European Sovereign Credit Risk Eases Following ECB Stimulus August sales up 5% MoM; September and October sales to be stronger Sands have shifted for iron ore after the major(s) supply storm The dollar/euro exchange rate and the different theories of exchange-rate determination Gov’t to deregulate sporting events; l-t positive for sportswear Sugar price uptrend seen as FY15 earnings catalyst Yum Cha VIEWPOINTS EXPRESS Two significant index rule changes announced Nakorn Si Thammarat project to push FY16 profit

公司信息更新报告：下游去库+降价影响业绩表现，静待新品爬坡延续成长性 2024年三季报点评：业绩大超预期，成长势能强劲 内销加速复苏，外销品牌业务表现亮眼 公司信息更新报告：制冷剂景气延续上行趋势，公司利润释放或将不断向好 2024年三季度业绩点评：24Q3盈利显著改善，期待旺季动销回暖 单店降幅收窄、团餐稳健增长，业绩符合预期 3Q24业绩符合我们预期，延续结构升级趋势 2024年三季报点评，Q3收入增长稳健，运营能力有所改善 营收稳健增长，其他收益减少拖累净利润 业绩超预期，成本下行+控费带动毛销差提升