The Disclaimer relevant to Global Wealth Management clients follows the Global Research Disclaimer. The Disclaimer relevant to Credit Suisse Wealth Management follows the Global Wealth Management Disclaimer.
全球财富管理客户适用的免责声明紧随全球研究免责声明之后。瑞信财富管理客户适用的免责声明紧随全球财富管理免责声明之后。

This document has been prepared by UBS Securities LLC, an affiliate of UBS AG. UBS AG, its subsidiaries, branches and affiliates, including former Credit Suisse AG and its subsidiaries, branches and affiliates are referred to herein as "UBS".
本文件由瑞银证券有限责任公司（瑞银集团关联公司）编制。本文所称"瑞银"包括瑞银集团及其子公司、分支机构与关联公司（含原瑞士信贷集团及其子公司、分支机构与关联公司）。

Any opinions expressed in this document may change without notice and are only current as of the date of publication. Different areas, groups, and personnel within UBS may produce and distribute separate research products independently of each other. For example, research publications from UBS CIO are produced by UBS Global Wealth Management. UBS Global Research is produced by UBS Investment Bank. Research methodologies and rating systems of each separate research organization may differ, for example, in terms of investment recommendations, investment horizon, model assumptions, and valuation methods. As a consequence, except for certain economic forecasts (for which UBS CIO and UBS Global Research may collaborate), investment recommendations, ratings, price targets, and valuations provided by each of the separate research organizations may be different, or inconsistent. You should refer to each relevant research product for the details as to their methodologies and rating system. Not all clients may have access to all products from every organization. Each research product is subject to the policies and procedures of the organization that produces it.
本文件所载观点可能随时变更且恕不另行通知，仅反映截至发布之日的判断。瑞银集团内部不同领域、团队及人员可能独立制作并发布各自的研究产品。例如，瑞银首席投资办公室（CIO）的研究报告由瑞银全球财富管理编制，而瑞银全球研究则由瑞银投资银行提供。各独立研究机构的研究方法及评级体系可能存在差异，包括但不限于投资建议、投资期限、模型假设和估值方法。因此，除部分经济预测（瑞银 CIO 与瑞银全球研究可能就此合作外），各独立研究机构提供的投资建议、评级、目标价及估值可能存在分歧或不一致。具体研究方法与评级体系请参阅各相关研究产品。并非所有客户均可获取每家机构的所有产品。每项研究产品均受制于其编制机构的政策与程序。

This document is provided solely to recipients who are expressly authorized by UBS to receive it. If you are not so authorized you must immediately destroy the document.
本文件仅限瑞银明确授权的接收者使用。若您未获授权，请立即销毁本文件。

UBS Global Research is provided to our clients through UBS Neo, and in certain instances, UBS.com and any other system or distribution method specifically identified in one or more communications distributed through UBS Neo or UBS.com (each a system) as an approved means for distributing UBS Global Research. It may also be made available through third party vendors and distributed by UBS and/or third parties via e-mail or alternative electronic means.
瑞银全球研究服务通过 UBS Neo 平台向客户提供，在特定情况下亦可通过 UBS 官网及其他经 UBS Neo 或 UBS.com 官方通讯指定的系统或分发渠道获取。该研究服务还可能通过第三方供应商提供，并由瑞银及/或第三方通过电子邮件或其他电子方式分发。

All UBS Global Research is available on UBS Neo. Please contact your UBS sales representative if you wish to discuss your access to UBS Neo. Where UBS Global Research refers to "UBS Evidence Lab Inside" or has made use of data provided by UBS Evidence Lab and you would like to access that data please contact your UBS sales representative. UBS Evidence Lab data is available on UBS Neo. The level and types of services provided by UBS Global Research and UBS Evidence Lab to a client may vary depending upon various factors such as a client's individual preferences as to the frequency and manner of receiving communications, a client's risk profile and investment focus and perspective (e.g., market wide, sector specific, long-term, short-term, etc.), the size and scope of the overall client relationship with UBS Global Research and UBS Evidence Lab and legal and regulatory constraints. UBS HOLT and UBS Pharma Values are offerings of UBS Global Research. HOLT Lens is a corporate performance platform offering that provides an objective accounting-led framework for comparing and valuing companies and is available to clients of UBS Global Research; for further details and pricing please contact your UBS Sales representative. In particular, HOLT has a variety of warranted prices based on the scenario chosen; please mail UBS Securities LLC, 11 Madison Avenue, New York, NY 10010, USA, Attention: Investment Research, if you are interested in the warranted price on a particular company, again subject to commercial considerations. UBS Pharma Values is an analytical tool that involves the creation of a number of individual product net present value calculations, based on published forecasts of sales for pharmaceuticals, and is available to clients of UBS Global Research; for further details and pricing please contact your UBS Sales representative. For all other specific disclaimers, please see https://www.ubs.com/disclosures.
所有瑞银全球研究报告均可在瑞银 Neo 平台获取。如需讨论瑞银 Neo 访问权限，请联系您的瑞银销售代表。若瑞银全球研究报告中提及"UBS Evidence Lab Inside"或使用了 UBS Evidence Lab 提供的数据，且您希望获取该数据，请联系您的瑞银销售代表。UBS Evidence Lab 数据可在瑞银 Neo 平台查阅。瑞银全球研究与 UBS Evidence Lab 向客户提供的服务级别和类型可能因多种因素而异，包括客户对接收通讯的频率和方式的个人偏好、客户的风险状况和投资关注点及视角（如全市场、特定行业、长期、短期等）、与瑞银全球研究及 UBS Evidence Lab 整体客户关系的规模和范围，以及法律和监管限制。UBS HOLT 与 UBS Pharma Values 为瑞银全球研究服务产品。 HOLT Lens 企业绩效分析平台采用以会计数据为核心的客观评估框架，助力企业比较与估值，该服务面向瑞银全球研究部客户开放；具体详情及定价请咨询您的瑞银销售代表。需特别说明的是，HOLT 平台根据所选情景提供多种担保价格方案；如您对特定企业的担保价格感兴趣（需符合商业条款），请致函美国纽约州纽约市麦迪逊大道 11 号瑞银证券有限责任公司（邮编 10010），注明"投资研究部收"。UBS Pharma Values 作为分析工具，基于已公布的药品销售预测数据，通过计算各产品净现值进行评估，该服务面向瑞银全球研究部客户开放；具体详情及定价请咨询您的瑞银销售代表。其他具体免责声明详见 https://www.ubs.com/disclosures。

When you receive UBS Global Research through a system, your access and/or use of such UBS Global Research is subject to this UBS Global Research Disclaimer and to the UBS Neo Platform Use Agreement (the "Neo Terms") together with any other relevant terms of use governing the applicable System.
当您通过系统接收瑞银全球研究时，您对该等瑞银全球研究的访问和/或使用须遵守本《瑞银全球研究免责声明》以及《瑞银 Neo 平台使用协议》（简称"Neo 条款"），并受适用于相关系统的其他使用条款约束。

When you receive UBS Global Research via a third party vendor, e-mail or other electronic means, you agree that use shall be subject to this UBS Global Research Disclaimer, the Neo Terms and where applicable the UBS Investment Bank terms of business (https://www.ubs.com/global/en/investment-bank/regulatory.html) and to UBS's Terms of Use/Disclaimer (https://www.ubs.com/global/en/legalinfo2/disclaimer.html). In addition, you consent to UBS processing your personal data and using cookies in accordance with our Privacy Statement (https://www.ubs.com/global/en/legalinfo2/privacy.html) and cookie notice (https://www.ubs.com/global/en/legal/privacy/users.html).
当您通过第三方供应商、电子邮件或其他电子方式接收瑞银全球研究时，您同意使用行为将受本《瑞银全球研究免责声明》、《Neo 条款》以及适用的《瑞银投资银行业务条款》（https://www.ubs.com/global/en/investment-bank/regulatory.html）和《瑞银使用条款/免责声明》（https://www.ubs.com/global/en/legalinfo2/disclaimer.html）约束。此外，您同意瑞银根据我们的《隐私声明》（https://www.ubs.com/global/en/legalinfo2/privacy.html）和《Cookie 通知》（https://www.ubs.com/global/en/legal/privacy/users.html）处理您的个人数据和使用 Cookie。

If you receive UBS Global Research, whether through a System or by any other means, you agree that you shall not copy, revise, amend, create a derivative work, provide to any third party, or in any way commercially exploit any UBS research provided via UBS Global Research or otherwise, and that you shall not extract data from any research or estimates provided to you via UBS Global Research or otherwise, without the prior written consent of UBS.
若您通过系统或其他任何方式接收瑞银全球研究服务，即表示您同意：未经瑞银事先书面许可，不得复制、修改、修订、创作衍生作品、向第三方提供或以任何形式商业利用通过瑞银全球研究或其他方式提供的任何瑞银研究报告；亦不得从通过瑞银全球研究或其他方式向您提供的研究报告或预估数据中提取任何数据。

In certain circumstances (including for example, if you are an academic or a member of the media) you may receive UBS Global Research otherwise than in the capacity of a client of UBS and you understand and agree that (i) the UBS Global Research is provided to you for information purposes only; (ii) for the purposes of receiving it you are not intended to be and will not be treated as a “client” of UBS for any legal or regulatory purpose; (iii) the UBS Global Research must not be relied on or acted upon for any purpose; and (iv) such content is subject to the relevant disclaimers that follow.
在特定情况下（例如您作为学术界人士或媒体成员），您可能以非瑞银客户身份接收瑞银全球研究服务。您理解并同意：(i) 瑞银全球研究仅供信息参考；(ii) 就接收该服务而言，您不应被视为瑞银"客户"，瑞银亦不会基于任何法律或监管目的将您视为客户；(iii) 不得出于任何目的依赖或依据该研究报告采取行动；(iv) 相关内容受下文相关免责声明约束。

This document is for distribution only as may be permitted by law. It is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or would subject UBS to any registration or licensing requirement within such jurisdiction.
本文件仅限在法律允许范围内分发。其内容并非针对任何特定个人或实体，亦无意向任何在分发、发布、提供或使用该文件会违反法律法规，或导致瑞银集团在该司法管辖区面临注册或许可要求的地区、州、国家或其他司法管辖区的公民、居民或位于该等司法管辖区的人士分发或供其使用。

This document is a general communication and is educational in nature; it is not an advertisement nor is it a solicitation or an offer to buy or sell any financial instruments or to participate in any particular trading strategy. Nothing in this document constitutes a representation that any investment strategy or recommendation is suitable or appropriate to an investor’s individual circumstances or otherwise constitutes a personal recommendation. By providing this document, none of UBS or its representatives has any responsibility or authority to provide or have provided investment advice in a fiduciary capacity or otherwise. Investments involve risks, and investors should exercise prudence and their own judgment in making their investment decisions. None of UBS or its representatives is suggesting that the recipient or any other person take a specific course of action or any action at all. The recipient should carefully read this document in its entirety and not draw inferences or conclusions from the rating alone. By receiving this document, the recipient acknowledges and agrees with the intended purpose described above and further disclaims any expectation or belief that the information constitutes investment advice to the recipient or otherwise purports to meet the investment objectives of the recipient. The financial instruments described in the document may not be eligible for sale in all jurisdictions or to certain categories of investors.
本文件为一般性沟通材料，内容具有教育性质；既非广告，亦非任何金融工具的买卖要约或参与特定交易策略的邀约。本文件内容不构成对任何投资策略或建议适合投资者个人情况的陈述，也不构成个性化投资建议。瑞银集团及其代表通过提供本文件，均无义务或权限以受托人身份或其他形式提供或已提供投资建议。投资存在风险，投资者应审慎行事并依据自身判断做出投资决策。瑞银集团及其代表均未暗示收件人或任何其他人士需采取特定行动或任何行动。收件人应完整阅读本文件，切勿仅凭评级推断结论。 接收本文件即表示收件人确认并同意上述预期用途，同时声明不认为该信息构成对其的投资建议或声称符合其投资目标。文件中所述的金融工具可能无法在所有司法管辖区或向某些类别的投资者销售。

Options, structured derivative products and futures (including OTC derivatives) are not suitable for all investors. Trading in these instruments is considered risky and may be appropriate only for sophisticated investors. Prior to buying or selling an option, and for the complete risks relating to options, you must receive a copy of "The Characteristics and Risks of Standardized Options." You may read the document at https://www.theocc.com/publications/risks/riskchap1.jsp or ask your salesperson for a copy. Various theoretical explanations of the risks associated with these instruments have been published. Supporting documentation for any claims, comparisons, recommendations, statistics or other technical data will be supplied upon request. Past performance is not necessarily indicative of future results. Transaction costs may be significant in option strategies calling for multiple purchases and sales of options, such as spreads and straddles. Because of the importance of tax considerations to many options transactions, the investor considering options should consult with his/her tax advisor as to how taxes affect the outcome of contemplated options transactions.
期权、结构化衍生品及期货（包括场外衍生品）并非适合所有投资者。此类工具交易具有高风险性，或仅适合专业投资者。在买卖期权前，您必须获取《标准化期权的特性与风险》文件以了解完整风险。您可通过 https://www.theocc.com/publications/risks/riskchap1.jsp 查阅该文件，或向销售人员索取副本。关于这些工具相关风险的各种理论说明已公开发布。任何声明、比较、建议、统计数据或其他技术资料的佐证文件均可按要求提供。过往表现未必能预示未来结果。在价差交易、跨式交易等涉及多次期权买卖的策略中，交易成本可能相当可观。鉴于税务因素对多数期权交易的重要性，投资者应考虑咨询税务顾问以了解税收对拟议期权交易结果的影响。

Mortgage and asset-backed securities may involve a high degree of risk and may be highly volatile in response to fluctuations in interest rates or other market conditions. Foreign currency rates of exchange may adversely affect the value, price or income of any security or related instrument referred to in the document. For investment advice, trade execution or other enquiries, clients should contact their local sales representative.
抵押贷款和资产支持证券可能涉及高风险，且可能因利率波动或其他市场条件变化而高度波动。外汇汇率可能对文件中提及的任何证券或相关工具的价值、价格或收益产生不利影响。如需投资建议、交易执行或其他咨询，客户应联系当地销售代表。

UBS notes that no globally accepted framework or definition (legal, regulatory or otherwise) currently exists, nor is there a market consensus as to what constitutes an “ESG” (Environmental, Social or Governance) or an equivalent-label, or as to what precise attributes are required for the Information (as defined below) to be defined as ESG or equivalently-labelled. Any information, data or other content including from a third party source contained, referred to herein or used for whatsoever purpose by UBS or a third party (“Information”), in relation to any actual or potential ESG objective, issue or consideration is not intended to be relied upon for ESG classification, regulatory regime or industry initiative purposes (“ESG Regimes”). Nothing in these materials is intended to convey, suggest or indicate that UBS considers or represents any product, service, person or body mentioned in these materials as meeting or qualifying for any ESG classification, labelling or similar standards that may exist under the ESG Regimes. UBS has not conducted any assessment of compliance with ESG Regimes. Parties are reminded to make their own assessments for these purposes.
瑞银指出，目前全球范围内尚未形成公认的框架或定义（法律、监管或其他方面），市场对于何为"ESG"（环境、社会和治理）或同等标签、或信息（定义见下文）需具备哪些确切属性才能被归类为 ESG 或贴有同等标签也未达成共识。瑞银或第三方所包含、引用或用于任何目的的包括来自第三方来源的任何信息、数据或其他内容（"信息"），若涉及任何实际或潜在的 ESG 目标、议题或考量因素，均不可作为 ESG 分类、监管制度或行业倡议（"ESG 制度"）的依据。本材料中的任何内容均无意传达、暗示或表明瑞银认为或声明本材料中提及的任何产品、服务、个人或机构符合或具备 ESG 制度下可能存在的任何 ESG 分类、标签或类似标准的资格。瑞银未对是否符合 ESG 制度进行任何评估。各方应自行开展相关评估。

The value of any investment or income may go down as well as up, and investors may not get back the full (or any) amount invested. Past performance is not necessarily a guide to future performance. Neither UBS nor any of its directors, employees or agents accepts any liability for any loss (including investment loss) or damage arising out of the use of all or any of the Information.
任何投资或收益的价值均可能上涨或下跌，投资者可能无法收回全部（或任何）投资金额。过往表现未必能预示未来表现。瑞银及其任何董事、员工或代理人均不对因使用全部或部分信息而导致的任何损失（包括投资损失）或损害承担任何责任。

Prior to making any investment or financial decisions, any recipient of this document or the information should take steps to understand the risk and return of the investment and seek individualized advice from his or her personal financial, legal, tax and other professional advisors that takes into account all the particular facts and circumstances of his or her investment objectives.
在做出任何投资或财务决策前，本文件或相关信息的接收者应采取步骤了解投资的风险与回报，并寻求个人财务、法律、税务及其他专业顾问的个性化建议，该建议应充分考虑其投资目标的所有特定事实与情况。

Any prices stated in this document are for information purposes only and do not represent valuations for individual securities or other financial instruments. There is no representation that any transaction can or could have been effected at those prices, and any prices do not necessarily reflect UBS's internal books and records or theoretical model-based valuations and may be based on certain assumptions. Different assumptions by UBS or any other source may yield substantially different results.
本文件所述价格仅供信息参考，不构成对任何证券或其他金融工具的估值。这些价格并不代表实际交易能够或已经以该价格执行，且未必反映瑞银内部账目记录或基于理论模型的估值，可能基于特定假设。瑞银或其他来源采用不同假设可能导致结果存在重大差异。

