【招银国际】–Strong sales momentum continued in 3Q.pdf

China Economy – PMI indicates continuous economic recovery

Solid 1H24 results with continued recovery in CIS business

Expect strong growth to continue after the impressive 1H23; U／G to BUY

China Economy: PMI indicated continued yet slowing recovery

China Policy–Credit growth tends to stabilize amid continuous policy easing

–3Q23 earnings surged 120-200% YoY; Strong gas trucks sales continue to be key driver

China Policy–RRR cut as continuous effort to restore confidence

China Economy – PMI beat expectations as economy continues to recover

2022 preview： Continuing to enhance long-term growth logic

China’s Economy：Fiscal Expansion Shall Continue rather than Stop– Comment on May Fiscal Data