研究報(bào)告ResearchReport7Nov2025中國電子China(Overseas)TechnologyCEIC2025前沿聚焦（1）：從智能終端到醫(yī)療家居，鴻蒙生態(tài)全場景展出CEIC2025FrontierFocus(1):HarmonyOSEcosystem’sFull-ScenarioDemonstrationfromSmartTerminalstoMedical&HomeScenarios姚書橋BarneyYaobarney.sq.yao@FlashAnalysis(PleaseseeAPPENDIX1forEnglishsummary)事件2025消費(fèi)電子創(chuàng)新大會（CEIC2025）于11月6日在深圳會展中心（福田）2號館正式啟幕，大會以新電子?新體驗(yàn)?新消費(fèi)為主題，匯聚全球20個(gè)國家和地區(qū)的近300家科技企業(yè)，集中亮相2000多項(xiàng)創(chuàng)新科技產(chǎn)品，涵蓋智能終端、智能汽車、智能家居、數(shù)字健康與新技術(shù)芯片五大核心領(lǐng)域，成為全球消費(fèi)電子領(lǐng)域的創(chuàng)新風(fēng)向標(biāo)。點(diǎn)評6全系終端。華為本次全球首展涵蓋鴻蒙電視、電腦、平板、手機(jī)、穿戴設(shè)備五大類終端，搭載鴻蒙智能體框架（HMAF），DeepSeek20Tokens。核心參數(shù)：跨設(shè)備協(xié)同采用160MB/siOS、iPadOS、macOS設(shè)備碰一碰互傳；星閃連接定位精度達(dá)ICCE車鑰匙標(biāo)準(zhǔn)的5倍，網(wǎng)關(guān)路由傳輸速度為前代6倍，支持4K視頻實(shí)時(shí)無線傳輸；音頻引擎2.0播放時(shí)延低至50ms以下，鼠標(biāo)回報(bào)率低至8kHz，操作響應(yīng)進(jìn)入毫秒級。創(chuàng)新功能包括視頻通話實(shí)時(shí)輔助、AI修圖（經(jīng)50萬張圖像訓(xùn)練）、50+首批鴻蒙智能體（覆蓋餐飲推薦、Excel數(shù)據(jù)處理等場景），實(shí)現(xiàn)從用戶指令中心到意圖理解中心的質(zhì)變。華為MateTV110寸大屏電視（V5Max110）。699991.4米、寬度近2.5500091%BT.2020（典型值）4KHDRVividVivid12GB+256GB2.4/5GHzWi-Fi7/7.1.4聲道（714個(gè)天空音），AudioVividLR超低反光屏與萊茵低藍(lán)光認(rèn)證，IMAX巨幕觀影技術(shù)與全新懸浮觸碰交互。華為云Versatile智能體平臺。該平臺是華為云面向企業(yè)的一站式AI應(yīng)用平臺，核心定位是構(gòu)建開放、可靠、高性能的企業(yè)級AI能力中樞。核心模塊涵蓋AgentStudio、AgentSpace、AgentGallery等組件，支持極簡開發(fā)（開發(fā)天數(shù)→小時(shí)級）、3ms極速響應(yīng)、強(qiáng)化學(xué)習(xí)+通用智能。已覆蓋政務(wù)、金融、醫(yī)療、港口等7大行業(yè)，通過CloudDevice實(shí)現(xiàn)智能能力萬物上云，支持6Gms、4K@30fps的極致體驗(yàn)，同時(shí)兼容OSAI智能體應(yīng)用協(xié)議，降低跨平臺適配成本。鴻蒙醫(yī)療智慧場景?，F(xiàn)場搭建的鴻蒙智慧病房是鴻蒙生態(tài)在醫(yī)療領(lǐng)域的落地案例，設(shè)備端整合智能病床、輸液監(jiān)測儀、生命體征終端等醫(yī)療設(shè)備，通過鴻蒙系統(tǒng)實(shí)現(xiàn)數(shù)據(jù)互聯(lián)互通，病房終端可實(shí)時(shí)展示患者信息、設(shè)備狀態(tài)，支持醫(yī)護(hù)遠(yuǎn)程調(diào)閱。配備請保持安靜智能提示屏（同步時(shí)間與病房狀態(tài)），設(shè)備操作簡化（如一鍵呼叫、參數(shù)調(diào)整），提升病房管理效率與患者體驗(yàn)。鴻蒙智能家居安全套裝。核心產(chǎn)品包括智能燃?xì)鈭?bào)警器（支持泄漏聯(lián)動(dòng)關(guān)閥）、智能煙霧報(bào)警器（AI別）、智能空氣質(zhì)量檢測儀（PM2.5/甲醛）、智能康養(yǎng)報(bào)警器（/異常停留預(yù)警）系統(tǒng)，觸發(fā)報(bào)警時(shí)可同步推送至手機(jī)、智能音箱，并聯(lián)動(dòng)門窗傳感器、新風(fēng)系統(tǒng)等設(shè)備執(zhí)行應(yīng)急操作，覆蓋家庭、養(yǎng)老等場景。(PleaseseeappendixforEnglishtranslationofdisclaimer)Fig.2星閃聯(lián)接板Source:CEIC2025,HTIFig.3星閃端側(cè)AI主板Source:CEIC2025,HTIFig.4HiSilicon端側(cè)AIAgent智能開發(fā)平臺Source:CEIC2025,HTIFig.5鴻蒙工業(yè)展區(qū)Source:CEIC2025,HTIFig.6軟通動(dòng)力鴻蒙生態(tài)二輪車機(jī)智能化解決方案Source:CEIC2025,HTIFig.7海曼鴻蒙安全守護(hù)套裝Source:CEIC2025,HTIFig.8鴻蒙智慧病房Source:CEIC2025,HTIFig.9全球計(jì)算聯(lián)盟Source:CEIC2025,HTIFig.10華為云Versatile智能體平臺Source:CEIC2025,HTIAPPENDIX1SummaryEventThe2025ConsumerElectronicsInnovationConference(CEIC2025)officiallykickedoffonNovember