No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained in any materials to which this document relates (the "Information"), except with respect to Information concerning UBS. The Information is not intended to be a complete statement or summary of the securities, markets or developments referred to in the document. UBS does not undertake to update or keep current the Information. Any statements contained in this report attributed to a third party represent UBS's interpretation of the data, information and/or opinions provided by that third party either publicly or through a subscription service, and such use and interpretation have not been reviewed by the third party. In no circumstances may this document or any of the Information (including any forecast, value, index or other calculated amount ("Values")) be used for any of the following purposes:
本文件所含任何材料中的信息（以下简称"信息"），除涉及瑞银集团的信息外，均未就其准确性、完整性或可靠性作出任何明示或默示的陈述或保证。该等信息无意作为文件中所述证券、市场或发展的完整陈述或总结。瑞银集团无义务对该等信息进行更新或保持其时效性。本报告中任何归因于第三方的陈述，仅代表瑞银集团对该第三方公开或通过订阅服务提供的数据、信息和/或观点的解读，此类使用和解读未经该第三方审核。在任何情况下，本文件或任何信息（包括任何预测值、估值、指数或其他计算数值（统称"数值"））均不得用于以下任一用途：

(i) valuation or accounting purposes;
(i) 估值或会计目的；

(ii) to determine the amounts due or payable, the price or the value of any financial instrument or financial contract; or
(ii) 用于确定任何金融工具或金融合约的应付金额、价格或价值；或

(iii) to measure the performance of any financial instrument including, without limitation, for the purpose of tracking the return or performance of any Value or of defining the asset allocation of portfolio or of computing performance fees.
(iii) 用于衡量任何金融工具的表现，包括但不限于追踪任何价值的回报或表现、定义投资组合的资产配置或计算绩效费用等目的。

By receiving this document and the Information you will be deemed to represent and warrant to UBS that you will not use this document or any of the Information for any of the above purposes or otherwise rely upon this document or any of the Information.
接收本文件及所含信息即视为您向瑞银声明并保证：您不会将本文件或任何信息用于上述任何目的，亦不会依赖本文件或任何信息。

UBS has policies and procedures, which include, without limitation, independence policies and permanent information barriers, that are intended, and upon which UBS relies, to manage potential conflicts of interest and control the flow of information within divisions of UBS and among its subsidiaries, branches and affiliates. For further information on the ways in which UBS Global Research manages conflicts and maintains independence of its research products, historical performance information and certain additional disclosures concerning UBS Global Research recommendations, please visit https://www.ubs.com/disclosures.
瑞银已制定包含独立性政策和永久性信息隔离墙在内的政策与程序（瑞银依赖该等机制），旨在管理潜在利益冲突并控制信息在瑞银各部门、子公司、分支机构及关联公司间的流动。有关瑞银全球研究如何管理利益冲突、保持研究产品独立性、历史表现信息及相关披露事项的详情，请访问 https://www.ubs.com/disclosures。

UBS Global Research will initiate, update and cease coverage solely at the discretion of UBS Global Research Management, which will also have sole discretion on the timing and frequency of any published research product. The analysis contained in this document is based on numerous assumptions. All material information in relation to published research reports, such as valuation methodology, risk statements, underlying assumptions (including sensitivity analysis of those assumptions), ratings history etc. as required by the Market Abuse Regulation, can be found on UBS Neo. Different assumptions could result in materially different results.
瑞银全球研究部将全权决定何时启动、更新及终止研究报告的覆盖范围，并独家决定所有研究产品的发布时间和频率。本文件所含分析基于多项假设。根据《市场滥用监管条例》要求，所有与已发布研究报告相关的重要信息（包括估值方法、风险声明、基本假设及其敏感性分析、评级历史记录等）均可在瑞银 Neo 平台查阅。不同假设可能导致实质性差异结果。

UBS Global Research may utilise artificial intelligence tools (“AI Tools”) in the preparation of this document. Notwithstanding any such use of AI Tools, this document has undergone human review.
瑞银全球研究部在编制本文件时可能使用人工智能工具（"AI 工具"）。尽管采用了 AI 工具，本文件仍经过人工审核。

The analyst(s) responsible for the preparation of this document may interact with trading desk personnel, sales personnel and other parties for the purpose of gathering, applying and interpreting market information. UBS relies on information barriers to control the flow of information contained in one or more areas within UBS into other areas, units, groups or affiliates of UBS. The compensation of the analyst who prepared this document is determined exclusively by UBS Global Research management and senior management (not including investment banking). Analyst compensation is not based on investment banking revenues; however, compensation may relate to the revenues of UBS and/or its divisions as a whole, of which investment banking, sales and trading are a part, and UBS as a whole.
负责编写本文件的分析师可能会与交易台人员、销售人员及其他各方进行互动，以收集、应用和解读市场信息。瑞银通过信息隔离墙机制控制信息在瑞银内部一个或多个部门与其他部门、单位、集团或关联公司之间的流动。本文件撰写分析师的薪酬完全由瑞银全球研究管理层及高级管理层（不包括投资银行业务）决定。分析师薪酬不基于投资银行业务收入，但可能与瑞银及/或其整体业务部门的收入相关（投资银行、销售及交易业务均属于该整体业务部门），以及与瑞银整体业绩挂钩。

For financial instruments admitted to trading on an EU regulated market: UBS (excluding UBS Securities LLC) acts as a market maker or liquidity provider (in accordance with the interpretation of these terms under English law or, if not carried out by UBS in the UK the law of the relevant jurisdiction in which UBS determines it carries out the activity) in the financial instruments of the issuer save that where the activity of liquidity provider is carried out in accordance with the definition given to it by the laws and regulations of any other EU jurisdictions, such information is separately disclosed in this document. For financial instruments admitted to trading on a non-EU regulated market: UBS may act as a market maker save that where this activity is carried out in the US in accordance with the definition given to it by the relevant laws and regulations, such activity will be specifically disclosed in this document. UBS may have issued a warrant the value of which is based on one or more of the financial instruments referred to in the document. UBS and its affiliates and employees may have long or short positions, trade as principal and buy and sell in instruments or derivatives identified herein; such transactions or positions may be inconsistent with the opinions expressed in this document.
对于获准在欧盟受监管市场交易的金融工具：瑞银（不包括瑞银证券有限责任公司）担任该发行人金融工具的市场庄家或流动性提供者（根据英国法律对这些术语的解释，或若非由瑞银在英国开展业务，则依据瑞银认定开展该活动的相关司法管辖区的法律），除非流动性提供活动是根据其他欧盟司法管辖区法律法规所给定义进行的，此类信息将在本文件中单独披露。对于获准在非欧盟受监管市场交易的金融工具：瑞银可能担任市场庄家，除非该活动是在美国根据相关法律法规所给定义进行的，此类活动将在本文件中特别披露。瑞银可能已发行其价值基于本文件所述一种或多种金融工具的权证。 瑞银集团及其关联机构与员工可能持有本文所述金融工具或衍生品的长仓或短仓，并可能以委托人身份进行交易及买卖；此类交易或持仓可能与本文表述的观点相悖。

Within the past 12 months UBS may have received or provided investment services and activities or ancillary services as per MiFID II which may have given rise to a payment or promise of a payment in relation to these services from or to this company.
在过去 12 个月内，瑞银可能根据《金融工具市场指令 II》向该公司提供或接受投资服务及活动或附属服务，并因此产生服务费用的支付或支付承诺。

Please note that all transactions conducted by UBS are consistent with sanctions regulations imposed by Switzerland, the European Union, the United Nations, the United Kingdom and the United States, per UBS' global sanctions policy. UBS opinion as to future investment worthiness assumes no new sanctions are imposed.
请注意，根据瑞银全球制裁政策，所有交易均符合瑞士、欧盟、联合国、英国及美国实施的制裁法规。瑞银对未来投资价值的判断基于不实施新制裁的前提。

US persons are prohibited from purchasing or selling securities of certain companies designated as being associated with the Chinese Military in accordance with the amended US Presidential Executive Order 13959.
根据修订后的美国总统行政令 13959，美国人士不得买卖被认定为与中国军方关联的特定公司证券。

