HAITONG
RESEARCH
Haitong Research Service Proposal
Prepared by Haitong QFII team
Mar 2021
Haitong Securities - Market Leader with Competitive Advantages
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Perfect Combination of
Local Knowledge and
Global Presence
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Robust Compliance
and Risk Management
System
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Reliable Partner in
China
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Strong Research
Service
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Top-notch and
comprehensive
business platform
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330 business outlets in China, serving 19.6mn retail and 32,000 institutional and
high net worth clients. The total assets of clients have exceeded USD 340 bn.
Global presence with cross-continent platform by Haitong International and Haitong
Bank in 14 countries and regions.
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The only firm established in the 80s that has never changed its name, received any
government capital injections, or been acquired by another entity.
Total asset USD
106bn, ranked No. 2 among all the securities houses in China
2nd Largest Securities Company by assets/net assets/revenue/net profit from 20082020.
Most Influential China Local Research Institution
Complete coverage, Comprehensive service, Prominent Research, Strong operation,
Talent management, Broad netwrk
n Strong corporate access service
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Investment banking, asset management, prop trading, FICC, private equity , etc
Haitong’s fully integrated capability can provide full solution to clients investing in
Greater China Area
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Haitong Securities vs. Global Brokers
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Complete Coverage
Over 150 in-house analysts:
largest onshore research team;
Macro, Fixed Income, Equity
Strategy, Quantitative and all
equity sectors in China A
market;
Over 1,000 China-A companies
under coverage, accounting
for 80% of total market cap.
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Comprehensive Service
Online video & on-site analyst
road show;
Analyst conference call;
Co-visit by listed company and
analyst;
Corporate access;
Timely remarks on market.
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Prominent Research
24 team positions (1st, 2nd,
and runner-up);
Leading player in terms of
publishing China-A research
reports;
360-degree research and
independent valuation
framework.
Accredited as the #1 Most Influential China Local Research Institution,
Haitong Research Institution is differentiated in 6 aspects
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Strong Operation
Expertise in organizing
research events, conferences,
seminars, etc;
Tailored value-added service
by sales and research teams;
Strong compliance team,
ensure quality work and
compliant with increasing
regulatory oversight.
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Talent Management
Low turnover rate of analysts;
Continuous human capital
development and sustainable
leadership pipeline.
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Broad Network
Broad network with China
onshore industrial chains,
among different sectors;
Close relationship with
industry experts.
Institutional business
development and long-term
customer relationship
management.
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Strong Research Capability - A Share Market
Where we stand as of today
• Haitong Securities Research Institute was established in 1993, has more than 220 employees, including over150 analysts
• Consisting of a variety of fields such as macro, strategy, sector and company, and financial engineering, etc.
• Committed to providing all-round professional research services for institutional investors, including domestic mutual fund managers,
insurance, asset management companies, banks, private fund managers, and overseas investors including QFII/RQFIIs.
• Over the years, Haitong Research Institute has maintained its leading position in the industry, awarded Best Local Research Team by New
Fortune from 2013 to 2020.
Honors & Awards
• Most Influential Local Research
Institution
2016-2020 New Fortune
• Best Analysts in 20 Research Areas
2016-2020 New Fortune
• Most Influential Local Research
Institution
2016-2020 Crystal Ball Awards
• Best Forecaster of Financial Institutions
China Business News
• First Prize of Research Contest
(8 consecutive years)
Shenzhen Stock Exchange
• Best Forecaster of Company Earning
Shanghai Securities News
• Top Most Award-winning Brokers
Thomson Reuters
• The First Batch of Fund Rating Qualification
China Securities Regulatory Commission
&Securities Association of China
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Strong Research Capability- International Market
• Haitong Securities has been fully connected with the research network of Haitong International to realize the sharing of research resources.
• Bilingual A-share research reports are released simultaneously for internatinal clients.
• Coverage: Haitong International covers over 230 stocks in Hong Kong Market, accounting for 50% market cap in Hong Kong market, at the
same time cover nearly 200 US-listed Chinese stocks, 200 Taiwan, Japan, India, South Korea and other regional stocks.
