中国必需消费 China (A-share) Staples

软饮料行业跟踪报告：2026年预计需求温和增长，竞争有望改善

2026 soft drink demand to see moderate growth, competition expected to improve

观点聚焦 Investment Focus

股票名称

评级

股票名称

评级

贵州茅台

Outperform

古井贡酒

Outperform

贵州茅台

Outperform

燕京啤酒

Outperform

五粮液

Outperform

安琪酵母

Outperform

五粮液

Outperform

今世缘

Outperform

海天味业

Outperform

安井食品

Outperform

海天味业

Outperform

安井食品

Outperform

山西汾酒

Outperform

迎驾贡酒

Outperform

伊利股份

Outperform

重庆啤酒

Outperform

泸州老窖

Outperform

重庆啤酒

Outperform

泸州老窖

Outperform

珠江啤酒

Outperform

东鹏饮料

Outperform

水井坊

Outperform

东鹏饮料

Outperform

新乳业

Outperform

双汇发展

Outperform

舍得酒业

Outperform

洋河股份

Outperform

金龙鱼

Outperform

洋河股份

Outperform

中炬高新

Outperform

青岛啤酒

Outperform

中炬高新

Outperform


资料来源：Factset，HTI

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(Please see APPENDIX 1 for English summary)

2025年行业利润增速显著快于收入，功能饮料与无糖茶高景气，龙头强者恒强。2025年软饮料六家主要上市公司（东鹏、农夫、康师傅、统一、华润、中国食品）整体收入同比增长 6.1%，归母净利润同比增长 21.9%，毛利率/净利率中位数分别提升0.3/0.4个百分点。功能化、健康化赛道的龙头企业实现收入高增与盈利修复，综合型企业康统饮料业务较视频业务承压，华润饮料水业务承压。分品类看，功能饮料与电解质水：东鹏能量饮料+17.3%，电解质水+119%；农夫功能饮料+17%，延续高增。茶饮料：农夫即饮茶+29%，首次超越包装水成为第一大品类，康师傅无糖茶加速布局、预计26年扩张2-3倍。包装水：农夫+17%实现双位数增长，华润包装水-21.6%承压，中国食品双位数量增。碳酸饮料：康师傅碳酸+4.8%，表现稳健。果汁普遍承压。

Xiaorui Hu

2025年成本红利延续，行业库存增速普遍慢于收入。PET、白糖成本下行叠加规模效应，东鹏、农夫、康师傅、统一毛利率上行，华润饮料因规模效应减弱毛利率同比下降1.6pct，中国食品因水占比上升及铝价上行下滑0.7pct。费率端多数稳定，农夫山泉销费率-2.7pct，26年或因30周年活动加大费用投入；华润饮料在竞争与规模效应减弱下销费率+4.3pct。存货增速普遍慢于收入（整体库存/收入 +0.8%/+.1%），东鹏年末库存-38%印证主动控货。

闻宏伟 Hongwei Wen

2026年需求受出行与餐饮拉动温和增长，包装水竞争激烈但改善可期。展望2026年，软饮料行业健康化、功能化主线延续，功能饮料及无糖茶品类确定性最强，赛道强者恒强，虽新入局者增多、竞争加剧，但龙头凭借组织、渠道与数字化能力保持优势。需求端：Q1动销反馈良好，1-2月产量同比增 1.2%。清明假期人员流动同比增 6%，重点零售餐饮企业日均销售额增长 2.4%，后续“五一”等长假有望进一步带动景气。餐饮4月起将受益低基数效应，预计行业增速改善。价格端：软饮料25下半年来折扣持续加深，包装水、碳酸品类竞争较激烈，即饮茶相对稳健，我们认为包装水价格战有望年内因龙头控费、通胀预期抬头等改善。成本端：我们预计1H成本红利延续但边际收敛，PET价格因地缘政治波动影响2H利润能见度。多数公司已锁定未来一段时期成本，暂无提价计划，计划依靠优化包装、产品结构等方式保证毛利率，同时控费提效对冲。

主要公司经营要点：东鹏饮料平台成型，能量饮料与电解质水高增，出海元年布局东南亚，主动控库后26Q1展望亮眼；农夫山泉茶饮高增、包装水修复，水业务盈利修复至历史高点，渠道优化稳价；康师傅饮品承压但方便面重回正增，“五码合一”数字化提效，产品结构优化驱动盈利修复；统一中国食品规模历史次高，饮料承压但价盘稳定，零食量贩翻倍；华润饮料包装水阶段性承压，管理层换新推进渠道改革，聚焦基本盘恢复；中国食品可口可乐ASP逆势增长，冰露水双位数量增，布局数字化与健康食品。

amber.xr.hu@htisec.com

投资建议：截至3月底，A/H股食品饮料PE历史分位数为 10%/12%机构配置水平较低，在避险情绪升温、外资回流及旺季需求支撑背景下，软饮龙头具有较高配置性价比、安全边际充足。建议重点关注：利润修复路径清晰的高股息标的康师傅控股、统一中国，平台化成型、糖税影响下估值具有吸引力的功能性饮料龙头东鹏饮料，品类与渠道组织上均具优势的农夫山泉。

hongwei.wen@htisec.com

风险提示：行业竞争加剧、原材料价格波动、糖税政策不确定性、消费复苏不及预期。

Table1 软饮料上市公司估值预测

证券代码

简称

市值(百万港元)

