行业报告 电信│中国│2019 年 6 月 12 日

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电信行业 全速前进

■ 上周中国发布 5G 牌照后，我们看到中国移动[0941.HK]发起大型招标，招标合

同金额高于 3 月的指引。

■ 我们重申，5G 网络很可能采取 NSA 以确保安装按时完成。

■ 行业消息引证了我们的观点，即是中兴通讯[0763.HK]、京信通信[2342.HK]、摩

比[0947.HK]、中国铁塔[0788.HK]和中通服[0552.HK]等无线设备及相关股将是

前期受益者。■ 我们认为，电信运营商将在未来几个月发布 5G 套餐，而市场可能会将焦点转

向手机和组件股。

中国移动启动 5G 相关招标 中国政府上周发放了四个 5G 牌照，而昨天我们留意到有关中国移动进行网络建设

和手机采购的消息。我们认为中国移动正在加快推出 5G。据媒体报道，中国移动

启动了集中采购，称为“2019 年 5G 一期无线工程设计及可行性研究服务”，当

中包括两部分：a）两份工程合同，每份合同估计价值 192.578 亿元人民币；b）

价值 2.005 亿元人民币的勘探合同。该集中采购的总价值为 387.61 亿元人民币，

高于 4 月中国移动管理层指引的 5G 资本支出（低于 172 亿元人民币）。详情请参

阅我们 4 月 8 日的行业报告。市场消息指，中国移动的目标是到 2019 年 9 月底完

成 40个城市的网络覆盖（在 2019 年 10月 1日或之前正式推出 5G服务是为合理）。

华为和小米是中国移动第一批 5G 手机采购的主要赢家 根据行业消息，中国移动通信集团公布了 5G 终端（试验型）集中采购的结果。这

批集中采购涉及六批采购，共有 13,100 个 5G 终端，包括 8,100 台 5G 手机和 5000

台 5G CPE。根据结果显示，华为和小米[1810.HK]是此次采购的主要赢家。采购

结果如下：a）华为 Mate20X 5G 测试版：4,000 台; b）vivo NEX（5G 测试版）：

100 台；c）华为 CPE Pro（5G 测试版）：5,000 台; d）OPPO Reno 5G 测试版：

1,000 台；e）华为 Mate20X 5G 测试版：1,000 台；f）小米 MIX3 5G 测试版：2,000

台。在 2019 年 9 月底正式推出 5G 服务之前，这些终端将用于准备 5G 终端的最

终测试。

重申四个阶段的投资周期 这一消息符合我们的观点，即是鉴于中国移动的相关技术变得成熟，中国移动将在

安装基站数量、应用场景开发和发展路线方面引领 5G 发展。在颁发 5G 牌照前，

公司做了大量的准备工作。我们将留意其他运营商－中国联通[0762.HK]、中国电

信[0728]和中广移动会否在未来几周公布资本开支计划或招标。我们重申 5G 投资

周期分四个阶段：a）建设和基建部门将在前周期受益；b）其后设备制造商（特别

是无线设备商）将受益；c）5G 将需要更高密度的网络覆盖，这将使光学公司受益；

d）随着时间推移，运营商更广泛地推出 5G 网络，将需要新的 IT 系统和管理软件，

这将为 IT 服务公司带来增长；e）在 5G 建设的后周期，电信服务提供商将缓慢降

低资本支出并从其企业业务中获得更多收入。预计中国移动的招标将提升对资本开

支前周期相关公司的投资情绪，包括中兴、中通服和中国铁塔。正如我们在 6 月 4

日的报告所指，在国内，中国生产商对 5G 手机最为热衷。HXOV（华为、小米、

OPPO、Vivo）等国内手机厂商已经准备好在国内付运首批 5G 手机。另外，中国

移动的招标对小米和闻泰科技[600745.CH]有一些正面影响。

本土化仍是投资主题 我们仍然相信，5G 是相关供应链发展的关键起点，包括半导体、模组、无线和有

线设备、终端以及将在 5G 上运行的平台和应用，例如云和边缘计算、高清电视、

车联网和工业互联网。这也符合我们所提出中国重塑全球供应链/生态系统（硬件

和非硬件）的投资主题。据媒体报道，京元电子[2449.TT]受益于华为的基站相关

订单。

中国

分析员

布家杰

T (852) 3698 6318

E markpo@chinastock.com.hk

李哲瀚 T 3698 6256 E alexli@chinastock.com.hk

王志文 T (852) 3698 6317 E cmwong@chinastock.com.hk

Sector Note Telecommunications│China│June 12, 2019

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Telco - Others Spur on the flying horse ■ After the issuance of 5G licenses last week, we saw major tenders initiated by China

Mobile [0941.HK]. The contract size was higher than guidance in Mar 2019. ■ We reiterate the view that the 5G network is likely to be NSA to make sure the

installation is completed on time. ■ The news flow confirms our view that wireless equipment and related names such as

ZTE [0763.HK], Comba [2342.HK], Mobi [0947.HK], China Tower [0788.HK] and CCS [0552.HK] will be early beneficiaries.

■ We believe that the telecom operators will release their 5G tariff plans in the coming months, and that the market may shift its focus to handset and component names.

5G-related tender initiated by China Mobile The Chinese government issued four 5G licenses last week, and we saw news flow regarding network construction and handset procurement by China Mobile circulating yesterday. We believe that China Mobile is accelerating the 5G roll-out. According to news reports, China Mobile initiated a centralized procurement, called “2019 5G Phase 1 Wireless Engineering Design and Feasibility Study Service”, which contains two parts: a) two engineering contracts, with an estimated value of RMB19.2578bn per contract, and b) an exploration contract with a value of RMB200.5m. The centralized procurement is worth a total of RMB38.761bn which is higher than the 5G CAPEX of less than RMB17.2bn guided by China Mobile management in Apr 