【招银国际】Stable 1H24 results; Maintain HOLD.pdf

–1H23 worse than expected on slow recovery; Maintain HOLD

FY24E target maintained but we are cautious

Yanlord：Resilient FY22 results and business model; maintain Buy

Capital Goods: Turning cautious on export market; D/G Sinotruk to HOLD; Maintain BUY on Weichai

Non-COVID business to maintain solid growth

China Insurance Sector-Improving fundamentals; Maintain OVERWEIGHT

–1H23 weakness in-line; Maintain HOLD on fair valuation

Yanlord：Resilient FY22 results and business model; maintain Buy

Strategic restructuring in the light of ongoing destocking challenges,maintain the rating of “BUY” and slash the TP to HKD 0.53/share

China Policy – Politburo maintains pro-growth stance while ruling out big stimulus