【招银国际】 Expect sustainable DPS growth onwards.pdf

U.S. Inflation Expectations During the Pandemic

美团(3690 HK): 核心本地商业利润增长超预期，优选亏损继续环比收窄—维持优于大市; 上调目标价28％(Meituan: Core Local Business Profit Growth Exceeds Expectations, Preferre

Unable to meet the expectation of dual engines

1H23E preview： Expecting Strategy 2.0 to gain momentum in post-pandemic periods

We expect prudent guidance but decent margins

–Expect steady 3Q23 despite macro uncertainty

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

China Property Sector: NBS Aug data in-line, expect better recovery in SepOct but sustainability is uncertain

Expect Shengyi to enter Nvidia supply chain in 2024

【Sector Research】China Property Sector–NBS Jun data： weak as expected, a tough 3Q ahead