净利润(百万元)

PE(倍)

2025A

2026E

2027E

2025A

2026E

2027E

0322.HK

康师傅

74,684

4,501

4,600

4,914

15

15

14

9980.HK

东鹏饮料

116,342

4,415

5,694

6,738

24

18

16

9633.HK

农夫山泉

529,484

15,868

17,895

20,248

30

27

24

0220.HK

统一企业中国

34,036

2,050

2,282

2,443

15

13

13

2460.HK

华润饮料

21,632

985

1,179

1,373

20

17

14

0506.HK

中国食品

10,322

862

911

967

11

10

10

注：使用 wind 180 天一致预期，使用 2026年4月15日收盘价计算，汇率1元=0.9港元

资料来源：wind，HTI


APPENDIX 1

Summary

2025 industry profit growth significantly outpaced revenue, functional beverages and sugar-free tea remained highly prosperous, leading players strengthened their dominance. In 2025, the six major listed soft drink companies (Dongpeng, Nongfu, Tingyi, Uni-President, China Resources Beverage, China Foods) saw aggregate revenue increase by 6.1% year-on-year, while attributable net profit grew by 21.9% year-on-year. The median changes in gross profit margin and net profit margin were increases of 0.3 and 0.4 percentage points, respectively. Leading companies in the functional and health-oriented segments achieved strong revenue growth and significant profit recovery, while for the diversified conglomerates (Tingyi and Uni-President), beverage businesses faced greater pressure compared to their food segments, and China Resources Beverage's water business remained under pressure. By category, functional beverages and electrolyte drinks continued their strong performance: Dongpeng's energy drinks grew 17.3% electrolyte drinks grew 119% and other beverages grew 94.1%; Nongfu's functional drinks grew 17%, continuing high growth. In tea drinks, Nongfu's ready-to-drink tea grew 29%, surpassing packaged water to become its largest category for the first time, while Tingyi accelerated its sugar-free tea rollout, targeting 2-3x expansion in 2026. In packaged water, Nongfu achieved double-digit growth of 17%, China Resources Beverage faced pressure with a 21.6% decline, while China Foods saw double-digit volume growth. Carbonated drinks (Tingyi +4.8%) performed steadily, while juice was generally under pressure.

Key operating highlights by company: Dongpeng Beverage's platformization took shape, with strong growth in energy drinks and electrolyte drinks; 2025 marked its first year of overseas expansion in Southeast Asia (Indonesia, Vietnam, Malaysia); after proactive inventory control in Q4 2025, the outlook for Q1 2026 is bright. Nongfu Spring saw strong tea drink growth and recovery in packaged water, with water business profitability recovering to historical highs (water gross margin exceeded the 2023 peak) and channel optimization helping to stabilize pricing. Tingyi faced pressure in beverages but instant noodles returned to positive growth; the company focused on sugar-free tea and digital efficiency via "five-code integration", with a target of 2-3x growth in sugar-free tea in 2026. Uni-President China's food business revenue reached the second-highest level historically; beverages remained under pressure but pricing stayed stable; snack channel sales doubled; and terminal sell-through in January-February 2026 showed mid-teen growth. China Resources Beverage faced temporary pressure in packaged water, with new management driving channel reforms (including "four reductions and three optimizations") and product innovations such as the 210ml pocket pack, focusing on stabilizing the water business base in 2026. China Foods achieved counter-trend growth in Coca-Cola ASP, with Binglu water seeing double-digit volume growth and the relaunch of the Qoo juice business growing strongly; the company is expanding into digital platforms and the healthy nutrition food sector.

Cost tailwinds continued in 2025, with inventory growth generally slower than revenue. Lower PET and sugar costs, combined with scale effects, lifted gross margins for Dongpeng, Nongfu, Tingyi, and Uni-President. China Resources Beverage's gross margin fell 1.6 percentage points year-on-year due to weakened scale effects, while China Foods' gross margin fell 0.7 percentage points due to a higher mix of water and rising aluminum prices. Selling expense ratios were mostly stable: Nongfu's fell 2.7 percentage points (though it may increase in 2026 due to 30th-anniversary promotions); China Resources Beverage's selling expense ratio rose 4.3 percentage points amid intensifying competition and weaker scale effects. Inventory growth lagged revenue (total inventory +0.8% vs revenue +6.1%) , and Dongpeng's year-end inventory decline of 38% confirmed proactive destocking.

