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《Presentation：美联储降息周期开启看好有色金属行业机会-240924（41页）.pdf》由会员分享，可在线阅读，更多相关《Presentation：美联储降息周期开启看好有色金属行业机会-240924（41页）.pdf（41页珍藏版）》请在本站上搜索。 1、Presentation：美联储降息周期开启，看好有色金属行业机会：美联储降息周期开启，看好有色金属行业机会Fed Rate Cut Cycle Begins:Opportunities in the Metals Industry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，海通证券印度私人有限公司，海通国际株式会社和海通国际证券集团其他各成员单位的证券研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证券活动。关于海通国际的分析师证明，重要披露声明和免责声明，请参阅附录。(Pleasesee appendix for English transla2、tion of the disclaimer)Equity Asia Research陈先龙陈先龙Xianlong Chen 甘嘉尧甘嘉尧Jiayao Gan 吴旖婕吴旖婕Yijie Wu 24 Sep 2024投资要点投资要点请务必阅读正文之后的信息披露和法律声明请务必阅读正文之后的信息披露和法律声明工业金属：美联储降息工业金属：美联储降息50BP提振市场情绪，宏观利好与需求向好共同支撑铜铝价格提振市场情绪，宏观利好与需求向好共同支撑铜铝价格。9月13日-9月20日，LME铜、铝、锌、锡价涨跌幅分别为+2.5%、+0.5%、-1.1%、+1.2%，SHFE铜、铝、锌、锡价周涨跌幅分别为+2.3、5%、+1.6%、+1.4%、+1.7%；9月20日LME铜、铝、锌、锡价格分别为9486美元/吨、2486美元/吨、2867美元/吨、3.22万美元/吨。宏观上，美联储降息50BP，宏观情绪回升，利多铜铝等金属市场。铜基本面上，全球铜需求回暖，9月20日国内沪铜及伦敦铜库存分别周环比-11.1%和-2.6%，反映了市场需求的增强。中秋节前的季节性备货需求叠加国庆前的预期备货，进一步减少了市场供应，为铜价提供支撑。铝价格方面，氧化铝市场供应端扰动，现货偏紧支撑氧化铝价格，从电解铝成本端给予电解铝上涨动力，叠加下游消费向好，铝价或可偏强运行。我们认为，可关注“金九银十”旺季的需求改善。建议关注：4、紫金矿业、洛阳钼业、中国铝业、天山铝业、云铝股份、中国有色矿业、金诚信、铜陵有色等公司。能源金属：能源金属：Northvolt合资锂精炼厂宣布投产或延期至合资锂精炼厂宣布投产或延期至2028年。年。9月13日-9月20日，电池级碳酸锂、氢氧化锂、LME镍、长江钴价涨跌幅分别为0.0%、-0.8%、3.5%、-0.6%。据SMM援引据路透社报道，欧洲规划中的最大锂精炼厂之一葡萄牙Galp-Northvolt的Aurora锂精炼厂项目已宣布延期。该项目原计划于2025年底投产，但现将可能推迟至2028年。该精炼厂预计每年可生产高达35000吨氢氧化锂，原料来自葡萄牙矿山的锂辉石精矿。我们认为低锂价5、对于锂行业供给的挤压在不断体现，行业资本开支收紧，新项目投产不确定性增长。建议关注：赣锋锂业、天齐锂业、永兴材料、江特电机、中矿资源；华友钴业、格林美等公司。黄金白银：美联储降息黄金白银：美联储降息50BP，看好黄金白银股修复机会。，看好黄金白银股修复机会。9月20日伦敦现货黄金、白银价格分别为2605.85美元/盎司和31.32美元/盎司，周涨跌幅分别为1.19%和4.51%；上海金交所黄金、白银价格分别为588.30元/克和7.51元/克，周涨跌幅分别为0.99%和1.50%。据新华网，9月18日，美联储宣布，将联邦基金利率目标区间下调50个基点，降至4.75%至5.00%之间的水平，这是6、美联储自2020年3月以来的首次降息。月度数据方面，美国8月零售销售月率0.1%，低于前值1.0%；核心零售销售月率0.1%，低于前值0.4%；工业产出月率0.8%，高于前值-0.6%。推荐：山金国际、山东黄金、招金矿业、中金黄金、赤峰黄金、盛达资源和湖南黄金；建议关注：四川黄金、玉龙股份等。稀土和锑、锗、铀等小金属、新材料稀土和锑、锗、铀等小金属、新材料：氧化镨钕价格上涨：氧化镨钕价格上涨2.5%。9月13日-9月20日，氧化镨钕价格涨跌幅为+2.5%，锑价格涨跌幅为0.0%。建议关注：北方稀土、中国稀土、湖南黄金、金钼股份等公司。风险提示：风险提示：经济复苏不及预期；新能源车、地产需求不及7、预期；主要经济体货币政策收紧过度；国际地缘政治风险；项目建设不及预期。23有色金属价格、库存数据一览有色金属价格、库存数据一览请务必阅读正文之后的信息披露和法律声明请务必阅读正文之后的信息披露和法律声明资料来源：Wind，HTI2024/9/13 2024/9/20价格数据价格数据产品产品单位单位期初价格期初价格期末价格期末价格涨跌幅涨跌幅工业金属LME铜美元/吨925794862.5%LME铝美元/吨247324860.5%LME锌美元/吨29002867-1.1%LME铅美元/吨204220420.0%LME锡万美元/吨3.183.221.2%SHFE铜万元/吨7.407.582.5%SH8、FE铝万元/吨1.972.011.6%SHFE锌万元/吨2.382.421.4%SHFE铅万元/吨1.671.66-0.7%SHFE锡万元/吨25.7526.191.7%A00铝万元/吨1.982.001.4%氧化铝元/吨3831.003842.000.3%能源金属电池级碳酸锂万元/吨7.457.450.0%工业级碳酸锂万元/吨7.107.231.8%氢氧化锂万元/吨6.986.93-0.8%LME镍万美元/吨1.591.653.5%SHFE镍万元/吨12.4112.541.0%硫酸镍万元/吨3.052.99-1.9%高镍铁元/镍985.00980.00-0.5%长江钴万元/吨17.0016.9、90-0.6%MB钴：标准级美元/磅11.2510.90-3.1%MB钴：合金级美元/磅15.1315.130.0%贵金属伦敦现货黄金美元/盎司2575.102605.851.2%伦敦现货白银美元/盎司29.9731.324.5%COMEX黄金美元/盎司2606.202647.101.6%COMEX银美元/盎司31.0731.501.4%2024/9/132024/9/20价格数据价格数据产品产品单位单位期初价格期初价格期末价格期末价格涨跌幅涨跌幅稀土和锑、锗、铀等小金属、新材料镨钕氧化物万元/吨41.2242.272.5%钼精矿:45%-50%元/吨度3725.003705.00-0.5%锑10、万元/吨16.1116.110.0%氧化镝万元/千克0.170.186.0%氧化铽万元/千克0.570.593.7%黑钨精矿:55%万元/吨13.6413.54-0.7%锗锭:50元/千克17850.0017850.000.0%二氧化锗:99.999%元/千克13450.0013450.000.0%海绵钛99.6%元/千克43.0043.000.0%镁锭（右）万元/吨1.971.95-0.9%精铋:99.99%万元/吨8.809.002.3%精铟:99.995%元/千克2875.002875.000.0%2024/9/132024/9/20库存数据库存数据产品产品单位单位期初库存期初库存期末期11、末库存库存 涨跌幅涨跌幅能源金属LME镍万吨12.3412.410.6%SHFE镍万吨2.402.28-4.9%工业金属LME铜万吨31.1530.34-2.6%SHFE阴极铜万吨18.5516.49-11.1%SHFE国际铜万吨1.451.589.3%LME铝万吨82.0980.90-1.4%SHFE铝万吨28.3828.651.0%LME锌万吨22.9325.6211.7%SHFE锌万吨8.178.564.8%LME铅万吨17.4820.4016.7%SHFE铅万吨5.156.1018.5%LME锡吨472548302.2%SHFE锡吨94999400-1.0%目录目录1.申万有色指数申万12、有色指数9/18-9/20上涨上涨5.21%，铜板块领涨，铜板块领涨2.主要子板块跟踪（主要子板块跟踪（9/13-9/20）2.1 工业金属：工业金属：LME铜价上涨铜价上涨2.5%2.2 能源金属：电池级碳酸锂价格持平能源金属：电池级碳酸锂价格持平2.3 贵金属：伦敦现货黄金价上涨贵金属：伦敦现货黄金价上涨1.2%2.4 稀土和锑、锗、铀等小金属：镨钕氧化物价格上涨稀土和锑、锗、铀等小金属：镨钕氧化物价格上涨2.5%3.重要事件：兴业银锡子公司拟收购两项探矿权重要事件：兴业银锡子公司拟收购两项探矿权4.