AI应用行业市场前景及投资研究报告：从训练到推理应用可期

从训练到推理：AI的应用可期From

Training

toInference:The

Outlookfor

AIApplications2026年9月1日执行概要AI周期并未结束，价值正在从训练向推理、从Capex向Opex传导。01•

模型层的竞争格局在恶化：国产开源快速突破，海外开源生态加速发展，模型能力差距收窄；头部闭源厂商之间竞争同样加剧，同时面临Token价格下行和客户切换成本降低的压力。•

但模型能力提升与价格下降也在显著改善应用ROI，推动此前不经济的AI场景加速落地。核心仍是需求：二级市场对TAM的判断随股价波动，但编程之后的空间才刚刚打开。•

Coding

agent

=

General

agent：使用编程工具的人员早就不仅仅是程序员了。0203•

传统行业的AI渗透在持续上行：开源的突破和模型性价比的提升在促进传统企业对AI的拥抱。新范式的可能性。•

需持续关注今年neo-labs的加速设立，以及众多行业领袖在不同领域应用的持续深耕。201“御三家”格局不再稳定，Meta与xAI重回牌桌Meta和xAI回到牌桌：Meta与xAI此前出现过较明确的掉队信号，在市场一致认为海外御三家格局稳定的时候，Muse

Spark与Grok证明，充足算力及高质量数据仍能在较短时间内重新拉近模型差距。现阶段更适合将前沿模型市场理解为动态竞赛，而非已经形成稳定、封闭的三强格局。头部闭源竞争格局也在恶化：2026年7月底，OpenAI

宣布大幅下调最新

GPT-5.6

系列部分模型的定价。速度最快、价格最低的

GPT-5.6Luna价格下调

80%，适合日常工作的

GPT-5.6

Terra

价格下调

20%，8月下旬旗舰Sol也进一步开启促销降价。3资料：

Artificial

Analysis、HTI02开源模型快速复现前沿能力，闭源模型壁垒正在松动K3在参数量上远超其他开源模型Inkling

在多项AI能力上接近前沿闭源模型•

开源模型能力在提升，但定价仍激进：Kimi

K3（已接近前沿模型水平）、DeepSeek

V4Pro正式版（头部模型的能力、几十分之一的价格）。•

海外开源生态也在加速：Thinking

Machines

Lab发布的首个通用模型Inkling（能力、价格对标GLM5.2）、Meta

MuseSpark1.2也有开源计划、英伟达目前正积极开发新一代旗舰开源大模型

Nemotron

4（预计至少

1万亿参数、对标全球最顶尖的开放权重模型）。4资料：

Kimi、Thinking

Machines

Lab、Artificial

Analysis、X/Twitter、HTI03杰文斯悖论仍然有效Exponential

View

6月份的报告：•

Token

需求弹性

≈1.2–1.8：价格每降

10%，Token

用量增加

12–18%，

Token

支出仍在上升。•

AI

Token

价格下跌、模型能力提升，加上推理

“思考”消耗更多

Token，共同放大了总需求；以前不经济的场景也变得可行。5资料：

Exponential

View、Google、OpenAI、ByteDance、Epoch、HTI04模型收入斜率放缓，但企业AI渗透仍在早期Anthropic

7月增速斜率放缓美国AI应用渗透率仍在低位（截至2Q26）注：数据来自

GallupWorkforce

Survey（2026年Q2），调查对象为美国18岁以上全职及兼职雇员；通过

GallupPanel进行概率随机抽样及线上问卷调查，季度样本规模约2万+人。6资料：

Gallup、TickerTrendsResearch、HTI05实际投入产出比：ARR追平累计折旧全球模型ARR仍在持续加速模型ARR已覆盖全球AI

Capex带来的累计折旧(USD

bn)Overseasmodel

year-endARR20245.51.05.00.1202521.49.015.00.52026E-Dec80.0OpenAIAnthropicGemini150.040.02.5xAIMistral0.10.41.0Cohere0.00.20.5OverseasTotal11.746.5274.0(USD

