【招商证券】China Pharmaceutical & Healthcare: Expecting global funding recovery in the coming quarters.pdf

–Release of pent-up demand as expected

China Property Fatigue about easing expectation

We expect 1H24 to be still profitable

Expect higher ASP following China’s stimulus

China Economy – Exports continued to beat expectations with uncertainty ahead

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

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

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

A-Share Market Strategy Weekly: Market Expectations Going Up

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