【招银国际】 On a slow road to recovery.pdf

Excavator demand slowed down in May; still positive on replacement cycle

–1H23 worse than expected on slow recovery; Maintain HOLD

Growth slows sharply as confidence remains weak

China Policy – Credit demand softens as economic recovery slows

China Economy Credit slowed with policy shift in progress

China Economy: PMI indicated continued yet slowing recovery

China Economy – Growth slows sharply as confidence remains weak

why_has_us_k-12_materials_been_so_slow_to_go_digital

AI adoption on track,but slow pace of monetization impacts sentiment