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Unless otherwise stated, HSBC Global Research uses the GICS classification structure:

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. ("MSCI") and Standard & Poor's, a division of The McGraw-Hill Companies Inc. ("S&P") and is licensed for use by HSBC Bank plc. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

The IHS reports and information referenced herein (the "IHS Materials") are the copyrighted property of IHS Global Ltd ("IHS") and represent data, research, opinions or viewpoints published by IHS, and are not representations of fact. IHS conducted this analysis and prepared the IHS Materials utilizing reasonable skill and care in applying methods of analysis consistent with normal industry practice. Forecasts are inherently uncertain because of events or combinations of events that cannot reasonably be foreseen including the actions of government, individuals, third parties and competitors. The IHS Materials speak as of the original publication date hereof (and not as of the date of this document). The information and opinions expressed in the IHS Materials are subject to change without notice and IHS has no duty or responsibility to update the IHS Materials. Moreover, while the IHS Materials reproduced herein are from sources considered reliable, the accuracy and completeness thereof are not warranted, nor are the opinions and analyses which are based upon it. To the extent permitted by law, IHS shall not be liable for any errors or omissions or any loss, damage or expense incurred by reliance on the IHS Materials or any statement contained therein, or resulting from any omission. NO IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE SHALL APPLY. The IHS Materials are not to be construed as legal or financial advice, are supplied without obligation and on the understanding that any person who acts upon the IHS Materials or otherwise changes his/her position in reliance thereon does so entirely at his/her own risk. The IHS Materials were prepared for the sole benefit of IHS’ client for IHS’ client’s internal business use. No portion of the IHS Materials may be reproduced, reused, or otherwise distributed in any form without the prior written consent of IHS. IHS Materials reproduced or redistributed with IHS’ permission must display IHS’ legal notices and attributions of authorship. IHS and the IHS globe design are trademarks of IHS. Other trademarks appearing in the IHS Materials are the property of IHS or their respective owners.

Where IHS Markit PMI data is used within HSBC Global Research reports, please note the following copyright notice: "Copyright © 2018, IHS Markit. All rights reserved and all intellectual property rights retained by IHS Markit."

Certain credit rating and related information furnished herein is obtained from Moody's Analytics, Inc. and used under license. All such information is provided "AS IS" without warrant, express or implied, to any person or entity, including but not limited any warrant regarding the accuracy, completeness, merchantability or fitness for any particular purpose of such information. Moody's Analytics, Inc. shall have no liability to the furnishing or user of such information.

Source: MSCI, the MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)

资料来源：MSCI，MSCI信息仅为贵公司内部使用，不得以任何形式进行复制或散播，也不得用作任何金融工具或产品或指数的基础或一部分。MSCI的任何信息均不构成作出（或不作出）任何投资决策的投资建议或推荐，也不得依赖此类信息作出投资决策。历史数据和分析不应视为对未来任何业绩分析、预估或预测的指示或保证。MSCI信息以“原样””提供，本信息的使用者须承担任何因使用此信息所导致的全部风险。MSCI、其各附属公司及参与或涉及编制、计算或制作任何 MSCI 信息的任何人（合称“MSCI 成员”）特此声明，对此信息不做任何保证（包括但不限于对特定目的之任何原创性、准确性、完整性、及时性、非侵犯性、适销性及合适性的保证）。不限于以上所述，在任何情况下，任何 MSCI 成员对任何直接、间接、特殊、附带、惩罚、从属（包括但不限于利润损失）或任何其他损害概不负任何责任。(www.msci.com)

Copyright 2018, S&P Global Market Intelligence LLC. Reproduction of S&P Credit Ratings in any form is prohibited except with the prior written permission of S&P Global Market Intelligence LLC (together with its affiliates, S&P). S&P does not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and is not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of ratings. S&P GIVES NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. S&P shall not be liable for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or profits and opportunity costs or losses caused by negligence) in connection with any use of Ratings. S&P's ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. They do not address the market value of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice