【招银国际】 Online music business maintains solid growth amid macro uncertainty.pdf

1Q in line; 2023 guidance maintained

1Q23 dragged by higher investments and macro headwinds; Maintain BUY on 2H recovery

1Q23 beat on better GPM; Maintain HOLD on fair valuation

China Banking Sector: Maintain OVERWEIGHT on valuation and positive outlook

Solid 1H24 with balanced sources of growth, maintain BUY

China Insurance Sector: Improving fundamentals; Maintain OVERWEIGHT

Earnings beat with double surprises on dividend payout; Maintain Buy

Core business maintains a healthy growth momentum

China Policy – Politburo maintains pro-growth stance while ruling out big stimulus

China Banking Sector-Maintain OVERWEIGHT on valuation and positive outlook