【招银国际】 Core business recovery on track with more to expect on new initiatives.pdf

Expect solid 2023E earnings; Higher free float to boost valuation

Optimized CoR guidance beat expectations

Expect higher contribution from AI revenue in 3Q; Upgrade to Buy

Expecting a solid 1H23

Expect strong sales in 2023 driven by the US approval of zanubrutinib in CLL

China's Economy：Money and Credit Growth Beats Expectations; the Central Bank might Slightly Rein in Its Pace of Monetary Loosening

Earnings expectation is settling

1H24 VNB beat with margin recovery; expect total >US$7bn cash returns to shareholders in FY24

Overseas CXO/ life science upstream 2Q24 review: life science upstream continuing to expect demand recovery

SJM Holdings Expect catalyst