6atHall2ofShenzhenConventionandExhibitionCenter(Futian).Withthethemeof"NewElectronics·NewExperience·NewConsumption",theconferencehasgatherednearly300technologyenterprisesfrom20countriesandregionsaroundtheworld,showcasingmorethan2,000innovativetechnologyproductscoveringfivecorefields:smartterminals,smartcars,smarthomes,digitalhealth,andnewtechnologychips.Ithasbecomeaninnovationvaneintheglobalconsumerelectronicsfield.CommentHarmonyOS6Full-SeriesTerminalsHuaweidebuteditsfull-seriesterminalsglobally,coveringfivecategories:HarmonyOSTV,computer,tablet,mobilephone,andwearabledevices.EquippedwiththeHarmonyOSIntelligentAgentFramework(HMAF),itisbuiltbasedonthePanguLargeModelandDeepSeektechnology,withatrainingdatavolumeof20trillionTokensCoreparameters:Cross-devicecollaborationadoptstheGalaxyInterconnectionarchitecture,withatransmissionrateofupto160MB/s,supporting(one-touchmutualtransmission)withAppleiOS,iPadOSandmacOSdevicesStarFlashconnectionpositioningaccuracyis5timesthatoftheICCEcarkeystandard,andthegatewayroutingtransmissionspeedis6timesthatofthepreviousgeneration,supportingreal-time4Kvideowirelesstransmission;AudioEngine2.0hasaplaybackdelayaslowaslessthan50ms,andthemouse(reportrate)isaslowas8kHz,withoperationresponseenteringthemillisecondlevel.Innovativefunctionsincludereal-timevideocallassistanceAIphotoediting(trainedwith500,000imagesandmorethan50first-batchHarmonyOSintelligentagents(coveringscenariossuchascateringrecommendationandExceldataprocessing),realizingatransformationfrom"usercommandcenter"to"intentionunderstandingcenter".HuaweiMateTV110-inchLarge-ScreenTV(V5Max110)Huawei'sglobaldebutflagshipmodelispricedat69,999yuan,withaheightof1.4metersandawidthofnearly2.5meters.Ithasapeakbrightnessof5,000nits,anultra-widecolorgamutcovering91%BT.2020(typicalvalue),andsupports4KresolutionandHDRVivid;itisequippedwiththeHonghuVividindependentimagequalitychip,has12GB+256GBstorage,andsupportsdual-bandWi-Fi7(2.4/5GHz)andStarFlash/Bluetoothconnection;theaudiosystemadoptsa7.1.4channel(7mainchannels+1subwoofer+4skychannels),supportstheAudioVividthree-dimensionalaudiostandard,andisequippedwithanLRultra-lowreflectionscreenandTüVRheinlandlowbluelightcertification,featuringbothIMAXgiantscreenviewingtechnologyandnewfloatingtouchinteraction.HuaweiCloudVersatileAIAgentPlatformThisplatformisaone-stopAIapplicationplatformforenterprisesfromHuaweiCloud,withthecorepositioningof"buildinganopen,reliable,andhigh-performanceenterprise-levelAIcapabilityhub".ThecoremodulesincludecomponentssuchasAgentStudio,AgentSpace,andAgentGallery,supportingminimalistdevelopment(developmentdays→hour-level),3msultra-fastresponse,andreinforcementlearning+generalintelligence.Ithascovered7industriesincludinggovernmentaffairs,finance,medicalcare,andports.ThroughCloudDevice,itrealizes"intelligentcapabilitiesoneverythingtothecloud",supportsanextremeexperienceof6Gmsand4K@30fps,andiscompatiblewiththeOSAIintelligentagentapplicationprotocoltoreducecross-platformadaptationcosts.HarmonyOSMedicalSmartScenarioTheHarmonyOSsmartwardbuiltonsiteisalandingcaseoftheHarmonyOSecosysteminthemedicalfield.Onthedeviceside,itintegratessmartbeds,infusionmonitors,vitalsignterminalsandothermedicalequipment,andrealizesdatainterconnectionthroughtheHarmonyOSsystem.Thewardterminalcandisplaypatientinformationanddevicestatusinrealtime,supportingremoteaccessbymedicalstaff.Itisequippedwithan"PleaseKeepQuiet"smartpromptscreen(synchronizingtimeandwardstatus),anddeviceoperationsaresimplified(suchasone-keycallingandparameteradjustment),improvingwardmanagementefficiencyandpatientexperience.HarmonyOSSmartHomeSecuritySuiteCoreproductsincludeasmartgasalarm(supportingleakagelinkagevalveclosing),asmartsmokealarm(photoelectricsmokesensing+AIrecognition),asmartairqualitydetector(monitoringPM2.5/formaldehyde),andasmarthealthcarealarm(fall/abnormalstaywarning).AlldevicesareconnectedtotheHarmonyOSsystem.Whenanalarmistriggered,itcanbepushedtomobilephonesandsmartspeakerssimultaneously,andlinkwithdevicessuchasdoorandowsensorsandfreshairsystemstoperformemergencyoperations,coveringscenariossuchashomeandelderlycare.MultipleNaked-EyeHolographicSpaceVRDevicesTheyareondisplay,coveringscenariossuchasdesktop/vehicleaerialimagingandportablegiantscreenprojection.PimaxCrystalSuperhasasingle-eyeresolutionof3840×3840,ahorizontalfieldofviewof120-135°,arefreshrateof90-100Hz,andadoptsa50-57PPDQLEDdisplaypanel,supportingacustomopticalsystem;ShiftallMeganexSuperlightweighslessthan185g,isequippedwithdual1.35-inchMicroOLEDdisplays,hasasingle-eyeresolutionof3552×3840,supportsHDRandelectronicallyadjustableIPD,isequippedwithPancakelenses,andiscompatiblewithPCandSteamVR;theXR+AIproductofYijingVisionTechnologydefinesthenext-generationimmersiveinteractionwith"XR+AI",suitableforprofessionalscenariossuchaseducation,medicalcare,anddesign,enablinganimmersivevisualexperiencewithoutwearingdevices.StarFlashTechnologyVehicleNetworkingSolutionBYD,NIO,andXPenghavealldemonstratedsolutionsbasedontheInternationalStarFlashAlliancestandard,andthenumberofalliancemembershasexceeded1,200.Coreadvantagesincludesupportinganti-interferenceinmulti-systemcoexistencescenarios,coveringadistancemorethantwicethatoftraditionalwirelessconnections,andreducingenergyconsumptioninhigh-definitionaudiomodeto60%;itiscompatiblewithmorethan200smartdevices,enablingseamlesscollaborationbetweencars,homes,andwearabledevices,suchasunlockingcarswithawatchandcontrollinghomesecuritysystemsfrominsidethecar,buildinga"human-vehicle-home-park"ecologicalclosedloop.CoreTechnologySolutionProviders1)EagleDriveTechnology:Thecoresupplieroftheworld'sfirst360(surroundviewsystem)basedonStarFlashSLBtechnology,withparametersfullymatchingthe"supportfor6-channel1080p/30fpsvideotransmission,end-to-enddelay≤200ms,80%reductioninwiringcosts,and90%reductionininstallationtime"mentioned.Thissolutionhasbeenimplementedincommercialvehicleandpassengercarscenarios,solvingtheproblemsofcomplexinstallationandhighcostoftraditionalwiredsolutionswiththelow-latencyandhigh-synchronizationcharacteristicsofStarFlashtechnology.2)VeniamTechnology:TheleadingunitinformulatingtheStarFlashSLEdigitalcarkeystandard,itssolutionachieves"positioningdistanceerror<0.6m,transmissionrate6timesthatofBluetooth,andanti-interferencecapabilityenhancedbyPolarcode",supportingfunctionssuchasactivewelcomeandsenselessunlocking,andhasbeenmass-producedandinstalledinmultiplemodels.AutomotiveEnterpriseApplications:BYDintegratestheaboveStarFlashtechnologysolutionwithitsself-developedDiLinksmartcockpittoimplement"vehicle-homesmartlinkage".ThroughcooperationwithAlibabaCloudTongyiLargeModel,itrealizestravelsynchronizationplanningof"mobilephoneintelligentagentlinkingwithvehicleintelligentagent",andsupportsin-vehiclefacerecognitionpayment(parkinglot,gasstationscenarios)andconnectswithhomeappliancebrandssuchasMideatoenableremotecontrolofsmarthomes.Risks1)Intensifyingmarketcompetition;2)Technologyperformancefallingshortofexpectations;3)Geopoliticalandregulatoryrisks附錄APPENDIX重要信息披露本研究報(bào)告由海通國際分銷，海通國際是由海通國際研究有限公司(HTIRL)，HaitongSecuritiesIndiaPrivateLimited(HSIPL)，HaitongInternationalJapanK.K.(HTIJKK)和海通國際證券有限公司(HTISCL)的證券研究團(tuán)隊(duì)所組成的全球品牌，海通國際證券集團(tuán)(HTISG)各成員分別在其許可的司法管轄區(qū)內(nèi)從事證券活動(dòng)。IMPORTANTDISCLOSURESThisresearchreportisdistributedbyHaitongInternational,aglobalbrandnamefortheequityresearchteamsofHaitongInternationalResearchLimited(HTIRL),HaitongSecuritiesIndiaPrivateLimited(HSIPL),HaitongInternationalJapanK.K.(HTIJKK),HaitongInternationalSecuritiesCompanyLimited(HTISCL),andanyothermemberswithintheHaitongInternationalSecuritiesGroupofCompanies(HTISG),eachauthorizedtoengageinsecuritiesactivitiesinitsrespectivejurisdiction.HTIRL分析師認(rèn)證AnalystCertification:我，姚書橋，在此保證（i）本研究報(bào)告中的意見準(zhǔn)確反映了我們對本研究中提及的任何或所有目標(biāo)公司或上市公司的個(gè)人觀點(diǎn)，并且（ii）我的報(bào)酬中沒有任何部分與本研究報(bào)告中表達(dá)的具體建議或觀點(diǎn)直接或間接相關(guān)；及就此報(bào)告中所討論目標(biāo)公司的證券，我們（包括我們的家屬）在其中均不持有任何財(cái)務(wù)利益。