Impressive earnings recovery in 1Q23; Reiterate BUY
Semi: Global foundry sector stabilizing in 2024, modest recovery expected in 2025; initiate Hua Hong w/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 TMT： Maintain buy XIAOMI’30-31s, XIAOMI 0’27(CB), MEITUA 0’27(CB), initiate buy on WB 3 3／8’30
Encouraging signs on both policy implementation and property sales, Reiterate buy
Positive takeaways from plant visit; U／G to BUY
–1H23 profit warning; Maintain BUY on 2H gradual recovery
Earnings beat with double surprises on dividend payout; Maintain Buy
China Property Sector–NBS Oct data in line, Nov-Dec may continue to be weak on low buying sentiment
–2Q23 beat on record-high margin; Reiterate BUY
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