【招银国际】Expecting inline 3Q revenue growth with upside coming from bottom line.pdf

China Property Fatigue about easing expectation

–Release of pent-up demand as expected

2Q loss reduction trend better than expectation

We expect 1H24 to be still profitable

Expect higher ASP following China’s stimulus

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

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

Apple FY1Q23 miss on macro and supply chain issues; Expect weakness to persist in near term

China Property Sector：NBS Sep data： gloomy as expected, no strong rebound, only mild recovery in 4Q in our view

A-Share Market Strategy Weekly: Market Expectations Going Up