【招银国际】 A strong comeback in all channels since Mar.pdf

–Release of pent-up demand remained strong

Results inline; AI demand remains strong and unmet

Fundamentals remain strong despite recent market volatility, reiterate BUY

–Strong sales momentum continued in 3Q

Strong cRPO growth and GenAI momentum

China Consumer Sector – A strong comeback in 5-1 golden week

Weekly highlight: expect strong sales momentum to last longer

China Economy – Exports strongly rebounded with uncertainty ahead

–2Q23 preview： expecting strong recovery ahead

Steam ahead with doubled 2Q net profit and strong NBV uptrend; revise up TP