We expect prudent guidance but decent margins
TSF & CPI Missed Expectations,Property Demand Weakened
Sales exceeding expectations and achieving non-GAAP profitability
美团(3690 HK): 核心本地商业利润增长超预期，优选亏损继续环比收窄—维持优于大市; 上调目标价28％(Meituan: Core Local Business Profit Growth Exceeds Expectations, Preferre
FY22 net margins better than expected
Semi: Global foundry sector stabilizing in 2024, modest recovery expected in 2025; initiate Hua Hong w/BUY
Weekly highlight: expect strong sales momentum to last longer
China Property Fatigue about easing expectation
–Release of pent-up demand as expected
–2Q23 preview： expecting strong recovery ahead
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