【招银国际】China Property Sector：NBS Sep data： gloomy as expected, no strong rebound, only mild recovery in 4Q in our view.pdf

Strong cRPO growth and GenAI momentum

–Strong sales momentum continued in 3Q

Results inline; AI demand remains strong and unmet

–Release of pent-up demand remained strong

Fundamentals remain strong despite recent market volatility, reiterate BUY

–2Q23 preview： expecting strong recovery ahead

China Economy – Exports strongly rebounded with uncertainty ahead

China Consumer Sector – A strong comeback in 5-1 golden week

Weekly highlight: expect strong sales momentum to last longer

China Auto Sector: Strong June provides more confidence for 2H23