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1、海海通国际通国际AI工业工业+能源能源AI之外，之外，2025全球工业新的爆发性板块机会在哪里全球工业新的爆发性板块机会在哪里U.S.AI Industry and Energy Markets Bring New Global Investment Opportunities毛琼毛琼maoqiong杨杨斌斌 Bin YANG,毛琼佩毛琼佩 Olivia MAO,2025年年2月月23日日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，海通证券印度私人有限公司，海通国际株式会社和海通国际证券集团其他各成员单位的证券研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管
2、辖区内从事证券活动。关于海通国际的分析师证明，重要披露声明和免责声明，请参阅附录。(Pleasesee appendix for English translation of the disclaimer)Equity Asia Research2For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 01/美股市场新风向“虚假的人
3、工智能能源危机”带动美股市场新风向“虚假的人工智能能源危机”带动哪些新的机遇与挑战？哪些新的机遇与挑战？02/高增熄火的美股高增熄火的美股AI电力行情新一轮机遇在何处电力行情新一轮机遇在何处?03/SMR行情持续性及长期性的关键在哪里？行情持续性及长期性的关键在哪里？04/中国电力设备在美国市场当前看增长空间到底还有中国电力设备在美国市场当前看增长空间到底还有多大；多大；05/天然气工业品为何能在川普执政期间成为新的强势天然气工业品为何能在川普执政期间成为新的强势增长赛道？增长赛道？06/2025全球工业领域的新机遇在哪些子板块？全球工业领域的新机遇在哪些子板块？目录目录mXjVpOtRtQr
4、MoQaQbP7NpNqQnPsPeRpPmOjMnPtO8OpPvMNZpMtNuOrRvM3For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 美股市场新风向“虚假的人工智能能源危机”带美股市场新风向“虚假的人工智能能源危机”带动哪些新的机遇与挑战？动哪些新的机遇与挑战？For full disclosure of risk
5、s,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 美国数据中心市场规模庞大，发展成熟且占据全球领先地位；相比之下，预期2025年中国数据中心市场规模仅为美国市场的1/5。东南亚数据中心市场以马来西亚为主。中、美、东南亚数据中心对比中、美、东南亚数据中心对比资料来源：资料来源：Mordor Intelligence，HTI图：数据中心市场规模（千兆瓦）图：数据中心市场规模（千兆瓦）
6、资料来源：资料来源：Mordor Intelligence，HTI图：数据中心市场规模（亿美元）图：数据中心市场规模（亿美元）4.3 4.9 5.6 6.3 7.2 8.3 20.4 21.4 22.5 23.7 24.9 26.1 202520262027202820292030中国美国40 48 57 68 81 97 240 264 291 320 352 387 202520262027202820292030中国美国东南亚五国数据中心机会指数东南亚五国数据中心机会指数2024年排名2023年排名国家数据中心容量常年增长(千兆瓦)2025年经济增长预测1 1 大马0.429 5.50%
7、2 2 印尼0.093 5.20%3 5 泰国0.031 3.50%4 4 菲律宾0.001 7.50%5 3 越南0.003 7.00%4For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 2035年全球每天使用大模型推理次数年全球每天使用大模型推理次数200每个推理生成的平均令牌数每个推理生成的平均令牌数500一个令牌约为3
8、/4文字平均令牌所需平均令牌所需FLOP1.5E+15结合GPT4、DeepSeek R1等模型每秒每秒FP8 FLOPs B100等效等效服务器需求服务器需求7.2E+16AI机架功耗机架功耗（kW）705个 服务器（8 GPU）FLOP利用率利用率50%硬件正常运行时间硬件正常运行时间99%在一系列模型假设条件下，至2035年AI对于美国的增量电力需求将达到789TWh，年复合增长率14.17%。AI数据中心电力需求数据中心电力需求图：图：AI能源需求的代际提升能源需求的代际提升资料来源资料来源：HTIHTI测算测算英伟达服务器能耗英伟达服务器能耗年年服务器服务器性能性能(INT8/FP8
9、 TOPS)能耗能耗(W)性能性能/能耗能耗(TOPS/W)每代服务器提升比每代服务器提升比例例(%)2024B200 DGX720001430051.6x2022H100 DGX32000102003.12.0 x2020A100 DGX1000065001.54.6x图：图：AI数据中心用电需求假设条件数据中心用电需求假设条件对比对比GoogleGPT3GPT4R1单次使用耗电量均值预估(kWh)0.00030.0030.0050.0003资料来源资料来源：HTIHTI测算测算1.73E+141230亿亿次次730 5For full disclosure of risks,valuati
10、on methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 01002003004005006007008009001000202420282035在一系列模型假设条件下，至2035年AI对于美国的增量电力需求将达到789TWh，年复合增长率14.17%。AI数据中心电力需求数据中心电力需求资料来源资料来源：DOEDOE，HTIHTI测算测算图：图：AI数据中心用电需求模型（性能提升情景）数据中心用电需求模
