【招银国际】China Economy Weak credit demand calls for easing policy.pdf

Semi–China CIS sector–Solid auto CIS growth offset by weak mobile CIS demand

–1H23 weakness in-line; Lower TP on slower demand recovery

–1H23 weakness in-line; Maintain HOLD on fair valuation

China Economy Confidence remained weak amid property slump and deflation

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

China Technology Sector–Apple FY4Q23 beat on margins, resilient China iPhone sales, weak outlook for iPad／Wearablese

Weak PMIs confirm downside pressure for growth

China Macro Monitor – Growth momentum remained weak

Proxy of China’s consumption-led recovery; buying into any weakness for the next recovery wave

China Economy – Inflation declines as aggregate demand remains weak