We expect 4Q22 NP to fall on equity income 4Q22 beat; FY23E margins likely overestimated 2022年业绩点评：收入增长稳健显韧性，盈利改善可期 中国香港房地产：最近的高频数据有何意义？ 2022年底内地周大福珠宝零售点突破7000家，充分利用规模效应，注重高质量发展 首款国产3CL抗新冠创新药物获批，创新转型进行时 国际收购，强强联手，拓展新疆域 港股点评：三大担忧或不成立，阶段行情后段尚在 法兴牛熊证日志 法兴窝轮日志

Hold: Lower than expected 4Q16 earnings Hold: Resilient 4Q16; uncertainty of alliances looms HDT market posted favourable results in January;fundamentals likely to remain strong Results missed, but DPU met Hubei pricing regulation: impacts to be seen but with some positive signs Yum Cha Asia Essentials Worried about rates impact on EM sovereign credit? Look at EM corporates January throughput growth slows sharply at major ports Buy: We see positive implications in 1Q17 guidance