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Analysts: Haitong International has 70 analysts based in Hong Kong, Shenzhen and Shanghai, besides 10 local analysts based in Tokyo
and 20 local analyst based in Bombay
Numer of Stocks Covered by Market
Market
Number of stocks
Hong Kong
US
Korea
Taiwan
China
India
Japan
233
33
13
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1582
114
108
Total
2094
We published over 3,000 research reports in 2019,
and 6,000 in 2020
List of Sectors Covered
Automobiles & Components
Health Care
Casinos & Gaming
Banks
Energy
Diversified Financials
Materials
Insurance
Industrials
Real Estate
Transportation
Software, Internet & Services
Consumers Discretionary
Technology Hardware & Equipment
Consumer Staples
Telecom Services
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Leaders of Haitong Research
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Dr. LU Ying, CFA, Head of Research Institution, Haitong Securities
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Dr. Lu serves as Head of Research Institution of Haitong Securities. She holds a Doctor’s Degree in
Economics of Fudan University, and has over 20-year experience of research and management work in
Haitong Research Institute. Dr. Lu joined Haitong in 2000 and served as Senior Analyst/Chief Analyst of
retail industry.
Dr. Lu is the only person in China sell-side research industry who has won these two awards: Outstanding
Research Leader by New Fortune in 2016 and 12th Platinum Analyst by New Fortune in 2014.
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Dr. XUN Yugen, CIIA, Chief Economist/Chief Equity Strategist/Deputy Head of Research Institution
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Mr. XUN serves as Chief Equity Strategist at Research Institution of Haitong Securities. With over 10 years
of research experience in macro and equity strategy, and over 3 years’ experience as a professor in
university, Mr. XUN is currently leading an equity strategy research team consisted of over 7 elite analysts.
Mr. XUN has been awarded the Best Analyst of Equity Strategy from 2013 to 2020 by New Fortune
Magazine, the most influential award in China research industry; Crystal Ball Award by Securities Market
Weekly since 2013 to 2015; Golden Bull Award by China Securities Journal since 2013.
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Dr. CHEN Haofei, Managing Director, Head of Equity Research, Haitong International
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Dr. Chen Haofei has 20 years of experience in research and investment. He was the head of TMT group in
the Research Department of CICC. For many years, he has been at the top of the best analyst rankings of
major award institutions (including institutional investors, Asian currencies, new Wealth, etc.).
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Macro & Fixed-income Research
Dr. LIANG Zhonghua- Head of Macro Research
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Dr. LIANG, PhD in Economics from Peking University, re-joined Haitong Securities Research Institute in
December 2020. From 2015 to 2018, he had been a core member of the macro research team of Haitong
Securities Research Institute, which was awarded the Best New Fortune Macro Analyst Team from 2015 to
2017. He joined Zhongtai Securities Research Institute as the Chief Macro Analyst in August 2018. In
October 2018, he proposed the investment opportunities of gold; in March 2019, he pointed out China's
macroeconomic downside risks; in August 2019 he raised that China's interest rate cut cycle had just begun;
in April 2020, he proposed the allocation strategy of large-scale assets under the proliferation of banknotes
and held the view that investing in Moutai is equal to investing in gold. In 2020, he led the macro research
team and won the first place in the best emerging analysts of Sina Jinqilin Award.
Ms. JIANG Peishan- Head of Fixed-income Research
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Ms. JIANG has bachelor's and master's degrees in economics from Nanjing University, and has published
academic papers in core journals such as China Economic Quarterly. She is currently the chief fixed income
analyst of Haitong Securities Research Institute and was shortlisted for the Most Valuable Golden Bull Analyst
Award in 2018, which was only available to 50 analysts in the whole industry.
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Other awards include the first place of New Fortune & Golden Bull Award Fixed Income Analyst in 2015, the
first place of Golden Bull Award & the second place in New Fortune in 2016. Best Analyst Awards of Crystal
Ball & New Fortune from 2017 to 2020.
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Equity Research - Rankings
Strong research teams with star analysts
Consumptions & Healthcare
n WANG Liting and team placed at #3 in Retail & Wholesale
n WEN Hongwei and team placed at #4 in Food and Beverage
n XU Wenxin and team placed at #2 in Healthcare and Pharmaceuticals
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3 in Cloth & Textile
DING Pin and team placed at #3 in Agriculture
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ZHENG Hongda and team placed at #5 in Computer
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TMT
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HAO Yanhui and team jumped to #3
in Media
CHEN Ping and team moved up to #3 in Electron
LIANG Xiand team placed at #
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ZHU Jingsong and team placed at #5 in Telecom
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YU Nan and team place at #3 in Transportation
(from 5th last year)
Cyclical Industries
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DENG Yong and team repeated as #1 in Petrochemical
WANG Meng and team placed at #2 in Auto
TU Lilei and team placed at #3 in Real Estate
SHI Yi and team placed at #3 in Non-ferrous Materials
SHE Weichao and team placed #2 at in Machinery
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WU Jie and team jumped to #3 in Coal
LIU Yanqi and team placed in #3 in Iron & Steel
LIU Wei and team repeated as #5 in Chemicals
Finance
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SUN Ting and team placed at #1 in Non-Banking Finance
LIN Jiali and team placed at #3 in Banking
Others
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ZHANG Yichi and team jumped to #2 in Public Utilities
FANG Qing and team placed at #4 in Power Equipment & New Energy
HAITONG RESEARCH
* Ranking by New Fortune Awards 2018-2020, the most influential sell-side research award of China-A market.
