Better margin improvement ahead
Kuaishou (1024 HK) Solid 4Q22E with better margin outlook
–Better margin outlook, with Bigo to bottom out
Insurance funds: Life/P&C diverged in allocation; financial yields marginally recovered in 2Q
–Upbeat margin to continue
Yonyou (600588 CH) Distressed margin with non-standardized cloud
1Q24 beat on strong margins; Positive on upbeat SU7 delivery target
4Q22 beat; FY23E margins likely overestimated
FY2025Q2季报点评:归母净利润超预期,主业EBITA Margin有所下滑
3QFY23 margin beat on cost control; Upgrade to BUY