【招商证券】China Sportswear Sector - Singles Day sales likely good but companies remain cautious.pdf

May NEV likely to hit second highest in history

BYD Company (1211 HK) 4Q22 beat; FY23E margins likely overestimated

Attractive valuation with likely resilient earnings

China Auto Sector – May NEV likely to hit second highest in history

This is likely a rocky-road turnaround

Too early to call for a turnaround but ESOP target is likely hit as a low hanging fruit; Down to HOLD

The Digital Inclusion Outlook: What It Looks Like and Where It’s Lacking

4Q22 beat; FY23E margins likely overestimated

Operational challenges remain; but China regulatory risk to sentiment likely settled

Operational challenges remain; but China regulatory risk to sentiment likely settled