【招商证券】China Banking Sector: Maintain OVERWEIGHT on valuation and positive outlook.pdf

1Q in line; 2023 guidance maintained

Positive outlook; Maintain BUY

Strategic restructuring in the light of ongoing destocking challenges,maintain the rating of “BUY” and slash the TP to HKD 0.53/share

China Policy – Politburo maintains pro-growth stance while ruling out big stimulus

Maintaining conservative outlook

Reverse roadshow takeaways： high demand continues, Maintain Buy

Solid 1H24 with balanced sources of growth, maintain BUY

FY24E target maintained but we are cautious

COVID business to maintain solid growth

–1H23 profit warning worse than feared; Maintain Hold