【招银国际】–Expecting a sequential recovery in 4Q.pdf

China Pharmaceutical & Healthcare: Expecting global funding recovery in the coming quarters

China Sportswear Sector – We expect prudent guidance but decent margins

Expect sustainable DPS growth onwards

–1H23E Preview： strong growth despite industry headwinds; expect back-loaded in 2H23E

Core net profit in 2022 +53% YoY in line with expectation; Margin recovery in 4Q

1Q23E profit beat expectations; Multiple catalysts ahead

FY22 net margins better than expected

Economics：TSF&CPI Missed Expectations，Property Demand Weakened

【Sector Research】China Property Sector–NBS Jun data： weak as expected, a tough 3Q ahead

China Property Sector: NBS Nov data in line, expect new policy in BJ／SH to boost secondary market in Dec