11、型（性能提升情景）考虑考虑服务服务器单器单位性位性能能能能效提效提升升50%50%图：图：AI数据中心用电需求模型数据中心用电需求模型推理次数推理次数200亿次 电源转换所需能源（电源转换所需能源（GW）14需要需要B200等效服务器（万台）等效服务器（万台）482.25 照明所需能源（照明所需能源（GW）3需要需要 AI 服务器机架（万台）服务器机架（万台）96.45 冷却所需能源（冷却所需能源（GW）60AI 机架所需功率机架所需功率（GW）68 AI数据中心所需能源总量（数据中心所需能源总量（GW）145性能提升情景性能提升情景-AI 数据中心所数据中心所需的总功率需的总功率（GW）43
12、 性能提升情景性能提升情景-年耗电量年耗电量（TWh）375资料来源资料来源：HTIHTI测算测算1230亿次亿次4799617737816638912891472024年全球数据中心用电量预计（TWh）5002035年的AI增量电力需求（TWh）789复合年增长率（2024-2035E）-全球8.99%8.99%2024年美国数据中心用电量（TWh）2102035年美国AI数据中心的集中度70%2035年美国AI增量电力需求（TWh）692复合年增长率（2024-2035E）-美国14.17%14.17%2028年美国AI数据中心的集中度70%2028年美国AI增量电力需求（TWh）100复
13、合年增长率（2024-2028E）-美国10.23%10.23%美国能源部预测美国能源部预测28E CAGR 范围为范围为13%-27%第一阶段第一阶段第二阶段第二阶段6For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 特朗普政府延续其支持传统能源和放松环保管制的政策，高能耗行业在较强关税保护与补贴下扩张。预计预计美国美国至至
14、2028年再年再工业工业化化电力需求或新增电力需求或新增 30-50TWh，至至2035年或新增年或新增150-200 TWh。图：美国图：美国再工业化行业再工业化行业美国再工业化电力需求美国再工业化电力需求资料来源资料来源：HTI类型类型细分细分能源密集型产业钢铁、化工、炼油本土供应链重建半导体、电池、关键矿产加工传统基建项目公路、港口、制造业园区图：美国图：美国再工业化再工业化资料来源资料来源：X Screengrab，HTI7For full disclosure of risks,valuation methodologies and target price formation on
15、 all HTI rated stocks,please refer to the latest full report on our website at 需求测算：数据中心新增电力需求需求测算：数据中心新增电力需求图：装机需求（图：装机需求（GWGW）测算）测算图：图：相较于相较于20232023年预测，年预测，20352035年年数据中心新增数据中心新增各类装机需求（各类装机需求（GWGW）资料来源资料来源：EIA,NREL,HTI测算测算资料来源资料来源：EIA,HTI测算测算风电风电光伏光伏天然气天然气核电核电20352035年数据中心新增电力需年数据中心新增电力需求（求（GWGW）
16、102.9数据中心容量由新能源提供数据中心容量由新能源提供比例比例50%40%10%占比占比15%35%40%10%稳定能耗需求（稳定能耗需求（GWGW）15364110负载因子负载因子0.340.220.540.95新增装机新增装机(GW)GW)451647611单位成本单位成本（美元（美元/KW/KW）1,3621,05092511,000投资金额预测投资金额预测（亿美元）（亿美元）6181,7197051,191投资金额总计投资金额总计（亿美元）（亿美元）4,233.73 风电风电光伏光伏天然气天然气核电核电50 95 45 -50 100 15020232035110 274 164
17、-100 200 3002023203545 121 76 -50 100 1502023203510 21 11 5 10 15 20 25202320358For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at AI数据中心发展对燃气轮机的需求测算数据中心发展对燃气轮机的需求测算美国历年燃气轮机年均新增装机不及5GW，几乎无增长
18、2025-2035年，总需求复合增速为9.1%，其中AI数据中心发展推动的燃气轮机装机需求复合增速为14.2%图：美国例年联合循环燃气轮机新装机量图：美国例年联合循环燃气轮机新装机量资料来源资料来源：EIA，HTI图：图：2025-2035年燃气轮机年燃气轮机装机预测（装机预测（GW）资料来源资料来源：HTI测算测算图：图：2025-2035年美国年美国DC备用电源柴油备用电源柴油vs 燃气轮机占比预测燃气轮机占比预测0510152020252026202720282029203020312032203320342035其他发电装机需求DC发电侧需求DC备用电源需求0%100%柴油发电机占比燃
19、气轮机占比9For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at AI数据中心发展对燃气轮机的需求测算数据中心发展对燃气轮机的需求测算2004年至2024年燃气轮机PPI年均复合增速接近2%，预计未来燃气轮机价格保持温和上涨2025-2035年，燃气轮机总需求投资规模年均复合增速为9.1%，其中AI数据中心相关的投资规模年均复合增
20、速为14.2%图图：2002-2024年生产者出厂价格指数：燃气轮机年生产者出厂价格指数：燃气轮机资料来源资料来源：U.S.Bureau of Labor Statistics，HTI表表：2025-2035年美国燃气轮机投资规模预测（亿美元）年美国燃气轮机投资规模预测（亿美元）资料来源资料来源：HTI测算测算其他发电装机需求其他发电装机需求 DCDC发电侧需求发电侧需求 DCDC备用电源需求备用电源需求总规模总规模DCDC需求需求CAGR2025CAGR2025-20352035总需求总需求CAGR2025CAGR2025-20352035202539.019.79.968.514.2%9.
21、1%202640.222.511.374.0202741.425.712.879.9202842.629.414.786.7202943.933.516.894.2203045.238.319.1102.7203146.643.821.9112.2203248.050.025.0123.1203349.557.228.6135.3203451.065.332.7149.0203552.574.637.3164.510For full disclosure of risks,valuation methodologies and target price formation on all HTI
22、 rated stocks,please refer to the latest full report on our website at 燃气轮机受益企业对比：GE Vernova、Siemens Energy、Mitsubishi Heavy Industries资料来源资料来源：公司公告：公司公告,HTIHTI*注：注：1 1、为对比各公司燃气轮机的经营情况，选取各公司披露口径中接近业务经营盈利水平指标、为对比各公司燃气轮机的经营情况，选取各公司披露口径中接近业务经营盈利水平指标2 2、GE Vernova、Mitsubishi Heavy Industries在在20242024财年
23、的指标为预测数值财年的指标为预测数值3 3、Siemens Energy前后统计口径略有差异，详情可查看公司公告前后统计口径略有差异，详情可查看公司公告图：燃气轮机业务经营利润率对比图：燃气轮机业务经营利润率对比 FY2021-FY2024图：图：各公司燃气轮机业务对总收入贡献各公司燃气轮机业务对总收入贡献FY2023FY2024燃气轮机相关业务经营利润率均接近10%，GeV燃气轮机业务盈利能力领先3家公司中，GeV的燃气轮机相关业务收入对公司总收入贡献最大，达52%52%35%16%0%10%20%30%40%50%60%GE VernovaSiemens EnergyMitsubishi
24、Heavy Industries资料来源资料来源：公司公告：公司公告,HTIHTI9.9%11.7%4.53%4.89%9.48%9.46%5.22%4.89%8.03%10.29%0%2%4%6%8%10%12%14%2021202220232024GE VernovaSiemens EnergyMitsubishi Heavy Industries11For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to t
25、he latest full report on our website at SMR：市场规模增速测算市场规模增速测算资料来源资料来源：IAEA，HTI*Note:High2 is a forecast based on the IAEA,combined with an optimistic forecast under the premise of high growth demand for AI data centers in the United States图图：全球核电装机预测（：全球核电装机预测（GWe）SMR商用装机容量规模2030-2050年将从1GWe爆发增长至122.
26、25 GWe，年平均新增装机容量6.11 GWe，复合增速为27.16%。3724617069500161122.250200400600800100020232030E2040E2050EWorld Nuclear Power TotalSMR Total图图：全球核电装机预测（：全球核电装机预测（GWe）20232030E2040E2050EWorld Nuclear Power Total372461706950SMR Total0161122.2512For full disclosure of risks,valuation methodologies and target pric
27、e formation on all HTI rated stocks,please refer to the latest full report on our website at 美国电网投资：输电侧测算美国电网投资：输电侧测算不增加电网建设带动电力供应短缺风险。我们预计2025-2035年由AI数据中心带动的输电投资增加约100亿美金，每年新增约10亿美元。-200 400 600 800 1,000 1,200 1,400 1,600 1,800输电投资额（亿美元）输电投资额（亿美元）配电投资额（亿美元）配电投资额（亿美元）图：美国电网投资额图：美国电网投资额资料来源资料来源：EIA
28、,HTI测算测算图：美国图：美国10年电力需求及基准天气条件下美国未来潜在的电力供应短缺问题年电力需求及基准天气条件下美国未来潜在的电力供应短缺问题资料来源资料来源：NERC,HTI13For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 美国电网投资：输电侧测算美国电网投资：输电侧测算输电投资分拆：新建设线路占比30%，线路升级
29、改造30%，变电站建设40%。图：美国输电投资拆分图：美国输电投资拆分资料来源资料来源：HTI测算测算图：美国未来输电线路里程图：美国未来输电线路里程100 kV规划（按项目状态）及美国跨区域输电线路规划（按项目状态）及美国跨区域输电线路资料来源资料来源：NERC,HTI年份年份/亿美元亿美元新建线路新建线路线路升级线路升级 变电站建设变电站建设 输电投资额输电投资额2020104 75 81 260 2021100 73 78 250 202295 69 73 237 2023108 78 84 270 2024E117 85 91 293 2025E127 92 99 318 2026E1
30、38 100 107 345 2027E150 109 116 374 2028E162 118 126 406 2029E176 128 137 440 2030E191 139 148 478 2031E207 150 161 519 2032E225 163 174 563 2033E244 177 189 610 2034E265 192 205 662 2035E287 208 223 719 14For full disclosure of risks,valuation methodologies and target price formation on all HTI rat
31、ed stocks,please refer to the latest full report on our website at 美国电网投资：输电侧测算美国电网投资：输电侧测算线路设计、电压等级等因素影响设备成本在输电投资中的比例。图：输电线路及变电站设备拆分图图：输电线路及变电站设备拆分图资料来源资料来源：NERC,HTI图：变电站设备成本占比图：变电站设备成本占比0%10%20%30%40%50%60%变压器变压器断路器断路器开关设备开关设备控制和保护系统控制和保护系统变电站建设变电站建设辅助系统辅助系统安装、测试和调试安装、测试和调试资料来源资料来源：HTI15For full d
32、isclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 美国电网投资：相应公司显著受益于增速提升美国电网投资：相应公司显著受益于增速提升我们认为2030年后超高压建设占比提升。2024-2035年高压侧设备市场规模预计。图：美国图：美国MISO区输电线路按电压等级分建设时间预期区输电线路按电压等级分建设时间预期图：图：高压侧设备市场规模预估高压侧设备市
33、场规模预估投资额（亿投资额（亿美金）美金）总计总计=500 kV2024-2030E2,708 1,895.38 162.46 541.54 108.31 2030-2035E3,220 1,609.86 257.58 1,030.31 321.97 资料来源资料来源：MISO,HTI测算测算单位：亿美元单位：亿美元市场规模2024年预估市场规模2025-2030E市场规模2030-2035E年复合增长率2025-2030E年复合增长率2030-2035E变压器变压器25276.16 350.34 8.70%10.06%断路器断路器989.48 111.99 6.92%9.76%开关设备开关设
34、备21231.07 285.35 7.42%9.46%变电站变电站86839.38 998.12 5.04%6.77%电网解决方案电网解决方案1251,083.08 1,287.89 3.70%6.77%资料来源资料来源：HTI测算测算+1.35%+2.83%+2.04%+1.73%+3.07%16For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our
35、website at 我们预计2025-2035年配电侧投资年复合增长率10%，其中新需求对市场规模提高的贡献增加。资料来源资料来源：HTI测算测算图：美国配电投资规模预估及分拆图：美国配电投资规模预估及分拆美国电网投资：配电侧测算美国电网投资：配电侧测算单位：亿美元单位：亿美元市场规模2024年预估市场规模2025-2030E市场规模2030-2035E年复合增长率2025-2030E年复合增长率2030-2035E变压器变压器45529.31 670.10 9.52%10.01%替换需求266.31 308.63 新增需求263.00 361.47 断路器断路器17215.90 283.4
