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

1Q23 dragged by higher investments and macro headwinds; Maintain BUY on 2H recovery

Capital Goods: Turning cautious on export market; D/G Sinotruk to HOLD; Maintain BUY on Weichai

Maintaining strong growth momentum

Yanlord：Resilient FY22 results and business model; maintain Buy

1Q in line; 2023 guidance maintained

Positive outlook; Maintain BUY

China Policy – Politburo maintains pro-growth stance while ruling out big stimulus

Maintaining conservative outlook

Reverse roadshow takeaways： high demand continues, Maintain Buy

Solid 1H24 with balanced sources of growth, maintain BUY