bn)Domestic

model

year-endARRAlibabaByteDanceMoonshot

AIKlingDeepSeekZhipuMinimaxDomestic

Total20240.00.0-20250.10.20.00.20.00.30.11.02026E-Dec4.36.31.11.22.02.51.018.4•

2026E全球模型ARR与AI

Capex累计折旧匹配，说明行业收入已--经能够覆盖算力投资的折旧成本0.00.00.1•

2027E累计折旧增速下降，按5年期折旧口径，ARR只需同步增长即可持续覆盖折旧•

2026E全球ARR增速~516%，远超折旧追赶线，AICapex回报担Totalyoy11.8310.4%47.5303.3%292.4515.5%忧可以缓解7资料：公司披露、HTI06编程之后的AI需求已经发生在传统行业编程的场景仍然有渗透空间，二阶导放缓似乎是客观事实•

今天大部分的开发者都在使用AI编程，下一步是持续渗透白领市场。•

速率估计会慢于编程场景，毕竟有多少场景是足够横向/horizontal，以及渗透率提升足够低门槛的。在不去判断市场资金的流向和牛熊的维度，单纯看AI实际需求还在哪些领域发生，我们并不悲观•

7月30日中共中央政治局会议部署下半年经济工作，强调深入实施“人工智能+”行动，发展智能经济新形态，完善人工智能治理体系。•

美国企业

AI

采用率

约20%（Census

BTOS：总样本约120万家企业，每两周调查约20万家，截至2026

年

5月初），仍在稳步爬坡；且S&P500上市公司提到AI

impact的绝对比例也不算高。8资料：央广网、Census

BTOS、SaaSIntelligence、Exponential

View、HTI07AI落地

=Model+Harness；以后软件

=Harness1.

AI应用

≠大模型本身，而是模型+外围系统的组合体•

AI

Application

=Model

+

Harness模型决定上限，Harness决定落地价值•

Model：提供推理、理解与生成能力，是应用的“智能内核”•

Harness：连接模型与真实业务场景，将模型能力转化为可用产品•

单独的

Model

只是通用能力，完整系统才能产生商业价值2.

Harness是激活模型商业价值的操作系统•

Context&Prompt：管理上下文、指令与行为边界•

RAG&Data：接入实时/私域知识，提升准确性与场景适配•

Agent

&Tools：编排工作流、调用API/软件/外部工具3.

构建AI应用的核心竞争力在于Harness工程•

基础模型能力趋于同质化，单纯“选模型/调参数”的差异化下降•

AI应用竞争转向数据、Workflow、Agent编排与系统集成能力•

高质量私域数据

+

深度业务集成

+

持续反馈闭环，构成更持久的应用壁垒9资料：HTI08FDE模式的出现会帮助企业上AI1.

FDE：连接通用模型与真实业务AI

Agent规模化渗透率（按行业×职能）•

Agent规模化以科技、媒体电信领先，金融已深入风控/合规，先进制造已进入供应链、生产等核心流程。•

金融、医疗、能源、先进制造及政府/军工等数据敏感、流程复杂行业，对FDE需求更强。•

FDE深入客户现场，将行业Know-how、私有数据和业务流程固化进Harness，形成“业务使用

→

数据沉淀

→Harness优化

→更多业务接入”的数据飞轮。2.