36、0 9.83%10.81%替换需求31.80 30.37 新增需求184.10 253.03 开关设备开关设备55633.02 769.98 8.83%9.13%替换需求238.52 227.77 新增需求394.50 542.21 图：图：美国配电美国配电设备市场规模预估设备市场规模预估资料来源资料来源：HTI测算测算年份年份/亿美元亿美元线路更新线路更新维护维护新线路新线路资本支出资本支出终端客户终端客户费用费用配电投资额配电投资额2020162 199149 5102021170 203207 5802022178 207128 5132023186 211174 5712024E195
37、 243 190 628 2025E205 279 207 691 2026E215 321 224 760 2027E226 369 241 836 2028E237 424 258 920 2029E249 471 291 1,012 2030E262 523 328 1,113 2031E275 580 369 1,224 2032E289 644 414 1,346 2033E303 715 463 1,481 2034E318 794 517 1,629 2035E334 881 577 1,792+0.49%+0.98%+0.30%17For full disclosure of
38、risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 美国电网投资：相应公司显著受益于增速提升美国电网投资：相应公司显著受益于增速提升公司公司/业务业务电网解电网解决方案决方案大型电力变大型电力变压器压器其他电气其他电气设备设备美国市场整美国市场整体市占率体市占率2024-2030年受年受益板块市场规益板块市场规模（亿美元）模（亿美元）2023年营年营收（亿美收（亿美元）元）
39、较较2023年年营收提升营收提升比例比例广达服务广达服务5%276.16 208.86.04%GEGE VernovaVernova20%1,083.08 332.49.55%现代电气现代电气10%276.16 20.917.64%西门子能源西门子能源20%1,083.08 313.710.07%日立日立25%1,083.08 642.16.40%主要公司受益公司板块及营收提升比例。图：覆盖公司业务布局及图：覆盖公司业务布局及营收提升比营收提升比资料来源资料来源：HTI测算测算18.0%9.8%10.3%6.6%6.2%0.0%5.0%10.0%15.0%20.0%现代电气GEV西门子能源日立
40、广达服务18For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at AI数据中心建设成本中，各类非IT设备占成本比重视数据中心规模差异而定。资料来源资料来源：TechPowerUp,HTI图：图：AIAI数据中心对电气机械设备成本占比拆分数据中心对电气机械设备成本占比拆分AI数据中心：非数据中心：非IT设备需求规模测算设备需求规模测
41、算变压器：占成本比变压器：占成本比3-5%开关设备，占成本比开关设备，占成本比2-5%断路器，占成本比断路器，占成本比1-2%备用电源，占成本比备用电源，占成本比1-3%PDU：占成本比：占成本比5-10%RPP：占成本比：占成本比3-7%电源架：占成本比电源架：占成本比5-10%UPS：占成本比：占成本比10-15%19For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full re
42、port on our website at AI数据中心建设数据中心建设成本中中，各类非各类非IT设备占成本比重视数据中心规模差异而定设备占成本比重视数据中心规模差异而定。图：图：AI数据中心算力需求预测数据中心算力需求预测AI数据中心：非数据中心：非IT设备需求规模测算设备需求规模测算图：图：AI数据中心电气机械设备的增量需求数据中心电气机械设备的增量需求资料来源资料来源：HTI测算测算资料来源资料来源：HTI测算测算单位：亿美元单位：亿美元成本占比成本占比市场增量规模市场增量规模2024-2035E年均占目前年均占目前市场规模比重市场规模比重2023年全球年全球市场规模市场规模年复合年复
43、合增长率增长率UPS12%1,544.00 115%121.826.84%备用电源备用电源2%257.33 71%33.121.83%PDU7%900.67 217%37.833.91%RPP4%514.67 347%13.539.56%电源架电源架7%900.67 140%58.528.95%变压器变压器3%386.00 6%5904.68%断路器断路器1%128.67 6%181.84.99%开关设备开关设备3%386.00 4%9463.16%机架需求（万台）机架需求（万台）193单台价值量（美元）单台价值量（美元）200,000 机架成本占比机架成本占比30%总规模（亿美元）总规模（亿
44、美元）3,858 AI数据中心建设成本数据中心建设成本2035年（亿美元）年（亿美元）128602035年平均每天推理次数年平均每天推理次数800亿次需要需要B200等效服务器（万台）等效服务器（万台）965需要需要 AI 服务器机架（万台）服务器机架（万台）193AI 机架所需功率机架所需功率（GW）136每个推理生成的平均令牌数每个推理生成的平均令牌数500每个令牌的每个令牌的FLOP7.5E+14 每秒每秒FP8 FLOPs 服务器需求服务器需求7.2E+16FLOP利用率利用率0.5硬件正常运行时间硬件正常运行时间0.9920For full disclosure of risks,v
45、aluation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at AI数据中心建设数据中心建设成本中中，热管理设备占总成本的热管理设备占总成本的15%左右左右。图：图：AI数据中心算力需求预测数据中心算力需求预测AI数据中心：热管理及机架市场规模测算数据中心：热管理及机架市场规模测算图：图：AI数据中心热管理设备的增量需求数据中心热管理设备的增量需求资料来源资料来源：HTI测算测算资料来源资料来源：H
46、TI测算测算2035年平均每天推理次数年平均每天推理次数1230亿次需要需要B200等效服务器等效服务器479万台需要需要 AI 服务器机架服务器机架96万台AI 数据中心所需的总功率数据中心所需的总功率（GW）147每个推理生成的平均令牌数每个推理生成的平均令牌数730每令牌的每令牌的FLOP(GPT&DEEPSEEK&蒸馏模型平均蒸馏模型平均)1.73E+14每秒需要的每秒需要的FLOP4.50E+23FLOP利用率利用率0.5硬件正常运行时间硬件正常运行时间0.99机架需求（万台）机架需求（万台）96单台价值量（美元）单台价值量（美元）400,000 机架成本占比机架成本占比30%总规模
47、（亿美元）总规模（亿美元）3,831 AI数据中心建设成本数据中心建设成本2035年（亿美元）年（亿美元）12769单位：亿美元单位：亿美元成本占比成本占比市场增量规模市场增量规模2024-2035E2023年全球市年全球市场规模场规模年复合增长率年复合增长率冷水机组冷水机组7%844.1349.6830.05%精密空调精密空调5%539.0899.3618.43%冷却塔冷却塔3%366.5016.5633.05%21For full disclosure of risks,valuation methodologies and target price formation on all HT
48、I rated stocks,please refer to the latest full report on our website at AI数据中心相关非IT设备主要受益公司。AI数据中心：非数据中心：非IT设备需求规模测算设备需求规模测算公司公司/业务业务UPSUPS变压器、变压器、开关等设开关等设备备PDUPDU电源架电源架备用电源备用电源市占率预市占率预估估2024-2030年年受益板块市受益板块市场规模（亿场规模（亿美元）美元）2023年年营收营收（亿美元）（亿美元）较较2023年年营收提升营收提升比例比例伊顿伊顿25%2,777 23229.95%施耐德施耐德20%2,777
49、 35920.48%VertivVertiv20%1,426 7837.87%三菱电机三菱电机5%1,051 3472.46%鲍威尔工鲍威尔工业业5%150 715.17%卡特彼勒卡特彼勒40%257 6712.49%NVENT15%1,021 3267.26%图：覆盖公司业务布局及营收提升比图：覆盖公司业务布局及营收提升比资料来源资料来源：HTI测算测算29.79%20.36%37.69%2.44%15.17%2.48%7.24%0.00%5.00%10.00%15.00%20.00%25.00%30.00%35.00%40.00%2223For full disclosure of ris
50、ks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 高增熄火的美股高增熄火的美股AI电力行情新一轮机遇在何处？电力行情新一轮机遇在何处？For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the
51、 latest full report on our website at AI能耗：美国潜在核电及天然气发电能耗：美国潜在核电及天然气发电Colocation可能性可能性资料来源资料来源：JLL,EIA,HTI可优先实现共址供电的核电容量为8GW，其中PJM为5GW结合各地环保政策，可优先实现共址供电的天然气发电容量估算为5GW，其中PJM为2GW图：美国核电共址可能性测算图：美国核电共址可能性测算资料来源资料来源：Cushman&Wakefield,FERC，HTI图：美国核电及天然气共址测算图：美国核电及天然气共址测算24For full disclosure of risks,valu
