【招银国际】 Expecting bottoming out.pdf

Expect a profit turnaround in 2023E

Expect steady growth with policy tailwinds

Net profit 1H24 +2.7x YoY, beat expectations

China Policy:Credit growth is expected to rebound in 2023

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

China Economy: Exports continued to beat expectations with uncertainty ahead

China Economy – PMI beat expectations as economy continues to recover

2Q loss reduction trend better than expectation

–2023 guidance cut, expecting recovery in 2024

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