–Proactive competitive strategy may weigh on nearterm margin but benefit LT growth
China Economy–Deflation may gradually alleviate after credit loosening
–Sequential margin contraction indicates inventory digestions may persist till FY23E
China’s Economy：Fiscal Expansion Shall Continue rather than Stop– Comment on May Fiscal Data
May NEV likely to hit second highest in history
China Pharmaceutical & Healthcare:Supportive policies to TCM, VBP may be short-term pain
Georgia: Technical Assistance Report-Report on Government Finance Statistics for State-Owned Enterprises Mission (April 26-May 24, 2021)
China Auto Sector – May NEV likely to hit second highest in history
May NEV retail share to hit 45%; NIO beat
–New-car GPM may bottom out in 2H23E
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