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

1Q23 results beat and gradual recovery is likely

China Economy: Deflation may gradually alleviate after credit loosening

China Economy: Economy further weakens with gradual policy easing ahead

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

FY22 largely in-line; Gradual recovery on track

China Economy – Economy further weakens with gradual policy easing ahead

Gradually back on the right track

Near term challenges should fade into gradual recovery

Acceding Countries’ Gradual Integration into the EU Single Market

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