编辑: cyhzg 2019-07-18

3 号花旗银?广场花旗银?大厦

28 ? 其关?一方:申银万国研究所,中国上海市南京东?

99 号3?Disclosure of Interests : Ms. Luisa Luo, the Analyst,and their associates do not have any financial interests in the listed corporation(s) mentioned in this report. Disclaimer For private perusal only. This communication (including any information attached) is issued by Shenyin Wanguo Research (H.K.) Ltd., a member of the Shenyin Wanguo Group of companies, to individual addressees whether they are professional and institutional clients or otherwise, in good faith from sources believed to be reliable but no representation or warranty expressed or implied is made as to their accuracy, correctness and/or completeness. Some parts of the communication may have been originally published in Chinese, within the People`s Republic of China, by Shanghai Shenyin Wanguo Research and Consulting Co. Ltd. That material has been reviewed, translated and, where applicable, adapted by Shenyin Wanguo Research (H.K.) Ltd. Where any part of the information, opinions or estimates contained herein reflects the personal views and opinions of the analyst who prepared this report, such views and opinions may not correspond to the published view of the Shenyin Wanguo Group. This communication shall not be construed as an offer, invitation or solicitation to buy or sell any securities of the company or companies referred to. All opinions and estimates reflect the judgment of the analyst on the date of this communication and are subject to change without notice. Member companies of the Shenyin Wanguo Group (including but not limited to Shenyin Wanguo Research (H.K.) Ltd. and Shenyin Wanguo Securities (H.K.) Ltd.) and/or their directors, officers, agents and employees may have an interest in securities of the company or companies referred to in this communication and will disclaims any liabilities arising from the inaccuracy, incorrectness and incompleteness of this communication and its attachment/s and/or any action or omission made in reliance thereof. Accordingly, this communication must be read in conjunction with this disclaimer. Copyright reserved Address: Shenyin Wanguo Research (H.K.) Ltd., 28/F, Citibank Tower, Citibank Plaza,

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