【招银国际】–1H23 worse than expected on slow recovery; Maintain HOLD.pdf

1Q23 dragged by higher investments and macro headwinds; Maintain BUY on 2H recovery

4Q22 Preview： earnings recovery remains bumpy; Maintain HOLD

Determined to maintain local consumer services industry consumer mind share

Third party expansion advances to higher-end level, maintain BUY

Capital Goods: Turning cautious on export market; D/G Sinotruk to HOLD; Maintain BUY on Weichai

Core business maintains a healthy growth momentum

Online music business maintains solid growth amid macro uncertainty

Stable 1H24 results; Maintain HOLD

China Banking Sector: Maintain OVERWEIGHT on valuation and positive outlook

–1H23 weakness in-line; Maintain HOLD on fair valuation