【招银国际】 Core business recovery on track with more to expect on new initiatives.pdf

We expect 2H22E net profit to fall 23% YoY

U.S. Inflation Expectations During the Pandemic

–2Q23 preview： expecting strong recovery ahead

China Economy – PMI beat expectations as economy continues to recover

China Property Fatigue about easing expectation

–Release of pent-up demand as expected

Weekly highlight: expect strong sales momentum to last longer

Core net profit in 2022 +53% YoY in line with expectation; Margin recovery in 4Q

FY22 net margins better than expected

CMS Strategy Weekly (20 Feb 2023) Rate expectations see upward revision