In 2026, demand is expected to grow modestly, driven by travel and food service recovery, and while competition in packaged water remains intense, improvement is likely. Looking ahead to 2026, the health and functional trend in the soft drink industry will continue, with functional drinks and sugar-free tea offering the strongest visibility. Although new entrants are increasing and competition is intensifying, leading players maintain their advantages through organizational strength, channel reach, and digital capabilities. On the demand side, Q1 sell-through feedback is positive, with January-February production up 1.2% year-on-year. During the Qingming holiday, passenger traffic increased 6% year-on-year, and key retail and restaurant daily sales grew 2.4% with the May Day holidays expected to further boost momentum. The restaurant sector will benefit from a low base starting in April, pointing to improved industry growth. On pricing, discounts have deepened since the second half of 2025, with packaged water and carbonated drinks facing intense competition, while ready-to-drink tea remains relatively stable. We expect the price war in packaged water to ease during the year as leading players control costs and inflation expectations rise. On costs, we expect first-half cost tailwinds to continue but with diminishing marginal benefits; PET price volatility due to geopolitical factors will affect second-half profit visibility. Most companies have locked in costs for the coming period (Dongpeng for the full year), have no plans to raise prices, and plan to protect gross margins by optimizing packaging and product mix while controlling expenses and improving efficiency. On the policy front, the sugar tax is still under study and is unlikely to be implemented in the short term, but the long-term direction is clear; leading players, with their low-sugar/sugar-free product portfolios and supply chain advantages, stand to benefit from industry consolidation.

Investment recommendations: As of the end of March, the historical PE percentiles for A-share and H-share food & beverage stocks are 10% and 12%, respectively, with low institutional positioning. Amid rising risk aversion, foreign capital returning, and support from seasonal demand, leading soft drink names offer attractive valuation and ample margin of safety. Key recommendations include: high-dividend names with clear profit recovery (Tingyi, Uni-President); Dongpeng Beverage, the functional drink leader with platformization taking shape and attractive valuation under potential sugar tax; and Nongfu Spring, with advantages in category and channel organization.

Risk warnings: Intensifying industry competition, raw material price volatility, sugar tax policy uncertainty, and slower-than-expected consumption recovery.


附录 APPENDIX

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。

IMPORTANT DISCLOSURES

This research report is distributed by Haitong 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 the Haitong International Securities Group of Companies ("HTISG"), each authorized to engage in securities activities in its respective jurisdiction.

HTIRL 分析师认证 Analyst Certification:

我，Xiaorui Hu，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发布后的30个自然日内交易此研究报告所讨论目标公司的证券。I, Xiaorui Hu, certify that (i) the views expressed in this research report accurately reflect my personal views about any or all of the subject companies or issuers referred to in this research and (ii) no part of my compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in this research report; 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 securities in respect of the issuer that I review within 30 calendar days after the research report is published.

我，闻宏伟，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发布后的30个自然日内交易此研究报告所讨论目标公司的证券。I，Hongwei Wen，certify that (i) the views expressed in this research report accurately reflect my personal views about any or all of the subject companies or issuers referred to in this research and (ii) no part of my compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in this research report; 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 securities in respect of the issuer that I review within 30 calendar days after the research report is published.

利益冲突披露 Conflict of Interest Disclosures

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-Disclosure@htisec.com）

HTI and some of its affiliates 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 such relationship (As the following disclosure does not ensure timeliness and completeness, please send an email to ERD-Disclosure@htisec.com if timely and comprehensive information is needed).

Compendium disclosure: For disclosures associated with each company mentioned herein, including disclosure of risks, valuation methodologies and target price formation, if any, please refer to the full report on our website (equities.htisec.com).

国泰海通证券股份有限公司和/或其子公司（统称“国泰海通”）在过去12个月内参与了300999.CHand000895.CH的投资银行项目。投资银行项目包括：1、国泰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、国泰海通作为保荐人、主承销商或财务顾问的股权或债务再融资项目；3、国泰海通作为主经纪商的新三板上市、目标配售和并购项目。

Guotai Haitong Securities Co., Ltd. and/or its subsidiaries (collectively, the "Guotai Haitong") have a role in investment banking projects of 300999.CH and 000895.CH within the past 12 months. The investment banking projects include 1. IPO projects in which Guotai Haitong acted as pre-listing tutor, sponsor, or lead-underwriter; 2. equity or debt refinancing projects of 300999.CH and 000895.CH for which Guotai 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 Guotai Haitong acted as lead-brokerage firm.

