汽車及零部件行業(yè)：金九旺季得以體現(xiàn)車企3季報(bào)值得期待

1、30025020015010050060%40%20%0%-20%-40%-60%-80%-100%生產(chǎn)量零售數(shù)批發(fā)數(shù)資料來源：乘聯(lián)會(huì)，中金公司研究部請(qǐng)仔細(xì)閱讀在本報(bào)告尾部的重要法律聲明2Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20Jan-

2、16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20中金公司研究部：2020 年 10 月 14 日?qǐng)D表 1: 乘用車月度產(chǎn)量、批發(fā)零售銷量（萬輛）生產(chǎn)量零售數(shù)批發(fā)數(shù)資料來源：乘聯(lián)會(huì)，中金公司研究部圖表 2: 乘用車月度產(chǎn)量、批發(fā)零售銷量同比增速圖表 3: 各車企三季度

3、銷量數(shù)據(jù)（輛）3Q202Q203Q19YoYQoQ江淮汽車123,215125,98785,59943.9%-2.2%華晨寶馬181,121170,280134,00835.2%6.4%長(zhǎng)安汽車539,889527,975403,79433.7%2.3%重慶長(zhǎng)安199,190154,917138,17644.2%28.6%河北長(zhǎng)安23,15928,30122,8581.3%-18.2%合肥長(zhǎng)安63,80762,32228,945120.4%2.4%長(zhǎng)安福特69,68564,69253,74529.7%7.7%長(zhǎng)安馬自達(dá)38,29138,70134,68410.4%-1.1%長(zhǎng)城汽車285,59

4、3244,765230,57523.9%16.7%江鈴汽車79,62396,22864,40423.6%-17.3%北京奔馳173,701160,069143,18721.3%8.5%廣汽集團(tuán)586,736518,482508,45815.4%13.2%廣汽本田247,218215,747170,36445.1%14.6%廣汽豐田222,805198,288185,00020.4%12.4%廣汽乘用車86,48675,50390,251-4.2%14.5%廣汽菲亞特9,28410,19016,523-43.8%-8.9%廣汽三菱20,02518,00133,319-39.9%11.2%吉利汽車

5、345,026324,419306,43012.6%6.4%東風(fēng)集團(tuán)632,533591,662602,1195.1%6.9%東風(fēng)日產(chǎn)335,148312,335318,3095.3%7.3%東風(fēng)本田250,876224,900211,72718.5%11.6%神龍汽車8,78216,87127,878-68.5%-47.9%東風(fēng)柳汽22,44420,55729,827-24.8%9.2%東風(fēng)乘用車15,28316,99914,3786.3%-10.1%上汽集團(tuán)1,564,1121,370,0881,476,6515.9%14.2%上汽大眾454,000394,375473,200-4.1%1

6、5.1%上汽通用395,355377,022385,4042.6%4.9%上通五菱454,000366,000382,50018.7%24.0%上汽乘用車161,793142,078160,0921.1%13.9%比亞迪110,34797,355107,7232.4%13.3%新能源車50,26438,48546,9677.0%30.6%燃油車60,08358,87060,756-1.1%2.1%狹義乘用車總計(jì)5,439,5104,849,0175,050,0727.7%12.2%資料來源：公司公告，乘聯(lián)會(huì)，中金公司研究部注: *東風(fēng)、寶馬、奔馳和狹義乘用車為乘聯(lián)會(huì)數(shù)據(jù)，其余為產(chǎn)銷快報(bào)數(shù)據(jù)；*

7、東風(fēng)集團(tuán)銷量為列示重點(diǎn)公司銷量合計(jì)，其余為產(chǎn)銷快報(bào)披露匯總數(shù)（部分企業(yè)如江鈴包含商用車）；圖表 4: 各車系批發(fā)銷量同比增速圖表 5: 各車型批發(fā)銷量同比增速 40%20%0%-20%-40%-60%-80%-100%-120%40%20%0%-20%-40%-60%-80%-100% 德系日系韓系歐系美系自主狹義乘用車轎車MPVSUV 資料來源：乘聯(lián)會(huì)，中金公司研究部資料來源：乘聯(lián)會(huì)，中金公司研究部圖表 6: 自主品牌市占率下降，但其中一線自主占比上升圖表 7: 主要自主品牌市場(chǎng)份額 65%60%55%50%45%40%35%30%Jan-13May-13 Sep-13 Jan-14 May

