【招银国际】Solid 3Q with intact near-term prospects; Maintain BUY.pdf

宏观周报71期：特朗普称中美贸易协议完整（intact），IMF下调全球经济展望

65%; recovery story intact

Revitalizing business model; intact breakeven target

2Q23E earnings to grow 30-65%; recovery story intact

–Weak revenue growth in the price; overseas growth story still intact

LT growth intact; D/G to HOLD as the company goes through business model transformation

–Margin intact with topline acceleration

2023E growth outlook remains intact

Solid Q3 earnings signal intact growth trajectory

Structural margin improvement trend intact