2Q23 preview: solid earnings growth despite social entertainment business adjustment
LT growth intact; D/G to HOLD as the company goes through business model transformation
China Economy – Weak PMIs confirm downside pressure for growth
China Policy – Politburo maintains pro-growth stance while ruling out big stimulus
Margin expansion in 23E; Volume growth in 24E
China's Economy：Money and Credit Growth Beats Expectations; the Central Bank might Slightly Rein in Its Pace of Monetary Loosening
NDR takeaways：a bumpy 1H23 ahead; Auto／VR／ AR business to drive long-term growth
China Policy: Credit growth remained tepid with easing policy ahead
Back to capex growth model to achieve product diversification & overseas expansion
Digitalization and Inclusive Growth
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