【招银国际】–1H23 weakness in-line; Lower TP on slower demand recovery.pdf

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

Growth slows sharply as confidence remains weak

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

China Economy – Inflation declines as aggregate demand remains weak

Weak PMIs confirm downside pressure for growth

China Macro Monitor – Growth momentum remained weak

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

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

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

【Sector Research】China Property Sector–NBS Jun data： weak as expected, a tough 3Q ahead