United Kingdom: This material is distributed by UBS AG, London Branch to persons who are eligible counterparties or professional clients. UBS AG, London Branch is authorised by the Prudential Regulation Authority and subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Europe: Except as otherwise specified herein, these materials are distributed by UBS Europe SE, a subsidiary of UBS AG, to persons who are eligible counterparties or professional clients (as detailed in the Bundesanstalt fur Finanzdienstleistungsaufsicht (BaFin) Rules and according to MIFID) and are only available to such persons. The information does not apply to, and should not be relied upon by, retail clients. UBS Europe SE is authorised by the European Central Bank (ECB) and regulated by the BaFin and the ECB. Germany, Luxembourg, the Netherlands, Belgium and Ireland: Where an analyst of UBS Europe SE has contributed to this document, the document is also deemed to have been prepared by UBS Europe SE. In all cases it is distributed by UBS Europe SE and UBS AG, London Branch. Turkey: Distributed by UBS AG, London Branch. No information in this document is provided for the purpose of offering, marketing and sale by any means of any capital market instruments and services in the Republic of Turkey. Therefore, this document may not be considered as an offer made or to be made to residents of the Republic of Turkey. UBS AG, London Branch is not licensed by the Turkish Capital Market Board under the provisions of the Capital Market Law (Law No. 6362). Accordingly, neither this document nor any other offering material related to the instruments/services may be utilized in connection with providing any capital market services to persons within the Republic of Turkey without the prior approval of the Capital Market Board. However, according to article 15 (d) (ii) of the Decree No. 32, there is no restriction on the purchase or sale of the securities abroad by residents of the Republic of Turkey. Poland: Distributed by UBS Europe SE (spolka z ograniczona odpowiedzialnoscia) Oddzial w Polsce. Where an analyst of UBS Europe SE (spolka z ograniczona odpowiedzialnoscia) Oddzial w Polsce has contributed to this document, the document is also deemed to have been prepared by UBS Europe SE (spolka z ograniczona odpowiedzialnoscia) Oddzial w Polsce. Russia: Prepared and distributed by UBS Bank (OOO). Should not be construed as an individual Investment Recommendation for the purpose of the Russian Law - Federal Law #39-FZ ON THE SECURITIES MARKET Articles 6.1-6.2.Switzerland: Distributed by UBS AG to persons who are institutional investors only. UBS AG is regulated by the Swiss Financial Market Supervisory Authority (FINMA). Italy: Prepared by UBS Europe SE and distributed by UBS Europe SE and UBS Europe SE, Italy Branch. Where an analyst of UBS Europe SE, Italy Branch has contributed to this document, the document is also deemed to have been prepared by UBS Europe SE, Italy Branch. France: Prepared by UBS Europe SE and distributed by UBS Europe SE and UBS Europe SE, France Branch. Where an analyst of UBS Europe SE, France Branch has contributed to this document, the document is also deemed to have been prepared by UBS Europe SE, France Branch. Spain: Prepared by UBS Europe SE and distributed by UBS Europe SE and UBS Europe SE, Spain Branch. Where an analyst of UBS Europe SE, Spain Branch has contributed to this document, the document is also deemed to have been prepared by UBS Europe SE, Spain Branch. Sweden: Prepared by UBS Europe SE and distributed by UBS Europe SE and UBS Europe SE, Sweden Branch. Where an analyst of UBS Europe SE, Sweden Branch has contributed to this document, the document is also deemed to have been prepared by UBS Europe SE, Sweden Branch. South Africa: Distributed by UBS South Africa (Pty) Limited (Registration No. 1995/011140/07), an authorised user of the JSE and an authorised Financial Services Provider (FSP 7328). Saudi Arabia: This document has been issued by UBS AG (and/or any of its subsidiaries, branches or affiliates), a public company limited by shares, incorporated in Switzerland with its registered offices at Aeschenvorstadt 1, CH-4051 Basel and Bahnhofstrasse 45, CH-8001 Zurich. This publication has been approved by UBS Saudi Arabia (a subsidiary of UBS AG), a Saudi closed joint stock company incorporated in the Kingdom of Saudi Arabia under commercial register number 1010257812 having its registered office at Tatweer Towers, P.O. Box 75724, Riyadh 11588, Kingdom of Saudi Arabia. UBS Saudi Arabia is authorized and regulated by the Capital Market Authority to conduct securities business under license number 08113-37. UAE / Dubai: The information distributed by UBS AG Dubai Branch is only intended for Professional Clients and/or Market Counterparties, as classified under the DFSA rulebook. No other person should act upon this material/communication. The information is not for further distribution within the United Arab Emirates. UBS AG Dubai Branch is regulated by the DFSA in the DIFC. UBS is not licensed to provide banking services in the UAE by the Central Bank of the UAE, nor is it licensed by the UAE Securities and Commodities Authority. Israel: This Material is distributed by UBS AG, London Branch. UBS Securities Israel Ltd is a licensed Investment Marketer that is supervised by the Israel Securities Authority (ISA). UBS AG, London Branch and its affiliates incorporated outside Israel are not licensed under the Israeli Advisory Law. UBS may engage among others in issuance of Financial Assets or in distribution of Financial Assets of other issuers for fees or other benefits. UBS AG, London Branch and its affiliates may prefer various Financial Assets to which they have or may have an Affiliation (as such term is defined under the Israeli Advisory Law). Nothing in this Material should be considered as investment advice under the Israeli Advisory Law. This Material is being issued only to and/or is directed only at persons who are Eligible Clients within the meaning of the Israeli Advisory Law, and this Material must not be furnished to, relied on or acted upon by any other persons. United States: Distributed to US persons by either UBS Securities LLC or by UBS Financial Services Inc., subsidiaries of UBS AG; or by a group, subsidiary or affiliate of UBS AG that is not registered as a US broker-dealer (a ‘non-US affiliate’) to major US institutional investors only. UBS Securities LLC or UBS Financial Services Inc. accepts responsibility for the content of a report prepared by another non-US affiliate when distributed to US persons by UBS Securities LLC or UBS Financial Services Inc. All transactions by a US person in the securities mentioned in this report must be effected through UBS Securities LLC or UBS Financial Services Inc., and not through a non-US affiliate. UBS Securities LLC is not acting as a municipal advisor to any municipal entity or obligated person within the meaning of Section 15B of the Securities Exchange Act (the "Municipal Advisor Rule"), and the opinions or views contained herein are not intended to be, and do not constitute, advice within the meaning of the Municipal Advisor Rule. Canada: Distributed by UBS Securities Canada Inc., a registered investment dealer in Canada and a Member-Canadian Investor Protection Fund, or by another affiliate of UBS AG that is registered to conduct business in Canada or is otherwise exempt from registration. Brazil: Except as otherwise specified herein, this Material is prepared by UBS Brasil Corretora de Câmbio, Títulos e Valores Mobiliários S.A. (UBS Brasil CCTVM) to persons who are eligible investors residing in Brazil, which are considered to be Professional Investors (Investidores Profissionais), as designated by the applicable regulation, mainly the CVM Resolution No. 30 from the 11th of May 2021 (determines the duty to verify the suitability of products, services and transactions with regards to the client´s profile). UBS Brasil CCTVM is a subsidiary of UBS BB Servicos de Assessoria Financeira e Participacoes S.A. (“UBS BB”). UBS BB is an association between UBS AG and Banco do Brasil (through its subsidiary BB – Banco de Investimentos S.A.), of which UBS AG is the majority owner and which provides investment banking services and coverage in Brazil, Argentina, Chile, Paraguay, Peru and Uruguay. UBS Brasil CCTVM is regulated by the Comissao de Valores Mobiliarios (CVM) and by the Central Bank of Brazil. Ombudsman: 0800-940-0266/ https://www.ubs.com/br/pt/ubsbb-investment-bank/ombudsman.html. UBS may hold relevant financial and commercial interest in relation to the company subject to this Research report. Hong Kong: Distributed by UBS Securities Asia Limited. Please contact local licensed persons of UBS Securities Asia Limited in respect of any matters arising from, or in connection with, the analysis or document Singapore: Distributed by UBS Securities Pte. Ltd. [Co. Reg. No.: 198500648C] or UBS AG, Singapore Branch. Please contact UBS Securities Pte. Ltd., an exempt financial adviser under the Singapore Financial Advisers Act (Cap. 110); or UBS AG, Singapore Branch, an exempt financial adviser under the Singapore Financial Advisers Act (Cap. 110) and a wholesale bank licensed under the Singapore Banking Act (Cap. 19) regulated by the Monetary Authority of Singapore, in respect of any matters arising from, or in connection with, the analysis or document. The recipients of this document represent and warrant that they are accredited and institutional investors as defined in the Securities and Futures Act (Cap. 289). Japan: Distributed by UBS Securities Japan Co., Ltd. to professional investors (except as otherwise permitted). Where this report has been prepared by UBS Securities Japan Co., Ltd., UBS Securities Japan Co., Ltd. is the author, publisher and distributor of the report. Distributed by UBS AG, Tokyo Branch to Professional Investors (except as otherwise permitted) in relation to foreign exchange and other banking businesses when relevant. Australia: Clients of UBS AG: Distributed by UBS AG (ABN 47 088 129 613 and holder of Australian Financial Services License No. 231087). For all other recipients: Distributed by UBS Securities Australia Ltd (ABN 62 008 586 481 and holder of Australian Financial Services License No. 231098). This document contains general information and/or general advice only and does not constitute personal financial product advice. As such, the Information in this document has been prepared without taking into account any investor’s objectives, financial situation or needs, and investors should, before acting on the Information, consider the appropriateness of the Information, having regard to their objectives, financial situation and needs. If the Information contained in this document relates to the acquisition, or potential acquisition of a particular financial product by a ‘Retail’ client as defined by section 761G of the Corporations Act 2001 where a Product Disclosure Statement would be required, the retail client should obtain and consider the Product Disclosure Statement relating to the product before making any decision about whether to acquire the product. New Zealand: Distributed by UBS New Zealand Ltd. UBS New Zealand Ltd is not a registered bank in New Zealand. You are being provided with this publication or material because you have indicated to UBS that you are a “wholesale client” within the meaning of section 5C of the Financial Advisers Act 2008 of New Zealand (Permitted Client). This publication or material is not intended for clients who are not Permitted Clients (non-permitted Clients). If you are a non-permitted Client you must not rely on this publication or material. If despite this warning you nevertheless rely on this publication or material, you hereby (i) acknowledge that you may not rely on the content of this publication or material and that any recommendations or opinions in such this publication or material are not made or provided to you, and (ii) to the maximum extent permitted by law (a) indemnify UBS and its associates or related entities (and their respective Directors, officers, agents and Advisors) (each a ‘Relevant Person’) for any loss, damage, liability or claim any of them may incur or suffer as a result of, or in connection with, your unauthorised reliance on this publication or material and (b) waive any rights or remedies you may have against any Relevant Person for (or in respect of) any loss, damage, liability or claim you may incur or suffer as a result of, or in connection with, your unauthorised reliance on this publication or material. Korea: Distributed in Korea by UBS Securities Pte. Ltd., Seoul Branch. This report may have been edited or contributed to from time to time by affiliates of UBS Securities Pte. Ltd., Seoul Branch. This material is intended for professional/institutional clients only and not for distribution to any retail clients. Malaysia: This material is authorized to be distributed in Malaysia by UBS Securities Malaysia Sdn. Bhd (Capital Markets Services License No.: CMSL/A0063/2007). This material is intended for professional/institutional clients only and not for distribution to any retail clients. India: Distributed by UBS Securities India Private Ltd. (Corporate Identity Number U67120MH1996PTC097299) 2/F, 3 North Avenue, Maker Maxity, Bandra Kurla Complex, Bandra (East), Mumbai (India) 400051. Phone: +912261556000. It provides brokerage services bearing SEBI Registration Number: INZ000259830; Merchant Banking services bearing SEBI Registration Number: INM000013101; and Research Analyst services bearing SEBI Registration Number: INH000001204. Name of Compliance Officer Mr. Parameshwaran Shivaramakrishnan, Phone : +912261556151, Email : parameshwaran.s@ubs.com, Name of Grievance Officer Parameshwaran Shivaramakrishnan, Phone : +912261556151, Email: ol-ubs-sec-compliance@ubs.com Registration granted by SEBI, and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. UBS may have debt holdings or positions in the subject Indian company/companies. UBS may have financial interests (e.g. loan/derivative products, rights to or interests in investments, etc.) in the subject Indian company / companies from time to time. Within the past 12 months, UBS may have received compensation for non-investment banking securities-related services and/or non-securities services from the subject Indian company/companies. The subject company/companies may have been a client/clients of UBS during the 12 months preceding the date of distribution of the research report with respect to investment banking and/or non-investment banking securities-related services and/or non-securities services. With regard to information on associates, please refer to the Annual Report at: https://www.ubs.com/global/en/about_ubs/investor_relations/annualreporting.html Taiwan: Except as otherwise specified herein, this material may not be distributed in Taiwan. Information and material on securities/instruments that are traded in a Taiwan organized exchange is deemed to be issued and distributed by UBS Securities Pte. LTD., Taipei Branch, which is licensed and regulated by Taiwan Financial Supervisory Commission. Save for securities/instruments that are traded in a Taiwan organized exchange, this material should not constitute "recommendation" to clients or recipients in Taiwan for the covered companies or any companies mentioned in this document. No portion of the document may be reproduced or quoted by the press or any other person without authorisation from UBS. Indonesia: This report is being distributed by PT UBS Sekuritas Indonesia and is delivered by its licensed employee(s), including marketing/sales person, to its client. PT UBS Sekuritas Indonesia, having its registered office at Sequis Tower Level 22 unit 22-1,Jl.Jend. Sudirman, kav.71, SCBD lot 11B, Jakarta 12190. Indonesia, is a subsidiary company of UBS AG and licensed under Capital Market Law no. 8 year 1995, a holder of broker-dealer and underwriter licenses issued by the Capital Market and Financial Institution Supervisory Agency (now Otoritas Jasa Keuangan/OJK). PT UBS Sekuritas Indonesia is also a member of Indonesia Stock Exchange and supervised by Otoritas Jasa Keuangan (OJK). Neither this report nor any copy hereof may be distributed in Indonesia or to any Indonesian citizens except in compliance with applicable Indonesian capital market laws and regulations. This report is not an offer of securities in Indonesia and may not be distributed within the territory of the Republic of Indonesia or to Indonesian citizens in circumstance which constitutes an offering within the meaning of Indonesian capital market laws and regulations.
英国：本资料由瑞银集团伦敦分行向符合资格的对手方或专业客户分发。瑞银集团伦敦分行受审慎监管局授权，并受金融行为监管局监管及审慎监管局的有限监管。欧洲：除非本文另有说明，本资料由瑞银集团子公司瑞银欧洲 SE 向符合资格的对手方或专业客户（根据德国联邦金融监管局（BaFin）规则及《金融工具市场指令》定义）分发，且仅适用于此类人士。该信息不适用于零售客户，亦不应被其依赖。瑞银欧洲 SE 受欧洲中央银行（ECB）授权，并受 BaFin 及 ECB 监管。德国、卢森堡、荷兰、比利时及爱尔兰：若瑞银欧洲 SE 分析师参与撰写本文件，则该文件亦被视为由瑞银欧洲 SE 编制。所有情况下均由瑞银欧洲 SE 与瑞银集团伦敦分行共同分发。土耳其：由瑞银集团伦敦分行分发。 本文件所含信息并非为在土耳其共和国以任何方式提供、营销或销售任何资本市场工具及服务之目的而提供。因此，本文件不得视为向土耳其共和国居民发出或拟发出的要约。UBS AG 伦敦分行未根据《资本市场法》（第 6362 号法律）条款获得土耳其资本市场委员会许可。据此，未经资本市场委员会事先批准，本文件或与工具/服务相关的任何其他要约材料均不得用于向土耳其共和国境内人士提供任何资本市场服务。但根据第 32 号法令第 15 条(d)(ii)项规定，土耳其共和国居民在境外买卖证券不受限制。波兰：由 UBS Europe SE（有限责任公司）波兰分行分发。 若本文件内容包含瑞银欧洲股份有限公司（波兰分公司）分析师的贡献，则该文件亦视为由瑞银欧洲股份有限公司（波兰分公司）编制。俄罗斯：由瑞银银行（有限责任公司）编制并分发。根据俄罗斯联邦《证券市场法》第 39-FZ 号联邦法律第 6.1-6.2 条规定，不得将其视为个人投资建议。瑞士：由瑞银集团向机构投资者独家分发。瑞银集团受瑞士金融市场监督管理局（FINMA）监管。意大利：由瑞银欧洲股份有限公司编制，并由瑞银欧洲股份有限公司及瑞银欧洲股份有限公司意大利分行分发。若本文件内容包含瑞银欧洲股份有限公司意大利分行分析师的贡献，则该文件亦视为由瑞银欧洲股份有限公司意大利分行编制。法国：由瑞银欧洲股份有限公司编制，并由瑞银欧洲股份有限公司及瑞银欧洲股份有限公司法国分行分发。若本文件内容包含瑞银欧洲股份有限公司法国分行分析师的贡献，则该文件亦视为由瑞银欧洲股份有限公司法国分行编制。 西班牙：本文件由瑞银欧洲 SE 编制，并由瑞银欧洲 SE 及其西班牙分行分发。若瑞银欧洲 SE 西班牙分行的分析师参与了本文件的撰写，则该文件亦被视为由瑞银欧洲 SE 西班牙分行编制。瑞典：本文件由瑞银欧洲 SE 编制，并由瑞银欧洲 SE 及其瑞典分行分发。若瑞银欧洲 SE 瑞典分行的分析师参与了本文件的撰写，则该文件亦被视为由瑞银欧洲 SE 瑞典分行编制。南非：由瑞银南非（私人）有限公司（注册号 1995/011140/07）分发，该公司为约翰内斯堡证券交易所授权用户及持牌金融服务提供商（FSP 7328）。沙特阿拉伯：本文件由瑞银集团（及/或其任何子公司、分行或关联机构）发布，该集团为瑞士注册的股份有限公司，注册办公地址位于瑞士巴塞尔埃申前街 1 号（CH-4051）及苏黎世班霍夫大街 45 号（CH-8001）。 本出版物已获瑞银沙特阿拉伯公司（瑞银集团子公司）批准。该公司为沙特封闭式股份制企业，在沙特阿拉伯王国注册成立，商业注册号 1010257812，注册地址为沙特阿拉伯王国利雅得 11588 邮政信箱 75724 号 Tatweer Towers 大厦。瑞银沙特阿拉伯公司获资本市场管理局授权并受其监管，持有证券业务许可证（编号 08113-37）。阿联酋/迪拜：瑞银集团迪拜分行发布的信息仅适用于迪拜金融服务管理局规则手册中定义的专业客户和/或市场交易对手。其他人士不得依据此材料/通讯采取行动。该信息不得在阿拉伯联合酋长国境内进一步传播。瑞银集团迪拜分行受迪拜国际金融中心迪拜金融服务管理局监管。瑞银未获得阿联酋中央银行颁发的阿联酋银行业务牌照，也未获得阿联酋证券与商品管理局颁发的许可证。以色列：本材料由瑞银集团伦敦分行发布。瑞银证券以色列有限公司为持牌投资营销商，受以色列证券管理局（ISA）监管。 瑞银集团伦敦分行及其在以色列境外注册的附属机构未根据以色列咨询法获得许可。瑞银可能参与发行金融资产或分销其他发行人的金融资产以获取费用或其他利益。瑞银集团伦敦分行及其附属机构可能优先推荐其存在或可能存在关联关系（该术语定义见以色列咨询法）的各类金融资产。本材料任何内容均不应被视为以色列咨询法定义下的投资建议。本材料仅面向符合以色列咨询法定义的"合格客户"提供，严禁向其他人士提供或供其依赖/使用。美国地区：向美国人士分发本材料的主体为瑞银证券有限责任公司或瑞银金融服务公司（均为瑞银集团子公司）；或由瑞银集团旗下未注册为美国经纪交易商的集团成员/子公司/关联机构（"非美关联机构"）仅向美国主要机构投资者分发。瑞银证券有限责任公司或瑞银金融服务公司 当瑞银证券有限责任公司或瑞银金融服务公司向美国人士分发由其他非美国关联方编制的报告时，其对该报告内容承担责任。美国人士在本报告提及证券的所有交易必须通过瑞银证券有限责任公司或瑞银金融服务公司进行，不得通过非美国关联方执行。根据《证券交易法》第 15B 条（"市政顾问规则"）的定义，瑞银证券有限责任公司未担任任何市政实体或义务人的市政顾问，本报告所含意见或观点无意且不构成市政顾问规则定义下的建议。加拿大地区：由加拿大注册投资交易商、加拿大投资者保护基金成员瑞银证券加拿大公司分发，或由瑞银集团其他在加拿大注册开展业务或获注册豁免的关联方分发。 巴西：除非本文另有规定，本材料由瑞银巴西外汇、证券及商品经纪公司（UBS Brasil CCTVM）为居住在巴西的合格投资者编制，这些投资者根据适用法规（主要是 2021 年 5 月 11 日颁布的第 30 号巴西证券交易委员会决议）被指定为专业投资者（Investidores Profissionais），该决议要求根据客户画像验证产品、服务及交易的适当性。瑞银巴西 CCTVM 是瑞银 BB 金融咨询及股权投资服务公司（UBS BB）的子公司。UBS BB 是瑞银集团与巴西银行（通过其子公司 BB 投资银行）的合资企业，其中瑞银集团为控股股东，在巴西、阿根廷、智利、巴拉圭、秘鲁和乌拉圭提供投资银行服务及市场覆盖。瑞银巴西 CCTVM 受巴西证券交易委员会（CVM）及巴西中央银行监管。 申诉专员：0800-940-0266/ https://www.ubs.com/br/pt/ubsbb-investment-bank/ombudsman.html。瑞银可能持有与本研究报告涉及公司相关的财务及商业权益。香港地区：由瑞银证券亚洲有限公司分发。就该分析报告或文件所引起或与之相关的任何事宜，请联络瑞银证券亚洲有限公司持牌人员。新加坡地区：由瑞银证券私人有限公司[公司注册号：198500648C]或瑞银集团新加坡分行分发。就该分析报告或文件所引起或与之相关的任何事宜，请联络根据《新加坡财务顾问法》（第 110 章）获豁免的财务顾问瑞银证券私人有限公司；或根据《新加坡财务顾问法》（第 110 章）获豁免的财务顾问、并根据《新加坡银行法》（第 19 章）受新加坡金融管理局监管的持牌批发银行瑞银集团新加坡分行。本文件接收方声明并保证其属于《证券与期货法》（第 289 章）定义的认可及机构投资者。日本地区：由瑞银证券日本株式会社分发。 致专业投资者（除非另有许可）。当本报告由瑞银证券日本株式会社编制时，瑞银证券日本株式会社为报告的作者、发布者和分发者。由瑞银集团东京分行分发给专业投资者（除非另有许可），涉及外汇及其他银行业务时适用。澳大利亚：瑞银集团客户：由瑞银集团（ABN 47 088 129 613，持有澳大利亚金融服务牌照号 231087）分发。其他所有接收方：由瑞银证券澳大利亚有限公司（ABN 62 008 586 481，持有澳大利亚金融服务牌照号 231098）分发。本文件仅包含一般信息和/或一般建议，不构成个人金融产品建议。因此，本文件中的信息在编制时未考虑任何投资者的目标、财务状况或需求，投资者在根据该信息采取行动前，应结合自身目标、财务状况和需求评估该信息的适当性。 若本文件所含信息涉及《2001 年公司法》第 761G 条所定义的"零售"客户对特定金融产品的购买或潜在购买（该情形下需提供产品披露声明），零售客户应在决定是否购买该产品前获取并审阅相关产品披露声明。新西兰地区：由瑞银新西兰有限公司分发。瑞银新西兰有限公司并非新西兰注册银行。您获提供本出版物或资料，是因您已向瑞银表明您属于《2008 年新西兰金融顾问法》第 5C 条所指的"批发客户"（许可客户）。本出版物或资料不面向非许可客户。若您为非许可客户，则不得依赖本出版物或资料。 若您无视本警示仍执意依赖本出版物或资料，即表示您特此：(i) 确认不得依赖本出版物或资料所含内容，且其中任何建议或观点均非为您提供；(ii) 在法律允许的最大范围内，(a) 就您未经授权依赖本出版物或资料所导致或与之相关的任何损失、损害、责任或索赔，对瑞银集团及其关联实体（包括各自董事、高管、代理及顾问）（统称"相关方"）予以赔偿，(b) 放弃就您未经授权依赖本出版物或资料所导致或与之相关的任何损失、损害、责任或索赔，向任何相关方主张权利或救济。韩国地区：由瑞银证券新加坡有限公司首尔分行分发。本报告可能不时由瑞银证券新加坡有限公司首尔分行的关联机构进行编辑或补充。 本资料仅供专业/机构客户使用，不面向任何零售客户分发。马来西亚：本资料由瑞银证券马来西亚有限公司（资本市场服务许可证编号：CMSL/A0063/2007）授权在马来西亚分发。本资料仅供专业/机构客户使用，不面向任何零售客户分发。印度：由瑞银证券印度私人有限公司（公司识别号 U67120MH1996PTC097299）分发，地址：印度孟买班德拉东区班德拉库尔拉综合体 Maker Maxity 北大道 3 号 2 楼，邮编 400051。电话：+912261556000。该公司提供以下服务：证券经纪业务（SEBI 注册号：INZ000259830）、商人银行业务（SEBI 注册号：INM000013101）以及研究分析师服务（SEBI 注册号：INH000001204）。合规官姓名： 帕拉梅什瓦兰·希瓦拉马克里希南，电话：+912261556151，电子邮件：parameshwaran.s@ubs.com，申诉专员姓名：帕拉梅什瓦兰·希瓦拉马克里希南，电话：+912261556151，电子邮件：ol-ubs-sec-compliance@ubs.com。SEBI 授予的注册及 NISM 认证绝不保证中介机构的表现或向投资者提供任何回报保证。瑞银可能持有相关印度公司/企业的债务头寸。瑞银可能不时在相关印度公司/企业拥有财务权益（如贷款/衍生品产品、投资权利或权益等）。在过去 12 个月内，瑞银可能因非投行证券相关服务和/或非证券服务从相关印度公司/企业获得报酬。在研究报告发布前的 12 个月内，相关公司/企业可能曾是瑞银在投行和/或非投行证券相关服务和/或非证券服务方面的客户。 关于关联方信息，请参阅年报：https://www.ubs.com/global/en/about_ubs/investor_relations/annualreporting.html 台湾地区：除另有说明外，本资料不得在台湾地区分发。涉及台湾证券交易所上市证券/工具的信息资料，视为由受台湾金融监督管理委员会许可监管的瑞银证券股份有限公司台北分公司发行分发。对于非台湾证券交易所上市的证券/工具，本资料不构成对台湾地区客户或接收方就所涉公司或本文件提及任何公司的"推荐"。未经瑞银授权，媒体或任何其他人士不得转载或引用本文件任何部分。印度尼西亚：本报告由 PT 瑞银印度尼西亚证券公司分发，并经由其持牌员工（包括营销/销售人员）递送给客户。PT 瑞银印度尼西亚证券公司注册地址为雅加达 12190 SCBD 地块 11B Sudirman 将军大道 71 号 Sequis 大厦 22 层 22-1 单元。 印度尼西亚 UBS 证券公司是 UBS AG 的子公司，根据 1995 年第 8 号资本市场法获得许可，持有由资本市场和金融机构监管局（现为金融服务管理局/OJK）颁发的经纪交易商和承销商执照。PT UBS Sekuritas Indonesia 也是印度尼西亚证券交易所的成员，并受金融服务管理局（OJK）监管。除非符合印度尼西亚适用的资本市场法律法规，否则本报告或其任何副本不得在印度尼西亚境内或向任何印度尼西亚公民分发。本报告并非在印度尼西亚境内发行证券的要约，且不得在构成印度尼西亚资本市场法律法规所指证券发行的情形下，于印度尼西亚共和国境内或向印度尼西亚公民分发。

