【招银国际】Capital Goods: Who are buying/selling the sector?.pdf

Fundamentals remain strong despite recent market volatility, reiterate BUY

Positive outlook; Maintain BUY

Encouraging signs on both policy implementation and property sales, Reiterate buy

–1H23 profit warning; Maintain BUY on 2H gradual recovery

Impressive 1Q23 earnings; U／G to BUY; More catalysts ahead

Ready for Take-off, rating "BUY"

Reverse roadshow takeaways： high demand continues, Maintain Buy

Impressive earnings recovery in 1Q23; Reiterate BUY

ESOP & mgt sell-off signal growth to peak-out but relative operation excellence makes a trading Buy

Semi: Global foundry sector stabilizing in 2024, modest recovery expected in 2025; initiate Hua Hong w/BUY