2019. For details, please refer to our sector reported dated 08 Apr 2019. A market rumour suggests that China Mobile aims to complete network coverage in 40 cities by the end of Sep 2019 (it makes sense to roll out 5G services formally on or before 1 Oct 2019). Huawei and Xiaomi are major winners in the first batch of 5G handset procurement by China Mobile According to industry news flow, China Mobile Group Device Co., Ltd. announced the results of the 5G terminal (testing version) centralized procurement. This batch of centralized procurement had six single-source procurements with a total of 13,100 5G terminals, including 8100 5G mobile phones and 5000 5G CPEs. As indicated by the results, Huawei and Xiaomi were the major winners of this procurement round. The results of the procurement were as follows: a) Huawei Mate20X 5G test version: 4000 units; b) vivo NEX (5G test version): 100 units; c) Huawei CPE Pro (5G test version): 5000 units; d) OPPO Reno 5G test version: 1000 units; e) Huawei Mate20X 5G test version: 1000 units; and f) Xiaomi MIX3 5G test version: 2000 units. The terminals will be used for preparing for the final testing of 5G terminals before official launching the 5G service at the end of Sep 2019. Reiterating the four-stage investment cycle theme This news flow is line with our view that China Mobile will lead the 5G roll-out progress in the number of base stations installed, the development of applications scenarios, and the road map, given the maturity of the technology. The Company did a lot of preparation work before the licenses were issued. We will see whether the other operators, China Unicom [0762.HK], China Telecom [0728] and China Broadcasting Network, will announce their CAPEX plan or tenders in the coming weeks. We reiterate the four stages of the 5G investment cycle: a) The construction and infrastructure segment will benefit at the beginning of the cycle. b) Then equipment makers, especially wireless names, will benefit. c) 5G will require higher density network coverage, which will benefit optical companies. d) Over time, as operators roll out 5G networks more widely, new IT systems and management software will be required, which will offer growth for IT services companies. e) In the later stages of the 5G construction cycle, the telecommunications services providers will reduce CAPEX slowly and earn more revenue from their enterprise business. China Mobile’s tender is expected to boost sentiment on early CAPEX cycle names, including ZTE, CCS and China Tower. As we highlighted in our report on 4 Jun 2019, domestically, the enthusiasm of Chinese manufacturers for 5G mobile phones is undoubtedly the highest. HXOV (Huawei, Xiaomi, OPPO, Vivo) and other domestic mobile phone manufacturers have already prepared the first batch of 5G mobile phones to be shipped domestically. China Mobile’s tender is somewhat positive for Xiaomi and Wingtech [600745.CH]. Localization remains the theme We still believe that 5G development is a key starting point for the development of the supply chain, including semis, modules, wireless & wired equipment, terminals, and platforms & applications that will run on 5G, such as cloud & edge computing, HD TVs, the internet of vehicles, and the industrial internet. This also fits into our investment themes regarding the rebuilding of the global supply chain/ecosystem (both hardware and non-hardware) in China. According to news flow, King Yuan [2449.TT] is benefitting from Huawei’s orders related to base stations.

