| 【Sector Research】China Construction Machinery & HDT – 3Q23 earnings review: Weichai & Zoomlion beat; SANY Heavy & Jiangsu Hengli miss |
| 【Company Research】Goertek (002241 CH) – 3Q23 weakness in-line; Margin recovery on track into 4Q/FY24E |
| 【Company Research】Tsingtao Brewery (168 HK) – 3Q rev/np -4.6%/+4.7%; above market expectation |
| 【Company Research】Yonyou (600588 CH) – Inflection point appeared, but structural improvement likely takes time |
| 【Company Research】Willsemi (603501 CH) – Expect strong 3Q momentum to continue; Upgrade to BUY |
| 【Company Research】Zhejiang Dingli (603338 CH) – 3Q23 earnings +53% YoY; A clean beat on a surprising margin expansion |
| 【公司研究】迈瑞医疗 (300760 CH) – 三季度业绩凸显韧性，不改长期稳健预期 |
| 【Company Research】Shennan Circuit (002916 CH) – Pending industry recovery with in-line 3Q results |
| 【Sector Research】China Technology – Implications of Intel 3Q23: PC recovery, server destocking progress and new platform launches |
| 【Company Research】Shengyi Tech (600183 CH) – Decent 3Q results, Shengyi should ride CCL recovery tailwind; Upgrade to BUY |
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