–1H23E Preview： strong growth despite industry headwinds; expect back-loaded in 2H23E
Strong hospital business
Strong core music business supports 1Q23 earnings beat
Strong mobile games and ad businesses support solid 3Q24 results
1Q24 beat on strong music business growth and GPM expansion
China Technology Sector – Apple FY2Q23 beat on strong iPhone and EM; Positive on resilient performance amid headwinds
7M24 Monthly: Life momentum kept strong;P&C edged up by auto & non-auto rebounds
Expect strong growth to continue after the impressive 1H23; U／G to BUY
Auto: Leading indicators, policy imply a strong May
Acceptable short-term setbacks can be absorbed by strong core business
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