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

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

Natural gas HDT +14.8x YoY in Oct on low base; Expect momentum to continue; Weichai our top pick

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

–3Q23 earnings surged 120-200% YoY; Strong gas trucks sales continue to be key driver

China Economy – PMI indicates continuous economic recovery

China’s Economy：Fiscal Expansion Shall Continue rather than Stop– Comment on May Fiscal Data

Deflation continues with gradual improvement ahead

Reverse roadshow takeaways： high demand continues, Maintain Buy

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

–Share gain continued in Golden Week