52、ation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 公司目前在美国运营10.7 GW的多元电力资产，其中2.2GW为零碳的核能。Susquehanna 核电站旁的Cumulus Data Center Campus 以6.5亿美元被出售给AWS，双方签订长期共址协议。Talen Energy：核电共址先锋，与科技巨头强绑定：核电共址先锋，与科技巨头强绑定图：图：公司公司2020-2024Q3营
53、收及同比（百万美元，营收及同比（百万美元，%）图：图：公司公司2020-2024Q3归母净利及同比（百万美元，归母净利及同比（百万美元，%）资料来源资料来源：公司公告，：公司公告，HTI资料来源资料来源：公司公告：公司公告,HTI25For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 低成本电价叠加一体化服务，吸引大型工业和数据
54、中心合作项目调整后的EPS盈利指引中枢持续抬升Entergy：综合型电力公司，充分受益于：综合型电力公司，充分受益于AI数据中心发展及工业回流数据中心发展及工业回流图：图：公司公司2020-2024Q3营收及同比（百万美元，营收及同比（百万美元，%）图：图：20242024-20282028调整后调整后EPS指引区间指引区间资料来源资料来源：公司公告：公司公告,HTI资料来源资料来源：公司公告：公司公告,HTI2627For full disclosure of risks,valuation methodologies and target price formation on all HT
55、I rated stocks,please refer to the latest full report on our website at SMR行情持续性及长期性的关键在哪里？行情持续性及长期性的关键在哪里？For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at SMR：特朗普政府上任、特朗普政府上任、SMR技术审批和政府技术
56、审批和政府资金落地时间将近资金落地时间将近资料来源资料来源：公司官网：公司官网,HTINuScale Power提交了77 MWe级小型堆标准化设计认证申请，NRC将在2025年7月31日前发布最终安全评估报告。2024年10月，美国能源部宣布将提供高达9亿美元的资金，支持第三代+SMR技术的初期部署，预计2025年上半年落地。特朗普政府公开支持SMR，新一届能源部门及政府核心团队成员对SMR认同度预计较高。图：图：NuScale Power公司提交的公司提交的77 Mwe SMR资料来源资料来源：美通社美通社,HTI图：彼得图：彼得泰尔与马斯克创办泰尔与马斯克创办Paypal2829For
57、full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 天然气及其工业品为何能在川普执政期间成为新天然气及其工业品为何能在川普执政期间成为新的强势增长赛道？的强势增长赛道？For full disclosure of risks,valuation methodologies and target price formation on al
58、l HTI rated stocks,please refer to the latest full report on our website at 美国天然气：天然气需求端拆解美国天然气：天然气需求端拆解资料来源资料来源：EIA,Bloomberg,HTI测算测算图：天然气需求端拆解图：天然气需求端拆解202220232024E2023 yoy growthC-Corp20,698 24,066 21,896 16.3%Enbridge4,375 4,393 4,475 0.4%TC Energy7,808 9,110 5,233 16.7%Kinder Morgan1,621 2,317
59、 2,831 42.9%Williams Co2,253 2,516 2,620 11.7%Pembina Pipeline465 449 913-3.4%Oneok1,202 1,595 2,033 32.7%Targa Resources1,540 2,385 2,966 54.9%Keyera689 249 168-63.9%DT Midstream338 772 374 128.4%Antero Midstream299 184 162-38.5%Gibson Energy108 97 120-10.2%MLPs7,337 8,842 10,995 20.5%Enterprise Pr
60、oducts1,964 3,266 4,293 66.3%Energy Transfer3,381 3,134 3,957-7.3%MPLX806 937 1,060 16.3%Western Midstream487 735 780 50.9%Hess Midstream232 246 282 6.0%Plains All American467 524 623 12.2%Total28,035 32,908 32,891 17.4%图：中游公司资本开支情况图：中游公司资本开支情况预期出口端由LNG出口拉动(+16.1 Bcf/d)，消费端主要由电力消费(+8.4 Bcf/d)和工业消费(+
61、2.9 Bcf/d)拉动。2023A2030E2023A-2030E增量增量2023A-2030E CAGR总消费总消费(Bcf/d)89.4 101.6 12.2 1.8%居民消费12.4 12.6 0.2 0.2%商业消费9.2 9.5 0.3 0.5%工业消费23.4 26.3 2.9 1.7%电力消费35.5 43.9 8.4 3.1%租赁及植物燃料消费5.4 5.6 0.2 0.5%管道及运输消费3.4 3.5 0.1 0.4%机动车消费0.2 0.2-0.0%进出口进出口(Bcf/d)-12.8-29.6-16.8 12.7%LNG净进口-11.9-28.0-16.1 13.0%管
62、道净进口-0.9-1.6-0.7 8.6%30For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 标的更新：天然气需求带动的盈利增长预测标的更新：天然气需求带动的盈利增长预测资料来源资料来源：Wind,HTI测算；注：公司估值日期截至测算；注：公司估值日期截至2025/2/7；红色表示当前估值，橙色代表；红色表示当前估值，橙色代
63、表2025E估值估值天然气需求将为相应产业链公司带来新的收入增量，按照现有市场份额及业务比例，我们测算KMI，TRGP及WMB在2023-2030E收入的复合增速分别可达11.96%，8.34%及12.98%。图：天然气需求所带来盈利增长图：天然气需求所带来盈利增长图：图：KMI,TRGP及及WMB的企业估值倍数的企业估值倍数051015202015-022017-022019-022021-022023-022025-02 EV/EBITDA平均值-1标准差+1标准差51525352015-022017-022019-022021-022023-022025-02 EV/EBITDA平均值公
64、司名称公司名称Kinder MorganTarga ResourcesWilliams受益板块天然气运输 天然气运输NGL市场天然气运输NGL市场2023-2030E市场规模增量（百万美元）46,217 46,217 25,305 46,217 21,242 市占率40%19%14%30%4%至2030E分业务收入增量（百万美元）18,487 8,655 3,416 13,865 850 至2030E公司整体收入增量（百万美元）18,487 12,071 14,715 2021年收入（百万美元）16,610 16,950 10,627 2022年收入（百万美元）19,200 20,930 10
65、,965 2023年收入（百万美元）15,334 16,060 10,907 2030E收入（百万美元）33,821 28,131 25,622 23-30E收入复合增速（百万美元）11.96%8.34%12.98%2021年扣非后归母净利（百万美元）1,784 82 1,517 2022年扣非后归母净利（百万美元）2,548 1,196 2,049 2023年扣非后归母净利（百万美元）2,319 1,346 2,516 5101520252016-022018-022020-022022-022024-02 EV/EBITDA平均值-1标准差+1标准差3132For full disclos
66、ure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 2025全球工业领域的新机遇在哪些子板块？全球工业领域的新机遇在哪些子板块？For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer
67、to the latest full report on our website at Original Equipment（原始设备）与（原始设备）与After Market（维修）市场机会并存（维修）市场机会并存资料来源资料来源：CiriumCirium,IATA,IATA，HTIHTI我们认为2025年在航空航天领域，OE与AM市场都有机会，但OE市场的机会更大。图图1 1：航空航天领域商业交付的长期发展航空航天领域商业交付的长期发展8,6882,9743,6235,9738,1729,0919,814-80-60-40-2002040608001,0002,0003,0004,0005
