【IMF】Can Fiscal Consolidation Announcements Help Anchor Inflation Expectations?.pdf

Net profit +3.5x YoY in 2022 but below expectations; Attractive yield of 20%

GAC Group (2238 HK) We expect 4Q22 NP to fall on equity income

Weak 1Q23 as expected; Expect multiple drivers from iPhone／CPU socket／400G／EV in 2H23E

–Expecting a sequential recovery in 4Q

3Q24 earnings below expectations due to margin contraction

–Expect steady 3Q23 despite macro uncertainty

1H23E preview： Expect profit decline on weak coal price

ESOP targets stabilize earnings expectation but sentiment overhang remains

China's Economy：Money and Credit Growth Beats Expectations; the Central Bank might Slightly Rein in Its Pace of Monetary Loosening

Expecting a solid 1H23