【招银国际】 Thermal ASP in 4Q continued to beat benchmark.pdf

China Economy – Exports continued to beat expectations with uncertainty ahead

1H23 NBV beat consensus; interim dividend up 1.1% YoY reinforcing a long-run growth story

China Technology Sector:Apple FY2Q23 beat on strong iPhone and EM; Positive on resilient performance amid headwinds

1Q23 results beat and gradual recovery is likely

–1H23 results marginally beat; continue to implement “1+2+N” strategy

1Q23 beat on better GPM; Maintain HOLD on fair valuation

–1H rev／np +23%／25%; a neat beat on tea beverage

1Q23 beat with sustainable profitability ahead

1Q24 core earnings beat estimates; Shifted to profitable growth strategy

–1H23 earnings beat with surprise in dividend