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

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

China Technology Sector – Apple FY2Q23 beat on strong iPhone and EM; Positive on resilient performance amid headwinds

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

Macro headwinds weighed on growth; loss reduction on track

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

Short-term headwind continues

Resilient FY22／1H23 despite industry headwinds

–Headwinds endure

Factoring in ads & games headwinds

cRPO growth moderating on macro headwind