【招商证券】China Sportswear Sector - Singles Day sales likely good but companies remain cautious.pdf

China Heavy-duty Truck: Expansion of gas/diesel price spread likely to boost natural gas HDT sales in the near term

The Digital Inclusion Outlook: What It Looks Like and Where It’s Lacking

安恒信息（688023）：Operations Likely to Bottom Out In 2025

Attractive valuation with likely resilient earnings

–Likely to be resilient and outperform in 2H23E

4Q earnings beat; likely another year of solid earnings growth ahead

Operational challenges remain; but China regulatory risk to sentiment likely settled

NE：Larger-than-expected Tariff Cuts, Earnings Upside Likely

微软（MSFT）：Agentic Web Likely to Accelerate AI Inference Development

PHEVs key to FY24; Earnings likely still resilient