【招银国际】–2023 guidance cut, expecting recovery in 2024.pdf

China Property Fatigue about easing expectation

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

–1H23 worse than expected on slow recovery; Maintain HOLD

what-can-we-expect-in-china-in-2018

Unable to meet the expectation of dual engines

U.S. Inflation Expectations During the Pandemic

China Economy – Exports continued to beat expectations with uncertainty ahead

what-can-we-expect-in-china-in-2017

4Q23E earnings surged 31-71% YoY, above expectation

China Property Sector – NBS 2M23 data： Strong as expected