【招银国际】Underway to recover.pdf

New orders slightly recovered in 2Q23

PMI beat expectations as economy continues to recover

NEW ORIENTAL (EDU.N) Recovering educational businesses

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

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

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

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

China Economy – On its way to recover

China Economy: On its way to recover

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