【华泰金融控股】TSF & CPI Missed Expectations,Property Demand Weakened.pdf

CMS Strategy Weekly: Rate expectations see upward revision

Expect higher contribution from AI revenue in 3Q; Upgrade to Buy

Expect higher ASP following China’s stimulus

China Economy – Exports continued to beat expectations with uncertainty ahead

China Pharmaceutical & Healthcare - Expecting global funding recovery in the coming quarters

3Q24 net profit +38% YoY, beat expectations; US remains the most promising market

Unable to meet the expectation of dual engines

China Policy – Credit growth is expected to rebound in 2023

1H24 preview： margin weakness priced in; expect gradual ASP/margin recovery in 2H

Operation Aspides, or the Peril of Low Expectations in Yemen