【招银国际】PMI beat expectations as economy continues to recover.pdf

China Policy – New loans picked up as service economy continued to recover

China Economy: On its way to recover

China Economy – PMI beat expectations as economy continues to recover

China Catering Sector: Customer traffic recovering; to drive margins in FY23

Recovering cross-border medical consumption in FY24

New orders slightly recovered in 2Q23

Improved independence with a recovered central SOE as parentco; Upgrade to BUY

Semiconductors: RFFE localization to continue as handset market recovers

Insurance funds: Life/P&C diverged in allocation; financial yields marginally recovered in 2Q

China Macro Monitor – Underway to recover