1、 up or down. It may become valueless. It is as likely that losses will be incurred rather than profit made as a result of buying and selling securities. The content of this report does not represent a recommendation of Guosen Securities (HK) and does not constitute the forecast on any futures and/or
2、 options. Guosen Securities (HK) may be seeking or will seek investment banking or other business (such as placing agent, lead manager, sponsor, underwriter or proprietary trading in such securities) with the listed companies. Individuals of Guosen Securities (HK) may have personal investment intere
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4、seek investment banking or other business (such as placing agent, lead manager, sponsor, underwriter or proprietary trading in such securities) with the listed companies. Individuals of Guosen Securities (HK) may have personal investment interests in the listed companies. This report is based on inf
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10、 更多投研资料 或+ WX公众号mtachn 公司研究：广汽集团（公司研究：广汽集团（02238.HK） 韩卫东, +852 2899 8300, .hk 国信证券（香港） 8 信息披露信息披露 公公司司评级评级、行、行业评级业评级及相及相关关定定义义 公司评级公司评级 参考基准：香港恒生指数 评级区间：6 至 12 个月 买入买入 相对表现超过 20%，或公司、行业基本面良好。 增持增持 相对表现介于 5%至 20%之间，或公司、行业基本面良好。 中性中性 相对表现介于-5%至 5%之间，或公司、行业基本面中性。 减持减持 相对表现介于-5%至-20%之间，或公司、行业基本面不理想。 卖出卖
11、出 相对表现低于-20%，或公司、行业基本面不理想。 行业评级行业评级 参考基准：香港恒生指数 评级区间：6 至 12 个月 跑赢大市跑赢大市 相对表现超过 5%，或行业基本面良好。 中性中性 相对表现介于-5%至 5%之间，或行业基本面中性。 跑输大市跑输大市 相对表现低于-5%，或行业基本面不理想。 利益披露利益披露声声明明 报告作者为香港证监会持牌人士，分析员本人或其有联系者并未担任本研究报告所评论的上市法团高级管理人员，也未持有 其任何财务权益。 本报告中，国信证券（香港）经纪有限公司及其所属关联机构（合称国信证券（香港）并无持有该公司须作出披露的财务 权益(包括持股)，在过去 12
12、个月内与该公司并无投资银行关系，亦无进行该公司有关股份的庄家活动。本公司员工均非该 上市公司的雇员。 免免责条责条款款 期货及期权价格可升可跌，亦不时波动甚大，甚至变成毫无价值。买卖期货及期权未必一定能赚取利润，反而可能会招致损 失。 证券价格有时可能非常波动。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。 本研究报告所涉及的内容既不代表国信证券（香港）的推荐意见，也不构成针对任何期货和或期权的预测。国信证券（香 港）或其集团公司有可能会与本报告涉及的公司洽谈投资银行业务或其它业务（例如配售代理、牵头经办人、保荐人、包销 商或从事自营投资于该股票）。国
13、信证券（香港）不排除其员工有个人投资于本报告内所提及的期货和或期权。 本研究报告内容既不代表国信证券（香港）的推荐意见，也并不构成所涉及的个别股票的买卖或交易要约。国信证券（香港） 或其集团公司有可能会与本报告涉及的公司洽谈投资银行业务或其它业务（例如配售代理、牵头经办人、保荐人、包销商或 从事自营投资于该股票）。国信证券（香港）不排除其员工有个人投资于本报告内所提及的上市法团。 报告中的资料均来自公开信息，我们力求准确可靠，但对这些信息的正确性、公正性及完整性不做任何保证。本报告没有考 虑到个别客户特殊的投资目标、财务状况或需要，并不构成个人投资建议，客户据此投资，责任自负。客户在阅读本研究
14、报 告时应考虑报告中的任何意见或建议是否符合其个人特定状况。本报告并不存在招揽或邀约购买或出售任何证券的企图。 本报告仅向特定客户传送，未经国信证券香港书面授权许可，任何人不得引用、转载以及向第三方传播，否则可能将承担法 律责任。研究报告所244d2fa953837a1d4c6ae203c45c3de崶L8244d9fa42a650108e4fbb0037cf2014然L8244db6d9827098be6669ac8cb9b8157L8244de60e14770563a56ee8521675435L8244e03aca4145adaaae1350f4fa1e05L8244e191289b1270014f4
