【招银国际】Expect higher ASP following China’s stimulus.pdf

Net profit 1H24 +2.7x YoY, beat expectations

Expect an improving trend after a weak 1Q24

1H24 VNB beat with margin recovery; expect total >US$7bn cash returns to shareholders in FY24

3Q24 net profit +38% YoY, beat expectations; US remains the most promising market

what-can-we-expect-in-china-in-2019

China Policy – Credit growth is expected to rebound in 2023

Expect strong growth to continue after the impressive 1H23; U／G to BUY

We expect 2H22E net profit to fall 23% YoY

Property: NBS 4M24: REI continued weakening as expected; BJ’s relaxation showed noticeable effect

关键假设表调整与交流精粹（2018年3月）：Marco Expectation Matters Again：研究员集体看低Q2周期品价格，社融走势再引热议