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

China Economy – Weak PMIs confirm downside pressure for growth

Semi–China CIS sector–Solid auto CIS growth offset by weak mobile CIS demand

1H23E preview： Expect profit decline on weak coal price

Weak 1Q23 as expected; Expect multiple drivers from iPhone／CPU socket／400G／EV in 2H23E

China Property Sector – Property+ Weekly： Weak construction resumption rate dragged by property

China Economy: Weak inflation points to easing policy stance ahead

–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

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

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