1. CH及000895.CH目前或过去12个月内是国泰海通的投资银行业务客户。

1. CH and 000895.CH are/were an investment bank clients of Guotai Haitong currently or within the past 12 months.

1. CH,000596.CH,600298.CH,000895.CH,600600.CH,603198.CH,000568.CH及603288.CH目前或过去12个月内是国泰海通的客户。国泰海通向客户提供非投资银行业务的证券相关业务服务。

1. CH,000596.CH,600298.CH,000895.CH,600600.CH,603198.CH,000568.CH and 603288.CH are/were a client of Guotai Haitong currently or within the past 12 months. The client has been provided for non-investment-banking securities-related services.

国泰海通在过去12个月中获得对300999.CH及000895.CH提供投资银行服务的报酬。

Guotai Haitong received in the past 12 months compensation for investment banking services provided to 300999.CH and 000895.CH.

国泰海通预计将（或者有意向）在未来三个月内从300999.CH及000895.CH获得投资银行服务报酬。

Guotai Haitong expects to receive, or intends to seek, compensation for investment banking services in the next three months from 300999.CH and 000895.CH.


评级定义（从2020年7月1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）以及其他因素。

分析师股票评级

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，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，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-TOPIX，韩国-KOSPI，台湾-TAIEX，印度-Nifty100，美国-SP500;其他所有中国概念股-MSCI China.

Ratings Definitions (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 International Research contains more complete information concerning the analyst's views, investors should carefully read Haitong International 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.

Analyst Stock Ratings

Outperform: The stock's total return over the next 12-18 months is expected to exceed the return of its relevant broad market benchmark, as indicated below.

Neutral: The stock's total return over the next 12-18 months is expected to be in line with the return of its relevant broad market benchmark, as indicated below. For purposes only of FINRA/NYSE ratings distribution rules, our Neutral rating falls into a hold rating category.

Underperform: The stock's total return over the next 12-18 months is expected to be below the return of its relevant broad market benchmark, as indicated below.

Benchmarks for each stock's listed region are as follows: Japan-TOPIX, Korea-KOSPI, Taiwan-TAIEX, India-Nifty100, US-SP500; for all other China-concept stocks MSCI China.

截至2026年3月31日海通国际股票研究评级分布

截至2025年12月31日海通国际股票研究评级分布

优于大市

中性(持有)

弱于大市

优于大市

中性(持有)

弱于大市

海通国际股票研究覆盖率

93.9%

5.8%

0.2%

93.9%

6.0%

0.1%

投资银行客户*

1.9%

1.0%

0.0%

3.0%

4.0%

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（直至2020年6月30日）：

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，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，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-TOPIX，韩国-KOSPI，台湾-TAIEX，印度-Nifty100；其他所有中国概念股-MSCI China.

Haitong International Equity Research Ratings Distribution,

Haitong International Equity Research Ratings Distributionas of March 31,2026

Haitong International Equity Research Ratings Distributionas of December 31,2025

Outperform

Neutral(hold)

Underperform

Outperform

Neutral(hold)

Underperform

HTI Equity Research Coverage

93.9%

5.8%

0.2%

93.9%

6.0%

0.1%

IB clients*

1.9%

1.0%

0.0%

3.0%

4.0%

0.0%

*Percentage of investment banking clients in each rating category.

BUY, Neutral, and SELL in the above distribution correspond to our current ratings of Outperform, Neutral, and Underperform.

For purposes only of FINRA/NYSE ratings distribution rules, our Neutral rating falls into a hold rating category. Please note that stocks with an NR designation are not included in the table above. Previous rating system definitions (until 30 Jun 2020):

Previous rating system definitions (until 30 Jun 2020):

BUY: The stock's total return over the next 12-18 months is expected to exceed the return of its relevant broad market benchmark, as indicated below.

NEUTRAL: The stock's total return over the next 12-18 months is expected to be in line with the return of its relevant broad market benchmark, as indicated below. For purposes only of FINRA/NYSE ratings distribution rules, our Neutral rating falls into a hold rating category.

SELL: The stock's total return over the next 12-18 months is expected to be below the return of its relevant broad market benchmark, as indicated below.

Benchmarks for each stock's listed region are as follows: Japan - TOPIX, Korea - KOSPI, Taiwan - TAIEX, India - Nifty100; for all other China-concept stocks - MSCI China.


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

Haitong International Non-Rated Research: Haitong International publishes quantitative, screening or short reports which may rank stocks according to valuation and other 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 or fundamental values and are for information only.

