【招银国际】Property+ Weekly: Sales momentum accelerated on lower tier cities.pdf

–Rapid sales recovery in 1H23

Shifting to an Automotive Direct-Sales Model

China Auto Sector – Can possible strong Jun sales extend into 2H23？

Macro Report: US retail sales rebounded sharply in January

4Q preview: cFX/reported sales +12.1%/6.4%

China Sportswear Sector - Distributor‘s Jan sales flat yoy; we believe market performed better

China Property Sector – Property+ Weekly： Sales momentum accelerated on lower tier cities

–3Q23 earnings surged 120-200% YoY; Strong gas trucks sales continue to be key driver

–Solid growth driven by increasing non-VBP sales

China Sportswear Sector – 5-1 sales beat but competition intensified