【招银国际】Sequential margin contraction indicates inventory digestions may persist till FY23E.pdf

FR08/23 Margin dynamics in centrally cleared commodities markets in 2022

–Better margin outlook, with Bigo to bottom out

Kuaishou (1024 HK) Solid 4Q22E with better margin outlook

Better margin improvement ahead

Yonyou (600588 CH) Distressed margin with non-standardized cloud

1Q24 beat on strong margins; Positive on upbeat SU7 delivery target

Insurance funds: Life/P&C diverged in allocation; financial yields marginally recovered in 2Q

–Upbeat margin to continue

3QFY23 margin beat on cost control; Upgrade to BUY

FY2025Q2季报点评：归母净利润超预期，主业EBITA Margin有所下滑