China Consumer Staples:Divergence continues
Solid business growth momentum continues
China Economy: PMI contracted as policy easing continued
2Q23E V-shaped rebound to continue
–Strong sales momentum continued in 3Q
Rapid recovery in C&l’s gas sales; county new energy business continues to heat up
Property: NBS 4M24: REI continued weakening as expected; BJ’s relaxation showed noticeable effect
Expect strong growth to continue after the impressive 1H23; U／G to BUY
China Economy: PMI contraction indicates continuous policy easing in 2024
China Technology–Global fabless／IDM 2Q23 wrap： expect continued inventory correction for non-AI players; All eyes on NVDA 3Q23E guidance
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