海通国际A股覆盖：海通国际可能会就沪港通及深港通的中国A股进行覆盖及评级。国泰海通证券（601211.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，海通国际使用与国泰海通证券不同的评级系统，所以海通国际与国泰海通证券的中国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 with Shanghai and Shenzhen. GUOTAI HAITONG SECURITIES (601211 CH), the ultimate parent company of HTISG based in Shanghai, covers and publishes research on these same A-Shares for distribution in mainland China. However, the rating system employed by GTHS differs from that used by HTI and as a result there may be a difference in the HTI and GTHS ratings for the same A-share stocks.

海通国际优质100A股（Q100）指数：海通国际Q100指数是一个包括100支由国泰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，并结合对国泰海通证券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: HTI's Q100 Index is a quant product that consists of 100 of the highest-quality A-shares under coverage at GTHS in Shanghai. These stocks are carefully selected through a quality-based screening process in combination with a review of the GTHS A-share team's bottom-up research. The Q100 constituent companies are reviewed quarterly.

盟浪义利（FIN-ESG）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款并同意本声明：

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SusallWave FIN-ESG Data Service Disclaimer: Please read these terms and conditions below carefully and confirm your agreement and acceptance with these terms before using SusallWave FIN-ESG Data Service.

1. FIN-ESG Data is produced by SusallWave Digital Technology Co., Ltd. (In short, SusallWave)'s assessment based on legal publicly accessible information. SusallWave shall 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 any individual 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 any individual or institution as a result of using SusallWave FIN-ESG Data.

1. SusallWave do not consider recipients as customers for receiving these data. When using the data, recipients shall make your own independent judgment according to 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 and release other data that contains inconsistent contents 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.

1. The copyright of this data belongs to SusallWave, and we reserve all rights in accordance with the law. Without the prior written permission of our company, none of 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, deletion, abbreviation, excerpts, issuance, rent, exhibition, performance, projection, broadcast, information network transmission, shooting, adding icons and instructions. If any loss of SusallWave or any third-party is caused by those actions, users shall bear the corresponding compensation liability. SusallWave shall not be responsible for any loss.

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重要免责声明：

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HTISGL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：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（“NSE”）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，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www.equities.htisec.com，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：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。

IMPORTANT DISCLAIMER

For research reports on non-Indian securities: The research report is issued by Haitong International Research Limited ("HTIRL"), a wholly owned subsidiary of Haitong International Securities Group Limited ("HTISGL") and a licensed corporation to carry on Type 4 regulated activity (advising on securities) for the purpose of the Securities and Futures Ordinance (Cap. 571) of Hong Kong, with the assistance of Haitong International (Japan) K.K. ("HTIJKK"), a wholly owned subsidiary of HTISGL 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 Securities and Exchange Board of India ("SEBI") registered Stock Broker, Merchant Banker and Research Analyst that, inter alia, produces and distributes research reports covering listed entities on the BSE Limited ("BSE") and the National Stock Exchange of India Limited ("NSE") (collectively referred to as "Indian Exchanges"). HSIPL was acquired and became part of the Haitong 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 Company Limited ("HTISCL") and/or any other members within HTISG in their respective 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 no representation or warranty, express or implied, is made by HTIRL, HTISCL, HSIPL, HTIJKK or any other members within HTISG from which this research report may be 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 change without notice. This research report is for information purpose only. Descriptions of any companies or their securities mentioned herein are not intended to be complete 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 this research report may not be eligible for purchase or sale in some jurisdictions. If an investment product is denominated in a currency other than an investor's home currency, 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 and are not suitable for all investors. You should also bear in mind that recommendations in this research report are not tailor-made for you. The analyst has not taken into account your unique financial circumstances, such as your financial situation and risk appetite. You must, therefore, analyze and should, where applicable, consult your own legal, tax, accounting, financial and other professional advisers to evaluate whether the recommendations suits you before investment. Neither HTISG nor any of its directors, employees or agents accepts any liability whatsoever for any direct or consequential loss arising from any use of the materials contained in this research report.

HTISG 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 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 expressed 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 this research report.

Please refer to HTI's website www.equities.htisec.com for further information on HTI's 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 Research 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.

分发和地区通知：

除非下文另有规定，否则任何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：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请联系HTISCL销售人员。

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，Haitong International Securities (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130 West 42nd Street, FL 18, New York, NY 10036 USA，电话+1212-351-6052。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 Authority, Inc.（“FINRA”）的成员。HTIUSA不负责编写本研究报告，也不负责其中包含的分析。在任何情况下，收到本研究报告的任何美国投资者，不得直接与分析师直接联系，也不得通过HSIPL，HTIRL或HTIJKK直接进行买卖证券或相关金融工具的交易。本研究报告中出现的HSIPL，HTIRL或HTIJKK分析师没有注册或具备FINRA的研究分析师资格，因此可能不受FINRA第2241条规定的与目标公司的交流，公开露面和分析师账户持有的交易证券等限制。投资本研究报告中讨论的任何非美国证券或相关金融工具（包括ADR）可能存在一定风险。非美国发行的证券可能没有注册，或不受美国法规的约束。有关非美国证券或相关金融工具的信息可能有限制。外国公司可能不受审计和汇报的标准以及与美国境内生效相符的监管要求。本研究报告中以美元以外的其他货币计价的任何证券或相关金融工具的投资或收益的价值受汇率波动的影响，可能对该等证券或相关金融工具的价值或收入产生正面或负面影响。美国收件人的所有问询请联系：

Haitong International Securities (USA) Inc.