我和我的家屬（我已經(jīng)告知他們）將不會在本研究30個(gè)自然日內(nèi)交易此研究報(bào)告所討論目標(biāo)公司的證券。I,BarneyYao,certifythatitheviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchandiinopartofmycompensationwas,isorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisresearchreportandthatIincludingmembersofmyhouseholdhavenofinancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussedIandmyhousehold,whomIhavealreadynotifiedofthis,willnotdealinortradeanysecuritiesinrespectoftheissuerthatIreviewwithin30calendardaysaftertheresearchreportispublished.利益沖突披露ConflictofInterestDisclosures海通國際及其某些關(guān)聯(lián)公司可從事投資銀行業(yè)務(wù)和/或?qū)Ρ狙芯恐械奶囟ü善被蚬具M(jìn)行做市或持有自營頭寸。就本研究報(bào)告而言，以下是有關(guān)該等關(guān)系的披露事項(xiàng)（以下披露不能保證及時(shí)無遺漏，如需了解及時(shí)全面信息，請發(fā)郵件至ERD-Disclosure@）HTIandsomeofitsaffiliatesmayengageininvestmentbankingand/orserveasamarketmakerorholdproprietarytradingpositionsofcertainstocksorcompaniesinthisresearchreport.Asfarasthisresearchreportisconcerned,thefollowingarethedisclosuremattersrelatedtosuchrelationship(Asthefollowingdisclosuredoesnotensuretimelinessandcompleteness,pleasesendanemailtoERD-Disclosure@iftimelyandcomprehensiveinformationisneeded).國泰海通證券股份有限公司和/或其子公司（統(tǒng)稱國泰海通）在過去12個(gè)月內(nèi)參與了002594.CHand1211.HK的投資銀行項(xiàng)目。投資銀行項(xiàng)目包括：1、國泰海通擔(dān)任上市前輔導(dǎo)機(jī)構(gòu)、保薦人或主承銷商的首次公開發(fā)行項(xiàng)目；2、國泰海通作為保薦人、主承銷商或財(cái)務(wù)顧問的股權(quán)或債務(wù)再融資項(xiàng)目；3、國泰海通作為主經(jīng)紀(jì)商的新三板上市、目標(biāo)配售和并購項(xiàng)目。GuotaiHaitongSecuritiesCo.,Ltd.and/oritssubsidiaries(collectively,the"GuotaiHaitong")havearoleininvestmentbankingprojectsof002594.CHand1211.HKwithinthepast12months.Theinvestmentbankingprojectsinclude1.IPOprojectsinwhichGuotaiHaitongactedaspre-listingtutor,sponsor,orlead-underwriter;2.equityordebtrefinancingprojectsof002594.CHand1211.HKforwhichGuotaiHaitongactedassponsor,lead-underwriterorfinancialadvisor;3.listingbyintroductioninthenewthreeboard,targetplacement,M&AprojectsinwhichGuotaiHaitongactedaslead-brokeragefirm.002594.CH,1211.HK,9866.HK及9868.HK目前或過去12個(gè)月內(nèi)是國泰海通的投資銀行業(yè)務(wù)客戶。002594.CH,1211.HK,9866.HKand9868.HKare/wereaninvestmentbankclientsofGuotaiHaitongcurrentlyorwithinthepast12months.國泰海通在過去12個(gè)月中獲得對002594.CH,1211.HK,9866.HK及9868.HK提供投資銀行服務(wù)的報(bào)酬。GuotaiHaitongreceivedinthepast12monthscompensationforinvestmentbankingservicesprovidedto002594.CH,1211.HK,9866.HKand9868.HK.國泰海通預(yù)計(jì)將（或者有意向）在未來三個(gè)月內(nèi)從002594.CH及1211.HK獲得投資銀行服務(wù)報(bào)酬。GuotaiHaitongexpectstoreceive,orintendstoseek,compensationforinvestmentbankingservicesinthenextthreemonthsfrom002594.CHand1211.HK.國泰海通擔(dān)任002594.CH,1211.HK及9868.HK有關(guān)證券的做市商或流通量提供者。