68、,0006,0007,0008,0009,00010,000201920202021202220232024E2025E%change YoYRPK（bn）图图2 2：全球收入客公里数增长全球收入客公里数增长33For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 挖掘机会挖掘机会Howmet Aerospace（US HWM）资
69、料来源资料来源：WindWind，HTI具体到公司，我们看好Howmet Aerospace，有以下几个原因图图4：10年区间企业倍数估值年区间企业倍数估值图图5：股价表现股价表现05101520253035402016-10-182017-10-182018-10-182019-10-182020-10-182021-10-182022-10-182023-10-182024-10-18EV/EBITDAAverage-1标准差+1标准差0204060801001201401602016-10-182017-10-182018-10-182019-10-182020-10-182021-10
70、-182022-10-182023-10-182024-10-18Stock price($)34For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 展望展望2025市场市场资料来源资料来源：IATAIATA，HTI航空航天是一个长周期行业，我们相信2025年将是未来多年复苏的又一个早期年份据我们测算，供需有望在2029-203
71、0年逐步趋于平衡图图6：RPK（收入客公里数）与（收入客公里数）与ASK（可提供客公里数）历史与未来展望（可提供客公里数）历史与未来展望表表3：近期、中期、长期供需预测近期、中期、长期供需预测我们假设，近期产能提升7-10%由于供应链逐步恢复，中期5-10%来自产能稳步提升，长期7-10%规模效应显现。总需求的计算是来自于每年1,400架的替换需求以及IATA测算的全年航空客运量年增长4.5%，同时考虑载客率提升得到3.5%，乘上现有机队基数25,000架，考虑部分替换延后。35APPENDIX 1SummaryTOC Market:Gold and copper lead the rise,
72、trend likely to continue.Performance:Leading copper and aluminum corporations show great flexibility,gold sector profits improving.Sub-sectors:Emphasize on aluminum and copper,stick with gold.Risk warning.36APPENDIX 2重要信息披露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 L
73、imited(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 DISCLOSURESThis research report is distributed by Haitong International,a global brand name for the equity research teams of Haitong International Research Limited
74、(“HTIRL”),Haitong Securities India Private Limited(“HSIPL”),Haitong International Japan K.K.(“HTIJKK”),Haitong International Securities Company Limited(“HTISCL”),and anyother members within the Haitong International Securities Group of Companies(“HTISG”),each authorized to engage in securities activ
75、ities in its respectivejurisdiction.HTIRL分析师认证分析师认证Analyst Certification:我，杨斌，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3个工作日内交易此研究报告所讨论目标公司的证券。I,Bin Yang,certifythat(i)the views
76、expressed in this research report accurately reflect my personal views about any or all of the subject companies or issuers referred to in thisresearch 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 resear
77、chreport;and that I(including members of my household)have no financial interest in the security or securities of the subject companies discussed.I and myhousehold,whom I have already notified of this,will not deal in or trade any securities in respect of the issuer that I review within 3 business d
78、ays after the researchreport is published.37我，毛琼佩，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3个工作日内交易此研究报告所讨论目标公司的证券。I,Olivia Mao,certify that(i)the views expressed in this researc
79、h report accurately reflect my personal views about any or all of the subject companies or issuersreferred 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 viewsexpressed in this research report;and that I(inclu
80、ding members of my household)have no financial interest in the security or securities of the subjectcompanies 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 Ireview within 3 business days after the research rep
81、ort is published.APPENDIX 2APPENDIX 2利益冲突披露利益冲突披露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-D）HTI and some of its affiliates may engage in investment banking and/or serve as a market maker or hold proprie
82、tary trading positions of certain stocks orcompanies in this research report.As far as this research report is concerned,the following are the disclosure matters related to such relationship(As the followingdisclosure does not ensure timeliness and completeness,please send an email to ERD-D if timel
83、y and comprehensive information is needed).No Disclosure39APPENDIX 2评级定义评级定义（从从2020年年7月月1日开始执行日开始执行）：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。分析师股票评级分析师股票评级优于大市优于大市，未来12-18个月内
84、预期相对基准指数涨幅在10%以上，基准定义如下中性中性，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：日本各地股票基准指数：日本 TOPIX,韩国韩国 KOSPI,台湾台湾 TAIEX,印度印度 Nifty100,美国美国 SP500;其他所有中国概念股其他所有中国概念股 MSCI China.Ratings Definitions(from 1 Jul 2020):Haitong Internationa
85、l uses a relative rating system using Outperform,Neutral,or Underperform for recommending the stocks we cover to investors.Investors shouldcarefully read the definitions of all ratings used in Haitong International Research.In addition,since Haitong International Research contains more completeinfor