130 West 42nd Street, FL 18

New York, NY 10036

联系人电话：+1212-351-6052

DISTRIBUTION AND REGIONAL NOTICES

Except as otherwise indicated below, any Recipient wishing to discuss this research report or effect any transaction in any security discussed in HTI's research should contact the Haitong International salesperson in their own country or region.

Notice to Hong Kong investors: The research report is distributed by Haitong International Securities Company Limited ("HTISCL"), which is a licensed corporation to carry on Type 1 regulated activity (dealing in securities) in Hong Kong. This research report does not constitute a solicitation or an offer of securities or an invitation to the public within the meaning of the SFO. This research report is only to be circulated to "Professional Investors" as defined in the SFO. This research report has not been reviewed by the Securities and Futures Commission. You should not make investment decisions solely on the basis of the information contained in this research report. Recipients of this research report are to contact HTISCL salespersons in respect of any matters arising from, or in connection with, the research report.

Notice to U.S. investors: As described above, this research report was prepared by HTIRL, HSIPL or HTIJKK. Neither HTIRL, HSIPL, HTIJKK, nor any of the non U.S. HTISG affiliates is registered in the United States and, therefore, is not subject to U.S. rules regarding the preparation of research reports and the independence of research analysts. This research report is provided for distribution to "major U.S. institutional investors" and "U.S. institutional investors" in reliance on the exemption from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended. When distributing research reports to "U.S. institutional investors," HTI USA will accept the responsibilities for the content of the reports. Any U.S. recipient of this research report wishing to effect any transaction to buy or sell securities or related financial instruments based on the information provided in this research report should do so only through Haitong International Securities (USA) Inc. ("HTI USA"), located at 130 West 42nd Street, FL 18, New York, NY 10036 USA; telephone +1 212-351-6052. HTI USA is a broker-dealer registered in the U.S. with the U.S. Securities and Exchange Commission (the "SEC") and a member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). HTI USA is not responsible for the preparation of this research report nor for the analysis contained therein. Under no circumstances should any U.S. recipient of this research report contact the analyst directly or effect any transaction to buy or sell securities or related financial instruments directly through HSIPL, HTIRL or HTIJKK. The HSIPL, HTIRL or HTIJKK analyst(s) whose name appears in this research report is not registered or qualified as a research analyst with FINRA and, therefore, may not be subject to FINRA Rule 2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account. Investing in any non-U.S. securities or related financial instruments (including ADRs) discussed in this research report may present certain risks. The securities of non-U.S. issuers may not be registered with, or be subject to U.S. regulations. Information on such non-U.S. securities or related financial instruments may be limited. Foreign companies may not be subject to audit and reporting standards and regulatory requirements comparable to those in effect within the U.S. The value of any investment or income from any securities or related financial instruments discussed in this research report denominated in a currency other than U.S. dollars is subject to exchange rate fluctuations that may have a positive or adverse effect on the value of or income from such securities or related financial instruments. All inquiries by U.S. recipients should be directed to:

Haitong International Securities (USA) Inc.

130 West 42nd Street, FL 18

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中华人民共和国的通知事项：在中华人民共和国（下称“中国”，就本报告目的而言，不包括香港特别行政区、澳门特别行政区和台湾）只有根据适用的中国法律法规而收到该材料的人员方可使用该材料。并且根据相关法律法规，该材料中的信息并不构成“在中国从事生产、经营活动”。本文件在中国并不构成相关证券的公共发售或认购。无论根据法律规定或其他任何规定，在取得中国政府所有的批准或许可之前，任何法人或自然人均不得直接或间接地购买本材料中的任何证券或任何实益权益。接收本文件的人员须遵守上述限制性规定。

