【招商证券】 FY22 net margins better than expected.pdf

Kuaishou (1024 HK) Solid 4Q22E with better margin outlook

Providing Better Price Signals Through Fuel Taxation

–1H23 preview：Better ASP to offset shipment weakness; Focus on demand recovery in 2H23E

–Expecting upbeat margin on better ARM

–Looking at game monetization and better margin

Distributor’s Jan sales flat yoy; we believe market performed better

Existing home sales recovery to be better than anticipated

China Sportswear Sector - Distributor‘s Jan sales flat yoy; we believe market performed better

Hopson： weaker but much better than peers FY22

From Grey to Green: Better Data to Finance Nature in Cities - State of Finance for Nature in Cities 2024