新材料行业专题研究（3）：OpenAI推出视频生成模型“Sora”，催生化工新材料需求

Group 1 - Haitong International's equity research ratings distribution as of December 31, 2023 shows 89.4% of stocks rated as Outperform, 9.6% as Neutral, and 1.0% as Underperform [1][2] - The previous rating system defined Buy as expected returns exceeding 10% over the next 12-18 months, Neutral as returns in line with the benchmark, and Sell as expected returns below the benchmark by 10% [3][18] - The benchmarks for various regions include TOPIX for Japan, KOSPI for Korea, TAIEX for Taiwan, Nifty100 for India, and MSCI China for other Chinese concept stocks [18][20] Group 2 - Haitong International's Q100 Index consists of 100 high-quality A-shares selected through a quality-based screening process and reviewed quarterly [7] - The company may cover and rate A-Shares under the Hong Kong Stock Connect scheme, but the rating system used by Haitong International differs from that of its parent company, Haitong Securities [6] - Haitong International publishes non-rated research that ranks stocks based on valuation and other metrics, which are for informational purposes only and do not constitute stock ratings or target prices [5]