加拿大投资者的通知事项：在任何情况下该等材料均不得被解释为在任何加拿大的司法管辖区内出售证券的要约或认购证券的要约邀请。本材料中所述证券在加拿大的任何要约或出售行为均只能在豁免向有关加拿大证券监管机构提交招股说明书的前提下由Haitong International Securities (USA) Inc.（“HTI USA”）予以实施，该公司是一家根据National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations（“NI 31-103”）的规定得到「国际交易商豁免」（“International Dealer Exemption”）的交易商，位于艾伯塔省、不列颠哥伦比亚省、安大略省和魁北克省。在加拿大，该等材料在任何情况下均不得被解释为任何证券的招股说明书、发行备忘录、广告或公开发行。加拿大的任何证券委员会或类似的监管机构均未审查或以任何方式批准该等材料、其中所载的信息或所述证券的优点，任何与此相反的声明即属违法。在收到该等材料时，每个加拿大的收件人均将被视为属于 National Instrument 45-106 Prospectus Exemptions 第1.1节或者 Securities Act (Ontario)第73.3(1)节所规定的「认可投资者」（“Accredited Investor”），或者在适用情况下 National Instrument 31-103第1.1节所规定的「许可投资者」（“Permitted Investor”）。

新加坡投资者的通知事项：本研究报告由Haitong International Securities (Singapore) Pte Ltd（“HTISSPL”）于新加坡提供。HTISSPL是符合《财务顾问法》2001（“FAA”）定义的豁免财务顾问，可（a）提供关于证券，集体投资计划的部分，交易所衍生品合约和场外衍生品合约的建议（b）发行或公布有关证券、交易所衍生品合约和场外衍生品合约的研究分析或研究报


告。本研究报告仅提供给符合《证券及期货法》2001第4A条项下规定的机构投资者。对于因本研究报告而产生的或与之相关的任何问题，本研究报告的收件人应通过以下信息与 HTISSPL联系：

Haitong International Securities (Singapore) Pte. Ltd

10 Collyer Quay, #19-01 - #19-05 Ocean Financial Centre, Singapore 049315

电话：(65)67130473

日本投资者的通知事项：本研究报告由海通国际证券有限公司所发布，旨在分发给从事投资管理的金融服务提供商或注册金融机构（根据日本金融机构和交易法（“FIEL”））第61 （1）条，第17-11（1）条的执行及相关条款）。

英国及欧盟投资者的通知事项：本报告由从事投资顾问的Haitong International Securities Company Limited所发布，本报告只面向有投资相关经验的专业客户发布。任何投资或与本报告相关的投资行为只面对此类专业客户。没有投资经验或相关投资经验的客户不得依赖本报告。Haitong International Securities Company Limited的分支机构的净长期或短期金融权益可能超过本研究报告中提及的实体已发行股本总额的 0.5%。特别提醒有些英文报告有可能此前已经通过中文或其它语言完成发布。

澳大利亚投资者的通知事项：Haitong International Securities (Singapore) Pte Ltd, Haitong International Securities Company Limited 和 Haitong International Securities (UK) Limited分别根据澳大利亚证券和投资委员会（以下简称“ASIC”）公司（废除及过度性）文书第2016/396号规章在澳大利亚分发本项研究，该等规章免除了根据2001年《公司法》在澳大利亚为批发客户提供金融服务时海通国际需持有澳大利亚金融服务许可的要求。ASIC的规章副本可在以下网站获取：www.legislation.gov.au。海通国际提供的金融服务受外国法律法规规定的管制，该等法律与在澳大利亚所适用的法律存在差异。

印度投资者的通知事项：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”）所发布，包括制作及发布涵盖 BSE Limited（“BSE”）和 National Stock Exchange of India Limited（“NSE”）（统称为「印度交易所」）研究报告。

（条款链接：https://www.htisec.com/sites/all/themes/hitong/files/india/Terms%20and%20Conditions%20for%20Research%20Analyst.pdf）

研究机构名称：Haitong Securities India Private Limited

SEBI 研究分析师注册号：INH000002590

地址：1203A，Floor 12A，Tower 2A，One World Center

841 Senapati Bapat Marg, Elphinstone Road, Mumbai 400 013, India

CIN U74140MH2011FTC224070

电话：+912243156800

合规和申诉办公室联系人： Prasanna Chandwaskar；电话：+912243156803;电子邮箱：prasanna.chandwaskar@htisec.com

“请注意，SEBI授予的注册和NISM的认证并不保证中介的表现或为投资者提供任何回报保证”。

本项研究仅供收件人使用，未经海通国际的书面同意不得予以复制和再次分发。

版权所有：海通国际证券集团有限公司2019年。保留所有权利。

People's Republic of China (PRC): In the PRC, the research report is directed for the sole use of those who receive the research report in accordance with the applicable PRC laws and regulations. Further, the information on the research report does not constitute "production and business activities in the PRC" under relevant PRC laws. This research report does not constitute a public offer of the security, whether by sale or subscription, in the PRC. Further, no legal or natural persons of the PRC may directly or indirectly purchase any of the security or any beneficial interest therein without obtaining all prior PRC government approvals or licenses that are required, whether statutorily or otherwise. Persons who come into possession of this research are required to observe these restrictions.

