【招银国际】–Short-term headwind, but bottoming out is in sight.pdf

Weather short-term headwinds in 2Q24; eyes on 2H24E recovery

Bracing for Headwinds – How APAC Challenger Banks Can Navigate Disruption in 2023

–Headwinds endure

Headwinds in 4Q24 in both China & export;Eyes on policy-driven recovery in 2025

Solid 1H24 against industry headwinds

Factoring in ads & games headwinds

Short -term headwind doesn’t change the long-term story

1Q23 dragged by higher investments and macro headwinds; Maintain BUY on 2H recovery

1H23 Preview: weak revenue amid industry headwinds; expect smartphone recovery in 2H23E

–1H23E Preview： strong growth despite industry headwinds; expect back-loaded in 2H23E