S. Securities and Exchange Commission（“SEC"）注册的经纪商，也是Financial Industry Regulatory Authority, Inc.（“FINRA"）的成员。HTI USA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HTIKK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HTIKK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： Haitong International Securities (USA) Inc. 130 West 42nd Street, FL 18 New York, NY 10036 联系人电话：+1212-351-6052 # DISTRIBUTION AND REGIONAL NOTICES Except as otherwise indicated below, any Recipient wishing to discuss this research report or effect any transaction in any security discussed in HTI's research should contact the Haitong International salesperson in their own country or region. 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