风险提示风险提示4请务必阅读正文之后的信息披露和法律声明请务必阅读正文之后的信息披露和法律13、声明5资料来源：Wind，HTI请务必阅读正文之后的信息披露和法律声明请务必阅读正文之后的信息披露和法律声明图：申万一级行业周涨跌幅（图：申万一级行业周涨跌幅（2024.9.18-2024.9.20）申万有色指数申万有色指数9/18-9/20上涨上涨5.21%，铜板块领涨，铜板块领涨图：申万有色二级行业周涨跌幅（图：申万有色二级行业周涨跌幅（2024.9.18-2024.9.20）图：部分申万有色三级行业和锂矿指数、稀土指数周涨图：部分申万有色三级行业和锂矿指数、稀土指数周涨跌幅（跌幅（2024.9.18-2024.9.20）5.21%1.27%-2%0%2%4%6%8%房地产有色金属家用电器14、计算机煤炭商贸零售汽车社会服务建筑材料建筑装饰非银金融交通运输银行轻工制造机械设备传媒基础化工石油石化万得全A综合纺织服饰公用事业钢铁通信食品饮料美容护理环保电子电力设备农林牧渔国防军工医药生物-2%0%2%4%6%8%工业金属小金属贵金属金属新材料能源金属-2%0%2%4%6%8%10%铜铝黄金稀土指数磁性材料锂矿指数6资料来源：Wind，HTI请务必阅读正文之后的信息披露和法律声明请务必阅读正文之后的信息披露和法律声明图：有色金属行业海外重点上市公司股价周涨跌幅（图：有色金属行业海外重点上市公司股价周涨跌幅（2024.9.18-2024.9.20）有色金属板块有色金属板块9/18-9/2015、鹏欣资源领涨鹏欣资源领涨20.00%图：申万有色行业周涨幅前十个股（图：申万有色行业周涨幅前十个股（2024.9.18-2024.9.20）图：申万有色行业周跌幅前十个股（图：申万有色行业周跌幅前十个股（2024.9.18-2024.9.20）0%5%10%15%20%25%鹏欣资源洛阳钼业北方铜业中国铝业神火股份西部矿业云铝股份天山铝业紫金矿业云南铜业-6%-4%-2%0%和胜股份云南锗业合金投资图南股份悦安新材宜安科技永杉锂业横店东磁天齐锂业永兴材料-4%-2%0%2%4%6%南方铜业自由港必和必拓力拓NEWMONT嘉能可伊格尔矿业Pilbara淡水河谷雅保巴里克黄金SQM目录目录1.申万16、有色指数申万有色指数9/18-9/20上涨上涨5.21%，铜板块领涨，铜板块领涨2.主要子板块跟踪（主要子板块跟踪（9/13-9/20）2.1 工业金属：工业金属：LME铜价上涨铜价上涨2.5%2.2 能源金属：电池级碳酸锂价格持平能源金属：电池级碳酸锂价格持平2.3 贵金属：伦敦现货黄金价上涨贵金属：伦敦现货黄金价上涨1.2%2.4 稀土和锑、锗、铀等小金属：镨钕氧化物价格上涨稀土和锑、锗、铀等小金属：镨钕氧化物价格上涨2.5%3.重要事件：兴业银锡子公司拟收购两项探矿权重要事件：兴业银锡子公司拟收购两项探矿权4.风险提示风险提示7请务必阅读正文之后的信息披露和法律声明请务必阅读正文之后的信17、息披露和法律声明8资料来源：Wind，HTILME铜铜价上涨价上涨2.5%，SHFE铜库存下跌铜库存下跌11.1%请务必阅读正文之后的信息披露和法律声明请务必阅读正文之后的信息披露和法律声明图：上期所铜期货收盘价（万元图：上期所铜期货收盘价（万元/吨）吨）图：全球铜库存（万吨）图：全球铜库存（万吨）图：图：LME、SHFE铜价铜价5678960008000100001200022/0923/0323/0924/0324/09LME铜（美元/吨；左轴）SHFE阴极铜（万元/吨；右轴）02040608022/0923/0323/0924/0324/09LME铜SHFE阴极铜SHFE国际铜COMEX18、铜7.27.37.47.57.67.7M+1M+2M+3M+4M+5M+6M+7M+8M+92024/09/132024/09/209资料来源：Wind，HTILME铝铝价上涨价上涨0.5%，LME铝铝库存库存下跌下跌1.4%请务必阅读正文之后的信息披露和法律声明请务必阅读正文之后的信息披露和法律声明图：图：A00铝和氧化铝价格铝和氧化铝价格图：上期所铝期货收盘价（万元图：上期所铝期货收盘价（万元/吨）吨）图：全球铝库存（万吨）图：全球铝库存（万吨）图：图：LME、SHFE铝价铝价1.941.961.982.002.02M+1M+2M+3M+4M+5M+6M+7M+82024/09/1320219、4/09/201.41.82.215002500350022/0923/0323/0924/0324/09LME铝（美元/吨；左轴）SHFE铝（万元/吨；右轴）0408012016022/0923/0323/0924/0324/09LME铝SHFE铝COMEX铝200030004000500012322/0923/0323/0924/0324/09A00铝（万元/吨；左轴）氧化铝（元/吨；右轴）10资料来源：Wind，HTILME锌价下跌锌价下跌1.1%，LME铅价持平铅价持平请务必阅读正文之后的信息披露和法律声明请务必阅读正文之后的信息披露和法律声明图：图：LME、SHFE铅价铅价图：全球主20、要交易所锌库存（万吨）图：全球主要交易所锌库存（万吨）图：图：LME、SHFE锌价锌价图：全球主要交易所铅库存（万吨）图：全球主要交易所铅库存（万吨）1.52.53.520003000400022/0923/0323/0924/0324/09LME锌（美元/吨；左轴）SHFE锌（万元/吨；右轴）1.31.51.71.92.115002000250022/0923/0323/0924/0324/09LME铅（美元/吨；左轴）SHFE铅（万元/吨；右轴）020406022/0823/0223/0824/0224/08LME锌SHFE锌01020304022/0823/0223/0824/0224/21、08LME铅SHFE铅11资料来源：Wind，HTILME锡价上涨锡价上涨1.2%，SHFE锡库存锡库存下跌下跌1.0%请务必阅读正文之后的信息披露和法律声明请务必阅读正文之后的信息披露和法律声明图：全球主要交易所锡库存（吨）图：全球主要交易所锡库存（吨）图：图：LME、SHFE锡价锡价图：上期所锡期货收盘价（万元图：上期所锡期货收盘价（万元/吨）吨）102030123422/0923/0323/0924/0324/09LME锡（万美元/吨；左轴）SHFE锡（万元/吨；右轴）0400080001200016000200002400022/0823/0223/0824/0224/08LME锡SH22、FE锡25.5026.0026.50M+1M+2M+3M+42024/09/132024/09/20目录目录1.申万有色指数申万有色指数9/18-9/20上涨上涨5.21%，铜板块领涨，铜板块领涨2.主要子板块跟踪（主要子板块跟踪（9/13-9/20）2.1 工业金属：工业金属：LME铜价上涨铜价上涨2.5%2.2 能源金属：电池级碳酸锂价格持平能源金属：电池级碳酸锂价格持平2.3 贵金属：伦敦现货黄金价上涨贵金属：伦敦现货黄金价上涨1.2%2.4 稀土和锑、锗、铀等小金属：镨钕氧化物价格上涨稀土和锑、锗、铀等小金属：镨钕氧化物价格上涨2.5%3.重要事件：兴业银锡子公司拟收购两项探矿权重要事23、件：兴业银锡子公司拟收购两项探矿权4.风险提示风险提示12请务必阅读正文之后的信息披露和法律声明请务必阅读正文之后的信息披露和法律声明13资料来源：Wind，HTI电池级碳酸锂价格持平电池级碳酸锂价格持平请务必阅读正文之后的信息披露和法律声明请务必阅读正文之后的信息披露和法律声明图：三元前驱体价格（万元图：三元前驱体价格（万元/吨）吨）图：锂电池正极材料价格（万元图：锂电池正极材料价格（万元/吨）吨）图：广期所碳酸锂期货收盘价（万元图：广期所碳酸锂期货收盘价（万元/吨）吨）图：锂盐价格（万元图：锂盐价格（万元/吨）吨）图：广期所碳酸锂库存（万吨）图：广期所碳酸锂库存（万吨）010203040524、06022/0923/0323/0924/0324/09电池级碳酸锂工业级碳酸锂氢氧化锂024681012141622/0922/1123/01 23/0323/0523/0723/0923/1124/01 24/0324/0524/0724/09NCM111NCM523NCM622NCM81102468101214051015202530354023/0323/0523/0723/0923/1124/0124/0324/0524/0724/09NCM111（左轴）NCM523（左轴）NCM622（左轴）NCM811（左轴）磷酸铁锂（右轴）0.00.51.01.52.02.53.03.54.025、4.55.023/1224/0224/0424/0624/08碳酸锂广期所库存（万吨）7.07.27.47.67.88.08.2MM+1M+2M+3M+4M+5M+6M+7M+82024/09/202024/09/1314资料来源：Wind，HTI请务必阅读正文之后的信息披露和法律声明请务必阅读正文之后的信息披露和法律声明图：硫酸镍和高镍铁价格图：硫酸镍和高镍铁价格图：上期所镍期货收盘价（万元图：上期所镍期货收盘价（万元/吨）吨）图：全球镍库存（万吨）图：全球镍库存（万吨）图：图：LME、SHFE镍价镍价LME镍价价格上涨镍价价格上涨3.5%图：长江钴及图：长江钴及MB钴价钴价0510152026、250.00.51.01.52.02.53.03.522/0922/1223/0323/0623/0923/1224/0324/0624/09LME镍（万美元/吨；左轴）SHFE镍（万元/吨；右轴）024681012141622/06 22/08 22/10 22/12 23/02 23/04 23/06 23/08 23/10 23/12 24/02 24/04 24/06 24/08LME镍库存SHFE镍库存020040060080010001200140016000.00.51.01.52.02.53.03.54.04.55.022/0822/1123/0223/0523/0823/1127、24/0224/0524/08硫酸镍（万元/吨；左轴）高镍铁（元/镍；右轴）051015202530051015202530354022/1023/0123/0423/0723/1024/0124/0424/07长江钴（万元/吨；左轴）MB钴：标准级（美元/磅；右轴）MB钴：合金级（美元/磅；右轴）12.112.212.312.412.512.612.712.812.913.0MM+1M+2M+3M+4M+5M+6M+7M+8M+92024/09/132024/09/20目录目录1.申万有色指数申万有色指数9/18-9/20上涨上涨5.21%，铜板块领涨，铜板块领涨2.主要子板块跟踪（主要子板28、块跟踪（9/13-9/20）2.1 工业金属：工业金属：LME铜价上涨铜价上涨2.5%2.2 能源金属：电池级碳酸锂价格持平能源金属：电池级碳酸锂价格持平2.3 贵金属：伦敦现货黄金价上涨贵金属：伦敦现货黄金价上涨1.2%2.4 稀土和锑、锗、铀等小金属：镨钕氧化物价格上涨稀土和锑、锗、铀等小金属：镨钕氧化物价格上涨2.5%3.重要事件：兴业银锡子公司拟收购两项探矿权重要事件：兴业银锡子公司拟收购两项探矿权4.风险提示风险提示15请务必阅读正文之后的信息披露和法律声明请务必阅读正文之后的信息披露和法律声明16资料来源：Wind，HTI请务必阅读正文之后的信息披露和法律声明请务必阅读正文之后的信29、息披露和法律声明图：白银价格图：白银价格图：美国图：美国CPI当月同比与联邦基金利率（当月同比与联邦基金利率（%）图：伦敦现货黄金价格与美元指数图：伦敦现货黄金价格与美元指数图：图：COMEX与与SHFE黄金价格黄金价格伦敦现货黄金价上涨伦敦现货黄金价上涨1.19%3504004505005506006501500170019002100230025002700290022/0822/1123/0223/0523/0823/1124/0224/0524/08COMEX黄金（美元/盎司；左轴）SHFE黄金（元/克；右轴）3500450055006500750085009500152025303530、22/0822/1123/0223/0523/0823/1124/0224/0524/08COMEX银（美元/盎司；左轴）SHFE白银（元/千克；右轴）0123456024681022/0923/0323/0924/03美国CPI：当月同比（左轴）美国联邦基金利率（右轴）809010011012016001700180019002000210022002300240025002600270022/0823/0223/0824/0224/08伦敦现货黄金（美元/盎司；左轴）美元指数（右轴）17资料来源：Wind，HTI金银比上行至金银比上行至84.05请务必阅读正文之后的信息披露和法律声明请务必31、阅读正文之后的信息披露和法律声明图：全球主要经济体央行总资产图：全球主要经济体央行总资产图：图：SPDR、iShares黄金黄金ETF持有量（吨）持有量（吨）图：金银比和铜金比图：金银比和铜金比图：美国国债长短期利差（图：美国国债长短期利差（%）34566070809010022/0823/0223/0824/0224/08金银比（金价/银价；左轴）铜金比（铜价/金价；右轴）-3-2-10122/0823/0223/0824/0224/08美国国债收益率：10Y-2Y美国国债收益率：10Y-3M0100200300400500600700800900012345678910200220072032、1220172022美国:所有联储银行:总资产（万亿美元；左轴）欧洲央行:资产:总额（万亿欧元；左轴）日本央行:资产:总额（万亿日元；右轴）0100200300400500600800100022/0923/0323/0924/03SPDR黄金ETF（左轴）iShares黄金ETF（右轴）目录目录1.申万有色指数申万有色指数9/18-9/20上涨上涨5.21%，铜板块领涨，铜板块领涨2.主要子板块跟踪（主要子板块跟踪（9/13-9/20）2.1 工业金属：工业金属：LME铜价上涨铜价上涨2.5%2.2 能源金属：电池级碳酸锂价格持平能源金属：电池级碳酸锂价格持平2.3 贵金属：伦敦现货黄金价上33、涨贵金属：伦敦现货黄金价上涨1.2%2.4 稀土和锑、锗、铀等小金属：镨钕氧化物价格上涨稀土和锑、锗、铀等小金属：镨钕氧化物价格上涨2.5%3.重要事件：兴业银锡子公司拟收购两项探矿权重要事件：兴业银锡子公司拟收购两项探矿权4.风险提示风险提示18请务必阅读正文之后的信息披露和法律声明请务必阅读正文之后的信息披露和法律声明19资料来源：Wind，HTI镨钕氧化物价格环比上涨镨钕氧化物价格环比上涨2.5%请务必阅读正文之后的信息披露和法律声明请务必阅读正文之后的信息披露和法律声明图：锗锭和钨精矿价格图：锗锭和钨精矿价格图：海绵钛和钛精矿价格图：海绵钛和钛精矿价格图：钼精矿和锑价格图：钼精矿和锑价34、格图：主要稀土价格图：主要稀土价格图：精铋和精铟价格图：精铋和精铟价格图：电解锰和镁锭价格（万元图：电解锰和镁锭价格（万元/吨）吨）355575950.00.20.40.60.81.01.21.41.622/0923/0323/0924/0324/09氧化镝（万元/千克；左轴）氧化铽（万元/千克；左轴）镨钕氧化物（万元/吨；右轴）567891010002000300040005000600022/0923/0323/0924/0324/09钼精矿:45%-50%（元/吨度；左轴）锑（万元/吨，右轴）91011121314151680001000012000140001600018000200035、022/0923/0323/0924/0324/09锗锭:50（元/千克；左轴）黑钨精矿:55%（万元/吨；右轴）180020002200240040506070809022/0923/0323/0924/0324/09海绵钛99.6%（元/千克；左轴）钛精矿（元/吨；右轴）02401222/0923/0323/0924/0324/09电解锰（左轴）镁锭（右轴）10001400180022002600300034003456789101122/0923/0323/0924/0324/09精铋:99.99%（万元/吨；左轴）精铟:99.995%（元/千克；右轴）目录目录1.申万有色指数申万有色指36、数9/18-9/20上涨上涨5.21%，铜板块领涨，铜板块领涨2.主要子板块跟踪（主要子板块跟踪（9/13-9/20）2.1 工业金属：工业金属：LME铜价上涨铜价上涨2.5%2.2 能源金属：电池级碳酸锂价格持平能源金属：电池级碳酸锂价格持平2.3 贵金属：伦敦现货黄金价上涨贵金属：伦敦现货黄金价上涨1.2%2.4 稀土和锑、锗、铀等小金属：镨钕氧化物价格上涨稀土和锑、锗、铀等小金属：镨钕氧化物价格上涨2.5%3.重要事件：兴业银锡子公司拟收购两项探矿权重要事件：兴业银锡子公司拟收购两项探矿权4.风险提示风险提示20请务必阅读正文之后的信息披露和法律声明请务必阅读正文之后的信息披露和法律声明37、21请务必阅读正文之后的信息披露和法律声明请务必阅读正文之后的信息披露和法律声明资料来源：兴业银锡:关于公司子公司收购探矿权暨关联交易的公告，ST盛屯:关于董事长、总裁、董事会秘书辞职暨补选董事、聘任总裁及董事会秘书公告，HTI。重要事件：兴业银锡子公司拟收购两项探矿权重要事件：兴业银锡子公司拟收购两项探矿权公司公司公告日期公告日期主要内容主要内容兴业银锡兴业银锡2024-9-19公司全资子公司锡林矿业拟与公司控股股东兴业集团签订探矿权转让协议，受让兴业集团持有的朝不楞探矿权，经双方协商确定标的矿权交易对价为5350万元。公司全资子公司融冠矿业与兴业集团签订探矿权转让协议，融冠矿业受让兴业集团38、持有的查干敖包探矿权经双方协商确定标的矿权交易对价为6650万元。ST盛屯盛屯2024-9-20董事会于近日收到董事长张振鹏、总经理周贤锦、董事翁雄、董秘邹亚鹏的书面辞职报告。表：重要公司跟踪表：重要公司跟踪目录目录1.申万有色指数申万有色指数9/18-9/20上涨上涨5.21%，铜板块领涨，铜板块领涨2.主要子板块跟踪（主要子板块跟踪（9/13-9/20）2.1 工业金属：工业金属：LME铜价上涨铜价上涨2.5%2.2 能源金属：电池级碳酸锂价格持平能源金属：电池级碳酸锂价格持平2.3 贵金属：伦敦现货黄金价上涨贵金属：伦敦现货黄金价上涨1.2%2.4 稀土和锑、锗、铀等小金属：镨钕氧化物价39、格上涨稀土和锑、锗、铀等小金属：镨钕氧化物价格上涨2.5%3.重要事件：兴业银锡子公司拟收购两项探矿权重要事件：兴业银锡子公司拟收购两项探矿权4.风险提示风险提示22请务必阅读正文之后的信息披露和法律声明请务必阅读正文之后的信息披露和法律声明风险提示风险提示23请务必阅读正文之后的信息披露和法律声明请务必阅读正文之后的信息披露和法律声明 经济复苏不及预期，新能源车、地产需求不及预期。若新能源车、地产等下游行业需求不及预期，或将造成金属价格下行。主要经济体货币政策收紧过度，或将造成市场流动性短缺，抑制实体经济需求。国际地缘政治风险。随着国外愈发重视本土产业链建设和战略资源保护，中企在海外投资矿产40、资源或将面临外资审查趋严，当地政策不确定性提升等风险。项目建设不及预期。公司项目建设推迟，或将造成产销量不及预期。