China

Analysts

Mark Po T (852) 3698 6318 E markpo@chinastock.com.hk Alex Li T 3698 6256 E alexli@chinastock.com.hk Wong Chi Man T (852) 3698 6317 E cmwong@chinastock.com.hk

2

Telecommunications│China Telco - Others│June 12, 2019

Figure 1: 5G terminals reported by GSA

SOURCES: GSA; CGIS RESEARCH, COMPANY DATA, BLOOMBERG

Vendor Device name Form factor Chipset 5G spectrumsupport Details

Askey Askey 5G CPE Indoor CPE Qualcomm Snapdragon X50modem

Sub-6 GHz andmmWave No data LTE and 5G NR, Rel; 15 NSA; Bands n77, n78, n79,

n257, n260 and n261

Askey 5G Fixed Wireless Indoor and outdoorCPE No data Sub-6 GHz and

mmWave No data LTE and 5G NR

ChinaMobile

Forerunner One 5GSmart Hub Hotspot Qualcomm Snapdragon X50

modem Sub-6 GHz 1H 2019 Including 2.6 GHz

D-Link DWR-2010 Indoor CPE Qualcomm Snapdragon X55modem

Sub-6Ghz andmmWave 2H 2019 LTE and 5G NR; 3GPP Rel 15 NSA

Doogee 5G Docker for theDoogee S90 Snap-on dongle Mediatek Helio M70 mmWave Q3 2019 28 GHz; 5G NR Rel 15; 3.5 Gbps DL

Fibocom FG100 Module To be confirmed Sub-6 GHz Commercial availability 2020 M.2 module; 3G, 4G and 5G, 5G NR FDD and TDD,NSA and SA; sub-6 GHz supported internally, mmWave

HTC 5G Hub (US bands) Hotspot Qualcomm Snapdragon 855platform with X50 5G modem Sub-6 GHz Q2 2019 LTE and 5G NR; 5G Band n41; up to 2.63 Gbps DL and

287 Mbps UL

HTC 5G Hub (Europe andAsia) Hotspot Qualcomm Snapdragon 855

platform with X50 5G modem Sub-6 GHz Commercially available LTE and 5G NR; 5G Band n78; up to 2.63 Gbps DL and287 Mbps UL

Huawei 5G CPE 2.0 (mmWave) Indoor and outdoorCPE Balong 5000 mmWave Commercially available 28 GHz (n257); up to 4 Gbps DL rate; LTE+5G Dual

Connectivity; 5G NSA and SA

Huawei 5G CPE 2.0 (Sub-6GHz)

