【招商证券】 Positive outlook; Maintain BUY.pdf

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

Reverse roadshow takeaways： high demand continues, Maintain Buy

1Q23 dragged by higher investments and macro headwinds; Maintain BUY on 2H recovery

Solid 1H24 with balanced sources of growth, maintain BUY

China Insurance Sector: Improving fundamentals; Maintain OVERWEIGHT

1Q in line; 2023 guidance maintained

–1H23 profit warning worse than feared; Maintain Hold

Core business maintains a healthy growth momentum

Earnings beat with double surprises on dividend payout; Maintain Buy

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