24SummaryAPPENDIX 1Industrial Metals:The Feds 50BP rate cut boosts market sentiment,supporting copper and aluminum prices.From September 13 to September 20,LME copper,aluminum,zinc,and tin prices changed by+2.5%,+0.5%,-1.1%,and+1.2%,respective41、ly.SHFE copper,aluminum,zinc,and tin priceschanged by+2.5%,+1.6%,+1.4%,and+1.7%,respectively.On September 20,LME copper,aluminum,zinc,and tin prices were 9486 USD/ton,2486USD/ton,2867 USD/ton,and 32200 USD/ton,respectively.The Feds 50BP rate cut improved macro sentiment,benefiting the copper andalum42、inum markets.Global copper demand is recovering,with domestic and London copper inventories down by 11.1%and 2.6%week-on-week,respectively,reflecting increased market demand.Seasonal pre-holiday stocking further reduced market supply,supporting copper prices.Aluminum prices are supported by tight al43、umina supply and strong downstream consumption.We recommend focusing on demand improvementduring the peak season.Suggested companies:Zijin Mining Group,China Molybdenum,Aluminum Corporation of China,Tianshan AluminumGroup,Yunnan Aluminium,China Nonferrous Mining Corporation,JCHX Mining Management,To44、ngling Nonferrous Metals.Energy Metals:Northvolts lithium refinery may be delayed to 2028.From September 13 to September 20,battery-grade lithium carbonate,lithium hydroxide,LME nickel,and Changjiang cobalt prices changed by 0.0%,-0.8%,3.5%,and-0.6%,respectively.According to SMM,the Aurora lithium r45、efineryproject in Portugal,planned by Galp-Northvolt,may be delayed to 2028.The refinery is expected to produce up to 35000 tons of lithium hydroxideannually.Low lithium prices are squeezing supply,tightening capital expenditure,and increasing uncertainty for new projects.Suggestedcompanies:Ganfeng 46、Lithium,Tianqi Lithium,Yongxing Materials,JSMC,China Mineral Resources,ZHEJIANG HUAYOU COBALT,GEM.Gold andSilver:The Feds 50BP rate cut presents opportunities for gold and silver stocks.On September 20,London spot gold and silver prices were 2605.85USD/ounce and 31.32 USD/ounce,respectively,with wee47、kly changes of 1.19%and 4.51%.Shanghai Gold Exchange gold and silver prices were588.30 RMB/gram and 7.51 RMB/gram,with weekly changes of 0.99%and 1.50%.According to Xinhuanet,on September 18,the Fed announced a50BP rate cut,lowering the federal funds rate to 4.75%-5.00%.August retail sales in the US48、A grew by 0.1%,below the previous 1.0%;core retailsales grew by 0.1%,below the previous 0.4%;industrial production grew by 0.8%,above the previous-0.6%.Recommended companies:ShandongGold Mining,ZHAOJIN MINING INDUSTRY,Zhongjin Gold,Chifeng Jilong Gold Mining,Shengda Metal Resources,Hunan Gold.Sugges49、tedcompanies:Sichuan Rongda Gold Co.,Ltd.,Jiangsu Yulong Steel Pipe.Rare Earths and Minor Metals:Praseodymium-Neodymium Oxide prices roseby 2.5%.From September 13 to September 20,Praseodymium-Neodymium Oxide prices rose by 2.5%,and antimony prices remained unchanged.Suggested companies:China Norther50、n Rare Earth(Group)High-Tech,China Rare Earth Ltd,Hunan Gold,Jinduicheng Molybdenum.Risk Warning:Economic recovery weaker than expected;NEV and real estate demand weaker than expected;excessive tightening of monetarypolicy by major economies;international geopoliticalrisks;project constructionweaker51、 than expected.APPENDIX 2重要信息披露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.(HTIJKK)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。IMPORTANTDISCLOSURESThis research report is distributed by Haiton52、g 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.(“HTIJKK”),Haitong International Securities Company Limited(“HTISCL”),and any other members within th53、e Haitong International Securities Group of Companies(“HTISG”),each authorized to engage in securities activities in its respective jurisdiction.HTIRL分析师认证分析师认证AnalystCertification:2我，陈先龙，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54、（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3个工作日内交易此研究报告所讨论目标公司的证券。I,Xianlong Chen,certify that(i)the views expressed in this research report accurately reflect my personal views about any or all of the subjectcompanies or issuers referred to in this research and(ii)no part of my compensatio55、n was,is or will be directly or indirectly related to the specific recommendations or views expressed in this researchreport;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 already56、 notified of this,will not deal in or trade any securities in respect of the issuer that I review within 3 business days after the research report is published.