The disclosures contained in research documents produced by UBS AG, London Branch or UBS Europe SE shall be governed by and construed in accordance with English law.
由 UBS AG 伦敦分行或 UBS Europe SE 制作的研究文件中所含披露事项，应受英国法律管辖并依其解释。

UBS specifically prohibits the redistribution of this document in whole or in part without the written permission of UBS and in any event UBS accepts no liability whatsoever for any redistribution of this document or its contents or the actions of third parties in this respect. Images may depict objects or elements that are protected by third party copyright, trademarks and other intellectual property rights. © UBS 2025. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved.
瑞银集团明确禁止在未经其书面许可的情况下全部或部分重新分发本文件，且瑞银集团在任何情况下均不对本文件或其内容的重新分发或第三方在此方面的行为承担任何责任。图片可能包含受第三方版权、商标和其他知识产权保护的对象或元素。© 瑞银集团 2025。钥匙符号和 UBS 均为瑞银集团已注册和未注册商标。保留所有权利。

You receive this document in your capacity as a client of UBS Global Wealth Management. This publication has been distributed to you by UBS Switzerland AG (regulated by FINMA in Switzerland) or its affiliates ("UBS") with whom you have a banking relationship with. The full name of the distributing affiliate and its competent authority can be found in the country-specific disclaimer at the end of this document. UBS may utilise artificial intelligence tools (“AI Tools”) in the preparation of this document. Notwithstanding any such use of AI Tools, this document has undergone human review.
您作为瑞银全球财富管理客户接收本文件。本出版物由瑞银瑞士有限公司（受瑞士金融市场监管局监管）或其与您存在银行业务关系的关联机构（简称"瑞银"）向您分发。具体分发机构全称及其监管机构信息可查阅文件末尾的国家/地区特定免责声明。瑞银可能在编制本文件过程中使用人工智能工具（简称"AI 工具"）。尽管使用了此类 AI 工具，本文件仍经过人工审核。

The date and time of the first dissemination of this publication is the same as the date and time of its publication.
本出版物首次发布的时间与其发表日期时间相同。

Risk information:  风险提示：

You agree that you shall not copy, revise, amend, create a derivative work, provide to any third party, or in any way commercially exploit any UBS research, and that you shall not extract data from any research or estimates, without the prior written consent of UBS.
您同意，未经瑞银事先书面许可，不得复制、修改、修订、创作衍生作品、向任何第三方提供或以任何方式商业利用任何瑞银研究报告，且不得从任何研究或预估中提取数据。

This document is for distribution only as may be permitted by law. It is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or would subject UBS to any registration or licensing requirement within such jurisdiction.
本文件仅限在法律允许范围内分发。其内容不针对也不拟向任何在所属地区、州、国家或其他司法管辖区（若该等分发、发布、提供或使用行为违反当地法律法规或会导致瑞银在该司法管辖区面临任何注册或许可要求）的公民、居民或实体分发或供其使用。

This document is for your information only; it is not an advertisement nor is it a solicitation or an offer to buy or sell any financial instruments or to participate in any particular trading strategy. Nothing in this document constitutes a representation that any investment strategy or recommendation is suitable or appropriate to an investor’s individual circumstances or otherwise constitutes a personal recommendation. By providing this document, none of UBS or its representatives has any responsibility or authority to provide or have provided investment advice in a fiduciary capacity or otherwise. Investments involve risks, and investors should exercise prudence and their own judgment in making their investment decisions. None of UBS or its representatives is suggesting that the recipient or any other person take a specific course of action or any action at all. By receiving this document, the recipient acknowledges and agrees with the intended purpose described above and further disclaims any expectation or belief that the information constitutes investment advice to the recipient or otherwise purports to meet the investment objectives of the recipient. The financial instruments described in the document may not be eligible for sale in all jurisdictions or to certain categories of investors.
本文件仅供阁下参考，并非广告、招揽或要约购买或出售任何金融工具，亦非参与任何特定交易策略之邀约。本文件内容概不构成任何陈述，表明任何投资策略或建议适合或适用于投资者个人情况，或以其他方式构成个人推荐。瑞银或其代表提供本文件时，均无责任或权限以受托人身份或其他方式提供或已提供投资建议。投资涉及风险，投资者在作出投资决策时应审慎行事并自行判断。瑞银或其代表均未建议收件人或任何其他人士采取特定行动或任何行动。收件人接收本文件即确认并同意上述预期用途，并进一步声明不预期或认为该等信息构成对收件人的投资建议，或以其他方式声称符合收件人的投资目标。 本文件所述金融工具可能不适用于所有司法管辖区或特定类别的投资者。

Options, derivative products and futures are not suitable for all investors, and trading in these instruments is considered risky. Mortgage and asset-backed securities may involve a high degree of risk and may be highly volatile in response to fluctuations in interest rates or other market conditions. Foreign currency rates of exchange may adversely affect the value, price or income of any security or related instrument referred to in the document. For investment advice, trade execution or other enquiries, clients should contact their local sales representative.
期权、衍生品及期货并非适合所有投资者，且此类工具交易具有风险。抵押贷款和资产支持证券可能涉及高风险，并可能因利率波动或其他市场条件变化而高度波动。外汇汇率可能对文件中提及的任何证券或相关工具的价值、价格或收益产生不利影响。如需投资建议、交易执行或其他咨询，客户应联系当地销售代表。

The value of any investment or income may go down as well as up, and investors may not get back the full (or any) amount invested. Past performance is not necessarily a guide to future performance. Neither UBS nor any of its directors, employees or agents accepts any liability for any loss (including investment loss) or damage arising out of the use of all or any of the information (as defined below).
任何投资或收益的价值均可能上涨或下跌，投资者可能无法收回全部（或任何）投资金额。过往表现未必是未来表现的指引。瑞银集团及其任何董事、员工或代理人均不对因使用全部或部分信息（定义见下文）而产生的任何损失（包括投资损失）或损害承担法律责任。

Prior to making any investment or financial decisions, any recipient of this document or the information should take steps to understand the risk and return of the investment and seek individualized advice from his or her personal financial, legal, tax and other professional advisors that takes into account all the particular facts and circumstances of his or her investment objectives.
在做出任何投资或财务决策之前，本文件或相关信息的接收者应采取必要措施了解投资的风险与回报，并根据自身投资目标的所有特定事实和情况，向其个人财务、法律、税务及其他专业顾问寻求个性化建议。

Any prices stated in this document are for information purposes only and do not represent valuations for individual securities or other financial instruments. There is no representation that any transaction can or could have been effected at those prices, and any prices do not necessarily reflect UBS's internal books and records or theoretical model-based valuations and may be based on certain assumptions. Different assumptions by UBS or any other source may yield substantially different results.
本文件所述价格仅供信息参考，不代表任何个别证券或其他金融工具的估值。这些价格并不表示任何交易能够或已经按该价格执行，且所有价格未必反映瑞银内部账簿记录或理论模型估值，可能基于特定假设。瑞银或其他来源采用不同假设可能得出截然不同的结果。

No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained in any materials to which this document relates (the "Information"), except with respect to Information concerning UBS. The Information is not intended to be a complete statement or summary of the securities, markets or developments referred to in the document. UBS does not undertake to update or keep current the Information. Any opinions expressed in this document may change without notice and may differ or be contrary to opinions expressed by other business areas or groups, personnel or other representative of UBS. Any statements contained in this report attributed to a third party represent UBS's interpretation of the data, information and/or opinions provided by that third party either publicly or through a subscription service, and such use and interpretation have not been reviewed by the third party. In no circumstances may this document or any of the Information (including any forecast, value, index or other calculated amount ("Values")) be used for any of the following purposes: (i) valuation or accounting purposes; (ii) to determine the amounts due or payable, the price or the value of any financial instrument or financial contract; or (iii) to measure the performance of any financial instrument including, without limitation, for the purpose of tracking the return or performance of any Value or of defining the asset allocation of portfolio or of computing performance fees.
本文件所涉任何材料中包含的信息（以下简称"信息"）均未就准确性、完整性或可靠性作出明示或默示的陈述或保证，但涉及瑞银的信息除外。该信息无意成为文件中所述证券、市场或发展的完整陈述或摘要。瑞银不承诺对信息进行更新或保持其时效性。本文件表述的任何观点均可能随时变更且不予通知，并可能与瑞银其他业务部门、团队、人员或其他代表表述的观点存在差异或相反。本报告中归因于第三方的任何陈述，均代表瑞银对该第三方公开或通过订阅服务提供的数据、信息和/或观点的解读，此类使用及解读未经第三方审阅。 在任何情况下，本文件或任何信息（包括任何预测、数值、指数或其他计算金额（"数值"））均不得用于以下任何目的：(i) 估值或会计目的；(ii) 确定应付或应收金额、任何金融工具或金融合约的价格或价值；或(iii) 衡量任何金融工具的表现，包括但不限于用于追踪任何数值的回报或表现、定义投资组合的资产配置或计算绩效费用。

By receiving this document and the Information you will be deemed to represent and warrant to UBS that you will not use this document or any of the Information for any of the above purposes or otherwise rely upon this document or any of the Information.
通过接收本文件及所含信息，即视为您向瑞银声明并保证：您不会将本文件或任何信息用于上述任何目的，亦不会以其他方式依赖本文件或任何信息。

UBS has policies and procedures, which include, without limitation, independence policies and permanent information barriers, that are intended, and upon which UBS relies, to manage potential conflicts of interest and control the flow of information within divisions of UBS (including between Global Wealth Management and UBS Global Research) and among its subsidiaries, branches and affiliates. For further information on the ways in which UBS manages conflicts and maintains independence of its research products, historical performance information and certain additional disclosures concerning UBS research recommendations, please visit https://www.ubs.com/research-methodology.
瑞银集团制定了相关政策和程序（包括但不限于独立性政策和永久性信息隔离墙），旨在并依赖这些措施来管理潜在利益冲突，控制瑞银各业务部门（包括全球财富管理与瑞银全球研究之间）及其子公司、分行和关联公司之间的信息流动。有关瑞银如何管理利益冲突及保持研究产品独立性的更多信息，包括历史表现数据和瑞银研究建议的特定补充披露，请访问 https://www.ubs.com/research-methodology。

Research will initiate, update and cease coverage solely at the discretion of research management, which will also have sole discretion on the timing and frequency of any published research product. The analysis contained in this document is based on numerous assumptions. Different assumptions could result in materially different results.
研究报告的启动、更新和终止完全由研究管理部门自主决定，该部门还对任何已发布研究产品的时机和频率拥有唯一决定权。本文件中的分析基于多项假设，不同假设可能导致实质性差异的结果。

The analyst(s) responsible for the preparation of this document may interact with trading desk personnel, sales personnel and other parties for the purpose of gathering, applying and interpreting market information. UBS relies on information barriers to control the flow of information contained in one or more areas within UBS into other areas, units, groups or affiliates of UBS. The compensation of the analyst who prepared this document is determined exclusively by research management and senior management (not including investment banking). Analyst compensation is not based on investment banking revenues; however, compensation may relate to the revenues of UBS and/or its divisions as a whole, of which investment banking, sales and trading are a part, and UBS's subsidiaries, branches and affiliates as a whole.
负责编写本文件的分析师可能与交易台人员、销售人员及其他各方进行互动，以收集、应用和解读市场信息。瑞银通过信息隔离墙机制控制信息在瑞银内部一个或多个部门与其他部门、单位、集团或关联公司之间的流动。本文件分析师的薪酬完全由研究管理部门及高级管理层（不包括投资银行部门）决定。分析师薪酬不基于投资银行业务收入，但可能与瑞银及/或其各业务部门（包括投资银行、销售及交易业务）以及瑞银子公司、分行和关联公司的整体收入相关。

For financial instruments admitted to trading on an EU regulated market: UBS AG, its affiliates or subsidiaries (excluding UBS Securities LLC) acts as a market maker or liquidity provider (in accordance with the interpretation of these terms in the UK) in the financial instruments of the issuer save that where the activity of liquidity provider is carried out in accordance with the definition given to it by the laws and regulations of any other EU jurisdictions, such information is separately disclosed in this document. For financial instruments admitted to trading on a non-EU regulated market: UBS may act as a market maker save that where this activity is carried out in the US in accordance with the definition given to it by the relevant laws and regulations, such activity will be specifically disclosed in this document. UBS may have issued a warrant the value of which is based on one or more of the financial instruments referred to in the document. UBS and its affiliates and employees may have long or short positions, trade as principal and buy and sell in instruments or derivatives identified herein; such transactions or positions may be inconsistent with the opinions expressed in this document.
对于获准在欧盟受监管市场交易的金融工具：瑞银集团及其关联公司或子公司（不包括瑞银证券有限责任公司）担任发行人的金融工具做市商或流动性提供者（根据英国对这些术语的解释），除非流动性提供者活动是根据其他欧盟司法管辖区法律法规所给定义进行的，此类信息将在本文件中单独披露。对于获准在非欧盟受监管市场交易的金融工具：瑞银可能担任做市商，除非该活动是根据美国相关法律法规定义在美国境内进行的，此类活动将在本文件中具体披露。瑞银可能已发行其价值基于本文件所述一种或多种金融工具的权证。 瑞银及其关联机构与员工可能持有本文所述工具或衍生品的长仓或短仓，并可能以委托人身份进行交易及买卖；此类交易或持仓可能与本文表述的观点相左。

Options and futures are not suitable for all investors, and trading in these instruments is considered risky and may be appropriate only for sophisticated investors. Prior to buying or selling an option, and for the complete risks relating to options, you must receive a copy of "Characteristics and Risks of Standardized Options". You may read the document at https://www.theocc.com/about/publications/character-risks.jsp or ask your financial advisor for a copy.
期权与期货并非适合所有投资者，这些工具的交易具有高风险，可能仅适合成熟投资者。在买卖期权前，您必须获取《标准化期权特征与风险》文件以了解完整风险。您可通过 https://www.theocc.com/about/publications/character-risks.jsp 阅读该文件，或向财务顾问索取副本。

Investing in structured investments involves significant risks. For a detailed discussion of the risks involved in investing in any particular structured investment, you must read the relevant offering materials for that investment. Structured investments are unsecured obligations of a particular issuer with returns linked to the performance of an underlying asset. Depending on the terms of the investment, investors could lose all or a substantial portion of their investment based on the performance of the underlying asset. Investors could also lose their entire investment if the issuer becomes insolvent. UBS does not guarantee in any way the obligations or the financial condition of any issuer or the accuracy of any financial information provided by any issuer. Structured investments are not traditional investments and investing in a structured investment is not equivalent to investing directly in the underlying asset. Structured investments may have limited or no liquidity, and investors should be prepared to hold their investment to maturity. The return of structured investments may be limited by a maximum gain, participation rate or other feature. Structured investments may include call features and, if a structured investment is called early, investors would not earn any further return and may not be able to reinvest in similar investments with similar terms. Structured investments include costs and fees which are generally embedded in the price of the investment. The tax treatment of a structured investment may be complex and may differ from a direct investment in the underlying asset. UBS and its employees do not provide tax advice. Investors should consult their own tax advisor about their own tax situation before investing in any securities.
投资结构化产品涉及重大风险。欲了解投资特定结构化产品所涉风险的详细讨论，您必须阅读该产品的相关发行文件。结构化产品是特定发行人的无担保债务，其回报与标的资产表现挂钩。根据投资条款，投资者可能因标的资产表现而损失全部或大部分投资本金。若发行人破产，投资者亦可能损失全部投资。瑞银集团不以任何方式担保任何发行人的债务履行能力、财务状况或所提供财务信息的准确性。结构化产品并非传统投资工具，投资结构化产品不等同于直接投资标的资产。结构化产品可能流动性有限或缺乏流动性，投资者应做好持有至到期的准备。结构化产品的回报可能受到最高收益上限、参与率或其他条款的限制。 结构性投资可能包含提前赎回条款，若该投资被提前赎回，投资者将无法获得后续收益，且可能无法以类似条款进行再投资。此类投资通常已将相关成本与费用包含在产品价格中。结构性投资的税务处理可能较为复杂，且与直接投资标的资产存在差异。瑞银集团及其员工不提供税务建议。投资者在投资任何证券前，应就自身税务状况咨询专业税务顾问。

