【招银国际】–Expecting a sequential recovery in 4Q.pdf

3Q24 earnings below expectations due to margin contraction

Expect an improving trend after a weak 1Q24

Growth beat expectations with recovery underway

China Policy – Credit growth is expected to rebound in 2023

Expect strong growth to continue after the impressive 1H23; U／G to BUY

CMS Strategy Weekly: Rate expectations see upward revision

1H23E preview： Expect profit decline on weak coal price

Is High Debt Constraining Monetary Policy? Evidence from Inflation Expectations

Expect strong sales in 2023 driven by the US approval of zanubrutinib in CLL

Net profit +3.5x YoY in 2022 but below expectations; Attractive yield of 20%