【招银国际】 Expecting bottoming out.pdf

Expect sequential improvement ahead

Turnaround is here but weaker than expected

Expect domestic business to rebound from 2025

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

Apple FY1Q23 miss on macro and supply chain issues; Expect weakness to persist in near term

2Q loss reduction trend better than expectation

Natural gas HDT +14.8x YoY in Oct on low base; Expect momentum to continue; Weichai our top pick

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

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

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