Indoor and outdoorCPE Balong 5000 Sub-6 GHz Commercially available 700 MHz/2.6/3.5/3.7/4.5/4.9 GHz; up to 3.5 Gbps DL

rate; LTE+5G Dual Connectivity; 5G NSA and SA

Huawei 5G CPE Win Outdoor andwindow CPE Balong 5000 Sub-6 GHz Commercially available Up to 4 Gbps speed at sub-6 GHz 200 MHz; wall, pole,

windowsill instalment options

Huawei 5G Mobile WiFi Hotspot Balong 5000 No data September 2019 4G/5G; theoretical up to 4.8 Gbps DL

Huawei 5G CPE Pro Indoor CPE Balong 5000 Sub-6 Ghz andmmWave June 2019

4G and 5G; up to 3.2 Gbps DL test rates, up to 1 GbpsDL shown at MWC; 3.4–3.8 GHz and 26–28 GHz; Beingrebadged in some networks, e.g. Vodafone 5G Gigacube

and EE 5GEE Home Router

Huawei Mate X Phone Balong 5000 Sub-6 GHz July 2019 Foldable; theoretical DL speeds of 4.6 GHz; SupportsLTE and 5G, SA and NSA

Huawei Mate 20x 5G Phone Balong 5000 No data June 2019 No more detailsHuawei MH5000 Module Balong 5000 No data 2H 2019 Designed for connected cars

Inseego R1000 HomeRouter/MiFi IQ 5G Fixed

Indoor CPE(Verizon 5G spec) No data mmWave October 2018 On Verizon; includes VoLTE

Inseego MiFi IQ 5G MobileHotspot Hotspot Qualcomm Snapdragon 855

platform with X50 modemSub-6 GHz and

mmWave No data For North America, Asia- Pacific and Europe

Inseego Skyus 300 Ruggedised IoTrouter No data No data 5G NR options within 2019 No data

Inseego Skyus 500 Compactruggedised IoT No data No data 5G NR options within 2019 No data

JatonTec 5G CPE Outdoor CPE No data Sub-6 GHz Precommercial. 4G/5G dual connectivity, 2 Gbps DL; Bands n40, n41,

n77, n78, n79

Lenovo Project Limitless Laptop Qualcomm Snapdragon 8cxchipset and X55 modem Sub-6GHz Prototype shown in May 2019.

Commercial version due early No additional information

Lenovo Z6 Pro (China 5Gvariant) Phone Qualcomm Snapdragon 855

platform with X50 modem No data June 2019 No additional information

LG V50 ThinQ Phone Qualcomm Snapdragon 855platform with X50 modem No data Available from May 2019

Switzerland and USA 2G, 3G, LTE-A and 5G NR; 1.7 Gbps DL

LG V50 ThinQ Dual Screen Phone Qualcomm Snapdragon 855platform with X50 modem No data Available from May 2019 3G, LTE-A and 5G NR

Motorola 5G Moto Mod Snap-on dongle Snapdragon X50 5G NR,Qualcomm SM8150 mmWave Available on Verizon LTE and 5G NR; 5G bands n261 and n260; up to 4.5

Gbps DL (tethered to laptop), up to 2.4 Gbps attached toNetcom

m5G Fixed WirelessIndoor Desk Mount Indoor CPE No data Sub-6 GHz and

mmWave No data Self-install product; Full indoor 5G gateway

NetComm

5G Fixed WirelessIndoor Wall Mount Indoor CPE No data Sub-6 GHz and

mmWave No data Self-install product; with indoor WiFi modem

NetComm

5G Fixed WirelessOutdoor Wall Mount Outdoor CPE No data Sub-6 GHz and

mmWave No data Self-install product

NetComm

5G Fixed WirelessOutdoor Mid- Gain CPE Outdoor CPE No data Sub-6 GHz and

mmWave No data Technician-install product

NetComm

5G Fixed WirelessOutdoor Roof Mount Outdoor CPE No data Sub-6 GHz and

mmWave No data Technician-install product

NetgearNighthawk M5 Fusion

MR5000 (aka Nighthawk5G Mobile Hotspot)

