免责声明 分析师声明 |
本出版物署名分析师在此声明：本报告所表述的所有观点均准确地反映了分析师对目标证券和发行人的个人看法。分析师所得报酬的任何部分不曾与，不与，也将不会与本报告中的具体投资建议或观点有直接或间接联系。分析师所得报酬的任何部分也不与天风证券股份有限公司（“天风证券”）或其下属公司开展的任何投资银行业务有联系。
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一般声明 |
本出版物内出现的名词“天风集团”意指天风证券有限公司及其全球范围内的附属公司和分支公司，包括天风国际资产管理公司。本出版物及其内含的所有材料是由天风集团以及（如适用）在第一页或本出版物其他地方注明了的工作人员所属的一个或多个天风集团旗下公司准备的。
本出版物的所有内容均属机密仅供天风集团的客户使用，天风集团不因收件人收到本出版物而视其为天风集团的客户。本报告中的信息均来源自我们认为可靠的已公开数据，但天风集团对这些信息的准确性及完整性不作任何保证。本报告中的信息、意见等均仅供天风集团的客户参考，不构成所述证券买卖的出价或征价邀请或要约。该等信息、意见并未考虑到获取本报告人员的具体投资目的、财务状况以及特定需求，在任何时候均不构成对任何人的个人推荐。天风集团的客户应当对本出版物中的信息和意见进行独立评估，并应同时考虑各自的投资目的、财务状况和特定需求，必要时就法律、商业、财务、税收等方面咨询专家的意见。对依据或者使用本报告所造成的一切后果，天风集团及/或其关联人员均不承担任何法律责任。鉴于本报告可能开放于任何受众，本报告仅提供于有能力独立判断投资风险,能对自己投资决策有独立判断能力，并能根据自己对潜在投资、市场因素和其他投资考虑标准的独立判断来做出投资决策的收件人。
本出版物所载的意见、评估及预测仅为本出版物发布日的观点和判断。该等意见、评估及预测无需通知即可随时更改。过往的表现亦不应作为日后表现的预示和担保。在不同时期，天风集团可能会发出与本报告所载意见、评估及预测不一致的研究报告。本报告中不含任何对预测收益的一定可以实现的表达或保证。在分析当中有决定收益的相关假设。这些假设的改变可能对本报告预测的收益产生重大影响。
天风集团的销售人员、交易人员以及其他专业人士可能会依据不同假设和标准、采用不同的分析方法而口头或书面发表与本出版物意见及建议不一致的市场评论和/或交易观点。天风集团没有将此意见及建议向报告所有接收者进行更新的义务。天风集团的资产管理部门、自营部门以及其他投资业务部门可能独立做出与本出版物中的意见或建议不一致的投资决策。
特别声明 天风集团对于在研究业务当中可能产生的利益冲突有着完备的辨识和管理章程。天风集团的分析师以及其他参与本研究出版物撰写和宣传的员工有着独立于天风集团投资银行业务线的管理体系。投资银行、自营交易以及研究业务各自之间有着信息壁垒，确保任何机密以及/或者价格敏感信息被妥善处置。
本报告中所示分析师可能不时与我们的客户（包括天风集团销售员、交易员和其他专家）讨论各种交易策略，其中提及的交易策略可能会对本报告讨论的股票证券价格市场价格产生短期影响的助动因素或事件。这些可能与分析师对股票的预期价格产生抵触。但是任何此类的交易策略不同于也不会影响分析师对股票的基本评级。
在适用法律许可的情况下，天风集团可能会持有本报告中提及公司所发行的证券并进行交易，也可能为这些公司提供或争取提供投资银行、财务顾问和金融产品等各种金融服务。因此，投资者应当考虑到天风集团及/或其相关人员可能存在影响本报告观点客观性的潜在利益冲突，投资者请勿将本出版物视为投资或其他决定的唯一参考依据。
中国：本出版物在中华人民共和国（除开香港、澳门和台湾地区）由天风证券有限公司发布。天风证券股份有限公司根据中国证券监督管理委员会合法的经营业务许可运营， 当中含证券投资咨询业务。
香港：本出版物在香港由天风国际资产管理有限公司发布。天风资产管理有限公司是受香港证券及期货事务监察委员会监管并在其核准下开展证券及期货条例第571章内的受管4号牌业务（证券咨询服务），5号牌业务（期货咨询服务）以及9号牌业务（资产管理服务）。香港地区读者有任何关于本出版物的疑义可以直接咨询本公司香港销售代表。
其他司法管辖地区：研究出版物在其他司法管辖地区下的发布可能会受限于当地适用之法规，但在合规于特定司法管辖下的法律法规后会变得可行。本研究出版物不针对或旨在分发于任何属于或位于任何分布，出版，供应或使用此类研究出版物属违法之地区，州，国家或其他司法管辖区的公民或居民的任何个人或实体。
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评级定义
投资评级 |
类别 | 说明 | 评级 | 体系 |
股票投资评级
| 在报告发布日期后的6个月内，相对同期该股票的司法管辖区之指数的涨跌幅 | 买入 | 预期股价相对收益20%以上 |
增持 | 预期股价相对收益10%到20% |
中立 | 预期股价相对收益-10%到10% |
持有 | 预期股价相对收益-10% |
行业投资评级 | 在报告发布日期后的6个月内，相对同期该行业的司法管辖区之指数的涨跌幅 | 强于大市 | 预期行业指数涨幅5% |
中性 | 预期行业指数涨幅 -5%到5% |
弱于大市 | 预期行业指数涨幅 -5% |
管辖区 | 用于定义评级的指数 |
中国大陆 | 沪深300指数 |
中国-香港 | 恒生指数 |
中国-澳门 | 恒生指数 |
美国 | 标准普尔500指数
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本出版物版权归天风集团所有。任何未经天风集团书面允许的发布、复制、出版以及引用均属未授权行为。
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Ratings Definitions
Investment Ratings
Category | Description | Ratings | System |
Stock investment ratings | within 6 months from the report issuance date, increase or decrease relative to the Index of the jurisdiction of the Stock in the same period | Buy | Expected relative return over stock price above 20% |
Accumulate | Expected relative return over stock price between 10% and 20% |
Neutral | Expected relative return over stock price between -10% and 10% |
Sell | Expected relative return over stock price below -10% |
Industry investment ratings | within 6 months from the report issuance date, increase or decrease relative to the Index of the jurisdiction of the Industry in the same period | Outperform | Expected increase of industry index over 5% |
Neutral | Expected increase of industry index between -5% and 5% |
Underperform | Expected increase of industry index below -5% |
Jurisdictions | Index Used for Ratings Definitions |
China Mainland | CSI 300 Index |
China-Hong Kong | Hang Seng Index |
China-Marco | Hang Seng Index |
USA | Standard & Poor’s 500 Index |
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