【招银国际】Deflation continues with gradual improvement ahead.pdf

Gradual revenue and margin recovery in FY23

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

Near term challenges should fade into gradual recovery

Gradual revenue and margin recovery in FY23

1Q23 results beat and gradual recovery is likely

FY22 largely in-line; Gradual recovery on track

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China Economy: Economy further weakens with gradual policy easing ahead

Gradually back on the right track

China Economy – Economy further weakens with gradual policy easing ahead