Important Information About Sustainable Investing Strategies: Sustainable investing strategies aim to consider and incorporate environmental, social and governance (ESG) factors into investment process and portfolio construction. Strategies across geographies approach ESG analysis and incorporate the findings in a variety of ways. Incorporating ESG factors or Sustainable Investing considerations may inhibit the portfolio manager’s ability to participate in certain investment opportunities that otherwise would be consistent with its investment objective and other principal investment strategies. The returns on a portfolio incorporating ESG factors or Sustainable Investing considerations may be lower or higher than portfolios where ESG factors, exclusions, or other sustainability issues are not considered by the portfolio manager, and the investment opportunities available to such portfolios may differ.
关于可持续投资策略的重要信息：可持续投资策略旨在将环境、社会和治理（ESG）因素纳入投资流程和投资组合构建中。不同地区的策略采用多种方式进行 ESG 分析并将分析结果融入投资决策。纳入 ESG 因素或可持续投资考量可能会限制投资组合经理参与某些原本符合其投资目标及其他主要投资策略的投资机会。包含 ESG 因素或可持续投资考量的投资组合回报可能高于或低于未考虑 ESG 因素、排除项或其他可持续性问题的投资组合，且此类投资组合可获得的投资机会可能存在差异。

Within the past 12 months UBS Switzerland AG, its affiliates or subsidiaries may have received or provided investment services and activities or ancillary services as per MiFID II which may have given rise to a payment or promise of a payment in relation to these services from or to this company.
在过去 12 个月内，瑞银集团瑞士公司及其关联机构或子公司可能已根据《金融工具市场指令 II》提供或接受投资服务及活动或附属服务，由此可能导致该公司支付或承诺支付与该等服务相关的款项。

Disclosures: If you require detailed information on disclosures of interest or conflict of interest as required by Market Abuse Regulation please contact the mailbox MAR_disclosure_twopager@ubs.com. Please note that e-mail communication is unsecured.
披露声明：若您需要根据《市场滥用条例》获取关于权益披露或利益冲突的详细信息，请联系邮箱 MAR_disclosure_twopager@ubs.com。请注意电子邮件通信并不安全。

External Asset Managers / External Financial Consultants: In case this research or publication is provided to an External Asset Manager or an External Financial Consultant, UBS expressly prohibits that it is redistributed by the External Asset Manager or the External Financial Consultant and is made available to their clients and/or third parties.
外部资产管理人/外部财务顾问：若本研究报告或出版物被提供给外部资产管理人或外部财务顾问，瑞银明确禁止其将该材料重新分发给客户及/或第三方。

