Proxy of China’s consumption-led recovery; buying into any weakness for the next recovery wave
–1H23 weakness in-line; Lower TP on slower demand recovery
1H23 Preview: weak revenue amid industry headwinds; expect smartphone recovery in 2H23E
Apple FY1Q23 miss on macro and supply chain issues; Expect weakness to persist in near term
Capital Goods: Construction machinery sales in Sep: Decent export growth; weak demand in China
China’s Economy Weekly：Economy Showed Signs of Weak Stabilization, Growth Stabilizing Policies Accelerate
【Sector Research】China Property Sector–NBS Jun data： weak as expected, a tough 3Q ahead
China Economy – Weak exports support further policy easing
Weak PMIs confirm downside pressure for growth
China Macro Monitor – Growth momentum remained weak
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