【招银国际】Expect steady growth with policy tailwinds.pdf

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

2024 earnings way below expectations; outlook remains challenging

China Policy:Credit growth is expected to rebound in 2023

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

1Q23E profit beat expectations; Multiple catalysts ahead

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

1H24 preview： margin weakness priced in; expect gradual ASP/margin recovery in 2H

Expect sustainable DPS growth onwards

China Sportswear Sector – We expect prudent guidance but decent margins

–Release of pent-up demand as expected