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

Economics：TSF&CPI Missed Expectations，Property Demand Weakened

Sales of Comfy brand surpass expectations

A-Share Market Strategy Weekly: Market Expectations Going Up

Expecting inline 3Q revenue growth with upside coming from bottom line

Expect sequential improvement ahead

We expect 1H24 to be still profitable

Property: NBS 4M24: REI continued weakening as expected; BJ’s relaxation showed noticeable effect

China Property Fatigue about easing expectation

Weekly highlight: expect strong sales momentum to last longer

We expect 2H22E net profit to fall 23% YoY