GuotaiHaitongactsasamarketmakerorliquidityproviderinthesecuritiesof002594.CH,1211.HKand9868.HK.評級定義（從2020年7月1日開始執(zhí)行）：海通國際（以下簡稱HTI）采用相對評級系統(tǒng)來為投資者推薦我們覆蓋的公司：優(yōu)于大市、中性或弱于大市。投資者應(yīng)仔細(xì)閱讀HTI的評級定義。并且HTI發(fā)布分析師觀點(diǎn)的完整信息，投資者應(yīng)仔細(xì)閱讀全文而非僅看評級。在任何情況下，分析師的評級和研究都不能作為投資建議。投資者的買賣股票的決策應(yīng)基于各自情況（比如投資者的現(xiàn)有持倉）以及其他因素。分析師股票評級優(yōu)于大市12-1810%以上，基準(zhǔn)定義如下中性12-18個(gè)月內(nèi)預(yù)期相對基準(zhǔn)指數(shù)變化不大，基準(zhǔn)定義如下。根據(jù)FINRA/NYSE的評級分布規(guī)則，我們會將中性評級劃入持有這一類別。弱于大市12-1810%以上，基準(zhǔn)定義如下各地股票基準(zhǔn)指數(shù)：日本–TOPIX,韓國–KOSPI,臺灣–TAIEX,印度–Nifty100,美國–SP500;其他所有中國概念股–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,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2025年9月30日海通國際股票研究評級分布 截至2025年6月30日海通國際股票研究評級分布 優(yōu)于大市中性弱于大市優(yōu)于大市中性弱于大市(持有)(持有)海通國際股票研究覆蓋率 7.5%0.2%92.6%7.2%0.2%投資銀行客戶 3.3%在每個(gè)評級類別里投資銀行客戶所占的百分比。3.9%0.0%2.9%4.1%0.0%上述分布中的買入，中性和賣出分別對應(yīng)我們當(dāng)前優(yōu)于大市，中性和落后大市評級。只有根據(jù)FINRA/NYSE的評級分布規(guī)則，我們才將中性評級劃入持有這一類別。請注意在上表中不包含非評級的股票。此前的評級系統(tǒng)定義（直至2020年6月30日）：買入，未來12-18個(gè)月內(nèi)預(yù)期相對基準(zhǔn)指數(shù)漲幅在10%以上，基準(zhǔn)定義如下中性，未來12-18FINRA/NYSE的評級分布規(guī)則，我們會將中性評級劃入持有這一類別。賣出，未來12-18個(gè)月內(nèi)預(yù)期相對基準(zhǔn)指數(shù)跌幅在10%以上，基準(zhǔn)定義如下各地股票基準(zhǔn)指數(shù)：日本–TOPIX,韓國–KOSPI,臺灣–TAIEX,印度–Nifty100;其他所有中國概念股–MSCIChina.HaitongInternationalEquityResearchRatingsDistribution, HaitongInternationalEquityResearchRatingsDistribution, asofSeptember30,2025 asofJune30,2025 OutperformNeutralUnderperformOutperformNeutralUnderperformHTIEquityResearchCoverage92.3%7.5%0.2%92.6%7.2%0.2%IBclients3.3%3.9%0.0%2.9%4.1%0.0%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.海通國際非評級研究：海通國際發(fā)布計(jì)量、篩選或短篇報(bào)告，并在報(bào)告中根據(jù)估值和其他指標(biāo)對股票進(jìn)行排名，或者基于可能的估值倍數(shù)提出建議價(jià)格。這種排名或建議價(jià)格并非為了進(jìn)行股票評級、提出目標(biāo)價(jià)格或進(jìn)行基本面估值，而僅供參考使用。HaitongInternationalNon-RatedResearch:HaitongInternationalpublishesquantitative,screeningorshortreportswhichmayrankstocksaccordingtovaluationandothermetricsormaysuggestpricesbasedonpossiblevaluationmultiples.Suchrankingsorsuggestedpricesdonotpurporttobestockratingsortargetpricesorfundamentalvaluesandareforinformationonly.海通國際A股覆蓋：海通國際可能會就滬港通及深港通的中國A股進(jìn)行覆蓋及評級。國泰海通證券（601211.CH），海通國際于上海的母公司，也會于中國發(fā)布中國A股的研究報(bào)告。但是，海通國際使用與國泰海通證券不同的評級系統(tǒng)，所以海通國際與國泰海通證券的中國A股評級可能有所不同。HaitongInternationalCoverageofA-Shares:HaitongInternationalmaycoverandrateA-SharesthataresubjecttotheHongKongStockConnectschemewithShanghaiandShenzhen.GUOTAIHAITONGSECURITIES(601211CH),theultimateparentcompanyofHTISGbasedinShanghai,coversandpublishesresearchonthesesameA-SharesfordistributioninmainlandChina.However,theratingsystememployedbyGTHSdiffersfromthatusedbyHTIandasaresulttheremaybeadifferenceintheHTIandGTHSratingsforthesameA-sharestocks.