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

China Economy Weak credit demand calls for easing policy

China Economy – Growth slows sharply as confidence remains weak

China’s Economy-HSBC PMI Rebounds, Economy Continues Pattern of Weak Stability：June HSBC Flash PMI Commentary

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

China EconomyGrowth momentum remained weak

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

Growth slows sharply as confidence remains weak

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