Hotspot Snapdragon X50 modem mmWave Available on AT&T LTE and 5G; Band n260 (39GHz); up to 5 Gbps

Nokia Fastmile 5G GatewayCPE with indoor/outdoor receiver

optionsNo data Sub-6GHz Available LTE and 5G; sub- 6 GHz 5G NR; up to 1 Gbps DL

Nubia Mini 5G Phone Qualcomm Snapdragon 850platform with X50 modem No data Available for pre- order in China No additional data

OnePlus OnePlus 7Pro 5G Phone Qualcomm Snapdragon 855platform with X50 5G modem Sub-6 GHz Available from May 2019 No additional data

Oppo Find X 5G Prototype phone Snapdragon 855 platform withX50 5G modem No data Commercialisation plans

uncertain Prototype shown at MWC

Oppo Reno 5G Phone Snapdragon 855 platform Sub-6 GHz Available from May 2019 LTE and 5G, dual-mode connectivity; Band n78; 1.8Gbps DL demonstrated

Quectel AG550Q Module No data 0 Precommercial. No data onexpected availability 5G NR plus C-V2X automotive module

Quectel 5G RG500Q Module Qualcomm Snapdragon X55modem Sub-6 GHz only Commercial samples in 2019 LGA module; LTE and 5G; sub- 6 GHz 5G NR module

for IoT; 3GPP Rel 15; SA and NSA modes

Quectel RG510Q Module Qualcomm Snapdragon X55modem

Sub- 6GHz andmmWave Commercial samples in 2019 LGA module; 5G NR module for IoT; 3GPP Rel 15; SA

and NSA modes

Quectel RM500Q Module Qualcomm Snapdragon X55modem Sub-6 GHz only Commercial samples in 2019 M.2 module; 5G NR module for IoT; 3GPP Rel 15; SA

and NSA modes

Quectel RM510Q Module Qualcomm Snapdragon X55modem

Sub- 6GHz andmmWave Commercial samples in 2019 M.2 module; 5G NR module for IoT; 3GPP Rel 15; SA

and NSA modes

Royole Flexpai Phone Qualcomm Snapdragon X55modem No data 5G version announced, but not

yet availableIn the future will be upgradeable to support 5G (via

software update)

Samsung SFG-D0100 Indoor CPE(Verizon 5G spec) No data mmWave Available 5G (Verizon 5GTF) 27.5–28.35 GHz

Samsung Galaxy Fold 5G Phone No data No data Original release date April 2019.Delayed, possibly to June 2019 No more details

Samsung Galaxy Note 10 Phone No data No data 2019 No more details

Samsung Galaxy S10 5G (NorthAmerica) Phone Snapdragon 855 platform with

X50 5G modemSub-6 GHz and

mmWave

Available for pre-order onVerizon, shipping to customers

in May 2019. Other carriers from‘summer’ 2019

2G, 3G, 4G and 5G NSA; multiple versions according tooperator and market; up to 2 Gbps DL and 150 Mbps UL;

sub-6 GHz, 28 GHz and 39 GHz frequencies

Samsung Galaxy S10 5G (Europeand Asia) Phone Samsung Exynos 5100 Sub-6 GHz and

mmWave

April 2019 (South Korea) May2019 (Australia) July 2019

(Switzerland) Summer 2019

Up to 2 Gbps DL and 150 Mbps UL; sub-6 GHz, 28 GHzand 39 GHz frequencies

SierraWireless AirPrime module Module Qualcomm Snapdragon X55

modemSub- 6GHz and

mmWave No data M.2 module; LTE and 5G; Conforms with 3GPP Rel 15

SIMComWireless SIM8200G-M2 Module Qualcomm Snapdragon X55

modem Sub-6 GHz Precommercial. No data onexpected availability. M.2 Module; 4 Gbps DL, 2.5 Gbps UL

SIMComWireless SIM8200G Module Qualcomm Snapdragon X55

modem Sub-6 GHz Precommercial. No data onexpected availability. LGA module; 4 Gbps DL, 2.5 Gbps UL