海通國際優(yōu)質(zhì)100A股（Q100）指數(shù)：海通國際Q100指數(shù)是一個(gè)包括100支由國泰海通證券覆蓋的優(yōu)質(zhì)中國A股的計(jì)量產(chǎn)品。這些股票是通過基于質(zhì)量的篩選過程，并結(jié)合對國泰海通證券A股團(tuán)隊(duì)自下而上的研究。海通國際每季對Q100指數(shù)成分作出復(fù)審。HaitongInternationalQuality100A-share(Q100)Index:HTI’sQ100Indexisaquantproductthatconsistsof100ofthehighest-qualityA-sharesundercoverageatGTHSinShanghai.Thesestocksarecarefullyselectedthroughaquality-basedscreeningprocessincombinationwithareviewoftheGTHSA-shareteam’sbottom-upresearch.TheQ100constituentcompaniesarereviewedquarterly.盟浪義利（FIN-ESG）數(shù)據(jù)通免責(zé)聲明條款：在使用盟浪義利（FIN-ESG）數(shù)據(jù)之前，請務(wù)必仔細(xì)閱讀本條款并同意本聲明：第一條義利（FIN-ESG）數(shù)據(jù)系由盟浪可持續(xù)數(shù)字科技有限責(zé)任公司（以下簡稱本公司）基于合法取得的公開信息評估而成，本公司對信息的準(zhǔn)確性及完整性不作任何保證。對公司述的評估結(jié)果造成的任何直接或間接損失負(fù)責(zé)。第二條盟浪并不因收到此評估數(shù)據(jù)而將收件人視為客戶，收件人使用此數(shù)據(jù)時(shí)應(yīng)根據(jù)自身實(shí)際情況作出自我獨(dú)立判斷。本數(shù)據(jù)所載內(nèi)容反映的是盟浪在最初發(fā)布本數(shù)據(jù)日期當(dāng)日的判斷，盟浪有權(quán)在不發(fā)出通知的情況下更新、修訂與發(fā)出其他與本數(shù)據(jù)所載內(nèi)容不一致或有不同結(jié)論的數(shù)據(jù)。除非另行說明，本數(shù)據(jù)（如財(cái)務(wù)業(yè)績數(shù)據(jù)等）僅代表過往表現(xiàn)，過往的業(yè)績表現(xiàn)不作為日后回報(bào)的預(yù)測。第三條本數(shù)據(jù)版權(quán)歸本公司所有，本公司依法保留各項(xiàng)權(quán)利。未經(jīng)本公司事先書面許可授權(quán)，任何個(gè)人或機(jī)構(gòu)不得將本數(shù)據(jù)中的評估結(jié)果用于任何營利性目的，不得對本數(shù)據(jù)進(jìn)行修改、復(fù)制、編譯、匯編、再次編輯、改編、刪減、縮寫、節(jié)選、發(fā)行、出租、展覽、表演、放映、廣播、信息網(wǎng)絡(luò)傳播、攝制、增加圖標(biāo)及說明等，否則因此給盟浪或其他第三方造成損失的，由用戶承擔(dān)相應(yīng)的賠償責(zé)任，盟浪不承擔(dān)責(zé)任。第四條如本免責(zé)聲明未約定，而盟浪網(wǎng)站平臺載明的其他協(xié)議內(nèi)容（如《盟浪網(wǎng)站用戶注冊協(xié)議》《盟浪網(wǎng)用戶服務(wù)（含認(rèn)證）協(xié)議》《盟浪網(wǎng)隱私政策》等）有約定的，則按其他協(xié)議的約定執(zhí)行；若本免責(zé)聲明與其他協(xié)議約定存在沖突或不一致的，則以本免責(zé)聲明約定為準(zhǔn)。SusallWaveFIN-ESGDataServiceDisclaimer:PleasereadthesetermsandconditionsbelowcarefullyandconfirmyouragreementandacceptancewiththesetermsbeforeusingSusallWaveFIN-ESGDataService.FIN-ESGDataisproducedbySusallWaveDigitalTechnologyCo.,Ltd.(Inshort,SusallWave)’sassessmentbasedonlegalpubliclyaccessibleinformation.SusallWaveshallnotberesponsibleforanyaccuracyandcompletenessoftheinformation.Theassessmentresultisforreferenceonly.Itisnotforanyinvestmentadviceforanyindividualorinstitutionandnotforbasisofpurchasing,sellingorholdinganyrelativefinancialproducts.WewillnotbeliableforanydirectorindirectlossofanyindividualorinstitutionasaresultofusingSusallWaveFIN-ESGData.SusallWavedonotconsiderrecipientsascustomersforreceivingthesedata.Whenusingthedata,recipientsshallmakeyourownindependentjudgmentaccordingtoyourpracticalindividualstatus.Thecontentsofthedatareflectthejudgmentofusonlyonthereleaseday.Wehaverighttoupdateandamendthedataandreleaseotherdatathatcontainsinconsistentcontentsordifferentconclusionswithoutnotification.Unlessexpresslystated,thedata(e.g.,financialperformancedata)representspastperformanceonlyandthepastperformancecannotbeviewedasthepredictionoffuturereturn.