【招银国际】PMI beat expectations as economy continues to recover.pdf

Improved independence with a recovered central SOE as parentco; Upgrade to BUY

China Macro Monitor – Underway to recover

Semiconductors: RFFE localization to continue as handset market recovers

Insurance funds: Life/P&C diverged in allocation; financial yields marginally recovered in 2Q

Underway to recover

China Catering Sector - Customer traffic recovering; to drive margins in FY23

NEW ORIENTAL (EDU.N) Recovering educational businesses

China Economy – On its way to recover

China Policy:New loans picked up as service economy continued to recover

China Economy: On its way to recover