8、-14 Sep-14 Jan-15 May-15 Sep-15 Jan-16 May-16 Sep-16 Jan-17 May-17 Sep-17 Jan-18 May-18 Sep-18 Jan-19 May-19 Sep-19 Jan-20 May-20 Sep-2025%12%10%8%6%4%2%Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 Jan-15 May-15 Sep-15 Jan-16 May-16 Sep-16 Jan-17 May-17 Sep-17 Jan-18 May-18 Sep-18 Jan-19 May-19 Sep-19

9、Jan-20 May-20 Sep-200%自主品牌一線自主占自主比重廣汽傳祺吉利汽車長(zhǎng)城汽車長(zhǎng)安汽車上海汽車 資料來源：乘聯(lián)會(huì)，中金公司研究部資料來源：乘聯(lián)會(huì)，中金公司研究部圖表 8: SUV 滲透率90%80%70%60%50%40%30%20%10%Jan-13May-13 Sep-13 Jan-14 May-14 Sep-14 Jan-15 May-15 Sep-15 Jan-16 May-16 Sep-16 Jan-17 May-17 Sep-17 Jan-18 May-18 Sep-18 Jan-19 May-19 Sep-19 Jan-20May-20 Sep-200%轎車MPV

10、SUV資料來源：乘聯(lián)會(huì)，中金公司研究部圖表 9: 豪華品牌滲透率提升16%14%12%10%8%6%4%2%0%滲透率資料來源：乘聯(lián)會(huì)，中金公司研究部圖表 10: 豪華品牌重點(diǎn)車型折扣率2020-9 月下2020-9 月上2020-8 月下2020-8 月上2020-7 月下2020-7 月上2020-6 月下2020-6 月上2020-5 月下2020-5 月上奧迪奧迪 A420.8%20.6%20.3%19.8%19.5%21.1%19.4%18.5%17.3%16.7%奧迪 A619.3%19.6%19.4%19.0%18.0%19.3%18.3%18.2%18.0%17.9%奧迪 Q3

11、18.8%18.9%18.5%18.1%17.5%17.0%16.3%17.1%19.5%19.5%奧迪 Q522.5%22.5%22.3%22.1%22.0%22.0%21.9%21.5%21.4%21.4%寶馬1 系28.9%28.9%28.9%28.6%28.6%28.5%28.2%28.2%28.1%28.1%3 系14.2%14.2%14.8%14.3%14.3%14.0%13.4%12.0%11.7%11.6%5 系13.7%15.3%14.9%14.6%14.5%14.3%14.2%13.2%12.5%10.5%寶馬 X124.0%26.1%26.0%25.7%25.2%24.9

12、%24.1%22.9%22.0%19.2%寶馬 X313.5%13.5%14.1%13.9%13.8%13.4%13.2%12.5%11.6%11.6%梅賽德斯奔馳A 級(jí)15.1%15.1%14.9%14.6%14.6%14.1%14.1%14.1%13.9%13.5%C 級(jí)14.9%14.9%16.5%16.2%16.1%16.1%15.6%13.5%12.8%12.8%E 級(jí)11.7%13.4%13.2%13.0%12.5%11.0%10.2%10.2%9.7%9.3%GLA 級(jí)19.9%19.9%21.9%21.8%21.8%23.4%23.1%22.3%22.0%22.0%GLC 級(jí)9

13、.7%9.7%9.4%9.0%8.9%8.6%8.0%6.1%5.7%5.7%凱迪拉克凱迪拉克CT622.7%22.7%22.4%22.9%22.6%23.6%23.3%22.7%22.6%22.4%凱迪拉克XT613.2%10.6%10.0%9.2%8.3%8.2%7.6%7.3%8.6%8.6%凱迪拉克XT521.4%21.4%21.1%20.7%20.3%20.2%20.0%19.3%19.0%19.6%路虎發(fā)現(xiàn)26.0%25.7%25.2%25.2%25.4%25.4%21.8%21.8%16.3%23.7%極光23.8%23.8%23.4%23.4%23.4%23.4%22.8%22

