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

Expecting sustainable profitability

China Economy – PMI beat expectations as economy continues to recover

what-can-we-expect-in-china-in-2017

4Q23E earnings surged 31-71% YoY, above expectation

China Economy – Exports continued to beat expectations with uncertainty ahead

–1H23 worse than expected on slow recovery; Maintain HOLD

what-can-we-expect-in-china-in-2018

China Property Sector – NBS 2M23 data： Strong as expected

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

2Q loss reduction trend better than expectation