【招银国际】 Expecting a solid 1H23.pdf

Property: NBS 4M24: REI continued weakening as expected; BJ’s relaxation showed noticeable effect

关键假设表调整与交流精粹（2018年3月）：Marco Expectation Matters Again：研究员集体看低Q2周期品价格，社融走势再引热议

Net profit 1H24 +2.7x YoY, beat expectations

China Economy: Exports continued to beat expectations with uncertainty ahead

what-can-we-expect-in-china-in-2017

1H23 Preview: expect weakness in-line; Back-end loaded in 2H23E

4Q23E earnings surged 31-71% YoY, above expectation

Weak 2H22 as expected; IoT／auto CCM poised to drive recovery in 2023

1H24E preview: Expect solid growth on iPad/iPhone cycle, Android recovery and NEV orders

1H24 VNB beat with margin recovery; expect total >US$7bn cash returns to shareholders in FY24