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

China EconomyGrowth momentum remained weak

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

China Economy: Deflation mildly alleviated while consumer demand remained weak

-香港--HKEX -388 HK- Resilient performance in weak market-221019

–Weak revenue growth in the price; overseas growth story still intact

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

Weak 1Q23 as expected; Expect multiple drivers from iPhone／CPU socket／400G／EV in 2H23E

China Economy: Weak exports support further policy easing

–1H23 preview：Better ASP to offset shipment weakness; Focus on demand recovery in 2H23E

Capital Goods: Construction machinery sales in Sep: Decent export growth; weak demand in China