我，甘嘉尧，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57、。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3个工作日内交易此研究报告所讨论目标公司的证券。I,Jiayao Gan,certify that(i)the views expressed in this research report accurately reflect my personal views about any or all of the subjectcompanies or issuers referred to in this research and(ii)no part of my compensation was,is or will be direc58、tly or indirectly related to the specific recommendations or views expressed in this researchreport;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 no59、t deal in or trade any securities in respect of the issuer that I review within 3 business days after the research report is published.我，吴旖婕，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60、发布后的3个工作日内交易此研究报告所讨论目标公司的证券。I,Yijie Wu,certify that(i)the views expressed in this research report accurately reflect my personal views about any or all of the subjectcompanies or issuers referred to in this research and(ii)no part of my compensation was,is or will be directly or indirectly related t61、o the specific recommendations or views expressed in this researchreport;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 secu62、rities in respect of the issuer that I review within 3 business days after the research report is published.APPENDIX 2利益冲突披露利益冲突披露Conflict of Interest Disclosures3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-D）HTI and some of its affiliat63、es 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 suchrelationship(As the following disclosure64、 does not ensure timeliness and completeness,please send an email to ERD-D if timely and comprehensive information is needed).海通证券股份有限公司和/或其子公司（统称“海通”）在过去12个月内参与了601600.CH的投资银行项目。投资银行项目包括：1、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、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、海通作为主经纪商的新三板上市、目标配售和并购项目。Haitong Securities Co.65、,Ltd.and/or its subsidiaries(collectively,the Haitong)have a role in investment banking projects of 601600.CH within the past 12 months.The investment banking projects include 1.IPO projects in which Haitong acted as pre-listing tutor,sponsor,or lead-underwriter;2.equity or debt refinancing projects66、 of 601600.CH for which 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 Haitong acted as lead-brokerage firm.601600.CH目前或过去12个月内是海通的投资银行业务客户。601600.CH is/was an investment bank clients of Haitong c67、urrently or within the past 12 months.603993.CH,601600.CH,000630.CH,600988.CH 及 000603.CH目前或过去12个月内是海通的客户。海通向客户提供非投资银行业务的证券相关业务服务。603993.CH,601600.CH,000630.CH,600988.CH and 000603.CH are/were a client of Haitong currently or within the past 12 months.The client has been provided for non-investment-68、banking securities-related services.海通预计将（或者有意向）在未来三个月内从1258.HK获得投资银行服务报酬。Haitong expects to receive,or intends to seek,compensation for investment banking services in the next three months from 1258.HK.海通在过去的12个月中从601600.CH 及 000630.CH获得除投资银行服务以外之产品或服务的报酬。Haitong has received compensation in the pa69、st 12 months for products or services other than investment banking from 601600.CH and 000630.CH.APPENDIX 2评级定义评级定义（从从2020年年7月月1日开始执行日开始执行）：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70、及其他因素。分析师股票评级分析师股票评级优于大市优于大市，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：日本各地股票基准指数：日本 TOPIX,韩国韩国 KOSPI,台湾台湾 TAIEX,印度印度 Nifty100,美国美国 SP500;其他所有中国概念股其他所有中国概念股 MSCI China.Ratings Definition71、s(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 Internatio72、nal Researchcontains more complete information concerning the analysts views,investors should carefully read Haitong International Research,in its entirety,andnot infer the contents from the rating alone.In any case,ratings(or research)should not be used or relied upon as investment advice.An invest73、orsdecisionto buy or sell a stockshould depend on individual circumstances(such as the investorsexistingholdings)and