Notice to Canadian Investors: Under no circumstances is this research report to be construed as an offer to sell securities or as a solicitation of an offer to buy securities in any jurisdiction of Canada. Any offer or sale of the securities described herein in Canada will be made only under an exemption from the requirements to file a prospectus with the relevant Canadian securities regulators and only by Haitong International Securities (USA) Inc., a dealer relying on the "international dealer exemption" under National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations ("NI 31-103") in Alberta, British Columbia, Ontario and Quebec. This research report is not, and under no circumstances should be construed as, a prospectus, an offering memorandum, an advertisement or a public offering of any securities in Canada. No securities commission or similar regulatory authority in Canada has reviewed or in any way passed upon this research report, the information contained herein or the merits of the securities described herein and any representation to the contrary is an offence. Upon receipt of this research report, each Canadian recipient will be deemed to have represented that the investor is an "accredited investor" as such term is defined in section 1.1 of National Instrument 45-106 Prospectus Exemptions or, in Ontario, in section 73.3(1) of the Securities Act (Ontario), as applicable, and a "permitted client" as such term is defined in section 1.1 of NI 31-103, respectively.

Notice to Singapore investors: This research report is provided in Singapore by or through Haitong International Securities (Singapore) Pte Ltd ("HTISSPL"). HTISSPL is an Exempt Financial Adviser under the Financial Advisers Act 2001 ("FAA") to (a) advise on securities, units in a collective investment scheme, exchange-traded derivatives contracts and over-the-counter derivatives contracts and (b) issue or promulgate research analyses or research reports on securities, exchange-traded derivatives contracts and over-the-counter derivatives contracts. This research report is only provided to institutional investors, within the meaning of Section 4A of the Securities and Futures Act 2001. Recipients of this research report are to contact HTISSPL via the details below in respect of any matters arising from, or in connection with, the research report:

Haitong International Securities (Singapore) Pte. Ltd.

10 Collyer Quay, #19-01 - #19-05 Ocean Financial Centre, Singapore 049315


Telephone: (65) 6713 0473

Notice to Japanese investors: This research report is distributed by Haitong International Securities Company Limited and intended to be distributed to Financial Services Providers or Registered Financial Institutions engaged in investment management (as defined in the Japan Financial Instruments and Exchange Act ("FIEL") Art. 61(1), Order for Enforcement of FIEL Art. 17-11(1), and related articles).

Notice to UK and European Union investors: This research report is distributed by Haitong International Securities Company Limited. This research is directed at persons having professional experience in matters relating to investments. Any investment or investment activity to which this research relates is available only to such persons or will be engaged in only with such persons. Persons who do not have professional experience in matters relating to investments should not rely on this research. Haitong International Securities Company Limited's affiliates may have a net long or short financial interest in excess of 0.5% of the total issued share capital of the entities mentioned in this research report. Please be aware that any report in English may have been published previously in Chinese or another language.

Notice to Australian investors: The research report is distributed in Australia by Haitong International Securities (Singapore) Pte Ltd, Haitong International Securities Company Limited, and Haitong International Securities (UK) Limited in reliance on ASIC Corporations (Repeal and Transitional) Instrument 2016/396, which exempts those HTISG entities from the requirement to hold an Australian financial services license under the Corporations Act 2001 in respect of the financial services it provides to wholesale clients in Australia. A copy of the ASIC Class Orders may be obtained at the following website, www.legislation.gov.au. Financial services provided by Haitong International Securities (Singapore) Pte Ltd, Haitong International Securities Company Limited, and Haitong International Securities (UK) Limited are regulated under foreign laws and regulatory requirements, which are different from the laws applying in Australia.

Notice to Indian investors: The research report is distributed by Haitong Securities India Private Limited ("HSIPL") an Indian company and a Securities and Exchange Board of India ("SEBI") registered Stock Broker, Merchant Banker and Research Analyst that, inter alia, produces and distributes research reports covering listed entities on the BSE Limited ("BSE") and the National Stock Exchange of India Limited ("NSE") (collectively referred to as "Indian Exchanges").

(Link to the Terms and Conditions document: https://www.htisec.com/sites/all/themes/hitong/files/india/Terms%20and%20Conditions%20for%20Research%20Analyst.pdf)

Name of the entity: Haitong Securities India Private Limited

SEBI Research Analyst Registration Number: INH000002590

Address:1203A,Floor 12A,Tower 2A,One World Center

841 Senapati Bapat Marg, Elphinstone Road, Mumbai 400 013, India

CIN U74140MH2011FTC224070

Ph: +912243156800

Details of the Compliance Officer and Grievance Officer : Prasanna Chandwaskar : Ph: +91 22 43156803; Email id: prasanna.chandwaskar@htisec.com

"Please note that Registration granted by SEBI and Certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors".

This research report is intended for the recipients only and may not be reproduced or redistributed without the written consent of an authorized signatory of HTISG.

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