【招银国际】–Proactive competitive strategy may weigh on nearterm margin but benefit LT growth.pdf

CMS Strategy Weekly (13 Feb 2023) Sino-US tension weighed on market sentiment

Macro headwinds weighed on growth; loss reduction on track

CMS Strategy Weekly:Sino-US tension weighed on market sentiment

–Game business weighed on revenue growth despite resilient ad and VAS business

–Soft consumption weighs on ad recovery

Soft consumption weighs on demand for high-ASP businesses; intact long-term outlook