other considerations.Analyst Stock RatingsOutperform:The stocks total return over the next 12-18 months is expected to exceed the return of its relevant broad market benchmark,as indi74、catedbelow.Neutral:The stocks total return over the next 12-18 months is expected to be in line with the return of its relevant broad market benchmark,asindicated below.For purposes only of FINRA/NYSE ratings distributionrules,our Neutral rating falls into a hold rating category.Underperform:The sto75、cks total return over the next 12-18 months is expected to be below the return of its relevant broad market benchmark,asindicated below.Benchmarks for each stocks listed region are as follows:Japan TOPIX,Korea KOSPI,Taiwan TAIEX,India Nifty100,US SP500;for all otherChina-concept stocks MSCI China.4A76、PPENDIX 2评级分布评级分布Rating Distribution5APPENDIX 2截至截至2024年年6月月30日日海通国际股票研究评级分布海通国际股票研究评级分布优于大市优于大市中性中性弱于大市弱于大市(持有持有)海通国际股票研究覆盖率91.4%8.1%0.6%投资银行客户*3.1%4.8%0.0%*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此前的评级系统定义（直至直至2020年77、年6月月30日日）：买入买入，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：日本各地股票基准指数：日本 TOPIX,韩国韩国 KOSPI,台湾台湾 TAIEX,印度印度 Nifty100;其他所有中国概念股其他所有中国概念股 MSCI China.Haitong International Equity Research Ratings D78、istribution,as of June 30,2024OutperformNeutralUnderperform(hold)HTI Equity Research Coverage91.4%8.1%0.6%IB clients*3.1%4.8%0.0%*Percentageof investmentbanking clients in each rating category.BUY,Neutral,and SELL in the above distributioncorrespondto our current ratingsof Outperform,Neutral,and Und79、erperform.For purposes only of FINRA/NYSE ratings distribution rules,our Neutral rating falls into a hold rating category.Please note that stocks with an NRdesignationare not included in the table above.Previous rating system definitions(until 30 Jun 2020):BUY:The stockstotalreturn over the next 12-80、18 monthsis expectedto exceed the return of its relevant broad marketbenchmark,as indicatedbelow.NEUTRAL:The stocks total return over the next 12-18 months is expected to be in line with the return of its relevant broad market benchmark,asindicated below.For purposes only of FINRA/NYSE ratings distr81、ibutionrules,our Neutral rating falls into a hold rating category.SELL:The stocks total return over the next 12-18 months is expected to be below the return of its relevant broad market benchmark,as indicatedbelow.Benchmarks for each stocks listed region are as follows:Japan TOPIX,Korea KOSPI,Taiwan82、 TAIEX,India Nifty100;for all other China-conceptstocks MSCI China.6APPENDIX 2海通国际非评级研究：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 sho83、rt reports which may rank stocks according to valuation andother 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 orfundamental values and are for information only.海通国际海通国际A股覆盖股覆盖：海通国际可能会就沪港通及深港通84、的中国A股进行覆盖及评级。海通证券（600837.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，海通国际使用与海通证券不同的评级系统，所以海通国际与海通证券的中国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 withShanghai and Shenzhen.Haitong Securities(HS85、;600837 CH),the ultimate parent company of HTISG based in Shanghai,covers and publishes research on these sameA-Shares for distribution in mainland China.However,the rating system employed by HS differs from that used by HTI and as a result there may be a difference in theHTI and HS ratings for the 86、same A-share stocks.海通国际海通国际优质优质100 A股股（Q100）指数指数：海通国际Q100指数是一个包括100支由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:HTIs Q100 Index is a quant product that consists of 100 of the highest-quality A-shares under coverag87、e atHS in Shanghai.These stocks are carefully selected through a quality-based screening process in combination with a review of the HS A-share teams bottom-upresearch.The Q100 constituent companies are reviewed quarterly.7APPENDIX 2盟浪义利盟浪义利（FIN-ESG）数据通免责声明条款：数据通免责声明条款：在使用盟浪义利（FIN-ESG）数据之前，请务必仔细阅读本条88、款并同意本声明：第一条 义利（FIN-ESG）数据系由盟浪可持续数字科技有限责任公司（以下简称“本公司”）基于合法取得的公开信息评估而成，本公司对信息的准确性及完整性不作任何保证。对公司的评估结果仅供参考，并不构成对任何个人或机构投资建议，也不能作为任何个人或机构购买、出售或持有相关金融产品的依据。本公司不对任何个人或机构投资者因使用本数据表述的评估结果造成的任何直接或间接损失负责。第二条 盟浪并不因收到此评估数据而将收件人视为客户，收件人使用此数据时应根据自身实际情况作出自我独立判断。