【招银国际】 Expect a year of mild recovery in FY23.pdf

Weak 1Q23 as expected; Expect multiple drivers from iPhone／CPU socket／400G／EV in 2H23E

Turnaround is here but weaker than expected

China Policy:Credit growth is expected to rebound in 2023

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

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

ESOP targets stabilize earnings expectation but sentiment overhang remains

Expect Shengyi to enter Nvidia supply chain in 2024

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

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

Expect domestic business to rebound from 2025