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

4Q22 Preview： earnings recovery remains bumpy; Maintain HOLD

–Positive on shipment recovery and upgrade trend; Maintain Hold on fair valuation

FY24E target maintained but we are cautious

Capital Goods: Turning cautious on export market; D/G Sinotruk to HOLD; Maintain BUY on Weichai

Maintaining conservative outlook

Non-COVID business to maintain solid growth

Solid 3Q with intact near-term prospects; Maintain BUY

China TMT： Maintain buy XIAOMI’30-31s, XIAOMI 0’27(CB), MEITUA 0’27(CB), initiate buy on WB 3 3／8’30

Determined to maintain local consumer services industry consumer mind share

–1H23 profit warning; Maintain BUY on 2H gradual recovery