【招商证券】 Near term challenges should fade into gradual recovery.pdf

1Q23 results beat and gradual recovery is likely

China Economy: Economy further weakens with gradual policy easing ahead

Gradual revenue and margin recovery in FY23

China Economy–Deflation may gradually alleviate after credit loosening

Deflation continues with gradual improvement ahead

FY22 largely in-line; Gradual recovery on track

Acceding Countries’ Gradual Integration into the EU Single Market

Gradual revenue and margin recovery in FY23

China Internet – China online advertising： onset for gradual recovery in 2023E

China Internet: China online advertising: onset for gradual recovery in 2023E