本数据所载内容反映的是盟浪在最初发布本数据日期当日的判断，盟浪有权在不发出通知的情况下更新、修订与发出其他与89、本数据所载内容不一致或有不同结论的数据。除非另行说明，本数据（如财务业绩数据等）仅代表过往表现，过往的业绩表现不作为日后回报的预测。第三条 本数据版权归本公司所有，本公司依法保留各项权利。未经本公司事先书面许可授权，任何个人或机构不得将本数据中的评估结果用于任何营利性目的，不得对本数据进行修改、复制、编译、汇编、再次编辑、改编、删减、缩写、节选、发行、出租、展览、表演、放映、广播、信息网络传播、摄制、增加图标及说明等，否则因此给盟浪或其他第三方造成损失的，由用户承担相应的赔偿责任，盟浪不承担责任。第四条 如本免责声明未约定，而盟浪网站平台载明的其他协议内容（如盟浪网站用户注册协议盟浪网用户服务90、（含认证）协议盟浪网隐私政策等）有约定的，则按其他协议的约定执行；若本免责声明与其他协议约定存在冲突或不一致的，则以本免责声明约定为准。SusallWave FIN-ESG Data Service Disclaimer:Please read these terms and conditions below carefully and confirm your agreement and acceptance with these termsbefore using SusallWave FIN-ESG Data Service.1.FIN-ESG Data is produced by S91、usallWave Digital Technology Co.,Ltd.(In short,SusallWave)s assessment based on legal publicly accessible information.SusallWaveshall not be responsible for any accuracy and completeness of the information.The assessment result is for reference only.It is not for any investment advice for anyindivid92、ual or institution and not for basis of purchasing,selling or holding any relative financial products.We will not be liable for any direct or indirect loss of anyindividual or institution as a result of using SusallWave FIN-ESG Data.2.SusallWave do not consider recipients as customers for receiving 93、these data.When using the data,recipients shall make your own independent judgment accordingto your practical individual status.The contents of the data reflect the judgment of us only on the release day.We have right to update and amend the data andrelease other data that contains inconsistent cont94、ents or different conclusions without notification.Unless expressly stated,the data(e.g.,financial performance data)represents past performance only and the past performance cannot be viewed as the prediction of future return.3.The copyright of this data belongs to SusallWave,and we reserve all righ95、ts in accordance with the law.Without the prior written permission of our company,noneof individual or institution can use these data for any profitable purpose.Besides,none of individual or institution can take actions such as amendment,replication,translation,compilation,re-editing,adaption,deleti96、on,abbreviation,excerpts,issuance,rent,exhibition,performance,projection,broadcast,information networktransmission,shooting,adding icons and instructions.If any loss of SusallWave or any third-party is caused by those actions,users shall bear the correspondingcompensation liability.SusallWave shall 97、not be responsible for any loss.4.If any term is not contained in this disclaimer but written in other agreements on our website(e.g.User Registration Protocol of SusallWave Website,User Service(including authentication)Agreement of SusallWave Website,Privacy Policy of Susallwave Website),it should 98、be executed according to other agreements.If there isany difference between this disclaim and other agreements,this disclaimer shall be applied.8APPENDIX 2重要免责声明：重要免责声明：非印度证券的研究报告：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H99、TISGL的全资附属公司Haitong International(Japan)K.K.（“HTIJKK”）的协助下发行，HTIJKK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：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（“N100、SE”）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，101、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102、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?，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：103、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。9APPENDIX 2IMPORTANT DISCLAIMERFor research reports on non-Indian securities:The research report is issued by Haitong International Research Limited(“HTIRL”),a wholly owned subsidiary ofHaitong Inter104、national Securities Group Limited(“HTISGL”)and a licensed corporation to carry on Type 4 regulated activity(advising on securities)for the purpose ofthe Securities and Futures Ordinance(Cap.571)of Hong Kong,with the assistance of Haitong International(Japan)K.K.