【招银国际】We expect 1H24 to be still profitable.pdf

Expect higher ASP following China’s stimulus

Expect strong sales in 2023 driven by the US approval of zanubrutinib in CLL

Operation Aspides, or the Peril of Low Expectations in Yemen

1Q23 results beat and expect gradual recovery

China Auto Sector – Jun leading indicators： NIO weaker than expected

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

Expect solid 2023E earnings; Higher free float to boost valuation

1H23 Preview: expect weakness in-line; Back-end loaded in 2H23E

China Policy – Credit growth is expected to rebound in 2023

Expect an improving trend after a weak 1Q24