SovereignAI：模型可外部获取，但控制权必须留在客户手中•

PalantirCEOAlex

Karp强调，企业更关注算力、模型、数据栈和“Alpha”的控制权，本质是数据、模型与决策主权。•

企业无需自研最领先模型，但需避免核心数据、Know-how和Workflow被单一厂商锁定。•

随着模型趋于同质化，壁垒将更多沉淀在客户的数据、Know-how、Workflow与Harness中；FDE负责构建，SovereignAI确保控制权。•

横轴上方：行业（Industry）•

纵轴左侧：业务职能（Business

Function）•

数值及颜色深浅

=

AI

Agent已进入规模化阶段的受访者比例（%）10资料：McKinsey、CNBC

SquawkBox、HTI09白领的渗透或许是生态的竞争白领的Harness就是办公入口，我们已经看到上一代办公产品和下一代AI白领场景入口的融合，未来只会加速WorkBuddy领跑AI办公智能体：PC

端MAU达1,115万，7月环比增长304%•

字节正在加速AI与办公入口融合：飞书产品团队与豆包整合、GTM并入火山引擎To

B体系，同时豆包企业版原生接入文档、表格、会议、群聊等高频办公场景。•

腾讯WorkBuddy近期同样势头较强，进一步验证大厂正在将通用Agent与既有办公生态、企业客户体系深度结合。•

背后的核心是：白领Agent的竞争将逐步走向“谁占据工作入口、掌握企业Context与Workflow”，模型能力本身的重要性相对下降。11资料：AI产品榜、36氪、IT之家、澎湃新闻、HTI10下个阶段：持续关注neo-labs从GPT

moment开始算，AI叙事已经经历了三年，但底层仍然有很多科学问题。我们持续stay

hungryandstay

foolish。顶级AI人才持续创业，前沿实验室加速涌现实验室创始人创始人背景成立做什么最新估值($亿)空间智能：Marble一句话生成可探索3D世界，已商用；收购SceniX切入机器人World

Labs李飞飞

Fei-Fei

Li斯坦福教授、ImageNet创建者2024-0450.0前OpenAI首席科学家、深度学习奠安全超级智能：不做产品、不发论文，单目标直达安全的ASI；SSIIlya

SutskeverMira

Murati2024-062025-02320.0120.075.060.045.050.010.051.020.046.5100.0基人之一2026-07获NVIDIA约$50亿加注人机协作：全双工交互模型+微调平台Tinker；已发布开源模型InklingThinking

MachinesPeriodic

LabsGeneral

IntuitionAMI

Labs前OpenAICTO前OpenAI研究VP；联创来自DeepMindLiam

Fedus2025-03

AI科学家：自主实验室发现新材料，已有营业收入世界模型+LargeAction

Model：用带动作标签的游戏数据训练Pim

de

Witte

/E.Alonso

/A.Jelley

/V.MicheliMedal孵化；世界模型/仿真研究团队

2025-10前Meta首席AI科学家、图灵奖得主

2025-11跨虚拟/现实环境的通用Agent世界模型（JEPA非生成式）：学物理规律而非预测

Token，瞄准工业/机器人/医疗Yann

LeCunFlapping

AirplanesPrentisSpector兄弟

/A.SmithR.Das/R.HoffmanDavid

Silver斯坦福统计学博士（候选人）2026初

数据效率：借鉴人脑学习机制，目标百万倍数据效率2026-04

Computer-use模型：AI直接看屏幕、操作软件（融资洽谈中）2026-04

强化学习：智能体从自身经验而非人类数据中学习LinkedIn联创、Greylock合伙人前DeepMind

RL负责人、AlphaGo之父前阿里Qwen技术负责人、最年轻P10前Meta

FAIR研究总监

/前DeepMind科学家Ineffable

IntelligencePragmatik

Labs

(语用科技)

林俊旸2026-05

世界模型+具身大脑：只做模型能力层，让模型为行动而思考Recursive

Superintelligence

田渊栋

/T.Rocktäschel2026-05

自我改进AI：能改进自身代码与训练流程的递归智能AI科学家：自动化“提出实验→执行→评估→迭代”闭环，先从JeffDean

/S.

