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

1H23 Preview: expect weakness in-line; Back-end loaded in 2H23E

1H23 Preview: weak revenue amid industry headwinds; expect smartphone recovery in 2H23E

China Property Sector – Property+ Weekly： Weak construction resumption rate dragged by property

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

China Property Sector–NBS Oct data in line, Nov-Dec may continue to be weak on low buying sentiment

2H22 first take： weakness in-line; awaiting recovery

Expect an improving trend after a weak 1Q24

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

China Economy – Weak exports support further policy easing

China Economy – Inflation is too low as demand remains weak