9M23 Monthly: Life reversed negative monthly Y/Y, PC uptrend continued; assets to benefit from LT yields up China Economy: PMI dropped to contraction calling for additional policy easing Fixed Income Daily Market Update NEV sales push at month-end leads to Oct beat Implications of AMD 3Q23: PC recovery, smooth ramp-up of MI300 Series and AI PC opportunities NDR Takeaways: Android upside, NEV ramp up and Jabil synergies Strong growth amid challenging environment Wait longer for recovery 3Q reported/cFX rev +3%/+10%; Miu Miu +48% Confident on FY24E due to internal drivers