Australia: This document is provided by UBS Switzerland AG. UBS Switzerland AG does not hold an Australian Financial Services Licence (AFSL) and relies on an exemption to provide financial services to persons in Australia. This document is intended only for distribution to wholesale clients under the Corporations Act 2001 (Cth). UBS Switzerland AG is a related body corporate of UBS AG, Australia Branch and UBS Securities Australia Limited. This document may be distributed to clients by those entities, but it is provided by UBS Switzerland AG and is not provided under any of the other entities’ AFSL. The information in this document is general in nature and is not intended to address the objectives, financial situation or needs of any particular individual or entity. Each recipient should consider their own objectives, financial situation or needs before acting on the advice and obtain the relevant Product Disclosure Statement (if required) before making any decision whether to acquire any product. In Australia, UBS entities, other than UBS AG, Australia Branch, are not authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Cth.) and their obligations do not represent deposits or other liabilities of UBS AG, Australia Branch. UBS AG, Australia Branch does not guarantee or otherwise provide assurance in respect of the obligations of such UBS entities or the funds. An investor is exposed to investment risk including possible delays in repayment and loss of income and principal invested, as relevant. If you do not wish to receive marketing materials from UBS, please contact your UBS representative or the contact details listed in the Australia Privacy Notice: https://www.ubs.com/global/en/legal/privacy.html. Your personal data will be processed in accordance with this notice. Bahrain: This report is distributed by UBS AG, Bahrain Branch, authorized and regulated by the Central Bank of Bahrain (CBB) as an Investment Firm Category 2. Related financial services or products are only made available to professional clients and Accredited Investors, as defined by the CBB, and are not intended for any other persons. CBB has not reviewed, nor has it approved, this document or the marketing of any investment vehicle referred to herein in the Kingdom of Bahrain and is not responsible for the performance of any such investment vehicle. UBS AG, Bahrain Branch is located at Level 21, East Tower, Bahrain World Trade Centre, Manama, Kingdom of Bahrain. Brazil: This report is only intended for Brazilian residents who are directly purchasing or selling securities in the Brazil capital market through a local authorized institution. Canada: The information contained herein is not, and under no circumstances is to be construed as, a prospectus, an advertisement, a public offering, an offer to sell securities described herein, solicitation of an offer to buy securities described herein, in Canada or any province or territory thereof. Any offer or sale of the securities described herein in Canada will be made only under an exemption from the requirements to file a prospectus with the relevant Canadian securities regulators and only by a dealer properly registered under applicable securities laws or, alternatively, pursuant to an exemption from the dealer registration requirement in the relevant province or territory of Canada in which such offer or sale is made. Under no circumstances is the information contained herein to be construed as investment advice in any province or territory of Canada and is not tailored to the needs of the recipient. To the extent that the information contained herein references securities of an issuer incorporated, formed or created under the laws of Canada or a province or territory of Canada, any trades in such securities must be conducted through a dealer registered in Canada or, alternatively, pursuant to a dealer registration exemption. No securities commission or similar regulatory authority in Canada has reviewed or in any way passed upon these materials, the information contained herein or the merits of the securities described herein and any representation to the contrary is an offence. In Canada, this publication is distributed by UBS Investment Management Canada Inc. China: This report and any offering material such as term sheet, research report, other product or service documentation or any other information (the "Material") sent with this report was done so as a result of a request received by UBS from you and/or persons entitled to make the request on your behalf. Should you have received the material erroneously, UBS asks that you kindly delete it and inform UBS immediately. This report is prepared by UBS Switzerland AG or its offshore subsidiary or affiliate (collectively as "UBS Offshore"). UBS Offshore is an entity incorporated out of China and is not licensed, supervised or regulated in China to carry out banking or securities business. The recipient should not contact the analysts or UBS Offshore which produced this report for advice as they are not licensed to provide securities investment advice in China. UBS Investment Bank (including Research) has its own wholly independent research and views which at times may vary from the views of UBS Global Wealth Management. The recipient should not use this document or otherwise rely on any of the information contained in this report in making investment decisions and UBS takes no responsibility in this regard. Czech Republic: UBS is not a licensed bank in the Czech Republic and thus is not allowed to provide regulated banking or investment services in the Czech Republic. This communication and/or material is distributed for marketing purposes and constitutes a "Commercial Message" under the laws of Czech Republic in relation to banking and/or investment services. Please notify UBS if you do not wish to receive any further correspondence. Denmark: This publication is not intended to constitute a public offer under Danish law. It is distributed only for information purposes to clients of UBS Europe SE, Denmark Branch, filial af UBS Europe SE, with place of business at Sankt Annae Plads 13, 1250 Copenhagen, Denmark, registered with the Danish Commerce and Companies Agency, under No. 38 17 24 33. UBS Europe SE, Denmark Branch, filial af UBS Europe SE is subject to the joint supervision of the European Central Bank, the German Central Bank (Deutsche Bundesbank), the German Federal Financial Services Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, "BaFin"), as well as of the Danish Financial Supervisory Authority (Finanstilsynet), to which this publication has not been submitted for approval. UBS Europe SE is a credit institution constituted under German law in the form of a Societas Europaea, duly authorized by BaFin. Egypt: Securities or other investment products are not being offered or sold by UBS to the public in Egypt and they have not been and will not be registered with the Egyptian Financial Regulatory Authority (FRA). France: This publication is not intended to constitute a public offer under French law, it does not constitute a personal recommendation as it is distributed only for information purposes to clients of UBS Europe SE Succursale de France (a branch of UBS Europe SE), having its registered office at 39, rue du Colisée, 75008 Paris, France, registered with the “Registre du Commerce et des Sociétés” of Paris under N°844 425 629. UBS Europe SE Succursale de France is subject to the joint supervision of the European Central Bank, the German Central Bank (Deutsche Bundesbank), the German Federal Financial Services Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, "BaFin"), as well as of the French "Autorité de contrôle prudentiel et de résolution" and "Autorité des marchés financiers", to which this publication has not been submitted for approval. UBS Europe SE is a credit institution constituted under German law in the form of a Societas Europaea, duly authorized by BaFin. Germany: This publication is not intended to constitute a public offer under German law. It is distributed only for information purposes to clients of UBS Europe SE, Germany, with place of business at Bockenheimer Landstrasse 2-4, 60306 Frankfurt am Main. UBS Europe SE is a credit institution constituted under German law in the form of a Societas Europaea, duly authorized by the German Federal Financial Services Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, "BaFin") and supervised jointly by the European Central Bank, the German Central Bank (Deutsche Bundesbank) and BaFin, to which this publication has not been submitted for approval. Hong Kong SAR: This publication is distributed to clients of UBS AG Hong Kong Branch by UBS AG Hong Kong Branch, a licensed bank under the Hong Kong Banking Ordinance and a registered institution under the Securities and Futures Ordinance. UBS AG Hong Kong Branch is incorporated in Switzerland with limited liability. The contents of this material have not been reviewed by any regulatory authority in Hong Kong. India: Distributed by UBS Securities India Private Ltd. (Corporate Identity Number U67120MH1996PTC097299) 2/F, 3 North Avenue, Maker Maxity, Bandra Kurla Complex, Bandra (East), Mumbai (India) 400051. Phone: +912261556000. It provides brokerage services bearing SEBI Registration Number INZ000259830; Merchant Banking services bearing SEBI Registration Number: INM000013101 and Research Analyst services bearing SEBI Registration Number: INH000001204. Name of Compliance Officer Mr. Parameshwaran Shivaramakrishnan, Phone: +912261556151, Email: parameshwaran.s@ubs.com, Name of Grievance Officer Mr. Parameshwaran Shivaramakrishnan, Phone: +912261556151, Email: ol-ubs-sec-compliance@ubs.com. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. UBS AG, its affiliates or subsidiaries may have debt holdings or positions in the subject Indian company/companies. UBS AG, its affiliates or subsidiaries may have financial interests (e.g. like loan/derivative products, rights to or interests in investments, etc.) in the subject Indian company/companies from time to time. Within the past 12 months, UBS AG, its affiliates or subsidiaries may have received compensation for non-investment banking securities-related services and/or non-securities services from the subject Indian company/companies. The subject company/companies may have been a client/clients of UBS AG, its affiliates or subsidiaries during the 12 months preceding the date of distribution of the research report with respect to investment banking and/or non-investment banking securities-related services and/or non-securities services. With regard to information on associates, please refer to the Annual Report at: https://www.ubs.com/global/en/about_ubs/investor_relations/annualreporting.html. Indonesia: This communication and any offering material term sheet, research report, other product or service documentation or any other information (the "Material") sent with this communication was done so as a result of a request received by UBS from you and/or persons entitled to make the request on your behalf. Should you have received the Material erroneously, UBS asks that you kindly delete/destroy the communication and Material and inform UBS immediately. The Material, where provided, was provided for your information only and is not to be further distributed without the consent of UBS. None of the Material has been registered or filed under the prevailing laws and with any financial or regulatory authority in your jurisdiction. The Material may not have been approved, disapproved, endorsed, registered or filed with any financial or regulatory authority in your jurisdiction. UBS has not, by virtue of the Material, made available, issued any invitation to subscribe for or to purchase any investment (including securities or products or futures contracts). The Material is neither an offer nor a solicitation to enter into any transaction or contract (including futures contracts) nor is it an offer to buy or to sell any securities or products. The relevant investments will be subject to restrictions and obligations on transfer as set forth in the Material, and by receiving the Material you undertake to comply fully with such restrictions and obligations. You should carefully study and ensure that you understand and exercise due care and discretion in considering your investment objective, risk appetite and personal circumstances against the risk of the investment. You are advised to seek independent professional advice in case of doubt. Any and all advice provided on and/or trades executed by UBS pursuant to the Material will only have been provided upon your specific request or executed upon your specific instructions, as the case may be, and may be deemed as such by UBS and you. Israel: UBS is a premier global financial firm offering wealth management, asset management and investment banking services from its headquarters in Switzerland and its operations in over 50 countries worldwide to individual, corporate and institutional investors. This publication is intended for information only and is not intended as an offer to buy or solicitation of an offer. Furthermore, this publication is not intended as an investment advice. Nothing contrary to the above, no action has been, or will be, taken in Israel that would permit an offering of the product(s) mentioned in this document or a distribution of this document to the public in Israel. In particular, this document has not been reviewed or approved by the Israeli Securities Authority. The product(s) mentioned in this document is/are being offered to a limited number of sophisticated investors who qualify as one of the investors listed in the first supplement to the Israeli Securities Law, 5728-1968. This document may not be reproduced or used for any other purpose, nor be furnished to any other person other than those to whom copies have been sent. Anyone who purchases the product(s) mentioned herein shall do so for its own benefit and for its own account and not with the aim or intention of distributing or offering the product(s) to other parties. Anyone who purchases the product(s) shall do so in accordance with its own understanding and discretion and after it has received any relevant financial, legal, business, tax or other advice or opinion required by it in connection with such purchase(s). The word "advice" and/or any of its equivalent terms shall be read and construed in conjunction with the definition of the term "investment marketing" as defined under the Israeli Regulation of Investment Advice, Investment Marketing and Portfolio Management Law. The Swiss laws and regulations require a number of mandatory disclosures to be made in independent financial research reports or recommendations. Pursuant to the Swiss Financial Market Infrastructure Act and the Financial Market Infrastructure Ordinance-FINMA, banks must disclose the percentage of voting rights they hold in companies being researched, if these holdings are equal to or exceed the statutory thresholds. In addition, the Directives on the Independence of Financial Research, issued by the Swiss Bankers Association, mandate a number of disclosures, including the disclosure of potential conflicts of interest, the participation within previous 12 months in any securities issues on behalf of the company being researched, as well as the fact that remuneration paid to the financial analysts is based generally upon the performance of (i) the new issues department or investment banking; or (ii) securities trading performance (including proprietary trading) or sales. Italy: This publication is not intended to constitute a public offer under Italian law. It is distributed only for information purposes to clients of UBS Europe SE, Succursale Italia, with place of business at Via del Vecchio Politecnico, 3-20121 Milano. UBS Europe SE, Succursale Italia is subject to the joint supervision of the European Central Bank, the German Central Bank (Deutsche Bundesbank), the German Federal Financial Services Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, “BaFin”), as well as of the Bank of Italy (Banca d’Italia) and the Italian Financial Markets Supervisory Authority (CONSOB - Commissione Nazionale per le Società e la Borsa), to which this publication has not been submitted for approval. UBS Europe SE is a credit institution constituted under German law in the form of a Societas Europaea, duly authorized by BaFin. Jersey: UBS AG, Jersey Branch, is regulated and authorized by the Jersey Financial Services Commission for the conduct of banking, funds and investment business. Where services are provided from outside Jersey, they will not be covered by the Jersey regulatory regime. UBS AG, Jersey Branch is a branch of UBS AG a public company limited by shares, incorporated in Switzerland whose registered offices are at Aeschenvorstadt 1, CH-4051 Basel and Bahnhofstrasse 45, CH 8001 Zurich. UBS AG, Jersey Branch's principal place of business is 1, IFC Jersey, St Helier, Jersey, JE2 3BX. Luxembourg: This publication is not intended to constitute a public offer under Luxembourg law. It is distributed only for information purposes to clients of UBS Europe SE, Luxembourg Branch ("UBS Luxembourg"), R.C.S. Luxembourg n° B209123, with registered office at 33A, Avenue J. F. Kennedy, L-1855 Luxembourg. UBS Europe SE is a credit institution constituted under German law in the form of a Societas Europaea (HRB n° 107046), with registered office at Bockenheimer Landstrasse 2-4, D-60306 Frankfurt am Main, Germany, duly authorized by the German Federal Financial Services Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, "BaFin") and subject to the joint prudential supervision of BaFin, the European Central Bank and the central bank of Germany (Deutsche Bundesbank). UBS Luxembourg is furthermore supervised by the Luxembourg prudential supervisory authority (Commission de Surveillance du Secteur Financier), in its role as host member state authority. This publication has not been submitted for approval to any public supervisory authority. Malaysia: This communication and any offering material term sheet, research report, other product or service documentation or any other information (the "Material") sent with this communication was done so as a result of a request received by UBS from you and/or persons entitled to make the request on your behalf. Should you have received the Material erroneously, UBS asks that you kindly delete/destroy the communication and Material and inform UBS immediately. The Material, where provided, was provided for your information only and is not to be further distributed in whole or in part in or into your jurisdiction without the consent of UBS. The Material may not have been reviewed, approved, disapproved, endorsed, registered or filed with any financial or regulatory authority in your jurisdiction. UBS has not, by virtue of the Material, made available, issued any invitation to subscribe for or to purchase any investment (including securities or derivatives products). The Material is neither an offer nor a solicitation to enter into any transaction or contract (including future contracts) nor is it an offer to buy or to sell any securities or derivatives products. The relevant investments will be subject to restrictions and obligations on transfer as set forth in the Material, and by receiving the Material you undertake to comply fully with such restrictions and obligations. You should carefully study and ensure that you understand and exercise due care and discretion in considering your investment objective, risk appetite and personal circumstances against the risk of the investment. You are advised to seek independent professional advice in case of doubt. Any and all advice provided on and/or trades executed by UBS pursuant to the Material will only have been provided upon your specific request or executed upon your specific instructions, as the case may be, and may be deemed as such by UBS and you. Mexico: This information is distributed by UBS Asesores México, S.A. de C.V. ("UBS Asesores"), an affiliate of UBS Switzerland AG, incorporated as a non-independent investment advisor under the Mexican regulation due to the relation with a Foreign Bank. UBS Asesores is registered under number 30060-001-(14115)-21/06/2016 and subject to the supervision of the Mexican Banking and Securities Commission ("CNBV") exclusively regarding the rendering of (i) portfolio management services, (ii) securities investment advisory services, analysis and issuance of individual investment recommendations, and (iii) anti-money laundering and terrorism financing matters. This UBS publication or any material related thereto is addressed only to Sophisticated or Institutional Investors located in Mexico. Research reports only reflect the views of the analysts responsible for the report. The compensation of the analyst(s) who prepared this report is determined exclusively by research management and senior management of any entity of UBS Group to which such analyst(s) render(s) services. Monaco: This document is not intended to constitute a public offering or a comparable solicitation under the Principality of Monaco laws, but might be made available for information purposes to clients of UBS (Monaco) S.A., a regulated bank having its registered office at 2 avenue de Grande Bretagne 98000 Monaco operating under a banking license granted by the “Autorité de Contrôle Prudentiel et de Résolution” (ACPR) and the Monegasque government which authorizes the provision of banking services in Monaco. UBS (Monaco) S.A. is also licensed by the “Commission de Contrôle des Activités Financières” (CCAF) to provide investment services in Monaco. The latter has not approved this publication. Philippines: This communication was done so as a result of a request received by UBS from you and/or persons entitled to make the request on your behalf. Should you have received the Material erroneously, UBS asks that you kindly delete/destroy the communication and Material and inform UBS immediately. The Material, where provided, was provided for your information only and is not to be further distributed in whole or in part in or into your jurisdiction without the consent of UBS. The Material may not have been reviewed, approved, disapproved, endorsed, registered or filed with any financial or regulatory authority in your jurisdiction. UBS has not, by virtue of the Material, made available, issued any invitation to subscribe for or to purchase any investment (including securities or derivatives products). The Material is neither an offer nor a solicitation to enter into any transaction or contract (including future contracts) nor is it an offer to buy or to sell any securities or derivatives products. The relevant investments will be subject to restrictions and obligations on transfer as set forth in the Material, and by receiving the Material you undertake to comply fully with such restrictions and obligations. You should carefully study and ensure that you understand and exercise due care and discretion in considering your investment objective, risk appetite and personal circumstances against the risk of the investment. You are advised to seek independent professional advice in case of doubt. Any and all advice provided on and/or trades executed by UBS pursuant to the Material will only have been provided upon your specific request or executed upon your specific instructions, as the case may be, and may be deemed as such by UBS and you. Portugal: UBS Switzerland AG is not licensed to conduct banking and financial activities in Portugal nor is UBS Switzerland AG supervised by the portuguese regulators (Bank of Portugal "Banco de Portugal" and Portuguese Securities Exchange Commission "Comissão do Mercado de Valores Mobiliários"). Qatar: UBS Qatar LLC is authorized by the Qatar Financial Centre Regulatory Authority, with QFC no. 01169, and has its registered office at 14th Floor, Burj Alfardan Tower, Building 157, Street No. 301, Area No. 69, Al Majdami, Lusail, Qatar. UBS Qatar LLC neither offers any brokerage services nor executes any order with, for or on behalf of its clients. A client order will have to be placed with, and executed by, UBS Switzerland AG in Switzerland or an affiliate of UBS Switzerland AG, that is domiciled outside Qatar. It is in the sole discretion of UBS Switzerland AG in Switzerland or its affiliate to accept or reject an order and UBS Qatar LLC does not have authority to provide a confirmation in this respect. UBS Qatar LLC may however communicate payment orders and investment instructions to UBS