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Quant Research- Team
Team Intro
• The financial engineering team (quant research) of Haitong Securities was established in 1999, one of the earliest research team in China
A-share market. It now has 10 analysts from first-class universities in China and abroad, and 5-year average research experience.
• Research coverage includes traditional quantitative strategies (timing, sector rotation, multi factor stock selection), new quantitative
research (high-frequency trading, fundamental quantitative), mutual fund analysis (FOF) and innovative product research (pension market,
ESG investment). The team is committed to providing professional and effective research and consulting services for institutional
investors at home and abroad, and enjoys reputation in the industry.
Honor
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2013 to 2020 - the Best Analyst Award of New Fortune “Financial engineering" for eight consecutive years;
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2013 to 2020 - the Best Analyst of “Financial Engineering and Derivatives Research" Crystal Ball Award
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2015 to 2019, the Golden Bull Award of Securities Association of China for five consecutive years;
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2015 to 2017, be awarded the Best Analyst award of " Financial Engineering and Derivatives " of financial media Yicai;
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In 2017, be awarded the Best Research Cooperation Institution of Insurance Asset Management Association of China
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In 2016, be awarded the Most Popular Sell-side Analyst of Insurance Asset Management Association of China
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Quant Research- Products
Research direction: From top to down with comprehensive coverage; and providing one-stop solution
Macro quantitative strategy
Major asset allocation
Quantitative stock selection
Looking for effective stock
selection factors
Analysis of mutual funds
Performance decomposition
and attribution
Macro hedging
Index enhanced portfolio
Timing of stocks / bonds
Factor timing
Style / Sector rotation
CTA
Research on innovative products
Tool attribute rating
Pension market and products
ESG investment
Smart Beta
Bond quantification
Industrial chain data mining
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What We Can Offer – Research Reports
Haitong China Onshore Market Products – Research Reports
• China Equity Market – China-A
• Full coverage in all equity sectors: covering over 1000 China-A stocks which account for over 80% of total market cap.
• Periodic equity investment strategy: weekly/monthly/semi-annually/annually reports, etc.
• Fundamental reports on individual stocks: bottom up stock picking, solid valuation models, etc.
• Forward-looking sector reports: top down stock picking, industrial insights, etc.
• Customized reports: upon requests.
• China Fixed Income Market
• Periodic fixed income investment strategy: weekly/monthly/semi-annually/annually reports, etc.
• Full coverage in bond types: interest rate bonds; convertible bonds; credit bonds.
• Up-to-date market commentaries: major events; policy changes; market updates, etc.
• In-depth special reports: thematic reports, customized reports (upon requests), etc.
• Other Research
• Quantitative research: quantitative trading strategies such as CTA,
• Futures research: covering most commodities futures products;
• Fund management research: one of the only four securities firms licensed to provide fund rating research.
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Sample for Haitong China - A Research Report List
Category
Market
Information
Policy Update
Macro
Equity Research
Bond Research
Product
China Market Morning Post (English)
Daily sent at 8:30 a.m.
★ Haitong QFII Sales Morning Notes (English )
Daily sent at 9:00 a.m.
★ A-share Market Report (English &Chinese)
Monthly
★ QFII&RQFII Monthly (English)
Monthly
★Haitong Macro Report (English &Chinese)
Weekly
Economic Data Forecasts (English &Chinese)
Monthly
★Haitong Strategy Report (Chinese & English)
Weekly
★Haitong Sector Report (Chinese & English )
Weekly
Haitong Company Report (Chinese & English)
Daily
★ CSI300 Earnings Forecast (Chinese & English)
Monthly
★Haitong Analysts Road show Feedback (Chinese)
Weekly
★Investment Strategy of Interest Rate Bond (Chinese & English)
Weekly
★Investment Strategy of Convertible Bond (Chinese & English)
Weekly
★Investment Strategy of Credit Bond (Chinese & English)
Weekly
Bond Market Express(Chinese & English)
Weekly
★Haitong Cross Market Bond Pricing
Fund Research
Quant Research
Frequency
Daily
Investment Strategy and Ratings of Fund (Chinese & English)
Monthly
Haitong Quant Research(Chinese & English)
Weekly
★ Highly commended by overseas investors.
