Expect steady 3Q23 despite macro uncertainty An inline 3Q23 and strong FY24E guidance 3Q23 beat and raise; Our sector top pick China Technology: Implications of the US’s updated chip restrictions to global/domestic SPE and GPU companies Technology (Hardware/Semi): Quick note on newly announced restrictions on advanced AI chips 焦点股份 Sep leading indicators: Tesla new orders fell In a mild recovery cycle 9M23 CN Insurers Monthly: Life growth narrowed in line; P&C growth diverged in auto & non-auto NBS Sep data: gloomy as expected, no strong rebound, only mild recovery in 4Q in our view