【招银国际】China Economy: Deflation may gradually alleviate after credit loosening.pdf

1Q23 results beat and expect gradual recovery

Acceding Countries’ Gradual Integration into the EU Single Market

China Economy–Deflation may gradually alleviate after credit loosening

Gradual revenue and margin recovery in FY23

China Internet: China online advertising: onset for gradual recovery in 2023E

Deflation continues with gradual improvement ahead

FY22 largely in-line; Gradual recovery on track

China Internet – China online advertising： onset for gradual recovery in 2023E

Gradual revenue and margin recovery in FY23

Gradually back on the right track