Ghemawat

/Q.Le/O.VinyalsDiscoveryLoop前Google首席科学家2026-08ML研发开始，并行跑数千个实验12资料：官方公告、科技媒体（TechCrunch/Bloomberg/WSJ/CNBC/The

Information）、数据商（PitchBook/Dealroom）、DiscoveryLoop、HTIAPPENDIX

1SummaryAI

cycle

is

far

from

over:

value

is

shifting

from

training

to

inference

and

from

Capex

to

Opex.•

Model-layer

competition

is

intensifying

as

open-source

models

improve

and

capability

gaps

narrow,

putting

continued

pressure

ontoken

pricing

and

switching

costs.•

At

the

same

time,

stronger

models

and

lower

costs

are

improving

application

ROI

and

accelerating

adoption

across

previouslyuneconomic

use

cases.Demand

remains

the

key

driver:

market

expectations

for

TAM

fluctuate

with

stock

prices,

but

the

opportunity

beyond

coding

is

onlybeginning

to

open

up.•

Coding

agents

are

evolving

into

general-purpose

agents,

as

programming

tools

are

increasingly

used

by

non-developers.•

AI

adoption

in

traditional

industries

continues

to

rise,

supported

by

open-source

breakthroughs

and

improving

model

cost-performance.New

paradigms

are

emerging.•

We

will

continue

to

track

the

rapid

emergence

of

Neo-labs

and

how

leading

players

across

industries

deepen

AI

adoption

in

theirrespective

domains.13APPENDIX

2重要信息披露本研究报告由(“GTHTJKK”)和活动。国际分销，国际是由国际研究有限公司(HTIRL)，Haitong

Securities

India

Private

Limited

(HSIPL)，Guotai

Haitong

(Japan)

K.K.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国际证券有限公司(HTISCL)的证券研究团队所组成的全球品牌，IMPORTANT

DISCLOSURESThis

research

report

is

distributed

by

Haitong

International,

a

global

brand

name

for

the

equity

research

teams

of

Haitong

International

Research

Limited

(“HTIRL”),Haitong

Securities

India

Private

Limited

(“HSIPL”),

Guotai

Haitong

(Japan)

K.K.

(“GTHTJKK”),

Haitong

International

Securities

Company

Limited

(“HTISCL”),

and

anyother

members

within

the

Haitong

International

Securities

Group

of

Companies

(“HTISG”),

each

authorized

to

engage

in

securities

activities

in

its

respectivejurisdiction.HTIRL分析师认证Analyst

Certification:我，王宪策，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30个自然日内交易此研究报告所讨论目标公司的证券。I,

Nathan

Wang,certify

that

(i)

the

views

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

researchreport;

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

30

calendar

days

after

theresearch

report

is

published.14APPENDIX

2利益冲突披露Conflict

ofInterestDisclosures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-Disclosure@）HTI

and

some

of

its

affiliates

may

engage

in

investment

banking

and

/

or

serve

as

a

market

maker

or

hold

proprietary

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-Disclosure@

if

timely

and

comprehensive

information

is

needed).国泰担任0700.HK有关证券的做市商或流通量提供者。Guotai

Haitong

acts

as

a

market

maker

or

liquidity

provider

in

the

securities

of

0700.HK.15APPENDIX

2评级定义（从2020年7月1日开始执行）：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。分析师股票评级优于大市，未来12-18个月内预期相对基准指数涨幅在10%以上，基准定义如下中性，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，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

–

TOPIX,

韩国

–

KOSPI,

台湾

–

TAIEX,

印度

–

Nifty100,

美国

–

SP500;

其他所有中国概念股

–

MSCIChina.Ratings

Definitions

(from

1

Jul2020):Haitong

International

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

completeinformation

concerning

the

analyst's

views,

investors

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carefully

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Haitong

International

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in

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entirety,

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In

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An

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to

buy

or

sell

a

stock

should

depend

on

individualcircumstances

(such

as

the

investor's

existing

holdings)

and

other

considerations.Analyst

StockRatingsOutperform:

The

stock’s

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

stock’s

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.

