Sales exceeding expectations and achieving non-GAAP profitability
China Property Sector：NBS Sep data： gloomy as expected, no strong rebound, only mild recovery in 4Q in our view
Natural gas HDT +14.8x YoY in Oct on low base; Expect momentum to continue; Weichai our top pick
TSF & CPI Missed Expectations,Property Demand Weakened
FY22 net margins better than expected
2024 results below expectation; Still positive on the structural overseas growth trend
Expecting sustainable profitability
Semi: Global foundry sector stabilizing in 2024, modest recovery expected in 2025; initiate Hua Hong w/BUY
China Property Fatigue about easing expectation
–Release of pent-up demand as expected
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