【招银国际】 Earnings beat with double surprises on dividend payout; Maintain Buy.pdf

1Q in line; 2023 guidance maintained

Third party expansion advances to higher-end level, maintain BUY

Earnings hurt by industry cycle; Parentco’s revival offers revaluation chance; Maintain 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 Insurance Sector: Improving fundamentals; Maintain OVERWEIGHT

–1H23 weakness in-line; Maintain HOLD on fair valuation

China TMT： Maintain buy XIAOMI’30-31s, XIAOMI 0’27(CB), MEITUA 0’27(CB), initiate buy on WB 3 3／8’30

–1H23 worse than expected on slow recovery; Maintain HOLD

–1H23 profit warning; Maintain BUY on 2H gradual recovery

Online music business maintains solid growth amid macro uncertainty