【招银国际】1Q23 results beat and expect gradual recovery.pdf

–2Q23 preview： expecting strong recovery ahead

what-can-we-expect-in-china-in-2017

4Q23E earnings surged 31-71% YoY, above expectation

U.S. Inflation Expectations During the Pandemic

–1H23 worse than expected on slow recovery; Maintain HOLD

what-can-we-expect-in-china-in-2018

Unable to meet the expectation of dual engines

China Economy – Exports continued to beat expectations with uncertainty ahead

China Property Sector – NBS 2M23 data： Strong as expected

China Economy – PMI beat expectations as economy continues to recover