China Economy – On its way to recover
Improved independence with a recovered central SOE as parentco; Upgrade to BUY
NEW ORIENTAL (EDU.N) Recovering educational businesses
Underway to recover
China Macro Monitor – Underway to recover
China Economy – PMI beat expectations as economy continues to recover
Insurance funds: Life/P&C diverged in allocation; financial yields marginally recovered in 2Q
PMI beat expectations as economy continues to recover
New orders slightly recovered in 2Q23
China Policy – New loans picked up as service economy continued to recover