Forpurposes

only

of

FINRA/NYSE

ratings

distribution

rules,

our

Neutral

rating

falls

into

a

hold

rating

category.Underperform:

The

stock’s

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

stock’s

listed

region

are

as

follows:

Japan

–

TOPIX,

Korea

–

KOSPI,

Taiwan

–

TAIEX,

India

–

Nifty100,

US

–

SP500;

for

all

other

China-conceptstocks

–

MSCIChina.16APPENDIX

2截至2026年6月30日国际股票研究评级分布截至2026年3月31日国际股票研究评级分布优于大市中性(持有)5.8%弱于大市优于大市中性(持有)5.8%弱于大市国际股票研究覆盖率投资银行客户*94.0%4.1%0.2%0.0%93.9%1.9%0.2%0.0%6.4%1.0%*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（直至2020年9月30日）：买入，未来12-18个月内预期相对基准指数涨幅在10%以上，基准定义如下中性，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，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

–

TOPIX,

韩国

–

KOSPI,

台湾

–

TAIEX,

印度

–

Nifty100;

其他所有中国概念股

–

MSCIChina.17APPENDIX

2HaitongInternationalEquityResearchRatingsDistribution,

HaitongInternationalEquityResearchRatingsDistribution,as

of

June

30,

2026as

of

March

31,

2026Neutral(hold)OutperformNeutral(hold)5.8%UnderperformOutperformUnderperformHTIEquityResearchCoverageIBclients*94.0%4.1%0.2%0.0%93.9%1.9%5.8%1.0%0.2%0.0%6.4%*Percentage

of

investment

banking

clientsineach

rating

category.BUY,

Neutral,andSELL

intheabovedistributioncorrespond

to

ourcurrent

ratingsof

Outperform,

Neutral,andUnderperform.For

purposes

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

notincludedinthetable

above.Previous

ratingsystemdefinitions

(until30

Jun2020):BUY:The

stock’s

total

return

over

thenext

12-18

monthsisexpected

toexceed

thereturnof

itsrelevant

broadmarket

benchmark,asindicatedbelow.NEUTRAL:

The

stock’s

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.Forpurposesonlyof

FINRA/NYSE

ratingsdistribution

rules,ourNeutralrating

fallsintoaholdrating

category.SELL:

Thestock’s

totalreturn

over

thenext

12-18

monthsisexpected

to

bebelowthereturnofits

relevant

broadmarket

benchmark,asindicated

below.Benchmarks

for

each

stock’s

listed

region

are

as

follows:

Japan

–

TOPIX,

Korea

–

KOSPI,

Taiwan

–

TAIEX,India

–

Nifty100;

for

allother

China-concept

stocks

–

MSCIChina.18APPENDIX

2国际非评级研究：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。HaitongInternationalNon-RatedResearch:

Haitong

International

publishes

quantitative,

screening

or

short

reports

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.国际A股覆盖：发布中国A股的研究报告。但是，国际可能会就沪港通及深港通的中国A股进行覆盖及评级。国泰国际使用与国泰

证券不同的评级系统，所以证券（601211.CH），

国际于上海的母公司，也会于中国国际与国泰

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.

GUOTAI

HAITONG

SECURITIES

(601211

CH),

the

ultimate

parent

company

of

HTISG

based

in

Shanghai,

covers

and

publishes

research

onthese

same

A-Shares

for

distribution

in

mainland

China.

However,

the

rating

system

employed

by

GTHS

differs

from

that

used

by

HTI

and

as

a

result

there

may

be

adifference

in

the

HTI

and

GTHS

ratings

for

the

same

A-share

stocks.国际优质100

A股（Q100）指数：选过程，并结合对国泰

证券

A股团队自下而上的研究。国际Q100指数是一个包括100支由国泰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国际每季对Q100指数成分作出复审。Haitong

International

Quality

100

A-share

(Q100)

Index:

HTI’s

Q100

Index

is

a

quant

product

that

consists

of

100

of

the

highest-quality

A-shares

under

coverage

atGTHS

in

Shanghai.