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.Ifanytermisnotcontainedinthisdisclaimerbutwritteninotheragreementsonourwebsite(e.g.UserRegistrationProtocolofSusallWaveWebsite,UserService(includingauthentication)AgreementofSusallWaveWebsite,PrivacyPolicyofSusallwaveWebsite),itshouldbeexecutedaccordingtootheragreements.Ifthereisanydifferencebetweenthisdisclaimandotheragreements,thisdisclaimershallbeapplied.重要免責(zé)聲明：非印度證券的研究報(bào)告：本報(bào)告由海通國際證券集團(tuán)有限公司（HTISGL）的全資附屬公司海通國際研究有限公司（HTIRL）發(fā)行，該公司是根據(jù)香港證券及期貨條例（第571章）持有第4類受規(guī)管活動(dòng)（就證券提供意見）的持牌法團(tuán)。該研究報(bào)告在HTISGL的全資附屬公司HaitongInternational(Japan)K.K.（HTIJKK）的協(xié)助下發(fā)行，HTIJKK是由日本關(guān)東財(cái)務(wù)局監(jiān)管為投資顧問。印度證券的研究報(bào)告：本報(bào)告由從事證券交易、投資銀行及證券分析及受SecuritiesandExchangeBoardofIndia（SEBI）監(jiān)管的HaitongSecuritiesIndiaPrivateLimited（HTSIPL）所發(fā)行，包括制作及發(fā)布涵蓋BSELimited（BSE）和NationalStockExchangeofIndiaLimited（NSE）上市公司（統(tǒng)稱為「印度交易所」）的研究報(bào)告。HTSIPL于2016年12月22日被收購并成為海通國際證券集團(tuán)有限公司（HTISG）的一部分。所有研究報(bào)告均以海通國際為名作為全球品牌，經(jīng)許可由海通國際證券股份有限公司及/或海通國際證券集團(tuán)的其他成員在其司法管轄區(qū)發(fā)布。本文件所載信息和觀點(diǎn)已被編譯或源自可靠來源，但HTIRL、HTISCL或任何其他屬于海通國際證券集團(tuán)有限公司（HTISG）的成員對其準(zhǔn)確性、完整性和正確性不做任何明示或暗示的聲明或保證。本文件中所有觀點(diǎn)均截至本報(bào)告日期，如有更改，恕不另行通知。本文件僅供參考使用。文件中提及的任何公司或其股票的說明并非意圖展示完整的內(nèi)容，本文件并非/不應(yīng)被解釋為對證券買賣的明示或暗示地出價(jià)或征價(jià)。在某些司法管轄區(qū)，本文件中提及的證券可能無法進(jìn)行買賣。如果投資產(chǎn)品以投資者本國貨幣以外的幣種進(jìn)行計(jì)價(jià)，則匯率變化可能會對投資產(chǎn)生不利影響。過去的表現(xiàn)并不一定代表將來的結(jié)果。某些特定交易，包括設(shè)計(jì)金融衍生工具的，有產(chǎn)生重大風(fēng)險(xiǎn)的可能性，因此并不適合所有的投資者。您還應(yīng)認(rèn)識到本文件中的建議并非為您量身定制。分析師并未考慮到您自身的財(cái)務(wù)情況，如您的財(cái)務(wù)狀況和風(fēng)險(xiǎn)偏好。因此您必須自行分析并在適用的情況下咨詢自己的法律、稅收、會計(jì)、金融和其他方面的專業(yè)顧問，以期在投資之前評估該項(xiàng)建議是否適合于您。若由于使用本文件所載的材料而產(chǎn)生任何直接或間接的損失，HTISG及其董事、雇員或代理人對此均不承擔(dān)任何責(zé)任。除對本文內(nèi)容承擔(dān)責(zé)任的分析師除外，HTISG及我們的關(guān)聯(lián)公司、高級管理人員、董事和雇員，均可不時(shí)作為主事人就本文件所述的任何證券或衍生品持有長倉或短倉以及進(jìn)行買賣。HTISG的銷售員、交易員和其他專業(yè)人士均可向HTISG的相關(guān)客戶和公司提供與本文件所述意見相反的口頭或書面市場評論意見或交易策略。HTISG可做出與本文件所述建議或意見不一致的投資決策。但HTIRL沒有義務(wù)來確保本文件的收件人了解到該等交易決定、思路或建議。請?jiān)L問海通國際網(wǎng)站，查閱更多有關(guān)海通國際為預(yù)防和避免利益沖突設(shè)立的組織和行政安排的內(nèi)容信息。非美國分析師披露信息：FINRA進(jìn)行注冊或者取得相應(yīng)的資格，并且不受美國FINRA有關(guān)與本項(xiàng)研究目標(biāo)公司進(jìn)行溝通、公開露面和自營2241條規(guī)則之限制。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)(collectivelyreferredtoasIndianExchanges).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.HTISGmaymakeinvestmentdecisi