【招银国际】 Earnings expectation is settling.pdf

2024 results below expectation; Still positive on the structural overseas growth trend

CMS Strategy Weekly (20 Feb 2023) Rate expectations see upward revision

Solid growth of earth-moving machinery sales in Apr; Expect momentum to continue in May

U.S. Inflation Expectations During the Pandemic

1Q23E profit beat expectations; Multiple catalysts ahead

China Sportswear Sector – We expect prudent guidance but decent margins

–Release of pent-up demand as expected

Core net profit in 2022 +53% YoY in line with expectation; Margin recovery in 4Q

China Pharmaceutical & Healthcare: Expecting global funding recovery in the coming quarters

1H24 preview： margin weakness priced in; expect gradual ASP/margin recovery in 2H