【招银国际】Turnaround is here but weaker than expected.pdf

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

–Expect steady 3Q23 despite macro uncertainty

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

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

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

【Sector Research】China Property Sector–NBS Jun data： weak as expected, a tough 3Q ahead

Expect Shengyi to enter Nvidia supply chain in 2024

China Property Sector: NBS Aug data in-line, expect better recovery in SepOct but sustainability is uncertain

Unable to meet the expectation of dual engines

美团(3690 HK): 核心本地商业利润增长超预期，优选亏损继续环比收窄—维持优于大市; 上调目标价28％(Meituan: Core Local Business Profit Growth Exceeds Expectations, Preferre