【招银国际】Seazen: IPs continue to matter.pdf

China Policy–RRR cut as continuous effort to restore confidence

Rapid recovery in C&l’s gas sales; county new energy business continues to heat up

China Policy–Credit growth tends to stabilize amid continuous policy easing

Positive profit alert in 1H24E; Strong order momentum to continue into 2H24/FY25E

Property: NBS 4M24: REI continued weakening as expected; BJ’s relaxation showed noticeable effect

Solid 1H24 results with continued recovery in CIS business

China Economy – PMI beat expectations as economy continues to recover

China Economy: PMI indicated continued yet slowing recovery

–1H23 results marginally beat; continue to implement “1+2+N” strategy

China Economy – Exports continued to beat expectations with uncertainty ahead