【招银国际】Improved independence with a recovered central SOE as parentco; Upgrade to BUY.pdf

China Macro Monitor – Underway to recover

Underway to recover

PMI beat expectations as economy continues to recover

New orders slightly recovered in 2Q23

China Policy:New loans picked up as service economy continued to recover

China Catering Sector - Customer traffic recovering; to drive margins in FY23

China Catering Sector: Customer traffic recovering; to drive margins in FY23

China Policy – New loans picked up as service economy continued to recover

NEW ORIENTAL (EDU.N) Recovering educational businesses

China Economy – On its way to recover