【毕马威】Finland – Eastern Border to Remain Closed.pdf

China Economy: Deflation mildly alleviated while consumer demand remained weak

Reiterated guidance but we remained cautious

3Q24 results beat on Olympic event; 4Q24 outlook remains under pressure

Travel demand remains resilient

ESOP targets stabilize earnings expectation but sentiment overhang remains

Long-term prospects remain positive

4Q22 Preview： earnings recovery remains bumpy; Maintain HOLD

–Release of pent-up demand remained strong

Fundamentals remain strong despite recent market volatility, reiterate BUY

China Policy: Credit growth remained tepid with easing policy ahead