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

–Expect steady 3Q23 despite macro uncertainty

Economics：TSF&CPI Missed Expectations，Property Demand Weakened

3Q NPAT boosted by net fair value gains; expect resilient full-year NBV upswing

China Property SectorNBS Nov data in line, expect new policy in BJ／SH to boost secondary market in Dec

Turnaround is here but weaker than expected

Expect domestic business to rebound from 2025

Expect $3.5bn CB dilutive effect to be short-term

China Property Sector – Property+ Weekly： Can we expect post-CNY recovery？

2Q loss reduction trend better than expectation

1H23 Preview: weak revenue amid industry headwinds; expect smartphone recovery in 2H23E