【招银国际】China Economy: Weak exports support further policy easing.pdf

Yanlord: Weak 1H24 results but manageable liquidity

China EconomyGrowth momentum remained weak

China Economy – Growth slows sharply as confidence remains weak

Weak PMIs confirm downside pressure for growth

China Macro Monitor – Growth momentum remained weak

-香港--HKEX -388 HK- Resilient performance in weak market-221019

–Weak revenue growth in the price; overseas growth story still intact

–1H23 weakness amid industry headwinds; Positive on margin recovery in 2H23／FY24E

Proxy of China’s consumption-led recovery; buying into any weakness for the next recovery wave

–1H23 preview：Better ASP to offset shipment weakness; Focus on demand recovery in 2H23E