14、.8%22.8%22.2%英菲尼迪英菲尼迪Q5024.3%24.3%24.1%23.8%23.6%23.6%23.1%23.0%22.9%22.8%英菲尼迪QX5020.7%20.7%20.5%20.3%19.7%19.8%19.6%19.3%19.2%19.2%資料來源：Thinkercar，中金公司研究部圖表 11: 自主品牌重點(diǎn)車型折扣率2020-9 月下2020-9 月上2020-8 月下2020-8 月上2020-7 月下2020-7 月上2020-6 月下2020-6 月上2020-5 月下2020-5 月上WeyWey VV57.4%7.3%7.2%7.0%7.0%6.8%6.8

15、%6.8%6.8%6.7%Wey VV75.4%4.8%4.7%5.1%5.9%5.8%3.8%3.7%3.7%3.7%比亞迪秦6.7%6.7%6.4%6.4%6.4%6.4%6.4%6.3%6.0%5.8%宋4.3%5.7%4.3%4.3%4.6%5.8%5.1%5.1%5.0%6.2%唐3.6%3.6%3.4%3.9%3.9%5.0%4.8%4.7%4.7%4.5%元5.4%5.4%4.8%4.8%9.5%9.5%9.5%9.4%9.1%9.1%傳祺傳祺GA40.0%0.0%0.0%15.9%15.9%15.9%15.9%15.9%15.9%15.9%傳祺 GS410.8%10.6%10.

16、0%8.7%8.5%6.8%6.5%6.1%4.2%4.5%傳祺 GS84.5%4.3%4.2%4.1%3.8%3.7%3.7%3.7%3.7%3.7%吉利繽越5.8%6.4%6.4%6.4%6.3%6.3%6.2%6.1%5.8%5.8%博瑞9.5%7.4%6.6%7.2%9.0%8.2%8.1%8.1%5.7%5.6%博越13.7%12.3%12.3%12.3%14.8%14.6%14.6%14.5%15.0%14.9%帝豪13.7%13.6%13.2%13.0%15.7%14.8%15.0%14.9%12.9%12.7%領(lǐng)克領(lǐng)克 019.8%9.8%9.8%9.9%9.7%9.6%9.6

17、%9.8%7.1%7.1%領(lǐng)克 029.7%8.9%8.9%10.1%10.6%10.3%10.6%10.5%9.4%9.4%領(lǐng)克 039.0%8.3%8.2%9.4%10.1%8.0%8.7%8.6%6.9%6.8%榮威榮威 i521.7%21.6%21.5%21.4%21.4%21.3%21.3%18.9%18.8%18.6%榮威 i615.0%21.0%21.2%21.1%21.1%21.0%21.0%20.9%20.9%20.7%榮威 RX312.3%10.5%10.5%10.4%10.2%10.0%9.9%9.8%9.7%9.6%榮威 RX513.2%15.0%15.0%15.0%1

18、4.9%14.2%13.9%14.5%14.5%14.9%長(zhǎng)安長(zhǎng)安CS358.1%8.0%8.0%7.8%6.3%7.4%7.3%7.0%7.0%6.3%長(zhǎng)安CS553.2%4.0%4.0%3.8%3.8%11.3%10.3%10.2%10.1%10.0%長(zhǎng)安CS757.4%7.2%10.3%10.3%10.1%9.9%5.8%5.8%5.5%8.0%長(zhǎng)城哈弗 F78.9%10.6%10.3%10.2%9.9%8.2%7.5%7.3%8.7%8.5%哈弗 H69.4%8.8%10.1%13.0%12.8%13.0%13.0%12.7%12.8%12.7%哈弗 H710.4%7.3%14.5%1

19、4.5%15.3%15.3%15.3%15.3%15.0%15.0%哈弗 M67.0%6.8%6.8%6.8%6.5%6.3%6.6%6.5%6.4%6.4%資料來源：Thinkercar，中金公司研究部圖表 12: 合資品牌重點(diǎn)車型折扣率2020-9 月下2020-9 月上2020-8 月下2020-8 月上2020-7 月下2020-7 月上2020-6 月下2020-6 月上2020-5 月下2020-5 月上本田本田 CR-V6.9%7.2%6.7%4.4%4.4%4.3%8.7%8.7%8.5%8.4%本田 XR-V11.2%11.2%10.9%10.8%10.7%10.2%7.1%