SIMComWireless SIM8300 Module Qualcomm Snapdragon X55

modemSub-6 GHz and

mmWavePrecommercial. No data on

expected availability. LGA module

SIMComWireless SIM8300-M2 Module Qualcomm Snapdragon X55

modemSub-6 GHz and

mmWavePrecommercial. No data on

expected availability. M.2 Module

Sony Xperia 5G (exact nameto be confirmed) Phone Qualcomm Snapdragon 855

platform with X50 modem mmWave No data Prototype shown at MWC

TCL Alcatel 7 5G Phone Snapdragon 855 platform withX50 modem No data Late 2019, early 2020 0

TCL Alcatel 5G USB dataterminal USB terminal MediaTek Helio M70 Sub-6 GHz Expected to ship Q2 2019 LTE and 5G; 4 4 Gbps DL and 2 Gbps UL for PC users;

N41 and n78

Telit FM980 Module Qualcomm Snapdragon X55modem Sub-6 GHz Available for sampling from early

Q2 2019One supports 5G and LTE sub-6 GHz in TDD and FDD

modes and one also supports mmWave bands

Telit FM980M Module Qualcomm Snapdragon X55modem

Sub-6 GHz andmmWave

Available for sampling from earlyQ2 2019 No more details

U-Blox SARA-N3 Module No data Sub-6 GHz 5G version announced, but notyet available

IoT module; In the future it will be upgradeable to 5G withOTA firmware update

Vivo Apex 2019 Prototype phone Qualcomm Snapdragon 855platform No data Commercialisation plans

uncertain No more details

Vivo NEX S 5G Phone Qualcomm Snapdragon 855platform and X50 modem No data Mid 2019 2G, 3G, 4G and 5G

Wingtech WM518 Module Qualcomm Snapdragon X55modem Sub-6 Ghz Precommercial M.2 Module; 3G, 4G and 5G; 2 Gbps DL, 190 Mbps UL

WNC 5G NR MHS Hotspot Qualcomm Snapdragon X50modem

Sub-6 GHz andmmWave No data No more details

WNC 5G NR Outdoor CPE Outdoor CPE Qualcomm Snapdragon Nodata X50 modem No data No data No more details

Xiaomi Mi Mix 3 5G Phone Qualcomm Snapdragon 855platform with X50 5G modem Sub-6 Ghz May 2019 2G, 3G, 4G and 5G; 5G band n78; up to 2 Gbps DL

ZTE Axon 10 Pro 5G Phone Qualcomm Snapdragon 855platform with X50 5G modem Sub-6 Ghz Available. Launched May 2019. 2G, 3G, 4G and 5G; 5G bands n41, n78

ZTE 5G Indoor CPE (modelname to be confirmed) Indoor CPE No data No data June 2019 Announced by China Unicom and Du; Up to 2 Gbps DL

Zyxel 5G Outdoor CPE Outdoor CPE Quectel module withQualcomm Snapdragon X55 Sub-6 GHz Sampling August 2019 No additional data

