（零售）中信证券-商业零售行业模式探讨系列报告之五：电子商务与传统零售的盈利能力比较-120130.pdf

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6、Analyst Certification?i?ii?The analysts primarily responsible for the preparation of all or part of the reseherein hereby certify that:(i)the views expressed in this resabout themmendations or views expressed in this research report.?/?(?)?(2)?/?/?12?300?20%?5%?20%?300?300?-10%?5%?300?10%?300?10%?30

7、0?-10%?10%?1.?6?2.?6?300?6?300?300?10%?48?100125?1568?22?200122?8?518048?1?26?Foreign Broker-Dealer Disclosures for Distributing to the U.S.?-?This report has been produced in its entirety by CITIC Securities Limited Company(“CITIC Securities”,regulated by the China Securities Regulatory Commission.

8、Securities Business License Number:Z20374000).This report is being distributed in the United States by CITIC Securities pursuant to Rule 15a-6(a)(2)under the U.S.Securities Exchange Act of 1934 exclusively to“major U.S.institutional investors”as defined in Rule 15a-6 and the SEC no-action letters thereunder.?Z20374000?1934?15a-6(a)(2)?15a-6?