Natural gas HDT +14.8x YoY in Oct on low base; Expect momentum to continue; Weichai our top pick
Core net profit in 2022 +53% YoY in line with expectation; Margin recovery in 4Q
1Q23E profit beat expectations; Multiple catalysts ahead
China Property Sector: NBS Nov data in line, expect new policy in BJ／SH to boost secondary market in Dec
China Sportswear Sector – We expect prudent guidance but decent margins
Expect sustainable DPS growth onwards
–Expecting upbeat margin on better ARM
–1H23E Preview： strong growth despite industry headwinds; expect back-loaded in 2H23E
CMS Strategy Weekly (20 Feb 2023) Rate expectations see upward revision
PMI beat expectations as economy continues to recover
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