Availability/ expectedavailability

3

Telecommunications│China Telco - Others│June 12, 2019

Figure 2: Telecommunications equipment supply chain

SOURCES: CGIS RESEARCH, COMPANY DATA, BLOOMBERG

4

Telecommunications│China Telco - Others│June 12, 2019

Appendix: Terminology A standalone (SA) 5G network refers to an independent 5G network. It will have both the new 5G air interface, New Radio (NR), and 5G Core (5GC) in place. A standalone 5G network provides users with an end-to-end 5G experience. The SA network will still interoperate with the existing 4G/LTE network to provide service continuity between the two network generations. A non-standalone (NSA) 5G network has only 5G NR cells in place, with EPC as the core, which provides tight interworking between Long Term Evolution (LTE) and 5G. Operators will deploy 5G cells and depend entirely on the existing LTE network for all control functions and add-on services, and the LTE system will use dual connectivity technology to transport the data. For example, 5G services in the US are 5G Evolution (5G E), which is an NSA 5G network. The US operators use Customer Premise Equipment (CPE) to convert 5G signals to high-speed WiFi signals, so that users can use 5G networks with 4G terminals. Common-mode networking (共模组网) uses only one set of devices to support different modes. 5G common-mode networking means using only one set of devices to support both SA and NSA network architectures. Dual connectivity technology (双连接技术) allows a terminal to connect with two base station clusters simultaneously. China Mobile published a popular science article recommending when consumers should buy 5G phones. It recommended that most people not buy 5G mobile phones in 2019, but consider buying them in 2020; it said that 2021–2022 would be the best time to purchase 5G mobile phones. The reasons are that (a) continuous 5G network coverage will be limited to several big cities in 2019; (b) the 5G industry chain is not mature, so 5G mobile phones are too expensive, with the first batch of 5G mobile phones expected to cost at least RMB8,000; and (c) two years after the commercial trials, 5G network coverage is expected to be substantial, and simple 5G mobile phones will cost around RMB1,000.

7

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利益披露

中国银河证券(6881.HK; 601881.CH)乃中国银河国际金融控股有限公司、其子公司及附属公司之直接或间接控股公司。

中国银河国际可能持有目标公司的财务权益，而本报告所评论的是涉及该目标公司的证劵，除特别注明外，该等权益的合计总额相等于或低于该目标公司

的市场资本值的1%。

一位或多位中国银河国际的董事、行政人员及/或雇员可能是目标公司的董事或高级人员。

中国银河国际及其相关伙伴可能，在法律许可的情况下，不时参与或投资在本报告里提及的证券的金融交易，为该等公司履行服务或兜揽生意及/或对该

等证券或期权或其他相关的投资持有重大的利益或影响交易。

银河国际证券可能曾任本报告提及的任何或全部的机构所公开发售证券的经理人或联席经理人，或现正涉及其发行的主要庄家活动，或在过去12个月内，

曾向本报告提及的证券发行人提供有关的投资或一种相关的投资或投资银行服务的重要意见或投资服务。

再者，银河国际证券可能在过去12个月内就投资银行服务收取补偿或受委托和可能现正寻求目标公司投资银行委托。

中国银河国际已设置相关制度，以消除、避免和管理与研究报告编制相关的任何潜在利益冲突。 负责本报告的研究分析师作为独立团队的一部分，与银河

国际证券投资银行职能是独立运作，相关制度亦能确保研究或投资银行职能所持有的机密信息得到适当处理。

分析员保证

主要负责撰写本报告的分析员确认 (a) 本报告所表达的意见都准确地反映他或他们对任何和全部目标证券或发行人的个人观点; 及 (b) 他或他们过往，现在

或将来，直接或间接，所收取之报酬没有任何部份是与他或他们在本报告所表达之特别推荐或观点有关连的。

此外，分析员确认分析员本人及其有联系者(根据香港证监会持牌人操守准则定义)均没有(1) 在研究报告发出前30 日内曾交易报告内所述的股票；(2)在研究

报告发出后3个营业日内交易报告内所述的股票；(3)担任报告内涵盖的上市公司的行政人员；(4)持有报告内涵盖的上市公司的财务权益。

评级指标

买入 : 股价于12个月内将上升 >20%

沽出 : 股价于12个月内将下跌 >20%

持有 : 没有催化因素，由“买入” 降级直至出现明确“买入”讯息或再度降级为立刻卖出

版权所有

中文本与英文本如有歧义，概以英文本为准。

本题材的任何部份不可在未经中国银河国际证券(香港)有限公司的书面批准下以任何形式被复制或发布。

中国银河国际证券(香港)有限公司 (中央编号: AXM459)

香港上环干诺道中 111号永安中心 20 楼 电话: 3698-6888

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