These

stocks

are

carefully

selected

through

a

quality-based

screening

process

in

combination

with

a

review

of

the

GTHS

A-share

team’s

bottom-upresearch.

The

Q100

constituent

companies

are

reviewed

quarterly.19APPENDIX

2盟浪义利（FIN-ESG）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

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

institution

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.

When

using

the

data,

recipients

shall

make

your

own

independent

judgment

accordingto

your

practical

individual

status.

The

contents

of

the

data

reflect

the

judgment

of

us

only

on

the

release

day.

We

have

right

to

update

and

amend

the

data

andrelease

other

data

that

contains

inconsistent

contents

or

different

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.

Theof

this

data

belongs

to

SusallWave,

and

we

reserve

all

rights

in

accordance

with

the

law.

Without

the

prior

written

permission

of

our

company,

noneof

individual

or

institution

can

use

these

data

for

any

profitable

purpose.

Besides,

none

of

individual

or

institution

can

take

actions

such

as

amendment,

replication,translation,

compilation,

re-editing,

adaption,

deletion,

abbreviation,

excerpts,

issuance,

rent,

exhibition,

performance,

projection,

broadcast,

information

networktransmission,

shooting,

adding

icons

and

instructions.

If

any

loss

of

SusallWave

or

any

third-party

is

caused

by

those

actions,

users

shall

bear

the

correspondingcompensation

liability.

SusallWave

shall

not

be

responsible

for

any

loss.4.

If

any

term

is

not

contained

in

this

disclaimer

but

written

in

other

agreements

on

our

website

(e.g.

User

Registration

Protocol

of

SusallWave

Website,

User

Service(including

authentication)

Agreement

of

SusallWave

Website,

Privacy

Policy

of

Susallwave

Website),

it

should

be

executed

according

to

other

agreements.

If

there

isany

difference

between

this

disclaim

and

other

agreements,

this

disclaimer

shall

be

applied.20APPENDIX

2重要免责声明：非印度证券的研究报告：本报告由国际证券集团有限公司（“HTISGL”）的全资附属公司国际研究有限公司（“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的全资附属公司Guotai

Haitong

(Japan)

K.K.(“GTHTJKK”)的协助下发行，GTHTJKK是由日本关东财务局监管为投资顾问。印度证券的研究报告：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”）所发行，包括制作及发布涵盖BSE

Limited（“BSE”）和National

Stock

Exchange

of

India

Limited（“NSE”）上市公司（统称为「印度交易所」）的研究报告。HTSIPL于2016年12月22日被收购并成为所有研究报告均以

国际为名作为全球品牌，经许可由

国际证券股份有限公司及/或本文件所载信息和观点已被编译或源自可靠

，但HTIRL、HTISCL或任何其他属于

国际证券集团有限公司（“HTISG”）的成员对其准确性、完整性和国际证券集团有限公司（“HTISG”）的一部分。国际证券集团的其他成员在其司法管辖区发布。正确性不做任何明示或暗示的声明或保证。本文件中所有观点均截至本报告日期，如有更改，恕不另行通知。本文件仅供参考使用。文件中提及的任何公司或其股票的说明并非意图展示完整的内容，本文件并非/不应被解释为对证券买卖的明示或暗示地出价或征价。在某些司法管辖区，本文件中提及的证券可能无法进行买卖。如果投资产品以投资者本国货币以外的币种进行计价，则汇率变化可能会对投资产生不利影响。过去的表现并不一定代表将来的结果。某些特定交易，包括设计金融衍生工具的，有产生重大风险的可能性，因此并不适合所有的投资者。您还应认识到本文件中的建议并非为您量身定制。分析师并未考虑到您自身的财务情况，如您的财务状况和风险偏好。因此您必须自行分析并在适用的情况下咨询自己的法律、税收、会计、金融和其他方面的专业顾问，以期在投资之前评估该项建议是否适合于您。若由于使用本文件所载的材料而产生任何直接或间接的损失，HTISG及其董事、雇员或代理人对此均不承担任何责任。除对本文内容承担责任的分析师除外，HTISG及我们的关联公司、高级管理人员、董事和雇员，均可不时作为主事人就本文件所述的任何证券或衍生品持有长仓或短仓以及进行买卖。HTISG的销售员、交易员和其他专业人士均可向HTISG的相关客户和公司提供与本文件所述意见相反的口头或书面市场评论意见或交易策略。HTISG可做出与本文件所述建议或意见不一致的投资决策。但HTIRL没有义务来确保本文件的收件人了解到该等交易决定、思路或建议。请访问国际网站

