China Policy–RRR cut as continuous effort to restore confidence
Credit growth continues to rebound into 2024
Positive profit alert in 1H24E; Strong order momentum to continue into 2H24/FY25E
Solid growth of earth-moving machinery sales in Apr; Expect momentum to continue in May
Rapid recovery in C&l’s gas sales; county new energy business continues to heat up
Thermal ASP in 4Q continued to beat benchmark
1QFY26 cRPO growth beats expectation; Data Cloud & AI momentum continues
Expect strong growth to continue after the impressive 1H23; U／G to BUY
Property: NBS 4M24: REI continued weakening as expected; BJ’s relaxation showed noticeable effect
Semiconductors: RFFE localization to continue as handset market recovers
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