免责声明
本文件由从事证券及期货条例（香港法例第571章）中第4类（就证券提供意见）受规管活动之持牌法团海通国际研究有限公司（「海通国际研究」）所发行，并准许由海通国际证券有限公司（「海通国际证券」）及／或海通国际投资服务有限公司（「海通国际投资服务」）（两者均为从事第一类（证券交易） 受规管活动之持牌法团）在香港派发。
本文件所载资料和意见乃根据被认为可靠之资料来源及以真诚编制，惟海通国际研究、海通国际证券、海通国际投资服务或海通国际证券集团任何其他成员公司（「海通国际证券集团」） 并不就此等内容之准确性、完整性或正确性作出明示或默示之保证。本文件内表达之所有意见均可在不作另行通知下作出更改。本文件纯粹用作提供资讯，当中对任何公司或其证券之描述均并非旨在提供完整之描述，而本文件亦并非及不应被解作为提供明示或默示的买入或沽出证券的要约。本文件所提到的证券或不能在某些司法管辖区出售。
本文件所列之任何价格仅供参考，并不代表对个别证券或其他金融工具的估值。本文件并无对任何交易能够或可能在那些价格执行作出声明，此外任何价格并不一定能够反映海通国际证券的内部账册和记录或以理论模型为基础的估值，并且可能是基于若干假设。由海通国际研究或根据任何其他来源作出的不同假设或会产生截然不同的结果。
证券价格可升可跌，甚至变成毫无价值。买卖证券未必一定能够赚取利润，反而可能会招致损失。如果一个投资产品的计价货币乃投资者本国或地区以外的其他货币，汇率变动或会对投资构成负面影响。过去的表现不一定是未来业绩的指标。某些交易（包括涉及金融衍生工具的交易）会引起极大风险，并不适合所有投资者。
此外，谨请阁下注意本文件所载的投资建议并非特别为阁下而设。分析员并无考虑阁下的个人财务状况和可承受风险的能力。因此，阁下于作出投资前，必须自行作出分析并（如适用）咨询　阁下的法律、税务、会计、财务及其他专业顾问，以评估投资建议是否合适。
海通国际证券集团和本集团的关联公司、高级职员、董事和雇员（不包括负责本文件内容的分析员）将不时于本文件中提及的证券或衍生工具（如有）持有长仓或短仓、作为主事人，以及进行购买或沽售。
海通国际证券的销售人员、交易员及其他专业人员或会向有关客户及海通国际证券之成员公司提供可能与本文件所表达意见不同的口头或书面市场评论或买卖策略。海通国际证券或会作出与本文件所述投资建议或见解不符的投资决定。海通国际研究并无责任向接收本文件的任何人士提供该等其他买卖意见或建议。
海通国际证券集团或其任何董事、雇员或代理人概不就因使用本文件内所载资料而蒙受的任何直接或间接损失承担任何责任。本文件只供指定收件人使用，未获海通国际研究事先书面同意前，不得复印、派发或发行本文件作任何用途。
分析员保证：
每名主要负责撰写本研究文件内容的分析员均为根据证券及期货条例注册的持牌人士，此等人士就每个包括在本文件的的证券或发行人保证：
(1) 所表达之意见准确地反映分析员对该等证券及／或发行人的个人见解，并以独立方式编制（包括涉及有关海通国际证券集团的意见）；及
(2) 分析员过去、现在及将来所收取之报酬之任何部份与其在本文件内发表的具体建议或意见概无直接或间接关连。

投资建议的评级标准

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