【招银国际】Ad revenue growth recovery still takes time.pdf

–Generative AI related revenue generation ramping up

2022 State and Local Tax Revenue by State

China Technology–SMIC／Hua Hong Semi 3Q23：in-line revenue; ASP／GPM pressure to persist into 4Q23E

Saving Lives While Raising Revenue

Expecting inline 3Q revenue growth with upside coming from bottom line

–Games revenue growth accelerated with solid margin expansion

–Strong 3Q results on accelerating AI revenue

2022 Hotel Room Revenue by State

Gradual revenue and margin recovery in FY23

Maximizing Output and Government Revenues from Mining in Developing Countries