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

Operation Aspides, or the Peril of Low Expectations in Yemen

Is High Debt Constraining Monetary Policy? Evidence from Inflation Expectations

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

1H24 earnings down 27% YoY below our expectation; expect a better 2H24E

3Q24 earnings below expectations due to margin contraction

Core business recovery on track with more to expect on new initiatives

–2023 guidance cut, expecting recovery in 2024

FY22 net margins better than expected

Sales exceeding expectations and achieving non-GAAP profitability

China Pharmaceutical & Healthcare - Expecting global funding recovery in the coming quarters