【招银国际】 Core business recovery on track with more to expect on new initiatives.pdf

美团(3690 HK): 核心本地商业利润增长超预期，优选亏损继续环比收窄—维持优于大市; 上调目标价28％(Meituan: Core Local Business Profit Growth Exceeds Expectations, Preferre

3Q NPAT boosted by net fair value gains; expect resilient full-year NBV upswing

1H23E preview： Expecting Strategy 2.0 to gain momentum in post-pandemic periods

China Property Fatigue about easing expectation

1H23 Preview: weak revenue amid industry headwinds; expect smartphone recovery in 2H23E

Unable to meet the expectation of dual engines

We expect 1H24 to be still profitable

Ensure Policy Implementation to Stabilize Market and Expectations

【Sector Research】China Property Sector–NBS Jun data： weak as expected, a tough 3Q ahead

We expect prudent guidance but decent margins