–Release of pent-up demand remained strong
Fundamentals remain strong despite recent market volatility, reiterate BUY
Strong 2Q guidance points to a robust 1H23
Strong domestic sales of earth-moving machinery in Mar
A strong comeback in all channels since Mar
China Property Sector – NBS 2M23 data： Strong as expected
Positive profit alert in 1H24E; Strong order momentum to continue into 2H24/FY25E
China Technology Sector:Apple FY2Q23 beat on strong iPhone and EM; Positive on resilient performance amid headwinds
China Property Sector：NBS Sep data： gloomy as expected, no strong rebound, only mild recovery in 4Q in our view
–3Q23 earnings surged 120-200% YoY; Strong gas trucks sales continue to be key driver
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