CICC Research

昵称44Gi8 2020-10-14

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General Disclosures

The reports on the portal (“the reports”) are based on information available to the public that we consider reliable, but China International Capital Corporation Hong Kong Securities Limited and its associated company(ies) (collectively, hereinafter “CICC”) do not represent that it is accurate or complete. The information and opinions contained herein are for investors’ reference only and do not take into account the particular investment objectives, financial situation, or needs of any client, and are not an offer to buy or sell or a solicitation of an offer to buy or sell any securities/financial products or to participate in any particular trading strategy. Under no circumstances shall the information contained herein or the opinions expressed herein constitute a personal recommendation to anyone. Investors should make their own independent evaluation of the information contained in the reports, consider their own individual investment objectives, financial situation and particular needs. CICC does not provide tax, accounting, or legal advice to our clients, and all investors are advised to consult with their tax, accounting, or legal advisers regarding any potential investment. Neither CICC nor its related persons shall be liable in any manner whatsoever for any consequences of any reliance thereon or usage thereof.

The performance information (including any expression of opinion or forecast) herein reflect the most up-to-date opinions, speculations and forecasts at the time of the reports’ production and publication. Such opinions, speculations and forecasts are subject to change and may be amended without any notification. At different periods, CICC may release reports which are inconsistent with the opinions, speculations and forecasts contained herein.

The analysts named in the reports may have from time to time discussed with our clients, including CICC salespeople, traders, and other professionals, or may discuss in the reports, trading strategies that reference catalysts or events that may have a near-term impact on the market price of the equity securities discussed in the reports, which impact may be directionally counter to the analysts' published price target expectations for such stocks. Any such trading strategies are distinct from and do not affect the analysts' fundamental equity rating for such stocks as described herein.

CICC’s salespeople, traders, and other professionals may provide oral or written market commentary or trading ideas that may be inconsistent with, and reach different conclusions from, the recommendations and opinions presented in the reports. Such ideas or recommendations reflect the different assumptions, views and analytical methods of the persons who prepared them, and CICC is under no obligation to ensure that such other trading ideas or recommendations are brought to the attention of any recipient of the reports. CICC’s asset management area, proprietary trading desks and other investing businesses may make investment decisions that are inconsistent with the recommendations or opinions expressed in the reports.

Unless stated otherwise, any performance data quoted represents past performance. Past performance is not an indicator of future performance. No representation or warranty is made that any returns indicated will be achieved. Certain assumptions may have been made in the analysis which has resulted in any returns detailed herein. Changes to the assumptions may have a material impact on any returns detailed.

To the extent this material is provided to any recipient, this material is provided solely on the basis that the recipient has the capability to independently evaluate investment risk and is exercising independent judgment in evaluating investment decisions in that its investment decisions will be based on its own independent assessment of the opportunities and risks presented by a potential investment, market factors and other investment considerations.

The reports are distributed in Hong Kong by CICCHKS, which is regulated by the Securities and Futures Commission. Queries concerning CICC Research from readers in Hong Kong should be directed to our Hong Kong sales representatives. The CE numbers of SFC licensed authors of this report are disclosed by the authors’ names on the cover page.

The reports are distributed in Singapore only to accredited investors and/or institutional investors, as defined in the Securities and Futures Act, by China International Capital Corporation (Singapore) Pte. Limited (“CICCSG”), which is regulated by the Monetary Authority of Singapore. By virtue of distribution by CICCSG to these categories of investors in Singapore, disclosure under Section 36 of the Financial Adviser Act (which relates to disclosure of a financial adviser’s interest and/or its representative’s interest in securities) is not required. Recipients of the reports in Singapore should contact CICCSG in respect of any matter arising from or in connection with the reports. The reports are not intended for and should not be distributed or passed on, directly or indirectly, to any other person in the jurisdiction of Singapore.

The reports are distributed in the United Kingdom by China International Capital Corporation (UK) Limited (“CICCUK”), which is authorised and regulated by the Financial Conduct Authority. The investments and services to which the reports relates are only available to persons of a kind described in Article 19 (5), 38, 47 and 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005. The reports are not intended for retail clients. In other EEA countries, the report is issued to persons regarded as professional investors (or equivalent) in their home jurisdiction.

The reports will be made available in other jurisdictions pursuant to the applicable laws and regulations in those particular jurisdictions.

Special Disclosures

CICC does and seeks to do business with companies covered in CICC Research. As a result, investors should be aware that CICC and/or its associated persons may have a conflict of interest that could affect the objectivity of the reports.

CICC Equity Research Ratings Distribution, as of September 30, 2020

	OUTPERFORM	NEUTRAL	UNDERPERFORM
CICC Equity Research Coverage	76.24%	23.48%	0.28%
IB clients*	8.21%	6.67%	0.00%

* Percentage of investment banking clients in each rating category.

** Since June 24, 2019, CICC Reseach is implementing a new stock rating framework based on relative returns, replacing the previous absolute-return rating system. In the current framework, our analysts rate stocks as OUTPERFORM, NEUTRAL or UNDERPERFORM (see definitions below).

CICC does not assign ratings of BUY, HOLD or SELL to the stocks we cover. OUTPERFORM, NEUTRAL or UNDERPERFORM are not the equivalent of BUY, HOLD or SELL. Investors should carefully read the definitions of all ratings used in CICC Research. In addition, since CICC Research contains more complete information concerning the analyst's views, investors should carefully read CICC 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.

Explanation of Stock Ratings:

1) OUTPERFORM: Our analysts expect the stock’s return to exceed the return of the corresponding CICC sector index over the next 6~12 months;
2) NEUTRAL: Our analysts expect the stock’s return to be in line with the return of the corresponding CICC sector index over the next 6~12 months;
3) UNDERPERFORM: Our analysts expect the stock’s return to be below the return of the corresponding CICC sector index over the next 6~12 months.

Explanation of Industry Ratings:

1) OVERWEIGHT: Our analysts expect the sector to outperform the market by 10% or more over the next 6~12 months;
2) EQUAL-WEIGHT: Our analysts expect the sector to end up between 10% below and 10% above the market over the next 6~12 months;
3) UNDERWEIGHT: Our analysts expect the sector to fall behind the market by 10% or more over the next 6~12 months.

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