20、7.1%9.8%9.6%繽智12.0%12.0%11.7%11.4%11.4%10.8%10.6%10.6%10.8%10.6%冠道1.0%1.0%0.8%0.8%0.8%0.8%0.0%0.0%0.0%0.0%思域6.3%6.2%4.6%4.3%6.5%6.2%5.4%5.4%5.4%5.4%雅閣別克6.8%6.8%6.8%6.8%6.8%6.8%6.8%6.8%6.8%6.8%昂科威13.6%13.6%13.6%13.6%16.7%16.3%15.8%15.7%14.3%14.3%別克 GL622.8%22.8%22.8%22.8%22.8%22.7%22.5%22.4%20.8%20.8

21、%別克 GL80.0%0.0%0.0%0.0%1.9%1.9%1.9%1.9%1.6%1.6%君越16.1%13.6%13.5%13.5%11.9%17.6%17.3%17.1%16.0%15.6%凱越32.7%32.7%32.5%32.5%32.5%32.5%32.5%32.5%32.5%32.5%英朗大眾32.2%31.3%31.1%31.1%37.0%36.9%36.4%36.3%33.9%33.9%朗逸14.0%20.1%19.8%19.8%19.8%19.8%19.6%19.6%20.8%20.8%邁騰10.3%9.9%9.8%9.8%12.5%12.5%12.5%12.3%10.8

22、%10.8%帕薩特10.0%9.9%9.5%9.4%12.4%12.4%12.0%12.0%11.7%11.3%探歌16.7%16.1%16.0%15.9%15.9%15.9%15.6%15.6%15.4%15.4%探岳8.5%8.2%10.8%9.5%9.9%11.9%11.8%11.8%9.2%11.5%途觀豐田7.3%11.8%11.3%11.3%12.8%12.8%12.6%12.6%12.3%12.2%豐田 C-HR9.5%9.6%9.1%9.1%8.9%8.8%8.5%8.4%6.4%6.3%漢蘭達(dá)0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%凱美

23、瑞4.9%4.8%4.7%4.6%4.5%4.3%4.2%3.4%1.9%1.9%雷凌福特9.7%9.6%8.9%8.8%8.7%6.0%8.7%8.2%7.6%7.4%?？怂?1.5%10.8%10.7%12.7%12.2%12.2%12.6%11.3%11.3%11.3%銳界7.6%7.5%7.4%6.4%5.6%5.6%5.5%5.5%8.4%8.4%翼虎現(xiàn)代14.7%14.4%14.4%14.4%13.9%13.9%14.0%13.9%14.0%14.0%名圖22.9%22.9%22.9%22.9%22.9%22.9%23.1%23.1%23.1%22.6%索納塔7.1%7.1%9.8

24、%9.8%9.8%11.8%11.9%11.9%11.8%11.8%現(xiàn)代 ix257.3%7.3%7.3%7.3%7.3%7.3%7.2%7.2%17.8%17.4%現(xiàn)代 ix35雪佛蘭14.3%14.1%14.0%13.9%13.9%13.9%14.0%14.0%14.0%13.9%科魯茲27.8%27.7%27.6%27.6%27.4%27.3%26.7%25.4%25.2%25.1%科沃茲33.3%33.1%32.8%33.1%32.9%32.8%32.0%27.3%26.9%27.7%邁銳寶23.6%23.5%23.6%24.8%24.7%24.3%24.1%23.2%23.0%22.

25、7%資料來源：Thinkercar，中金公司研究部圖表 13: 可比公司估值表股票代碼公司名稱交易貨幣收盤價(jià)市值（百萬美元）財(cái)報(bào)貨幣市盈率2020E市凈率2021E2020E2021E600104.SH上汽集團(tuán)*CNY20.6735,790CNY12.18.60.90.9601238.SH廣汽集團(tuán)*CNY10.3913,655CNY14.711.11.21.1601633.SH長(zhǎng)城汽車*CNY24.0726,306CNY47.926.93.93.5000625.SZ長(zhǎng)安汽車*CNY15.879,714CNY16.912.71.61.4002594.SZ比亞迪*CNY129.2949,967CN

26、Y86.967.65.85.3600418.SH江淮汽車*CNY8.072,264CNY62.136.91.21.1000550.SZ江鈴汽車*CNY17.951,654CNY42.037.61.41.4600066.SH宇通客車*CNY16.945,558CNY28.017.42.32.1000338.SZ濰柴動(dòng)力*CNY16.0118,410CNY12.811.22.42.1000951.SZ中國(guó)重汽*CNY35.223,503CNY14.113.92.92.5600741.SH華域汽車*CNY27.6012,896CNY17.413.31.71.6600660.SH福耀玻璃*CNY32.