(“HTIJKK”),a wholly owned subsidiary o105、fHTISGL 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 Securitiesand Exchange Board of India(“SEBI”)registered St106、ock Broker,Merchant Banker and Research Analyst that,inter alia,produces and distributes research reportscovering listed entities on the BSE Limited(“BSE”)and the National Stock Exchange of India Limited(“NSE”)(collectively referred to as“Indian Exchanges”).HSIPLwas acquired and became part of the H107、aitong 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 CompanyLimited(“HTISCL”)and/or any other members within HTISG in their r108、espective jurisdictions.The information and opinions contained in this research report have been compiled or arrived at from sources believed to be reliable and in good faith but norepresentation or warranty,express or implied,is made by HTIRL,HTISCL,HSIPL,HTIJKK or any other members within HTISG fr109、om which this research report maybe received,as to their accuracy,completeness or correctness.All opinions expressed herein are as of the date of this research report and are subject to changewithout notice.This research report is for information purpose only.Descriptions of any companies or their s110、ecurities mentioned herein are not intended to becomplete and this research report is not,and should not be construed expressly or impliedly as,an offer to buy or sell securities.The securities referred to in thisresearch report may not be eligible for purchase or sale in some jurisdictions.If an in111、vestment product is denominated in a currency other than an investors homecurrency,a change in exchange rates may adversely affect the investment.Past performance is not necessarily indicative of future results.Certain transactions,including those involving derivatives,give rise to substantial risk 112、and are not suitable for all investors.You should also bear in mind that recommendations in thisresearch report are not tailor-made for you.The analyst has not taken into account your unique financial circumstances,such as your financial situation and riskappetite.You must,therefore,analyze and shou113、ld,where applicable,consult your own legal,tax,accounting,financial and other professional advisers to evaluatewhether the recommendations suits you before investment.Neither HTISG nor any of its directors,employees or agents accepts any liability whatsoever for anydirect or consequential loss arisi114、ng from any use of the materials contained in this research report.10APPENDIX 2HTISG and our affiliates,officers,directors,and employees,excluding the analysts responsible for the content of this document,will from time to time have long or short positions in,act as principal in,and buy or sell,the 115、securities or derivatives,if any,referred to in this research report.Sales,traders,and other professionals of HTISG may provide oral or written market commentary or trading strategies to the relevant clients and the companies within HTISG that reflect opinions that are contrary to the opinions expre116、ssed in this research report.HTISG may make investment decisions that are inconsistent with the recommendations or views expressed in this research report.HTI is under no obligation to ensure that such other trading decisions,ideas or recommendations are brought to the attention of any recipient of 117、this research report.Please refer to HTIs website for further information on HTIs organizational and administrative arrangements set up for the prevention and avoidance of conflicts of interest with respect to Research.Non U.S.Analyst Disclosure:The HTI analyst(s)listed on the cover of this Research118、 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.11APPENDIX 2分发和地区通知：分发和地区通知：除非下文另有规定，否则任何119、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：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120、请联系HTISCL销售人员。美国投资者的通知事项：美国投资者的通知事项：本研究报告由HTIRL，HSIPL或HTIJKK编写。HTIRL，HSIPL，HTIJKK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，HaitongInternational Secu121、rities(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340 Madison Avenue,12th Floor,New York,NY 10173，电话（212）351-6050。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 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