【招银国际】【Economic Perspectives】China Economy–Weak growth calls for additional policy easing.pdf

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

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

China’s Economy Weekly：Economy Showed Signs of Weak Stabilization, Growth Stabilizing Policies Accelerate

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

1H24 preview： margin weakness priced in; expect gradual ASP/margin recovery in 2H

China Technology Sector–Apple FY4Q23 beat on margins, resilient China iPhone sales, weak outlook for iPad／Wearablese

China EconomyGrowth momentum remained weak

China Economy: Weak exports support further policy easing

China Economy – Growth slows sharply as confidence remains weak

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