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What We Can Offer- Sales/Visits/Events
Services
Analyst Road Show
Investment Conferences*
Location
Frequency
Participants
Mainland China
Upon clients’
requests
Sales and analysts
Hong Kong
Monthly
Japan and Korea
Quarterly
Europe, Middle East, North America,
Southeast Asia, and Taiwan
Semi-annual
Sales and analysts
Mainland China
Quarterly
Analysts and guest speakers
Hong Kong and Taiwan
Semi-annual
Analysts
Telephone Conferences
Sales and analysts
Sales Call
Dummy Portfolio
Data and Customized Report
Sales and analysts
Sales and sales trader
Sales and analysts
Upon clients’ requests
Analyst Model
Analysts
Bespoken work
Market Color
Instant issue on Bloomberg
Every day
Sales trader
* Including annual, semi-annual, macro conference, sector conference, quantitative conference, thematic or industrial seminar/forum.
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What We Can Offer- Corporate Access*
We tailor customized corporate access for our valued clients and provide market, policies and in-depth business
operations of companies in a timely manner.
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Products
Frequency
Details
Company Meeting – Tailored 1on1
Upon clients’
requests
We have a dedicated corporate access team to help our clients
arrange meetings or tailored trip upon requests, either through
telephone conference or on-site visit.
Company Meeting – Group
Weekly
More than 15 on-site visits to listed companies per week, arranged
by Haitong analysts.
Corporate Day
Quarterly
All listed companies attending our annual/semi-annual/ quarterly
conferences (usually over 300 listed companies for each conference).
Field Trips
Quarterly
Quarterly QFII small group field trip offered
Tailored Field Trip can be arranged upon clients’ request.
Expert Meeting, Group
Weekly
Cross-boarder Investment Summit
Semi-annually
Experts from all sectors based on market requirement, hosted by
analysts or upon clients’ requests
For example:
- China-US Healthcare & Medical Service Summit (Shanghai)
- Film Industry & International Education Summit (Los Angeles)
* Subject to the limitations and fulfillment of local lawful requirements
** Companies mentioned above refer to： China A/H-listed companies, US-listed Chinese companies, NEEQ companies and private companies.
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Haitong China-A Equity Service Package
Service
Research & Sales
Corporate Access
Bronze Package
• Access to Haitong China –A equity research reports via website or 3rd party platform
such as Bloomberg;
• Access to designated sales emails.
• Corporate access pipeline.
Silver Package
• Bronze package products;
• Conference access: investment seminars/forums/conferences, via different types of
access including conference call/online video/on-site, etc;
• Valuation models: limited;
• Analyst calls and analyst meetings : upon request, up to 12 times per annum; *
• Sales selective calls.
• Group meetings with corporate
management
• Access to corporate access events:
entrance.
• Silver package products;
• Conference access: preferred analyst and sales service;
• Valuation models: frequent;
• Analyst calls and analyst meetings : upon request, up to 36 times per annum; *
• Bespoke analyst work: frequent;
• Customized research services : ad hoc reports, etc;
• Sales calls: frequent and upon request;
• Customized sales services: frequent and upon request.
• Silver package products;
• 1on1 meetings with corporate
management, up to 15 companies per
annum;
• Access to corporate access events:
entrance + on –site small-group/1on1
meetings.
• Gold package products;
• Conference access: privileged analyst and sales service;
• Valuation models: frequent and with priority;
• Analyst calls and analyst meetings : upon request, over 36 times per annum with
priority; *
• Bespoke analyst work: frequent with priority
• Customized research services: upon request with priority.
• Sales calls: daily and upon request, with priority;
• Customized sales services: frequent and upon request, with priority.
• Gold package products;
• 1 on 1 meetings with corporate
management, up to 30 companies per
annum;
• Tailored field trip (up to 10 companies)
once per annum.
Gold Package
Platinum Package
* Detailed fee schedule may be subject to change to comply with MIFID II .
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Tailored Service Proposal-Sample
1. Roadshows of macro, strategy, sector and quant analysts
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Door-to-door roadshow, analyst call, WeChat roadshow, lunch and dinner roadshow, etc.