Switzerland AG in Switzerland for receipt, acceptance and execution. UBS Qatar LLC is not authorized to act for and on behalf of UBS Switzerland AG or an affiliate of UBS Switzerland AG. This document and any attachments hereto are intended for eligible counterparties and business customers only. Russia: This document or information contained therein is for information purposes only and constitutes neither a public nor a private offering, is not an invitation to make offers, to sell, exchange or otherwise transfer any financial instruments in the Russian Federation to or for the benefit of any Russian person or entity and does not constitute an advertisement or offering of securities in the Russian Federation within the meaning of Russian securities laws. The information contained herein is not an “individual investment recommendation” as defined in Federal Law of 22 April 1996 No 39-FZ "On Securities Market" (as amended) and the financial instruments and operations specified herein may not be suitable for your investment profile or your investment goals or expectations. The determination of whether or not such financial instruments and operations are in your interests or are suitable for your investment goals, investment horizon or the acceptable risk level is your responsibility. We assume no liability for any losses connected with making any such operations or investing into any such financial instruments and we do not recommend to use such information as the only source of information for making an investment decision. Saudi Arabia: UBS Saudi Arabia is authorised and regulated by the Capital Market Authority to conduct securities business under licence number 08113-37. Singapore: Where applicable, this material is distributed in Singapore by UBS AG, Singapore Branch, which is licensed by the Monetary Authority of Singapore under the Banking Act 1970 to carry on banking business. UBS AG is incorporated in Switzerland with limited liability. UBS AG has a branch registered in Singapore (UEN S98FC5560C). This material has been prepared and issued for distribution in Singapore to institutional investors, accredited investors and expert investors (each as defined under the Financial Advisers Regulations (the “FAR”)) only. By virtue of your status as an institutional investor, accredited investor, or expert investor, UBS AG is exempted from complying with certain requirements under the Financial Advisers Act 2001 (the “FAA”), the FAR and the relevant Notices and Guidelines issued thereunder, in respect of any financial advisory service which UBS AG may provide to you. These include exemptions from complying with: Section 34 of the FAA (pursuant to Regulation 33(1) of the FAR); Section 36 of the FAA (pursuant to Regulation 34(1) of the FAR); and Section 45 of the FAA (pursuant to Regulation 35(1) of the FAR). Singapore recipients and clients of UBS AG, Singapore Branch should contact UBS AG, Singapore Branch for any matters arising from, or in connection with, this material. Where applicable, this communication and any offering material term sheet, research report, other product or service documentation or any other information (the "Material") sent with this communication was done so as a result of a request received by UBS from you and/or persons entitled to make the request on your behalf. Should you have received the Material erroneously, UBS asks that you kindly delete/destroy the communication and Material and inform UBS immediately. The Material, where provided, was provided for your information only and is not to be further distributed in whole or in part in or into your jurisdiction without the consent of UBS. The Material may not have been reviewed, approved, disapproved or endorsed by any financial or regulatory authority in your jurisdiction. UBS has not, by virtue of the Material, made available, issued any invitation to subscribe for or to purchase any investment (including securities or products or futures contracts). The Material is neither an offer nor a solicitation to enter into any transaction or contract (including future contracts) nor is it an offer to buy or to sell any securities or products. The relevant investments will be subject to restrictions and obligations on transfer as set forth in the Material, and by receiving the Material you undertake to comply fully with such restrictions and obligations. You should carefully study and ensure that you understand and exercise due care and discretion in considering your investment objective, risk appetite and personal circumstances against the risk of the investment. You are advised to seek independent professional advice in case of doubt. Any and all advice provided on and/or trades executed by UBS pursuant to the Material will only have been provided upon your specific request or executed upon your specific instructions, as the case may be, and may be deemed as such by UBS and you. Spain: This report is distributed in Spain by UBS AG, Sucursal en España, authorized under number 1460 in the Register by the Banco de España. Sweden: This publication is not intended to constitute a public offer under Swedish law. It is distributed only for information purposes to clients of UBS Europe SE, Sweden Bankfilial, with place of business at Regeringsgatan 38, 11153 Stockholm, Sweden, registered with the Swedish Companies Registration Office under Reg. No 516406-1011. UBS Europe SE, Sweden Bankfilial is subject to the joint supervision of the European Central Bank, the German Central Bank (Deutsche Bundesbank), the German Federal Financial Services Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, "BaFin"), as well as of the Swedish supervisory authority (Finansinspektionen), to which this publication has not been submitted for approval. UBS Europe SE is a credit institution constituted under German law in the form of a Societas Europaea, duly authorized by BaFin. Taiwan: This material is provided by UBS AG, Taipei Branch in accordance with laws of Taiwan, in agreement with or at the request of clients/prospects. Thailand: This communication and any offering material, term sheet, research report, other product or service documentation or any other information (the "Material") sent with this communication were done so as a result of a request received by UBS from you and/or persons entitled to make the request on your behalf. Should you have received the Material erroneously, UBS asks that you kindly delete/destroy the communication and Material and inform UBS immediately. The Material, where provided, was provided for your information only and is not to be further distributed in whole or in part in or into your jurisdiction without the consent of UBS. The Material may not have been reviewed, approved, disapproved, endorsed, registered or filed with any financial or regulatory authority in your jurisdiction. UBS has not, by virtue of the Material, made available, issued any invitation to subscribe for or to purchase any investment (including securities or derivatives products). The Material is neither an offer nor a solicitation to enter into any transaction or contract (including future contracts) nor is it an offer to buy or to sell any securities or derivatives products. The relevant investments will be subject to restrictions and obligations on transfer as set forth in the Material, and by receiving the Material you undertake to comply fully with such restrictions and obligations. You should carefully study and ensure that you understand and exercise due care and discretion in considering your investment objective, risk appetite and personal circumstances against the risk of the investment. You are advised to seek independent professional advice in case of doubt. Any and all advice provided and/or trades executed by UBS pursuant to the Material will only have been provided upon your specific request or executed upon your specific instructions, as the case may be, and may be deemed as such by UBS and you. Türkiye: The information in this document is not provided for the purpose of offering, marketing or sale of any capital market instrument or service in the Republic of Türkiye. Therefore, this document may not be considered as an offer made, or to be made, to residents of the Republic of Türkiye in the Republic of Türkiye. UBS Switzerland AG is not licensed by the Capital Markets Board of Türkiye (the CMB) under the provisions of the Capital Market Law (Law No. 6362). Accordingly, neither this document nor any other offering material related to the instrument/service may be utilized in connection with providing any capital market services to persons within the Republic of Türkiye without the prior approval of the CMB. However, according to article 15 (d) (ii) of the Decree No. 32 residents of the Republic of Türkiye are allowed to purchase or sell the financial instruments traded in financial markets outside of the Republic of Türkiye. Further to this, pursuant to article 9 of the Communiqué on Principles Regarding Investment Services, Activities and Ancillary Services No. III-37.1, investment services provided abroad to residents of the Republic of Türkiye based on their own initiative are not restricted. United Arab Emirates (UAE) / DIFC: UBS is not a financial institution licensed in the UAE by the Central Bank of the UAE nor by the Emirates’ Securities and Commodities Authority and does not undertake banking activities in the UAE. This document is provided for your information only and does not constitute financial advice. DIFC: UBS AG Dubai Branch is licensed by the DFSA in the DIFC. This material is strictly intended for Professional Clients and/or Market Counterparties only as classified under the DFSA rulebook. No other person should act upon this material. The Investment Research is provided for information purposes only and is not a recommendation or offer to buy/sell/hold a particular investment. The investment research may be out of date. You should seek investment advice before acting on the basis of the investment research. United Kingdom: This document is issued by UBS Wealth Management, a division of UBS AG which is authorised and regulated by the Financial Market Supervisory Authority in Switzerland. In the United Kingdom, UBS AG is authorised by the Prudential Regulation Authority and is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of regulation by the Prudential Regulation Authority are available from us on request. A member of the London Stock Exchange. This publication is distributed to retail clients of UBS Wealth Management. Ukraine: UBS is not registered and licensed as a bank/financial institution under Ukrainian legislation and does not provide banking and other financial services in Ukraine. UBS has not made, and will not make, any offer of the mentioned products to the public in Ukraine. No action has been taken to authorize an offer of the mentioned products to the public in Ukraine and the distribution of this document shall not constitute financial services for the purposes of the Law of Ukraine "On Financial Services and Financial Companies" dated 14 December 2021. Any offer of the mentioned products shall not constitute an investment advice, public offer, circulation, transfer, safekeeping, holding or custody of securities in the territory of Ukraine. Accordingly, nothing in this document or any other document, information or communication related to the mentioned products shall be interpreted as containing an offer, a public offer or invitation to offer or to a public offer, or solicitation of securities in the territory of Ukraine or investment advice under Ukrainian law. Electronic communication must not be considered as an offer to enter into an electronic agreement or other electronic instrument within the meaning of the Law of Ukraine "On Electronic Commerce" dated 3 September 2015. This document is strictly for private use by its holder and may not be passed on to third parties or otherwise publicly distributed. USA: Distributed to US persons only by UBS Financial Services Inc. or UBS Securities LLC, subsidiaries of UBS AG. UBS Switzerland AG, UBS Europe SE, UBS Bank, S.A., UBS Brasil Administradora de Valores Mobiliários Ltda., UBS Asesores México, S.A. de C.V., UBS SuMi TRUST Wealth Management Co., Ltd., UBS Wealth Management Israel Ltd. and UBS Menkul Degerler AS are affiliates of UBS AG. UBS Financial Services Inc. accepts responsibility for the content of a report prepared by a non-US affiliate when it distributes reports to US persons. All transactions by a US person in the securities mentioned in this report should be effected through a US-registered broker dealer affiliated with UBS, and not through a non-US affiliate. The contents of this report have not been and will not be approved by any securities or investment authority in the United States or elsewhere. UBS Financial Services Inc. is not acting as a municipal advisor to any municipal entity or obligated person within the meaning of Section 15B of the Securities Exchange Act (the "Municipal Advisor Rule") and the opinions or views contained herein are not intended to be, and do not constitute, advice within the meaning of the Municipal Advisor Rule. For information on the ways in which UBS Securities LLC manages conflicts and maintains independence of its UBS Global Research product; historical performance information; certain additional disclosures concerning UBS Global Research recommendations; and terms and conditions for certain third party data used in research report, please visit https://www.ubs.com/disclosures.
澳大利亚：本文件由瑞银集团瑞士有限公司提供。瑞银集团瑞士有限公司未持有澳大利亚金融服务许可证（AFSL），其向澳大利亚境内人士提供金融服务系依据相关豁免条款。本文件仅限根据《2001 年公司法（联邦）》向批发客户分发。瑞银集团瑞士有限公司是瑞银集团澳大利亚分行及瑞银证券澳大利亚有限公司的关联法人实体。本文件可由上述实体分发给客户，但由瑞银集团瑞士有限公司提供，且非依据其他实体的澳大利亚金融服务许可证提供。本文件所含信息为一般性信息，无意针对任何特定个人或实体的目标、财务状况或需求。每位接收者应根据自身目标、财务状况及需求审慎考量相关建议，并在决定购买任何产品前获取相关产品披露声明（如适用）。 在澳大利亚，除瑞银集团澳大利亚分行外，其他瑞银实体均非根据《1959 年银行业法案》（联邦）授权的存款吸收机构，其债务不代表瑞银集团澳大利亚分行的存款或其他负债。瑞银集团澳大利亚分行不对此类瑞银实体或相关资金的债务提供担保或其他保证。投资者需承担投资风险，包括可能面临的还款延迟、投资收益及本金损失等（视具体情况而定）。若您不希望接收瑞银集团的市场营销材料，请联系您的瑞银代表或查阅澳大利亚隐私声明中列明的联系方式：https://www.ubs.com/global/en/legal/privacy.html。您的个人数据将按照该声明进行处理。巴林：本报告由瑞银集团巴林分行发布，该分行经巴林中央银行（CBB）授权并受其监管，属于第二类投资公司。相关金融服务或产品仅面向 CBB 定义的专业客户和合格投资者提供，不适用于其他人士。 巴林中央银行(CBB)未审阅也未批准本文件或其中提及的任何投资工具在巴林王国的营销活动，且不对任何此类投资工具的表现负责。瑞银集团巴林分行位于巴林王国麦纳麦巴林世界贸易中心东塔 21 层。巴西：本报告仅适用于通过当地授权机构直接在巴西资本市场买卖证券的巴西居民。加拿大：本文件所含信息在任何情况下均不得被解释为招股说明书、广告、公开发行、对所描述证券的出售要约，或对所描述证券的购买要约之征求，亦不构成在加拿大或其任何省份或地区进行上述行为。 在加拿大，本文所述证券的任何发售或销售仅可在豁免向相关加拿大证券监管机构提交招股说明书要求的情况下进行，且仅由根据适用证券法适当注册的交易商进行，或根据加拿大相关省份或地区对交易商注册要求的豁免进行。在任何情况下，本文所含信息均不得被解释为加拿大任何省份或地区的投资建议，且未针对接收者的需求进行定制。若本文所含信息涉及根据加拿大或其省份或地区法律成立、组建或设立的发行人的证券，则此类证券的任何交易必须通过在加拿大注册的交易商进行，或根据交易商注册豁免进行。 加拿大任何证券委员会或类似监管机构均未审阅或以任何方式认可本材料、其中所含信息或所述证券的优点，任何相反的陈述均属违法行为。在加拿大，本出版物由瑞银投资管理加拿大公司分发。中国：本报告及任何与本报告一同发送的发行材料（如条款说明书、研究报告、其他产品或服务文件或其他信息，统称"材料"）系应瑞银收到您和/或有权代表您提出请求之人士的要求而提供。如您误收本材料，瑞银要求您立即删除并通知瑞银。本报告由瑞银瑞士有限公司或其离岸子公司或关联公司（合称"瑞银离岸"）编制。瑞银离岸是在中国境外注册的实体，未在中国境内取得从事银行或证券业务的许可，不受中国监管机构的监督或规管。 收件人不应联系本报告的分析师或瑞银离岸部门寻求建议，因其未获许可在中国提供证券投资咨询。瑞银投行（含研究部门）拥有完全独立的研究观点，这些观点可能与瑞银全球财富管理的意见存在差异。收件人不应基于本文件或本报告所含信息作出投资决策，瑞银对此不承担任何责任。捷克共和国：瑞银在捷克共和国未持银行牌照，故不得在该国提供受监管的银行或投资服务。本通讯及/或材料出于营销目的分发，依据捷克共和国银行及/或投资服务相关法律构成"商业讯息"。若您不希望继续接收相关信函，请通知瑞银。丹麦：本出版物不构成丹麦法律意义上的公开要约。 本文件仅出于信息目的分发给瑞银欧洲股份有限公司丹麦分行（UBS Europe SE, Denmark Branch, filial af UBS Europe SE）的客户，该机构注册办公地址为丹麦哥本哈根 1250 圣安娜广场 13 号，于丹麦商业与公司管理局注册号为 38 17 24 33。瑞银欧洲股份有限公司丹麦分行接受欧洲中央银行、德国中央银行（德意志联邦银行）、德国联邦金融监管局（BaFin）以及丹麦金融监管局（Finanstilsynet）的联合监管，本出版物未经上述监管机构审批。瑞银欧洲股份有限公司是根据德国法律以欧洲公司（Societas Europaea）形式设立的信贷机构，已获德国联邦金融监管局正式授权。埃及：瑞银未向埃及公众发售或销售证券及其他投资产品，相关产品未曾亦不会在埃及金融监管局（FRA）注册。 法国：根据法国法律，本出版物不构成公开要约，也不构成个人推荐，因其仅作为信息资料分发给瑞银欧洲股份有限公司法国分行（UBS Europe SE Succursale de France）的客户。该分行注册地址为法国巴黎 75008 科利泽街 39 号，巴黎商业登记处注册号为 844 425 629。瑞银欧洲股份有限公司法国分行受欧洲中央银行、德国中央银行（德意志联邦银行）、德国联邦金融监管局（BaFin）以及法国审慎监管与处置局和金融市场管理局的共同监管，本出版物未经上述监管机构审批。瑞银欧洲股份有限公司是根据德国法律以欧洲公司形式设立的信贷机构，已获德国联邦金融监管局正式授权。德国：根据德国法律，本出版物不构成公开要约。 本文件仅出于信息目的分发给德国瑞银欧洲股份公司（UBS Europe SE）的客户，公司营业地址为德国美因河畔法兰克福 Bockenheimer Landstrasse 2-4 号（邮编 60306）。瑞银欧洲股份公司是根据德国法律以欧洲公司（Societas Europaea）形式设立的信贷机构，获得德国联邦金融监管局（BaFin）正式授权，并受欧洲中央银行、德国中央银行（德意志联邦银行）及德国联邦金融监管局共同监管，本出版物未经上述监管机构审批。香港特别行政区：本出版物由瑞银集团香港分行（根据香港《银行业条例》获发牌的银行及根据《证券及期货条例》注册的机构）分发给其客户。瑞银集团香港分行是在瑞士注册成立的有限责任公司。本文件内容未经香港任何监管机构审核。印度：由瑞银证券印度私人有限公司（公司识别号 U67120MH1996PTC097299）分发，地址：印度孟买班德拉东区 Bandra Kurla Complex 区 Maker Maxity 大厦 3 北大道 2 楼（邮编 400051）。 电话：+912261556000。本公司提供证券经纪服务（SEBI 注册号：INZ000259830）、商人银行服务（SEBI 注册号：INM000013101）及研究分析师服务（SEBI 注册号：INH000001204）。合规官姓名：Parameshwaran Shivaramakrishnan 先生，电话：+912261556151，邮箱：parameshwaran.s@ubs.com；申诉专员姓名：Parameshwaran Shivaramakrishnan 先生，电话：+912261556151，邮箱：ol-ubs-sec-compliance@ubs.com。SEBI 授予的注册资格及 NISM 认证绝不保证中介机构表现，亦不向投资者提供任何回报保证。瑞银集团及其关联公司或子公司可能持有相关印度公司/多家公司的债务头寸。瑞银集团及其关联公司或子公司可能不时在相关印度公司/多家公司中拥有财务权益（如贷款/衍生品产品、投资权利或权益等）。 在过去 12 个月内，瑞银集团、其关联公司或子公司可能因向所述印度公司/企业提供非投资银行业务相关的证券服务和/或非证券服务而获得报酬。在研究报告发布日前的 12 个月内，所述公司/企业可能曾是瑞银集团、其关联公司或子公司的客户，涉及投资银行业务和/或非投资银行业务相关的证券服务和/或非证券服务。关于关联方信息，请参阅年报：https://www.ubs.com/global/en/about_ubs/investor_relations/annualreporting.html。印度尼西亚：本通讯及任何随附的发行材料条款说明书、研究报告、其他产品或服务文件或任何其他信息（简称"材料"）的发送，是基于瑞银收到您和/或有权代表您提出请求之人士的要求。如您误收该材料，瑞银恳请您立即删除/销毁该通讯及材料并通知瑞银。 本资料（如有提供）仅供阁下参考，未经瑞银同意不得进一步分发。本资料未根据阁下所在司法管辖区的现行法律向任何金融或监管机构注册或提交。本资料可能未获阁下所在司法管辖区任何金融或监管机构批准、否决、认可、注册或提交。瑞银并未通过本资料发出任何认购或购买投资（包括证券、产品或期货合约）的要约邀请。本资料既非进行任何交易或合约（包括期货合约）的要约或招揽，亦非买卖任何证券或产品的要约。相关投资将受限于资料中所述的转让限制及义务，阁下接收本资料即承诺完全遵守该等限制及义务。 您应仔细研究并确保在考虑投资目标、风险偏好及个人情况与投资风险的匹配时，保持应有的谨慎和判断力。如有疑问，建议您寻求独立的专业意见。瑞银根据本材料提供的任何建议和/或执行的交易，均仅在您提出具体要求或指示的情况下提供或执行，瑞银及您本人可据此认定相关责任归属。以色列：瑞银作为全球领先的金融机构，以瑞士为总部，在全球 50 多个国家为个人、企业和机构投资者提供财富管理、资产管理和投资银行服务。本刊物仅供信息参考，不构成任何买入要约或要约邀请。此外，本刊物亦不构成投资建议。 上述内容无任何冲突，以色列境内未曾亦不会采取任何行动允许向公众提供本文件所述产品或分发本文件。特别说明，本文件未经以色列证券管理局审阅或批准。本文件所述产品仅面向符合《1968-5728 年以色列证券法》第一补充条款所列投资者资格的少数专业投资者提供。本文件不得复制或用于其他目的，亦不得提供给副本接收者之外的任何人士。任何购买本文件所述产品的人士均须为自身利益及自担风险进行购买，不得以向其他方分销或提供该产品为目的或意图。购买者须基于自身理解与判断，并在获得与购买相关的财务、法律、商业、税务或其他必要建议或意见后作出投资决策。 "建议"一词及/或其任何等效术语的解读与适用，均须结合以色列《投资建议、投资营销及投资组合管理监管法》中"投资营销"的定义进行理解。瑞士法律法规要求在独立金融研究报告或推荐意见中作出多项强制性披露。根据《瑞士金融市场基础设施法》及《瑞士金融市场监督管理局条例》规定，若银行持有被研究公司的表决权达到或超过法定门槛，则须在报告中披露其持股比例。 此外，瑞士银行家协会颁布的《金融研究独立性指引》要求披露多项信息，包括潜在利益冲突、过去 12 个月内是否参与过被研究公司证券发行事宜，以及金融分析师的薪酬通常基于以下业绩指标：(i)新股发行部门或投资银行业务表现；或(ii)证券交易表现（包括自营交易）或销售业绩。意大利：本出版物不构成意大利法律规定的公开发售。仅作为参考资料分发给瑞银欧洲股份公司意大利分行（注册地址：米兰市 Vecchio Politecnico 路 3 号，邮编 20121）的客户。 UBS Europe SE 意大利分行受欧洲中央银行、德国中央银行（德意志联邦银行）、德国联邦金融监管局（Bundesanstalt für Finanzdienstleistungsaufsicht，简称"BaFin"）以及意大利银行（Banca d'Italia）和意大利金融市场监管局（CONSOB - 全国公司与证券交易所委员会）的联合监管，本出版物未经上述监管机构审批。UBS Europe SE 是根据德国法律以欧洲公司（Societas Europaea）形式设立的信贷机构，已获 BaFin 正式授权。泽西岛：UBS AG 泽西分行受泽西岛金融服务委员会监管并获准从事银行、基金及投资业务。若服务从泽西岛境外提供，则不受泽西岛监管制度约束。UBS AG 泽西分行是 UBS AG 的分支机构，UBS AG 为瑞士注册的股份有限公司，注册地址为 Aeschenvorstadt 1, CH-4051 巴塞尔及 Bahnhofstrasse 45, CH 8001 苏黎世。 瑞银集团泽西岛分行的主要营业地点为泽西岛圣赫利尔 IFC 泽西 1 号，邮编 JE2 3BX。卢森堡：根据卢森堡法律，本出版物不构成公开要约。仅作为信息资料分发给瑞银欧洲股份公司卢森堡分行（"瑞银卢森堡"）的客户，该公司注册于卢森堡商业登记处（R.C.S. Luxembourg），编号 B209123，注册地址为卢森堡约翰·F·肯尼迪大道 33A 号，邮编 L-1855。瑞银欧洲股份公司是根据德国法律以欧洲公司（Societas Europaea）形式设立的信贷机构（德国商业登记簿编号 HRB 107046），注册地址为德国美因河畔法兰克福博肯海默兰街 2-4 号，邮编 D-60306，已获德国联邦金融监管局（BaFin）正式授权，并接受 BaFin、欧洲央行及德国央行（德意志联邦银行）的联合审慎监管。瑞银卢森堡还受卢森堡审慎监管机构（金融业监督委员会）作为东道国监管机构的监督。本出版物未经任何公共监管机构审批。 马来西亚：本通讯及随附的任何发行材料条款说明书、研究报告、其他产品或服务文件或其他信息（以下简称"材料"）的发送，均基于瑞银集团（UBS）收到您和/或有权代表您提出请求之人士的要求。如您误收该材料，瑞银集团要求您立即删除/销毁该通讯及材料并即刻通知瑞银集团。所提供的材料仅供您参考，未经瑞银集团同意不得在您所在司法管辖区全部或部分进一步分发。该材料可能未经您所在司法管辖区任何金融或监管机构审阅、批准、否决、认可、注册或备案。瑞银集团并未通过该材料提供或发出任何认购或购买投资产品（包括证券或衍生品）的要约。本材料既非进行任何交易或合约（包括期货合约）的要约或招揽，亦非买卖任何证券或衍生品的要约。 相关投资将受到材料中所述转让限制和义务的约束，接收本材料即表示您承诺完全遵守此类限制和义务。您应仔细研究并确保在考虑投资目标、风险偏好和个人情况与投资风险时，保持应有的谨慎和判断力。如有疑问，建议您寻求独立的专业意见。瑞银根据本材料提供的任何建议和/或执行的交易，均仅在您提出具体要求或指示的情况下提供或执行，瑞银与您可据此认定相关责任归属。墨西哥地区：本信息由瑞银瑞士股份有限公司附属机构 UBS Asesores México, S.A. de C.V.（"UBS Asesores"）发布，该公司因与外资银行的关联关系，根据墨西哥法规注册为非独立投资顾问。 瑞银墨西哥证券（UBS Asesores）注册号为 30060-001-(14115)-21/06/2016，受墨西哥银行与证券委员会（"CNBV"）监管，监管范围仅限于：(i) 投资组合管理服务；(ii) 证券投资咨询服务、分析及个别投资建议的发布；(iii) 反洗钱及反恐融资事宜。本瑞银出版物及相关材料仅面向墨西哥境内的专业投资者或机构投资者。研究报告仅反映负责该报告的分析师观点。撰写本报告的分析师薪酬完全由该分析师所属的瑞银集团实体之研究管理部门及高级管理层决定。 摩纳哥：本文件不构成根据摩纳哥公国法律规定的公开发售或类似招揽行为，但可能作为信息资料提供给瑞银（摩纳哥）股份有限公司的客户。该公司是一家受监管银行，注册地址为摩纳哥 98000 大不列颠大道 2 号，持有法国审慎监管与处置局（ACPR）和摩纳哥政府颁发的银行牌照，获准在摩纳哥提供银行服务。瑞银（摩纳哥）股份有限公司还获得摩纳哥金融活动监管委员会（CCAF）许可在摩纳哥提供投资服务。本出版物未经后者批准。菲律宾：本通讯系应您和/或有权代表您提出请求之人士的要求而发送。如您误收本资料，瑞银要求您立即删除/销毁该通讯及资料并通知瑞银。所提供的资料仅供您参考，未经瑞银同意不得在您所在司法管辖区全部或部分进一步分发。 本材料可能未经您所在司法管辖区的任何金融或监管机构审阅、批准、否决、认可、注册或备案。瑞银集团并未通过本材料提供或发出任何认购或购买投资产品（包括证券或衍生品）的要约邀请。本材料既非进行任何交易或合约（包括期货合约）的要约，亦非买卖任何证券或衍生品的要约。相关投资将受限于材料中所述的转让限制及义务，接收本材料即表示您承诺完全遵守该等限制及义务。您应仔细研究并确保在考虑投资目标、风险承受能力及个人情况与投资风险时，保持应有的谨慎与判断力。如有疑问，建议您寻求独立的专业意见。 瑞银根据本材料提供的任何及所有建议和/或执行的交易，均仅在您提出具体要求或根据您的具体指示（视情况而定）后提供或执行，瑞银与您均可如此认定。葡萄牙：瑞银瑞士银行股份有限公司未获准在葡萄牙开展银行及金融活动，也不受葡萄牙监管机构（葡萄牙银行"Banco de Portugal"及葡萄牙证券市场委员会"Comissão do Mercado de Valores Mobiliários"）监管。卡塔尔：瑞银卡塔尔有限责任公司（QFC 编号 01169）经卡塔尔金融中心监管局授权设立，注册地址为卡塔尔卢赛尔 Al Majdami 区 69 号地块 301 街 157 号楼 Burj Alfardan 大厦 14 层。瑞银卡塔尔有限责任公司既不提供任何经纪服务，也不代表客户或与客户共同执行任何交易指令。客户交易指令须提交并由瑞银瑞士银行股份有限公司（位于瑞士境内）或其境外（卡塔尔以外）关联机构执行。 是否接受或拒绝订单完全由瑞士的瑞银瑞士有限公司或其关联公司自行决定，卡塔尔瑞银有限责任公司无权就此提供确认。然而，卡塔尔瑞银有限责任公司可将支付指令和投资指示传达给瑞士的瑞银瑞士有限公司以进行接收、接受和执行。卡塔尔瑞银有限责任公司未被授权代表瑞银瑞士有限公司或其关联公司行事。本文件及其任何附件仅适用于合格对手方和商业客户。俄罗斯：本文件或其包含的信息仅供信息参考，既不构成公开也不构成私下要约，并非邀请在俄罗斯联邦向任何俄罗斯个人或实体或为其利益出售、交换或以其他方式转让任何金融工具的要约，且根据俄罗斯证券法的含义，不构成在俄罗斯联邦的证券广告或要约。 本文所含信息不构成 1996 年 4 月 22 日第 39-FZ 号联邦法律《证券市场法》（修订版）所定义的"个人投资建议"，且所述金融工具及操作可能不符合您的投资画像、投资目标或预期。判断此类金融工具及操作是否符合您的利益、是否适合您的投资目标、投资期限或可接受风险水平，应由您自行负责。对于因进行此类操作或投资此类金融工具而产生的任何损失，我们不承担任何责任，且不建议将此信息作为投资决策的唯一依据。沙特阿拉伯：瑞银沙特阿拉伯公司（牌照号 08113-37）获资本市场管理局授权并受其监管从事证券业务。新加坡：在适用情况下，本资料由新加坡金融管理局根据《1970 年银行法》颁发银行牌照的瑞银集团新加坡分行在新加坡分发。 瑞银集团（UBS AG）是在瑞士注册成立的有限责任公司。瑞银集团在新加坡设有注册分行（统一企业编号 S98FC5560C）。本资料仅针对新加坡境内的机构投资者、合资格投资者及专业投资者（均按《财务顾问条例》（简称"FAR"）定义）编制及发布。鉴于贵方作为机构投资者、合资格投资者或专业投资者的身份，瑞银集团在可能向贵方提供的任何财务顾问服务中，可豁免遵守《2001 年财务顾问法》（简称"FAA"）、《财务顾问条例》及其下发布的相关通知与指引中的特定要求。这些豁免包括：《FAA》第 34 条（依据《FAR》第 33(1)条）；《FAA》第 36 条（依据《FAR》第 34(1)条）；以及《FAA》第 45 条（依据《FAR》第 35(1)条）。新加坡境内的瑞银集团新加坡分行收件人及客户，如因本资料产生或与之相关的任何事宜，请联系瑞银集团新加坡分行。 在适用情况下，本通讯及随附的任何发行材料条款说明书、研究报告、其他产品或服务文件或其他信息（以下简称"材料"）的发送，均基于瑞银收到您及/或有权代表您提出请求之人士的要求。如您误收本材料，瑞银恳请您立即删除/销毁该通讯及材料并即刻通知瑞银。所提供的材料仅供您参考，未经瑞银同意不得在您所在司法管辖区整体或部分进一步分发。该材料可能未经您所在司法管辖区任何金融或监管机构审阅、批准、否决或认可。瑞银并未通过该材料提供或发出任何认购或购买投资（包括证券、产品或期货合约）的要约。本材料既非进行任何交易或合约（包括期货合约）的要约或招揽，亦非买卖任何证券或产品的要约。 相关投资将受到材料中规定的转让限制和义务约束，接收材料即表示您承诺完全遵守此类限制和义务。您应仔细研究并确保在考虑投资目标、风险承受能力与个人情况时，充分理解并审慎评估投资风险。如有疑问，建议您寻求独立专业意见。瑞银根据材料提供的任何建议及/或执行的交易，均仅在您提出具体要求或指示的情况下进行，瑞银与您可据此认定相关行为。西班牙：本报告由西班牙银行注册号 1460 授权的瑞银集团西班牙分行在西班牙分发。瑞典：根据瑞典法律，本出版物不构成公开要约。 本文件仅出于信息目的分发给瑞银欧洲股份公司瑞典分行的客户，该分行注册地址为瑞典斯德哥尔摩 Regeringgatan 38 号（邮编 11153），在瑞典公司注册处登记号为 516406-1011。瑞银欧洲股份公司瑞典分行接受欧洲中央银行、德国中央银行（德意志联邦银行）、德国联邦金融监管局（BaFin）以及瑞典金融监管局（Finansinspektionen）的联合监管，本出版物未经上述监管机构审批。瑞银欧洲股份公司是依据德国法律以欧洲公司形式设立的信贷机构，已获德国联邦金融监管局正式授权。台湾地区：本资料由瑞银集团台北分行依据台湾地区法律提供，系基于客户/潜在客户同意或要求而提供。 泰国：本通讯及随附的任何发行材料、条款说明书、研究报告、其他产品或服务文件或其他信息（统称"材料"）均系应您和/或有权代表您提出请求之人士向瑞银提出的要求而发送。若您误收本材料，瑞银恳请您立即删除/销毁该通讯及材料并通知瑞银。所提供的材料仅供您参考，未经瑞银同意不得在您所在司法管辖区全部或部分进一步分发。该材料可能未经您所在司法管辖区任何金融或监管机构审阅、批准、否决、认可、注册或备案。瑞银并未通过该材料提供或发出任何认购或购买投资产品（包括证券或衍生品）的要约。本材料既非进行任何交易或合约（包括期货合约）的要约或招揽，亦非买卖任何证券或衍生品的要约。 相关投资将受到材料中所述转让限制和义务的约束，接收本材料即表示您承诺完全遵守此类限制和义务。您应仔细研究并确保在考虑投资目标、风险承受能力和个人情况与投资风险时，保持应有的谨慎和判断力。如有疑问，建议您寻求独立的专业建议。瑞银根据本材料提供的任何建议和/或执行的交易，均仅在您提出具体要求或指示的情况下提供或执行，瑞银和您均可如此认定。土耳其：本文件中的信息并非为在土耳其共和国提供、营销或销售任何资本市场工具或服务之目的而提供。因此，本文件不得视为在土耳其共和国向土耳其共和国居民发出或拟发出的要约。 瑞银集团瑞士有限公司未根据土耳其《资本市场法》（第 6362 号法律）条款获得土耳其资本市场委员会（CMB）的许可。因此，未经 CMB 事先批准，本文件或与该工具/服务相关的任何其他发行材料均不得用于向土耳其共和国境内人士提供任何资本市场服务。但根据第 32 号法令第 15 条(d)(ii)款，土耳其共和国居民被允许购买或销售在土耳其共和国境外金融市场交易的金融工具。此外，根据《关于投资服务、活动及附属服务原则的第 III-37.1 号公报》第 9 条，应土耳其共和国居民主动要求而在境外提供的投资服务不受限制。阿拉伯联合酋长国（阿联酋）/迪拜国际金融中心：瑞银并非阿联酋中央银行或阿联酋证券商品管理局许可的在阿联酋运营的金融机构，亦不在阿联酋开展银行业务。 本文件仅供阁下参考，不构成财务建议。迪拜国际金融中心：瑞银集团迪拜分行受迪拜金融服务管理局（DFSA）监管。本资料严格仅适用于根据 DFSA 规则手册分类的专业客户和/或市场交易对手。其他人士不应依据本资料采取行动。投资研究仅供信息参考，并非对特定投资的买入/卖出/持有建议或要约。投资研究可能已过时。阁下在依据该投资研究采取行动前应寻求投资建议。英国：本文件由瑞银财富管理（瑞士金融市场监督管理局授权监管的瑞银集团分支机构）发布。在英国，瑞银集团受审慎监管局授权，并接受金融行为监管局及审慎监管局的有限监管。有关审慎监管局监管范围的详情可应要求向我们索取。伦敦证券交易所会员。 本出版物面向瑞银财富管理的零售客户分发。乌克兰：根据乌克兰法律，瑞银并未注册为银行/金融机构且未获得相关许可，亦不在乌克兰提供银行及其他金融服务。瑞银未曾且不会在乌克兰境内向公众发售上述产品。未采取任何行动授权在乌克兰境内向公众发售上述产品，且本文件的传播不构成 2021 年 12 月 14 日颁布的乌克兰《金融服务和金融公司法》所定义的金融服务。任何上述产品的发售均不构成投资建议、公开要约、证券在乌克兰境内的流通、转让、保管、持有或托管。因此，本文件或与上述产品相关的任何其他文件、信息或通讯内容均不得被解释为包含乌克兰法律所定义的证券发售、公开要约、要约邀请、公开要约邀请或投资建议。 根据 2015 年 9 月 3 日颁布的乌克兰《电子商务法》，电子通信不得视为订立电子协议或其他电子文书的要约。本文件仅限持有人私人使用，不得转交第三方或以任何形式公开传播。美国地区：仅由瑞银集团子公司 UBS 金融服务公司或 UBS 证券有限责任公司向美国人士分发。瑞银瑞士股份公司、瑞银欧洲 SE、瑞银银行（巴西）证券管理有限公司、瑞银墨西哥咨询公司、瑞银信托财富管理有限公司、瑞银财富管理以色列有限公司及瑞银证券土耳其公司均为瑞银集团关联企业。当 UBS 金融服务公司向美国人士分发非美国关联机构编制的报告时，将对该报告内容承担责任。美国人士涉及本报告所述证券的所有交易均应通过瑞银集团在美国注册的经纪交易商进行，不得通过非美国关联机构执行。 本报告内容未经且不会获得美国或其他任何地区证券或投资监管机构的批准。瑞银金融服务公司并非《证券交易法》第 15B 条（"市政顾问规则"）定义下的市政实体或义务人的市政顾问，本报告所含观点或意见无意且不构成市政顾问规则定义下的建议。有关瑞银证券有限责任公司管理利益冲突及保持瑞银全球研究产品独立性的方式、历史业绩信息、关于瑞银全球研究建议的额外披露事项，以及研究报告中使用的某些第三方数据条款，请访问 https://www.ubs.com/disclosures。

