下周专家电话会议：与牛津能源研究所（OIES）的米哈尔·梅丹博士探讨中国能源展望

Giacomo Romeo * | Equity Analyst44 (0) 20 7548 4727 | giacomo.romeo@jefferies.comLloyd Byrne ^ | Equity Analyst(212) 323-7528 | lloyd.byrne@jefferies.comKai Ye Loh, ACA, CFA * | Equity Associate+44 (0)20 7029 8278 (office) | kloh@jefferies.com SPEAKER BIOGRAPHIESDr. Michal Meidanis Head of China Energy Research at the Oxford Institute for Energy Studies.Before joining OIES in July 2019, she headed cross-commodity China research at Energy Aspects.Prior to that, she headed China Matters, an independent research consultancy providing analysison the politics of energy in China. Michal also held senior analytical roles at Eurasia Group in NewYork and London, and at Asia Centre-Sciences Po, Paris. She taught undergraduate courses onChina’s political economy at the Hebrew University in Jerusalem and has authored numerousacademic articles. Michal also regularly provides comments for a wide variety of media outletsand is featured as a speaker at industry conferences.Michal holds a PhD in Political Science and East Asian studies from Sciences Po, Paris. She isfluent in Mandarin and French.Please see important disclosure information on pages 3 - 7 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Analyst Certification:I, Giacomo Romeo, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.I, Lloyd Byrne, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Kai Ye Loh, ACA, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies)and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendationsor views expressed in this research report.Registration of non-US analysts:Giacomo Romeo is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.Registration of non-US analysts:Kai Ye Loh, ACA, CFA is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is notregistered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and thereforemay not be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities heldby a research analyst.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate,but various regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports arepublished at irregular intervals as appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedExplanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or more withina 12-month period as these companies are typically more volatile than the overall stock market. For Hold rated securities with an average security priceconsistently below $10, the expected total return (price appreciation plus yield) is plus or minus 20% within a 12-month period. For Underperform ratedsecurities with an average security price consistently below $10, the expected total return (price appreciation plus yield) is minus 20