【申万宏源】SJM Holdings Expect catalyst.pdf

–Release of pent-up demand as expected

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

what-can-we-expect-in-china-in-2018

–1H23 worse than expected on slow recovery; Maintain HOLD

Unable to meet the expectation of dual engines

U.S. Inflation Expectations During the Pandemic

what-can-we-expect-in-china-in-2017

4Q23E earnings surged 31-71% YoY, above expectation

China Economy – Exports continued to beat expectations with uncertainty ahead

China Property Sector – NBS 2M23 data： Strong as expected