© UBS 2025. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved.
© 瑞银集团 2025。钥匙符号和 UBS 均为瑞银集团已注册和未注册商标。版权所有。

Credit Suisse Wealth Management Disclaimer
瑞信财富管理免责声明

This disclaimer must be read in conjunction with “Risk information” and “Important Information About Sustainable Investing Strategies” sections of the Global Wealth Management Disclaimer above. You receive this document in your capacity as a client of Credit Suisse Wealth Management. Your personal data will be processed in accordance with the Credit Suisse privacy statement accessible at your domicile through the official Credit Suisse website https://www.credit-suisse.com. In order to provide you with marketing materials concerning our products and services, UBS Group AG and its subsidiaries may process your basic personal data (i.e. contact details such as name, e-mail address) until you notify us that you no longer wish to receive them. You can optout from receiving these materials at any time by informing your Relationship Manager.
本免责声明须与上述《全球财富管理免责声明》中的"风险信息"及"可持续投资策略重要信息"章节一并阅读。您作为瑞信财富管理客户接收本文件。您的个人数据将按照瑞信隐私声明进行处理，该声明可通过瑞信官方网站 https://www.credit-suisse.com 在您居住地查阅。为向您提供有关我们产品及服务的营销资料，瑞银集团及其子公司可能会处理您的基本个人数据（即联系方式如姓名、电子邮箱地址），直至您通知我们不再希望接收这些资料。您可随时通过告知客户经理选择停止接收这些资料。

Except as otherwise specified herein and/or depending on the local Credit Suisse entity from which you are receiving this report, this report is distributed by UBS Switzerland AG, authorised and regulated by the Swiss Financial Market Supervisory Authority (FINMA). Brazil: This report is distributed in Brazil by Credit Suisse (Brasil) S.A. Corretora de Títulos e Valores Mobiliários or its affiliates (“Credit Suisse”). Pursuant to CVM Resolution No. 20/2021, of February 25, 2021, the author(s) of the report hereby certify(ies) that the views expressed in this report solely and exclusively reflect the personal opinions of the author(s) and have been prepared independently, including with respect to Credit Suisse and other UBS Group entities. Part of the author(s)´s compensation is based on various factors, including the total revenues of the relevant UBS Group entity of which they are in employment of, but no part of the compensation has been, is, or will be related to the specific recommendations or views expressed in this report. In addition, Credit Suisse declares that: Credit Suisse has provided, and/or may in the future provide investment banking, brokerage, asset management, commercial banking and other financial services to the subject company/companies or its affiliates, for which they have received or may receive customary fees and commissions, and which constituted or may constitute relevant financial or commercial interests in relation to the subject company/companies or the subject securities. Japan: This report is solely distributed in Japan by Credit Suisse Securities (Japan) Limited, Financial Instruments Dealer, Director-General of Kanto Local Finance Bureau (Kinsho) No. 66, a member of the Japan Securities Dealers Association, Financial Futures Association of Japan, Japan Investment Advisers Association, and Type II Financial Instruments Firms Association or UBS SuMi TRUST Wealth Management Co., Ltd, Financial Instruments Dealer, Director-General of Kanto Local Finance Bureau (Kinsho) No. 3233, a member of the Japan Securities Dealers Association, Financial Futures Association of Japan, Japan Investment Advisers Association. Neither Credit Suisse Securities (Japan) Limited nor UBS SuMi TRUST Wealth Management Co., Ltd will distribute or forward this report outside Japan. Mexico: This information is distributed by C. Suisse Asesoría México, S.A. de C.V. ("CS Asesores"), an affiliate of UBS Group AG, incorporated as a non-independent investment advisor under the Mexican regulation due to the relation with a Foreign Bank and its indirect relation with Grupo Financiero Credit Suisse (México), S.A. de C.V. CS Asesores is registered under number 30070-001-(14208)-10/10/2016 and subject to the supervision of the Mexican Banking and Securities Commission ("CNBV") exclusively regarding the rendering of (i) portfolio management services, (ii) securities investment advisory services, analysis and issuance of individual investment recommendations, and (iii) anti-money laundering and terrorism financing matters. This publication or any material related thereto is addressed only to Sophisticated or Institutional Investors located in Mexico. Research reports only reflect the views of the analysts responsible for the report. The compensation of the analyst(s) who prepared this report is determined exclusively by research management and senior management of any entity of UBS Group to which such analyst(s) render(s) services. Qatar: This information has been distributed by Credit Suisse (Qatar) L.L.C., which is duly authorized and regulated by the Qatar Financial Centre Regulatory Authority (QFCRA) under QFC License No. 00005. All related financial products or services will only be available to Business Customers or Market Counterparties (as defined by the QFCRA), including individuals, who have opted to be classified as a Business Customer, with net assets in excess of QR 4 million, and who have sufficient financial knowledge, experience and understanding to participate in such products and/or services. Therefore this information must not be delivered to, or relied on by, any other type of individual. Saudi Arabia: This information is being distributed by Credit Suisse Saudi Arabia (CR Number 1010228645), duly licensed and regulated by the Saudi Arabian Capital Market Authority pursuant to License Number 08104-37 dated 23/03/1429H corresponding to 21/03/2008AD. Credit Suisse Saudi Arabia’s principal place of business is at King Khaled Road, Laysen Valley, Building number 6, 12329-2376, Riyadh, Saudi Arabia. Website: https://www.credit-suisse.com/sa/en/cssa.html. South Africa: This information is being distributed by Credit Suisse (UK) Limited which is registered as a financial services provider with the Financial Sector Conduct Authority in South Africa with FSP number 48779. Türkiye: The investment information, comments and recommendations contained herein are not within the scope of investment advisory activity. The investment advisory services are provided by the authorized institutions to the persons in a customized manner taking into account the risk and return preferences of the persons. Whereas, the comments and advices included herein are of general nature. Therefore recommendations may not be suitable for your financial status or risk and yield preferences. For this reason, making an investment decision only by relying on the information given herein may not give rise to results that fit your expectations. This report is distributed by Credit Suisse Istanbul Menkul Degerler Anonim Sirketi, regulated by the Capital Markets Board of Türkiye, with its registered address at Levazim Mahallesi, Koru Sokak No. 2 Zorlu Center Terasevler No. 61 34340 Besiktas/ Istanbul-Türkiye. United Kingdom: This document is distributed by Credit Suisse (UK) Limited. Credit Suisse (UK) Limited, is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The registered address of Credit Suisse (UK) Limited is 5 Broadgate, London, EC2M 2QS.
除本文另有规定和/或视您接收本报告的瑞士信贷当地实体而定外，本报告由受瑞士金融市场监督管理局（FINMA）授权监管的瑞银集团瑞士公司发布。巴西：本报告由瑞士信贷（巴西）证券公司或其关联公司（简称"瑞士信贷"）在巴西分发。根据 2021 年 2 月 25 日巴西证券交易委员会第 20/2021 号决议，本报告作者特此证明报告所载观点完全且仅代表作者个人意见，且系独立撰写完成（包括涉及瑞士信贷及瑞银集团其他实体的情况）。作者部分薪酬基于多项因素确定，包括其受雇的瑞银集团相关实体总收入，但薪酬的任何部分过去、现在及未来均不会与本报告所述具体建议或观点挂钩。 此外，瑞信声明如下：瑞信已向相关公司或其关联方提供及/或未来可能提供投资银行、经纪、资产管理、商业银行及其他金融服务，并已收取或可能收取惯常费用及佣金，这些服务构成或可能构成与相关公司或相关证券有关的财务或商业利益。日本：本报告在日本仅由瑞信证券（日本）有限公司（关东财务局（金商）第 66 号金融商品交易业者，日本证券业协会、日本金融期货协会、日本投资顾问协会及第二类金融商品交易业协会会员）或瑞穗信托财富管理株式会社（关东财务局（金商）第 3233 号金融商品交易业者，日本证券业协会、日本金融期货协会、日本投资顾问协会会员）进行分发。 瑞信证券（日本）有限公司及瑞穗信托财富管理株式会社均不会在日本境外发布或转发本报告。墨西哥：本信息由瑞银集团附属机构 C. Suisse Asesoría México, S.A. de C.V.（"CS Asesores"）发布，该公司因与外资银行及其与瑞士信贷金融集团（墨西哥）的间接关联，根据墨西哥法规注册为非独立投资顾问。CS Asesores 注册号为 30070-001-(14208)-10/10/2016，并接受墨西哥银行与证券委员会（"CNBV"）的监督，监督范围仅限于：(i) 投资组合管理服务；(ii) 证券投资顾问服务、分析及发布个人投资建议；(iii) 反洗钱及反恐融资事宜。本出版物及相关材料仅面向墨西哥境内的成熟投资者或机构投资者。研究报告仅反映负责分析师的观点。 本报告撰写分析师的薪酬完全由该分析师所服务的瑞银集团旗下任何实体的研究管理部门及高级管理层决定。卡塔尔：本信息由瑞士信贷（卡塔尔）有限责任公司分发，该公司持有卡塔尔金融中心监管局（QFCRA）颁发的 QFC 牌照（编号 00005）并受其监管。所有相关金融产品或服务仅面向符合以下条件的商业客户或市场交易对手（定义见 QFCRA）：包括选择被归类为商业客户、净资产超过 400 万卡塔尔里亚尔且具备足够金融知识、经验与理解力参与此类产品/服务的个人。因此本信息不得向其他类型个人提供或由其依赖。沙特阿拉伯：本信息由瑞士信贷沙特阿拉伯（CR 编号 1010228645）分发，该公司持有沙特阿拉伯资本市场管理局颁发的牌照（编号 08104-37，伊斯兰历 1429 年 3 月 23 日/公历 2008 年 3 月 21 日）并受其监管。 瑞信沙特阿拉伯的主要营业地点位于沙特阿拉伯利雅得 Laysen 谷地哈立德国王路 6 号大厦，邮编 12329-2376。网站：https://www.credit-suisse.com/sa/en/cssa.html。南非：本信息由瑞信（英国）有限公司分发，该公司已在南非金融行业行为监管局注册为金融服务提供商（FSP 编号 48779）。土耳其：本文所含投资信息、评论及推荐不属于投资顾问活动范畴。投资顾问服务须由授权机构根据个人风险与收益偏好以定制化方式提供。而本文所含评论与建议均为一般性内容，因此相关推荐可能不符合您的财务状况或风险收益偏好。仅依据本文信息做出投资决策，可能导致结果与您的预期不符。 本报告由受土耳其资本市场委员会监管的瑞士信贷伊斯坦布尔证券股份公司发布，注册地址为土耳其伊斯坦布尔贝西克塔斯莱瓦兹姆街区科鲁街 2 号佐鲁中心特拉塞夫勒 61 号 34340。英国：本文件由瑞士信贷（英国）有限公司分发。瑞士信贷（英国）有限公司经审慎监管局授权，并受金融行为监管局和审慎监管局监管。瑞士信贷（英国）有限公司注册地址为伦敦布罗德盖特 5 号，邮编 EC2M 2QS。

© UBS 2025. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved.
© 瑞银集团 2025。钥匙符号和 UBS 均为瑞银集团已注册及未注册商标。版权所有。