【招银国际】Short-term headwind continues; strategic upgrades to drive long-term growth.pdf

Long-Term Growth Prospects in Peru

–Limited long-term impact on commission rate cut for home transactions in Beijing

1H below us; near-term recovery could just be wishful thinking

Nonprofit Leaders Plan and Develop a Strategy for Long-Term Financial Health

–3Q rev／np +13%／16%; mixed near-term outlook

three-long-term-trends-changing-business-in-china

We see long-term value but short-term risks

Expect $3.5bn CB dilutive effect to be short-term

FY2025–FY2027 Medium-Term Budget

China Pharmaceutical & Healthcare:Supportive policies to TCM, VBP may be short-term pain