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

2H22 first take： weakness in-line; awaiting recovery

China Property Sector–NBS Oct data in line, Nov-Dec may continue to be weak on low buying sentiment

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

Growth slows sharply as confidence remains weak

Expect an improving trend after a weak 1Q24

China Economy Confidence remained weak amid property slump and deflation

–1H23 weakness in-line; Maintain HOLD on fair valuation

China Economy – Inflation declines as aggregate demand remains weak

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

China Economy–Trade remains weak as base effect narrows its slump