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

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

2024 earnings way below expectations; outlook remains challenging

China Policy:Credit growth is expected to rebound in 2023

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

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

1Q23E profit beat expectations; Multiple catalysts ahead

1H24 preview： margin weakness priced in; expect gradual ASP/margin recovery in 2H

China Sportswear Sector – We expect prudent guidance but decent margins

Expect sustainable DPS growth onwards

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