，查阅更多有关国际为预防和避免利益冲突设立的组织和行政安排的内容信息。非美国分析师披露信息：本项研究首页上列明的国际分析师并未在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。21APPENDIX

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

Securities

Group

Limited

(“HTISGL”)

and

a

licensed

corporation

to

carry

on

Type

4

regulated

activity

(advising

on

securities)

for

the

purpose

ofthe

Securities

and

Futures

Ordinance

(Cap.

571)

of

Hong

Kong,

with

the

assistance

of

Guotai

Haitong

(Japan)

K.K.

(“GTHTJKK”),

a

wholly

owned

subsidiary

of

HTISGLand

which

is

regulated

as

an

Investment

Adviser

by

the

Kanto

Finance

Bureau

of

Japan.For

research

reports

on

Indian

securities:

The

research

report

is

issued

by

Haitong

Securities

India

Private

Limited

(“HSIPL”),

an

Indian

company

and

a

Securitiesand

Exchange

Board

of

India

(“SEBI”)

registered

Stock

Broker,

Merchant

Banker

and

Research

Analyst

that,

inter

alia,

produces

and

distributes

research

reportscovering

listed

entities

on

the

BSE

Limited

(“BSE”)

and

the

National

Stock

Exchange

of

India

Limited

(“NSE”)

(collectively

referred

to

as

“Indian

Exchanges”).

HSIPLwas

acquired

and

became

part

of

the

Haitong

International

Securities

Group

of

Companies

(“HTISG”)

on

22

December

2016.All

the

research

reports

are

globally

branded

under

the

name

Haitong

International

and

approved

for

distribution

by

Haitong

International

Securities

CompanyLimited

(“HTISCL”)

and/or

any

other

members

within

HTISG

in

their

respective

jurisdictions.The

information

and

opinions

contained

in

this

research

report

have

been

compiled

or

arrived

at

from

sources

believed

to

be

reliable

and

in

good

faith

but

norepresentation

or

warranty,

express

or

implied,

is

made

by

HTIRL,

HTISCL,

HSIPL,

GTHTJKK

or

any

other

members

within

HTISG

from

which

this

research

report

maybe

received,

as

to

their

accuracy,

completeness

or

correctness.

All

opinions

expressed

herein

are

as

of

the

date

of

this

research

report

and

are

subject

to

changewithout

notice.

This

research

report

is

for

information

purpose

only.

Descriptions

of

any

companies

or

their

securities

mentioned

herein

are

not

intended

to

becomplete

and

this

research

report

is

not,

and

should

not

be

construed

expressly

or

impliedly

as,

an

offer

to

buy

or

sell

securities.

The

securities

referred

to

in

thisresearch

report

may

not

be

eligible

for

purchase

or

sale

in

some

jurisdictions.

If

an

investment

product

is

denominated

in

a

currency

other

than

an

investor's

homecurrency,

a

change

in

exchange

rates

may

adversely

affect

the

investment.

Past

performance

is

not

necessarily

indicative

of

future

results.

Certain

transactions,including

those

involving

derivatives,

give

rise

to

substantial

risk

and

are

not

suitable

for

all

investors.

You

should

also

bear

in

mind

that

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