【招银国际】LT prospects intact; Maintain HOLD on continued margin pressure.pdf

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

65%; recovery story intact

2023E growth outlook remains intact

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

Solid Q3 earnings signal intact growth trajectory

–The growth story is intact despite volatility

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

–Margin intact with topline acceleration

Structural margin improvement trend intact

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