86、mation concerning the analysts views,investors should carefully read Haitong International Research,in its entirety,and not infer the contents from the ratingalone.In any case,ratings(or research)should not be used or relied upon as investment advice.An investors decision to buy or sell a stock shou
87、ld depend on individualcircumstances(such as the investors existing holdings)and other considerations.Analyst Stock RatingsOutperform:The stocks 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 stocks total
88、 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.Forpurposes only of FINRA/NYSE ratings distribution rules,our Neutral rating falls into a hold rating category.Underperform:The stocks total return over the next 12-
89、18 months is expected to be below the return of its relevant broad market benchmark,as indicated below.Benchmarks for each stocks listed region are as follows:Japan TOPIX,Korea KOSPI,Taiwan TAIEX,India Nifty100,US SP500;for all other China-conceptstocks MSCI China.40APPENDIX 2评级分布评级分布Rating Distribu
90、tion41APPENDIX 2截至截至2024年年12月月31日日海通国际股票研究评级分布海通国际股票研究评级分布优于大市优于大市中性中性弱于大市弱于大市(持有持有)海通国际股票研究覆盖率91.9%7.6%0.4%投资银行客户*2.1%2.2%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此前的评级系统定义（直至直至2020年年9月月30日日）：买入买入，未来12-18个月内预期相对基
91、准指数涨幅在10%以上，基准定义如下中性中性，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：日本各地股票基准指数：日本 TOPIX,韩国韩国 KOSPI,台湾台湾 TAIEX,印度印度 Nifty100;其他所有中国概念股其他所有中国概念股 MSCI China.Haitong InternationalEquity Research Ratings Distribution,as of December 31,2
92、024OutperformNeutralUnderperform(hold)HTI Equity Research Coverage91.9%7.6%0.4%IB clients*2.1%2.2%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
93、 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 notincluded in the table above.Previous rating system definitions(until 30 Jun 2020):BUY:The stocks total return over the next 12-18 months is expect
94、ed to exceed the return of its relevant broad market benchmark,as indicated below.NEUTRAL:The stocks 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,
95、our Neutral rating falls into a hold rating category.SELL:The stocks 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 stocks listed region are as follows:Japan TOPIX,Korea KOSPI,Taiwan TAIEX,India
96、 Nifty100;for all other China-concept stocks MSCIChina.42APPENDIX 2海通国际非评级研究：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了进行股票评级、提出目标价格或进行基本面估值，而仅供参考使用。Haitong International Non-Rated Research:Haitong International publishes quantitative,screening or short reports
97、which may rank stocks according to valuation andother 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 orfundamental values and are for information only.海通国际海通国际A股覆盖股覆盖：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
98、级。海通证券（600837.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，海通国际使用与海通证券不同的评级系统，所以海通国际与海通证券的中国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 withShanghai and Shenzhen.Haitong Securities(HS;600837 CH)
99、,the ultimate parent company of HTISG based in Shanghai,covers and publishes research on these sameA-Shares for distribution in mainland China.However,the rating system employed by HS differs from that used by HTI and as a result there may be a difference in theHTI and HS ratings for the same A-shar
100、e stocks.海通国际海通国际优质优质100 A股股（Q100）指数指数：海通国际Q100指数是一个包括100支由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:HTIs Q100 Index is a quant product that consists of 100 of the highest-quality A-shares under coverage atHS in S
101、hanghai.These stocks are carefully selected through a quality-based screening process in combination with a review of the HS A-share teams bottom-upresearch.The Q100 constituent companies are reviewed quarterly.43APPENDIX 2盟浪义利盟浪义利（FIN-ESG）数据通免责声明条款：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：第一
102、条 义利（FIN-ESG）数据系由盟浪可持续数字科技有限责任公司（以下简称“本公司”）基于合法取得的公开信息评估而成，本公司对信息的准确性及完整性不作任何保证。对公司的评估结果仅供参考，并不构成对任何个人或机构投资建议，也不能作为任何个人或机构购买、出售或持有相关金融产品的依据。本公司不对任何个人或机构投资者因使用本数据表述的评估结果造成的任何直接或间接损失负责。第二条 盟浪并不因收到此评估数据而将收件人视为客户，收件人使用此数据时应根据自身实际情况作出自我独立判断。本数据所载内容反映的是盟浪在最初发布本数据日期当日的判断，盟浪有权在不发出通知的情况下更新、修订与发出其他与本数据所载内容不一致
