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The performance information (including any expression of opinion or forecast) herein reflect the most up-to-date opinions, speculations and forecasts at the time of the reports’ production and publication. Such opinions, speculations and forecasts are subject to change and may be amended without any notification. At different periods, CICC may release reports which are inconsistent with the opinions, speculations and forecasts contained herein.

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Unless stated otherwise, any performance data quoted represents past performance. Past performance is not an indicator of future performance. No representation or warranty is made that any returns indicated will be achieved. Certain assumptions may have been made in the analysis which has resulted in any returns detailed herein. Changes to the assumptions may have a material impact on any returns detailed.

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CICC Equity Research Ratings Distribution, as of

	OUTPERFORM	NEUTRAL	UNDERPERFORM
CICC Equity Research Coverage
IB clients*

* Percentage of investment banking clients in each rating category.

** Since June 24, 2019, CICC Reseach is implementing a new stock rating framework based on relative returns, replacing the previous absolute-return rating system. In the current framework, our analysts rate stocks as OUTPERFORM, NEUTRAL or UNDERPERFORM (see definitions below).

CICC does not assign ratings of BUY, HOLD or SELL to the stocks we cover. OUTPERFORM, NEUTRAL or UNDERPERFORM are not the equivalent of BUY, HOLD or SELL. Investors should carefully read the definitions of all ratings used in CICC Research. In addition, since CICC Research contains more complete information concerning the analyst's views, investors should carefully read CICC Research, in its entirety, and not infer the contents from the rating alone. In any case, ratings (or research) should not be used or relied upon as investment advice. An investor's decision to buy or sell a stock should depend on individual circumstances (such as the investor's existing holdings) and other considerations.

Explanation of Stock Ratings:

• 1) OUTPERFORM: Our analysts expect the stock’s return to exceed the return of the corresponding CICC sector index over the next 6~12 months;
• 2) NEUTRAL: Our analysts expect the stock’s return to be in line with the return of the corresponding CICC sector index over the next 6~12 months;
• 3) UNDERPERFORM: Our analysts expect the stock’s return to be below the return of the corresponding CICC sector index over the next 6~12 months.

Explanation of Industry Ratings:

• 1) OVERWEIGHT: Our analysts expect the sector to outperform the market by 10% or more over the next 6~12 months;
• 2) EQUAL-WEIGHT: Our analysts expect the sector to end up between 10% below and 10% above the market over the next 6~12 months;
• 3) UNDERWEIGHT: Our analysts expect the sector to fall behind the market by 10% or more over the next 6~12 months.

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