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

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

Weekly highlight: expect strong sales momentum to last longer

Unable to meet the expectation of dual engines

China Property Fatigue about easing expectation

–Release of pent-up demand as expected

–2Q23 preview： expecting strong recovery ahead

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

We expect 2H22E net profit to fall 23% YoY

TSF & CPI Missed Expectations,Property Demand Weakened

Core net profit in 2022 +53% YoY in line with expectation; Margin recovery in 4Q