业整合机会增多,利多上市大保险公司

䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ � Ёֵ䆕ࠌⷨお䚼�� ┬⋾᭛�� 㣅೑ޚ㊒ㅫᏜ ⬉䆱˖021-68761846 䚂ӊ˖panhongwen@citics.com ᠻϮ䆕к㓪ো˖S1010511030002 џ乍˖� ֱⲥӮথᏗljֱ䰽݀ৌֱ䰽Ϯࡵ䕀䅽ㅵ⧚᱖㸠ࡲ⊩NJˈ˄ҹϟㅔ⿄lj᱖㸠ࡲ⊩NJ˅ˈᇍֱ䰽݀ৌֱ䰽Ϯࡵ䕀 䅽㸠Ў䖯㸠㾘㣗DŽlj᱖㸠ࡲ⊩NJᰃ 2011ᑈ 3᳜ 21᮹ֱⲥӮljֱ䰽݀ৌֱ䰽Ϯࡵ䕀䅽ㅵ⧚᱖㸠ࡲ⊩˄ᕕ∖ᛣ 㾕〓 NJ˅˄ ҹϟㅔ⿄ᕕ∖ᛣ㾕〓˅ᕕ∖ᛣ㾕㒧ᴳৢⱘℷᓣথᏗDŽ lj᱖㸠ࡲ⊩NJⱘЏ㽕ݙᆍࣙᣀ˖ϔᰃᯢ⹂њֱ䰽݀ৌֱ䰽Ϯࡵ䕀䅽㸠Ўᑨᔧ㒣Ё೑ֱⲥӮᡍޚ˗Ѡᰃ⹂ ゟњֱ䰽Ϯࡵ䕀䅽ⱘ෎ᴀॳ߭ˈेᑇㄝǃ㞾ᜓǃ݀ᓔǃ݀ᑇॳ߭ˈҹঞֱᡸᡩֱҎǃ㹿ֱ䰽Ҏ߽Ⲟⱘॳ߭˗ ϝᰃ䆒ᅮњֱ䰽Ϯࡵ䕀䅽ঠᮍ೼Ϯࡵ䕀䅽䖛⿟ЁᑨᔧᡓᢙⱘНࡵ 䰤ˈᅮњ᥹ফᮍֱ䰽݀ৌᑨᔧ݋໛ⱘϔ㋏߫ 䌘Ḑ੠ᴵӊ˗ಯᰃᯢ⹂ᅵᡍ⌕⿟ˈ㒚࣪⬇᡹ᴤ᭭˗Ѩᰃ㾘ᅮ䕀䅽ᮍֱ䰽݀ৌ乏ᕕᕫⳌ݇ᡩֱҎǃ㹿ֱ䰽Ҏৠ ᛣৢˈᮍৃᅲᮑֱ䰽Ϯࡵ䕀䅽ᮍḜDŽ 䆘䆎˖� � ֱⲥӮ佪⃵থ᭛ܕ䆌ℷᐌ㒣㧹ⱘֱ䰽݀ৌ䯈䖯㸠ᭈԧݐᑊᬊ䌁ǃ䚼ߚֱ䰽Ϯࡵⱘ࠹⾏੠䕀䅽 lj᱖㸠ࡲ⊩NJЁⱘֱ䰽Ϯࡵ䕀䅽Ϣljֱ䰽⊩NJ㄀бकѠᴵ੠㄀ϔⱒϝकбᴵⱘֱ䰽Ϯࡵ䕀䅽᳝ḍᴀऎ߿ˈ ࠡ㗙ᣛℷᐌ㒣㧹ⱘֱ䰽Ϯࡵ䕀䅽ˈࣙᣀ䚼ߚ៪㗙ܼ䚼ⱘϮࡵ䕀䅽ˈ㗠ৢ㗙Џ㽕⍝ঞֱ䰽݀ৌ㹿ձ⊩᩸䫔ǃ㹿 ձ⊩ᅷਞ⸈ѻ៪㗙ٓҬ㛑࡯ϡ䎇ᯊ䖯㸠ⱘֱ䰽Ϯࡵ䕀䅽DŽ ℷᐌ㒣㧹ⱘֱ䰽݀ৌৃҹᇍֱ䰽Ϯࡵ䖯㸠䕀䅽ˈ݊Ёܼ䚼ֱ䰽Ϯࡵ䕀䅽ᇚՓᕫᭈԧⱘݐᑊᬊ䌁៤Ўৃ 㛑ˈ㗠䚼ߚϮࡵ䕀䅽ՓᕫϮࡵⱘ࠹⾏੠䕀䅽៤Ўৃ㛑DŽ � ৃ㛑ⱘ䕀䅽ᮍᑨЎㅵ⧚ᬜ⥛䕗ԢǃϧϮ࣪㛑࡯ϡᔎ៪㙵ϰᮍ䌘ᴀ㸹ܙ㛑࡯ϡᔎⱘᇣֱ䰽݀ৌ ℷᐌ㒣㧹ⱘֱ䰽݀ৌᇍ䚼ߚϮࡵ៪ܼ䚼Ϯࡵ䖯㸠䕀䅽Џ㽕᳝ҹϟ޴⾡ৃ㛑ᗻ˖ ㄀ϔˈ�݀ৌㅵ⧚ᬜ⥛Ԣϟˈ≵᳝㾘῵ᬜᑨˈᣕ㓁㒣㧹≵᳝ゲѝӬ࢓ˈ᮴⊩ᅲ⦄㽕∖ⱘ䌘ᴀಲ᡹⥛˗ ㄀Ѡˈ�ϧϮֱ࣪䰽݀ৌབعᒋֱ䰽݀ৌˈϔᮍ䴶ᕜ໮ᇣ݀ৌ≵᳝ᅲ⦄㾘῵ᬜᑨˈ঺ϔᮍ䴶೼ϧϮ࣪㒣 㧹㛑࡯੠ϢⳌ݇㸠Ϯ˄བए䰶ㄝ˅ᭈড়㛑࡯Ϟ≵᳝Ӭ࢓ˈᣕ㓁㒣㧹ৃ㛑ℹܹೄ๗˗ ㄀ϝˈ�ᡩ䌘ֱ䰽݀ৌⱘ㙵ϰᮍᇍֱ䰽݀ৌⱘথሩ㾘ᕟҹঞⲜ߽῵ᓣ≵᳝⏙Ἦ䅸䆚ˈЎֱᣕٓҬ㛑࡯ৃ 㛑䳔㽕ᣕ㓁๲䌘Ԛ㙵ϰᮍⱘ䌘ᴀ㸹ܙ㛑࡯ϡᔎDŽ � ᦤկֱ䰽Ϯࡵ໪ᓊᓣᠽᓴⱘৃ㸠ᗻˈϞᏖ໻ֱ䰽݀ৌ᳈ᖿᦤ催㾘῵ⱘৃ㛑ᗻࡴ໻ ᣝ✻ֱⲥӮ 2010ᑈ 6᳜থᏗⱘljֱ䰽݀ৌ㙵ᴗㅵ⧚ࡲ⊩NJˈ ϸϾҹϞⱘֱ䰽݀ৌফৠϔᴎᵘ᥻ࠊ៪㗙ᄬ ೼᥻ࠊ݇㋏ⱘˈϡᕫ㒣㧹ᄬ೼߽Ⲟކさ៪㗙ゲѝ݇㋏ⱘৠ㉏ֱ䰽ϮࡵDŽ಴ℸˈ೼lj᱖㸠ࡲ⊩NJথᏗПࠡˈे 㸠Ϯᭈড়ᴎӮ๲໮ˈ߽໮ϞᏖ໻ֱ䰽݀ৌ 2011ᑈ 9᳜ 8᮹ 䆕ࠌⷨお᡹ਞg㸠Ϯⷨおgֱ䰽㸠Ϯ� ֱ䰽㸠Ϯ䞡໻џ乍⚍䆘 ֱ䰽㸠Ϯ䞡໻џ乍⚍䆘 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2011ᑈ 9᳜ 8᮹ 1 Փ㒣㧹᳈᳝ᬜ⥛ⱘֱ䰽݀ৌгা㛑ձ䌪ݙ⫳ᓣⱘথሩˈ㗠᮴⊩䗮䖛໪ᓊᓣⱘᠽᓴᅲ⦄᳈ᖿⱘথሩˈ᮴⊩ܙߚ থ᣹ㅵ⧚Ӭ࢓੠㾘῵ᬜᑨDŽ ḍ᥂lj᱖㸠ࡲ⊩NJˈ ֱ䰽Ϯࡵফ䅽ᮍֱ䰽݀ৌⱘЏ㽕ফ䅽ᴵӊབϟ˖ٓҬ㛑࡯ܙ䎇ǃ೼ফ䅽Ϯࡵⱘֱऩ ᳔߱ㅒথഄ䆒᳝ߚᬃᴎᵘDŽlj᱖㸠ࡲ⊩NJ⹂ゟњֱ䰽Ϯࡵ䕀䅽㸠ЎϡᕫᤳᆇᡩֱҎǃ㹿ֱ䰽Ҏ੠ফⲞҎড়⊩ ᴗⲞⱘॳ߭DŽ෎ѢᴗⲞֱᡸⱘ㗗㰥ˈফ䅽ᮍֱ䰽݀ৌᖙ乏ձ✻ॳֱ䰽ড়ৠ㒻ফ䕀䅽ᮍᇍᡩֱҎǃ㹿ֱ䰽Ҏ੠ ফⲞҎ䋳᳝ⱘНࡵˈৠᯊ䕀䅽ᮍֱ䰽݀ৌ乏ህ䕀䅽Ⳍ݇џᅰк䴶䗮ⶹᡩֱҎǃ㹿ֱ䰽Ҏˈᑊ乏ᕕᕫ݊ৠᛣDŽ ϞᏖ໻ֱ䰽݀ৌ䌘ᴀ㸹ܙ㛑࡯᳈ᔎ˄ࣙᣀ⃵㑻؎ⱘ䌘ᴀ㸹ܙᮍᓣ˅ˈ ৠᯊߚᬃᴎᵘ䘡Ꮧܼ೑ˈ಴ℸ೼ফ 䅽ᴵӊϞ෎ᴀ≵᳝䱰⹡DŽৠᯊˈ໻݀ৌ಴ક⠠੠ᅲ࡯ⱘӬ࢓ˈ᳈ᆍᯧᕫࠄᡩֱҎ੠㹿ֱ䰽Ҏⱘৠᛣˈফ䅽៤ ࡳৃ㛑ᗻ᳈໻DŽ೼⦄᳝ⱘӬ⾔៤ᴀ᥻ࠊ㛑࡯ǃᅠ໛ⱘㅵ⧚ᶊᵘǃᔎ໻ⱘ IT ᭈড়㛑࡯੠ܙ䎇ٓҬ㛑࡯ⱘࠡᦤ ϟˈֱ䰽Ϯࡵ䕀䅽ⱘᬒᓔ᮴⭥㒭ϞᏖ໻ֱ䰽݀ৌᦤկ᳈໮ᖿ䗳ᦤ催Ϯࡵ㾘῵ⱘᴎӮˈᅲ⦄᳈དⱘ㾘῵ᬜᑨDŽ � 䌘䌘⑤⌕ࡼ᳈᳝ᬜ⥛ˈѸᯧӋḐᇍ䕀䅽ᮍ੠ফ䅽ᮍᕜৃ㛑ᰃϔϾঠ䌶ⱘ㒧ᵰˈ๲ࡴফ䅽ᮍӋؐ ֱ䰽݀ৌⱘϮࡵԄؐ᳈໮ⱘᰃ෎Ѣ؛䆒ˈ㗠䗮ᐌ䕀䅽ᮍ೼㾘῵ᬜᑨǃ㒣㧹ᬜ⥛ㄝᮍ䴶Ӯ᳝ϔᅮࡷ࢓ˈ಴ ℸϮࡵⱘԄؐ㒧ᵰ䗮ᐌ䕗Ԣˈ㗠ৠḋⱘϮࡵᇍѢফ䅽ᮍⱘӋؐৃ㛑䖰催Ѣ䕀䅽ᮍˈ䖭᳈໮ᰃ෎Ѣফ䅽ᮍ㾘῵ ᬜᑨᏺᴹⱘ᳈Ԣⱘ↣ऩϮࡵߚ᨞೎ᅮ៤ᴀ੠ㅵ⧚ᬜ⥛᳈催ᏺᴹⱘবࡼ䌍⫼㡖㑺DŽ ಴ℸˈᇍѢৠϔϾᕙ䕀䅽ⱘϮࡵˈফ䅽ᮍৃҹ᡹ߎ催Ѣ䕀䅽ᮍ㒻㓁㒣㧹ϟ䆹ϮࡵӋؐⱘӋḐˈԚৠᯊ䆹 ӋḐҡ✊ԢѢফ䅽ᮍ᥹᠟䆹Ϯࡵ䖯㸠㒣㧹ৢⱘᅲ䰙ӋؐDŽ᳔㒜ঠ䌶ⱘৃ㛑ᗻ᳈໻DŽ � ㅵ⧚ᬜ⥛ൟⱘЁ೑ᑇᅝ੠䌘ᴀܙ㺩ൟⱘЁ೑໾ֱ᳝ৃ㛑᳈໮ⱘফⲞ┰೼ⱘϮࡵ䕀䅽ᴎӮ ៥Ӏ䅸Ўˈֱ䰽Ϯࡵ䕀䅽ⱘᬒᓔ㒭ϞᏖֱ䰽݀ৌᦤկњ᳈ᖿথሩⱘᴎӮDŽЁ೑ᑇᅝ԰Ў㸠ϮݙϮࡵᭈড় 㛑࡯᳔ᔎⱘ݀ৌˈIT ৢᧈᭈড়㛑࡯੠៤ᴀ᥻ࠊ㛑࡯Ӭ⾔ˈ಴ℸ೼䭓ᳳゲѝЁᇚ᳈ऴӬ࢓DŽ㗠Ё೑໾ֱ H 㙵 ϞᏖৢⱘ䌘ᴀҡ✊ܙ㺩ˈϮࡵⱘ໪ᓊᓣ๲䭓ৃҹ᳈དⱘᦤ催䌘ᴀՓ⫼ᬜ⥛ˈᦤ催݀ৌⱘ ROE∈ᑇDŽ 䡈Ѣ㸠ϮԄؐⱘᅝܼ䖍䰙ᵕ催ˈ㓈ᣕֱ䰽㸠ϮĀᔎѢ໻Ꮦā䆘㑻ˈ佪䗝Ё೑໾ֱǃ݊⃵Ё೑ᑇᅝDŽ ߚߚᵤᏜໄᯢ Analyst Certification Џ㽕䋳䋷᪄ݭᴀⷨお᡹ਞܼ䚼៪䚼ߚݙᆍⱘⷨおߚᵤᏜ೼ℸໄᯢ˖˄ i˅ᴀⷨお᡹ਞ᠔㸼䗄ⱘӏԩ㾖⚍ഛ㊒ޚഄড᯴њϞ䗄↣ԡߚᵤ ᏜϾҎᇍᷛⱘ䆕ࠌ੠থ㸠Ҏⱘⳟ⊩˗˄ ii˅䆹ߚᵤᏜ᠔ᕫ᡹䝀ⱘӏԩ㒘៤䚼ߚ᮴䆎ᰃ೼䖛এǃ⦄೼ঞᇚᴹഛϡӮⳈ᥹៪䯈᥹ഄϢⷨお᡹ਞ ᠔㸼䗄ⱘ݋ԧᓎ䆂៪㾖⚍Ⳍ㘨㋏DŽThe analysts primarily responsible for the preparation of all or part of the research report contained herein hereby certify that: (i) the views expressed in this research report accurately reflect the personal views of each such analyst about the subject securities and issuers; and (ii) no part of the analyst’s compensation was, is, or will be directly or indirectly, related to the specific recommendations or views expressed in this research report. ϔ㠀ᗻໄᯢ ℸ᡹ਞᑊ䴲䩜ᇍ៪ᛣ೒䗕থ㒭៪Ўӏԩህ䗕থǃথᏗǃৃ ᕫࠄ៪Փ⫼ℸ᡹ਞ㗠ՓЁֵ䆕ࠌ㙵ӑ᳝䰤݀ৌঞ݊䰘ሲᴎᵘ˄ ҹϟ㒳⿄ĀЁ ֵ䆕ࠌā˅ 䖱ডᔧഄⱘ⊩ᕟ៪⊩㾘៪ৃ㟈ՓЁֵ䆕ࠌফࠊѢⳌ݇⊩ᕟ៪⊩㾘ⱘӏԩഄऎǃ೑ᆊ៪݊ᅗㅵ䕪ऎඳⱘ݀⇥៪ሙ⇥DŽ䰸䴲঺᳝ 㾘ᅮˈᴀ᡹ਞЁⱘ᠔᳝ᴤ᭭⠜ᴗഛሲЁֵ䆕ࠌDŽ᳾㒣Ёֵ䆕ࠌџܜк䴶ᥜᴗˈϡᕫҹӏԩᮍᓣׂᬍǃথ䗕៪㗙໡ࠊᴀ᡹ਞঞ݊᠔ࣙ৿ⱘ ᴤ᭭ǃݙᆍDŽ᠔᳝Ѣℸ᡹ਞЁՓ⫼ⱘଚᷛǃ᳡ࡵᷛ䆚ঞᷛ䆄ഛЎЁֵ䆕ࠌⱘଚᷛǃ᳡ࡵᷛ䆚ঞᷛ䆄DŽ ᴀ᡹ਞᰃᴎᆚⱘˈা᳝ᬊӊҎᠡ㛑Փ⫼DŽᴀ᡹ਞ᠔䕑ⱘֵᙃǃᴤ᭭៪ߚᵤᎹ݋াᦤկ㒭䯕ϟ԰খ㗗П⫼ˈϡᰃ៪ϡᑨ㹿㾚Ўߎଂǃ 䌁ф៪䅸䌁䆕ࠌ៪݊ᅗ䞥㵡Ꮉ݋ⱘ㽕㑺៪㽕㑺䙔䇋DŽЁֵ䆕ࠌгϡ಴ᬊӊҎᬊࠄᴀ᡹ਞ㗠㾚݊ЎЁֵ䆕ࠌⱘᅶ᠋DŽ ᴀ᡹ਞ᠔䕑䌘᭭ⱘᴹ⑤ঞ㾖⚍ⱘߎ໘ⱚ㹿Ёֵ䆕ࠌ䅸Ўৃ䴴ˈԚЁֵ䆕ࠌϡֱ䆕݊ޚ⹂ᗻ៪ᅠᭈᗻDŽ䰸⊩ᕟ៪㾘߭㾘ᅮᖙ乏ᡓᢙⱘ 䋷ӏ໪ˈЁֵ䆕ࠌϡᇍ಴Փ⫼ℸ᡹ਞⱘᴤ᭭㗠ᓩ㟈ⱘᤳ༅䋳ӏԩ䋷ӏDŽᬊӊҎϡᑨऩ㒃ձ䴴ℸ᡹ਞ㗠পҷϾҎⱘ⣀ゟ߸ᮁDŽᴀ᡹ਞ᠔ᣛ ⱘ䆕ࠌ៪䞥㵡Ꮉ݋ⱘӋḐǃӋؐঞᬊܹৃ䎠ৃछDŽҹᕔⱘ㸼⦄ϡᑨ԰Ў᮹ৢ㸼⦄ⱘᰒ⼎ঞᢙֱDŽᴀ᡹ਞ᠔䕑ⱘ䌘᭭ǃᛣ㾕ঞ᥼⌟ড᯴Ё ֵ䆕ࠌѢ᳔߱থᏗℸ᡹ਞ᮹ᳳᔧ᮹ⱘ߸ᮁˈৃ೼ϡথߎ䗮ⶹⱘᚙᔶϟخߎ᳈ᬍˈѺৃ಴Փ⫼ϡৠ؛䆒੠ᷛޚǃ䞛⫼ϡৠ㾖⚍੠ߚᵤᮍ⊩ 㗠ϢЁֵ䆕ࠌ݊ᅗϮࡵ䚼䮼៪ऩԡ᠔㒭ߎⱘᛣ㾕ϡৠ៪㗙ⳌডDŽᴀ᡹ਞϡᵘ៤⾕Ҏ੼䆶ᓎ䆂ˈг≵᳝㗗㰥ࠄϾ߿ᅶ᠋⡍⅞ⱘᡩ䌘Ⳃᷛǃ 䋶ࡵ⢊މ៪䳔㽕DŽᬊӊҎᑨ㗗㰥ᴀ᡹ਞЁⱘӏԩᛣ㾕៪ᓎ䆂ᰃ৺ヺড়݊⡍ᅮ⢊މDŽ Ёֵ䆕ࠌ߽⫼ֵᙃ䱨⾏๭᥻ࠊݙ䚼ϔϾ៪໮Ͼ乚ඳˈҹঞ䚼䮼䯈Пֵᙃ⌕ࡼDŽ᪄ݭᴀ᡹ਞⱘߚᵤᏜⱘ㭾䝀⬅ⷨお䚼䮼ㅵ⧚ሖ੠݀ৌ 催㑻ㅵ⧚ሖܼᴗއᅮDŽߚᵤᏜⱘ㭾䝀ϡᰃ෎ѢЁֵ䆕ࠌᡩ㸠ᬊܹ㗠ᅮˈԚᰃˈߚᵤᏜⱘ㭾䝀ৃ㛑Ϣᡩ㸠ᭈԧᬊܹ᳝݇ˈ݊Ёࣙᣀᡩ㸠ǃ 䫔ଂϢѸᯧϮࡵDŽ ೼⊩ᕟ䆌ৃⱘᚙމϟ Ёˈֵ䆕ࠌⱘϔԡ៪໮ԡ㨷џǃ催㑻㘠ਬ੠/៪ਬᎹ(ࣙᣀখϢޚ໛៪থ㸠ℸ᡹ਞⱘҎ)ৃ㛑(1)Ϣℸ᡹ਞ᠔ᦤࠄⱘ ӏԩ݀ৌᓎゟ៪ֱᣕ乒䯂ǃᡩ䌘䫊㸠៪䆕ࠌ᳡ࡵ݇㋏ (ˈ2)Ꮖ㒣৥ℸ᡹ਞ᠔ᦤࠄⱘ݀ৌᦤկњ໻䞣ⱘᓎ䆂៪ᡩ䌘᳡ࡵDŽ೼⊩ᕟ䆌ৃⱘᚙމ ϟˈЁֵ䆕ࠌⱘϔԡ៪໮ԡ㨷џǃ催㑻㘠ਬ੠/៪ਬᎹৃ㛑ᢙӏℸ᡹ਞ᠔ᦤࠄⱘ݀ৌⱘ㨷џDŽ೼⊩ᕟ䆌ৃⱘᚙމϟˈЁֵ䆕ࠌৃ㛑খϢ ៪ᡩ䌘ℸ᡹ਞ᠔ᦤࠄⱘ݀ৌⱘ䞥㵡Ѹᯧˈ৥᳝݇݀ৌᦤկ៪㦋প᳡ࡵˈঞ/៪ᣕ᳝݊䆕ࠌ៪ᳳᴗ៪䖯㸠䆕ࠌ៪ᳳᴗѸᯧDŽ 㢹Ёֵ䆕ࠌҹ໪ⱘ䞥㵡ᴎᵘথ䗕ᴀ᡹ਞˈ߭⬅䆹䞥㵡ᴎᵘ⣀㞾Ўℸথ䗕㸠Ў䋳䋷DŽ䆹ᴎᵘᅶ᠋ᑨ㘨㋏䆹ᴎᵘҹѸᯧᴀ᡹ਞЁᦤঞⱘ 䆕ࠌ៪㽕∖㦋ᙝ᳈䆺㒚ֵᙃDŽᴀ᡹ਞϡᵘ៤Ёֵ䆕ࠌ৥থ䗕ᴀ᡹ਞ䞥㵡ᴎᵘПᅶ᠋ᦤկⱘᡩ䌘ᓎ䆂ˈЁֵ䆕ࠌⱘ㨷џǃ催㑻㘠ਬ੠ਬᎹ ѺϡЎࠡ䗄䞥㵡ᴎᵘПᅶ᠋಴Փ⫼ᴀ᡹ਞ៪᡹ਞ䕑ᯢⱘݙᆍᓩ䍋ⱘⳈ᥹៪䖲ᏺᤳ༅ᡓᢙӏԩ䋷ӏDŽ Ёֵ䆕ࠌ㙵ӑ᳝䰤݀ৌঞ݊䰘ሲঞ㘨㧹݀ৌ 2011⠜ᴗ᠔᳝DŽֱ⬭ϔߛᴗ߽DŽ ḍ᥂Ё೑䆕ⲥӮḌথⱘ㒣㧹䆕ࠌϮࡵ䆌ৃˈЁֵ䆕ࠌ㙵ӑ᳝䰤݀ৌⱘ㒣㧹㣗ೈࣙᣀ䆕ࠌᡩ䌘੼䆶ϮࡵDŽ 䆘㑻䇈ᯢ 䆘㑻 䇈ᯢ фܹ ⳌᇍЁᷛ 300ᣛ᭄⍼ᐙ 20%ҹϞ˗ ๲ᣕ ⳌᇍЁᷛ 300ᣛ᭄⍼ᐙҟѢ 5%̚20%П䯈˗ ᣕ᳝ ⳌᇍЁᷛ 300ᣛ᭄⍼ᐙҟѢ-10%̚5%П䯈˗ 㙵⼼ᡩ䌘䆘㑻 पߎ ⳌᇍЁᷛ 300ᣛ᭄䎠ᐙ 10%ҹϞ˗ ᔎѢ໻Ꮦ ⳌᇍЁᷛ 300ᣛ᭄⍼ᐙ 10%ҹϞ˗ Ёᗻ ⳌᇍЁᷛ 300ᣛ᭄⍼ᐙҟѢ-10%̚10%П䯈˗ 1. ᡩ䌘ᓎ䆂ⱘ↨䕗ᷛޚ ᡩ䌘䆘㑻ߚЎ㙵⼼䆘㑻੠㸠Ϯ䆘㑻DŽ ҹ᡹ਞথᏗৢⱘ 6 Ͼ᳜ݙⱘᏖഎ㸼⦄Ў↨䕗ᷛޚˈ᡹ਞথ Ꮧ᮹ৢⱘ 6 Ͼ᳜ݙⱘ݀ৌ㙵Ӌ˄៪㸠Ϯᣛ᭄˅ⱘ⍼䎠ᐙⳌ ᇍৠᳳⱘЁֵᷛ᱂ 300ᣛ᭄ⱘ⍼䎠ᐙЎ෎ޚ˗ 2. ᡩ䌘ᓎ䆂ⱘ䆘㑻ᷛޚ ᡹ਞথᏗ᮹ৢⱘ 6Ͼ᳜ݙⱘ݀ৌ㙵Ӌ˄៪㸠Ϯᣛ᭄˅ⱘ⍼䎠 ᐙⳌᇍৠᳳⱘЁֵᷛ᱂ 300ᣛ᭄ⱘ⍼䎠ᐙ˖ 㸠Ϯᡩ䌘䆘㑻 ᔅѢ໻Ꮦ ⳌᇍЁᷛ 300ᣛ᭄䎠ᐙ 10%ҹϞ � ࣫࣫Ҁ� Ϟ⍋� ⏅ഇ� Ёֵ䆕ࠌ೑䰙᳝䰤݀ৌ� ഄഔ˖ Ё೑࣫ҀᏖᳱ䰇ऎᮄ⑤फ䏃 6ো Ҁජ໻ॺ˄100004˅ Ϟ⍋⌺ϰᮄऎϪ㑾໻䘧 1568ো Ёᓎ໻ॺ 22ὐ˄200122˅ ⏅ഇᏖ⽣⬄ऎЁᖗϝ䏃8োЁֵ 䆕ࠌ໻ॺ˄518048˅ 佭␃Ё⦃⏏㕢䘧 1োЁֵ໻ ॺ 26ὐ Foreign Broker-Dealer Disclosures for Distributing to the U.S. ህ৥㕢೑ഄऎ䗕থⷨお᡹ਞ㗠خⱘ໪೑㒣㑾ଚ-Ѹᯧଚໄᯢ This report has been produced in its entirety by CITIC Securities Limited Company (“CITIC Securities”, regulated by the China Securities Regulatory Commission. Securities Business License Number: Z20374000). This report is being distributed in the United States by CITIC Securities pursuant to Rule 15a-6(a) (2) under the U.S. Securities Exchange Act of 1934 exclusively to “major U.S. institutional investors” as defined in Rule 15a-6 and the SEC no-action letters thereunder. ᴀ᡹ਞ⬅Ёֵ䆕ࠌ㙵ӑ᳝䰤݀ৌ˄ ㅔ⿄ĀЁֵ䆕ࠌāˈফЁ೑䆕ⲥӮⲥㅵ 㒣ˈ㧹䆕ࠌϮࡵ䆌ৃ䆕㓪ো Z˖20374000˅ ࠊ԰DŽᣝ✻lj1934ᑈ㕢೑䆕ࠌѸᯧ⊩ḜNJϟⱘ 15a-6(a) (2)㾘߭ˈ೼㕢೑ᴀ᡹ਞ⬅Ёֵ䆕ࠌҙ৥ 15a-6 㾘߭ঞ݊ϟlj㕢೑䆕ࠌѸᯧྨਬӮ᮴ᓖ䆂ߑNJ᠔ᅮ НⱘĀЏ㽕㕢೑ᴎᵘᡩ䌘㗙āথ䗕DŽ