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

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

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

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

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 Economy – PMI beat expectations as economy continues to recover

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

Expect domestic business to rebound from 2025

Turnaround is here but weaker than expected