【招银国际】 Online music business maintains solid growth amid macro uncertainty.pdf

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

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

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

Stable 1H24 results; Maintain HOLD

China Banking Sector: Maintain OVERWEIGHT on valuation and positive outlook

Core business maintains a healthy growth momentum

China TMT： Maintain buy XIAOMI’30-31s, XIAOMI 0’27(CB), MEITUA 0’27(CB), initiate buy on WB 3 3／8’30

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