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Actively arrange at least two door-to-door roadshows for industry analysts every month. For analysts who have major calls, they will be
arranged to communicate with your company through door-to-door roadshows, phone roadshows, and one-on-one WeChat voice group
roadshows as soon as possible.
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Actively arrange one macro or strategy roadshow per month; arrange the macro or strategy chief to communicate with your company at
least once a quarter; face-to-face communication opportunities will be promptly arranged in case of a major change in views
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If your company is interested in a certain industry and topic, our sales and service staff will provide timely feedback (within 8 hours) and
arrange for analysts to do roadshows in accordance with your requirement
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Thematic roadshows of in-depth reports: high-quality in-depth reports issued by analysts are actively promoted and thematic roadshows
will be arranged as soon as possible
2. Reverse roadshows of listed companies and customized research arrangements
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Collective roadshow plans of the research team will be promptly pushed and your participation is ensured
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Boutique company tour (e.g 10 companies within one week) is organized by Haitong QFII team (1~2 times per quarter)
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Reverse roadshows of listed companies recommended by analysts (irregularly scheduled)
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One-on-one research services for listed companies can be arranged and multi-day itinerary can be customized in accordance with your
requirement
3. Expert roadshows
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Our sales will arrange for senior industry experts communications with clients, via 1 vs 1 exert call/meeting or small group call/meetings
(1~2 times per week)
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Haitong can match the experts that meet your specific needs in the internal and cooperative third-party expert repository and arrange
one-on-one in-depth communication
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Tailored Service Proposal-Sample
4. Strategy meetings, exchange meetings of listed companies, high-end closed-door meetings and investment salons
• Haitong Securities hold at least four major conferences every year - corporate days in spring and autumn, semi-annual and
annual investment conferences. Other activities such as high-end closed-door meetings and investment salons are irregularly
scheduled. Well-known experts in political, academic and investment circles and the executives of listed companies are expected
to attend by then. Haitong sales staff will send notices of such activities to your company in time and arrange your participation
and small-scale communication in accordance with your requirement
5. Multiple service modes including research report platform, email, WeChat, telephone and Comein App
• Research reports of Haitong are fully open to clients, including the website of Haitong Research Report Platform, Haitong
Research Mini Program and third-party platforms such as Wind, Bloomberg, Reuters and FactSet.
• Whitelist authority is fully open to clients so that you can access our teleconferences or get Haitong's analyst views;
• Haitong’s sales and service staff will ensure that Haitong’s views, recent interactions and conferences are delivered to your
investment and research personnel as soon as possible through WeChat, email and telephone;
• In case of major investment opportunities, in addition to door-to-door and voice roadshows, Haitong sales will inform your
investment and research personnel via WeChat or email titled "Key Recommendations" which would elaborate the
recommendation logic, profit forecast and related analysts; your personnel will be promptly reminded through WeChat and
telephone;
• Haitong sales will also promptly remind you of risks of uncertainty such as under-expected performance, industrial downturn and
acquisitions.
6. Customized reports and commissioned research
• Haitong will provide customized in-depth reports of listed companies and commissioned research services as per request. Such
research includes topics like macro, strategy, quant, sector, company and fund.
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Tailored Service Proposal-Sample
7. Other value-added services
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Block trade matching: The Institutional and International Business Department of Haitong Securities provides block trade
information in the market on a daily basis, which can assist in communication and matching;
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Capital market services of stocks: The IPO and fixed-income project information underwritten by Haitong is updated on a
monthly basis; communication with Haitong ECM team will be closely arranged according to your intentions so as to promote
your participation; high-quality projects are inclined to your company to obtain the priority of allotment in an appropriate
manner;
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Capital market services of bonds: high-quality bond projects underwritten by Haitong will be occasionally recommended such
as financial bonds, corporate bonds, ABS, convertible bonds, payable bonds, etc.; communication with the Bond Underwriting
Department on these projects will be closely arranged according to your intentions so as to promote your participation.
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Others: market update about onshore peers of clients as per request.
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Disclaimer
This document was prepared by Haitong Securities Co., Ltd. in good faith upon sources believed to be reliable but no
representation or warranty expressed or implied is made as to their accuracy or correctness. Haitong Securities Co. Ltd
accepts no liability for any direct or consequential loss or damage arising from any use of this document or its contents. All
information and opinion expressed here is subject to change without notice. The copyright belongs to Haitong Securities
Co., Ltd. No part of this document may be published or copied in any form or by any means without the written
permission of Haitong Securities Co., Ltd.
689 Guangdong Road, Haitong Securities Tower
Shanghai, China
http://www.htsec.com/
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