【招银国际】We expect prudent guidance but decent margins.pdf

China Property SectorNBS Nov data in line, expect new policy in BJ／SH to boost secondary market in Dec

China Property Sector: NBS Nov data in line, expect new policy in BJ／SH to boost secondary market in Dec

–Expect steady 3Q23 despite macro uncertainty

3Q NPAT boosted by net fair value gains; expect resilient full-year NBV upswing

Expect $3.5bn CB dilutive effect to be short-term

Turnaround is here but weaker than expected

Expect domestic business to rebound from 2025

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

Expect Shengyi to enter Nvidia supply chain in 2024

2Q loss reduction trend better than expectation