【招银国际】 Weak 2H22 as expected; IoT／auto CCM poised to drive recovery in 2023.pdf

China Economy – Inflation declines as aggregate demand remains weak

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

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

–1H23 weakness in-line; Lower TP on slower demand recovery

China’s Economy：Cash Accumulating At Corporate Level,Demand Was Weak For Lack Of Willingness To Invest --Review On November Credit Data

China Economy Confidence remained weak amid property slump and deflation

–1H23 weakness in-line; Maintain HOLD on fair valuation

Growth slows sharply as confidence remains weak

China’s Economy：Rising Infrastructure Investment Prompted the Economy to Stabilize;Weak Property Investment is Still a Drag

Weak PMIs confirm downside pressure for growth