27、5611,531CNY31.423.33.73.4601799.SH星宇股份*CNY159.006,507CNY43.235.57.87.0600699.SH均勝電子*CNY23.584,324CNY438.120.62.32.1601689.SH拓普集團(tuán)*CNY42.646,667CNY70.047.35.85.3603997.SH繼峰股份*CNY8.341,262CNY17.715.82.62.4002050.SZ三花智控*CNY23.6012,563CNY57.637.08.37.1002048.SZ寧波華翔*CNY17.991,670CNY12.79.81.11.0002126.SZ銀

28、輪股份*CNY13.661,604CNY29.222.52.72.4300258.SZ精鍛科技*CNY17.421,046CNY38.425.23.33.0600297.SH廣匯汽車*CNY3.514,219CNY12.39.30.70.7000581.SZ威孚高科*CNY26.673,612CNY11.310.91.51.401211.HK比亞迪股份*HKD129.0050,020CNY77.060.05.14.702238.HK廣汽集團(tuán)*HKD6.6613,302CNY8.46.30.70.702333.HK長(zhǎng)城汽車*HKD11.5824,485CNY20.511.51.71.501114

29、.HK華晨中國(guó)*HKD7.324,764CNY4.23.90.70.602338.HK濰柴動(dòng)力*HKD16.7418,528CNY11.910.42.32.003808.HK中國(guó)重汽*HKD20.057,141CNY8.58.81.61.400425.HK敏實(shí)集團(tuán)*HKD33.905,052CNY26.718.22.32.103606.HK福耀玻璃*HKD28.6011,841CNY24.518.22.92.701316.HK耐世特*HKD5.661,831USD13.27.60.90.800881.HK中升控股*HKD50.0014,652CNY18.815.33.83.203669.HK永

30、達(dá)汽車*HKD9.562,430CNY10.28.31.41.3200625.SZ長(zhǎng)安 B*HKD4.649,714CNY4.43.30.40.4200581.SZ蘇威孚 B*HKD13.733,612CNY5.25.00.70.6NIO.US蔚來*USD21.8529,764CNYn.a.n.a.-20.6-15.3LI.US理想汽車(LI AUTO)*USD19.1616,024CNYn.a.n.a.5.55.6TSLA.US特斯拉USD442.30412,139USD225.5135.825.621.0注：標(biāo)*公司為中金覆蓋，采用中金預(yù)測(cè)數(shù)據(jù)；其余使用市場(chǎng)一致預(yù)期A 股收盤于北京時(shí)間 2

31、020-10-13；港股收盤于北京時(shí)間 2020-10-12；美股收盤于北京時(shí)間 2020-10-12資料來源：萬得資訊、彭博資訊、公司公告、中金公司研究部法律聲明一般聲明本報(bào)告由中國(guó)國(guó)際金融股份有限公司（已具備中國(guó)證監(jiān)會(huì)批復(fù)的證券投資咨詢業(yè)務(wù)資格）制作。本報(bào)告中的信息均來源于我們認(rèn)為可靠的已公開資料，但中國(guó)國(guó)際金融股份有限公司及其關(guān)聯(lián)機(jī)構(gòu)（以下統(tǒng)稱“中金公司”）對(duì)這些信息的準(zhǔn)確性及完整性不作任何保證。本報(bào)告中的信息、意見等均僅供投資者參考之用，不構(gòu)成對(duì)買賣任何證券或其他金融工具的出價(jià)或征價(jià)或提供任何投資決策建議的服務(wù)。該等信息、意見并未考慮到獲取本報(bào)告人員的具體投資目的、財(cái)務(wù)狀況以及特定需求

