Equity Research Report Bank of Hangzhou (600926 CH) 1H24 Revenue Growth Expedited, Credit Expanded Steadily Huatai Research Quick Take Rating (Maintain): OVERWEIGHT Target price (RMB): 14.42 12 August 2024 │ China (Mainland) Regional Banks 1H24 revenue growth gathered pace; credit expanded steadily On 25 July, the Bank of Hangzhou posted its preliminary interim results. For 1H24, revenue/attributable net profits rose 5.4/20.1% yoy, with the growth rate changing by +1.9/-1.0pp vs 1Q24. Revenue growth sped up ...

Equity Research Report Horizon Construction Development (9930 HK) Profit Grew Robustly; First-ever Interim Dividend Proposed Huatai Research Interim Results Review Rating (Maintain): BUY Target price (HKD): 2.59 12 August 2024 │ China (Hong Kong) Architectural Design & Services Revenue/attributable NP up 15.9/13.1% yoy in 1H24; maintain BUY In 1H24, Horizon reported revenue/attributable net profit (NP) of RMB4.87/0.27bn (up 15.9/13.1% yoy), sustaining robust growth. We attribute this mainly to continued gro ...

Equity Research Report Broadcom (AVGO US) Benefiting from AI Network Structure Revolution/ASIC Trend Huatai Research Initiation Rating (Initiate): BUY Target price (USD): 173.23 12 August 2024 │ US Computer Devices A communication semiconductor & software giant riding on AI wave Broadcom, a global semiconductor powerhouse, has integrated the technological legacies from HP's semiconductor division, AT&T/Bell Labs, LSI, and former Broadcom through acquisitions. Since 2018, it has further expanded its business ...

Equity Research Report Economics Potential Fed Cuts Opens Up Room for PBoC to Lower Rates 12 August 2024 │ China (Mainland) Quick Take Comment on PBoC's 2Q24 Monetary Policy Execution Report (MPER) Huatai Research Analyst Eva YI SAC No. S0570520100005 SFC No. AMH263 evayi@htsc.com +(852) 3658 6000 Analyst CHANG Huili, PhD SAC No. S0570520110002 SFC No. BJC906 changhuili@htsc.com +(86) 10 6321 1166 Analyst WANG Mingshuo, PhD SAC No. S0570123070085 SFC No. BUP051 wangmingshuo@htsc.com +(86) 10 6321 1166 Concl ...

Equity Research Report Strategy On TSF: Adapting to 'New Normal', Steadily Progressing Market may have sufficiently priced in soft M1 and credit demand For June, China's total social financing (TSF)/new loans rose by RMB3.3/2.1tn yoy (vs Wind consensus of RMB3.2/1.1tn). Despite the lukewarm financial data due to the constraints on demand in June, there are sufficient market expectations for a 'new normal'. We highlight three points. 1) China's M1 yoy has yet to improve, with lingering impact of 'deposit mig ...