【招银国际】–1H23 worse than expected on slow recovery; Maintain HOLD.pdf

COVID business to maintain solid growth

China Policy – Politburo maintains pro-growth stance while ruling out big stimulus

Online music business maintains solid growth amid macro uncertainty

China TMT： Maintain buy XIAOMI’30-31s, XIAOMI 0’27(CB), MEITUA 0’27(CB), initiate buy on WB 3 3／8’30

Positive outlook; Maintain BUY

–1H23 profit warning; Maintain BUY on 2H gradual recovery

Maintaining strong growth momentum

Maintaining conservative outlook

4Q22 Preview： earnings recovery remains bumpy; Maintain HOLD

Determined to maintain local consumer services industry consumer mind share