【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

Property: Weekly highlight: Strong WoW recovery at Mar end,policy relaxation continued

1Q24 beat on strong music business growth and GPM expansion

Solid mobile games and margin improvement support strong 1Q23 results

–3Q23 earnings beat on strong operating leverage and business innovation

Technology: AI Server and AI PC/smartphone supply chain set to continue strong momentum into 1H24E

China Consumer Sector – Strong recovery and sustainability during CNY

Strong sales performance in 2Q

200% YoY; Strong gas trucks sales continue to be key driver

–NDR takeaways：Strong order backlog in 2H23E; Solid pipeline to drive growth into FY24／25E

Strong sales in Q3, with a narrowed net loss