Expect strong sales in 2023 driven by the US approval of zanubrutinib in CLL
We expect prudent guidance but decent margins
Expect steady growth with policy tailwinds
1H23 Preview: weak revenue amid industry headwinds; expect smartphone recovery in 2H23E
Expect an improving trend after a weak 1Q24
Apple FY1Q23 miss on macro and supply chain issues; Expect weakness to persist in near term
China Auto Sector – Jun leading indicators: NIO weaker than expected
China Policy – Credit growth is expected to rebound in 2023
关键假设表调整与交流精粹(2018年3月):Marco Expectation Matters Again:研究员集体看低Q2周期品价格,社融走势再引热议
China Economy – Exports continued to beat expectations with uncertainty ahead