32、，在任何時(shí)候均不構(gòu)成對(duì)任何人的個(gè)人推薦或投資操作性建議。投資者應(yīng)當(dāng)對(duì)本報(bào)告中的信息和意見進(jìn)行獨(dú)立評(píng)估，自主審慎做出決策并自行承擔(dān)風(fēng)險(xiǎn)。投資者在依據(jù)本報(bào)告涉及的內(nèi)容進(jìn)行任何決策前，應(yīng)同時(shí)考量各自的投資目的、財(cái)務(wù)狀況和特定需求，并就相關(guān)決策咨詢專業(yè)顧問的意見對(duì)依據(jù)或者使用本報(bào)告所造成的一切后果，中金公司及/或其關(guān)聯(lián)人員均不承擔(dān)任何責(zé)任。本報(bào)告所載的意見、評(píng)估及預(yù)測(cè)僅為本報(bào)告出具日的觀點(diǎn)和判斷，相關(guān)證券或金融工具的價(jià)格、價(jià)值及收益亦可能會(huì)波動(dòng)。該等意見、評(píng)估及預(yù)測(cè)無需通知即可隨時(shí)更改。在不同時(shí)期，中金公司可能會(huì)發(fā)出與本報(bào)告所載意見、評(píng)估及預(yù)測(cè)不一致的研究報(bào)告。本報(bào)告署名分析師可能會(huì)不時(shí)與中金公司的客

33、戶、銷售交易人員、其他業(yè)務(wù)人員或在本報(bào)告中針對(duì)可能對(duì)本報(bào)告所涉及的標(biāo)的證券或其他金融工具的市場(chǎng)價(jià)格產(chǎn)生短期影響的催化劑或事件進(jìn)行交易策略的討論。這種短期影響的分析可能與分析師已發(fā)布的關(guān)于相關(guān)證券或其他金融工具的目標(biāo)價(jià)、評(píng)級(jí)、估值、預(yù)測(cè)等觀點(diǎn)相反或不一致，相關(guān)的交易策略不同于且也不影響分析師關(guān)于其所研究標(biāo)的證券或其他金融工具的基本面評(píng)級(jí)或評(píng)分。中金公司的銷售人員、交易人員以及其他專業(yè)人士可能會(huì)依據(jù)不同假設(shè)和標(biāo)準(zhǔn)、采用不同的分析方法而口頭或書面發(fā)表與本報(bào)告意見及建議不一致的市場(chǎng)評(píng)論和/或交易觀點(diǎn)。中金公司沒有將此意見及建議向報(bào)告所有接收者進(jìn)行更新的義務(wù)。中金公司的資產(chǎn)管理部門、自營(yíng)部門以及其他投資

34、業(yè)務(wù)部門可能獨(dú)立做出與本報(bào)告中的意見不一致的投資決策。除非另行說明，本報(bào)告中所引用的關(guān)于業(yè)績(jī)的數(shù)據(jù)代表過往表現(xiàn)。過往的業(yè)績(jī)表現(xiàn)亦不應(yīng)作為日后回報(bào)的預(yù)示。我們不承諾也不保證，任何所預(yù)示的回報(bào)會(huì)得以實(shí)現(xiàn)。分析中所做的預(yù)測(cè)可能是基于相應(yīng)的假設(shè)。任何假設(shè)的變化可能會(huì)顯著地影響所預(yù)測(cè)的回報(bào)。本報(bào)告提供給某接收人是基于該接收人被認(rèn)為有能力獨(dú)立評(píng)估投資風(fēng)險(xiǎn)并就投資決策能行使獨(dú)立判斷。投資的獨(dú)立判斷是指，投資決策是投資者自身基于對(duì)潛在投資的目標(biāo)、需求、機(jī)會(huì)、風(fēng)險(xiǎn)、市場(chǎng)因素及其他投資考慮而獨(dú)立做出的。本報(bào)告由受香港證券和期貨委員會(huì)監(jiān)管的中國(guó)國(guó)際金融香港證券有限公司（“中金香港”）于香港提供。香港的投資者若有任何關(guān)于中金公司研究報(bào)告的問題請(qǐng)直接聯(lián)系中金香港的銷售交易代表。本報(bào)告作者所持香港證監(jiān)會(huì)牌照的牌照編號(hào)已披露在報(bào)告首頁(yè)的作者姓名旁。本報(bào)告由受新加坡金融管理局監(jiān)管的中國(guó)國(guó)際金融（新加坡）有限公司 (“中金新加坡”) 于新加坡向符合新加坡證券期貨法定義下的認(rèn)可投資者及/或機(jī)構(gòu)投資者提供。提供本報(bào)告于此類投資者, 有關(guān)財(cái)務(wù)顧問將無需根據(jù)新加坡之財(cái)務(wù)顧問法第 36 條就任何利益及/或其代表就任何證券利益進(jìn)行披露。有關(guān)本報(bào)告之任何查詢，在新加坡獲