103、或有不同结论的数据。除非另行说明，本数据（如财务业绩数据等）仅代表过往表现，过往的业绩表现不作为日后回报的预测。第三条 本数据版权归本公司所有，本公司依法保留各项权利。未经本公司事先书面许可授权，任何个人或机构不得将本数据中的评估结果用于任何营利性目的，不得对本数据进行修改、复制、编译、汇编、再次编辑、改编、删减、缩写、节选、发行、出租、展览、表演、放映、广播、信息网络传播、摄制、增加图标及说明等，否则因此给盟浪或其他第三方造成损失的，由用户承担相应的赔偿责任，盟浪不承担责任。第四条 如本免责声明未约定，而盟浪网站平台载明的其他协议内容（如盟浪网站用户注册协议盟浪网用户服务（含认证）协议盟浪网
104、隐私政策等）有约定的，则按其他协议的约定执行；若本免责声明与其他协议约定存在冲突或不一致的，则以本免责声明约定为准。SusallWave FIN-ESG Data Service Disclaimer:Please read these terms and conditions below carefully and confirm your agreement and acceptance with these termsbefore using SusallWave FIN-ESG Data Service.1.FIN-ESG Data is produced by SusallWave
105、Digital Technology Co.,Ltd.(In short,SusallWave)s assessment based on legal publicly accessible information.SusallWaveshall 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 anyindividual or ins
106、titution 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 anyindividual or institution as a result of using SusallWave FIN-ESG Data.2.SusallWave do not consider recipients as customers for receiving these data
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108、fferent 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.3.The copyright of this data belongs to SusallWave,and we reserve all rights in acco
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112、d according to other agreements.If there isany difference between this disclaim and other agreements,this disclaimer shall be applied.44APPENDIX 2重要免责声明：非印度证券的研究报告：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
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117、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。45APPENDIX 2IMPORTANT DISCLAIMERFor research reports on non-Indian securities:The research report is issued by Haitong International Research Limited(“HTIRL”),a wholly owned subsidiary ofHaitong International
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133、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：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HTISC
134、L销售人员。美国投资者的通知事项：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，HaitongInternational Securities(U
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136、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
137、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.340 Madison Avenue,12th FloorNew York,NY 10173联系人电话：(212)351 605048APPENDIX 2DISTRIBUTION AND REGIONAL NOTICESExcept as otherwise indicated below,any R
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151、351 6050中华人民共和国的通知事项：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：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
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153、ion”）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
154、况下NationalInstrument 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：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
155、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.Ltd10 Collyer Quay,#19-01-#19-05 Ocean Financial Centre,Singapore 049315电话:(65)6713 047350APPENDIX 2日本投资者的通知事项：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”）
156、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：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 SecuritiesCompany 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
157、文或其它语言完成发布。澳大利亚投资者的通知事项：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 InternationalSecurities(UK)Limited分别根据澳大利亚证券和投资委员会（以下简称“ASIC”）第03/1102、03/1103或03/1099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
158、。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：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 IndiaPrivate Limited（“HTSIPL”）所发布，包括制作及发布涵盖BSE Limited（“BSE”）和National Stock Exchange of India Limite
159、d（“NSE”）（统称为印度交易所）研究报告。研究机构名称:Haitong Securities India Private LimitedSEBI 研究分析师注册号:INH000002590地址:1203A,Floor 12A,Tower 2A,One World Center841 Senapati Bapat Marg,Elphinstone Road,Mumbai 400 013,IndiaCIN U74140MH2011FTC224070电话:+91 22 43156800 传真:+91 22 24216327合规和申诉办公室联系人：Prasanna Chandwaskar；电话:+
160、91 22 43156803;电子邮箱:“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”。，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。51APPENDIX 2Peoples 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 theapplicable PR
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