【招银国际】–Release of pent-up demand remained strong.pdf

Quality growth strategy underpins strong earnings growth

滔搏（06110）：Prudent guidance but strong cash flow & yield

–Strong 3Q results on accelerating AI revenue

Strong and sustainable non-COVID growth

–NDR takeaways：Strong order backlog in 2H23E; Solid pipeline to drive growth into FY24／25E

Expect strong sales in 2023 driven by the US approval of zanubrutinib in CLL

–3Q23 earnings beat on strong operating leverage and business innovation

Strong sales performance in 2Q

China Consumer Sector: Strong recovery and sustainability during CNY

Technology: AI Server and AI PC/smartphone supply chain set to continue strong momentum into 1H24E